Document:

EX-4.1

 Exhibit 4.1 
  

 
 NASDAQ, INC. 

Fifth Supplemental Indenture 

Dated as of September 22, 2017 

Senior Floating Rate Notes due 2019 
  

 
 WELLS FARGO
BANK, 
 NATIONAL ASSOCIATION, 

as Trustee 
  

 
  
  

  
   

 

 FIFTH SUPPLEMENTAL INDENTURE, dated as of September 22, 2017 (this “Fifth Supplemental
Indenture”), between Nasdaq, Inc. (formerly The NASDAQ OMX Group, Inc.), a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), and Wells Fargo Bank,
National Association, a national banking association, as Trustee under the Original Indenture referred to below (hereinafter called the “Trustee”) and as paying agent (in such capacity, until such time as a successor may be
appointed by the Company, the “Paying Agent”) and as registrar and transfer agent (until such time as a successor may be appointed by the Company) (in such capacity, the “Transfer Agent”, and together
with the Paying Agent, the “Agents” and each, an “Agent”). 
 WITNESSETH: 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture dated as of June 7, 2013 (herein called the “Original
Indenture” and together with this Fifth Supplemental Indenture, the “Indenture”), to provide for the issuance from time to time in one or more series of its debentures, notes, bonds or other evidences of indebtedness
(herein called the “Securities”), the form and terms of which are to be established as set forth in Sections 2.01 and 3.01 of the Original Indenture; 

WHEREAS, Section 14.01(p) of the Original Indenture provides, among other things, that the Company and the Trustee may enter into indentures supplemental
to the Original Indenture to, among other things, establish the form and terms of the Securities of any series as permitted in Section 3.01 of the Original Indenture; 

WHEREAS, the Company desires to create one series of the Securities to be designated as its Senior Floating Rate Notes due 2019 in an initial aggregate
principal amount of $500,000,000 (the “Senior Notes”) and all action on the part of the Company necessary to authorize the issuance of the Senior Notes under the Original Indenture and this Fifth Supplemental Indenture has
been duly taken; 
 WHEREAS, the Company desires to issue the Senior Notes in accordance with Section 2.4 of this Fifth Supplemental Indenture and
treat the Senior Notes as a single series of Securities for all purposes, as amended or supplemented from time to time in accordance with the terms of this Fifth Supplemental Indenture and the Original Indenture; and 

WHEREAS, all acts and things necessary to make the Senior Notes, when executed by the Company and completed, authenticated and delivered by the Trustee as
provided in the Original Indenture and this Fifth Supplemental Indenture, the valid and binding obligations of the Company and to constitute a valid and binding supplemental indenture and agreement according to its terms, have been done and
performed. 
 NOW, THEREFORE, THIS FIFTH SUPPLEMENTAL INDENTURE WITNESSETH: 

That in consideration of the premises and of the acceptance and purchase of the Senior Notes by the Holders thereof and of the acceptance of this trust by the
Trustee, the Company covenants and agrees with the Trustee, for the equal benefit of Holders of the Senior Notes, as follows: 

  
  

 
  

 ARTICLE ONE 

DEFINITIONS 
 Except to the extent such terms are
otherwise defined in this Fifth Supplemental Indenture or the context clearly requires otherwise, all terms used in this Fifth Supplemental Indenture which are defined in the Original Indenture or the form of Senior Note, with respect to the Senior
Notes, attached hereto as Exhibit A, have the meanings assigned to them therein. 
 In addition, as used in this Fifth
Supplemental Indenture, the following terms have the following meanings: 
 “Additional Amounts” has the meaning given to such term
in Section 3.1(a). 
 “Applicable Procedures” has the meaning given to such term in Section 2.8(a). 

“Attributable Debt” with regard to a Sale and Lease-Back Transaction with respect to any Principal Property means, at the time of
determination, the present value of the total net amount of rent required to be paid under such lease during the remaining term thereof (including any period for which such lease has been extended), discounted at the rate of interest set forth or
implicit in the terms of such lease (or, if not practicable to determine such rate, the weighted average interest rate per annum borne by the securities of all series then Outstanding under the Indenture) compounded semi-annually. In the case of any
lease which is terminable by the lessee upon the payment of a penalty, such net amount shall be the lesser of (x) the net amount determined assuming termination upon the first date such lease may be terminated (in which case the net amount
shall also include the amount of the penalty, but shall not include any rent that would be required to be paid under such lease subsequent to the first date upon which it may be so terminated) or (y) the net amount determined assuming no such
termination. 
 “Bankruptcy Laws” means Title 11, U.S. Code or any similar Federal or state law for the relief of debtors (or any
law involving equivalent concepts applicable outside the United States). 
 “Below Investment Grade Rating
Event” means the ratings of the Senior Notes are decreased from an Investment Grade Rating by each of the Rating Agencies to below an Investment Grade Rating by each of the Rating Agencies on any date during the period commencing upon
the first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following public notice of the occurrence of the related Change of Control (which 60-day period shall be extended so long as the rating of the Senior Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment
Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of
the definition of “Change of Control Triggering Event” hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Holders of the Senior
Notes in writing at their request that the reduction was the result, in whole or in part, of any event or circumstance comprising or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of
Control shall have occurred at the time of the Below Investment Grade Rating Event). 

  
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 “Business Day” means any day except a Saturday, a Sunday or a day on which banking
institutions in the applicable place of payment are authorized or required by law, regulation or executive order to close. 
 “Change of
Control” means the occurrence of any of the following: (1) 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 assets of the Company and its Subsidiaries taken as a whole to any Person or group of related Persons for purposes of Section 13(d) of the Exchange Act (a “Group”) other than the Company or one of its
Subsidiaries; (2) the approval by the holders of the Company’s common stock of any plan or proposal for the Company’s liquidation or dissolution; (3) the consummation of any transaction (including, without limitation, any merger
or consolidation) the result of which is that any Person or Group becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s Voting Stock; or (4) the first day on which
a majority of the members of the Board of Directors are not Continuing Directors. Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Company becomes a direct or indirect wholly owned
Subsidiary of a holding company and (2) (A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock
immediately prior to that transaction or (B) immediately following that transaction no Person or Group (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50%
of the Voting Stock of such holding company. 
 “Change of Control Triggering Event” means the occurrence of
both a Change of Control and a Below Investment Grade Rating Event occurring in respect of that Change of Control. 
 “Consolidated Net
Tangible Assets” means, at any date, the aggregate amount of assets (less applicable reserves) of the Company and its Subsidiaries after deducting therefrom (a) all goodwill, trade names, trademarks, patents, unamortized debt
discount and expense and other like intangibles and (b) all current liabilities (excluding any current liability for money borrowed having a maturity of less than 12 months but by its terms is renewable or extendible beyond 12 months from such
date at the option of the borrower), all as reflected in the Company’s most recent consolidated balance sheet as at the end of its fiscal quarter ending not more than 135 days prior to such date, prepared in accordance with United States
generally accepted accounting principles. 
 “Continuing Directors” means, as of any date of determination, any member of the Board
of Directors who (1) was a member of the Board of Directors on the Issue Date; or (2) was nominated or approved for election, elected or appointed to the Board of Directors with the approval of a majority of the Continuing Directors who
were members of the Board of Directors at the time of such nomination, approval, election or appointment (either by a specific vote or by approval of the proxy statement issued by the Company in which such member was named as a nominee for election
as a director). 

  
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 “Definitive Securities” means certificated Securities registered in the name of the
Holder thereof and issued in accordance with Section 2.3(b) hereof, substantially in the form of Exhibit A, except that each such Security shall not bear the Global Security Legend. 

“Depositary” means, notwithstanding Section 3.03(h) of the Original Indenture, with respect to Securities issuable or issued in whole or
in part in the form of one more Global Securities, DTC, together with any Person succeeding thereto by merger, consolidation or acquisition of all or substantially all of its assets, including substantially all of its securities payment and transfer
operations. 
 “DTC” means The Depository Trust Company, a New York corporation, having a principal office at 55 Water Street, New York,
New York 10041-0099. 
 “Foreign Successor Issuer” means any entity that is organized in a jurisdiction other than the
United States, any state thereof or the District of Columbia and becomes a successor of the Company as a result of a merger of the Company with and into such entity after the date hereof. 

“Global Security Legend” means the legend set forth in Section 3.03(g) of the Original Indenture. 

“Indebtedness” means any indebtedness (whether being principal, premium, interest or other amounts) for or in respect of any notes, bonds,
debentures or other instruments for money borrowed or any borrowed money or any liability under or in respect of any banker’s acceptance (other than a daylight overdraft). 

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

“Interest Payment Date” means March 22, June 22, September 22 and December 22 of each year (subject in each
case to the Business Day Convention). 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P or the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 

“Issue Date” means September 22, 2017, the date on which the Senior Notes are originally issued under this Fifth Supplemental
Indenture. 
 “Lien” means any lien, mortgage, deed of trust, hypothecation, pledge, security interest, charge or encumbrance of any kind.

