Document:

EX-4.3

 Exhibit 4.3 

MEDNAX, INC. 
 TO

 U.S. BANK NATIONAL ASSOCIATION, 

As Trustee 
 GUARANTEED
TO THE EXTENT SET FORTH HEREIN BY THE GUARANTORS NAMED HEREIN 
 FIFTH SUPPLEMENTAL INDENTURE 

Dated as of November 13, 2018 

to the 
 INDENTURE

 Dated as of December 8, 2015 

6.250% SENIOR NOTES DUE 2027 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I
  

RELATION TO BASE INDENTURE; DEFINITIONS
	  
 

 

			
	 Section 1.01.
	  	 Relation to Base Indenture
	  	 	2	 
	 Section 1.02.
	  	 Definitions
	  	 	2	 
	
	 ARTICLE II
  

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
	  
 

 

			
	 Section 2.01.
	  	 Designation and Amount
	  	 	18	 
	 Section 2.02.
	  	 Form of Notes
	  	 	18	 
	 Section 2.03.
	  	 Date and Denomination of Notes; Payments of Interest
	  	 	19	 
	 Section 2.04.
	  	 Paying Agent and Depositary
	  	 	19	 
	 Section 2.05.
	  	 Book-Entry Provisions for Global Notes
	  	 	19	 
	 Section 2.06.
	  	 Exchange and Registration of Transfer of Notes; Restrictions on Transfer;
Depositary
	  	 	21	 
	 Section 2.07.
	  	 Additional Notes
	  	 	26	 
	 Section 2.08.
	  	 No Sinking Fund
	  	 	27	 
	 Section 2.09.
	  	 Ranking
	  	 	27	 
	
	 ARTICLE III
  

REDEMPTION
	  
 

 

			
	 Section 3.01.
	  	 Election To Redeem; Notices to Trustee
	  	 	27	 
	 Section 3.02.
	  	 Selection by Trustee of Notes To Be Redeemed
	  	 	27	 
	 Section 3.03.
	  	 Notice of Redemption
	  	 	28	 
	 Section 3.04.
	  	 Effect of Notice of Redemption
	  	 	28	 
	 Section 3.05.
	  	 Deposit of Redemption Price
	  	 	29	 
	 Section 3.06.
	  	 Notes Redeemed in Part
	  	 	29	 
	 Section 3.07.
	  	 Mandatory Redemption
	  	 	29	 
	
	 ARTICLE IV
  

PARTICULAR COVENANTS OF THE COMPANY
	  
 

 

			
	 Section 4.01.
	  	 Payment of Principal and Interest
	  	 	29	 
	 Section 4.02.
	  	 Intentionally Omitted
	  	 	30	 
	 Section 4.03.
	  	 Reports by Company
	  	 	30	 
	 Section 4.04.
	  	 Additional Subsidiary Guarantors
	  	 	31	 
	 Section 4.05.
	  	 Intentionally Omitted
	  	 	31	 
	 Section 4.06.
	  	 Limitation on Liens
	  	 	31	 
	 Section 4.07.
	  	 Limitation on Sale and Leaseback Transactions
	  	 	32	 
	 Section 4.08.
	  	 Exempted Transactions
	  	 	32	 
	 Section 4.09.
	  	 Legal Existence
	  	 	32	 

  
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	 	  	 	  	Page	 
	 Section 4.10.
	  	 Intentionally Omitted
	  	 	32	 
	 Section 4.11.
	  	 Waiver of Stay, Extension or Usury Laws
	  	 	33	 
	 Section 4.12.
	  	 Taxes
	  	 	33	 
	 Section 4.13.
	  	 Notice of Default
	  	 	33	 
	
	 ARTICLE V
  

DEFAULTS AND REMEDIES
	  
 

 

			
	 Section 5.01.
	  	 Events of Default
	  	 	33	 
	 Section 5.02.
	  	 Acceleration of Maturity
	  	 	34	 
	 Section 5.03.
	  	 Other Remedies
	  	 	35	 
	 Section 5.04.
	  	 Waiver of Past Defaults
	  	 	35	 
	 Section 5.05.
	  	 Control by Majority
	  	 	36	 
	 Section 5.06.
	  	 Limitation on Suits
	  	 	36	 
	 Section 5.07.
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	37	 
	 Section 5.08.
	  	 Rights of Holders To Receive Payment
	  	 	37	 
	 Section 5.09.
	  	 Collection Suit by Trustee
	  	 	37	 
	 Section 5.10.
	  	 Trustee May File Proofs of Claim
	  	 	37	 
	 Section 5.11.
	  	 Priorities
	  	 	37	 
	 Section 5.12.
	  	 Undertaking for Costs
	  	 	38	 
	
	 ARTICLE VI
  

AMENDMENT, SUPPLEMENT AND WAIVER
	  
 

 

			
	 Section 6.01.
	  	 Without Consent of Noteholders
	  	 	38	 
	 Section 6.02.
	  	 Modification and Amendment with Consent of Noteholders
	  	 	39	 
	 Section 6.03.
	  	 Effect of Supplemental Indentures
	  	 	40	 
	 Section 6.04.
	  	 Article Nine of Base Indenture
	  	 	40	 
	
	 ARTICLE VII
  

CONSOLIDATION, MERGER, AND SALE OF ASSETS
	  
 

 

			
	 Section 7.01.
	  	 Consolidation, Merger, and Sale of Assets
	  	 	40	 
	
	 ARTICLE VIII
  

[RESERVED]
	  
 

 

	
	 ARTICLE IX
  

REPURCHASE OF NOTES AT OPTION OF HOLDERS
	  
 

 

			
	 Section 9.01.
	  	 Repurchase of Securities at Option of the Holder on Specified Dates
	  	 	41	 
	 Section 9.02.
	  	 Repurchase at Option of Holders
	  	 	41	 

  
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	 	  	 	  	Page	 
	
	 ARTICLE X
  

MISCELLANEOUS PROVISIONS
	 
			
	 Section 10.01.
	  	 Ratification of Base Indenture
	  	 	43	 
	 Section 10.02.
	  	 Provisions Binding on Company’s Successors
	  	 	43	 
	 Section 10.03.
	  	 Official Acts by Successor Corporation
	  	 	43	 
	 Section 10.04.
	  	 Addresses for Notices, Etc.
	  	 	43	 
	 Section 10.05.
	  	 Governing Law
	  	 	44	 
	 Section 10.06.
	  	 Intentionally Omitted
	  	 	44	 
	 Section 10.07.
	  	 Benefits of Indenture
	  	 	44	 
	 Section 10.08.
	  	 Table of Contents, Headings, Etc.
	  	 	44	 
	 Section 10.09.
	  	 Counterparts
	  	 	44	 
	 Section 10.10.
	  	 Trustee
	  	 	44	 
	 Section 10.11.
	  	 Further Instruments and Acts
	  	 	44	 
	 Section 10.12.
	  	 Waiver of Jury Trial
	  	 	44	 
	 Section 10.13.
	  	 Force Majeure
	  	 	44	 
	
	 ARTICLE XI
  

GUARANTEES
	  
 

 

			
	 Section 11.01.
	  	 Guarantee
	  	 	45	 
	 Section 11.02.
	  	 Limitation on Guarantor Liability
	  	 	46	 
	 Section 11.03.
	  	 Execution and Delivery of Guarantees
	  	 	46	 
	 Section 11.04.
	  	 Contribution
	  	 	46	 
	 Section 11.05.
	  	 Releases
	  	 	47	 
	
	 ARTICLE XII
  

DISCHARGE; DEFEASANCE
	  
 

 

			
	 Section 12.01.
	  	 Discharge of Indenture
	  	 	47	 
	 Section 12.02.
	  	 Legal Defeasance
	  	 	48	 
	 Section 12.03.
	  	 Covenant Defeasance
	  	 	49	 
	 Section 12.04.
	  	 Conditions to Legal Defeasance or Covenant Defeasance
	  	 	49	 
	 Section 12.05.
	  	 Deposited Money and U.S. Government Obligations To Be Held in Trust
	  	 	50	 
	 Section 12.06.
	  	 Reinstatement
	  	 	51	 
	 Section 12.07.
	  	 Moneys Held by Paying Agent
	  	 	51	 
	 Section 12.08.
	  	 Moneys Held by Trustee
	  	 	51	 

  

			
	 Schedule A
	  	 List of Guarantors

		
	 Exhibit A
	  	 Form of Global Note

	 Exhibit B
	  	 Form of Private Placement Legend

	 Exhibit C
	  	 Form of Legend for Global Note

	 Exhibit D
	  	 Form of OID Legend

	 Exhibit E
	  	 Form of Temporary Regulation S Legend

	 Exhibit F
	  	 Form of Certificate of Transfer

	 Exhibit G
	  	 Form of Certificate of Exchange

  
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 FIFTH SUPPLEMENTAL INDENTURE 

6.250% Senior Notes due 2027 

THIS FIFTH SUPPLEMENTAL INDENTURE, dated as of November 13, 2018 (this “Supplemental Indenture”), by and among
MEDNAX, INC., a Florida Corporation (the “Company”), the guarantors listed on Schedule A hereto, as such schedule may be amended form time to time (collectively, the “Guarantors” and each, a
“Guarantor”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee hereunder (the “Trustee”). 

RECITALS OF THE COMPANY: 

WHEREAS, the Company and the Trustee have heretofore entered into an Indenture dated as of December 8, 2015 (as it may be amended or
supplemented, the “Base Indenture” and, together with this Supplemental Indenture, the “Indenture”) providing for (i) the issuance by the Company from time to time of its senior debt securities evidencing its
unsecured and unsubordinated indebtedness, in an unlimited aggregate principal amount, in one or more series (collectively, the “Securities” and each, a “Security”) and (ii) the Guarantee of such Securities by
the Guarantors; 
 WHEREAS, Section 901(7) of the Base Indenture provides for the Company, the Guarantors and the Trustee to enter into
an indenture supplemental to the Base Indenture to establish the form and terms of Securities of any series as provided by Sections 201 and 301 of the Base Indenture and the form and terms of Guarantees as provided by Sections 1701 and 301 of
the Base Indenture, without the consent of the Holders of any Securities; 
 WHEREAS, for its lawful corporate purposes, the Company has
duly authorized the issue of up to $500,000,000 aggregate principal amount of its 6.250% Senior Notes due 2027 (together with the Guarantees thereof, the “Notes”); 

WHEREAS, in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Board of
Directors of the Company and each of the Guarantors has duly authorized the execution and delivery of this Supplemental Indenture; and 

WHEREAS, the Notes, the certificate of authentication to be borne by the Notes, and a form of assignment are to be substantially in the forms
hereinafter provided for; 
 WHEREAS, all acts and things necessary to make this Supplemental Indenture a valid agreement of each of the
Company and the Guarantors according to its terms have been done and performed; and 
 WHEREAS, all acts and things necessary to make the
Notes, when executed by the Company and authenticated and delivered by the Trustee as provided in the Base Indenture and this Supplemental Indenture, the valid and binding obligations of the Company have been done and performed. 

NOW THEREFORE, SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and of the covenants contained herein and in the Base Indenture, the Company, the Guarantors and the
Trustee covenant and agree, for the equal and proportionate benefit of all Holders of the Notes issued on or after the date of this Supplemental Indenture, as follows: 

 ARTICLE I 

RELATION TO BASE INDENTURE; DEFINITIONS 

Section 1.01. Relation to Base Indenture. The changes, modifications and supplements to the Base Indenture effected by this
Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, the Notes, which may be issued from time to time, and shall not apply to any other Securities that may be issued under the Base Indenture unless a
supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. The provisions of this Supplemental Indenture shall supersede any corresponding or conflicting provisions and
definitions in the Base Indenture. 
 Section 1.02. Definitions. For all purposes of this Supplemental Indenture, except as
otherwise expressly provided for or unless the context otherwise requires: 
 (a) Capitalized terms used but not defined
herein shall have the respective meanings assigned to them in the Base Indenture; 
 (b) Terms defined both herein and in the
Base Indenture shall have the meanings assigned to them herein; 
 (c) All references herein to Articles and Sections, unless
otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture; and 
 (d) All other
terms used in this Supplemental Indenture, which are defined in the Trust Indenture Act or which are by reference therein defined in the Securities Act (except as herein otherwise expressly provided or unless the context otherwise requires) shall
have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this Supplemental Indenture. The words “herein,” “hereof,” “hereunder,” and
words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural as well as the singular. 

“Additional Notes” shall have the meaning specified in Section 2.07. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct
or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under
common control with” have correlative meanings. 
 “Agent Members” shall have the meaning specified in
Section 2.05(a). 
 “Applicable Redemption Premium” means, with respect to any Note on any redemption date, the excess
of 
 (a) the present value at such redemption date of (x) the redemption price of such note if such Note were redeemed
on January 15, 2022 plus (y) all required and unpaid interest payments due on such Note through January 15, 2022, in each case computed using a discount rate equal to the Treasury Rate at such redemption date plus 50 basis points,
over 

  
 2 

 (b) the then-outstanding principal amount of the Note. 

“Attributable Indebtedness” means, with respect to any Sale and Lease-Back Transaction, at the time of determination, the
lesser of (1) the sale price of the property so leased multiplied by a fraction the numerator of which is the remaining portion of the base term of the lease included in such transaction and the denominator of which is the base term of such
lease, and (2) the total obligation (discounted to the present value at the implicit interest factor, determined in accordance with GAAP, included in the rental payments) of the lessee for rental payments (other than amounts required to be paid
on account of property taxes as well as maintenance, repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the base term of the lease included in such transaction.
Notwithstanding the foregoing, if such Sale and Lease-Back Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capital Lease
Obligation.” 
 “Authentication Order” has the meaning set forth in Section 2.01. 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person”
will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence
of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

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

“Change of Control” means the occurrence of any of the following: 

(a) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole (other than any Qualified Securitization Financing in accordance with the terms of the Indenture)
to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act); 
 (b) the adoption of a plan
relating to the liquidation or dissolution of the Company; or 
 (c) the Company becoming aware of (by way of a report or
other filing pursuant to Section 13(d) of the Exchange Act, proxy, written notice or otherwise) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as defined above) becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Company, measured by voting power rather than number of shares. 

“Change of Control Offer” has the meaning set forth in Section 9.02. 

“Change of Control Payment” has the meaning set forth in Section 9.02. 

  
 3 

 “Change of Control Payment Date” has the meaning set forth in
Section 9.02. 
 “Close of Business” means 5:00 p.m. (New York City time). 

“Company” means the Person named as the “Company” in the first paragraph of this Supplemental Indenture until a
successor corporation shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Company” shall mean such successor corporation. 

“Consolidated Net Income” means, for any period, with respect to any Person, net income attributable to such Person and its
Subsidiaries on a consolidated basis, as determined in accordance with GAAP; provided that Consolidated Net Income for any such period shall exclude, without duplication, 

(a) any net after-tax extraordinary gains, losses or charges, 

(b) the cumulative effect of a change in accounting principle(s) during such period, 

(c) any net after-tax gains or losses realized upon the disposition of assets outside
the ordinary course of business (including any gain or loss realized upon the disposition of any Capital Stock of any Person) and any net gains or losses on disposed, abandoned and discontinued operations (including in connection with any disposal
thereof) and any accretion or accrual of discounted liabilities, 
 (d) the income or loss of any Person accrued prior to the
date it becomes a Subsidiary of such Person or is merged into or consolidated with such Person or any Subsidiary of such Person or the date that such other Person’s assets are acquired by such Person or any Subsidiary of such Person, 

(e) non-cash compensation charges, including any such charges arising from stock
options, restricted stock grants or other equity incentive programs of the Company or any direct or indirect parents in connection with the Transactions, 

(f) (i) any charges or expenses pursuant to any management equity plan or stock option plan or any other management or employee
benefit plan or agreement, any stock subscription or shareholder agreement or any distributor equity plan or agreement and (ii) any charges, costs, expenses, accruals or reserves in connection with the rollover, acceleration or payout of
Capital Stock held by management of the Company and its Subsidiaries; provided, however, that in order to exclude from Consolidated Net Income any cash charges, cash costs and cash expenses arising under (i) or (ii) they must be
funded with cash proceeds contributed to the capital of the Company or any direct or indirect parent of the Company or net cash proceeds of an issuance of Capital Stock (other than Disqualified Stock) of the Company or any direct or indirect parent
of the Company, 
 (g) any net income or loss attributable to the early extinguishment of Indebtedness, 

(h) effects of any adjustments (including the effects of such adjustments pushed down to the Subsidiaries of the Company) in
the inventory, property and equipment, software, goodwill, other intangible assets, in-process research and development, deferred revenue, debt line items, any earn-out
obligations and any other non-cash charges (other than the amortization of unfavorable operating leases) in such Person’s consolidated financial statements pursuant to

  
 4 

 
GAAP resulting from the application of purchase accounting in relation to any consummated acquisition or any joint venture investments or the amortization or
write-off of any such amounts, 
 (i) any impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs related to goodwill, intangible assets, long-lived assets, investments in debt and equity securities or obligations (including
any losses with respect to obligations of customers, account debtors and suppliers in bankruptcy, insolvency or similar proceedings) or as a result of a change in law or regulation, in each case, pursuant to GAAP, 

(j) any net gain or loss resulting from currency translation gains or losses related to currency remeasurements of Indebtedness
(including any net loss or gain resulting from hedge agreements for currency exchange risk) and any foreign currency translation gains or losses, 

(k) any net unrealized gains and losses resulting from obligations under Hedging Obligations or other derivative instruments
entered into for the purpose of hedging interest rate risk and the application of Financial Accounting Standards Board Accounting Standards Codification Topic 815, “Derivatives and Hedging,” as such Topic may be amended, updated, or
supplemented from time to time, 
 (l) any fines, penalties or settlements payable to any governmental authority or agency
(other than in respect of taxes), and 
 (m) Transaction Expenses. 

In addition, to the extent not already included in the Consolidated Net Income of such Person and its Subsidiaries, notwithstanding anything to
the contrary in the foregoing (but without duplication of any of the foregoing exclusions and adjustments), Consolidated Net Income shall include the amount of proceeds received from business interruption insurance in respect of expenses, charges or
losses with respect to business interruption and reimbursements of any expenses and charges to the extent reducing Consolidated Net Income that are actually received and covered by indemnification or other reimbursement provisions or, so long as the
Company has made a determination that there exists reasonable expectation that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is in fact reimbursed within 365 days of the date of such determination
(with a reversal in the applicable future period for any amount so included to the extent not so reimbursed within such 365-day period). Consolidated Net Income shall exclude any income or loss attributable to
a joint venture or other investee (other than dividends or distributions received in cash or cash equivalents from such joint venture or investee by the Company or a Subsidiary) to the extent the financial results of such joint venture or investee
are not consolidated with the financial results of the Company. 
 “Consolidated Secured Debt Ratio” means, as of any date
of determination, the ratio of (1) the aggregate amount of Funded Debt then outstanding that is secured by Liens (excluding Permitted Liens other than Liens incurred pursuant to clauses (12) or (27) of the definition thereof) as of such
date of determination to (2) EBITDA for the most recent four consecutive fiscal quarters for which internal consolidated financial statements of the Company are available, in each case, for the Company and its Subsidiaries with pro forma and
other adjustments to each of Funded Debt and EBITDA to reflect any incurrences or repayments of Funded Debt and any acquisitions or dispositions of businesses or assets since the beginning of such four consecutive fiscal quarter period (which pro
forma and other adjustments will be determined in good faith by a responsible financial or accounting officer of the Company and shall not be required to be made in accordance with Regulation S-X promulgated
by the SEC) provided that, without duplication, the EBITDA attributable to discontinued operations, as determined in accordance with the GAAP, will be excluded. 

  
 5 

 In the event that the Company or any Subsidiary incurs, assumes, guarantees, redeems,
retires or extinguishes any Indebtedness (other than, for purposes of calculating EBITDA only, Indebtedness incurred under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) subsequent to
the commencement of the period for which the Consolidated Secured Debt Ratio is being calculated but prior to or simultaneously with the event for which the calculation of the Consolidated Secured Debt Ratio is made (the “Consolidated
Secured Debt Ratio Calculation Date”), then the Consolidated Secured Debt Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, retirement or extinguishment of Indebtedness, as if
the same had occurred at the beginning of the applicable four-quarter period. 
 For purposes of making the computation referred to above,
investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and other operational changes that the
Company or any of the Subsidiaries has determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Consolidated Secured Debt Ratio Calculation Date
shall be calculated on a pro forma basis in accordance with GAAP assuming that all such investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and other operational changes (and the change in
EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Subsidiary or was merged with or into the Company or any of the Subsidiaries
since the beginning of such period shall have made any investment, acquisition, disposition, merger, amalgamation, consolidation, discontinued operation or operational change, in each case with respect to an operating unit of a business, that would
have required adjustment pursuant to this definition, then the Consolidated Secured Debt Ratio shall be calculated giving pro forma effect thereto for such period as if such investment, acquisition, disposition, merger, consolidation,
discontinued operation or operational change had occurred at the beginning of the applicable four-quarter period. 
 For purposes of this
definition, whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. If any Indebtedness bears a floating
rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Consolidated Secured Debt Ratio Calculation Date had been the applicable rate for the entire
period (taking into account any Hedging Obligations applicable to such Indebtedness). Any such pro forma calculation may include adjustments appropriate, in the reasonable determination of the Company as set forth in an
Officers’ Certificate, to reflect operating expense reductions and other financial and operating improvements or synergies reasonably expected to result from any acquisition, amalgamation, merger or operational change (including,
to the extent applicable, from the Transactions). 
 Notwithstanding anything to the contrary, the aggregate amount of projected operating
expense reductions, operating improvements and synergies included in any such pro forma calculation shall not exceed 15% of EBITDA (calculated before giving effect to such add-backs) for any four
consecutive quarter period (which adjustments may be incremental to pro forma adjustments made pursuant to the immediately preceding paragraph). 

For purposes of this definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the average
exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination determined in a manger consistent with that used in calculating EBITDA for the applicable period. 

  
 6 

 Notwithstanding anything in this definition to the contrary, when calculating the
Consolidated Secured Debt Ratio in connection with a Limited Condition Transaction, at the option of the Company (the Company’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT
Election”), the date of determination of whether any action is permitted hereunder shall be deemed to be the date the definitive agreements for such Limited Condition Transaction are entered into (the “LCT Test Date”), and
if, after giving pro forma effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred on the
first day of the most recent test period ending prior to the LCT Test Date (except with respect to any incurrence or repayment of Indebtedness for purposes of the calculation of any leverage-based test or ratio, which shall in each case be treated
as if they had occurred on the last day of such test period), the Company would have been permitted to take such action on the relevant LCT Test Date in compliance with such ratio, such ratio shall be deemed to have been complied with. For the
avoidance of doubt, if the Company has made an LCT Election and such ratio for which compliance was determined or tested as of the LCT Test Date is exceeded as a result of fluctuations in such ratio including due to fluctuations in the total assets
of the Company or the person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such ratio will not be deemed to have been exceeded as a result of such fluctuations. 

If the Company has made an LCT Election for any Limited Condition Transaction, then in connection with any calculation of such ratio with
respect to the incurrence of Liens (a “Subsequent Transaction”) following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the
definitive agreement or irrevocable notice for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, for purposes of determining whether such Subsequent Transaction is permitted under
the Indenture, such ratio shall be required to be satisfied on a pro forma basis (i) assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of indebtedness and the use of proceeds
thereof) have been consummated and (ii) assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of indebtedness and the use of proceeds thereof) have not been consummated. 

“Covenant Defeasance” shall have the meaning set forth in Section 12.03. 

“Credit Agreement” means the Credit Agreement, dated as of October 30, 2017, by and among the Company, the lenders
parties thereto, JP Morgan Chase Bank, N.A., as administrative agent, and the other agents, arrangers and lenders named therein, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection
therewith, and in each case as amended (including, without limitation, as to principal amount, changes to maturity or borrower or guarantor), modified, renewed, refunded, replaced or refinanced from time to time (whether or not with the original
agents or lenders and whether or not contemplated under the original agreement relating thereto). 
 “Debt Facilities” means
one or more debt facilities (including, without limitation, the Credit Agreement), commercial paper facilities or indentures, in each case with banks, institutional or other lenders or a trustee providing for revolving credit loans, term loans,
receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit or debt securities, in each case, as amended (including,
without limitation, as to principal amount), restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time (whether or not with the original agents or lenders or parties and whether or not contemplated under the
original agreement relating thereto). 
 “Default” means any event that is, or with the passage of time or the giving of
notice or both would be, an Event of Default. 

  
 7 

 “Depositary” means, with respect to the Global Notes, DTC or another Person
designated as depository by the Company, which Person must be a clearing agency registered under the Exchange Act. 
 “Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the
Notes mature. 
 “EBITDA” means, for any period, the sum of (a) Consolidated Net Income, plus (b) an amount
which, in the determination of Consolidated Net Income for such period, has been deducted in calculating Consolidated Net Income (except with respect to subclauses (viii) and (xiv) below) for, without duplication, 

(i) interest expense and, to the extent not reflected in such interest expense, any losses with respect to obligations under
any Hedging Obligations or other derivative instruments (including any applicable termination payment) entered into for the purpose of hedging interest rate risk, any bank and financing fees, any costs of surety bonds in connection with financing
activities, commissions, discounts and other fees and charges owed with respect to letters of credit, bankers’ acceptance or any similar facilities or financing and Hedging Obligations, 

(ii) provision for taxes based on income or profits or capital, including, without limitation, federal, state, provincial,
franchise, excise, withholding and similar taxes, including any penalties and interest relating to any tax examinations, 

(iii) the total amount of depreciation and amortization expense, including expenses related to Capital Lease Obligations, 

(iv) to the extent not prohibited hereunder, any costs and expenses incurred in connection with any investment, acquisition,
disposition, equity issuance or debt issuance (including fees and expenses related to the Credit Agreement and any amendments, supplements and modifications thereof), including the amortization of deferred financing fees, debt issuance costs,
commissions, fees and expenses (in each case, whether or not consummated), 
 (v) any costs, charges, accruals and reserves
in connection with any integration, transition, facilities openings, vacant facilities, consolidations, relocations, closing, acquisitions, joint venture investments and dispositions, business optimization (including relating to systems design,
upgrade and implementation costs), entry into new markets, including consulting fees, restructuring, severance, severance and curtailments or modifications to pension or postretirement employee benefit plans, 

(vi) the amount of any expense or deduction associated with income of any Subsidiaries attributable to non-controlling interests or minority interest of third parties, 
 (vii) any non-cash charges, losses or expenses (including tax reclassification related to tax contingencies in a prior period and, subject to clause (d) below, including accruals and reserves in respect of potential or
future cash items), but excluding, any non-cash charge relating to impairment, write-offs or write-downs of inventory or accounts receivable or representing amortization of a prepaid cash item that was paid
but not expensed in a prior period, 

  
 8 

 (viii) cash actually received (or any netting arrangements resulting in
reduced cash expenditures) during such period, and not included in Consolidated Net Income in any period, to the extent that the non-cash gain relating to such cash receipt or netting arrangement was deducted
in the calculation of EBITDA pursuant to paragraph (c) below for any previous period and not added back, 
 (ix) unusual
or non-recurring losses or charges, 
 (x) any net
after-tax loss from the early extinguishment of Indebtedness or hedging obligations or other derivative instruments, 

(xi) mark-to-market losses recognized pursuant
to FASB ASC Topic 815 or any successor thereof, (xii) to the extent reimbursement therefor is actually received by the Company or a Subsidiary, expenses incurred to the extent covered by indemnification provisions in any agreement in connection
with any acquisition, 
 (xiii) cash expenses incurred during such period in connection with casualty events to the extent
such expenses are reimbursed in cash by insurance during such period, and 
 (xiv) the amount of “run-rate” cost savings and synergies projected by the Company in good faith to be realized as a result of specified actions taken or expected in good faith to be taken within 12 months following the end
of such period (calculated on a pro forma basis as though such cost savings and synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions; provided that
such cost savings and synergies are reasonably identifiable, factually supportable and certified by the chief financial officer or treasurer of the Company (it is understood and agreed that
“run-rate” means the full recurring benefit for a period that is associated with any action taken or expected to be taken, provided that such benefit is expected to be realized within 12
months of taking such action), minus  
 (c) any non-cash items of income included during such period (other
than with respect to (A) amortization of unfavorable operating leases and (B) payments actually received and the reversal of any accrual or reserve to the extent not previously added back in any prior period), minus (d) all
cash payments made during such period on account of non-cash charges added to EBITDA pursuant to clause (b)(vii) above in such period or in a prior period; minus (e) the amount of income consisting
of or associated with losses of any Subsidiary attributable to non-controlling interests or minority interests of third parties, minus (f) non-recurring or
unusual gains. 
 “Equity Holder” shall mean any Person that owns Capital Stock of any Practice that is a party to any
Management Agreement. 
 “Equity Offering” means any public or private sale by the Company for cash of its common stock or
preferred stock (excluding Disqualified Stock). 
 “Event of Default” means, with respect to the Notes, any event specified
in Section 5.01, continued for the period of time, if any, and after the giving of notice, if any, therein designated. 

“Financial Reports” has the meaning set forth in Section 4.03. 

“Funded Debt” means any Indebtedness for money borrowed (other than in connection with a Qualified Securitization Financing),
whether created, issued, incurred, assumed or Guaranteed, 

  
 9 

 
that would, in accordance with GAAP, be classified as long-term debt, but in any event including all Indebtedness for money borrowed, whether secured or unsecured, maturing more than one year, or
extendible at the option of the obligor to a date more than one year, after the date of determination thereof (excluding any amount thereof included in current liabilities other than Indebtedness incurred under a revolving credit facility). 