 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

  
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 “Permitted Liens” means: 

(a)    Liens imposed by law or any governmental authority for taxes, assessments, levies or charges that
are not yet overdue by more than 60 days or are being contested in good faith (and, if necessary, by appropriate proceedings) or for commitments that have not been violated; 

(b)    carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s,
landlords’ and similar Liens imposed by law, or which arise by operation of law and which are incurred in the ordinary course of business or where the validity or amount thereof is being contested in good faith (and, if necessary, by
appropriate proceedings); 
 (c)    Liens incurred or pledges or deposits made in compliance with
workers’ compensation, pension liabilities, unemployment insurance and other social security laws or regulations or other insurance-related obligations (including, without limitation, pledges or deposits securing liability to insurance carriers
under insurance or self-insurance arrangements); 
 (d)    Liens incurred or pledges or deposits made to
secure the performance of bids, trade contracts, tenders, leases, statutory obligations, surety, customs and appeal bonds, performance bonds, customer deposits and other obligations of a similar nature, in each case in the ordinary course of
business; 
 (e)    judgment Liens in respect of judgments, decrees, orders of any court or in connection
with legal proceedings or actions at law or in equity that do not constitute an Event of Default under the Indenture; 

(f)    Liens arising in connection with the operations of the Company or any Subsidiary relating to
clearing, depository, matched principal, regulated exchange or settlement activities, including without limitation, Liens on securities sold by the Company or any of its Subsidiaries in repurchase agreements, reverse repurchase agreements, sell-buy-back and buy-sell-back agreements, securities lending and borrowing agreements and any other similar agreement or transaction
entered into in the ordinary course of clearing, depository, matched principal and settlement operations or in the management of liabilities; 

(g)    Liens on (1) any property or asset prior to the acquisition thereof, provided that such
Lien may only extend to such property or asset, or (2) property of a Significant Subsidiary where (A) such Significant Subsidiary becomes a Subsidiary after the Issue Date, (B) (i) the Lien exists at the time such Significant
Subsidiary becomes a Subsidiary or (ii) was incurred pursuant to contractual commitments entered into before such Subsidiary became a Subsidiary, (C) the Lien was not created in contemplation of such Significant Subsidiary becoming a
Subsidiary, and (D) the principal amount secured by the Lien at the time such Significant Subsidiary becomes a Subsidiary is not subsequently increased or extended to any other assets other than those owned by the entity becoming a Subsidiary;

  
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 (h)    any Lien existing on the Issue Date; 

(i)    Liens upon fixed, capital, real and/or tangible personal property acquired after the Issue Date (by
purchase, construction, development, improvement, capital lease, Synthetic Lease or otherwise) by the Company or any Significant Subsidiary, each of which Liens was created for the purpose of securing Indebtedness representing, or incurred to
finance, refinance or refund, the cost (including the cost of construction, development or improvement) of such property; provided that no such Lien shall extend to or cover any property other than the property so acquired and improvements
thereon; 
 (j)    Liens in favor of the Company or any Subsidiary; 

(k)    Liens arising from the sale of accounts receivable for which fair equivalent value is received; 

(l)    any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole
or in part, of any Liens referred to in the foregoing clauses (f), (g), (h), (i), (j) and (k); provided that the principal amount of Indebtedness secured thereby and not otherwise authorized as a Permitted Lien shall not exceed the principal
amount of Indebtedness, plus any premium or fee payable in connection with any such extension, renewal or replacement, so secured at the time of such extension, renewal or replacement; 

(m)    Liens securing obligations of the Company or any Subsidiary of the Company in respect of any swap
agreements or other hedging arrangements entered into (1) in the ordinary course of business and for non-speculative purposes or (2) solely in order to serve clearing, depository, regulated exchange
or settlement activities in respect thereof; 
 (n)    easements, zoning restrictions, minor title
defects, irregularities or imperfections, restrictions on use, rights of way, leases, subleases and similar charges and other similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any
monetary obligations (other than customary maintenance requirements) and which could not reasonably be expected to have a material adverse effect on the business or financial condition of the Company and its Subsidiaries taken as a whole; 

(o)    Liens created in connection with any share repurchase program in favor of any broker, dealer,
custodian, trustee or agent administering or effecting transactions pursuant to a share repurchase program; and 

(p)    Liens consisting of an agreement to sell, transfer or dispose of any asset or property (to the
extent such sale, transfer or disposition is not prohibited by Section 6.04 of the Original Indenture). 
 “Person” means any
individual, firm, limited liability company, corporation, partnership, association, joint venture, tribunal, trust, government or political subdivision or agency or instrumentality thereof, or any other entity or organization and includes a
“person” as used in Section 13(d)(3) of the Exchange Act. 

  
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 “Principal Property” means the land, improvements, buildings and fixtures (including any
leasehold interest therein) constituting a corporate office, facility or other capital asset which is owned or leased by the Company or any of its Significant Subsidiaries the net book value of which, on the date as of which the determination is
being made, exceeds 2% of Consolidated Net Tangible Assets, unless the Board of Directors has determined in good faith that such office, facility or capital asset is not of material importance to the total business conducted by the Company and its
Significant Subsidiaries taken as a whole. With respect to any Sale and Lease-Back Transaction or series of related Sale and Lease-Back Transactions, the determination of whether any property is a Principal Property shall be determined by reference
to all properties affected by such transaction or series of transactions. 
 “Rating Agencies” means (1) each of Moody’s
and S&P; and (2) if any of Moody’s or S&P ceases to rate the Senior Notes or fails to make a rating of the Senior Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical
rating organization” within the meaning of Section 3(a)(62) of the Exchange Act, that the Company selects (as certified by an executive officer of the Company) as a replacement agency for Moody’s or S&P, or both of them, as the
case may be. 
 “Record Date” means March 7, June 7, September 7 and December 7, whether or not a Business Day,
immediately preceding the applicable Interest Payment Date. 
 “Relevant Taxing Jurisdiction” has the meaning given to such
term in Section 3.1(a). 
 “S&P” means Standard & Poor’s Ratings Services, a division of McGraw Hill Financial,
Inc., and its successors. 
 “Sale and Lease-Back Transaction” means any arrangement with any person providing for the
leasing by the Company or any of its Significant Subsidiaries of any Principal Property, whether now owned or hereafter acquired, which Principal Property has been or is to be sold or transferred by the Company or such Significant Subsidiary to such
person. 
 “Senior Notes” has the meaning given to such term in the preamble hereof. 

“Significant Subsidiary” with respect to any Person, means any Subsidiary of such Person that satisfies the criteria for a
“significant subsidiary” set forth in Rule l-02(w) of Regulation S-X under the Exchange Act. 

“Subject Lien” has the meaning given to such term in Section 3.2(a). 

“Subsidiary” means any corporation, limited liability company or other similar type of business entity in which the Company and/or one or
more of its subsidiaries together own more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of the board of directors or similar governing body of
such corporation, limited liability company or other similar type of business entity, directly or indirectly. 

  
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 “Synthetic Lease” means any tax retention or other synthetic lease which is treated as an
operating lease under United States generally accepted accounting principles, but the liabilities under which are or would be characterized as indebtedness for tax purposes. 

“Taxes” has the meaning given to such term in Section 3.1(a). 

“Voting Stock” of any specified Person as of any date means the capital stock of such Person that is at the time entitled to vote
generally in the election of the board of directors of such Person. 
 ARTICLE TWO 

TERMS AND ISSUANCE OF THE SENIOR NOTES 

Section 2.1.    Issue of Senior Notes. A series of Securities which shall be designated
the “Senior Floating Rate Notes due 2019” shall be executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to the terms, conditions and covenants of, the Original Indenture and this
Fifth Supplemental Indenture (including the form of such Senior Notes set forth hereto as Exhibit A). The aggregate principal amount of Senior Notes which may be authenticated and delivered under this Fifth Supplemental Indenture shall not,
except as permitted by the provisions of the Original Indenture, initially exceed $500,000,000; provided that the Company may from time to time or at any time, without the consent of the Holders of the Senior Notes, issue additional Senior
Notes of the same or a different series in an unlimited aggregate principal amount; provided, that, if any such additional Senior Notes are not fungible with the Senior Notes (or any other tranche of additional Senior Notes) for U.S. federal
income tax purposes, then such additional Senior Notes will have different CUSIP numbers than the Senior Notes (and any such other tranche of additional Senior Notes). 

Section 2.2.    [Reserved]. 

Section 2.3.    Form of Senior Notes; Incorporation of Terms. 

(a)    Each of the Senior Notes shall be issued initially in the form of one or more Global Securities and, together with
the Trustee’s certificate of authentication thereon, shall be in substantially the form set forth in Exhibit A attached hereto. The Senior Notes may have such notations, legends or endorsements approved as to form by the Company and
required, as applicable, by law, stock exchange or depository rules and agreements to which the Company is subject and/or usage. The terms of the Senior Notes set forth in Exhibit A are herein incorporated by reference and are part of the terms
of this Fifth Supplemental Indenture. The Senior Notes shall be issued in fully registered form without coupons only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

(b)    Each of the Senior Notes issued in global form shall be substantially in the form of Exhibit A, attached
hereto (including the Global Security Legend thereon). Senior Notes issued in definitive certificated form in accordance with the terms of the Original Indenture and this Fifth Supplemental Indenture, if any, shall be substantially in the form of
Exhibit A attached hereto (but without the Global Security Legend thereon). Each Global Security shall represent 

  
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such of the outstanding Senior Notes as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of Outstanding Senior Notes from time to time
endorsed thereon and that the aggregate principal amount of outstanding Senior Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Security to
reflect the amount of any increase or decrease in the aggregate principal amount of Outstanding Senior Notes represented thereby shall be made by the Transfer Agent in accordance with instructions given by the Holder thereof as required by
Section 2.9 hereof. 
 Section 2.4.    Execution and Authentication. The Trustee, upon a
Company Order and pursuant to the terms of the Original Indenture and this Fifth Supplemental Indenture, shall authenticate and deliver the Senior Notes for original issue in an initial aggregate principal amount of $500,000,000. Such Company Order
shall specify the amount of the Senior Notes to be authenticated, the date on which the original issue of Senior Notes is to be authenticated and the aggregate principal amount of Senior Notes outstanding on the date of authentication. All of the
Senior Notes issued under this Fifth Supplemental Indenture shall be treated as a single series for all purposes under the Original Indenture and this Fifth Supplemental Indenture, including, without limitation, waivers, amendments and offers to
purchase. 
 Section 2.5.    Depositary for Global Securities. The Depositary for the
Senior Notes issued under this Fifth Supplemental Indenture shall be DTC in the City of New York. 

Section 2.6.     Reserved. 

Section 2.7.    Place of Payment. The Place of Payment in respect of the Senior Notes shall be
at the office or agency of the Company maintained for such purpose in The City of New York, State of New York, which shall initially be the office or agency of the Paying Agent in The City of New York, State of New York, which, at the date hereof,
is located at 150 East 42nd Street, New York, New York 10017. The Paying Agent for the Senior Notes shall be the Trustee. 

Section 2.8.    Transfer and Exchange. 

(a)    The transfer and exchange of beneficial interests in the Global Securities shall be effected through the Depositary,
in accordance with the provisions of the Original Indenture, this Fifth Supplemental Indenture and the then applicable procedures of the Depositary (the “Applicable Procedures”). In connection with all transfers and exchanges
of beneficial interests, the transferor of such beneficial interest must deliver to the Transfer Agent either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Security in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with
the Applicable Procedures containing information regarding the Participant account to be credited with such increase or, if Definitive Securities are at such time permitted to be issued pursuant to this Fifth Supplemental Indenture and the Original
Indenture, (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Security in an amount equal
to the beneficial interest to be transferred 

  
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or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Security shall be registered to effect
the transfer or exchange referred to in (1) above. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Securities contained in the Original Indenture, this Fifth Supplemental Indenture and the
Senior Notes or otherwise applicable under the Securities Act, the Registrar shall adjust the principal amount of the relevant Global Securities pursuant to Section 2.9 hereof. 

(b)    Upon request by a Holder of Definitive Securities and such Holder’s compliance with the provisions of this
Section 2.8(b), the Registrar shall register the transfer or exchange of Definitive Securities. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Transfer Agent the Definitive Securities
duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. The Trustee shall cancel any such Definitive Securities so
surrendered, and the Company shall execute and, upon receipt of a Company Order pursuant to Section 2.01 of the Original Indenture, the Trustee shall authenticate and deliver to the Person designated in the instructions a new Definitive
Security in the appropriate principal amount. Any Definitive Security issued pursuant to this Section 2.8(b) shall be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial
interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Paying Agent shall deliver such Definitive Securities to the Persons in whose names such Definitive Securities are so
registered. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to Section 3.06 of the Original Indenture. 

(c)    The Company hereby appoints the Trustee as the Registrar for the Senior Notes issued under this Fifth Supplemental
Indenture and the Trustee accepts such appointment. 
 Section 2.9.    Cancellation and/or
Adjustment of Global Securities. At such time as all beneficial interests in a particular Global Security have been exchanged for Definitive Securities or a particular Global Security has been redeemed, repurchased or
canceled in whole and not in part, each such Global Security shall be returned to or retained and canceled by the Registrar in accordance with Section 3.09 of the Original Indenture. At any time prior to such cancellation, if any beneficial
interest in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security or for Definitive Securities, the principal amount of Securities represented by
such Global Security shall be reduced accordingly and an endorsement shall be made on such Global Security by the Registrar 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 Security, such other Global Security shall be increased accordingly and an endorsement shall be made on such Global
Security by the Registrar or by the Depositary at the direction of the Registrar to reflect such increase. 

  
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 Section 2.10.    Events of Default. 

(a)    The provisions of Section 7.01 of the Original Indenture as they relate to the Senior Notes, shall be replaced
in their entirety with the following: 
 “Section 7.01    Events of Default. Except where
otherwise indicated by the context or where the term is otherwise defined for a specific purpose, the term “Event of Default” as used in this Indenture with respect to Securities of any series shall mean one of the
following described events unless it is either inapplicable to a particular series or it is specifically deleted or modified in the manner contemplated in Section 3.01: 

(a)    the Company does not pay interest on any of the Senior Notes within 30 days of their due date; 

(b)    the Company fails to pay the principal (or premium, if any) of any Senior Notes when such principal
becomes due and payable, at Maturity, upon acceleration, upon redemption or otherwise; 
 (c)    failure
by the Company to comply with its obligations under Section 6.04; 
 (d)    the Company remains in
breach of a covenant or warranty in respect of this Indenture or the Senior Notes (other than a covenant included in this Indenture solely for the benefit of debt securities of another series) for 90 days after the Company receives a written notice
of default, which notice must be sent by either the Trustee or Holders of at least 25% in principal amount of the Outstanding Senior Notes; 

(e)    the entry by a court having jurisdiction in the premises of a decree or order for relief in respect
of the Company in an involuntary case under the federal Bankruptcy Laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Company or of substantially all the property of the Company or ordering the winding-up or liquidation of its affairs and
such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; 

(f)    the commencement by the Company of a voluntary case under the federal Bankruptcy Laws, as now or
hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Company to the entry of an order for relief in an involuntary case under any such law, or
the consent by the Company to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian or sequestrator (or similar official) of the Company or of substantially all the property of the Company or the making by
it of an assignment for the benefit of creditors or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any action; 

(g)    the Company or any Significant Subsidiary defaults on any of its indebtedness having an aggregate
amount of at least $150,000,000, constituting a 

  
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default either of payment of principal when due and payable or which results in acceleration of the indebtedness unless the default has been cured or waived or the indebtedness discharged in full
within 60 days after the Company has been notified of the default by the Trustee or Holders of at least 25% in principal amount of the outstanding Senior Notes; or 

(h)    one or more final judgments for the payment of money in an aggregate amount in excess of
$150,000,000 above available insurance or indemnity coverage shall be rendered against the Company or any Significant Subsidiary and the same shall remain undischarged for a period of 60 consecutive days during which execution shall not be
effectively stayed.” 
 (b)    The provisions of Section 7.02(a) of the Original Indenture as they relate to
the Senior Notes, shall be replaced in their entirety with the following: 
 “(a) Except as otherwise provided as contemplated by
Section 3.01 with respect to any series of Securities, if any one or more of the above-described Events of Default (other than an Event of Default specified in Section 7.01(e) or 7.01(f)) shall happen with respect to Securities of any
series at the time Outstanding, then, and in each and every such case, during the continuance of any such Event of Default, the Trustee or the Holders of 25% or more in principal amount of the Securities of such series then Outstanding may declare
the principal (or premium if any) (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of and all accrued but unpaid interest on all the
Securities of such series then Outstanding to be due and payable immediately by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become
immediately due and payable. If an Event of Default specified in Section 7.01(e) or 7.01(f) occurs and is continuing, then in every such case, the principal amount of all of the Securities of that series then Outstanding shall automatically,
and without any declaration or any other action on the part of the Trustee or any Holder, become due and payable immediately. Upon payment of such amounts in the Currency in which such Securities are denominated (subject to Section 7.01 and
except as otherwise provided pursuant to Section 3.01), all obligations of the Company in respect of the payment of principal of and interest on the Securities of such series shall terminate.” 