“Global Note” shall have the meaning specified in Section 2.05(a). 

“Global Note Legend” means a legend substantially in the form set forth in Exhibit C hereto. 

“Guarantee” means a guarantee, direct or indirect, in any manner including, without limitation, by way of a pledge of assets
or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness, other than a guarantee by endorsement of negotiable instruments for collection in the ordinary course of business. 

“Guarantors” means each Subsidiary of the Company that executes this Supplemental Indenture as a guarantor on the Issue Date
and each other Subsidiary of the Company that thereafter guarantees the Notes pursuant to the terms of the Indenture; provided that upon the release and discharge of any Person from its Guarantee of the Notes in accordance with the Indenture,
such Person shall cease to be a Guarantor. 
 “Hedging Obligations” means, with respect to any specified Person, the
obligations of such Person under: 
 (a) interest rate swap agreements, interest rate cap agreements and interest rate collar
agreements; and 
 (b) other agreements or arrangements designed to protect such Person against fluctuations in interest
rates, commodity prices or foreign exchange rates. 
 “Indebtedness” means, with respect to any specified Person, any
indebtedness of such Person in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments. 
 Notwithstanding
anything in the foregoing to the contrary, Indebtedness shall not include trade payables or accrued expenses for property or services incurred in the ordinary course of business, any liability for federal, state, local or other taxes or any
settlements or judgments relating to governmental litigations and/or investigations. 
 The amount of any Indebtedness issued with original
issue discount will be the accreted value of such Indebtedness. 
 “Initial Notes” means the Notes issued on the date of
this Supplemental Indenture. 
 “Initial Purchasers” means J.P. Morgan Securities LLC, Barclays Capital Inc., Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Fifth Third Securities, Inc., MUFG Securities Americas Inc., SunTrust Robinson Humphrey, Inc., Wells Fargo Securities, LLC, BBVA Securities Inc., Citizens Capital Markets, Inc., Mizuho Securities USA
LLC, PNC Capital Markets LLC, Regions Securities LLC and U.S. Bancorp Investments, Inc. 

  
 10 

 “Institutional Accredited Investor” means an institution that is an
“accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “interest”
means, when used with reference to the Notes, any interest payable under the terms of the Notes. 
 “Interest Payment Date”
means January 15 and July 15 of each year, beginning on January 15, 2019. 
 “Issue Date” means
November 13, 2018. 
 “Legal Defeasance” shall have the meaning set forth in Section 12.02. 

“Lien” means any liens, mortgages, pledges, security interests, charges or other encumbrances. 

“Limited Condition Transaction” means an acquisition of any business, assets or properties of any nature whatsoever or Sale
and Lease-Back Transaction whose consummation is not conditioned on the availability of, or on obtaining, third party financing, investment or redemption or repayment of indebtedness requiring irrevocable notice in advance of such redemption or
repayment. 
 “Limited Originator Recourse” means a letter of credit, cash collateral account or other credit enhancement
issued or provided for a similar purpose in connection with the incurrence of Indebtedness by a Securitization Subsidiary under a Qualified Securitization Financing. 

“Manager” shall mean, with respect to any particular Management Agreement, the Company or its applicable Subsidiary that is a
party to such Management Agreement as the administrative manager of the relevant medical practice or practices. 
 “Management
Agreement” shall mean each agreement pursuant to which a Manager agrees to provide certain administrative services to a Practice. 

“Maturity Date” means January 15, 2027. 

“Note” or “Notes” shall have the meaning specified in the recitals of this Supplemental Indenture, and shall
include any Additional Notes issued pursuant to Section 2.07. 
 “Noteholder” or “Holder” or
“holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any person in whose name at the time a particular Note is registered on the Security Register. 

“Offering Memorandum” means the Offering Memorandum of the Company, dated November 7, 2018, relating to the offering of
the Notes. 
 “Payment Default” shall have the meaning set forth in Section 5.01(d). 

“Permitted Liens” means: 

(1) Liens in favor of the Company or any Subsidiary of the Company; 

(2) Liens on property or Capital Stock of a Person existing at the time of the acquisition of such Person (whether by merger or
consolidation or acquisition of stock or assets or otherwise) 

  
 11 

 
by the Company or any Subsidiary of the Company ; provided, however, that (a) the Indebtedness secured by such Lien was not incurred in contemplation of such acquisition,
merger or consolidation in which such Person becomes a Subsidiary of the Company and (b) such Lien does not apply to any other property or assets owned by the Company or any Guarantor; 

(3) Liens on property or Capital Stock existing at the time of acquisition thereof (whether by acquisition of stock or assets
or otherwise) by the Company or any Subsidiary of the Company; provided that (a) the Indebtedness secured by the Lien was not incurred in contemplation of such acquisition and (b) such Lien does not apply to any other property or
assets owned by the Company or any Guarantor; 
 (4) Liens securing all or any part of the purchase price of property
acquired or cost of construction of property or cost of additions, substantial repairs, alterations or improvements of property, if the Indebtedness and the related Liens are incurred within 18 months of the later of such acquisition of property or
completion of construction or additions, repairs, alterations or improvements, as the case may be, of such property; 
 (5)
Liens existing on the Issue Date; 
 (6) Liens for taxes, assessments or governmental charges or claims which are not due and
payable except for those being contested in good faith and by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance with GAAP;

 (7) Liens securing any Hedging Obligations of the Company or any Subsidiary of the Company incurred in the ordinary course
of business and not for speculative purposes; 
 (8) statutory Liens and other Liens imposed by law incurred in the ordinary
course of business for sums not yet delinquent or being contested in good faith, if the Company or any applicable Subsidiaries shall have made any reserves or other appropriate provision required by GAAP and Liens arising in the ordinary course of
business by virtue of any contractual, provision relating to landlord’s Liens arising under leases of real property in the ordinary course of business; 

(9) Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation,
unemployment insurance and other types of social security, or with respect to regulatory requirements, letters of credit, bankers’ acceptances, completion guarantees, or to secure the performance of tenders, other trade contracts (excluding
Indebtedness), statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance, return-of-money bonds, participation in government
reimbursement programs and other similar obligations; 
 (10) Liens arising out of judgments or awards, so long as any
appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired; 

(11) easements, restrictions (including zoning and land-use restrictions), rights-of-way, encroachments, protrusions, and such other encumbrances or charges against, and minor title defects affecting, real property that, in the aggregate, do not
materially interfere with the ordinary conduct of the business of the Company and its Subsidiaries; 

  
 12 

 (12) Liens given to secure Capital Lease Obligations and purchase money
obligations (including obligations in respect of mortgage, industrial revenue bond, industrial development bond, and similar financings) to finance the purchase, repair or improvement of fixed or capital assets (and refinancings thereof) as
permitted under the Credit Agreement in an aggregate amount not to exceed the greater of (A) $125 million and (B) 3.0% of Total Assets as of the end of a period of four (4) consecutive fiscal quarters; provided that such Liens do
not extend to any property or asset (except for accessions thereto) which is not leased property subject to such Capital Lease Obligation or property financed by such purchase money obligations, as the case may be, and the proceeds and products
thereof; 
 (13) bankers’ liens with respect to the right of set-off arising in
the ordinary course of business against amounts maintained in bank accounts or certificates of deposit in the name of the Company or any Subsidiary of the Company; 

(14) any Lien granted to the trustee pursuant to the terms of the Indenture and any substantially equivalent Lien granted to
the respective trustees under the indentures for other debt securities of the Company; 
 (15) any Lien consisting of a right
of first refusal or option to purchase an ownership interest in any Subsidiary or to purchase assets of the Company or any Subsidiary, which right of first refusal or option is entered into in the ordinary course of business; 

(16) Liens in favor of the United States of America or any state thereof, or any department, agency or instrumentality or
political subdivision thereof, to secure partial, progress, advance or other payments; 
 (17) Liens on the Securitization
Assets arising in connection with a Qualified Securitization Financing; 
 (18) (i) leases, licenses, subleases or
sublicenses granted to others in the ordinary course of business that do not (x) interfere in any material respect with the business of the Company or any Guarantor or (y) secure any Indebtedness for borrowed money or (ii) the rights
reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Company or any of its Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit, or to
require annual or periodic payments as a condition to the continuance thereof; 
 (19) Liens arising from Uniform Commercial
Code financing statement filings regarding operating leases or consignments entered into by the Company or any Subsidiary in the ordinary course of business; 

(20) Liens (i) of a collection bank arising under Section 4-210 of the
Uniform Commercial Code on items in the course of collection, (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business; and (iii) in favor of a banking institution
arising as a matter of law encumbering deposits (including the right of set-off) and which are customary in the banking industry; 

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

  
 13 

 (22) Liens that are contractual rights of
set-off (i) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the
Company or any Guarantor to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business or (iii) relating to purchase orders and other agreements entered into with customers of the Company or any
Guarantor in the ordinary course of business; 
 (23) Liens in favor of customs and revenue authorities imposed by applicable
law arising in the ordinary course of business in connection with the importation of goods and securing obligations, in each case for sums not overdue by more than thirty (30) days (or if more than thirty (30) days overdue, no action has
been taken to enforce such Lien) or which are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted; 

(24) Liens on securities which are the subject of repurchase agreements entered into in the ordinary course of business; 

(25) Liens on insurance policies and the proceeds thereof to secure the financing of such premiums and assignments of insurance
or condemnation proceeds provided to landlords (or their mortgagees) pursuant to the terms of any lease and Liens or rights reserved in any lease for rent or for compliance with the terms of such lease; 

(26) Liens arising out of conditional sale, title retention, consignment and similar arrangements for sales of goods entered
into in the ordinary course of business; 
 (27) other Liens securing obligations incurred in the ordinary course of business
which obligations do not exceed $100 million at any one time outstanding; 
 (28) restrictions on transfers of
securities imposed by applicable securities laws or laws governing the practice of medicine; 
 (29) Liens arising under
Restrictive Agreements; 
 (30) Any interest or title of a lessor, licensor or sublessor under any lease, license or sublease
entered into by the Company or any Subsidiary thereof in the ordinary course of its business and covering only the assets so leased, licensed or subleased; 

(31) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; and 

(32) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding,
extensions, renewals or replacements) as a whole or in part, of any Indebtedness secured by any Lien permitted by the Indenture; provided, however, that the principal amount of Indebtedness secured thereby and not otherwise authorized
above shall not exceed the maximum amount of Indebtedness allowable under the applicable agreement or credit facility providing for or evidencing such Indebtedness, plus any premium or fee payable in connection with any such extension, renewal,
replacement or refunding, at the time of such extension, renewal, replacement or refunding. 
 “Physical Notes” means
certificated Notes in registered form. 

  
 14 

 “Practice” shall mean that Person party to any Management Agreement that is
not the Manager under such Management Agreement and that engages in the practice of providing medical services or of owning the Capital Stock of other Persons engaged in the practice of providing medical services. 

“Principal Personal & Real Property” means any personal or real property (including, for the avoidance
of doubt, accounts receivable and inventory) other than property that, in the opinion of the Company’s Board of Directors, expressed in a resolution, is not of material importance to the total business conducted by the Company and its
Subsidiaries, taken as a whole. 
 “Private Placement Legend” means a legend substantially in the form set forth in
Exhibit B hereto. 
 “Qualified Institutional Buyer” shall have the meaning specified in Rule 144A promulgated under
the Securities Act. 
 “Qualified Securitization Financing” means any Securitization Financing of a Securitization
Subsidiary that meets the following conditions: (a) such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Company and
the Securitization Subsidiary, (b) all sales and/or contributions of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value and (c) the financing terms, covenants, termination events and
other provisions thereof, including any Standard Securitization Undertakings, shall be market terms, in each case as determined by the Company in good faith. The grant of a security interest in any Securitization Assets of the Company or any of its
Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under the Indenture prior to engaging in any Securitization Financing shall not be deemed a Qualified Securitization Financing. 

“Record Date,” with respect to the payment of interest on any Interest Payment Date, shall have the meaning specified in
Section 2.03. 
 “Regulation S Global Note” shall have the meaning specified in Section 2.05(a). 

“Restricted Global Note” means a Global Note that is a Restricted Note. 

“Restricted Note” has the same meaning as “restricted security” set forth in Rule 144(a)(3) promulgated under the
Securities Act; provided that the Trustee shall be entitled to request and conclusively rely upon an Opinion of Counsel with respect to whether any Note is a Restricted Note. 

“Restricted Period” shall have the meaning specified in Section 2.05(e). 

“Restrictive Agreement” means contractual obligations with the Company or a Guarantor (including those arising under the terms
of any of the Management Agreements) including (i) undertakings not to pledge assets to third parties, (ii) pursuant to which Guarantors grant to the Company or another Guarantor a Lien on various assets of such Guarantor,
(iii) pursuant to which Equity Holders grant to the Company or such other Guarantor the right, upon the occurrence of certain circumstances, to acquire Capital Stock of such Guarantor from the applicable Equity Holders, (iv) pursuant to
which Equity Holders are restricted from transferring Capital Stock of a Practice held by them, and/or (v) pursuant to which Equity Holders grant to the Company or such other Guarantor a Lien on the Capital Stock of the applicable Guarantors
owned by such Equity Holders. 
 “Rule 144A Global Note” shall have the meaning specified in Section 2.05(a). 

  
 15 

 “Sale and Lease-Back Transaction” means any arrangement providing for the
leasing by the Company or any Guarantor for a period of more than three years of any property, which property has been or is to be sold or transferred by the Company or such Guarantor to a third Person in contemplation of such leasing. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Securitization Assets” means (a) the accounts receivable, notes receivable, other receivables
(including, without limitation, unbilled receivables and unbilled services) or payment rights under contracts (including without limitation rights to royalty, milestone or completion payments), rights to future lease payments or residuals, or other
rights to payment similar or related thereto (in all cases, whether existing or arising in the future) (“Receivables”) subject to a Qualified Securitization Financing and the proceeds thereof and (b) contract rights, lockbox
accounts and records with respect to such Receivables and any other assets customarily transferred together with assets in the nature of Receivables in a securitization financing. 

“Securitization Financing” means any transaction or series of transactions (including factoring arrangements) that may be
entered into by the Company or any of its Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a transfer by the Company or any of its
Subsidiaries) or (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Company or any of its Subsidiaries, and any assets related thereto,
including all collateral securing such Securitization Assets, all contracts and all guarantees or other obligations in respect of such Securitization Assets, proceeds of such Securitization Assets and other assets that are customarily transferred or
in respect of which security interests are customarily granted in connection with asset securitization transactions involving Securitization Assets. 

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified
Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including, without limitation, as a result of a receivable or portion thereof becoming subject to
any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means a wholly owned Subsidiary of the Company (or another Person formed for the purposes of
engaging in a Qualified Securitization Financing in which the Company or any Subsidiary of the Company makes an investment and to which the Company or any Subsidiary of the Company transfers Securitization Assets and related assets) that engages in
no activities other than in connection with the financing of Securitization Assets of the Company or its Subsidiaries, all proceeds thereof and all rights (contingent and other), collateral and other assets relating thereto, and any business or
activities incidental or related to such business, and which is designated by the board of directors of the Company or such other Person (as provided below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other
obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any Subsidiary of the Company, other than another Securitization Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on,
Indebtedness) pursuant to Standard Securitization Undertakings or Limited Originator Recourse), (ii) is recourse to or obligates the Company or any Subsidiary of the Company, other than another Securitization Subsidiary, in any way other than
pursuant to Standard Securitization 

  
 16 

 
Undertakings or Limited Originator Recourse or (iii) subjects any property or asset of the Company or any Subsidiary of the Company, other than another Securitization Subsidiary, directly or
indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings or Limited Originator Recourse, (b) with which none of the Company or any other Subsidiary of the Company, other
than another Securitization Subsidiary, has any material contract, agreement, arrangement or understanding other than on terms which the Company reasonably believes to be no less favorable to the Company or such Subsidiary than those that might be
obtained at the time from Persons that are not Affiliates of the Company and (c) to which none of the Company or any other Subsidiary of the Company, other than another Securitization Subsidiary, has any obligation to maintain or preserve such
entity’s financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the board of directors of the Company or such other Person shall be evidenced to the trustee by delivery to the trustee of
a certified copy of the resolution of the board of directors of the Company or such other Person giving effect to such designation and a certificate executed by a responsible financial or accounting officer of the Company certifying that such
designation complied with the foregoing conditions. 
 “Significant Subsidiary” means any Subsidiary that would be a
“significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated by the SEC, as such Regulation is in effect on the date hereof. 

“Standard Securitization Undertakings” means representations, warranties, covenants, indemnities and other obligations entered
into by the Company or any Subsidiary of the Company that are reasonably customary in a Securitization Financing, and in any event includes any Securitization Repurchase Obligation. 

“Subsidiary” shall mean, as to any Person, a corporation, partnership, limited liability company or other entity of which
shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other
managers of such corporation, limited liability company, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person;
provided, that notwithstanding the foregoing, each Practice and each of its Subsidiaries shall constitute a Subsidiary of the Company for the purposes of this Supplemental Indenture. 

“Total Assets” means the total assets of the Company and its Subsidiaries on a consolidated basis, as shown on the most recent
balance sheet of the Company delivered pursuant to Section 4.03(b)(i) hereof or, for the period prior to the time any such statements are so delivered, the financial statements delivered prior to the Issue Date. 

“Transaction Expenses” means the fees, costs and expenses incurred or payable by the Company or any of its Subsidiaries or any
direct or indirect parent thereof in connection with the Transactions, including any such fees, costs and expenses paid in cash, termination payments or other fees, costs and expenses related to terminating Hedging Obligations in effect prior to the
Issue Date, and payments to officers and directors as special or retention bonuses and charges for repurchases of, or modifications to, stock options. 

“Transactions” means, collectively, (a) the completion of the refinancing transaction for the repayment of a portion of
the outstanding borrowings under the Company’s Credit Agreement as described in the Offering Memorandum, (b) the issuance of the Notes and the entry into the Indenture, (c) the consummation of any other transactions in connection with
the foregoing and (d) the payment of the fees and expenses incurred in connection with any of the foregoing. 

  
 17 

 “Treasury Rate” means, as of any Redemption Date, the weekly average
rounded to the nearest 1/100th of a percentage point (for the most recently completed week for which such information is available as of the date that is two Business Days prior to the Redemption Date) of the yield to maturity of United States
Treasury securities with a constant maturity (as compiled and published in the Federal Reserve Statistical Release H.15 with respect to each applicable day during such week or, if such Statistical Release is no longer published or available, any
publicly available source of similar market data selected by the Company) most nearly equal to the period from the Redemption Date to January 15, 2022; provided, however, that if the period from the Redemption Date to January 15, 2022 is
not equal to the constant maturity of a United States Treasury security for which such a yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a
year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the Redemption Date to January 15, 2022 is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year will be used. 
 “U.S. Person” means a
“U.S. person” as defined in Rule 902(k) under the Securities Act. 
 “Unrestricted Global Note” means a
Global Note that is not a Restricted Note. 
 “Unrestricted Notes” means Notes that are not Restricted Notes. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the
election of the Board of Directors of such Person. 
 ARTICLE II 

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 

Section 2.01. Designation and Amount. The Notes shall be designated as the “6.250% Senior Notes due 2027.” The Trustee
shall initially authenticate the aggregate principal amount of the Notes for original issue on the Issue Date upon a written order of the Company (an “Authentication Order”). The aggregate principal amount of Notes that may be
authenticated and delivered under this Supplemental Indenture is initially limited to $500,000,000, subject to Section 2.07 and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of
other Notes pursuant to Section 2.06 and Section 9.02 hereof and Section 306 of the Base Indenture. 
 Section 2.02.
Form of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the form set forth in Exhibit A hereto. 

Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the
officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Supplemental Indenture, or as may be required by the Depositary, as may be required
to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage
or to indicate any special limitations or restrictions to which any particular Notes are subject. 
 A Global Note shall represent such
principal amount of the Outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of
Outstanding Notes 

  
 18 

 
represented thereby may from time to time be increased or reduced to reflect repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the
amount of any increase or decrease in the amount of Outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in
accordance with this Supplemental Indenture. Payment of principal and accrued and unpaid interest on a Global Note shall be made to the Holder of such Note on the date of payment, unless a Record Date or other means of determining Holders eligible
to receive payment is provided for herein. 
 The terms and provisions contained in the form of Note attached as
Exhibit A hereto are incorporated herein and shall constitute, and are hereby expressly made, a part of this Supplemental Indenture and to the extent applicable, the Company and the Trustee, by their execution and delivery
of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 Section 2.03. Date and
Denomination of Notes; Payments of Interest. The Notes shall be issuable in registered form without coupons in denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. Each Note shall be dated the date of its
authentication and shall bear interest from the date specified on the face of the form of Note attached as Exhibit A hereto. Interest on the Notes shall be computed on the basis of a
360-day year comprised of twelve 30-day months. 
 The
Person in whose name any Note (or its Predecessor Security) is registered on the Security Register at the Close of Business on any Record Date with respect to any Interest Payment Date shall be entitled to receive the accrued and unpaid interest
payable on such Interest Payment Date, subject to Section 4.01(b) hereof. Interest shall be payable at the office of the Company maintained by the Company for such purposes in the Borough of Manhattan, City of New York, which shall initially be
an office or agency of the Trustee. The Company shall pay interest (i) on any Notes in certificated form by check mailed to the address of the Person entitled thereto as it appears in the Security Register (or upon written application by such
Person to the Security Registrar not later than the fifth Business Day prior to the relevant Interest Payment Date, by wire transfer in immediately available funds to such Person’s account within the United States, if such Person is entitled to
interest on an aggregate principal amount of Notes in excess of $2,000,000); provided that, at maturity, interest shall be payable on any Notes in certificated form at the office of the Company maintained by the Company for such purposes in
the Borough of Manhattan, City of New York, which shall initially be an office or agency of the Trustee, or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. The term
“Record Date” with respect to any Interest Payment Date shall mean January 1 or July 1 preceding the applicable January 15 or July 15 Interest Payment Date, respectively. 

Section 2.04. Paying Agent and Depositary. The Company initially appoints the Trustee as Paying Agent in connection with the Notes
and the Indenture, and the Trustee hereby accepts such appointment. The Company initially appoints DTC to act as Depositary with respect to the Global Notes. 

Section 2.05. Book-Entry Provisions for Global Notes. 

(a) Rule 144A Notes initially shall be represented by one or more Notes in registered, global form without interest coupons (collectively, the
“Rule 144A Global Note”). Regulation S Notes initially shall be represented by one or more Notes in registered, global form without interest coupons (collectively, the “Regulation S Global Note”). The term
“Global Notes” means the Rule 144A Global Note and the Regulation S Global Note. The Global Notes shall bear the Global Note Legend. The Global Notes initially shall (i) be registered in the name of the nominee of such
Depositary, in each case for credit to an account of an Agent Member, (ii) be delivered to the Depositary and (iii) bear the Private Placement Legend. 

  
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 Members of, or direct or indirect participants in, the Depositary (“Agent
Members”) shall have no rights under the Indenture with respect to any Global Note held on their behalf by the Depositary or under the Global Notes. The Depositary may be treated by the Company, the Trustee and any agent of the Company or
the Trustee as the absolute owner of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 

(b) Transfers of Global Notes shall be limited to transfer in whole, but not in part, to the Depositary, its successors or their respective
nominees. Interests of Beneficial Owners in the Global Notes may be transferred or exchanged for Physical Notes only in accordance with the applicable rules and procedures of the Depositary and the provisions of Section 2.06. In addition, a
Global Note shall be exchangeable for Physical Notes (i) if requested by a holder of such interests upon receipt by the Trustee of written instructions from the Depositary or its nominee on behalf of any Beneficial Owner and in accordance with
the rules and procedures of the Depositary and provisions of this Section 2.05, (ii) if the Depositary notifies the Company that it (x) is unwilling or unable to continue as depository for such Global Note or (y) has ceased to be a
clearing agency registered under the Exchange Act, and the Company thereupon fails to appoint a successor depository within 120 days, (iii) if there shall have occurred and be continuing a Default or Event of Default with respect to such Global
Note or (iv) if the Company determines that all Global Notes should be exchanged for Physical Notes and so notifies the Trustee and the Depositary in writing; provided that in no event shall a Regulation S Global Note be exchanged for a
Physical Note prior to the expiration of the Restricted Period and the receipt of any certificates required by Regulation S under the Securities Act. In all cases, Physical Notes delivered in exchange for any Global Note or beneficial interests
therein shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary in accordance with its customary procedures. 

(c) In connection with the transfer of a Global Note as an entirety to Beneficial Owners pursuant to subsection (b) of this
Section 2.05, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute and, upon receipt of an Authentication Order in accordance with Section 2.01, the Trustee shall authenticate
and deliver, to each Beneficial Owner identified by the Depositary in writing in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Physical Notes of authorized denominations. 

(d) Any Restricted Physical Note delivered in exchange for an interest in a Global Note pursuant to Section 2.06 shall, except as
otherwise provided in Section 2.06, bear the Private Placement Legend. 
 (e) Notwithstanding the foregoing, through and including the
40th day after the later of the commencement of the offering of the Notes represented by a Regulation S Global Note and the issue date of such Notes (such period through and including such 40th day, the “Restricted Period”), such
Regulation S Global Note shall bear a legend in the form set forth on Exhibit E and a beneficial interest in such Regulation S Global Note may be held only through Euroclear or Clearstream (as indirect participants in DTC) unless delivery is
made in accordance with the applicable provisions of Section 2.06. 
 (f) The Holder of any Global Note may grant proxies and otherwise
authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under the Indenture or the Notes. 

  
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 Section 2.06. Exchange and Registration of Transfer of Notes; Restrictions on
Transfer; Depositary. 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set
forth in Section 2.05(b). Global Notes will not be exchanged by the Company for Physical Notes except under the circumstances described in Section 2.06(c). Beneficial interests in a Global Note may be transferred and exchanged as provided
in Section 2.06(b). 
 (b) Transfer and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial
interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Supplemental Indenture and the applicable rules and procedures of the Depositary. Beneficial interests in Restricted Global Notes shall
be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes. Transfers
and exchanges of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that
prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). A beneficial
interest in an Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the
Depositary to effect the transfers described in this Section 2.06(b)(i). 
 (ii) All Other Transfers and Exchanges of
Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests in any Global Note that are not subject to Section 2.06(b)(i), the transferor of such beneficial interest must deliver to the
Depositary (1) a written order from an Agent Member given to the Depositary in accordance with the applicable rules and procedures of the Depositary directing the Depositary to credit or cause to be credited a beneficial interest in another
Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depositary containing information regarding the Agent Member
account to be credited with such increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in the Indenture, the Trustee shall adjust the principal amount of the relevant Global
Note(s) pursuant to Section 2.06(f). 
 (iii) Transfer of Beneficial Interests to Another Restricted Global Note.
A beneficial interest in a Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(ii) above and the Depositary receives the following: 
 (1) if the transferee will take delivery in the
form of a beneficial interest in a Rule 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit F, including the certifications in item (1) thereof; and 

  
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 (2) if the transferee will take delivery in the form of a beneficial
interest in a Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit F, including the certifications in item (2) thereof. 

(iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in a Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) above and the Depositary receives the following: 

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

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit F, including the certifications in item (4) thereof,

 and, in each such case, if the Depositary or the Company so requests or if the applicable rules and procedures of the Depositary so
require, an Opinion of Counsel in form reasonably acceptable to the Depositary and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted Global Note has not yet been
issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.01, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred or exchanged pursuant to this subparagraph (iv). 
 (v) Transfer and Exchange
of Beneficial Interests in an Unrestricted Global Note for Beneficial Interests in a Restricted Global Note. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the
form of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer and Exchange of Beneficial Interests in Global Notes for
Physical Notes. A beneficial interest in a Global Note may not be exchanged for a Physical Note except under the circumstances described in Section 2.05(b). A beneficial interest in a Global Note may not be transferred to a Person who takes
delivery thereof in the form of a Physical Note except under the circumstances described in Section 2.06(b). 
 (d) Transfer and
Exchange of Physical Notes for Beneficial Interests in Global Notes. Physical Notes shall be transferred or exchanged only for beneficial interests in Global Notes as described below: 

(i) Restricted Physical Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Physical
Note proposes to exchange such Restricted Physical Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Physical Note to a 

  
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Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Depositary of the following documentation: 

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

(2) if such Restricted Physical Note is being transferred to a Qualified Institutional Buyer in accordance with Rule 144A under
the Securities Act, a certificate to the effect set forth in Exhibit F, including the certifications in item (1) thereof; 

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

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

(5) if such Restricted Physical Note is being transferred to an Institutional Accredited Investor in reliance on an exemption
from the registration requirements of the Securities Act other than those listed in subparagraphs (2) through (4) above, a certificate to the effect set forth in Exhibit F, including the certifications, certificates and opinion of
counsel required by item (3)(d) thereof, if applicable; or 
 (6) if such Restricted Physical Note is being transferred to
the Company or a Subsidiary thereof, a certificate to the effect set forth in Exhibit F, including the certifications in item (3)(b) thereof, and 

in each such case, the Trustee shall cancel the Restricted Physical Note, and upon receipt of proper instructions initiated by such Holder
through DTC, increase or cause to be increased the aggregate principal amount of the appropriate Restricted Global Note. 