ARTICLE THREE 
 COVENANTS 

Section 3.1.    Payments of Additional Amounts by a Foreign
Successor Issuer. 
 (a)    All payments made under or with respect to the Senior Notes by any Foreign
Successor Issuer will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge 

  
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(including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied by or on behalf of
any jurisdiction in which such Foreign Successor Issuer is organized, resident or doing business for tax purposes or from or through which such Foreign Successor Issuer makes any payment on the Senior Notes or any department or political subdivision
thereof (each, a “Relevant Taxing Jurisdiction”), unless such Foreign Successor Issuer or any other applicable withholding agent is required to withhold or deduct Taxes by law. For the avoidance of doubt a Relevant
Taxing Jurisdiction shall not include the United States, any state thereof or the District of Columbia. If a Foreign Successor Issuer or any other applicable withholding agent is required by law to make any such withholding or deduction, the Foreign
Successor Issuer, subject to the exceptions listed below, will pay such additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amount received by each beneficial owner of the Senior Notes after
such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder) will not be less than the amount the beneficial owner would have received if such Taxes had not been withheld or deducted
(provided that if the applicable withholding agent is a person other than a Foreign Successor Issuer, the Additional Amounts payable by the Foreign Successor Issuer under this Section 3.1 shall not exceed the Additional Amounts that would have
been payable by the Foreign Successor Issuer under this Section 3.1 had the Foreign Successor Issuer been the applicable withholding agent (i.e., had the Foreign Successor Issuer made payments directly to the applicable beneficial owner of the
Senior Notes)). 
 (b)    A Foreign Successor Issuer will not, however, pay Additional Amounts to a Holder or beneficial
owner of Senior Notes: 
 (i)    to the extent the Taxes giving rise to such Additional Amounts would not
have been imposed, withheld or deducted but for the Holder’s or beneficial owner’s present or former connection with the Relevant Taxing Jurisdiction (other than any connection resulting from the acquisition, ownership, holding or
disposition of Senior Notes, the receipt of payments thereunder and/or the exercise or enforcement of rights under any Senior Notes); 

(ii)    to the extent the Taxes giving rise to such Additional Amounts would not have been imposed,
withheld or deducted but for the failure of the Holder or beneficial owner of Senior Notes, following the Foreign Successor Issuer’s written request addressed to the Holder or beneficial owner, to the extent such Holder or beneficial owner is
legally eligible to do so, to comply with any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition
to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing
Jurisdiction); 
 (iii)    with respect to any estate, inheritance, gift, sales, transfer, personal
property, wealth or any similar Taxes; 
 (iv)    if such Holder is a fiduciary or partnership or person
other than the sole beneficial owner of such payment and the Taxes giving rise to such Additional 

  
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Amounts would not have been imposed on such payment had the Holder been the beneficiary, partner or sole beneficial owner, as the case may be, of such Senior Note (but only if there is no
material cost or expense associated with transferring such Senior Note to such beneficiary, partner or sole beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, partner or sole beneficial owner); 

(v)    to the extent the Taxes giving rise to such Additional Amounts would not have been imposed, withheld
or deducted but for the presentation by the Holder or beneficial owner of any Senior Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment
thereof is duly provided for, whichever occurs later; 
 (vi)    with respect to any withholding or
deduction that is imposed on a payment to an individual and that is required to be made pursuant to the European Council Directive on the taxation of savings income which was adopted by the ECOFIN Council on June 3, 2003, or any law amending,
implementing or complying with, or introduced in order to conform to such directive (the “EU Savings Tax Directive”) or is required to be made pursuant to the Agreement between the European Community and the
Swiss Confederation dated October 26, 2004, providing for measures equivalent to those laid down in the EU Savings Tax Directive or any law or other governmental regulation amending, implementing or complying with, or introduced in order to
conform to, such agreement; 
 (vii)    with respect to any withholding or deduction required pursuant to
Sections 1471 through 1474 of the Code (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations thereunder or official interpretations thereof, any
agreement entered into pursuant to current Section 1471(b) of the Code (or any amended or successor version as described above) or any related fiscal or regulatory legislation, rules or practice adopted pursuant to any intergovernmental
agreement entered into in connection with implementing any of the foregoing; or 
 (viii)    any
combination of items (i), (ii), (iii), (iv), (v), (vi) and (vii). 
 (c)    A Foreign Successor Issuer will
(i) make any such withholding or deduction required by applicable law and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. The Foreign Successor Issuer will make reasonable
efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. The Foreign Successor Issuer will provide to the Trustee, within a reasonable
time after the date the payment of any Taxes so deducted or withheld are due pursuant to applicable law, either a certified copy of tax receipts evidencing such payment, or, if such tax receipts are not reasonably available to the Foreign Successor
Issuer, such other documentation that provides reasonable evidence of such payment by the Foreign Successor Issuer. 

(d)    At least 30 calendar days prior to each date on which any payment under or with respect to the Senior Notes is due
and payable, if the Foreign Successor Issuer will be obligated 

  
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to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which payment under or with respect to the
Senior Notes is due and payable, in which case it will be promptly thereafter), the Foreign Successor Issuer will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable
and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. The Foreign Successor Issuer will promptly publish a notice in accordance with the Section 16.04 of the
Original Indenture stating that such Additional Amounts will be payable and describing the obligation to pay such amounts. 

(e)    In addition, a Foreign Successor Issuer will pay any stamp, issue, registration, court, documentation, excise or
other similar taxes, charges and duties, including interest and penalties with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time after the merger described above in respect of the execution, issuance, registration or delivery
of the Senior Notes or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction at any time after the merger described above as a result of, or in connection with, any
payments made pursuant to the Senior Notes and/or the enforcement of the Senior Notes and/or any other such document or instrument. 

(f)    The obligations described under this heading will survive any termination, defeasance or discharge of the Indenture
and will apply mutatis mutandis to any Successor Person to any Foreign Successor Issuer (other than a Person organized under the laws of the United States, any state thereof or the District of Columbia) and to any jurisdiction in which
such Successor Person is organized or is otherwise resident for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. 

(g)    Whenever this Indenture or the Senior Notes refer to, in any context, the payment of principal, premium, if any,
interest or any other amount payable under or with respect to any Senior Note, such reference includes the payment of Additional Amounts as described hereunder, to the extent that in such context Additional Amounts are, were or would be payable in
respect thereof pursuant to this Section 3.1. 
 Section 3.2.    Limitations on Liens.

 (a)    The Company shall not (nor shall it permit any of its Significant Subsidiaries to) create or permit to exist
any Lien on any Principal Property of the Company or any of its Significant Subsidiaries (or on any stock of a Significant Subsidiary), whether owned on the Issue Date or thereafter acquired, to secure any Indebtedness (any such Lien, a
“Subject Lien”), unless the Company contemporaneously secures the Senior Notes (together with, if the Company so determines, any other Indebtedness of or guaranty by the Company or such Significant Subsidiary then existing or
thereafter created that is not subordinated to the Senior Notes) equally and ratably with (or, at the option of the Company, prior to) that obligation. 

(b)    The foregoing restriction, however, shall not apply to (i) Permitted Liens and (ii) Liens securing
Indebtedness if at the time of determination, after giving effect to the incurrence of such Indebtedness and to the retirement of Indebtedness which is being retired substantially concurrently therewith, the sum of (1) the aggregate principal
amount of all Indebtedness of the 

  
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Company and its Subsidiaries secured by Subject Liens (other than Permitted Liens) and (2) the Attributable Debt in respect of all Sale and Lease-Back Transactions not otherwise permitted
under the first sentence of Section 3.3 hereof does not exceed fifteen percent of Consolidated Net Tangible Assets. 

Section 3.3.    Limitations on Sale and Lease-Back Transactions. The
Company shall not, and shall not permit any of its Significant Subsidiaries to, enter into any Sale and Lease-Back Transaction with respect to any Principal Property, other than (x) any such Sale and Lease-Back Transaction involving a lease for
a term of not more than three years or (y) any such Sale and Lease-Back Transaction between the Company and one of its Subsidiaries or between its Subsidiaries, unless: 

(a)    the Company or such Significant Subsidiary would be entitled to incur Indebtedness secured by a Lien on the
Principal Property involved in such Sale and Lease-Back Transaction at least equal in amount to the Attributable Debt with respect to such Sale and Lease-Back Transaction, without equally and ratably securing the Senior Notes, pursuant to
Section 3.2; or 
 (b)    the proceeds of such Sale and Lease-Back Transaction are at least equal to the fair
market value of the affected Principal Property (as determined in good faith by the Board of Directors) and the Company applies an amount equal to the net proceeds of such Sale and Lease-Back Transaction within 365 days of such Sale and Lease-Back
Transaction to any (or a combination) of: 
 (i)    the prepayment or retirement of the Senior Notes,

 (ii)    the prepayment or retirement (other than any mandatory retirement, mandatory prepayment or
sinking fund payment or by payment at Maturity) of other Indebtedness of the Company or of one of its Subsidiaries (other than Indebtedness that is subordinated to the Senior Notes or Indebtedness owed to the Company or one of its Subsidiaries) that
matures more than 12 months after its creation (including any such Indebtedness that by its terms is renewable or extendible beyond 12 months from the date of its creation, at the option of the Company); or 

(iii)    the purchase, construction, development, expansion or improvement of other comparable property.

 Notwithstanding the foregoing, the Company and its Significant Subsidiaries shall be allowed to enter into any Sale and Lease-Back Transaction if, after
giving effect to such Sale and Lease-Back Transaction, the sum of (i) the aggregate principal amount of all Indebtedness of the Company and its Subsidiaries secured by Subject Liens (other than Permitted Liens) and (ii) the Attributable
Debt in respect of all Sale and Lease-Back Transactions not otherwise permitted under the first sentence of this Section 3.3, does not exceed fifteen percent of Consolidated Net Tangible Assets. 

  
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 Section 3.4.    Limitations on Mergers and
Other Transactions. With respect to the Senior Notes, the provisions of Section 6.04 of the Original Indenture shall be replaced in its entirety with the following: 

“Section 6.04 Company May Consolidate, Etc., Only on Certain Terms. 

(a)    The Company shall not consolidate or merge with another entity or to sell, transfer or otherwise
convey all or substantially all of its assets to another entity, unless in each case: 
 (1)    the
resulting entity (if other than the Company) must (x) be a Person organized under the laws of any U.S. jurisdiction or any European Union Member State and (y) deliver a supplemental indenture by which such surviving entity expressly
assumes the Company’s obligations under the Indenture; and 
 (2)    immediately following the
consolidation, merger, sale or conveyance, no Event of Default (as defined below) (and no event which, after notice or lapse of time or both, would become an Event of Default) shall have occurred and be continuing. 

(b)    Upon any consolidation of the Company with, or merger of the Company into, any other Person or any
conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety to another Person in accordance with Section 6.04(a), the successor Person formed by such consolidation or into which the Company is merged
or to which such merger, sale or conveyance, is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company
herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities.” 

Section 3.5.    Repurchase upon Change of Control Triggering Event.

 (a)    If a Change of Control Triggering Event occurs with respect to the Senior Notes, unless the Company has
exercised its right pursuant to Section 4.2 hereof to redeem the Senior Notes, the Company will make an offer to each Holder of the Senior Notes to repurchase all or, at such Holder’s option, any part (equal to $2,000 or any integral
multiple of $1,000 in excess thereof) of such Holder’s Senior Notes (the “Change of Control Offer”) for payment in cash equal to 101% of the aggregate principal amount of the Senior Notes repurchased plus
accrued and unpaid interest, if any, on the Senior Notes repurchased to, but not including, the date of purchase (the “Change of Control Payment”). 

(b)    Within 30 days following any Change of Control Triggering Event with respect to the Senior Notes or, at the
Company’s option, prior to any Change of Control but after the public announcement of the transaction or transactions that constitute or may constitute a Change of Control, the Company will mail a notice to Holders of the Senior Notes, with a
copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Triggering Event and offering to repurchase such Senior Notes on the date specified in the notice, which date will be no earlier
than 30 and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures required by such Senior Notes and described in such notice. The
notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the 

  
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Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. Upon ten (10) Business Days’ advance written notice to the Trustee, the Company may
request the Trustee to send the notice to Holders described in this Section 3.5(b) in the name of and at the expense of the Company. 

(c)    The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of such Senior Notes as a result of a Change of Control Triggering Event. To the extent
that the provisions of any such securities laws or regulations conflict with the Senior Notes or the Indenture, the Company will comply with those securities laws and regulations and will not be deemed to have breached its obligations under the
Senior Notes or the Indenture by virtue of such conflict. 
 (d)    On the Change of Control Payment Date, the Company
shall, to the extent lawful: 
 (i)    accept for payment all Senior Notes or portions of Senior Notes
properly tendered pursuant to the Change of Control Offer; 
 (ii)    deposit with the Paying Agent an
amount equal to the Change of Control Payment in respect of all Senior Notes or portions of Senior Notes properly tendered; and 

(iii)    deliver or cause to be delivered to the Trustee or the Paying Agent properly accepted together
with an Officer’s Certificate stating the aggregate principal amount of Senior Notes or portions of Senior Notes being purchased by the Company. 

(e)    The Paying Agent shall promptly mail, to each Holder who properly tendered Senior Notes, the purchase price for
such Senior Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each such Holder a new Note equal in principal amount to any unpurchased portion of the Senior Notes surrendered, if any;
provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 

(f)    The Company will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a
third party makes such a Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Fifth Supplemental Indenture applicable to a Change of Control Offer made by the Company and such third
party purchases all Senior Notes properly tendered and not withdrawn under its Change of Control Offer. In the event that such third party terminates or defaults on its Change of Control Offer, the Company will make a Change of Control Offer
treating the date of such termination or default as though it were the date of the Change of Control Triggering Event. 

(g)    The Company will not purchase any Senior Notes if there has occurred and is continuing on the Change of Control
Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment. 

  
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 ARTICLE FOUR 

Section 4.1.    Optional Redemption by Company. Except pursuant to Section 4.2 of
this Fifth Supplemental Indenture, the Senior Notes are not redeemable at the Company’s option. 

Section 4.2.    Tax Redemption. 

If, as a result of: 

(i)    any amendment to, or change in, the laws (or regulations or rulings promulgated thereunder) of any
Relevant Taxing Jurisdiction which is announced and becomes effective after the date on which a Foreign Successor Issuer becomes a Foreign Successor Issuer (or, where a jurisdiction in question does not become a Relevant Taxing Jurisdiction until a
later date, such later date); or 
 (ii)    any amendment to, or change in, the official application or
official interpretation of the laws, regulations or rulings of any Relevant Taxing Jurisdiction which is announced and becomes effective after the date on which a Foreign Successor Issuer becomes a Foreign Successor Issuer (or, where a jurisdiction
in question does not become a Relevant Taxing Jurisdiction until a later date, such later date), 
 such Foreign Successor Issuer would be obligated to pay,
on the next date for any payment and as a result of that amendment or change, Additional Amounts pursuant to Section 3.1 with respect to the Relevant Taxing Jurisdiction, which such Foreign Successor Issuer reasonably determines it cannot avoid
by the use of reasonable measures available to it, then such Foreign Successor Issuer may redeem all, but not less than all, of the Senior Notes, at any time thereafter, upon not less than 30 nor more than 60 days’ notice, at a redemption price
of 100% of their principal amount, plus accrued and unpaid interest, if any, to the Redemption Date. Prior to the giving of any notice of redemption described in this paragraph, a Foreign Successor Issuer will deliver to the trustee: 

(i)    a certificate signed by an officer of such Foreign Successor Issuer stating that the obligation to
pay the Additional Amounts cannot be avoided by such Foreign Successor Issuer’s taking reasonable measures available to it; and 

(ii)    a written opinion of independent legal counsel to such Foreign Successor Issuer of recognized
standing to the effect that such Foreign Successor Issuer has or will become obligated to pay such Additional Amounts as a result of a change, amendment, official interpretation or application described above. 

Section 4.3.    A Foreign Successor Issuer will deliver a notice of any optional redemption of the Senior Notes
described above to each registered holder of the Senior Notes in accordance with Section 4.03 of the Original Indenture. No such notice of redemption may be given more than 60 days before or 365 days after the Foreign Successor Issuer first
becomes liable to pay any Additional Amount. If the Foreign Successor Issuer requests the Trustee to provide the notice in accordance with Section 4.03 of the Original Indenture, the Trustee shall receive written notice from the Company at
least 10 days prior to when such notice of redemption is to be delivered (unless a shorter period is agreed by the Trustee). 

  
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 ARTICLE FIVE 

RANKING 

Section 5.1.    Senior in Right of Payment. The Senior Notes shall be direct
senior obligations of the Company and shall rank (a) senior in right of payment to all existing and future indebtedness that is, by its terms, expressly subordinated in right of payment to the Senior Notes and (b) pari passu
in right of payment with all other senior indebtedness of the Company. 
 ARTICLE SIX 

AMENDMENTS 

Section 6.1.    Amendments. The Original Indenture is hereby amended, with respect to the Senior Notes, by the
following: 
 (a)    The Original Indenture is hereby amended, with respect to the Senior Notes, by replacing the text
of Sections 14.02(a)(i)-(iv) thereof with the following text: 

“(i)    reduce the percentage in principal amount of Outstanding Senior Notes, the consent of whose
Holders is required for any amendment of the Indenture or the consent of whose Holders is required for any waiver of compliance with provisions of the Indenture or Defaults under the Indenture; 

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

(iii)    reduce the principal, or premium, if any, due on, the Senior Notes or change the Stated Maturity
thereof; 
 (iv)    change the Place of Payment where, or the Currency in which, any Senior Note or any
premium or interest thereon is payable; 
 (v)    change the provisions relating to waiver of defaults
under the Indenture (including, without limitation, Sections 6.06 and 7.06); 
 (vi)    modify the
provisions of the Indenture relating to the ranking of the Senior Notes in a manner adverse to Holders; 

(vii)    impair the right of Holders to institute suit for the enforcement of any payment on or after the
Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); or 

(viii)    modify any of the provisions of this Section 14.02(a), except to increase any such
percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby.” 