(ii) Restricted Physical Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Physical
Note may exchange such Restricted Physical Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Physical Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note only if the Depositary receives the following: 
 (1) if the Holder of such Restricted Physical Note proposes to
exchange such Restricted Physical Note for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit G, including the certifications in item (1)(b) thereof; or 

(2) if the Holder of such Restricted Physical Notes proposes to transfer such Restricted Physical Note to a Person who shall
take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit F, including the certifications in item (4) thereof, and 

  
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 in each such case, if the Depositary or the Company so requests or if the applicable rules
and procedures of the Depositary so require, an Opinion of Counsel in form reasonably acceptable to the Depositary and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Restricted
Physical Notes and upon receipt of proper instructions initiated by such Holder through DTC, increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. If any such transfer or exchange is effected pursuant to
this subparagraph (ii) at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.01, the Trustee shall authenticate, one or more
Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Restricted Physical Notes transferred or exchanged pursuant to this subparagraph (ii). 

(iii) Unrestricted Physical Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Physical Note may exchange such Unrestricted Physical Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Physical Note to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Physical Note and upon receipt of proper instructions initiated by such Holder through DTC,
increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Note has not yet
been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.01, the Trustee shall authenticate, one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate
principal amount of Unrestricted Physical Notes transferred or exchanged pursuant to this subparagraph (iii). 
 (iv)
Unrestricted Physical Notes to Beneficial Interests in Restricted Global Notes. An Unrestricted Physical Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Restricted
Global Note. 
 (e) Transfer and Exchange of Physical Notes for Physical Notes. Upon request by a Holder of Physical Notes and such
Holder’s compliance with the provisions of this Section 2.06(e), the Depositary shall register the transfer or exchange of Physical Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender
to the Depositary the Physical Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Depositary duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting
Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

(i) Restricted Physical Notes to Restricted Physical Notes. A Restricted Physical Note may be transferred to and
registered in the name of a Person who takes delivery thereof in the form of a Restricted Physical Note if the Depositary receives the following: 

(1) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate
in the form of Exhibit F, including the certifications in item (1) thereof; 

  
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 (2) if the transfer will be made pursuant to Rule 903 or Rule 904 under the
Securities Act, then the transferor must deliver a certificate in the form of Exhibit F, including the certifications in item (2) thereof; 

(3) if the transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in
accordance with Rule 144 under the Securities Act, a certificate to the effect set forth in Exhibit F, including the certifications in item (3)(a) thereof; 

(4) if the transfer will be made to an Institutional Accredited Investor in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (1) through (3) above, a certificate to the effect set forth in Exhibit F, including the certifications, certificates and opinion of counsel required by item
(3)(d) thereof, if applicable; and 
 (5) if such transfer will be made to the Company or a Subsidiary thereof, a certificate
to the effect set forth in Exhibit F, including the certifications in item (3)(b) thereof. 
 (ii) Restricted
Physical Notes to Unrestricted Physical Notes. Any Restricted Physical Note may be exchanged by the Holder thereof for an Unrestricted Physical Note or transferred to a Person who takes delivery thereof in the form of an Unrestricted Physical
Note if the Depositary receives the following: 
 (1) if the Holder of such Restricted Physical Note proposes to exchange
such Restricted Physical Note for an Unrestricted Physical Note, a certificate from such Holder in the form of Exhibit G, including the certifications in item (1)(c) thereof; or 

(2) if the Holder of such Restricted Physical Note proposes to transfer such Notes to a Person who shall take delivery thereof
in the form of an Unrestricted Physical Note, a certificate from such Holder in the form of Exhibit F, including the certifications in item (4) thereof, 

and, in each such case, if the Depositary or the Company so requests, an Opinion of Counsel in form reasonably acceptable to the Depositary and
the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 
 (iii) Unrestricted Physical Notes to Unrestricted Physical Notes. A Holder of an Unrestricted
Physical Note may transfer such Unrestricted Physical Notes to a Person who takes delivery thereof in the form of an Unrestricted Physical Note at any time. Upon receipt of a request to register such a transfer, the Depositary shall register the
Unrestricted Physical Notes pursuant to the instructions from the Holder thereof. 
 (iv) Unrestricted Physical Notes to
Restricted Physical Notes. An Unrestricted Physical Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Restricted Physical Note. 

(f) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been
exchanged for Physical Notes or a particular Global Note 

  
 25 

 
has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 309 of the
Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for
Physical Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an
endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(g) Private Placement Legend. Upon the registration of transfer, exchange or replacement of Notes not bearing the Private Placement
Legend, the Depositary shall deliver Notes that do not bear the Private Placement Legend. Upon the registration of transfer, exchange or replacement of Notes bearing the Private Placement Legend, the Depositary shall deliver only Notes that bear the
Private Placement Legend unless (i) there is delivered to the Depositary an Opinion of Counsel reasonably satisfactory to the Company and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required
in order to maintain compliance with the provisions of the Securities Act or (ii) such Note has been sold pursuant to an effective registration statement under the Securities Act and the Depositary has received an Officers’ Certificate
from the Company to such effect. 
 (h) General. 

(i) All Global Notes and Physical Notes issued upon any registration of transfer or exchange of Global Notes or Physical Notes
shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the Global Notes or Physical Notes surrendered upon such registration of transfer or exchange. 

(ii) Notwithstanding anything to the contrary contained herein, neither the Trustee nor the Depositary shall be responsible for
ascertaining whether any transfer complies with the registration provisions of or exemptions from the Securities Act or other applicable law. 

(iii) The Depositary shall retain for a period of two years following receipt copies of all letters, notices and other written
communications received pursuant to Section 2.05 or this Section 2.06. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of
reasonable notice to the Depositary. 
 Section 2.07. Additional Notes. The Company may, without the consent of the Noteholders
and notwithstanding Section 2.01, increase the principal amount of the Notes by issuing additional Notes (“Additional Notes”) of the same series as the Initial Notes in the future in an unlimited aggregate principal amount on
the same terms and conditions, except for any differences in the issue price and interest accrued prior to the issue date of the Additional Notes and, at the option of the Company, the first payment of interest following the issue date of such
Additional Notes; provided that if the Additional Notes constitute a different class of securities than the Notes for federal income tax purposes, then the Additional Notes shall have a different CUSIP number from the Initial Notes;
provided further, however, that the Additional Notes may have a different CUSIP number on a temporary basis if necessary to comply with applicable U.S. securities laws. The Notes and any Additional Notes shall rank equally and ratably and
shall be treated as a single class for all purposes under the Base Indenture and this Supplemental Indenture including, without limitation, for purposes of any waivers, supplements or amendments to the

  
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Indenture requiring the approval of Holders of the Notes and any offers to purchase the Notes. All provisions of the Indenture shall be construed and interpreted to permit the issuance of such
Additional Notes and to allow such Additional Notes to become fungible and interchangeable with the Initial Notes issued under the Indenture. No Additional Notes may be issued if an Event of Default has occurred with respect to the Notes and is
continuing. 
 With respect to any Additional Notes, the Company shall set forth in an Officers’ Certificate the following information:

 (i) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this
Supplemental Indenture; 
 (ii) the issue price and the issue date of such Additional Notes, including the date from which
interest shall accrue; and 
 (iii) whether such Additional Notes shall be Restricted Notes. 

In authenticating and delivering Additional Notes, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, the
Opinion of Counsel and Officers’ Certificate required by Section 102 of the Base Indenture. 
 Section 2.08. No Sinking
Fund. The provisions of Article Twelve of the Base Indenture shall not be applicable to the Notes. No sinking fund is provided for the Notes. 

Section 2.09. Ranking. The Notes constitute a senior general unsecured obligation of the Company, ranking (i) equally in
right of payment with all of the existing and future senior unsecured indebtedness of the Company and (ii) senior in right of payment to any existing and future indebtedness of the Company that is expressly made subordinate to the Notes by the
terms of such indebtedness. 
 ARTICLE III 

REDEMPTION 
 The
provisions of Article Eleven of the Base Indenture shall not be applicable to the Notes and the following shall apply to the Notes: 

Section 3.01. Election To Redeem; Notices to Trustee. If the Company elects to redeem Notes pursuant to paragraph 5 of the Notes,
at least 30 days prior to the Redemption Date (unless a shorter notice shall be agreed to in writing by the Trustee) but not more than 65 days before the Redemption Date, the Company shall notify the Trustee in writing of the Redemption Date, the
principal amount of Notes to be redeemed and the redemption price(s) (or the appropriate method for calculation thereof, if not then ascertainable), and deliver to the Trustee an Officers’ Certificate stating that such redemption will comply
with the applicable conditions contained in paragraph 5 of the Notes. Except as provided in Section 3.04, notice given to the Trustee pursuant to this Section 3.01 may not be revoked after the time that notice is given to Noteholders
pursuant to Section 3.03. 
 Section 3.02. Selection by Trustee of Notes To Be Redeemed. If less than all of the Notes are
to be redeemed at any time, selection of such Notes for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the Notes to be redeemed are listed or, if such Notes
are not so listed, on a pro rata basis by lot or by such method as the Trustee deems fair and appropriate; provided that no Note with a principal amount of 

  
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$2,000 or less shall be redeemed in part. For all purposes of this Supplemental Indenture unless the context otherwise requires, provisions of the Indenture that apply to Notes called for
redemption also apply to portions of Notes called for redemption. Redemption amounts shall only be paid upon presentation and surrender of any such Notes to be redeemed to the Trustee at its Corporate Trust Office. 

Section 3.03. Notice of Redemption. At least 30 days, and no more than 60 days, before a Redemption Date, the Company shall mail,
or cause to be mailed, a notice of redemption by first-class mail to each Holder of Notes to be redeemed at the address of such Holder appearing in the Security Register or otherwise in accordance with the procedures of the Depositary. 

The notice shall identify the Notes to be redeemed (including the CUSIP and/or ISIN numbers thereof) and shall state: 

(i) the Redemption Date; 

(ii) the redemption price (or the appropriate method for calculation thereof, if not then ascertainable) and the amount of
premium and accrued interest to be paid; 
 (iii) if any Note is being redeemed in part, the portion of the principal amount
of such Note to be redeemed and that, after the Redemption Date and upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued to the Holder upon cancellation of the surrendered Note; 

(iv) the name and address of the Paying Agent; 

(v) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(vi) that unless the Company defaults in making the redemption payment, interest on Notes called for redemption ceases to
accrue on and after the Redemption Date; 
 (vii) that paragraph 5 of the Notes is the provision of the Notes pursuant to
which the redemption is occurring; 
 (viii) the aggregate principal amount of Notes that are being redeemed; and 

(ix) any condition applicable to such redemption under Section 3.04. 

At the Company’s written request made at least 3 Business Days prior to the date on which notice is to be given (or such shorter period
acceptable to the Trustee), the Trustee shall give the notice of redemption in the Company’s name and at the Company’s sole expense. 

The Company will calculate any Applicable Redemption Premium, and the Trustee shall have no duty to confirm or verify such calculation. 

Section 3.04. Effect of Notice of Redemption. Once the notice of redemption described in Section 3.03 is mailed and subject
to the proviso to this sentence, Notes called for redemption shall become due and payable on the Redemption Date and at the redemption price, including any premium, plus interest accrued to (but not including) the Redemption Date; provided,
however, that any redemption and notice thereof pursuant to this Supplemental Indenture may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a public or

  
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private offering for cash by the Company or other corporate transaction. Failure to give such notice or any defect in such notice to any Holder shall not affect the validity of the proceedings
for the redemption of any other Note. If mailed in the manner herein provided, such notice shall be conclusively presumed to have been given, whether or not a Holder receives such notice. 

Upon surrender to the Paying Agent, such Notes shall be paid at the redemption price, including any premium, plus interest accrued to the
Redemption Date; provided that if the Redemption Date is after a regular Record Date and on or prior to the Interest Payment Date, the accrued interest shall be payable to the Holder of the redeemed Notes registered on the relevant Record
Date. 
 Section 3.05. Deposit of Redemption Price. On or prior to 11:00 A.M., New York City time (or such later time of
day to which the Trustee may reasonably agree), on each Redemption Date, the Company shall deposit with the Paying Agent U.S. Dollars sufficient to pay the redemption price of, including any premium, and accrued interest on any and all Notes to be
redeemed on that date (other than Notes or portions thereof called for redemption on that date which have been delivered by the Company to the Trustee for cancellation). The Paying Agent shall promptly return to the Company any money deposited with
the Paying Agent in excess of the amount necessary to pay such redemption price. 
 On and after any Redemption Date, if money sufficient to
pay the redemption price of, including any premium, and accrued interest on all Notes called for redemption shall have been made available in accordance with the immediately preceding paragraph, the Notes called for redemption will cease to accrue
interest and the only right of the Holders of such Notes will be to receive payment of the redemption price of and, subject to the proviso in the second paragraph of Section 3.04, accrued and unpaid interest on such Notes to (but not including)
the Redemption Date. If any Note surrendered for redemption shall not be so paid, interest will be paid, from the Redemption Date until such redemption payment is made, on the unpaid principal of the Note and any interest not paid on such unpaid
principal, in each case at the rate and in the manner provided in the Notes. 
 Section 3.06. Notes Redeemed in Part. Upon
surrender of a Note that is redeemed in part, the Company shall execute and, upon receipt of an Authentication Order in accordance with Section 2.01, the Trustee shall authenticate for the Holder thereof a new Note equal in principal amount to
the unredeemed portion of the Note surrendered; provided, that the principal amount of each new Note shall be at least $2,000 or an integral multiple of $1,000 in excess thereof. 

Section 3.07. Mandatory Redemption. Except as provided in Section 9.02, the Company is not required to make any mandatory
redemption of the Notes or any sinking fund payments with respect to the Notes. 
 ARTICLE IV 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Payment of Principal and Interest. 

(a) Except as otherwise provided in Section 2.03, Section 307, Section 1001 and Section 1003 of the Base Indenture shall
apply to the Notes. 
 (b) Except as otherwise provided in this Section 4.01, a Holder of any Notes at 5:00 p.m., New York City time,
on a Record Date shall be entitled to receive interest on such Notes on the corresponding Interest Payment Date. 

  
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 (c) Notwithstanding anything to the contrary in the Indenture, the Company may pay accrued
and unpaid interest to a Person other than the Holder of record on the Record Date immediately prior to the Maturity Date. On the Maturity Date, the Company shall pay accrued and unpaid interest only to the Person to whom the Company pays the
principal amount of the Notes. 
 Section 4.02. Intentionally Omitted. 

Section 4.03. Reports by Company. 

(a) The provisions of Section 703 and Section 1005 of the Base Indenture shall not be applicable to the Notes. 

(b) So long as any Notes are outstanding, whether or not the Company is required to file such information with the SEC, the Company shall
furnish to the Trustee (and the Holders and Beneficial Owners of the Notes) to the extent not otherwise available on the SEC’s Electronic Data Gathering, Analysis and Retrieval System (or any successor thereto) as promptly as is reasonably
practicable after such information has been filed and no later than 15 days after the Company would be required to file such reports: 

(i) quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified independent accountants; and 

(ii) all current reports that would be required to be filed (as opposed to furnished) with the SEC on Form 8-K if the Company were required to file such reports. 
 (c) At any time that the Company is not required
to file or furnish with the SEC the reports and information required to be filed or furnished under clause (b) of this Section 4.03, the Company will also: 

(i) hold a quarterly conference call to discuss the information contained in the annual and quarterly reports required to be
furnished under clause (b)(i) of this Section 4.03 (the “Financial Reports”) not later than 5 Business Days from the time the Company furnishes such information to the Trustee; 

(ii) no fewer than 3 Business Days prior to the date of the conference call required to be held in accordance with clause
(i) above, issue a press release announcing, or utilize other means that will, in the reasonable judgment of the Company, advise Beneficial Owners of the Notes of the time and date of such conference call and directing the Beneficial Owners of
the Notes, prospective investors and securities analysts to contact the investor relations office of the Company to obtain the Financial Reports and information on how to access such conference call; and 

(iii) either (x) maintain a non-public website to which Beneficial Owners of the
Notes, prospective investors and securities analysts are given access and to which the Financial Reports and conference call access details are posted or (y) distribute via electronic mail the Financial Reports and conference call details to
Beneficial Owners of the Notes, prospective investors and securities analysts who request to receive such distributions. 

  
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 (d) The Company may satisfy its obligations under this Section 4.03 with respect to
financial information relating to the Company by furnishing financial information relating to its direct or indirect parent consistent with this Section 4.03. If the direct or indirect parent, if any, has more than de minimis operations
separate and apart from its ownership in the Company, then the Company will provide consolidating information, which need not be audited, that explains in reasonable detail the differences between the information relating to such parent and its
subsidiaries, on the one hand, and the information relating to the Company and its Subsidiaries on a standalone basis, on the other hand. 

(e) In addition, for so long as any Notes remain outstanding, the Company will furnish to Holders or Beneficial Owners of the Notes and any
prospective purchaser of such Notes, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act if not otherwise provided by the Company as described above. 

(f) Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to conclusively rely exclusively on an Officers’ Certificate). Notwithstanding anything to the contrary in this Section 4.03, the Company, to the extent permitted under the Trust Indenture Act, shall not be required to deliver to the
Trustee or the Holders any material for which the Company has sought and received confidential treatment by the SEC. 
 Section 4.04.
Additional Subsidiary Guarantors. 
 (a) If the Company or any of its Subsidiaries acquires or creates another Subsidiary after the
Issue Date that provides a guarantee of the Company’s obligations under any Debt Facility (including the Credit Agreement) with an aggregate principal or committed amount of $250 million or more, then, within 10 Business Days after such
Subsidiary provides such guarantee, such newly acquired or created Subsidiary shall execute a supplemental indenture pursuant to which it will unconditionally Guarantee, on a joint and several basis, payment of principal of, premium, if any, and
interest in respect of the Notes on a senior unsecured basis on the same terms and conditions as those set forth in this Supplemental Indenture, and will deliver an Opinion of Counsel addressed to the Trustee. 

(b) After the execution of a supplemental indenture pursuant to this Section 4.04, such Subsidiary party thereto shall be a Guarantor of
the Notes for all purposes of the Indenture. 
 Section 4.05. Intentionally Omitted. 

Section 4.06. Limitation on Liens. Except as provided in Section 4.08, the Company shall not, and shall not permit any
Guarantor to, incur, issue or assume any Indebtedness for borrowed money secured by any Lien upon any of its Principal Personal & Real Property (whether now owned or hereafter acquired) without making effective provision whereby the Notes
shall be secured equally and ratably with (or prior to) the Indebtedness so secured by a Lien on the same property, for so long as such Indebtedness is so secured. The foregoing restrictions will not, however, apply to Indebtedness secured by
Permitted Liens. 
 For purposes of this Section 4.06, if at the time any Indebtedness is incurred, issued or assumed, such
Indebtedness is unsecured but is later secured by a Lien, such Indebtedness shall be deemed to be incurred at the time that such Indebtedness is so secured by a Lien. 

  
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 Section 4.07. Limitation on Sale and Leaseback Transactions. Except as provided
in Section 4.08, neither the Company nor any Guarantor shall enter into any Sale and Lease-Back Transaction with respect to any Principal Personal & Real Property with another Person (other than with the Company or a Guarantor) unless:

 (a) the Company or such Guarantor could incur Indebtedness secured by a Lien on the property to be leased without equally
and ratably securing the Notes; or 
 (b) the property leased pursuant to such arrangement is sold for a price at least equal
to such property’s fair value (as determined by the Company); or 
 (c) within 365 days after the effective date of any
such Sale and Lease-Back Transaction, the Company applies the net proceeds of the sale of the leased property, less the amount of net proceeds used to prepay, redeem or purchase the Notes, to the voluntary prepayment or retirement of Funded Debt of
the Company and its Subsidiaries (which may include the Notes) and/or the acquisition, construction or improvement of a property. 

Section 4.08. Exempted Transactions. Notwithstanding Sections 4.06 and 4.07, if (i) the aggregate outstanding principal
amount of all Indebtedness of the Company and the Guarantors that is subject to and not otherwise permitted under Section 4.06 plus (ii) the aggregate Attributable Indebtedness in respect of Sale and Lease-Back Transactions that is subject
to and not otherwise permitted under Section 4.07 does not exceed the greater of (i) $2,200 million and (ii) an amount such that the Consolidated Secured Debt Ratio on a pro forma basis after giving effect to such incurrence would not
exceed 3.75 to 1.00 (measured solely at the time of the incurrence of the Indebtedness secured by such a Lien or entry into such Sale and Lease-Back Transaction, as applicable, based on the consolidated balance sheet of the Company as of the last
day of the then most recent quarter for which financial statements are available), then: 
 (a) the Company or any Guarantor
may incur or Guarantee Indebtedness secured by Liens upon any property, assets or revenues; 
 (b) the Company or any
Guarantor may enter into any Sale and Lease-Back Transaction; and 
 (c) the Company may Guarantee the obligations of any
Guarantor under the preceding two clauses. 
 Section 4.09. Legal Existence. Except as permitted by Article Seven, the Company
shall do or cause to be done all things necessary to preserve and keep in full force and effect (i) its legal existence, and the corporate, partnership or other existence of each Guarantor, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Company and each such Guarantor and (ii) the material rights (charter and statutory) and franchises of the Company and such Guarantors; provided that the Company shall not
be required to preserve any such right, franchise, or the corporate, partnership or other existence of any of its Guarantors if the Board of Directors of the Company or of such Guarantor shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and its Guarantors, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders. 

Section 4.10. Intentionally Omitted. 

  
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 Section 4.11. Waiver of Stay, Extension or Usury Laws. The Company and each of
the Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead (as a defense or otherwise) or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or
any usury law or other law which would prohibit or forgive the Company and any of the Guarantors from paying all or any portion of the principal of, premium, if any, or interest on the Notes as contemplated herein, wherever enacted, now or at any
time hereafter in force, or which may affect the covenants or the performance of the Indenture; and (to the extent that they may lawfully do so) the Company and each of the Guarantors hereby expressly waives all benefit or advantage of any such law,
and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 4.12. Taxes. The Company shall, and shall cause each Guarantor to, pay prior to delinquency (i) all material taxes,
assessments, and governmental levies and (ii) all lawful material claims for labor, materials and supplies which, in each case, if unpaid, might by law become a Lien upon the property of the Company or any Guarantor; provided,
however, that, neither the Company nor any Guarantor shall be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim where the failure to pay such tax is not materially adverse to the Holders or
whose amount, applicability or validity is being contested in good faith and by appropriate actions diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in
accordance with GAAP. 
 Section 4.13. Notice of Default. Upon becoming aware of any Default or Event of Default, the Company
shall deliver to the Trustee a statement specifying such Default or Event of Default. 
 ARTICLE V 

DEFAULTS AND REMEDIES 

Section 5.01. Events of Default. The provisions of Article Five of the Base Indenture shall not be applicable to the Notes and the
following shall apply to the Notes: 
 Each of the following constitutes an “Event of Default” with respect to the Notes:

 (a) default for 30 days in the payment when due of interest on the Notes; 

(b) default in payment when due of the principal of, or premium, if any, on the Notes (including the failure to repurchase
Notes validly tendered pursuant to a Change of Control Offer); 
 (c) failure by the Company or any Guarantor for 90 days
after receipt of the notice described below to comply with any of the other agreements in this Supplemental Indenture (other than those specified in clauses (a) and (b) of this Section 5.01); 

(d) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company or any Guarantor (or the payment of which is Guaranteed by the Company or any Guarantor), other than Indebtedness owed to the Company or any of its Subsidiaries, whether such Indebtedness
or Guarantee now exists, or is created after the Issue Date, if that default: 

  
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 (i) is caused by a failure to pay principal of such Indebtedness at its
final stated maturity after giving effect to any grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 

(ii) results in the holders of such Indebtedness causing it to become due prior to its express maturity, 

without such Indebtedness having been discharged or such acceleration rescinded, waived or annulled within 30 days after the notice described
below, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates
$100 million or more; 
 (e) failure by the Company or any Guarantor to pay final,
non-appealable judgments for the payment of money as determined by a court of competent jurisdiction aggregating in excess of $100 million that are not covered by insurance, which judgments remain
outstanding for a period of 90 days after such judgment has become final and non-appealable and is not discharged, waived or stayed within 30 days after the notice described below; 

(f) except as permitted by this Supplemental Indenture, any Guarantee of the Notes of a Significant Subsidiary shall be held in
any final, non-appealable judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor that is a Significant Subsidiary, or any Person acting
on behalf of any such Guarantor, shall deny or disaffirm its obligations under its Guarantee of the Notes; and 
 (g)
(A) the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case,
(iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, or (iv) makes a general assignment for the benefit of its creditors; or (B) a court of competent jurisdiction enters an order or
decree under any Bankruptcy Law that (i) is for relief against the Company or any Significant Subsidiary in an involuntary case, (ii) appoints a Custodian of the Company or any Significant Subsidiary or for all or substantially all of
either of its property, or (iii) orders the liquidation of the Company or any Significant Subsidiary, and such order or decree remains unstayed and in effect for 90 days. 

Notwithstanding anything herein to the contrary, a Default under clause (c), (d) or (e) will not become an Event of Default until the
Trustee or the Holders of at least 25% in principal amount of the Notes then Outstanding notify the Company of the Default and the Company does not cure such Default within the time specified in such clause after receipt of such notice. Such notice
must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” 
 Section 5.02.
Acceleration of Maturity. If an Event of Default occurs and is continuing under the Indenture, either the Trustee, by notice in writing to the Company, or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding
may, by notice in writing to the Company and the Trustee, specifying the respective Event of Default and that it is a “Notice of Acceleration,” declare the principal of and premium, if any, and accrued interest, if any, on the Notes to be
due and payable, and upon such declaration of acceleration, such principal of and premium, if any, and accrued interest, if any, shall be immediately due and payable; provided, however, that, notwithstanding the foregoing, if an Event
of Default specified in Section 5.01(g) occurs with respect to the Company, the principal of and premium, if any, and accrued interest, if any, on the Notes then Outstanding shall become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder. 

  
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 Section 5.03. Other Remedies. If an Event of Default occurs and is continuing,
the Trustee may pursue any other available remedy by proceeding at law or in equity to collect the payment of principal of, or premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or the Indenture
and may take any necessary action requested by the Holders of a majority of the principal amount Outstanding of the Notes to settle, compromise, adjust or otherwise conclude any proceedings to which it is a party. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Noteholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any
other remedy. All available remedies are cumulative. Any reasonable costs associated with actions taken by the Trustee under this Section 5.03 shall be reimbursed to the Trustee by the Company and the Guarantors. 

Section 5.04. Waiver of Past Defaults. Section 513 of the Base Indenture shall not be applicable to the Notes, and the
following shall apply to the Notes: 
 (a) Subject to Sections 5.08 and 6.02 hereof and the proviso to the definition of
“Outstanding” in the Base Indenture, the Holders of a majority in principal amount of the Notes then Outstanding shall have the right, by notice to the Trustee, to rescind an acceleration or waive past or continuing Defaults and Events of
Default, except a continuing Default or Event of Default in the payment of the principal of, or interest or premium, if any, on any Note as specified in clauses (a) and (b) of Section 5.01 (other than any payment Default or Event of
Default that resulted from such acceleration) or in respect of a covenant or a provision which cannot be modified or amended without the consent of all Holders as provided for in Section 6.02. The Company shall deliver to the Trustee an
Officers’ Certificate stating that the requisite percentage of Holders have consented to such waiver or rescission and attaching copies of such consents. 

In the event of any Default or Event of Default specified in Section 5.01(d), such Default or Event of Default will be
annulled, waived, and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Default or Event of Default arose: 

(i) the Indebtedness or Guarantee that is the basis for such Default or Event of Default has been discharged; 

(ii) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such
Default or Event of Default; or 
 (iii) the default that is the basis for such Default or Event of Default has been cured.

 The Company shall promptly notify the Trustee of the occurrence of any of (i) through (iii) above, provided that the
failure to provide such notification shall not affect such automatic annulment, waiver, and rescission. 
 In case of any
waiver of a Default or Event of Default, the Company, the Trustee and the Holders shall be restored to their former positions and rights hereunder and under the Notes, respectively. This subsection (a) of this Section 5.04 shall be in lieu
of TIA §316(a)(1)(B), and TIA §316(a)(1)(B) is hereby expressly excluded from this Supplemental Indenture and the Notes, as permitted by the TIA. 

  
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 (b) Upon any such waiver, such Default shall cease to exist, and any Event
of Default arising therefrom shall be deemed to have been cured for every purpose of this Supplemental Indenture and the Notes, but no such waiver or rescission shall extend to any subsequent or other Default or Event of Default or impair any right
consequent thereto. 
 Section 5.05. Control by Majority. Subject to Section 601 of the Base Indenture, the Holders of a
majority in principal amount of the outstanding Notes have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on the Trustee by
the Indenture. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines may be unduly prejudicial to the rights of another Holder not taking part in such direction, and the
Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, determines that the action so directed may not lawfully be taken or if the Trustee in good faith shall, by a Responsible Officer,
determine that the proceedings so directed may involve it in personal liability; provided that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. The Trustee may withhold from the
Holders notice of any continuing Default or Event of Default if it determines that withholding notice is in the Holders’ interest, except a Default or Event of Default in the payment of the principal of, or interest or premium, if any, on any
Note as specified in clauses (a) and (b) of Section 5.01 (other than any payment Default or Event of Default that resulted from such acceleration). In the event the Trustee takes any enforcement action or follows any such direction
pursuant to the Indenture, the Trustee shall be entitled to indemnification reasonably satisfactory to it against any loss or expense caused by taking such action or following such direction. This Section 5.05 shall be in lieu of TIA
§316(a)(1)(A), and TIA §316(a)(1)(A) is hereby expressly excluded from the Indenture and the Notes, as permitted by the TIA. 