  
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 (b)    The Original Indenture is hereby amended, with respect to the Senior
Notes, by adding the following text as new Section 11.01(o): 
 “(o)    In no event shall the
Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.” 
 ARTICLE SEVEN 

DEFEASANCE/SATISFACTION AND DISCHARGE 

Section 7.1.    Satisfaction and Discharge of Indenture/Defeasance. The Senior
Notes will be subject to Article 12 of the Original Indenture; provided, however, that in connection with any deposit of funds with the Trustee pursuant to Section 12.02 of the Original Indenture, if on the date of such deposit,
the interest payable to the Stated Maturity or Redemption Date cannot be calculated, the amount deposited shall be sufficient to the extent that an amount is deposited with the Trustee equal to the interest payable to the Stated Maturity or the
Redemption Date calculated by reference to the interest rate in effect on the date of such deposit, with any deficit on the Stated Maturity or Redemption Date, as applicable (any such amount, the “Applicable Deficit”), only
required to be deposited with the Trustee at or prior to 11:00 a.m., New York City time, on or prior to the Stated Maturity or such Redemption Date, as applicable (it being understood that any satisfaction and discharge shall be subject to the
condition subsequent that such deficit is in fact paid), and if deposited with the Trustee on the Redemption Date, deposited in accordance with Section 4.04 of the Original Indenture, if applicable. Any Applicable Deficit shall be set forth in
an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Deficit that confirms that such Applicable Deficit shall be applied to the interest payable at the Stated Maturity or on such Redemption Date,
as applicable. 
 Section 7.2.    Covenant Defeasance. With respect to the Senior Notes, the Company
shall cease to be under any obligation to comply with any term, provision or condition set forth in Sections 3.2 and 3.3 of this Fifth Supplemental Indenture if the Company satisfies the conditions applicable to covenant defeasance applicable to
subsection (b) of the first paragraph of Section 12.03 of the Original Indenture. 

Section 7.3.    Opinion Related To Defeasance. The Original Indenture is hereby amended,
with respect to the Senior Notes, by replacing the text of Section 12.03(c) thereof with the following text: 

“The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that beneficial holders of the
Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the Company’s exercise of its option under this Section and will be subject to federal income tax on the same amounts and in
the same manner and at the same times as would have been the case if such action had not been exercised and, in the case of the Securities of such series being Discharged, accompanied by a ruling to that effect received from or published by the
Internal Revenue Service.” 

  
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 ARTICLE EIGHT 

PAYING AGENT AND TRANSFER AGENT 

Section 8.1.    Wells Fargo Bank, National Association hereby agrees to act as Paying Agent and Transfer Agent in
respect of the Senior Notes. 
 Section 8.2.    An Agent may resign and be discharged from its duties hereunder at
any time, other than on a day during the forty-five (45) day period preceding and fifteen (15) day period following any payment date for the Senior Notes, (i) by giving thirty (30) calendar days’ prior written notice of such
resignation to the Company or (ii) upon notice to the Company with immediate effect in order to comply with law or regulation. If the Company fails to appoint a successor Agent within thirty (30) days after such notice, the applicable
Agent may apply to a court of competent jurisdiction for the appointment of a successor agent or for other appropriate relief. The costs and expenses (including its attorneys’ fees and expenses) incurred by the applicable Agent in connection
with such proceeding shall be paid by the Company. The Company may, at any time and for any reason upon at least thirty (30) calendar day’s prior written notice to the applicable Agent, remove any Agent and appoint a successor Agent by
written instrument in duplicate signed on behalf of the Company, one copy of which shall be delivered to the applicable Agent being removed and one copy to the successor Agent. 

Section 8.3.    Any entity into which any Agent in its individual capacity may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which an Agent in its individual capacity shall be a party, or any corporation to which substantially all of the corporate trust business of an
Agent in its individual capacity may be transferred shall be the applicable Agent under this Fifth Supplemental Indenture without further action. 

ARTICLE NINE 
 MISCELLANEOUS 

Section 9.1.    Execution as Supplemental Indenture. This Fifth Supplemental Indenture is
executed and shall be construed as an indenture supplemental to the Original Indenture and, as provided in the Original Indenture, this Fifth Supplemental Indenture forms a part thereof. 

Section 9.2.    Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision hereof, or with a provision of the Original Indenture, which is required to be included in this Fifth Supplemental Indenture, or in the Original Indenture, respectively, by any of the provisions of the
Trust Indenture Act, such required provision shall control to the extent it is applicable. 

Section 9.3.    Effect of Headings. The Article and Section headings herein are for convenience
only and shall not affect the construction hereof. 
 Section 9.4.    Successors and Assigns.
All covenants and agreements by the Company and the Trustee in this Fifth Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. 

  
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 Section 9.5.    Separability Clause. In case any provision
in this Fifth Supplemental Indenture or in the Senior Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 9.6.    Benefits of Fifth Supplemental Indenture. Nothing in this Fifth
Supplemental Indenture or in the Senior Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Fifth
Supplemental Indenture. 
 Section 9.7.    Execution and Counterparts. This Fifth Supplemental
Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Fifth Supplemental
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Fifth Supplemental Indenture as to the parties hereto and may be used in lieu of the original Fifth Supplemental Indenture
for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 9.8.    Governing Law. This Fifth Supplemental Indenture and the Senior Notes shall be governed
by and construed in accordance with the laws of the State of New York. 
 Section 9.9.    U.S.A.
Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is
required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Fifth Supplemental Indenture agree that they will provide the
Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

Section 9.10.    Force Majeure. In no event shall the Trustee be responsible or liable for any failure
or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 9.11.    Trustee’s Disclaimer. The Trustee accepts the amendments of the
Original Indenture effected by this Fifth Supplemental Indenture, but on the terms and conditions set forth in the Original Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee.
Without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the
Company, or for or with respect to (i) the validity or sufficiency of this Fifth Supplemental Indenture or any of the terms or provisions hereof, (ii) proper authorization hereof by the Company by action or otherwise, (iii) the due
execution hereof by the Company or (iv) the consequences of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters. 

  
 -23- 

 
  
  

 Section 9.12.    Company Representation. The Company
hereby represents and warrants that this Fifth Supplemental Indenture is its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

Section 9.13.    Ratification of Original Indenture. The Original Indenture, as
supplemented by this Fifth Supplemental Indenture, is in all respects ratified and confirmed. For the avoidance of doubt, each of the Company and each Holder of Senior Notes, by its acceptance of such Securities, acknowledges and agrees that all of
the rights, privileges, protections, immunities and benefits, including the right to be indemnified, afforded to the Trustee under the Original Indenture are deemed to be incorporated herein, and shall be enforceable by the Trustee hereunder, in
each of its capacities hereunder as if set forth herein in full. 
 [Remainder of Page Intentionally Left Blank] 

  
 -24- 

 
  
  

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly
executed as of the day and year first above written. 
  

			
	NASDAQ, INC.
		
	By:	 	 /s/ Michael Ptasznik

	Name:	 	Michael Ptasznik
	Title:	 	Executive Vice President, Corporate
		 	Strategy and Chief Financial Officer
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

		
	By:	 	 /s/ Stefan Victory

	Name:	 	Stefan Victory
	Title:	 	Vice President
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Paying Agent

		
	By:	 	 /s/ Stefan Victory

	Name:	 	Stefan Victory
	Title:	 	Vice President
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Transfer Agent

		
	By:	 	 /s/ Stefan Victory

	Name:	 	Stefan Victory
	Title:	 	Vice President

  
 [Signature Page –
Supplemental Indenture] 

 EXHIBIT A 

[FORM OF SENIOR FLOATING RATE NOTES DUE 2019] 

[Insert any legend required by the Internal Revenue Code and the regulations thereunder.] 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF
THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“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 HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE
OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
 A-1 

 
  
  

 NASDAQ, INC. 

Senior Floating Rate Notes due 2019 
  

			
	 No.             
	  	$500,000,000
		
		  	CUSIP No.: 631103 AH1

 NASDAQ, INC., a corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO, or registered assigns, the principal sum of $500,000,000 (FIVE
HUNDRED MILLION DOLLARS) on March 22, 2019, and to pay interest thereon from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid, from the Issue Date quarterly in arrears
on March 22, June 22, September 22 and December 22 of each year, beginning December 22, 2017 and at the Maturity thereof, until the principal hereof is paid or made available for payment (subject in each case to the Business
Day Convention), provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate from time to time borne by this Security (to the extent that the payment of such interest shall
be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. Any interest that is payable and is punctually paid or duly provided for on any Interest
Payment Date shall be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the regular Record Date for such interest, which shall be the preceding March 7, June 7,
September 7 or December 7, as the case may be. Interest payable on the Securities will be calculated on the basis of the actual number of calendar days in the calculation period divided by 360. 