Section 5.06. Limitation on Suits. Subject to Section 5.08, a Holder may not enforce or pursue any remedy with respect to the
Indenture or the Notes unless: 
 (i) the Holder has given the Trustee written notice of a continuing Event of Default; 

(ii) the Holders of at least 25% in principal amount of the Notes then outstanding make a written request to the Trustee to
pursue the remedy; provided that, in the case of any Event of Default described in clause (g) of Section 5.01, the Holders of not less than 25% in principal amount of all Outstanding Securities (including the Notes) under the
Indenture, shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(iii) such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any costs, liability or expense;

 (iv) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity;
and 
 (v) during such 60-day period, the Holders of a majority in aggregate
principal amount of the outstanding Notes do not give the Trustee a direction that is inconsistent with the request. 
 A Noteholder may not
use any provision of the Indenture to disturb or prejudice the rights of another Noteholder or to obtain a preference or priority over another Noteholder. 

  
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 Section 5.07. No Personal Liability of Directors, Officers, Employees and
Stockholders. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Guarantees of
the Notes, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of
the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
 Section 5.08. Rights of
Holders To Receive Payment. Notwithstanding any other provision of the Indenture, the right of any Holder of a Note to receive payment of the principal of or premium, if any, or interest, if any, on such Note on or after the respective due dates
expressed in such Note, or to bring suit for the enforcement of any such payment, on or after such respective due dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder. 

Section 5.09. Collection Suit by Trustee. If an Event of Default specified in Section 5.01(a) or (b) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or any Guarantor (or any other obligor on the Notes) for the whole amount of unpaid principal and accrued interest remaining unpaid,
together with interest on overdue principal and, to the extent that payment of such interest is lawful, interest on overdue installments of interest, in each case at the rate set forth in the Notes, and such further amounts as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 5.10. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 606 of the Base Indenture) and the Noteholders allowed in any judicial proceedings relative to the Company or any Guarantor (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out of the estate in any
such proceedings and any custodian in any such judicial proceeding is hereby authorized by each Noteholder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the
Noteholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 606 of the Base Indenture.

 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Noteholder any plan or reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder thereof, or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such proceedings. 

Section 5.11. Priorities. If the Trustee collects any money or property pursuant to this Article Five, it shall pay out the money
and property in the following order: 
 FIRST: to the Trustee for amounts due under Section 606 of the Base Indenture;

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

  
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 THIRD: to the Company or, to the extent the Trustee collects any amount from
any Guarantor, to such Guarantor, or as a court of competent jurisdiction may direct. 
 The Trustee may fix a record date and payment date
for any payment to Noteholders pursuant to this Section 5.11. 
 Section 5.12. Undertaking for Costs. In any suit for the
enforcement of any right or remedy under the Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section 5.12 does not apply to a suit by the Trustee, a suit by a Noteholder pursuant to Section 5.08 or a suit by Holders of more than 10% in aggregate principal amount of the outstanding Notes.

 ARTICLE VI 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 6.01. Without Consent of Noteholders. The provisions of Section 901 of the Base Indenture shall not be applicable to
the Notes, and the following shall apply to the Notes: 
 Except as provided in Section 6.02, the Company, the Guarantors, if
applicable, and the Trustee may modify and amend the Indenture, the Notes or the Guarantees of the Notes without the consent of any Holder for any of the following purposes: 

(1) to cure any ambiguity, defect or inconsistency; 

(2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(3) to provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders in the case of a
merger or consolidation or disposition of all or substantially all of Company’s or a Guarantor’s assets; 
 (4) to
make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal rights under the Indenture of any such Holder; 

(5) to close the Indenture with respect to the authentication and delivery of additional series of debt securities or to
qualify, or maintain qualification of, the Indenture under the TIA; 
 (6) to allow any Guarantor to execute a supplemental
indenture and/or a Guarantee of the Notes; 
 (7) to evidence and provide for the acceptance or appointment of a successor
Trustee or facilitate the administration of the trusts under the Indenture by more than one Trustee; 
 (8) to mortgage,
pledge, hypothecate or grant a security interest in favor of the Trustee for the benefit of the Holders as additional security for the payment and performance of the Company’s or a Guarantor’s obligations; 

  
 38 

 (9) to release a Guarantor from its Guarantee of the Notes pursuant to the
terms of the Indenture when permitted or required pursuant to the terms of the Indenture; 
 (10) to conform the text of the
Indenture, such Notes or the Guarantees of such Notes to any provision of the “Description of Notes” contained in the Offering Memorandum; 

(11) to amend the provisions of the Indenture relating to the transfer and legending of the Notes; provided,
however, that (a) compliance with the Indenture as so amended would not result in the Notes being transferred in violation of the Securities Act or any applicable securities law and (b) such amendment does not materially and
adversely affect the rights of Holders to transfer Notes; 
 (12) to add, change or eliminate any provisions of the
Indenture, provided that any addition, change or elimination shall (i) neither apply to the Notes entitled to the benefit of such provisions nor modify the rights of the Holders of the Notes with respect to such provision or
(ii) become effective only when there are no outstanding Notes; or 
 (13) to establish the form or terms of debt
securities of any series, other than the Notes. 
 Section 6.02. Modification and Amendment with Consent of Noteholders. The
provisions of Section 902 of the Base Indenture shall not be applicable to the Notes, and the following shall apply to the Notes: 

(a) Except as provided in Section 6.01 and subsection (b) of this Section 6.02, this Supplemental Indenture, the
Notes or the Note Guarantees may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding Notes voting as a single class (including, without limitation, consents obtained in
connection with a purchase of, tender offer or exchange offer for, the Notes), and any existing Default or Event of Default or compliance with any provision of this Supplemental Indenture, the Notes or the Note Guarantees may be waived with the
consent of the Holders of at least a majority in principal amount of the then outstanding Notes voting as a single class (including, without limitation, consents obtained in connection with a purchase of, tender offer or exchange offer for, the
Notes). 
 (b) Notwithstanding subsection (a) of this Section 6.02, without the consent of each Holder of Notes
affected, an amendment or waiver may not (with respect to any Note held by a non-consenting Holder): 

(i) reduce the principal amount of such Notes whose Holders must consent to an amendment, supplement or waiver; 

(ii) reduce the principal of or change the fixed maturity of any Note or alter the provisions with respect to the redemption of
such Notes (other than provisions set forth in Section 9.02 and other than notice provisions with respect to any optional redemption by the Company); 

(iii) reduce the rate of or change the time for payment of interest on any Note; 

(iv) waive a Default or Event of Default in the payment of principal of, or interest or premium on, Notes (except a rescission
of acceleration of the Notes by the Holders 

  
 39 

 
of at least a majority in aggregate principal amount of such Notes and a waiver of the payment Default or Event of Default in respect of such Notes that resulted from such acceleration); 

(v) make any Note payable in money other than that stated in such Notes; 

(vi) make any change in the provisions of this Supplemental Indenture relating to waivers of past Defaults or the rights of
Holders to receive payments of principal of, or interest or premium on, Notes; 
 (vii) after the date of an event giving
rise to a redemption, waive a redemption payment with respect to any Note (other than a payment required by Section 9.02); 

(viii) release any Guarantor that is a Significant Subsidiary or group of Guarantors that, taken together (as of the latest
audited consolidated financial statements for the Company), would constitute a Significant Subsidiary, from any of its obligations under its Guarantee of the Notes or this Supplemental Indenture, except in accordance with the terms of the Indenture;

 (ix) make any change to the provisions of the Indenture relating to the ranking of such Notes that adversely affects the
rights of the Holders thereof; or 
 (x) make any change in the preceding amendment and waiver provisions. 

(c) It shall not be necessary for the consent of the Holders under this Section 6.02 to approve the particular form of any
proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 (d)
After an amendment, supplement or waiver under this Section 6.02 becomes effective, the Company shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. The Company may elect in its sole
discretion to have the Trustee mail such notice prepared by the Company on the Company’s behalf and at the Company’s sole expense. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such amendment, supplement or waiver. 
 Section 6.03. Effect of Supplemental Indentures. Upon the
execution of any supplemental indenture under this Article, the Base Indenture and this Supplemental Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of the Indenture for all purposes; and every
Holder of Notes theretofore or thereafter authenticated and delivered hereunder and of any coupon appertaining thereto shall be bound thereby. 

Section 6.04. Article Nine of Base Indenture. Except as amended by this Article VI, all of the provisions of Article Nine of the
Base Indenture shall be applicable to the Notes. 
 ARTICLE VII 

CONSOLIDATION, MERGER, AND SALE OF ASSETS 

Section 7.01. Consolidation, Merger, and Sale of Assets. Article Eight of the Base Indenture is amended in respect of the Notes by
adding the following additional provisions: 

  
 40 

 (a) A Guarantor shall not sell or otherwise dispose of all or substantially
all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Company or another Guarantor, unless: 

(i) immediately after giving effect to that transaction, no Default or Event of Default exists; 

(ii) subject to Section 11.05 hereof, the Person acquiring the property in any such sale or disposition or the Person
formed by or surviving any such consolidation or merger assumes all the obligations of that Guarantor under this Supplemental Indenture and its Guarantee of the Notes pursuant to a supplemental indenture in a form reasonably satisfactory to the
Trustee; and 
 (iii) an Opinion of Counsel and Officers’ Certificate have been delivered to the Trustee as required by
Section 803 of the Base Indenture. 
 (b) Article Eight of the Base Indenture shall not apply to a sale, assignment,
transfer, conveyance or other disposition of assets between or among the Company and any of the Guarantors. 
 ARTICLE VIII 

[RESERVED] 
 ARTICLE IX

 REPURCHASE OF NOTES AT OPTION OF HOLDERS 

Section 9.01. Repurchase of Securities at Option of the Holder on Specified Dates. The provisions of Article Thirteen of the Base
Indenture shall not be applicable to the Notes. 
 Section 9.02. Repurchase at Option of Holders. If a Change of Control occurs,
unless the Company has previously or concurrently mailed or caused to be mailed notice of a redemption of all of the outstanding Notes under paragraph 5 of the Notes (unless and until there is a default in payment of the applicable redemption
price), each Holder will have the right to require the Company to repurchase all or any part (equal to at least $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to an offer (the “Change of
Control Offer”) on the terms set forth in this Section. In the Change of Control Offer, the Company will offer a payment (the “Change of Control Payment”) in cash equal to 101% of the aggregate principal amount of Notes
repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to (but not including) the date of purchase. 
 Within 30
days following any Change of Control or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company will send or cause to be
sent notice of such Change of Control Offer, with a copy to the Trustee and the Depositary, by first-class mail, to each Holder to the address of such Holder appearing in the Security Register or otherwise in accordance with the procedures of the
Depositary, with the following information: 
 (1) that a Change of Control Offer is being made pursuant to this
Section 9.02 and that all Notes properly tendered pursuant to such Change of Control Offer will be accepted for payment by the Company; 

  
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 (2) the purchase price and the purchase date, which will be no earlier than
30 days nor later than 60 days from the date such notice is mailed or, if the notice is mailed prior to the Change of Control, no earlier than 30 days and no later than 60 days after the date on which the Change of Control occurs (the
“Change of Control Payment Date”); 
 (3) that any Note not properly tendered will remain outstanding and
continue to accrue interest; 
 (4) that unless the Company defaults in the payment of the Change of Control Payment, all
Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 

(5) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified in the notice at the address specified in the notice prior to the close of business on the third
Business Day preceding the Change of Control Payment Date; 
 (6) that Holders tendering less than all of their Notes will be
issued new Notes and such new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered; and 

(7) other instructions, as determined by the Company, consistent with this Section 9.02, that a Holder must follow to
tender Notes pursuant to such Change of Control Offer. 
 On the Change of Control Payment Date, the Company shall, to the extent lawful:

 (1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 

(2) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or
portions of Notes properly tendered; and 
 (3) deliver, or cause to be delivered, to the Trustee for cancellation the Notes
so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

The Paying Agent will promptly send to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note will be in a principal
amount of at least $2,000 or an integral multiple of $1,000 in excess thereof. 
 If the Change of Control Payment Date is on or after a
Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest, if any, will be paid on the Change of Control Payment Date to the Person in whose name a Note is registered at the Close of Business on such Record
Date, and no additional interest will be payable to Holders who tender pursuant to the Change of Control Offer. 

  
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 Upon the payment of the Change of Control Payment, the Trustee shall, subject to the
provisions of Section 2.05, return the Notes purchased to the Company for cancellation. The Trustee may act as the Paying Agent for purposes of any Change of Control Offer. 

The Company shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control
Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 9.02 applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered under the Change of Control
Offer. Any Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. 

The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other
securities laws and regulations thereunder, to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of the Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in the Indenture by virtue thereof. The
Company may from time to time repurchase Notes other than pursuant to a Change of Control Offer or optional redemption, whether by tender offer, open market purchase, or otherwise, in accordance with applicable securities laws. 

ARTICLE X 

MISCELLANEOUS PROVISIONS 

Section 10.01. Ratification of Base Indenture. Except as expressly modified or amended hereby, the Base Indenture continues in
full force and effect and is in all respects confirmed, ratified and preserved and the provisions thereof shall be applicable to the Notes and this Supplemental Indenture. 

Section 10.02. Provisions Binding on Company’s Successors. All the covenants, stipulations, promises and
agreements of the Company contained in this Supplemental Indenture shall bind its successors and assigns whether so expressed or not. 

Section 10.03. Official Acts by Successor Corporation. Any act or proceeding by any provision of this Supplemental Indenture
authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or entity that shall at the
time be the lawful sole successor of the Company. 
 Section 10.04. Addresses for Notices, Etc. Any notice or demand which by
any provision of this Supplemental Indenture is required or permitted to be given or served by the Trustee or by the Noteholders on the Company or the Guarantors shall be deemed to have been sufficiently given or made, for all purposes if given or
served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to the Company at 1301 Concord Terrace, Sunrise, Florida 33323,
Attention: General Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or
certified mail in a post office letter box addressed to U.S. Bank National Association at 1349 W. Peachtree Street, Suite 1050, Atlanta, Georgia 30309, Attention: George Hogan. 

  
 43 

 The Trustee, by notice to the Company, may designate additional or different addresses for
subsequent notices or communications. 
 Any notice or communication mailed to a Noteholder shall be mailed to him by first class mail,
postage prepaid, at his address as it appears on the Security Register and shall be sufficiently given to him if so mailed within the time prescribed. 

Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other
Noteholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

Section 10.05. Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES OF SUCH STATE OTHER THAN NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401. THIS SUPPLEMENTAL INDENTURE IS SUBJECT TO THE PROVISIONS OF
THE TIA THAT ARE REQUIRED TO BE A PART OF THIS SUPPLEMENTAL INDENTURE AND SHALL, TO THE EXTENT APPLICABLE, BE GOVERNED BY SUCH PROVISIONS. 

Section 10.06. Intentionally Omitted. 

Section 10.07. Benefits of Indenture. Nothing in the Indenture or in the Notes, expressed or implied, shall give to any person,
other than the parties hereto, any Paying Agent, any authenticating agent, any Security Registrar and their successors hereunder, the Noteholders, any benefit or any legal or equitable right, remedy or claim under the Indenture. 

Section 10.08. Table of Contents, Headings, Etc. The table of contents and the titles and headings of the articles and sections of
this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 10.09. Counterparts. This Supplemental Indenture may be executed and delivered in any number of counterparts, each of
which when so executed and delivered shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

Section 10.10. Trustee. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. The
statements and recitals herein are deemed to be those of the Company and not of the Trustee. 
 Section 10.11. Further Instruments
and Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Supplemental Indenture.

 Section 10.12. Waiver of Jury Trial. EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 10.13. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or 

  
 44 

 
indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or other acts of God, and interruptions, loss or malfunction of utilities, communications or computer (software or hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in
the banking industry to resume performance as soon as practicable under the circumstances. 
 ARTICLE XI 

GUARANTEES 

Section 11.01. Guarantee. 

(a) Subject to this Article XI, each of the Guarantors hereby, jointly and severally, unconditionally guarantees on an unsecured,
unsubordinated basis, to each Holder of a Note, authenticated and delivered by the Trustee, and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Supplemental Indenture or the Base Indenture, the
Notes or the obligations of the Company hereunder or thereunder, that: 
 (i) the principal of, premium, if any, and interest
on, the Notes will be promptly paid in full when due, whether at maturity, by acceleration or otherwise, and interest on the overdue principal and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or
the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 

(ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. 

Failing payment when due of any amount so guaranteed or any performance so guaranteed for any reason whatsoever, the Guarantors shall be
jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of this Supplemental Indenture or the Base Indenture, the Notes, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against
the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims
with a court in the event of bankruptcy or insolvency of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Guarantee will not be discharged except by complete
performance of the obligations contained in the Notes and the Indenture. 
 (c) If any Holder or the Trustee is required by any court or
otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to
the extent theretofore discharged, shall be reinstated in full force and effect. 
 (d) Each Guarantor agrees that it shall not be entitled
to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations 

  
 45 

 
under the Notes guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article Five hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed
hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article Five hereof, such obligations (whether or not due and payable) will forthwith become due and payable by the Guarantors for purposes of
this Guarantee. The Guarantors will have the right to seek contribution from any other Guarantor, or the Company, as the case may be, so long as the exercise of such right does not impair the rights of the Holders under this Guarantee. 

Section 11.02. Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of the Notes, each Holder, hereby confirms
that it is the intention of all such parties that the Guarantee of such Guarantor of the Notes not constitute a fraudulent transfer, fraudulent conveyance or fraudulent obligation for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantee of the Notes. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the
obligations of such Guarantor shall be limited to the maximum amount that shall, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect
to any collections from, rights to receive contributions from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article XI that are relevant under such laws, result in the
obligations of such Guarantor under its Guarantee of the Notes not constituting a fraudulent transfer, fraudulent conveyance or fraudulent obligation. 

Section 11.03. Execution and Delivery of Guarantees. 

(a) To evidence its Guarantee set forth in Section 11.01 hereof, each Guarantor hereby agrees that this Supplemental Indenture shall be
executed on behalf of such Guarantor by one of its authorized officers or attorneys-in-fact. 

(b) Each Guarantor hereby agrees that its Guarantee set forth in Section 11.01 hereof shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of such Guarantee. 
 (c) If an officer or attorney-in-fact whose signature is on this Supplemental Indenture no longer holds that office or is so appointed at the time the Trustee authenticates the Note, the Guarantee shall be valid nevertheless.

 (d) The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute delivery of the Guarantee with
respect to the Notes set forth in the Indenture on behalf of the Guarantors. 
 (e) If required by Section 4.04 hereof, the Company
shall cause any Subsidiary that is not a Guarantor to comply with the provisions of Section 4.04 hereof and this Article XI, to the extent applicable. 

Section 11.04. Contribution. Each Guarantor that makes a payment or distribution under its Guarantee of the Notes shall be
entitled to contribution from any other Guarantor or the Company, as the case may be. 

  
 46 

 Section 11.05. Releases. 

(a) The Guarantee of the Notes by a Guarantor will be automatically and unconditionally released, and any Person acquiring assets (including
by way of merger or consolidation) or Capital Stock of a Guarantor shall not be required to assume the obligations of any such Guarantor: 

(1) in connection with any sale, exchange, transfer, conveyance or other disposition of (whether by merger, consolidation or
the sale of) a majority of the Capital Stock of such Guarantor (or such lesser portion as is sufficient for such Guarantor to cease to be a Subsidiary of the Company) or the sale of all or substantially all the assets of such Guarantor, to or with
and into a Person which is not the Company or another Subsidiary of the Company; 
 (2) if any Guarantor is dissolved or
otherwise no longer obligated to provide a Guarantee of the Notes pursuant to the Indenture; 
 (3) if such Guarantor’s
guarantee of any obligations under any Debt Facility of the Company (including the Credit Agreement) with an aggregate principal or committed amount of $250 million or more is fully and unconditionally released, except that such Guarantor shall
subsequently be required to become a Guarantor by executing a supplemental indenture and providing the Trustee with an Officers’ Certificate and Opinion of Counsel as required by the Indenture at such time as it guarantees any obligations under
any Debt Facility of the Company (including the Credit Agreement) with an aggregate principal or committed amount of $250 million or more; or 

(4) upon the Company’s exercise of its legal defeasance option or covenant defeasance option as described in
Section 12.02 or Section 12.03 hereof or if the Company’s obligations under the Indenture and the Notes are discharged in accordance with Section 12.01 hereof. 

(b) The Trustee shall execute any documents reasonably requested by either the Company or a Guarantor in order to evidence the release of such
Guarantor from its obligations under its Guarantee under this Article XI, subject to the Trustee’s receipt of an Opinion of Counsel and Officers’ Certificates stating that all conditions precedent to such release have been met. 

ARTICLE XII 
 DISCHARGE;
DEFEASANCE 
 The provisions of Article Four and Article Fourteen of the Base Indenture shall not be applicable to the Notes, and the
following shall apply to the Notes: 
 Section 12.01. Discharge of Indenture. The Indenture will be discharged and will
cease to be of further effect as to all Notes and the Guarantees thereof, and the Trustee (except to the extent that Securities other than the Notes are Outstanding), at the request and expense of the Company, will execute proper instruments
acknowledging satisfaction and discharge of the Indenture, the Notes and the Guarantees of the Notes, when: 
 (a) either:

 (A) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and
Notes for whose payment money has been deposited 

  
 47 

 
in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or 

(B) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the
mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the
Holders, cash in U.S. Dollars, U.S. Government Obligations, or a combination of cash in U.S. Dollars and U.S. Government Obligations, in such amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge
the entire indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium and accrued interest to the date of maturity or redemption; 

(b) the Company or any Guarantor has paid or caused to be paid all sums payable by it under the Indenture; and 

(c) the Company has delivered irrevocable instructions to the Trustee under the Indenture to apply the deposited money toward
the payment of Notes at maturity or the Redemption Date, as the case may be. 
 In addition, the Company shall deliver an Officers’
Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied or waived. 

The Trustee shall acknowledge satisfaction and discharge of the Indenture with respect to the Notes and the Guarantees of the Notes on demand
of and at the expense of the Company. 
 Notwithstanding the satisfaction and discharge of the Indenture, the obligations of the Company in
Section 606 of the Base Indenture and Section 12.05, 12.06, 12.07 and 12.08 hereof shall survive such satisfaction and discharge. 

Section 12.02. Legal Defeasance. The Company may, at its option and at any time, elect to have all of its obligations and the
obligations of the Guarantors discharged with respect to the Outstanding Notes and Guarantees of the Notes on a date the conditions set forth in Section 12.04 are satisfied (hereinafter, “Legal Defeasance”). For this purpose,
such Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the Outstanding Notes and Guarantees of the Notes and to have satisfied all their other obligations
under such Notes, the Guarantees of the Notes and the Indenture (and the Trustee, at the request and expense of the Company, shall, subject to Section 12.06, execute instruments in form and substance reasonably satisfactory to the Trustee and
the Company acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of Outstanding Notes to receive, solely from the trust funds described in
Section 12.04 and as more fully set forth in Section 12.04, payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due, (2) the Company’s obligations with respect to such Notes
under Article Two and Sections 1002 and 1003 of the Base Indenture, (3) the rights, powers, trusts, duties, and immunities of the Trustee hereunder (including claims of, or payments to, the Trustee under or pursuant to Section 606 of the
Base Indenture) and the Company’s obligations in connection therewith and (4) this Article Twelve. 

  
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 Subject to compliance with this Article Twelve, the Company may exercise its option under
this Section 12.02 with respect to the Notes notwithstanding the prior exercise of its option under Section 12.03 below with respect to the Notes. 

Section 12.03. Covenant Defeasance. The Company may, at its option and at any time, elect to have all of its obligations and the
obligations of the Guarantors under Sections 4.03 through 4.09, 4.12, 7.01(a), 9.01 and 9.02 (except for obligations mandated by the TIA) released with respect to the Outstanding Notes and Guarantees of the Notes on a date the conditions set
forth in Section 12.04 are satisfied (hereinafter, “Covenant Defeasance”). For this purpose, Covenant Defeasance means that, with respect to the Outstanding Notes and Guarantees of the Notes, the Company and the Guarantors may
fail to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any
reference in any such covenant to any other provision herein or in any other document, and such omission to comply shall not constitute a Default or an Event of Default under Section 5.01, but, except as specified above, the remainder of the
Indenture, the Notes and the Guarantees of the Notes shall be unaffected thereby. In addition, upon the Company’s exercise of the option in this Section 12.03, subject to the satisfaction of the conditions set forth in Section 12.04,
Sections 5.01(c), (d), (e) and (f) (solely with respect to any Guarantor that is a Significant Subsidiary or any group of Guarantors that, taken together, would constitute a Significant Subsidiary) shall not constitute Events of Default. 

Notwithstanding any discharge or release of any obligations under the Indenture pursuant to Section 12.02 or this Section 12.03, the
Company’s obligations in Article Two and Sections 12.05, 12.06, 12.07 and 12.08 shall survive until such time as the Notes have been paid in full. Thereafter, the Company’s obligations in Section 606 of the Base Indenture and Sections
12.05, 12.07 and 12.08 hereof shall survive. 
 Section 12.04. Conditions to Legal Defeasance or Covenant Defeasance. The
following shall be the conditions to application of Section 12.02 or Section 12.03 to the outstanding Notes: 
 (a)
the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. Dollars, U.S. Government Obligations or a combination thereof in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants (such opinion shall be addressed and delivered to the Trustee, and upon which the Trustee shall have no liability in relying), to pay the principal, premium, if any, and interest on the Notes
Outstanding on the Stated Maturity date or on the applicable Redemption Date, as the case may be, and the Company must specify whether such Notes are being defeased to maturity or to a particular Redemption Date; 

(b) in the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States
(upon which the Trustee shall have no liability in relying) confirming that (a) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the Issue Date, there has been a change in
the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such Legal
Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(c) in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United
States (upon which the Trustee shall have no liability in relying) confirming that the Holders of the Notes Outstanding will not recognize income, 

  
 49 

 
gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Covenant Defeasance had not occurred; 
 (d) no Default or Event of Default shall have
occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowing); 

(e) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under any
material agreement or instrument (other than the Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its
Subsidiaries is bound; 
 (f) the Company must deliver to the Trustee an Officers’ Certificate (upon which the Trustee
shall have no liability in relying) stating that the deposit was not made by the Company with the intent of preferring the Holders over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding creditors of
the Company or others; and 
 (g) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of
Counsel (upon which the Trustee shall have no liability in relying), each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Notwithstanding the foregoing, the Opinion of Counsel required by clause (b) above with respect to a Legal Defeasance need not be
delivered if all Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable on the maturity date within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 Section 12.05. Deposited Money and
U.S. Government Obligations To Be Held in Trust. Subject to Section 12.08, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Sections 12.01 and 12.04 in respect of the
Outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and the Indenture, to the payment, either directly or through any Paying Agents, to the Holders of such Notes, of all sums due and
to become due thereon in respect of principal, premium, if any, and accrued interest, but such money need not be segregated from other funds except to the extent required by law. 

The Company and the Guarantors shall (on a joint and several basis) pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to Sections 12.01 and 12.04 or the principal, premium, if any, and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of the Outstanding Notes. 
 Anything in this Article Twelve to the contrary notwithstanding, the Trustee shall
deliver or pay to the Company from time to time upon a request of the Company any money or U.S. Government Obligations held by it as provided in Sections 12.01 and 12.04 which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent satisfaction and discharge, Legal Defeasance or Covenant
Defeasance. 

  
 50 

 Section 12.06. Reinstatement. If the Trustee or any Paying Agent is unable to
apply any money or U.S. Government Obligations in accordance with Section 12.01, 12.02 or 12.03 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Company’s and each Guarantor’s obligations under the Indenture, the Notes and the Guarantees of the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article Twelve
until such time as the Trustee or such Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with Section 12.01, 12.02 or 12.03; provided that if the Company or the Guarantors have made any
payment of principal of, premium, if any, or accrued interest on any Notes because of the reinstatement of their obligations, the Company or the Guarantors, as the case may be, shall be subrogated to the rights of the Holders of such Notes to
receive such payment from the money or U.S. Government Obligations held by the Trustee or any Paying Agent. 
 Section 12.07. Moneys
Held by Paying Agent. In connection with the satisfaction and discharge or defeasance of the Indenture, all moneys and U.S. Government Obligations then held by any Paying Agent under the provisions of the Indenture shall, upon written demand of
the Company, be paid or delivered to the Trustee, or if sufficient moneys and U.S. Government Obligations have been deposited pursuant to Section 12.01 or 12.04, as the case may be, to the Company (or, if such moneys and U.S. Government
Obligations were deposited by the Guarantors, to such Guarantors) within five Business Days after a request of the Company, and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 

Section 12.08. Moneys Held by Trustee. Subject to applicable law, any moneys and U.S. Government Obligations deposited with the
Trustee or any Paying Agent or then held by the Company or the Guarantors in trust for the payment of the principal of, or premium, if any, or interest on any Note that are not applied but remain unclaimed by the Holder of such Note for two years
after the date upon which the principal of, or premium, if any, or interest on such Note shall have respectively become due and payable shall be repaid or returned to the Company (or, if appropriate, the Guarantors) upon a request of the Company, or
if such moneys and U.S. Government Obligations are then held by the Company or the Guarantors in trust, such moneys and U.S. Government Obligations shall be released from such trust; and the Holder of such Note entitled to receive such payment shall
thereafter, as an unsecured general creditor, look only to the Company and the Guarantors for the payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust moneys and U.S. Government Obligations shall
thereupon cease; provided that the Trustee or any such Paying Agent, before being required to make any such repayment, may, at the expense of the Company and the Guarantors, either mail to each Noteholder affected, at the address shown in the
Security Register, or cause to be published once, in one newspaper published in the English language, customarily published each Business Day and of general circulation in The City of New York, the State of New York, a notice that such moneys and
U.S. Government Obligations remain unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such mailing or publication, any unclaimed balance of such moneys and U.S. Government Obligations then
remaining will be repaid or returned to the Company. After payment or return to the Company or the Guarantors or the release of any moneys and U.S. Government Obligations held in trust by the Company or any Guarantors, as the case may be, Holders
entitled thereto must look only to the Company and the Guarantors for payment as general creditors unless applicable abandoned property law designates another Person. 