The interest rate for the first Interest Period (as defined below) will be the three-month U.S. dollar LIBOR, as determined on September 20, 2017, plus
0.390%. The interest rate for each Interest Period after the first Interest Period will be the three-month U.S. dollar LIBOR, as determined on the applicable Interest Determination Date, plus 0.390%. The interest rate for the Securities will be
reset quarterly on each Interest Reset Date. 
 The Calculation Agent (as defined below) will determine the three-month U.S. dollar LIBOR in accordance with
the following provisions: with respect to any Interest Determination Date, the three-month U.S. dollar LIBOR will be the rate (expressed as a percentage per annum) for deposits in U.S. Dollars having a maturity of three months that appears on the
designated LIBOR page (as described below) as of 11:00 a.m., London time, on such Interest Determination Date. If the three-month U.S. dollar LIBOR does not appear on the designated LIBOR page, the three-month U.S. dollar LIBOR, in respect of such
Interest Determination Date, will be determined as follows: the Calculation Agent will request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Company, to provide the Calculation
Agent with its offered quotation for deposits in U.S. Dollars for the period of three months commencing on the applicable Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that Interest
Determination Date and in a principal amount of not less than $1,000,000 for a single transaction in U.S. Dollars in such 

  
 A-1 

 
  
  

 
market at such time. If at least two quotations are provided, then the three-month U.S. dollar LIBOR on such Interest Determination Date will be the arithmetic mean of such quotations. If fewer
than two such quotations are provided, then the three-month U.S. dollar LIBOR on such Interest Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., New York City time, on such Interest Determination Date by
three major reference banks in New York City selected by the Company for loans in U.S. Dollars to leading European banks, having a three-month maturity and in a principal amount of not less than $1,000,000 for a single transaction in U.S. Dollars in
such market at such time; provided, however, that if the Calculation Agent requests quotations from banks that are not providing quotations in the manner described by this sentence, the three-month U.S. dollar LIBOR determined as of such Interest
Determination Date will be the three-month U.S. dollar LIBOR in effect prior to such Interest Determination Date. 
 The “designated LIBOR page”
shall be Bloomberg L.P. page “BBAM” or such other page as may replace Bloomberg L.P. page “BBAM” on that service or any successor service for the purpose of displaying London interbank offered rates for United States dollar
deposits of major banks. 
 All percentages resulting from any calculation of any interest rate for the Securities will be rounded, if necessary, to the
nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 3.876545% (or .03876545) would be rounded to 3.87655% (or .0387655)), and all
U.S. Dollar amounts will be rounded to the nearest cent, with one-half cent being rounded upward. Each calculation of the interest rate on the Securities by the Calculation Agent will (in the absence of
manifest error) be final and binding on the Holders of the Securities and the Company. 
 “Business Day Convention” means if
any Interest Payment Date in respect of any Securities (other than the Stated Maturity) is not a Business Day, then such Interest Payment Date will be postponed to the next succeeding Business Day unless that Business Day is in the next succeeding
calendar month, in which case the Interest Payment Date will be the immediately preceding Business Day. If any such Interest Payment Date (other than the Stated Maturity) is postponed or brought forward as described above, the interest amount will
be adjusted accordingly and the Holder will be entitled to more or less interest, respectively. If the Stated Maturity in respect of the Securities is not a Business Day, the payment of principal and interest at the Stated Maturity will not be made
until the next following Business Day and no further interest will be paid in respect of the delay in such payment. 
 “Calculation
Agent” means Wells Fargo Bank, National Association, in its capacity as calculation agent for the Securities under a Calculation Agency Agreement between the Company and Wells Fargo Bank, National Association to be dated as of the Issue
Date; provided, that the Company may change the calculation agent without prior notice to or consent of the Holders of the Securities. 

“Interest Determination Date” means, for each Interest Reset Date, the second London Business Day preceding such Interest Reset
Date. 

  
 A-2 

 
  
  

 “Interest Payment Date” means March 22, June 22, September 22 and
December 22 of each year (subject in each case to the Business Day Convention). 
 “Interest Period” means the period beginning
on, and including, an Interest Payment Date and ending on, but not including, the following Interest Payment Date; provided that the first Interest Period will begin on the Issue Date, and will end on, but not include, the first Interest Payment
Date. 
 “Interest Reset Date” means for each Interest Period, other than the first Interest Period, the first day of such
Interest Period. 
 “London Business Day” means any day except a Saturday, a Sunday or a day on which banking institutions in
London are authorized or required by law, regulation or executive order to close. 
 Payment of the principal of (and premium, if any) and any such interest
on this Security will be made at the office or agency maintained for that purpose in New York, New York, in such currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, against
surrender of this Security in the case of any payment due at the Maturity of the principal hereof (other than any payment of interest that first becomes payable on a day other than an Interest Payment Date); provided, however, that at
the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Register; and provided, further, that if this Security is a Global Security, payment may be
made pursuant to the Applicable Procedures of the Depositary as permitted in the Indenture. 
 Reference is hereby made to the further provisions of this
Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-3 

 
  
  

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	NASDAQ, INC.
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 A-4 

 
  
  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 

Date of authentication: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-5 

 
  
  

 [FORM OF REVERSE OF SENIOR FLOATING RATE NOTES DUE 2019] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), of the series hereinafter
specified, issued and to be issued in one or more series under a Indenture, dated as of June 7, 2013 (the “Original Indenture”), as supplemented by the Fifth Supplemental Indenture, dated as of September 22, 2017
(the “Fifth Supplemental Indenture” and as so supplemented, the “Indenture”), between the Company and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), paying agent, registrar and transfer agent, and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which this Security are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof initially limited in
aggregate principal amount to $500,000,000, provided that the Company may, without the consent of any Holder, at any time and from time to time increase the initial principal amount. 

Except pursuant to Section 4.2 of the Fifth Supplemental Indenture, the Securities of this series are not redeemable at the Company’s option. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security and certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of Default with
respect to the Securities of this series shall occur and be continuing, the unpaid principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions (i) permitting the Holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding, on behalf of the Holders of all Securities
of such series, to waive compliance by the Company with certain provisions of the Indenture with respect to such series and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of any series to
be affected under the Indenture (with each such series considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this
Security shall not have the right to institute any proceeding with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have

  
 A-6 

 
  
  

 
previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities
of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity reasonably satisfactory to it, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or
any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Register, upon surrender of this Security for registration of transfer at the Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof
or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees. 
 The Securities of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples
of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities of this series are exchangeable for a like aggregate principal amount of the Securities of this series of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not
this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security is a Global
Security and is subject to the provisions of the Indenture relating to Global Securities, including the limitations in Section 3.06 of the Original Indenture and Section 2.8 of the Fifth Supplemental Indenture on transfers and exchanges of
Global Securities. 
 THE SECURITIES OF THIS SERIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

All capitalized terms used but not defined in this Security shall have the meanings assigned to them in the Indenture. 

  
 A-7EX-10.1

 Exhibit 10.1 

BAIN CAPITAL RISE EDUCATION II CAYMAN LIMITED 

(the “Company”) 

2016 Equity Incentive Plan 

(For P.R.C. Citizen) 
  

	1.	PURPOSE AND TERM OFPLAN. The purpose of this Plan is to provide incentives and rewards to attract, retain and motivate eligible senior executives and key employees of the Company and its Subsidiaries,
whose present and potential contributions are important to the success of the Company, by offering such executives and employees an opportunity to participate in the Company’s future performance through awards of certain stock options.

 Unless earlier terminated as provided herein, this Plan will terminate ten (10) years from the Effective Date or, if
earlier, the date of shareholder approval. 
  

	2.	DEFINITIONS. As used in this Plan and the Option Agreement, the following terms will have the following meanings ascribed to them: 

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

“Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which
commercial banks are required or authorized by law to be closed in the Cayman Islands or Hong Kong, or the People’s Republic of China. 

“Cash Proceeds” means all sales proceeds, distributions and dividends in respect of the Ordinary Shares
in cash and shall exclude, for the avoidance of doubt, any director fees, management fee, transaction fee or other consideration, if any, paid in relation to the Company. 

“Cause” means, in the context of Termination of a Participant, where any of the following have arisen
with respect to such Participant: (a) any willful, material violation by the Participant of any law or regulation applicable to the business of the Company or a Subsidiary of the Company, the Participant’s conviction for, or guilty plea
to, a felony (being a crime punishable by imprisonment of one year or more under applicable law) or a crime involving moral turpitude, or any willful perpetration by the Participant of a common law fraud, (b) the Participant’s commission
of an act of personal dishonesty which involves personal profit in connection with the Company, any of its Subsidiaries or any other entity having a business relationship with the Company or any of its Subsidiaries, (c) any material breach by
the Participant of any provision of any agreement or understanding between the Company or any Subsidiary of the Company and the Participant regarding the terms of the Participant’s service as an employee to the Company or a Subsidiary of the
Company, including without limitation, the willful and continued failure or refusal of the Participant to perform the material duties required of such Participant as a senior executive officer or key employee (as the case may be) of the Company or a
Subsidiary of the Company (other than as a result of having a Disability), or a breach of any applicable invention assignment and confidentiality agreement or similar agreement between the Company or a Subsidiary of the Company and the Participant,
(d) the Participant’s disregard of the policies of the Company or any Subsidiary of the Company so as to cause loss, damage or injury to the property, reputation or employees of the Company or a Subsidiary of the Company, or (e) any
other misconduct by the Participant which is injurious to the financial condition or business reputation of, or is otherwise injurious to, the Company or a Subsidiary of the Company or the Investor. 

  
 1 

 “Change of Control” means the change of the controlling
party in the event of any of the following (as determined by the Compensation Committee acting reasonably): (a) a merger or consolidation after which the Investor (x) ceases to own at least a majority of the outstanding shares of capital stock
(regardless of class) of the Company and (y) does not otherwise have Control of the Company, (b) the sale of all or substantially all of the assets of the Company in one transaction or series of related transactions followed by the
liquidation of the Company, or (c) a sale or issuance of shares (excluding an IPO) following which the Investor (x) ceases to own at least a majority of the outstanding shares of capital stock (regardless of class) of the Company and
(y) does not otherwise have Control of the Company. 
 “Compensation Committee”
means the Compensation Committee created and appointed by the Board to administer this Plan, or if no Compensation Committee is created and appointed, the Board. 