  
 51 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture
to be duly executed by their respective officers hereunto duly authorized, all as of the day and year first above written. 
  

			
	MEDNAX, INC.
		
	By:	 	/s/ Dominic J. Andreano
		 	Name: Dominic J. Andreano
		 	Title: General Counsel and Secretary

  

			
	 1500 CONCORD TERRACE, LLC
  

ALASKA NEONATOLOGY ASSOCIATES, INC.
  

ALEGIS REVENUE GROUP, LLC
  

AMERICAN ANESTHESIOLOGY ASSOCIATES OF FLORIDA, INC.
  

AMERICAN ANESTHESIOLOGY ASSOCIATES OF GEORGIA, LLC
  

AMERICAN ANESTHESIOLOGY ASSOCIATES OF ILLINOIS, S.C.
  

AMERICAN ANESTHESIOLOGY ASSOCIATES OF MICHIGAN, P.C.
  

AMERICAN ANESTHESIOLOGY ASSOCIATES OF VIRGINIA, INC.
  

AMERICAN ANESTHESIOLOGY GROUP OF TENNESSEE, P.C.
  

AMERICAN ANESTHESIOLOGY OF FLORIDA, INC.
  

AMERICAN ANESTHESIOLOGY OF GEORGIA, LLC
  

AMERICAN ANESTHESIOLOGY OF ILLINOIS, LLC

		
	By:	 	Dominic J. Andreano
		 	Name: Dominic J. Andreano
		 	Title: Attorney-in-Fact

  
 [Mednax –
Supplemental Indenture] 

 
			
	 AMERICAN ANESTHESIOLOGY OF MARYLAND, P.C.
  

AMERICAN ANESTHESIOLOGY OF MICHIGAN, P.C.
  

AMERICAN ANESTHESIOLOGY OF MINNESOTA, P.A.
  

AMERICAN ANESTHESIOLOGY OF NAPLES, INC.
  

AMERICAN ANESTHESIOLOGY OF NEW JERSEY, P.C.
  

AMERICAN ANESTHESIOLOGY OF NEW YORK, P.C.
  

AMERICAN ANESTHESIOLOGY OF NORTH CAROLINA, PLLC
  

AMERICAN ANESTHESIOLOGY OF SOUTH CAROLINA, LLC
  

AMERICAN ANESTHESIOLOGY OF SYRACUSE, P.C.
  

AMERICAN ANESTHESIOLOGY OF TENNESSEE, P.C.
  

AMERICAN ANESTHESIOLOGY OF TEXAS, INC.
  

AMERICAN ANESTHESIOLOGY OF THE SOUTHEAST, PLLC
  

AMERICAN ANESTHESIOLOGY OF VIRGINIA, P.C.
  

AMERICAN ANESTHESIOLOGY SERVICES OF FLORIDA, INC.
  

AMERICAN ANESTHESIOLOGY, INC.

		
	By:	 	/s/ Dominic J. Andreano
		 	Name: Dominic J. Andreano
		 	Title: Attorney-in-Fact

  
 [Mednax –
Supplemental Indenture] 

 
			
	 AMERICAN RADIOLOGY, LLC
  

ANESTHESIA AND PAIN MANAGEMENT GROUP, LLC
  

ANESTHESIOLOGY CONSULTANTS OF SOUTH CAROLINA, PLLC
  

AUGUSTA NEONATOLOGY ASSOCIATES, P.C.
  

AUSTIN ANESTHESIOLOGY GROUP, PLLC
  

BURLINGTON ANESTHESIA ASSOCIATES, P.A.
  

CARDON HEALTHCARE NETWORK, LLC
  

CENTRAL OKLAHOMA NEONATOLOGY ASSOCIATES, INC.
  

COMMUNITY RADIOLOGY PROVIDERS, LLC
  

CRITICAL CARE AND ANESTHESIA CONSULTANTS OF NEW JERSEY, LLC
  

CRITICAL HEALTH SYSTEMS, INC.
  

DATA MANAGEMENT, INC.
  

DIVERSIFIED HEALTHCARE RESOURCES, LLC
  

DUET HEALTH, INC.
  

GEORGIA PERIOPERATIVE CONSULTANTS, L.L.C.
  

HEALTH NETWORK MANAGEMENT, L.L.C.
  

HORIZON ANESTHESIA, PLLC
  

INFINITY MANAGEMENT, LLC
  

JEFFERSON RADIOLOGY, P.C.
  

KEYSTONE GROUP, LLC

		
	By:	 	/s/ Dominic J. Andreano
		 	Name: Dominic J. Andreano
		 	Title: Attorney-in-Fact

  
 [Mednax –
Supplemental Indenture] 

 
			
	 MEDNAX RADIOLOGY OF TEXAS, INC.
  

MAGELLA MEDICAL ASSOCIATES BILLING, INC.
  

MAGELLA MEDICAL ASSOCIATES MIDWEST, P.C.
  

MAGELLA MEDICAL ASSOCIATES OF GEORGIA, P.C.
  

MAGELLA MEDICAL GROUP, INC.
  

MED-DATA, INCORPORATED
  

MEDDIRECT, INC.
  

MEDNAX SERVICES, INC.
  

MOUNTAIN STATES NEONATOLOGY, INC.
  

MSI CONSULTING SERVICES, LLC
  

NEONATAL SPECIALISTS, LTD.
  

NEONATOLOGY ASSOCIATES OF ATLANTA, P.C.
  

NIGHTHAWK RADIOLOGY SERVICES, LLC
  

NORTHWEST NEWBORN SPECIALISTS, P.C.
  

OBSTETRIX AND PEDIATRIX SUBSPECIALTY
  

GROUP OF KANSAS AND MISSOURI, P.A.
  

OBSTETRIX MEDICAL GROUP OF ARIZONA, P.C.
  

OBSTETRIX MEDICAL GROUP OF ATLANTA, LLC
  

OBSTETRIX MEDICAL GROUP OF CALIFORNIA, A PROFESSIONAL CORPORATION

		
	By:	 	/s/ Dominic J. Andreano
		 	Name: Dominic J. Andreano
		 	Title: Attorney-in-Fact

  
 [Mednax –
Supplemental Indenture] 

 
			
	 OBSTETRIX MEDICAL GROUP OF COLORADO, P.C.
  

OBSTETRIX MEDICAL GROUP OF COASTAL CAROLINA, PLLC
  

OBSTETRIX MEDICAL GROUP OF KANSAS AND MISSOURI, P.A.
  

OBSTETRIX MEDICAL GROUP OF NEW JERSEY, P.C.
  

OBSTETRIX MEDICAL GROUP OF OKLAHOMA, P.C.
  

OBSTETRIX MEDICAL GROUP OF PHOENIX, P.C.
  

OBSTETRIX MEDICAL GROUP OF SACRAMENTO, P.C.
  

OBSTETRIX MEDICAL GROUP OF TEXAS BILLING, INC.
  

OBSTETRIX MEDICAL GROUP OF THE CENTRAL COAST, PROFESSIONAL CORPORATION
  

OBSTETRIX MEDICAL GROUP OF UTAH, P.C.
  

OBSTETRIX MEDICAL GROUP OF WASHINGTON, INC., P.S.
  

OZARK NEONATAL ASSOCIATES, INC.
  

PAIN CENTERS OF CHICAGO, LLC
  

PATIENT ADVOCATE TECHNOLOGY, LLC
  

PEDIATRIX CARDIOLOGY OF NEW MEXICO, P.C.
  

PEDIATRIX CARDIOLOGY OF ORANGE COUNTY, P.C.

		
	By:	 	/s/ Dominic J. Andreano
		 	Name: Dominic J. Andreano
		 	Title: Attorney-in-Fact

  
 [Mednax –
Supplemental Indenture] 

 
			
	 PEDIATRIX CARDIOLOGY OF SPRINGFIELD, P.C.
  

PEDIATRIX CARDIOLOGY OF WASHINGTON, P.C.
  

PEDIATRIX EMERGENT AND CRITICAL CARE SERVICES, LLC
  

PEDIATRIX INTERNATIONAL, INC.
  

PEDIATRIX MEDICAL GROUP NEONATOLOGY AND PEDIATRIC INTENSIVE CARE SPECIALISTS OF NEW YORK, P.C.

 
 PEDIATRIX MEDICAL GROUP OF ARKANSAS, P.A.

 
 PEDIATRIX MEDICAL GROUP OF CALIFORNIA, A PROFESSIONAL CORPORATION

 
 PEDIATRIX MEDICAL GROUP OF COLORADO, P.C.

 
 PEDIATRIX MEDICAL GROUP OF FLORIDA, INC.

 
 PEDIATRIX MEDICAL GROUP OF GEORGIA, P.C.

 
 PEDIATRIX MEDICAL GROUP OF ILLINOIS, P.C.

 
 PEDIATRIX MEDICAL GROUP OF INDIANA, P.C.

 
 PEDIATRIX MEDICAL GROUP OF KANSAS, P.A.

 
 PEDIATRIX MEDICAL GROUP OF KENTUCKY, P.S.C.

 
 PEDIATRIX MEDICAL GROUP OF LOUISIANA, L.L.C.

 
 PEDIATRIX MEDICAL GROUP OF MICHIGAN, P.C.

		
	By:	 	/s/ Dominic J. Andreano
		 	Name: Dominic J. Andreano
		 	Title: Attorney-in-Fact

  
 [Mednax –
Supplemental Indenture] 

 
			
	 PEDIATRIX MEDICAL GROUP OF MISSISSIPPI, INC.
  

PEDIATRIX MEDICAL GROUP OF MISSOURI, P.C.
  

PEDIATRIX MEDICAL GROUP OF MONTANA, P.C.
  

PEDIATRIX MEDICAL GROUP OF NEW MEXICO, P.C.
  

PEDIATRIX MEDICAL GROUP OF NORTH CAROLINA, P.C.
  

PEDIATRIX MEDICAL GROUP OF OHIO CORP.
  

PEDIATRIX MEDICAL GROUP OF OKLAHOMA, P.C.
  

PEDIATRIX MEDICAL GROUP OF PENNSYLVANIA, P.C.
  

PEDIATRIX MEDICAL GROUP OF SOUTH CAROLINA, P.A.
  

PEDIATRIX MEDICAL GROUP OF TENNESSEE, P.C.
  

PEDIATRIX MEDICAL GROUP OF TEXAS BILLING, INC.
  

PEDIATRIX MEDICAL GROUP OF THE MID-ATLANTIC, P.C.

 
 PEDIATRIX MEDICAL GROUP OF WASHINGTON, INC., P.S.

 
 PEDIATRIX MEDICAL GROUP, INC.

 
 PEDIATRIX MEDICAL GROUP, INC. (UT)

 
 PEDIATRIX MEDICAL GROUP, P.A.

 
 PEDIATRIX MEDICAL GROUP, P.C. (VA)

		
	By:	 	/s/ Dominic J. Andreano
		 	Name: Dominic J. Andreano
		 	Title: Attorney-in-Fact

  
 [Mednax –
Supplemental Indenture] 

 
			
	 PEDIATRIX MEDICAL GROUP, P.C. (WV)
  

PEDIATRIX MEDICAL SERVICES, INC.
  

PEDIATRIX NEWBORN HEARING SCREEN, LLC
  

PEDIATRIX OF MARYLAND, P.A.
  

PICKERT MEDICAL GROUP, P.C.
  

PIEDMONT ANESTHESIA ASSOCIATES, L.L.C.
  

PMG CARDIOLOGY, INC.
  

PMGSC, P.A.
  

POKROY MEDICAL GROUP OF NEVADA, LTD.
  

QUANTUM CLINICAL NAVIGATION SYSTEM, LLC
  

RADIOLOGY ALLIANCE, P.C.
  

RADIOLOGY ASSOCIATES OF SOUTH FLORIDA, LLC
  

SOUTHEAST ANESTHESIOLOGY CONSULTANTS OF VIRGINIA, PLLC
  

SOUTHEAST ANESTHESIOLOGY CONSULTANTS, PLLC
  

SPECIALTY MRI, LLC
  

SUMMIT ANESTHESIA ASSOCIATES, P.A.
  

SYNERGY RADIOLOGY ASSOCIATES, PLLC
  

SYNTHESIS HEALTHCARE MANAGEMENT, LLC
  

TEXAS NEWBORN SERVICES, INC.
  

THE SURGICAL GROUP OF MIAMI, LLC
  

VIRTUAL RADIOLOGIC CORPORATION

		
	By:	 	/s/ Dominic J. Andreano
		 	Name: Dominic J. Andreano
		 	Title: Attorney-in-Fact

  
 [Mednax –
Supplemental Indenture] 

 
			
	 VIRTUAL RADIOLOGIC PROFESSIONALS, LLC
  

VIRTUAL RADIOLOGIC PROFESSIONALS OF CALIFORNIA, P.A
  

VIRTUAL RADIOLOGIC PROFESSIONALS OF ILLINOIS, S.C.
  

VIRTUAL RADIOLOGIC PROFESSIONALS OF MICHIGAN, P.C.
  

VIRTUAL RADIOLOGIC PROFESSIONALS OF MINNESOTA, P.A.
  

VIRTUAL RADIOLOGIC PROFESSIONALS OF NEW JERSEY, P.A.
  

VIRTUAL RADIOLOGIC PROFESSIONALS OF NEW YORK, P.A.
  

VIRTUAL RADIOLOGIC PROFESSIONALS OF TEXAS, P.A.
  

WESTCHESTER ANESTHESIOLOGISTS, P.C.

		
	By:	 	/s/ Dominic J. Andreano
		 	Name: Dominic J. Andreano
		 	Title: Attorney-in-Fact

  
 [Mednax –
Supplemental Indenture] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	/s/ George Hogan
		 	Name: George Hogan
		 	Title: Vice President

  
 [Mednax –
Supplemental Indenture] 

 SCHEDULE A 

1. 1500 Concord Terrace, LLC 
 2.
Alaska Neonatology Associates, Inc. 
 3. Alegis Revenue Group, LLC 

4. American Anesthesiology Associates of Florida, Inc. 

5. American Anesthesiology Associates of Georgia, LLC 

6. American Anesthesiology Associates of Illinois, S.C. 

7. American Anesthesiology Associates of Michigan, P.C. 

8. American Anesthesiology Associates of Virginia, Inc. 

9. American Anesthesiology Group of Tennessee, P.C. 

10. American Anesthesiology of Florida, Inc. 

11. American Anesthesiology of Georgia, LLC 

12. American Anesthesiology of Illinois, LLC 

13. American Anesthesiology of Maryland, P.C. 

14. American Anesthesiology of Michigan, P.C. 

15. American Anesthesiology of Minnesota, P.A. 

16. American Anesthesiology of Naples, Inc. 

17. American Anesthesiology of New Jersey, P.C. 

18. American Anesthesiology of New York, P.C. 

19. American Anesthesiology of North Carolina, PLLC 

20. American Anesthesiology of South Carolina, LLC 

21. American Anesthesiology of Syracuse, P.C. 

22. American Anesthesiology of Tennessee, P.C. 

23. American Anesthesiology of Texas, Inc. 

24. American Anesthesiology of the Southeast, PLLC 

25. American Anesthesiology of Virginia, P.C. 

26. American Anesthesiology Services of Florida, Inc. 

27. American Anesthesiology, Inc. 

28. American Radiology, LLC 
 29.
Anesthesia and Pain Management Group, LLC 
 30. Anesthesiology Consultants of South Carolina, PLLC 

31. Augusta Neonatology Associates, P.C. 

32. Austin Anesthesiology Group, PLLC 

33. Burlington Anesthesia Associates, P.A. 

34. Cardon Healthcare Network, LLC 

35. Central Oklahoma Neonatology Associates, Inc. 

36. Community Radiology Providers, LLC 

37. Critical Care and Anesthesia Consultants of New Jersey, LLC 

38. Critical Health Systems, Inc. 

39. Data Management, Inc. 
 40.
Diversified Healthcare Resources, LLC 
 41. Duet Health, Inc. 

42. Georgia Perioperative Consultants, L.L.C. 

43. Health Network Management, L.L.C. 

44. Horizon Anesthesia, PLLC 
 45.
Infinity Management, LLC 
 46. Jefferson Radiology, P.C. 

47. Keystone Group, LLC 
 48.
Mednax Radiology of Texas, Inc. 
 49. Magella Medical Associates Billing, Inc. 

  
 Sch. A-1 

 50. Magella Medical Associates Midwest, P.C. 

51. Magella Medical Associates of Georgia, P.C. 

52. Magella Medical Group, Inc. 

53. Med-Data, Incorporated 

54. MedDirect, Inc. 
 55. Mednax
Services, Inc. 
 56. Mountain States Neonatology, Inc. 

57. MSI Consulting Services, LLC 

58. Neonatal Specialists, Ltd. 

59. Neonatology Associates of Atlanta, P.C. 

60. NightHawk Radiology Services, LLC 

61. Northwest Newborn Specialists, P.C. 

62. Obstetrix and Pediatrix Subspecialty Group of Kansas and Missouri, P.A. 

63. Obstetrix Medical Group of Arizona, P.C. 

64. Obstetrix Medical Group of Atlanta, LLC 

65. Obstetrix Medical Group of California, a Professional Corporation 

66. Obstetrix Medical Group of Colorado, P.C. 

67. Obstetrix Medical Group of Coastal Carolina, PLLC 

68. Obstetrix Medical Group of Kansas and Missouri, P.A. 

69. Obstetrix Medical Group of New Jersey, P.C. 

70. Obstetrix Medical Group of Oklahoma, P.C. 

71. Obstetrix Medical Group of Phoenix, P.C. 

72. Obstetrix Medical Group of Sacramento, P.C. 

73. Obstetrix Medical Group of Texas Billing, Inc. 

74. Obstetrix Medical Group of the Central Coast, Professional Corporation 

75. Obstetrix Medical Group of Utah, P.C. 

76. Obstetrix Medical Group of Washington, Inc., P.S. 

77. Ozark Neonatal Associates, Inc. 

78. Pain Centers of Chicago, LLC 

79. Patient Advocate Technology, LLC 

80. Pediatrix Cardiology of New Mexico, P.C. 

81. Pediatrix Cardiology of Orange County, P.C. 

82. Pediatrix Cardiology of Springfield, P.C. 

83. Pediatrix Cardiology of Washington, P.C. 

84. Pediatrix Emergent and Critical Care Services, LLC 

85. Pediatrix International, Inc. 

86. Pediatrix Medical Group Neonatology and Pediatric Intensive Care Specialists of New York, P.C. 

87. Pediatrix Medical Group of Arkansas, P.A. 

88. Pediatrix Medical Group of California, a Professional Corporation 

89. Pediatrix Medical Group of Colorado, P.C. 

90. Pediatrix Medical Group of Florida, Inc. 

91. Pediatrix Medical Group of Georgia, P.C. 

92. Pediatrix Medical Group of Illinois, P.C. 

93. Pediatrix Medical Group of Indiana, P.C. 

94. Pediatrix Medical Group of Kansas, P.A. 

95. Pediatrix Medical Group of Kentucky, P.S.C. 

96. Pediatrix Medical Group of Louisiana, L.L.C. 

97. Pediatrix Medical Group of Michigan, P.C. 

98. Pediatrix Medical Group of Mississippi, Inc. 

99. Pediatrix Medical Group of Missouri, P.C. 

  
 Sch. A-2 

 100. Pediatrix Medical Group of Montana, P.C. 

101. Pediatrix Medical Group of New Mexico, P.C. 

102. Pediatrix Medical Group of North Carolina, P.C. 

103. Pediatrix Medical Group of Ohio Corp. 

104. Pediatrix Medical Group of Oklahoma, P.C. 

105. Pediatrix Medical Group of Pennsylvania, P.C. 

106. Pediatrix Medical Group of South Carolina, P.A. 

107. Pediatrix Medical Group of Tennessee, P.C. 

108. Pediatrix Medical Group of Texas Billing, Inc. 

109. Pediatrix Medical Group of the Mid-Atlantic, P.C. 

110. Pediatrix Medical Group of Washington, Inc., P.S. 

111. Pediatrix Medical Group, Inc. 

112. Pediatrix Medical Group, Inc. (UT) 

113. Pediatrix Medical Group, P.A. 

114. Pediatrix Medical Group, P.C. (VA) 

115. Pediatrix Medical Group, P.C. (WV) 

116. Pediatrix Medical Services, Inc. 

117. Pediatrix Newborn Hearing Screen, LLC 

118. Pediatrix of Maryland, P.A. 

119. Pickert Medical Group, P.C. 

120. Piedmont Anesthesia Associates, L.L.C. 

121. PMG Cardiology, Inc. 
 122.
PMGSC, P.A. 
 123. Pokroy Medical Group of Nevada, Ltd. 

124. Quantum Clinical Navigation System, LLC 

125. Radiology Alliance, P.C. 

126. Radiology Associates of South Florida, LLC 

127. Southeast Anesthesiology Consultants of Virginia, PLLC 

128. Southeast Anesthesiology Consultants, PLLC 

129. Specialty MRI, LLC 
 130.
Summit Anesthesia Associates, P.A. 
 131. Synergy Radiology Associates, PLLC 

132. Synthesis Healthcare Management, LLC 

133. Texas Newborn Services, Inc. 

134. The Surgical Group of Miami, LLC 

135. Virtual Radiologic Corporation 

136. Virtual Radiologic Professionals, LLC 

137. Virtual Radiologic Professionals of California, P.A 

138. Virtual Radiologic Professionals of Illinois, S.C. 

139. Virtual Radiologic Professionals of Michigan, P.C. 

140. Virtual Radiologic Professionals of Minnesota, P.A. 

141. Virtual Radiologic Professionals of New Jersey, P.A. 

142. Virtual Radiologic Professionals of New York, P.A. 

143. Virtual Radiologic Professionals of Texas, P.A. 

144. Westchester Anesthesiologists, P.C. 

  
 Sch. A-3 

 EXHIBIT A 

[FORM OF GLOBAL NOTE] 
 MEDNAX,
INC. 
 6.250% SENIOR NOTE DUE 2027 

[Insert Global Note Legend, if applicable] 

[Insert Private Placement Legend] 
  

			
	No. [    ]	  	CUSIP No. [            ]
		  	ISIN No. [            ]
		  	$ [            ]

 MEDNAX, Inc., a Florida corporation, as issuer (the “Company”), for value received, promises
to pay to CEDE & CO., or registered assigns the principal sum of [            ] Dollars ($[            ]) (or such other
principal amount as shall be set forth in the Schedule of Exchanges of Interests in Global Note attached hereto), on January 15, 2027. 
 Interest
Payment Dates:        January 15 and July 15 commencing January 15, 2019. 
 Record
Dates:            January 1 and July 1 (whether or not a Business Day). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

  
 Exh. A-1 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile
by its duly authorized officer. 
  

			
	MEDNAX, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exh. A-2 

 Certificate of Authentication 

This is one of the 6.250% Senior Notes due 2027 referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Dated: 

  
 Exh. A-3 

 [FORM OF REVERSE OF GLOBAL NOTE] 

MEDNAX, INC. 
 6.250%
SENIOR NOTE DUE 2027 
 1. Interest. MEDNAX, Inc., a Florida corporation, as issuer (the “Company”), promises to pay
interest on the principal amount set forth on the face hereof at a rate of 6.250% per annum. Interest hereon will accrue from and including the most recent date to which interest has most recently been paid or, if no interest has been paid, from and
including November 13, 2018. Interest shall be payable in arrears on each January 15 and July 15, commencing January 15, 2019. If any payment date is not a Business Day at a place of payment, payment may be made at that place on
the next succeeding Business Day, and no interest shall accrue for the intervening period. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. The Company shall pay interest on overdue principal and on overdue interest (to the full extent permitted by law) at the rate stated above. 

2. Method of Payment. The Company will pay interest hereon (except defaulted interest) to the Persons who are registered Holders at the
close of business on the January 1 or July 1 immediately preceding the interest payment date (whether or not a Business Day). Holders must surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal and
interest in U.S. Dollars. Interest may be paid by check mailed to the Holder entitled thereto at the address indicated on the register maintained by the Security Registrar. 

3. Paying Agent and Depositary. Initially, U.S. Bank National Association (the “Trustee”) will act as a Paying Agent
and Depositary. The Company may change any Paying Agent or Depositary without notice. The Company or any Affiliate thereof may act as Paying Agent or Depositary. 

4. Indenture. The Company has entered into an Indenture dated as of December 8, 2015 (the “Base Indenture”)
between the Company and the Trustee, as supplemented by the Fifth Supplemental Indenture dated as of November 13, 2018 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) among
the Company, the Guarantors and the Trustee. This is one of an issue of Notes of the Company issued, or to be issued, under the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference
to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended from time to time. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of them. Capitalized and
certain other terms used herein and not otherwise defined have the meanings set forth in the Indenture. To the extent any provision of the Indenture conflicts with any provision of this Note, the provision of the Indenture shall govern. 

5. Optional Redemption. 

(a) At any time prior to January 15, 2022, the Company may on any one or more occasions redeem up to 35% of the aggregate principal
amount of the Notes (including any additional Notes) at a redemption price of 106.250% of the principal amount, plus accrued and unpaid interest, if any, to (but not including) the redemption date, with the net cash proceeds of one or more Equity
Offerings; provided that: 
 (1) at least 65% of the aggregate principal amount of such Notes remains outstanding
immediately after the occurrence of such redemption (excluding Notes held by the Company and its Subsidiaries); and 

  
 Exh. A-4 

 (2) the redemption occurs within 180 days after the date of consummation of
the sale of the securities issued in such Equity Offering. 
 (b) At any time prior to January 15, 2022, the Company may redeem all or
any part of the Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount thereof, plus the Applicable Redemption Premium and accrued and unpaid interest to (but not including) the
redemption date. 
 (c) Except pursuant to the preceding two paragraphs, the Notes will not be redeemable at the Company’s option prior
to January 15, 2022. On or after January 15, 2022, the Company may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set
forth below plus accrued and unpaid interest, if any, on the Notes redeemed, to (but not including) the applicable redemption date, if redeemed during the twelve-month period beginning on January 15 of the years indicated below: 

 

					
	 Period
	  	Redemption
Price	 
	 2022
	  	 	104.688	% 
	 2023
	  	 	103.125	% 
	 2024
	  	 	101.563	% 
	 2025 and thereafter
	  	 	100.000	% 

 6. Mandatory Redemption. Except as set forth in Section 8 below and Section 9.02 of the
Supplemental Indenture, the Company is not required to make mandatory redemption of the Notes or any sinking fund payments with respect to the Notes. 

7. Notice of Redemption. Notices of redemption shall be mailed by first class mail at least 30 but not more than 60 days before the
redemption date to each Holder of Notes to be redeemed at its registered address. If any Note is to be redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount thereof to be redeemed.
Any notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a public or private offering for cash by the Company of its common stock or other
corporate transaction. 
 8. Offer to Purchase. The Indenture provides that upon the occurrence of a Change of Control and subject to
further limitations contained therein, the Company shall make an offer to purchase Outstanding Notes in accordance with the procedures set forth in the Indenture. 

9. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral
multiples of $1,000 in excess thereof. A Holder may transfer or exchange Notes only in accordance with the Indenture. The Security Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to
pay to it any taxes and fees required by law or permitted by the Indenture. Neither the Security Registrar nor the Company shall be required to register the transfer of or exchange any Note or portion of a Note selected for redemption (except the
unredeemed portion of any Note redeemed in part), or register the transfer of or exchange any Note during the period beginning at the opening of business 15 days immediately preceding a mailing of the notice of redemption and ending at the close of
business on the day of such mailing. 
 10. Persons Deemed Owners. The registered Holder of this Note may be treated as the owner of
this Note for all purposes. 

  
 Exh. A-5 

 11. Unclaimed Money. If money for the payment of principal or interest remains
unclaimed for two years, the Trustee will pay the money back to the Company at its written request. After that, Holders entitled to the money must look to the Company and the Guarantors for payment as general creditors unless an “abandoned
property” law designates another Person. 
 12. Amendment, Supplement, Waiver, Etc. As more fully set forth in the Indenture,
the Company, the Guarantors and, if applicable, the Trustee may, without the consent of the Holders of any Outstanding Notes, amend, waive or supplement the Indenture or the Notes for certain specified purposes, including, among other things, curing
ambiguities, defects or inconsistencies, maintaining the qualification of the Indenture under the TIA, providing for the assumption by a successor to the Company of its obligations to the Holders and making any change that does not adversely affect
the Indenture rights of any Holder in any material respect. Other amendments and modifications of the Indenture or the Notes may be made by the Company and the Trustee with the consent of the Holders of at least a majority of the aggregate principal
amount of the outstanding Notes, subject to certain exceptions requiring the consent of the Holders of the particular Notes affected. 
 13.
Restrictive Covenants. The Indenture imposes certain limitations on the ability of the Company and the Guarantors, as applicable, to, among other things, create Liens, enter into Sale and Lease-Back Transactions or consolidate, merge or sell
all or substantially all of the assets of the Company or any Guarantor, and requires the Company to provide reports to Holders of the Notes. Such limitations are subject to a number of important qualifications and exceptions. Pursuant to
Section 1006 of the Base Indenture, the Company must annually report to the Trustee on compliance with such limitations. 
 14.
Successor Corporation. When a successor corporation assumes all the obligations of its predecessor under the Notes and the Indenture and the transaction complies with the terms of the Indenture, the predecessor corporation will, except as
provided in the Indenture, be released from those obligations. 
 15. Defaults and Remedies. Events of Default are set forth in the
Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Guarantors, the Trustee and the Holders will be as set forth in the applicable provisions of the Indenture. 

Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it
before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the then Outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal of or interest on the Notes, including payments pursuant to a redemption or repurchase of the Notes under the
Indenture) if a Responsible Officer in good faith determines that withholding notice is in the Holders’ interests. 
 16. Trustee
Dealings with the Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it
were not Trustee. 
 17. No Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or
any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Note 

  
 Exh. A-6 

 
waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal
securities laws. 
 18. Discharge. The Company’s obligations pursuant to the Indenture will be discharged, except for
obligations pursuant to certain sections thereof, subject to the terms of the Supplemental Indenture, upon the payment of all the Notes or upon the irrevocable deposit with the Trustee of cash in U.S. Dollars, U.S. Government Obligations or a
combination thereof, in such amounts as will be sufficient to pay when due principal of and interest on the Notes to maturity or redemption, as the case may be. 

19. Guarantees. From and after the Issue Date, the Notes will be entitled to the benefits of Guarantees of the Notes by the Guarantors
made for the benefit of the Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. 

20. Authentication. This Note shall not be valid until the Trustee or an authenticating agent signs the certificate of authentication
on the other side of this Note. 
 21. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES OF SUCH STATE OTHER THAN NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401. 

22. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

23. CUSIP Numbers. The Company has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in
notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

MEDNAX, Inc. 
 1301 Concord
Terrace 
 Sunrise, Florida 33323 

Attn: General Counsel 

  
 Exh. A-7 

 ASSIGNMENT 

I or we assign and transfer this Note to: 
  

 
 (Insert assignee’s social security
or tax I.D. number) 
  
  

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

			
	and irrevocably appoint	 	
                     
                                         
                          

 Agent to transfer this Note on the books of the Company. The Agent may substitute another to act for him. 

 

									
	Date:	 	
                     
                   
	 	                	 	Your Signature:	 	     

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

  

					
	Signature Guarantee:	 	
                     
                                       
	 	                                      
                                         
                             

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Depositary, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Depositary in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended. 

  
 Exh. A-8 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have all or any part of this Note purchased by the Company pursuant to Section 9.02 of the Indenture, check the
box: 
 ☐ Section 9.02 

If you want to have only part of the Note purchased by the Company pursuant to Section 9.02 of the Supplemental Indenture, state the
amount you elect to have purchased: 
  

					
	$	 	
                     
                                         
      
	  	
		 	 ($2,000 or any integral multiple of
 $1,000 in
excess thereof; provided
 that the part not purchased must be

at least $2,000)
	  	

  

					
	Date:	 	
                     
                                       
	  	                                      
                                         
 

  

					
		 	Your Signature:	 	     

		 		 	(Sign exactly as your name appears on the face of this Note)

  

			
	
                     
                                         
      
 Signature Guaranteed
	  	                                      
                                         
                                         
    

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Depositary, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Depositary in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended. 

  
 Exh. A-9 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Physical Note, or exchanges of a part of
another Global Note or Physical Note for an interest in this Global Note, have been made: 
  

																	
	 Date of Exchange
	  	Amount of decrease in
Principal Amount of
this Global Note	 	  	Amount of increase in
Principal Amount of
this Global Note	 	  	Principal Amount
of this Global Note
following such
decrease
(or increase)	 	  	Signature of
authorized
signatory of
Trustee	 
		  				  				  				  			

  

	* 	 Insert in Global Securities only. 

  
 Exh. A-10 

 EXHIBIT B 

[FORM OF LEGEND FOR RESTRICTED SECURITIES] 

Any Restricted Note authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required in the
case of a Global Note) in substantially the following form: 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET
FORTH BELOW. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER OR ANOTHER EXEMPTION UNDER THE
SECURITIES ACT. 
 BY ITS ACCEPTANCE HEREOF, THE HOLDER OF THIS NOTE (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN “INSTITUTIONAL”
ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3) or (7) UNDER REGULATION D PROMULGATED UNDER THE SECURITIES ACT (AN ‘‘ACCREDITED INVESTOR”) AND (2) AGREES THAT IT WILL NOT WITHIN [ONE YEAR—FOR NOTES ISSUED
PURSUANT TO RULE 144A][40 DAYS—FOR NOTES ISSUED IN OFFSHORE TRANSACTIONS PURSUANT TO REGULATION S] AFTER THE LATER OF THE DATE OF THE ORIGINAL ISSUANCE OF THIS NOTE AND THE DATE ON WHICH THE COMPANY OR ANY OF ITS RESPECTIVE
AFFILIATES OWNED THIS NOTE, OFFER, RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) (I) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (II) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT INSIDE
THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (III) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT IS ACQUIRING THE NOTES FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE NOTES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR THE OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT, AND THAT PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON
TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS NOTE), (IV) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT (IF AVAILABLE), (V) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (VI) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO
REQUESTS), 

  
 Exh. B-1 

 
OR (VII) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER
JURISDICTIONS. BY ITS ACCEPTANCE HEREOF, THE HOLDER OF THIS NOTE FURTHER AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE
PURSUANT TO SUBCLAUSES (III) TO (VI) OF CLAUSE (A) ABOVE, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO
CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES”
AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 

  
 Exh. B-2 

 EXHIBIT C 

[FORM OF LEGEND FOR GLOBAL NOTE] 

Any Global Note authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required in the
case of a Restricted Note) in substantially the following form: 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE
REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 Exh. C-1 

 EXHIBIT D 

[FORM OF LEGEND FOR NOTE ISSUED WITH OID] 

Any Note issued with more than de minimis original issue discount for U.S. Federal Income Tax purposes authenticated and delivered hereunder
shall bear a legend (which would be in addition to any other legends required in the case of a Restricted Note) in substantially the following form: 

“THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN
THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTE BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO THE COMPANY AT THE FOLLOWING ADDRESS: MEDNAX, INC., 1301 CONCORD TERRACE, SUNRISE, FLORIDA 33323,
ATTENTION: INVESTOR RELATIONS.” 

  
 Exh. D-1 

 EXHIBIT E 

[FORM OF LEGEND FOR TEMPORARY REGULATION S NOTE] 

Any Regulation S Note authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required in
the case of a Restricted Note) for the 40-day distribution compliance period (as defined in Regulation S) in substantially the following form: 

“BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE
ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.”  

  
 Exh. E-1 

 EXHIBIT F 

FORM OF CERTIFICATE OF TRANSFER 
 MEDNAX,
Inc. 
 1301 Concord Terrace 
 Sunrise, Florida 33323 

U.S. Bank National Association 
 1349 W. Peachtree Street, Suite
1050, 
 Atlanta, Georgia 30309 
  

	Attention:	 Trustee Administration Manager
 re: MEDNAX, Inc.. 

Re:    6.250% Senior Notes due 2027 

(CUSIP
                          ) 

(ISIN
                              ) 

Reference is hereby made to the Indenture, dated as of December 8, 2015 (as it may be amended or supplemented, the “Base Indenture”),
between MEDNAX, Inc., as issuer (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”), and to the Supplemental Indenture, dated as of November 13, 2018 (as it may be amended or
supplemented, the “Supplemental Indenture” and together with the Base Indenture, the “Indenture”), by and among the Company, the Guarantors and the Trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture. 

                       
      (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of
                       in such Note[s] or interests (the “Transfer”), to
                     (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the
Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

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

  
 F-1 

 
the restrictions on transfer enumerated in the Private Placement Legend printed on the Rule 144A Global Note and/or the Physical Note and in the Indenture and the Securities Act. 

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

3. ☐ Check and complete if Transferee will take delivery of a beneficial interest in the Global Note or a Physical Note pursuant to any provision
of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Physical Notes and
pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a) ☐ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 
 (b) ☐
such Transfer is being effected to the Company or a Subsidiary thereof; 
 or 

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

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

  
 F-2 

 
claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit H to the Indenture and (2) if such Transfer is in respect of a
principal amount of Notes at the time of transfer of less than $250,000, an opinion of counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in
compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Physical Note will be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Global Note and/or the Physical Notes and in the Indenture and the Securities Act. 
 4. ☐ Check if
Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or an Unrestricted Physical Note. 
 (a) ☐
Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Physical Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Global Notes, on Restricted Physical Notes and in the Indenture. 
 (b) ☐ Check if Transfer is pursuant
to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Physical Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Physical Notes and in the Indenture. 
 (c) ☐ Check if Transfer is pursuant to Other Exemption.
(i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 under the Securities Act and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Physical Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Physical Notes and in the Indenture. 
 (d)
☐ Check if Transfer is pursuant to an Effective Registration Statement. (i) The Transfer is being effected pursuant to and in compliance with an effective registration statement under the Securities Act and any applicable blue sky
securities laws of any state of the United States and in compliance with the prospectus delivery requirements of the Securities Act and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in 

  
 F-3 

 
order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Physical
Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Physical Notes and in the Indenture. 

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

 

			
	      

 
 [Insert Name of Transferor]

		
	By:	 	 
		 	Name:
		 	Title:

  

					
	Dated:	 	
                     
                       
	  	                                      
                                         
 

  
 F-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	 The Transferor owns and proposes to transfer the following: 

[CHECK ONE] 
  

	 	(a)	 ☐ a beneficial interest in a: 

 

	 	(i)	 ☐ Rule 144A Global Note (CUSIP ______) (ISIN ______), or 

 

	 	(ii)	 ☐ Regulation S Global Note (CUSIP ______) (ISIN ______), or 

 

	 	(b)	 ☐ a Restricted Physical Note. 

 

	2.	 After the Transfer the Transferee will hold: 

[CHECK ONE] 
  

	 	(a)	 ☐ a beneficial interest in the: 

 

	 	(i)	 ☐ Rule 144A Global Note (CUSIP _______) (ISIN ______), or 

 

	 	(ii)	 ☐ Regulation S Global Note (CUSIP ______)(ISIN ______), or 

 

	 	(iii)	 ☐ Unrestricted Global Note (CUSIP ______) (ISIN ______), or 

 

	 	(b)	 ☐ a Restricted Physical Note; or 

 

	 	(c)	 ☐ an Unrestricted Physical Note, 

in accordance with the terms of the Indenture. 

  
 F-5 

 EXHIBIT G 

FORM OF CERTIFICATE OF EXCHANGE 
 MEDNAX,
Inc. 
 1301 Concord Terrace 
 Sunrise, Florida 33323 

U.S. Bank National Association 
 1349 W. Peachtree Street, Suite
1050, 
 Atlanta, Georgia 30309 
  

	Attention:	 Trustee Administration Manager
 re: MEDNAX, Inc. 

Re:    6.250% Senior Notes due 2027 

(CUSIP
                          ) 

(ISIN
                              ) 

Reference is hereby made to the Indenture, dated as of December 8, 2015 (as it may be amended or supplemented, the “Base Indenture”),
between MEDNAX, Inc., as issuer (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”), and to the Supplemental Indenture, dated as of November 13, 2018 (as it may be amended or
supplemented, the “Supplemental Indenture” and together with the Base Indenture, the “Indenture”), by and among the Company, the Guarantors and the Trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture. 

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

  
 Exh. G-1 

 
interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted
Physical Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

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

 2. Exchange of Restricted Physical Notes for Restricted Physical Notes or Beneficial Interests in Restricted Global Notes. 

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

  
 G-7 

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

			
	      

 
 [Insert Name of Owner]

		
	By:	 	 
		 	Name:
		 	Title:

  

					
	Dated:	 	
                     
                       
	  	                                      
                                         
 

  
 G-8 

 EXHIBIT H 

FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 

MEDNAX, Inc. 
 1301 Concord Terrace 

Sunrise, Florida 33323 
 U.S. Bank National Association 

1349 W. Peachtree Street, Suite 1050, 
 Atlanta, Georgia 30309

  

	Attention:	 Trustee Administration Manager
 re: MEDNAX, Inc. 

Re:    6.250% Senior Notes due 2027 

(CUSIP
                          ) 

(ISIN
                              ) 

Reference is hereby made to the Indenture, dated as of December 8, 2015 (as it may be amended or supplemented, the “Base Indenture”),
between MEDNAX, Inc., as issuer (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”), and to the Supplemental Indenture, dated as of November 13, 2018 (as it may be amended or
supplemented, the “Supplemental Indenture” and together with the Base Indenture, the “Indenture”), by and among the Company, the Guarantors and the Trustee. Capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture. 
 In connection with our proposed purchase of ____________ aggregate principal amount of: 

 

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

 

	 	(b)	 ☐ a Physical Note, 

we confirm that: 
 1. We understand that any
subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any
interest therein except in compliance with, such restrictions and conditions and the United States Securities Act of 1933, as amended (the “Securities Act”). 

2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we

  
 H-1 

 
will do so only (A) to the Company or any Subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined
therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form
of this letter and, if such transfer is in respect of a principal amount of Notes, at the time of transfer, of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance
with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act or (E) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to
any person purchasing the Physical Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted
as stated herein. 
 3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to
furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes
purchased by us will bear a legend to the foregoing effect. 
 4. We are an institutional “accredited investor” (as defined in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any
accounts for which we are acting are each able to bear the economic risk of our or its investment. 
 5. We are acquiring the Notes or
beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 

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

			
	      

 
 [Insert Name of Accredited Owner]

		
	By:	 	 
		 	Name:
		 	Title:

  

					
	Dated:	 	
                     
                       
	  	                                      
                                         
 

  
 H-2Exhibit

Exhibit 10.1
MASTER AGREEMENT
by and among
MAIDEN HOLDINGS, LTD.,
MAIDEN REINSURANCE LTD.
and
ENSTAR GROUP LIMITED
Dated as of November 9, 2018

Table of Contents
(continued)

ARTICLE I           DEFINITIONS
Section 1.1       Definitions
ARTICLE II         CLOSING AND RETROCESSION PREMIUM
Section 2.1       Closing
Section 2.2       Closing Deliveries
Section 2.3       Payment at Closing
Section 2.4       Post-Closing Adjustments
ARTICLE III        REPRESENTATIONS AND WARRANTIES OF MAIDEN
Section 3.1       Organization, Standing and Corporate Power
Section 3.2       Authority
Section 3.3       No Conflict or Violation
Section 3.4       Consents
Section 3.5       Compliance
Section 3.6       Broker
Section 3.7       Taxes and Encumbrances
Section 3.8       Claims Data
Section 3.9       Reports on Subject Business
Section 3.10    Absence of Certain Changes
Section 3.11    Orders and Proceedings
Section 3.12    Reinsured Policies
Section 3.13    Ceded Reinsurance
ARTICLE IV       REPRESENTATIONS AND WARRANTIES OF ENSTAR
Section 4.1       Organization, Standing and Corporate Power
Section 4.2       Authority
Section 4.3       No Conflict or Violation
Section 4.4       Consents
Section 4.5       Compliance
Section 4.6       Broker
ARTICLE V         COVENANTS
Section 5.1       Conduct of Maiden Insurance
Section 5.2       Access to Information
Section 5.3       Commercially Reasonable Efforts
Section 5.4       Consents, Approvals and Filings
Section 5.5       Public Announcements
Section 5.6       Further Assurances

Section 5.7       Confidentiality
Section 5.8       Burdensome Condition
Section 5.9       Transfer Taxes
Section 5.10    Existing Trust Agreements
Section 5.11    Transfer of Books and Records
Section 5.12    Novation
Section 5.13    Existing Master Agreement
ARTICLE VI       CONDITIONS PRECEDENT
Section 6.1       Conditions to Each Party’s Obligations
Section 6.2       Conditions to Obligations of Enstar
Section 6.3       Conditions to Obligations of Maiden and Maiden Insurance
ARTICLE VII      SURVIVAL
Section 7.1       Survival of Representations and Warranties
ARTICLE VIII    TERMINATION PRIOR TO CLOSING
Section 8.1       Termination of Agreement
Section 8.2       Effect of Termination
ARTICLE IX       GENERAL PROVISIONS
Section 9.1       Fees and Expenses
Section 9.2       Notices
Section 9.3       Construction
Section 9.4       Entire Agreement
Section 9.5       Third Party Beneficiaries
Section 9.6       Governing Law
Section 9.7       Jurisdiction; Enforcement; Specific Performance.
Section 9.8       Assignment
Section 9.9       Amendments
Section 9.10    Severability
Section 9.11    Waiver
Section 9.12    Certain Limitations
Section 9.13    Currency
Section 9.14    Limited Offset
Section 9.15    Counterparts

EXHIBIT A - Summary of Terms of Retrocession Agreement
EXHIBIT B - Summary of Terms of Trust Agreement

MASTER AGREEMENT
This MASTER AGREEMENT, dated as of November 9, 2018 (this “Agreement”), is made by and among Maiden Holdings, Ltd., a Bermuda company (“Maiden”), Maiden Reinsurance Ltd., a Bermuda insurance company (“Maiden Insurance”), and Enstar Group Limited, a Bermuda company (“Enstar”).  Capitalized terms used but not otherwise defined herein have the respective meanings set forth in Section 1.1.

RECITALS
WHEREAS, certain insurance companies owned directly or indirectly by AmTrust Financial Services, Inc., a Delaware corporation (“AmTrust”), (collectively, the “Original Cedents” and each, an “Original Cedent”), have issued the Reinsured Policies constituting the Subject Business; and
WHEREAS, Maiden Insurance has reinsured a quota share portion of certain risks and liabilities of the Original Cedents arising from the Reinsured Policies pursuant to the Existing Quota Share Agreements; and
WHEREAS, the parties hereto desire to enter into this Agreement pursuant to which, on the terms and subject to the conditions set forth herein, at the Closing, among other things:
(a)    A to-be-formed Cayman Islands insurance company owned by Enstar (the “Retrocessionaire”) and Maiden Insurance will enter into a Retrocession Agreement containing the principal terms set forth on Exhibit A (the “Retrocession Agreement”) pursuant to which Maiden Insurance will cede and the Retrocessionaire will reinsure 100% of the liability of Maiden Insurance, as reinsurer, under the Existing Quota Share Agreements for losses incurred on or prior to June 30, 2018, subject to the terms and conditions of the Retrocession Agreement;
(b)    The Retrocessionaire, Maiden Insurance and a trustee will enter into a trust agreement containing the principal terms set forth on Exhibit B (the “Trust Agreement”) pursuant to which the trustee shall hold assets as security for the satisfaction of the obligations of the Retrocessionaire to Maiden Insurance under the Retrocession Agreement; and
(c)    Maiden and the Retrocessionaire will seek to amend the terms of the Existing Trust Agreements and the trust accounts created thereunder or under the Existing Quota Share Agreements to create sub-accounts with respect to the losses to be reinsured pursuant to the Retrocession Agreement and to grant Enstar and its Affiliates investment control over such sub-accounts, which will be managed pursuant to the Investment Guidelines.
NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements contained in this Agreement, Maiden, Maiden Insurance and Enstar (each individually, a “Party” and collectively, the “Parties”) agree as follows:
ARTICLE I

DEFINITIONS
Section 1.1            Definitions.  For purposes of this Agreement, the following terms shall have the respective meanings set forth below:
“Action” means any civil, criminal or administrative action, arbitration, suit, claim, litigation, examination or similar proceeding, in each case by or before a Governmental Authority or an arbitrator.
“Affiliate” means, with respect to any Person, another Person that, directly or indirectly, controls, is controlled by, or is under common control with, such first Person, where “control,” including the terms “controlling,” “controlled by” and “under common control” means the possession, directly or 

indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
“Applicable Law” means any domestic or foreign, federal, state or local statute, law, ordinance or code, or any written rules or regulations, in each case applicable to any Party, and any Order, writ, injunction, directive, judgment or decree of a court of competent jurisdiction applicable to any Party.
“Books and Records” means originals or copies of all records and all other data and information (in whatever form maintained) in the possession or control of Maiden, Maiden Insurance or their respective Affiliates to the extent relating to the Subject Business, including (i) administrative records, (ii) claim records, (iii) policy files, (iv) sales records, (v) files and records relating to Applicable Law, (vi) underwriting records and (vii) accounting records, but excluding (a) Tax Returns, (b) files, records, data and information with respect to employees, (c) records, data and information with respect to any employee benefit plan, (d) any materials or other information the disclosure or transfer of which would violate Applicable Law and (e) any internal drafts, opinions, valuations, correspondence or other materials prepared in connection with the negotiation, valuation and consummation of the transactions contemplated by this Agreement.
“Burdensome Condition” means any condition sought or imposed by a Governmental Authority that would materially adversely affect the economic benefits reasonably expected to be derived by Enstar or any of its Affiliates under this Agreement, the Transaction Agreements or in connection with the consummation of the transactions contemplated hereunder or thereunder, taken as a whole.
“Business Day” means any day other than a Saturday, Sunday or a day on which commercial banks in New York City or Bermuda are required or authorized by law to be closed.
“Deadline Date” means February 28, 2019.
“Domicile SAP” means, as to each Original Cedent, the statutory accounting principles prescribed by the Commissioner of Insurance (or other applicable designation) of the country, state or commonwealth in which a particular entity is domiciled.
“Encumbrance” means any pledge, security interest, mortgage, lien, attachment, right of first refusal or option, including any restriction on receipt of income or exercise of any other attribute of ownership, except such restrictions as may be contained in any insurance Applicable Law.
“Enstar Disclosure Schedule” means the disclosure schedule (including any attachments thereto) delivered by Enstar in connection with, and constituting a part of, this Agreement.
“Estimated Initial Trust Funding Amount” means Maiden Insurance’s estimate of the Initial Trust Funding Amount, as set forth in the Closing Statement.
“Estimated Net Retrocession Premium” means an amount equal to the Estimated Retrocession Premium, minus the Estimated Initial Funds Withheld Account Balance.
“Existing Trust Agreements” means the various trust agreements establishing trust accounts supporting the obligations of Affiliates of AmTrust as the reinsurer under the Reinsured Policies.
“Existing AEL Quota Share Agreement” means that certain Quota Share Reinsurance Contract among AmTrust Europe Limited, AmTrust International Underwriters Limited and Maiden Insurance dated as of April 1, 2011, as amended.

“Existing AII Quota Share Agreement” means that certain Amended and Restated Quota Share Reinsurance Agreement between AmTrust International Insurance, Ltd and Maiden Insurance dated as of July 1, 2017, as amended.
“Existing Master Agreement” means that certain Master Agreement by and between AmTrust and Maiden dated as of July 3, 2007, as amended.
“Existing Quota Share Agreements” means collectively the Existing AII Quota Share Agreement and the Existing AEL Quota Share Agreement.
“Funds Withheld Account” means the account created pursuant to the Retrocession Agreement to which the Market Value of the assets held in the sub-accounts to be created under the Existing Trust Agreements with respect to the Retrocessionaire’s quota share of the Subject Business, the Market Value of all assets held in the sub-accounts to be created in the trusts under the Existing Quota Share Agreements with respect to the Subject Business and all investment income thereon will be credited.
“Governmental Authority” means any government, political subdivision, court, arbitrator, arbitration panel, mediator, mediation panel, board, commission, regulatory or administrative agency or other instrumentality thereof, whether federal, state, provincial, local or foreign and including any regulatory authority which may be partly or wholly autonomous.
“Initial Funds Withheld Account Balance” means the Market Value of the assets in the sub-accounts to be created under the Existing Trust Agreements with respect to the Retrocessionaire’s quota share of the Subject Business plus the Market Value of all assets held in the sub-accounts to be created in the trusts under the Existing Quota Share Agreements with respect to the Subject Business as of the Effective Time.
“Initial Trust Funding Amount” means, as of the Closing Date, the net reserves of Maiden Insurance ceded under the Retrocession Agreement with respect to the Subject Business calculated in accordance with Domicile SAP, minus the Initial Funds Withheld Account Balance.
“Insurance Regulator” means, with respect to any jurisdiction, the Governmental Authority charged with the supervision of insurance companies in such jurisdiction.
“Investment Guidelines” means investments permitted to be held by a Delaware domestic insurer in a credit for reinsurance trust.
“knowledge” of a Party means the actual knowledge of such Party’s senior officers after reasonable inquiry.
“Maiden Disclosure Schedule” means the disclosure schedule (including any attachments thereto) delivered by Maiden and Maiden Insurance in connection with, and constituting a part of, this Agreement.
“Market Value” means, as of any time, (i) with respect to any assets other than cash, the amount at which such asset could be bought or sold in a current transaction between willing parties other than in a forced or liquidation sale or (ii) with respect to cash, the dollar amount thereof.
“Material Adverse Effect” means a material adverse effect on the financial condition or results of operations of the Subject Business, taken as a whole, but excluding any such effect to the extent 

resulting from, arising out of, or relating to: (i) general political, economic, or securities or financial market conditions (including changes in interest rates, changes in currency exchange rates, or changes in equity prices and corresponding changes in the value of the Subject Business); (ii) any occurrence or condition generally affecting participants in any jurisdiction or geographic area in any segment of the industries or markets in which the Subject Business operates; (iii) any change or proposed change in Domicile SAP or Applicable Law, or the final and binding official interpretation or the enforcement thereof; (iv) natural disasters, catastrophic events, pandemics, hostilities, acts of war or terrorism, or any escalation or worsening thereof; (v) the negotiation, execution and delivery of, or the taking of any action required by, the Transaction Agreements, the failure to take any action prohibited by the Transaction Agreements, or the public announcement of, or consummation of, any of the transactions contemplated thereby; or (vi) any downgrade or threatened downgrade in the rating assigned to the Original Cedents or Maiden Insurance by any rating agency solely to the extent related to the Transaction Agreements (provided that this clause (vi) shall not by itself exclude the underlying causes of any such downgrade or threatened downgrade); provided, however, that any effect resulting from, arising out of or relating to any event, change, condition or occurrence referred to in clauses (i), (ii), (iii) or (iv) shall be taken into account in determining whether a Material Adverse Effect has occurred or could reasonably be expected to occur if such event, change, condition or occurrence has a disproportionate effect on the Subject Business compared to other similarly situated businesses.
“Net Retrocession Premium” means an amount equal to the Retrocession Premium, minus the Initial Funds Withheld Account Balance.
“Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority.
“Person” means an individual, corporation, partnership, joint venture, limited liability company, association, trust, unincorporated organization, Governmental Authority or other entity.
“Reconciliation Amount” means an amount equal to covered losses under the Retrocession Agreement paid by Maiden Insurance during the period commencing on July 1, 2018 through the Closing Date, minus third party reinsurance and other recoverables, whether or not actually collected, inuring to the benefit of the business retroceded under the Retrocession Agreement during the period commencing on July 1, 2018 through the Closing Date. 
“Reinsured Policies” means, collectively, each “Underlying Reinsurance Agreement” as such term is defined in the Existing AII Quota Share Agreement and each policy reinsured under the Existing AEL Quota Share Agreement.
“Representative” means, with respect to any Person, means an employee, attorney or consultant of such Person or an Affiliate of such Person.
“Retrocession Premium” means $2.675 billion minus the Reconciliation Amount.
“Subject Business” means, collectively, “Covered Business” as such term is defined in the Existing AII Quota Share Agreement and the business as described under the heading “Class and Period of Business” in the Existing AEL Quota Share Agreement, but only with respect to losses incurred on or prior to June 30, 2018.  For the avoidance of doubt, liabilities reinsured under the Retrocession Agreement will not include any claims, commissions, asset management fees, brokerage expenses or other amounts that were due on or prior to June 30, 2018, but unpaid as of that date, or other liabilities expressly excluded under the Retrocession Agreement.

“Tax” means any and all federal, state, foreign or local income, gross receipts, premium, capital stock, franchise, guaranty fund assessment, retaliatory, profits, withholding, social security, unemployment, disability, real property, ad valorem/personal property, stamp, excise, occupation, sales, use, transfer, value added, alternative minimum, estimated or other tax, fee, duty, levy, custom, tariff, impost, assessment, obligation or charge of the same or of a similar nature to any of the foregoing, including any interest, penalty or addition thereto.
“Tax Return” means any report, estimate, extension request, information statement, claim for refund, or return relating to, or required to be filed in connection with, any Tax, including any schedule or attachment thereto, and any amendment thereof.
“Third Party Reinsurance Agreements” means ceded reinsurance related to the Subject Business other than the Existing Quota Share Agreements.
“Transaction Agreements” means this Agreement, the Existing Quota Share Agreements, the Retrocession Agreement and the Trust Agreement.
“Transaction Expenses” means, without duplication, all liabilities (except for any Taxes) incurred by any Party hereto for fees, expenses, costs or charges as a result of the contemplation, negotiation, efforts to consummate or consummation of the transactions contemplated by this Agreement, including any fees and expenses of investment bankers, attorneys, accountants or other advisors, and any fees payable by such Parties to Governmental Authorities or other third parties, in each case, in connection with the consummation of the transactions contemplated by this Agreement.
“Transfer Taxes” means any and all sales, use, value added, stamp, documentary, filing, recording, transfer, real estate, stock transfer, intangible property transfer, personal property transfer, gross receipts, registration, securities transactions, conveyance and notarial Taxes, and similar fees, Taxes and governmental charges (together with any interest, penalty, addition to Tax, and additional amount imposed in respect thereof) arising out of or in connection with the transactions contemplated by this Agreement.
“Trust Account” means the trust account to be created under the Retrocession Agreement.
In addition, the following terms shall have the respective meanings set forth in the following sections of this Agreement:

	
		
	Term
	Section

	Actuarial Firm
	2.4(c)

	Agreement
	Preamble

	AmTrust
	Recitals

	Closing
	2.1(a)

	Closing Date
	2.1(b)

	Closing Statement
	2.3

	Disputed Items
	2.4(b)

	Effective Time
	2.1(b)

	Enforceability Exceptions
	3.2

	Enstar
	Preamble

	Estimated Initial Funds Withheld Account Balance
	2.3

	Estimated Retrocession Premium
	2.3

	Extended Deadline Date
	8.1(b)(i)

	Final Closing Statement
	2.4(a)

	Final Deadline Date
	8.1(b)(ii)

	Maiden
	Preamble

	Maiden Insurance
	Preamble

	Material Third Party Reinsurance Agreements
	3.13(a)

	New York Court
	9.7(a)

	Notice of Disagreement
	2.4(b)

	Original Cedents
	Recitals

	Party
	Recitals

	Resolution Period
	2.4(c)

	Retrocession Agreement
	Recitals

	Retrocessionaire
	Recitals

	Trust Agreement
	Recitals

	Unresolved Items
	2.4(c)

ARTICLE II

CLOSING AND RETROCESSION PREMIUM
Section 2.1            Closing. 
(a)                The closing of the transactions contemplated hereby (the “Closing”) shall take place at the offices of Drinker Biddle & Reath LLP, One Logan Square, Suite 2000, Philadelphia, PA 19103, at 10:00 a.m., local time:
(i)                 if all conditions set forth in Article VI have been satisfied or waived in accordance with this Agreement (other than those conditions that by their terms are to be satisfied at the Closing but subject to the satisfaction or waiver of such conditions) on or prior to the Deadline Date, on the earlier of (A) the fifth Business Day following the date on which all such conditions have been so satisfied or waived and (B) the Deadline Date; or
(ii)               if (1) the Deadline Date has been extended pursuant to Section 8.1(b)(i) and (2) all conditions set forth in Article VI have been satisfied or waived in 

accordance with this Agreement (other than those conditions that by their terms are to be satisfied at the Closing but subject to the satisfaction or waiver of such conditions) after the Deadline Date and on or prior to the Extended Deadline Date, on the earlier of (A) the fifth Business Day following the date on which all such conditions have been so satisfied or waived and (B) the Extended Deadline Date; or
(iii)            if (1) the Extended Deadline Date has been extended pursuant to Section 8.1(b)(ii) and (2) all conditions set forth in Article VI have been satisfied or waived in accordance with this Agreement (other than those conditions that by their terms are to be satisfied at the Closing but subject to the satisfaction or waiver of such conditions) after the Extended Deadline Date and on or prior to the Final Deadline Date, on the earlier of (A) the fifth Business Day following the date on which all such conditions have been so satisfied or waived and (B) the Final Deadline Date;
unless, in any case, another date, time or place is agreed to in writing by the Parties hereto.
(b)               The actual date and time on which the Closing occurs are referred to herein as the “Closing Date.”  The “Effective Time” for purposes of the Transaction Agreements shall be as of 12:01 a.m. Eastern time on the Closing Date.
Section 2.2            Closing Deliveries. 
(a)                Maiden’s and Maiden Insurance’s Closing Deliveries.  At the Closing, Maiden Insurance shall make the payment contemplated by Section 2.3 and Maiden and Maiden Insurance shall deliver to Enstar:
(i)                 a certificate duly executed by an authorized officer of Maiden and Maiden Insurance, dated as of the Closing Date, certifying as to Maiden’s and Maiden Insurance’s compliance with the conditions set forth in Section 6.2(a) and Section 6.2(b); 
(ii)               counterparts of the Retrocession Agreement and the Trust Agreement, duly executed by Maiden Insurance; and
(iii)            evidence reasonably satisfactory to Enstar that sub-accounts have been created in the trust accounts under the Existing Trust Agreements and the Existing Quota Share Agreements related to the Subject Business and that Enstar or its designee has been granted investment control over such sub-accounts, which will be managed pursuant to the Investment Guidelines.
(b)               Enstar’s Closing Deliveries.  At the Closing, Enstar shall deliver to Maiden and Maiden Insurance:
(i)                 a certificate duly executed by an authorized officer of Enstar, dated as of the Closing Date, certifying as to Enstar’s compliance with the conditions set forth in Section 6.3(a) and Section 6.3(b); and
(ii)               counterparts of the Retrocession Agreement and the Trust Agreement, duly executed by the Retrocessionaire.

Section 2.3            Payment at Closing.  No later than five (5) Business Days prior to the anticipated Closing Date, Maiden Insurance shall deliver to Enstar a statement (the “Closing Statement”) setting forth Maiden Insurance’s good faith estimate of the Retrocession Premium (the “Estimated Retrocession Premium”), the Initial Funds Withheld Account Balance (the “Estimated Initial Funds Withheld Account Balance”), the Estimated Net Retrocession Premium and the Estimated Initial Trust Funding Amount.  As consideration for the reinsurance by the Retrocessionaire of the Reinsured Policies under the Retrocession Agreement, Maiden Insurance shall pay to the Retrocessionaire an amount equal to the Retrocession Premium as more fully set forth in Sections 2.3 and 2.4.  On the Closing Date, Maiden Insurance shall pay to the Retrocessionaire an amount equal to the Estimated Retrocession Premium as reflected on the Closing Statement.  This payment of the Estimated Retrocession Premium shall consist of (i) a deposit of cash equal to the Estimated Net Retrocession Premium by Maiden Insurance, on behalf of the Retrocessionaire, into the Trust Account and (ii) a credit by Maiden Insurance, on behalf of the Retrocessionaire, to the Funds Withheld Account in an amount equal to the Estimated Initial Funds Withheld Account Balance.  
Section 2.4            Post-Closing Adjustments. 
(a)                No later than ninety (90) days following the Closing Date, Maiden Insurance shall deliver to Enstar a detailed statement (the “Final Closing Statement”) setting forth Maiden Insurance’s calculation of the Retrocession Premium, the Initial Funds Withheld Account Balance and the Net Retrocession Premium as of the Effective Time.
(b)               If Enstar disagrees with the determination of any item on the Final Closing Statement, it may, within thirty (30) days after receipt of the Final Closing Statement, deliver a notice of disagreement (a “Notice of Disagreement”) to Maiden Insurance disagreeing with the Final Closing Statement and specifying in reasonable detail each item that it in good faith disputes (each, a “Disputed Item”) and the amount in dispute for each such Disputed Item. If Enstar does not deliver a Notice of Disagreement within such thirty (30) day period, then the Retrocession Premium, the Initial Funds Withheld Account Balance and the Net Retrocession Premium shall be deemed to equal the amounts provided in the Final Closing Statement and such amounts shall be final, binding and conclusive on the Parties.
(c)                If a Notice of Disagreement was timely delivered pursuant to Section 2.4(b), Enstar and Maiden Insurance shall, during the fifteen (15) days following the receipt of such Notice of Disagreement (the “Resolution Period”), use their commercially reasonable efforts to reach agreement on the Disputed Items.  If, by the end of the Resolution Period, Enstar and Maiden Insurance are unable to reach such agreement with respect to all of the Disputed Items, they shall promptly thereafter engage and submit the unresolved Disputed Items (the “Unresolved Items”) to a mutually acceptable actuarial firm (the “Actuarial Firm”) which shall promptly review this Agreement and the Unresolved Items.  The Actuarial Firm shall issue its written determination with respect to each Unresolved Item within thirty (30) days after the Unresolved Items are submitted for review.  The Actuarial Firm shall determine each of the Unresolved Items, and giving effect to such determination, calculate the Retrocession Premium, the Initial Funds Withheld Account Balance and the Net Retrocession Premium.  Each Party shall use commercially reasonable efforts to furnish to the Actuarial Firm such work papers, books, records and documents and other information pertaining to the Unresolved Items as the Actuarial Firm may request.  The determination of the Actuarial Firm shall be final, binding and conclusive on the Parties.  Judgment may be entered upon the determination by the Actuarial Firm in accordance with Section 9.7. The fees, expenses and costs of the Actuarial Firm incurred in rendering any determination pursuant to this Section shall be split equally between Enstar and Maiden Insurance.

(d)               Promptly following final resolution of the Retrocession Premium, the Initial Funds Withheld Account Balance and the Net Retrocession Premium, whether by the absence of timely delivery of Notice of Disagreement or pursuant to Section 2.4(c), if the Net Retrocession Premium exceeds the Estimated Net Retrocession Premium, Maiden Insurance shall deposit into the Trust Account, on behalf of the Retrocessionaire an amount equal to such excess.  If the Estimated Net Retrocession Premium exceeds the Net Retrocession Premium, then Maiden Insurance shall be entitled to withdraw from the Trust Account an amount equal to such excess.  If the Initial Funds Withheld Account Balance exceeds the Estimated Initial Funds Withheld Account Balance, Maiden Insurance shall credit to the Funds Withheld Account an amount equal to such excess.  If the Estimated Initial Funds Withheld Account Balance exceeds the Initial Funds Withheld Account Balance, then Maiden Insurance shall debit the Funds Withheld Account by an amount equal to such excess.  Any payment pursuant to this Section 2.4(d) shall be made within five (5) Business Days after the amount of the Retrocession Premium has been resolved pursuant to this Section 2.4, by wire transfer of immediately available funds to the Trust Account or to an account designated by Maiden Insurance, as applicable.  The amount of any payment, credit or debit to be made pursuant to this Section 2.4(d) shall bear interest from and including the Closing Date to but excluding the date of payment, credit or debit at a rate per annum equal to 2.0%. Such interest shall be payable at the same time as the payment to which it relates and shall be calculated daily on the basis of a year of 365 days and the actual number of days elapsed.
ARTICLE III

REPRESENTATIONS AND WARRANTIES OF MAIDEN
Subject to and as qualified by the matters set forth in the Maiden Disclosure Schedule, Maiden and Maiden Insurance, jointly and severally, represent and warrant to Enstar as of the date of this Agreement and as of the Closing Date (except for representations and warranties which address matters only as of a specific date, which representations and warranties shall be true and correct as of such specific date) as follows:
Section 3.1            Organization, Standing and Corporate Power.  Each of Maiden and Maiden Insurance is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation, and has all requisite corporate power and authority to carry on the operations of its business as it is now being conducted.  As of the Closing Date, each of Maiden and Maiden Insurance will have obtained all authorizations and approvals required under Applicable Law to perform their respective obligations under the Transaction Agreements.
Section 3.2            Authority.  Each of Maiden and Maiden Insurance have the requisite corporate (or other organizational) power and authority to enter into the Transaction Agreements to which it is a party and to consummate the respective transactions contemplated thereby.  The execution and delivery by Maiden and Maiden Insurance of the respective Transaction Agreements to which they are a party and the consummation by Maiden and Maiden Insurance of the respective transactions contemplated thereby have been and, with respect to the Transaction Agreements to which it is a party to be executed and delivered at Closing, will be duly authorized by all necessary corporate or other organizational action on the part of Maiden and Maiden Insurance.  The shareholders of Maiden are not required to approve any of the transactions contemplated by the Transaction Agreements under Applicable Law or the rules of any stock exchange on which common shares of Maiden are listed for trading.  Each of the Transaction Agreements have been or, with respect to the Transaction Agreements to be executed and delivered at the Closing, will be duly executed and delivered by Maiden and Maiden Insurance as applicable and, 

assuming the Transaction Agreements constitute valid and binding agreements of the other parties thereto (other than Maiden and Maiden Insurance), constitute valid and binding obligations of Maiden and Maiden Insurance, enforceable against Maiden and Maiden Insurance in accordance with their terms, except that (a) such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws, now or hereafter in effect, affecting creditors’ rights generally and (b) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought (clauses (a) and (b) shall be referred to as, the “Enforceability Exceptions”).
Section 3.3            No Conflict or Violation.  The execution, delivery and performance by Maiden and Maiden Insurance of the Transaction Agreements to which it is a party and the consummation of the respective transactions contemplated thereby in accordance with the respective terms and conditions hereof will not (i) violate any provision of the organizational documents of Maiden or Maiden Insurance, or (ii) violate any material contract, permit, Order, judgment, injunction, condition, agreement, award or decree of any court, arbitrator or Governmental Authority, foreign or domestic, against or imposed or binding upon, Maiden or Maiden Insurance in any material respect.
Section 3.4            Consents.  Subject to the matters referred to in the next sentence, the execution, delivery and performance by Maiden and Maiden Insurance of the Transaction Agreements to which it is a party and the consummation of the respective transactions contemplated thereby in accordance with the respective terms and conditions hereof will not contravene any Applicable Law in any material respect.  No consent, approval or authorization of, or declaration or filing with, or notice to, any Governmental Authority or any other Person is required by or with respect to Maiden or Maiden Insurance in connection with the execution and delivery of any Transaction Agreements by Maiden or Maiden Insurance, or the consummation by Maiden or Maiden Insurance of the transactions contemplated hereby or thereby, except for the approvals, filings and notices set forth in Section 3.4 of the Maiden Disclosure Schedule.
Section 3.5            Compliance.  Except as disclosed in Section 3.5 of the Maiden Disclosure Schedule, Maiden and Maiden Insurance are in compliance in all material respects with their organizational documents, all Applicable Law to the extent related to the Subject Business, the Transaction Agreements to which it is a party, and all material permits and licenses issued to either of them by any Governmental Authority in connection with the Subject Business.
Section 3.6            Broker.  Except as disclosed in Section 3.6 of the Maiden Disclosure Schedule, no broker or finder has acted directly or indirectly for Maiden or its Affiliates, and Maiden has not incurred any obligation in respect of any broker or finder, which might be entitled to any fee or commission from Enstar or its Affiliates in connection with the transactions contemplated by this Agreement.
Section 3.7            Taxes and Encumbrances.  There are no Encumbrances resulting from Taxes or otherwise on any of the rights or other assets to be transferred from Maiden Insurance to Enstar pursuant to any Transaction Agreement.
Section 3.8            Claims Data.  The historical claims data made available to Enstar by Maiden, Maiden Insurance or their Affiliates as regards the Subject Business is accurate in all material respects as of the date indicated; provided, however, that no representation or warranty is made as to the adequacy or sufficiency of any reserves data as of any date.

Section 3.9            Reports on Subject Business.  Maiden and Maiden Insurance have made available to Enstar true and complete copies of those reports set forth on Section 3.9 of the Maiden Disclosure Schedule. The insurance reserves reflected in such reports were in each case prepared in all material respects in accordance with generally accepted actuarial standards consistently applied and the factual information and factual data upon which such reports are based are true and correct in all material respects.
Section 3.10        Absence of Certain Changes.  Except as disclosed in Section 3.10 of the Maiden Disclosure Schedule, since December 31, 2017 through the date hereof, (a) to the knowledge of Maiden and Maiden Insurance, the Subject Business has been conducted in all material respects in the ordinary course consistent with past practices, (b) the Existing Quota Share Agreements have been administered in all material respects in the ordinary course, consistent with past practice, and (c) there has not been any adverse event, change or circumstance that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect.
Section 3.11        Orders and Proceedings.  As of the date hereof, there are no (i) material outstanding Orders relating to the Subject Business against or involving Maiden or Maiden Insurance or any of their respective assets related to the Subject Business or (ii) material consent agreements, commitment agreements, capital maintenance or similar written agreements entered into between any Governmental Authority and Maiden or any of its Affiliates that expressly relate to the Subject Business under which Maiden or any of its Affiliates has any continuing obligations.  As of the date of this Agreement, there is no material claim, action, suit, litigation, legal, administrative or arbitration proceeding, regulatory inquiry, investigation or examination relating to the Subject Business which is pending or threatened against or involving Maiden, Maiden Insurance or any assets, properties, rights or privileges of Maiden or Maiden Insurance relating to the Subject Business that, in each case, challenges or may reasonably be expected to have the effect of preventing or delaying or making unlawful the consummation of the transactions contemplated by this Agreement or the Transaction Agreements.
Section 3.12        Reinsured Policies.  With respect to each Reinsured Policy, to the knowledge of Maiden and Maiden Insurance, (i) the applicable Original Cedent is not in default under such Reinsured Policy in any material respect and no event has occurred which would create such a default by such Original Cedent under such Reinsured Policy (it being understood that claims under the Reinsured Policies that are the subject of a good faith dispute shall not constitute defaults under the Reinsured Policies for the purposes of this Section 3.12) and (ii) such Reinsured Policy was issued in compliance in all material respects with Applicable Law. To the knowledge of Maiden and Maiden Insurance, there are no material pending or threatened disputes with respect to the validity of any Reinsured Policy.
Section 3.13        Ceded Reinsurance. 
(a)                Section 3.13(a) of the Maiden Disclosure Schedule identifies reinsurers that are party to Third Party Reinsurance Agreements (i) which have an effective date on or prior to the Closing Date; and (ii) as to which there were claim reserves, associated reserves for incurred but not reported claims, unearned premiums, refunds or policy reserves, in the aggregate, equal to or exceeding $1,000,000 as of June 30, 2018.  The Third Party Reinsurance Agreements entered into by the Original Cedents (or its Affiliates) with such reinsurers are referred to herein as the “Material Third Party Reinsurance Agreements.”  Maiden and Maiden Insurance have made available to Enstar true and complete copies of the Material Third Party Reinsurance Agreements and all amendments thereto and all Books and Records to the extent relating to the foregoing.

(b)               Except as set forth in Section 3.13(b) of the Maiden Disclosure Schedule, to the knowledge of Maiden and Maiden Insurance, no Material Third Party Reinsurance Agreement contains any provision under which the reinsurer may terminate such agreement by reason of the transactions contemplated by this Agreement or the agreements contemplated hereby.  There has been no separate contract between the applicable Original Cedent (or its Affiliates) and any other party to such Material Third Party Reinsurance Agreement that would under any circumstances reduce, limit, mitigate or otherwise affect any actual or potential loss to the parties under any such Material Third Party Reinsurance Agreement, other than inuring contracts that are explicitly defined in any such Material Third Party Reinsurance Agreement.
(c)                With respect to each Material Third Party Reinsurance Agreement, except as set forth in Section 3.13(c) of the Maiden Disclosure Schedule, to the knowledge of Maiden and Maiden Insurance, (i) neither the applicable Original Cedent (or its Affiliates) nor the reinsurer is in default under such Material Third Party Reinsurance Agreement, and no event has occurred which would create a default or breach by such Original Cedent (or its Affiliates) under such Material Third Party Reinsurance Agreement, (ii) such Material Third Party Reinsurance Agreement is in full force and effect and is valid and enforceable in accordance with its terms subject to the Enforceability Exceptions, and (iii) such Material Third Party Reinsurance Agreement complies in all material respects with Applicable Law. To the knowledge of Maiden and Maiden Insurance, there are no material pending or threatened disputes with respect to the validity of any Material Third Party Reinsurance Agreement.
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF ENSTAR
Subject to and as qualified by the matters set forth in the Enstar Disclosure Schedule, Enstar represents and warrants to Maiden and Maiden Insurance as of the date of this Agreement and as of the Closing Date (except for representations and warranties which address matters only as of a specific date, which representations and warranties shall be true and correct as of such specific date) as follows:
Section 4.1            Organization, Standing and Corporate Power.  Enstar is duly organized, validly existing and in good standing under the laws of Bermuda, and has all requisite corporate power and authority to carry on the operations of its business as it is now being conducted.  Prior to the Closing Date, the Retrocessionaire will be duly organized, validly existing and in good standing under the laws of the Cayman Islands, and will have all requisite corporate power and authority to carry on the operations of its business as it will be conducted after the Closing Date.  As of the Closing Date, each of Enstar and the Retrocessionaire will have obtained all authorizations and approvals required under Applicable Law to perform their respective obligations under the Transaction Agreements.
Section 4.2            Authority.  Each of Enstar and the Retrocessionaire has (or will have in the case of the Retrocessionaire) the requisite corporate (or other organizational) power and authority to enter into the Transaction Agreements to which it is a party and to consummate the transactions contemplated thereby.  The execution and delivery by Enstar and the Retrocessionaire of the respective Transaction Agreements to which they are a party and the consummation by Enstar and the Retrocessionaire of the respective transactions contemplated thereby have been and, with respect to the Transaction Agreements to which it is a party to be executed and delivered at Closing, will be duly authorized by all necessary corporate or other organizational action on the part of Enstar and the Retrocessionaire.  Each of the Transaction Agreements has been or, with respect to the Transaction Agreements to be executed and delivered at the Closing, will be duly executed and delivered by Enstar and the Retrocessionaire as applicable and, assuming the Transaction Agreements constitute valid and binding agreements of the other 

parties thereto (other than Enstar and the Retrocessionaire), constitute valid and binding obligations of Enstar and the Retrocessionaire, enforceable against Enstar and the Retrocessionaire in accordance with their terms, subject to the Enforceability Exceptions.
Section 4.3            No Conflict or Violation.  The execution, delivery and performance by Enstar and the Retrocessionaire of the Transaction Agreements to which it is a party and the consummation of the transactions contemplated thereby in accordance with the respective terms and conditions hereof will not (i) violate any provision of the organizational documents of Enstar or the Retrocessionaire, or (ii) violate any material contract, permit, Order, judgment, injunction, condition, agreement, award or decree of any court, arbitrator or Governmental Authority, foreign or domestic, against or imposed or binding upon, Enstar or the Retrocessionaire in any material respect.
Section 4.4            Consents.  Subject to the matters referred to in the next sentence, the execution, delivery and performance by Enstar and the Retrocessionaire of the Transaction Agreements to which it is a party and the consummation of the transactions contemplated thereby in accordance with the respective terms and conditions hereof will not contravene any Applicable Law in any material respect.  No consent, approval or authorization of, or declaration or filing with, or notice to, any Governmental Authority or any other Person is required by or with respect to Enstar or the Retrocessionaire in connection with the execution and delivery of the Transaction Agreements by Enstar or the Retrocessionaire, or the consummation by Enstar or the Retrocessionaire of the transactions contemplated hereby or thereby, except for the approvals, filings and notices set forth in Section 4.4 of the Enstar Disclosure Schedule.
Section 4.5            Compliance.  Except as disclosed in Section 4.5 of the Enstar Disclosure Schedule, Enstar and the Retrocessionaire are in compliance in all material respects with their organizational documents, all Applicable Law, the Transactions Agreements to which it is a party, and all material permits and licenses issued to either of them by any Governmental Authority, except for any non-compliance which would not, individually or in the aggregate, reasonably be expected to impair the ability of Enstar or the Retrocessionaire to consummate the transactions contemplated by the Transaction Agreements or perform its obligations thereunder.
Section 4.6            Broker.  No broker or finder has acted directly or indirectly for Enstar or its Affiliates, and Enstar has not incurred any obligation in respect of any broker or finder, which might be entitled to any fee or commission from Maiden, Maiden Insurance or their respective Affiliates in connection with the transactions contemplated by this Agreement.
ARTICLE V

COVENANTS
Section 5.1            Conduct of Maiden Insurance.  Except as contemplated by any Transaction Agreement, as required by Applicable Law or Domicile SAP, or as the Parties otherwise agree, Maiden and Maiden Insurance shall not (and shall cause their respective Affiliates not to) without the consent of Enstar amend or terminate the Existing Quota Share Agreements, the Reinsured Policies, the Existing Trust Agreements or any Third Party Reinsurance Agreements to the extent relating to any Reinsured Policy or waive any material rights thereunder, consent to any change to the reinsurance rates thereunder or settle any material disputes thereunder to the extent that any such actions relate in whole or in part to the Reinsured Policies, enter into any new reinsurance agreements with respect to any Reinsured Policy or 

enter into a binding agreement to take any of the foregoing actions.  With respect to Third Party Reinsurance Agreements that reinsure both the Subject Business and other insurance business of the Original Cedents, Maiden Insurance shall cause the Original Cedents to allocate reinsurance recoverables under such Third Party Reinsurance Agreements between the Subject Business and such other insurance business equitably, taking into account the extent to which reinsurance recoverables relate to policies that are included in the Subject Business and in the ordinary course of business and consistent with past practices.
Section 5.2            Access to Information.  From and after the date hereof until the earlier of the Closing Date or the termination of this Agreement, upon reasonable prior notice, Enstar, at its own expense, shall have the right to inspect all Books and Records at any reasonable time during normal business hours at the office of Maiden and Maiden Insurance; provided, however, that Maiden and Maiden Insurance shall not be obligated to provide access to any Books and Records if they believe in good faith that doing so would violate a contract, agreement or obligation of confidentiality owing to a third party, jeopardize the protection of an attorney-client privilege or be reasonably expected to expose Maiden, Maiden Insurance or their respective Affiliates to liability for disclosure of sensitive or personal information, it being understood that Maiden and Maiden Insurance shall use their respective commercially reasonable efforts to enable such information to be furnished or made available to Enstar without so jeopardizing privilege, contravening such obligation or exposing such party to such liability.  Without limiting the terms thereof, the provisions of Section 5.7 shall govern the obligations of Enstar and its Representatives with respect to all information of any type furnished or made available to them pursuant to this Section 5.2.
Section 5.3            Commercially Reasonable Efforts.  Upon the terms and subject to the conditions and other agreements set forth in this Agreement, each of the Parties agrees to use its commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other Parties in doing, all things necessary, proper or advisable to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by the Transaction Agreements, and not to take any actions intended to cause any delay or failure in the consummation of such transactions.
Section 5.4            Consents, Approvals and Filings. 
(a)                Subject to the terms and conditions hereof, the Parties shall each use their reasonable best efforts, and shall cooperate fully with each other: (i) to comply as promptly as practicable with all requirements of Government Authorities applicable to the transactions contemplated by the Transaction Agreements; and (ii) to obtain as promptly as practicable all necessary permits, orders, or other consents, approvals or authorizations of Governmental Authorities and consents or waivers of all other third parties necessary in connection with the consummation of the transactions contemplated by the Transaction Agreements.  In connection therewith, the Parties shall make and cause their respective Affiliates to make all legally required filings as promptly as practicable in order to facilitate prompt consummation of the transactions contemplated by the Transaction Agreements, shall provide and shall cause their respective Affiliates to provide such information and communications to Governmental Authorities as such Governmental Authorities may request, shall take and shall cause their respective Affiliates to take all steps that are necessary, proper or advisable to avoid any Action by any Governmental Authority with respect to the transactions contemplated by the Transaction Agreements, and shall defend or contest in good faith any Action by any third party (including any Governmental Authority), whether judicial or administrative, challenging any of the Transaction Agreements or the transactions contemplated thereby, or that could otherwise prevent, impede, interfere with, hinder, or delay in any material respect the consummation of the transactions contemplated thereby, including by using its 

reasonable best efforts to have vacated or reversed any stay or temporary restraining order entered with respect to the transactions contemplated by any of the Transaction Agreements by any Governmental Authority, and shall consent to and comply with any condition other than a Burdensome Condition imposed by any Governmental Authority on its grant of any such permit, order, consent, approval or authorization.  Each of the Parties shall provide to the other Party copies of the non-confidential portions of all applications or other communications to or with Governmental Authorities in connection with this Agreement at least three (3) Business Days in advance of the filing or submission thereof.
(b)               Without limiting the generality of the foregoing, promptly following the date hereof, to the extent not already filed, Maiden and Maiden Insurance shall, and shall cause their respective Affiliates to, file with all applicable Insurance Regulators requests for approval or non-disapproval of any Transaction Agreement that constitutes a related party transaction, as applicable, that are required to be obtained by any of them.  Maiden and Maiden Insurance shall give to Enstar prompt written notice if either of them receives or their respective Affiliates receive any notice or other communication from any Insurance Regulator in connection with the transactions contemplated by the Transaction Agreements, and, in the case of any such notice or communication that is in writing, shall promptly furnish Enstar with a copy thereof.
Section 5.5            Public Announcements.  Each Party and its respective Affiliates shall consult with each other before issuing, and provide each other the opportunity to review and comment upon, any press release or other public statement with respect to the transactions contemplated by the Transaction Agreements and shall not issue any such press release or make any such public statement with respect to such matters without the advance approval of the other Parties following such consultation (such approval not to be unreasonably withheld, delayed or conditioned), except as may be required by Applicable Law or by the requirements of any securities exchange; provided that, in the event that any Party is required by Applicable Law or the requirements of any securities exchange to issue any such press release or make any public statement and it is not feasible to obtain the advance approval of the other Parties hereto as required by this Section 5.5, the Party that issues such press release or makes such public statement shall provide the other Parties with notice and a copy of such press release or public statement as soon as reasonably practicable.
Section 5.6            Further Assurances.  Each Party shall (a) execute and deliver, or shall cause to be executed and delivered, such documents, certificates, agreements, and other writings and shall take, or shall cause to be taken, such further actions as may be reasonably required or requested by any Party to carry out the provisions of the Transaction Agreements and consummate or implement expeditiously the transactions contemplated by the Transaction Agreements and (b) refrain from taking any actions that could reasonably be expected to impair, delay or impede the Closing.  After the Closing, each of the Parties shall cooperate with the other Parties by taking such further actions, furnishing any additional information and executing and delivering any additional documents as may be reasonably requested by the other Parties to further perfect or evidence the consummation of, or otherwise implement, any transaction contemplated by this Agreement or the other Transaction Agreements, or to aid in the preparation of any regulatory filing or financial statement; provided, however, that any such additional documents must be reasonably satisfactory to each of the Parties and not impose upon any Party any material liability, risk, obligation, loss, cost or expense not contemplated by this Agreement or the other Transaction Agreements.
Section 5.7            Confidentiality.  The Parties shall keep confidential the information provided by the other Parties pursuant to this Agreement.  If this Agreement is, for any reason, terminated prior to the Closing, the provisions of this Section 5.7 shall nonetheless continue in full force and effect.

Section 5.8            Burdensome Condition.  Notwithstanding anything to the contrary set forth in this Agreement, (i) none of the Parties or any of their respective Affiliates shall be required to consent to or comply with any Burdensome Condition or otherwise be required to take any action that would result in a Burdensome Condition in order to perform any of its obligations under any Transaction Agreement and (ii) the Parties shall not, and shall cause their respective Affiliates not to, consent to, offer or agree to any Burdensome Condition, with respect to the Subject Business.
Section 5.9            Transfer Taxes.  All Transfer Taxes, if any, shall be borne by Maiden Insurance, and it shall indemnify and hold harmless Enstar and its Affiliates with respect to its share of such Transfer Taxes.
Section 5.10        Existing Trust Agreements.  Prior to the Closing Date, Enstar will seek to cause AmTrust and its Affiliates to amend the Existing Trust Agreements to provide for sub-accounts to hold assets allocable to the Subject Business, including the Retrocessionaire’s quota share thereof, and to amend the terms of the trusts created under the Existing Quota Share Reinsurance Agreement or other agreements to provide for sub-accounts to hold assets allocable to the Subject Business.  Such sub-accounts shall be held by third-party trustees reasonably acceptable to Enstar, and Enstar or its designee shall have investment control of the assets in the Trust Accounts, subject to the Investment Guidelines.  Maiden shall cooperate as reasonably requested by Enstar to secure such amendments.
Section 5.11        Transfer of Books and Records.  At the Closing, Maiden and Maiden Insurance will transfer copies of all Books and Records to Enstar at Enstar’s reasonable request.
Section 5.12        Novation.  Maiden, Maiden Insurance and Enstar shall cooperate with each other and use their respective best efforts to effect a novation of the portion of the Existing Quota Share Agreements proposed to be reinsured under the Retrocession Agreement from Maiden Insurance to Enstar as promptly as practicable, whereby Maiden Insurance will be released from all duties and liabilities under the Existing Quota Share Agreements and Enstar will be substituted for Maiden Insurance under the Existing Quota Share Agreements, in each case, with respect to such portion of the Existing Quota Share Agreements, subject to any terms and conditions more fully set forth in a novation agreement.
Section 5.13        Existing Master Agreement.  Maiden acknowledges that certain provisions of the Existing Master Agreement inure to the benefit of Maiden Insurance as the reinsurer of the Subject Business under the Existing Quota Share Agreements and Maiden shall (a) to the extent reasonably requested by Enstar, exercise such rights for the benefit of Maiden Insurance and correspondingly for the benefit of Enstar, (b) not consent to any action by AmTrust or its Affiliates pursuant to the terms of the Existing Master Agreement without obtaining the prior written consent of Enstar, (c) not amend the provisions of the Existing Master Agreement that inure to the benefit of Maiden Insurance as the reinsurer under the Existing Quota Share Agreements without obtaining the prior written consent of Enstar, or (d) not terminate the Existing Master Agreement without providing for such provisions to survive such termination for the direct benefit of Enstar.
ARTICLE VI

CONDITIONS PRECEDENT
Section 6.1            Conditions to Each Party’s Obligations.  The obligations of the Parties to consummate the transactions contemplated hereby shall be subject to the satisfaction or waiver in writing at or prior to the Closing of the following conditions:

(a)                Approvals.  All consents, approvals or authorizations of, declarations or filings with, or notices to any Governmental Authority in connection with the transactions contemplated hereby that are set forth in Section 3.4 of the Maiden Disclosure Schedule or Section 4.4 of the Enstar Disclosure Schedule shall have been obtained or made and shall be in full force and effect, and all waiting periods required under Applicable Law with respect thereto shall have expired or been terminated.
(b)               No Injunctions or Restraints.  No temporary restraining order, preliminary or permanent injunction, or other order issued by any court of competent jurisdiction and no statute, rule or regulation of any Governmental Authority preventing the consummation of the transactions contemplated by the Transaction Agreements shall be in effect; provided that the Party asserting the failure of this condition shall have used its reasonable best efforts to have any such order or injunction vacated (in accordance with the terms of this Agreement).
(c)                Burdensome Condition. None of Maiden, Enstar, the Retrocessionaire nor any of their respective Affiliates shall have become subject to any Burdensome Condition.
If the Closing occurs, all conditions set forth in this Section 6.1 that have not been fully satisfied as of the Closing shall be deemed to have been duly waived by the Parties.
Section 6.2            Conditions to Obligations of Enstar.  The obligations of Enstar to consummate the transactions contemplated hereby shall be subject to the satisfaction or waiver in writing at or prior to the Closing of the following additional conditions:
(a)                Representations and Warranties.  The representations and warranties of Maiden and Maiden Insurance set forth in this Agreement (without giving effect to any limitation set forth therein as to materiality or Material Adverse Effect) shall be true and correct in all material respects on and as of the Closing Date as though made on and as of the Closing Date (except to the extent any such representation and warranty speaks only as of an earlier date, in which event such representation and warranty shall have been true and correct as of such date), except where the failure of such representations and warranties to be so true and correct would not, individually or in the aggregate, reasonably be expected to materially adversely affect the Subject Business.
(b)               Performance of Obligations of Maiden and Maiden Insurance.  Maiden and Maiden Insurance shall have performed and complied in all material respects with all agreements, obligations, and covenants required to be performed or complied with by them under this Agreement on or prior to the Closing Date.
(c)                Closing Deliveries.  Maiden and Maiden Insurance shall have delivered or caused to have been delivered to Enstar each of the documents required to be delivered pursuant to Section 2.2.
(d)               Trust Sub-Accounts.  AmTrust and the Original Cedents shall have amended the terms of the Existing Trust Agreements and the trusts created under the Existing Quota Share Agreements to create sub-accounts to hold assets allocable to the Subject Business with third-party trustees reasonably acceptable to Enstar and Enstar or its designee shall have been granted investment control over such sub-accounts and all other funds withheld assets, which will be managed pursuant to the Investment Guidelines.
(e)                Cayman Capital Requirement.  The Retrocessionaire shall have been duly formed and licensed in the Cayman Islands and received approval for the transactions contemplated by this 

Agreement with no more than $500 million of initial capital and without the imposition of any Burdensome Condition by any Insurance Regulator.
(f)                Bermuda Capital Requirement.  Enstar shall have received written confirmation from the Bermuda Insurance Regulator that the transactions contemplated by the Transaction Agreements will not increase Enstar’s Bermuda Statutory Capital Requirements by more than the $500 million contributed to the Retrocessionaire or otherwise impact Enstar’s Economic Balance Sheet by more than such $500 million.
If the Closing occurs, all conditions set forth in this Section 6.2 that have not been fully satisfied as of the Closing shall be deemed to have been duly waived by Enstar.
Section 6.3            Conditions to Obligations of Maiden and Maiden Insurance.  The obligations of Maiden and Maiden Insurance to consummate the transactions contemplated hereby shall be subject to the satisfaction or waiver in writing at or prior to the Closing of the following additional conditions:
(a)                Representations and Warranties.  The representations and warranties of Enstar set forth in this Agreement (without giving effect to any limitation set forth therein as to materiality) shall be true and correct in all material respects on and as of the Closing Date as though made on and as of the Closing Date (except to the extent any such representation and warranty speaks only as of an earlier date, in which event such representation and warranty shall have been true and correct as of such date), except where the failure of such representations and warranties to be so true and correct would not, individually or in the aggregate, impair the ability of Enstar to consummate any of the transactions contemplated by the Transaction Agreements.
(b)               Performance of Obligations of Enstar.  Enstar shall have performed and complied in all material respects with all agreements, obligations and covenants required to be performed or complied with by it under this Agreement on or prior to the Closing Date.
(c)                Closing Deliveries.  Enstar shall have delivered or caused to have been delivered to Maiden and Maiden Insurance each of the documents required to be delivered pursuant to Section 2.2.
If the Closing occurs, all conditions set forth in this Section 6.3 that have not been fully satisfied as of the Closing shall be deemed to have been duly waived by Maiden and Maiden Insurance.
ARTICLE VII
SURVIVAL
Section 7.1            Survival of Representations and Warranties.  The representations and warranties of the Parties contained in this Agreement shall survive the Closing solely for purposes of this Article VII and shall terminate and expire on the date that is eighteen (18) months from the Closing Date; provided that (i) the representations and warranties made in Sections 3.1 (Organization, Standing and Corporate Power), Section 3.2 (Authority), Section 3.6 (Broker), Section 4.1 (Organization, Standing and Corporate Power), Section 4.2 (Authority) and Section 4.6 (Broker) shall survive indefinitely. 

ARTICLE VIII

TERMINATION PRIOR TO CLOSING
Section 8.1            Termination of Agreement.  This Agreement may be terminated at any time prior to the Closing:
(a)                by any Party in writing, if there shall be any order, injunction or decree of any Governmental Authority that prohibits or restrains any Party from consummating the transactions contemplated hereby, and such order, injunction or decree shall have become final and non-appealable; provided that the Party seeking to terminate this Agreement pursuant to this Section 8.1(a) shall have performed in all material respects its obligations under this Agreement, acted in good faith, and, if binding on such Party, used reasonable best efforts to prevent the entry of, and to remove, such order, injunction or decree in accordance with its obligations under this Agreement; provided that no Party shall be required to consent to or comply with a Burdensome Condition in connection with preventing the entry of or removing such order, injunction or decree;
(b)               except as provided herein, by any Party, in writing, if the Closing has not occurred on or prior to the Deadline Date (as it may be extended pursuant to Section 8.1(b)(i) and/or (ii) below), unless the failure of the Closing to occur is the result of a material breach of this Agreement by the Party seeking to terminate this Agreement; provided that:
(i)                 if on the Deadline Date the condition set forth in Section 6.1(a) or the condition set forth in Section 6.1(b) has not been satisfied, the Deadline Date shall be automatically extended (and without the requirement of any further action by the Parties hereunder) to 5:00 p.m., New York City time, on March 31, 2019 (the “Extended Deadline Date”); and
(ii)               if on the Extended Deadline Date the condition set forth in Section 6.1(a) or the condition set forth in Section 6.1(b) has not been satisfied, the Extended Deadline Date shall be automatically extended (and without the requirement of any further action by the Parties hereunder) to 5:00 p.m., New York City time, on April 30, 2019 (the “Final Deadline Date”);
(c)                by any Party (but only so long as such Party is not in material breach of its obligations under this Agreement) in writing, if a breach of any provision of this Agreement that has been committed by any other Party would cause the failure of any mutual condition to Closing or any condition to Closing for the benefit of the non-breaching Party and such breach is not subsequently waived by the non-breaching Party or capable of being cured or is not cured within 30 calendar days after the breaching Party receives written notice from the non-breaching Party that the non-breaching Party intends to terminate this Agreement pursuant to this Section 8.1(c); or
(d)               by mutual written consent of the Parties.
Section 8.2            Effect of Termination.  If this Agreement is terminated pursuant to Section 8.1, this Agreement shall become null and void and of no further force and effect without liability of any Party (or any Representative of such Party) to the other Parties to this Agreement; provided that no such termination shall relieve a Party from liability for any breach of this Agreement prior to such termination.  Notwithstanding the foregoing, Section 1.1, this Section 8.2, Section 5.7, and Article IX and 

all existing confidentiality agreements between the Parties related to the transactions contemplated by this Agreement shall survive termination hereof pursuant to Section 8.1.  If this Agreement is terminated pursuant to Section 8.1, each Party shall return all documents received from the other Parties, their Affiliates, and their Representatives relating to the transactions contemplated hereby, whether obtained before or after the execution hereof, to such other Party.
ARTICLE IX

GENERAL PROVISIONS
Section 9.1            Fees and Expenses.  Each Party hereto shall, except as otherwise provided in this Agreement, pay its own Transaction Expenses incident to preparing for, entering into, and carrying out the Transaction Agreements and the consummation or termination of the transactions contemplated thereby.
Section 9.2            Notices.  Notices and other communications required or permitted to be given under this Agreement shall be effective if in writing and (i) mailed by United States registered or certified mail, return receipt requested, (ii) delivered by overnight express mail, or (iii) e-mailed (with confirmation of receipt) to:
(a)                if to Enstar:
Enstar Group Limited
Windsor Place, 3rd Floor
22 Queen Street
Hamilton, HM11
Bermuda
Attention:  Paul J. O’Shea
Email:  Paul.OShea@enstargroup.com

with copies (which shall not constitute notice) to:
Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996
Attention:  Robert C. Juelke
Telephone:  215-988-2700
Email:  Robert.Juelke@dbr.com

(b)               if to Maiden:
Maiden Holdings, Ltd.
Ideation House
94 Pitts Bay Road
Pembroke HM 08
Bermuda
Attention: Denis Butkovic

with copies (which shall not constitute notice) to:
Arent Fox LLP
1301 Avenue of the Americas, Floor 42
New York, NY 10019
Attention: Elliot M. Kroll
Email: Elliot.Kroll@arentfox.com

(c)                if to Maiden Insurance:
Maiden Reinsurance Ltd.
Ideation House
94 Pitts Bay Road
Pembroke HM08
Bermuda
Attention: Denis Butkovic

with copies (which shall not constitute notice) to:
Arent Fox LLP
1301 Avenue of the Americas, Floor 42
New York, NY 10019
Attention: Elliot M. Kroll
Email: Elliot.Kroll@arentfox.com

Each Party hereto may change the names or addresses where notice is to be given by providing notice to the other Parties of such change in accordance with this Section.
Section 9.3            Construction. 
(a)                Any reference herein to “days” (as opposed to “Business Days”) shall be deemed to mean calendar days.
(b)               Any reference herein to a “consent” shall be deemed to mean prior written consent.
(c)                Any reference herein to “notice” shall be deemed to mean prior written notice.
(d)               Any reference herein to “including” and words of similar import shall mean “including without limitation,” unless otherwise specified.
(e)                When a reference is made in this Agreement to a Section, Exhibit, or Schedule, such reference shall be to a Section of, or an Exhibit or Schedule to, this Agreement, unless otherwise indicated.
(f)                Unless otherwise specified, all references herein to any agreement, instrument, statute, rule, or regulation are to the agreement, instrument, statute, rule, or regulation as amended, modified, supplemented or replaced from time to time (and, in the case of statutes, includes any rules and regulations promulgated under said statutes) and to any section of any statute, rule, or regulation, including any successor to said section.

(g)               Any fact or item disclosed in any section of each of the Maiden Disclosure Schedule or the Enstar Disclosure Schedule shall be deemed disclosed in all other sections of such Disclosure Schedule to the extent the applicability of such fact or item to such other section of such Disclosure Schedule is reasonably apparent on its face. Disclosure of any item in the Maiden Disclosure Schedule or the Enstar Disclosure Schedule, as the case may be, shall not be deemed an admission that such item represents a material item, fact, exception of fact, event or circumstance or that occurrence or non-occurrence of any change or effect related to such item would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
(h)               The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
(i)                 Whenever the singular is used herein, the same shall include the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate.
(j)                 All time periods within or following which any payment is to be made or act is to be done shall be calculated by excluding the date on which the period commences and including the date on which the period ends and by extending the period to the first succeeding Business Day if the last day of the period is not a Business Day.
(k)               This Agreement has been fully negotiated by the Parties hereto and shall not be construed by any Governmental Authority or other Person against either Party by virtue of the fact that such Party was the drafting party.
Section 9.4            Entire Agreement.  This Agreement (including all exhibits and schedules hereto) and the other Transaction Agreements constitute the entire agreement, and supersede all prior agreements, understandings, obligations, representations and warranties, both written and oral, among the Parties with respect to the subject matter of this Agreement.
Section 9.5            Third Party Beneficiaries.  This Agreement is not intended to confer upon any Person other than the Parties hereto any rights or remedies.
Section 9.6            Governing Law.  This Agreement and any dispute arising hereunder shall be governed by, and construed in accordance with, the laws of the State of New York, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.
Section 9.7            Jurisdiction; Enforcement; Specific Performance.
(a)                Each of the Parties hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of any court of the United States or any state court, which in either case is located in the City of New York (each, a “New York Court”) for purposes of enforcing this Agreement or determining any claim arising from or related to the transactions contemplated by this Agreement.  In any such action, suit or other proceeding, each of the Parties hereto irrevocably and unconditionally waives and agrees not to assert by way of motion, as a defense or otherwise any claim that it is not subject to the jurisdiction of any such New York Court, that such action, suit, or other proceeding is not subject to the jurisdiction of any such New York Court, that such action, suit, or other proceeding is brought in an inconvenient forum or that the venue of such action, suit, or other proceeding is improper; provided that nothing set forth in this sentence shall prohibit any of the Parties hereto from removing any matter from one New York Court to another New York Court.  Each of the Parties hereto also agrees that any final and unappealable judgment against a Party hereto in connection with any action, suit or other proceeding will 

be conclusive and binding on such Party and that such award or judgment may be enforced in any court of competent jurisdiction, either within or outside of the United States.  A certified or exemplified copy of such award or judgment will be conclusive evidence of the fact and amount of such award or judgment.  Any process or other paper to be served in connection with any action or proceeding under this Agreement shall, if delivered or sent in accordance with Section 9.2, constitute good, proper, and sufficient service thereof.
(b)               EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT, OR ATTORNEY OR ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.7.
(c)                Each of the Parties acknowledges and agrees that any of the other Parties would be irreparably damaged in the event that any of the provisions of this Agreement were not performed or complied with in accordance with their specific terms or were otherwise breached, violated or unfulfilled.  Accordingly, each of the Parties agrees that any of the other Parties shall be entitled to an injunction or injunctions to prevent noncompliance with, or breaches or violations of, the provisions of this Agreement by any of the other Parties and to enforce specifically this Agreement and the terms and provisions hereof, in addition to any other remedy to which any of the Parties may be entitled, at law or in equity.  In the event that any action is brought in equity to enforce the provisions of this Agreement, no Party will allege, and each Party hereby waives the defense or counterclaim, that there is an adequate remedy at law.  The Parties further agree that (a) by seeking the remedies provided for in this Section 9.7(c), a Party shall not in any respect waive its right to seek any other form of relief that may be available to a Party under this Agreement, including monetary damages in the event that this Agreement has been terminated or in the event that the remedies provided for in this Section 9.7(c) are not available or otherwise are not granted and (b) nothing contained in this Section 9.7(c) shall require any Party to institute any action for (or limit any Party’s right to institute any action for) specific performance under this Section 9.7(c) before exercising any other right hereunder nor shall the commencement of any action pursuant to this Section 9.7(c) or anything contained in Section 9.7(c) restrict or limit any Party’s right to pursue any other remedies under this Agreement that may be available then or thereafter.
Section 9.8            Assignment.  Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be novated, transferred or assigned, in whole or in part, by any Party without the consent of the other Parties.  Notwithstanding the foregoing, Enstar and the Retrocessionaire shall have the right to syndicate, reinsure or otherwise share the losses to be reinsured under the Retrocession Agreement and, in such event, all references in this Agreement to the $500 million capital commitment by Enstar to the Retrocessionaire and related impacts to Enstar’s Bermuda Statutory Capital Requirements and Economic Balance Sheet shall be proportionately reduced to reflect the percentage of losses not retained by Enstar under the Retrocession Agreement after such syndication, reinsurance or other sharing arrangement.  For the avoidance of doubt, Enstar and its co-investors, co-reinsurers and other partners shall collectively still be committed to contribute $500 million in the aggregate to the Retrocessionaire or otherwise to complete the transactions contemplated by this 

Agreement.  Upon an effective assignment, this Agreement will be binding upon the respective successors and assigns.  Any assignment that does not comply with this Section 9.8 shall be void.
Section 9.9            Amendments.  This Agreement may be amended only by written agreement of the Parties. Any change or modification to this Agreement shall be null and void unless made by amendment to this Agreement and signed by all Parties.
Section 9.10        Severability.  If any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future law or if determined by a court of competent jurisdiction to be unenforceable, and if the rights or obligations of the Parties under this Agreement will not be materially and adversely affected thereby, such provision shall be fully severable, and this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom.
Section 9.11        Waiver.  Any Party may choose not to enforce or insist upon the strict adherence to any provision or right under this Agreement. If any Party so elects, it will not be considered to be a permanent waiver of such provision nor in any way affect the validity of this Agreement. The applicable Party will still have the right to insist upon the strict adherence to that provision or any other provision of this Agreement in the future. Any waiver of provisions by a Party under this Agreement must be in writing and signed by a duly authorized representative of the Party.
Section 9.12        Certain Limitations.  Maiden and Maiden Insurance make no express or implied representation or warranty hereby or otherwise under this Agreement, that the reserves held by them with respect to Subject Business or the assets supporting such reserves have been or will be adequate or sufficient for the purposes for which they were established, that the reinsurance recoverables taken into account in determining the amount of such reserves will be collectible, or concerning any financial statement “line item” or asset, liability or equity amount that would be affected by any of the foregoing.
Section 9.13        Currency.  All financial data required to be provided pursuant to the terms of this Agreement shall be expressed in United States dollars. All settlements of account between the Parties shall be in cash.
Section 9.14        Limited Offset.  Each Party to this Agreement may offset any amount due to any other Party or any of such other Parties’ Affiliates under this Agreement against any amount owed from such other Party or its Affiliates under this Agreement; provided that no Party to this Agreement may offset any amount due to any other Parties hereto or any of such other Parties’ Affiliates under this Agreement against any amount owed or alleged to be owed from such other Party or its Affiliates under any other Transaction Agreement without the written consent of such other Party.
Section 9.15        Counterparts.  This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.  The Parties agree that transmission of copies of original signatures via electronic means, either by facsimile or as a “scanned” document attached to electronic mail, shall constitute valid execution of this Agreement.  In the event of an electronic exchange of signatures for this Agreement, The Parties agree to subsequently exchange original “wet” execution signatures of this Agreement within a reasonable time following the electronic exchange of signatures; provided that the failure of any Party to exchange original “wet” execution signatures of this Agreement shall in no event affect the validity or enforceability of this Agreement.  Such “wet” execution signatures will reflect the date of original execution and thus will be executed in counterpart.

(remainder of page intentionally left blank)IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their respective duly authorized officers, all as of the date first written above.
MAIDEN HOLDINGS, LTD.

By: /s/ Lawrence F. Metz
Name: Lawrence F. Metz
Title:    President and Chief Executive Officer

MAIDEN REINSURANCE LTD.

By:    /s/ Patrick J. Haveron
Name: Patrick J. Haveron
Title:   President 

ENSTAR GROUP LIMITED

By:    /s/ Paul O' Shea
Name:  Paul O' Shea
Title:    President

EXHIBIT A
Summary of Terms of Retrocession Agreement
	
		
	Item
	Description

	Parties
	Maiden Insurance; Retrocessionaire

	Business Reinsured
	Retrocessionaire will reinsure 100% of Maiden Insurance’s quota share of Covered Losses.  Retrocessionaire will follow the fortunes of Maiden Insurance with respect to Covered Losses.  Covered Losses will exclude amounts paid prior to the Effective Time, amounts paid after the Effective Time in satisfaction of liabilities due but unpaid at the Effective Time, ULAE and similar unallocated expenses, Transfer Taxes and other taxes imposed on Maiden Insurance (except taxes that are the obligation of Maiden Insurance pursuant to the Existing Quota Share Agreements).

	Effective Time and Date
	The Effective Time shall be 11:59 p.m. Eastern time on the Effective Date, which shall be [•].

	Territory
	The territory will be coextensive with the territory of the Reinsured Policies.

	Reinsurance Premium
	Maiden Insurance will pay to Retrocessionaire the Retrocession Premium for deposit into the Trust Account, as adjusted for paid claims and recoveries from July 1, 2018 through the Effective Time.  Maiden Insurance will also establish the Funds Withheld Account, and credit or debit the Funds Withheld Account Balance pursuant to the Master Agreement.  Retrocessionaire shall also be entitled to all third party reinsurance recoveries and salvage and subrogation attributable to Covered Losses, which are collected by or on behalf of Maiden Insurance for periods on and after the Effective Time.

	Reports and Settlement
	Maiden Insurance will provide to Retrocessionaire periodic accounting and other reports with respect to the Subject Business and Covered Losses.  Retrocessionaire will settle amounts due by direct payment of Covered Losses to the ceding companies under the Existing Quota Share Agreements (the “Original Reinsurers”).

	Duration
and Term
	The Retrocession Agreement will commence on the Effective Date and terminate on the date Maiden Insurance’s liability under the Existing Quota Share Agreements for Covered Losses  is terminated or extinguished and all amounts due under the Retrocession Agreement are paid, or by mutual agreement of the parties.  Upon termination, Retrocessionaire shall receive all remaining assets in the Trust Account, an amount equal to the Funds Withheld Account Balance, and all uncollected recoverables.

	Insolvency
	Standard insolvency provisions to be included.

	Funds Withheld Account
	Maiden Insurance shall establish a segregated Funds Withheld Account for the sole benefit of Retrocessionaire, and initially credit or debit such account in accordance with the Master Agreement.  Thereafter, Maiden Insurance shall credit or debit the Funds Withheld Account with any increases and decreases in the Funds Withheld Assets, including investment income on such assets.  Maiden Insurance will (1) maintain or cause the Original Reinsurers and Original Cedents to maintain assets in an amount equal to all collateral required by the Existing Quota Share Agreements, Existing Quota Share Trust Agreements, Existing Underlying Trust Agreements, and funds withheld arrangements by the Original Reinsurers and the Original Cedents, and (2) not permit the creation of encumbrances in any Funds Withheld Assets.  Maiden Insurance will invest or direct the investment of all Funds Withheld Assets in accordance with the direction of Retrocessionaire and in compliance with Investment Guidelines unless investment control has been transferred to Retrocessionaire.  Any overfunding of the accounts or arrangements comprising the Funds Withheld Assets shall be withdrawn from such accounts and deposited into the Trust Account, and any underfunding of such accounts shall be funded directly by Retrocessionaire from the Trust Account.

	
		
	Security
	Retrocessionaire will provide security to Maiden Insurance in the form of a Trust Account established pursuant to the Trust Agreement.  Retrocessionaire shall ensure the Trust Account holds assets with a Market Value greater than or equal to the trust funding amount, which shall be equal to the net reserves of Maiden Insurance with respect to Covered Losses, less the Funds Withheld Account Balance, and less the balance of the administrative account established pursuant to any administrative services agreement.  The Trust Account will be initially funded by Maiden Insurance and Retrocessionaire as set forth in the Master Agreement.  Maiden Insurance will provided quarterly reporting specifying the trust required amount and any overfunding or underfunding of the Trust Account.  Retrocessionaire will deposit into the Trust Account any required underfunding, and will be entitled to withdraw from the Trust Account any overfunding.  Maiden Insurance may withdraw assets from the Trust Account for specified purposes, including to pay unpaid Covered Losses, and must return to the Trust Accounts withdrawals not used for the specified purposes.  All assets in the Trust Account must comply with and be invested in accordance with the Investment Guidelines.  The Trust Agreement will terminate promptly following termination of the Retrocession Agreement, with payment from the Trust Account of any amounts due to Maiden Insurance and any excess amounts to Retrocessionaire.

	Additional Collateral; Underlying Agreements
	Maiden Insurance will not post additional collateral in connection with the Subject Business unless required by Applicable Law and the Existing Quota Share Agreements and Existing Quota Share Trust Agreement, and will not amend or permit amendment of any underlying agreements, including the Existing Quota Share Agreements, Existing Quota Share Trust Agreement and Existing Underlying Trust Agreements.

	Currency
	U.S. Dollars

	Other Terms and Conditions
	The Retrocession Agreement will contain customary terms and conditions for agreements of this type.

EXHIBIT B
Summary of Terms of Trust Agreement
	
		
	Item
	Description

	Parties
	Maiden Insurance; Retrocessionaire; Trustee

	Trust Account
	The Retrocessionaire will establish a Trust Account, and the Trustee will administer the Trust Account in its name as trustee for Maiden Insurance, as beneficiary.  Assets in the Trust Account will be held by the Trustee for the sole benefit of Maiden Insurance for the purposes of satisfying certain obligations of the Retrocessionaire contemplated by the Retrocession Agreement.  

	Deposits and Withdrawals
	Maiden Insurance will be entitled to withdraw assets from the Trust Account, as provided in the Retrocession Agreement. The Retrocessionaire will be required to deposit additional assets into the Trust Account if the Trust Account is underfunded, and will be entitled to withdraw assets in the event the Trust Account is overfunded, all as described in the Retrocession Agreement.

	Investments
	The assets in the Trust Account will be invested in eligible investments pursuant to the Investment Guidelines.  

	Trust Income
	All payments of interest, dividends and other income in respect of assets in the Trust Account will be posted and credited by the Trustee to the Trust Account.  

	Term
	The Trust Account and the Trust Agreement may be terminated only after the Retrocessionaire or Maiden Insurance has given the Trustee written notice of its intention to terminate the Trust Account, and the Trustee has similarly given the Retrocessionaire and Maiden Insurance the required written notice. On the termination date, upon receipt of written approval of Maiden Insurance, the Trustee will transfer to the Retrocessionaire any assets remaining in the Trust Account, at which time all liability of the Trustee with respect to such assets will cease.

	Other Terms and Conditions
	The Trust Agreement will contain customary terms and conditions for agreements of this type.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}]]