“Company” means Bain Capital Rise Education II Cayman Limited, a Cayman Islands company, or any successor
of the Company. 
 “Confidential Information” means any information concerning the Company, any of its
subsidiaries, the Investor and any affiliate of any of the foregoing, including, but not limited to, information relating to the financial condition, business, operations or prospects of any such Persons in the possession of or furnished to any
Participant (including the Plan and all documentation related thereto); provided that the term “Confidential Information” does not include information that (i) is or becomes generally available to the public other than as a
result of a disclosure by a Participant in violation of an obligation of confidentiality, or (ii) is or was available to such Participant on a non-confidential basis. 

“Control” means, in respect of any Person, the possession of, or the entitlement to currently possess,
whether held directly or indirectly, the power to manage or direct the management of such Person, or to appoint the managing and governing bodies of such Person, or a majority of the members thereof, whether through the ownership of voting
securities, by contract or other written instrument (which may include a shareholders agreement, side letter or similar arrangement) or otherwise (and for the avoidance of doubt, a limited partnership shall be deemed to be Controlled by its general
partner and/or by such other Person or Persons to whom such Control may have been granted or whom the limited partnership may have appointed to carry out those functions ordinarily associated with the rights and obligations of the general partner).

 “Disability” means a disability, whether temporary or permanent, partial or total, as determined by
the Compensation Committee. 
 “Effective Date” means [INSERT DATE OF ADOPTION OF THE
PLAN] 2014. 
 “Exercise Price” means the price at which a holder of an Option may
purchase the Ordinary Shares issuable upon exercise of the Option, as specified by this Plan and the respective Option Agreement. 

  
 2 

 “Expiration Date” means the tenth (10th) anniversary of the Effective Date or, if earlier, upon Termination (subject to extension in furtherance of Section 4.1(k)), death or Disability of the Participant, or any
other date determined by the Compensation Committee. 
 “Fair Market Value” means, as of any date, the
value of a share of the Company’s Ordinary Shares determined as follows: (i) if the Ordinary Shares are then listed on a national stock exchange, the average closing sales price per share on the exchange for the last preceding ten
(10) days on which there was a sale of Ordinary Shares on such exchange, as determined by the Compensation Committee; (ii) if Ordinary Shares are not then listed on a national stock exchange but are then traded on an over-the-counter market, the average of the closing bid and asked prices for the Ordinary Shares in such
over-the-counter market for the last ten (10) preceding days on which there was a sale of such Ordinary Shares in such market, as determined by the Compensation
Committee; or (iii) if the Ordinary Shares are not then listed on a national stock exchange or traded on an over-the-counter market, such value as the Compensation
Committee in its discretion may in good faith determine; provided that, where the Ordinary Shares are so listed or traded, the Compensation Committee may make discretionary determinations where the Ordinary Shares have not been traded for 10
consecutive trading days immediately before such date. 
 “Hong Kong” shall mean Hong Kong Special
Administration Region of the People’s Republic of China. 
 “Investor” means Bain Capital Rise
Education IV Cayman Ltd., its affiliates and the funds and other entities controlled, managed or advised by any of the foregoing (other than the Company and its Subsidiaries). 

“IPO” means a sale pursuant to an initial public offering of the Ordinary Shares of the Company in an
internationally recognized stock exchange or market pursuant to an effective registration statement filed under the applicable securities law. 

“MoM” means, on any date, (1) all Cash Proceeds received by the Investor after the initial
investment in the Company, divided by (2) the aggregate investment amount paid by the Investor for the Ordinary Shares initially acquired by the Investor plus the aggregate value (as determined by the Board) of all cash and other investments
thereafter made by the Investor in the Company and its Subsidiaries from time to time. 

“Option” means an award of an option to purchase Ordinary Shares pursuant to
Section 5 hereof. 
 “Option Agreement” means, with respect to each Option, the
signed written agreement (including the exhibits thereto) between the Company and the Participant setting forth the terms and conditions of the Option. 

“Ordinary Shares” means the Company’s ordinary shares, US$0.01 par value per share, and any
successor security. 
 “Participant” means a person who receives an Option under this
Plan. 
 “Person” means an individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization, any other business or non-profit entity and a governmental entity or any department, agency or political
subdivision thereof. 

  
 3 

 “Plan” means the Company’s 2014 Equity
Incentive Plan set out in this document, as amended from time to time pursuant to its terms. 
 “Regulatory
Extension” means, with respect to any time period and applicable transaction, an extension of such time period until such time as any requisite or material regulatory, governmental or contractual approval (from a third party that
is not a party to such applicable transaction), required in connection with such transaction is obtained, so long as the applicable parties are undertaking reasonable efforts to obtain such approval and such approval may reasonably be expected to be
obtained. 
 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited
liability company, association or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled to vote in the election of directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, limited liability company, association or other business entity, either (A) a
majority of partnership or other similar ownership interests thereof are at the time owned or controlled, directly or indirectly, by such Person or one or more Subsidiaries of that Person or a combination thereof or (B) such Person is a general
partner, managing member of managing director of such partnership, limited liability company, or other business entity. 

“Solvent Reorganization” means any solvent reorganization of the Company, including by recapitalization,
transfer or sale of Ordinary Shares or assets, or contribution of assets and/or liabilities, or any liquidation, exchange of securities, migration of entity, formation of new entity, or any other transaction or group of related transactions, in
which: (i) all holders of the same class of securities of the Company (including Options and Ordinary Shares) are offered the same consideration in respect of such securities; (ii) each such holder’s pro rata (direct and indirect)
economic interest in the business of the Company and its Subsidiaries (relative to all other holders, directly or indirectly, of Options and Ordinary Shares) are preserved; and (iii) the economic rights of each Participant in the Plan are
preserved in all material respects. 
 “Termination” or “Terminated”
means, for purposes of this Plan with respect to a Participant that such Participant has for any reason ceased to provide services as an executive officer or an employee to the Company or a Subsidiary of the Company. A Participant will not
be deemed to have ceased to provide services in the case of sick leave, military leave or any other leave of absence approved by the Compensation Committee in writing, provided that such leave is for a period of not more than 90 days (a) unless
reinstatement (or, in the case of an employee with an ISO, reemployment) upon the expiration of such leave is guaranteed by contract or statute, or (b) unless provided otherwise pursuant to formal policy adopted from time to time by the
Company’s Board and issued and promulgated in writing. In the case of any Participant on sick leave, military leave or an approved leave of absence, the Compensation Committee may make such provisions respecting suspension of vesting of the
Options while on leave from the Company or a Subsidiary of the Company as it may deem appropriate, except that in no event may an Option be exercised after the respective Expiration Date. The Compensation Committee will have sole discretion to
determine whether a Participant has ceased to provide services. The date on which notice is delivered (by the Participant or the Company or a Subsidiary of the Company) of such cessation of services shall be the effective date of such termination
for determining such Participant’s rights in relation to the Plan (the “Termination Date”). 

  
 4 

	3.	SHARES SUBJECT TO THE PLAN. 

 3.1    Number of
Ordinary Shares Available. Subject to Section 3.2, one Ordinary Share will be reserved and available for grant and issuance with respect to each Option pursuant to this Plan (collectively, the
“Option Shares”). Subject to Section 3.2 hereof, Option Shares reserved for issuance in relation to this Plan will be available for issuance in connection with the exercise of any Option under this
Plan, including to the extent such Option Shares: (a) are issued pursuant to an Option exercised hereunder but the Ordinary Shares are forfeited or repurchased by the Company; or (b) are subject to an Option that otherwise terminates
without Option Shares being issued. At all times the Company will reserve and keep available a sufficient number of Option Shares as will be required to satisfy the requirements of all Options granted and outstanding under this Plan. 

3.2    Adjustment of the Option Shares. In the event that the number of the Company’s
outstanding Ordinary Shares is changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, consolidation, reclassification or similar change in the capital structure of the Company without consideration
(a “Capitalization Event”), then, with respect to each Option outstanding prior to such Capitalization Event, (a) the number of Ordinary Shares reserved for issuance under this Plan, and (b) the Exercise Prices and
number of Ordinary Shares subject to each outstanding Option will be proportionately adjusted as determined by the Compensation Committee such that the Fair Market Value of the Option Shares subject to each Option following such Capitalization Event
equals the Fair Market Value of the Option Shares subject to each Option immediately preceding such Capitalization Event, provided that the holder of such Option takes all such actions as are required by the Board or the shareholders of the
Company and complies with applicable securities laws, the Plan and the Option Agreement; provided further, however, that fractions of an Ordinary Share will not be issued but will be rounded down to the nearest whole Ordinary
Share; and provided, finally, that the Exercise Price of any Option may not be decreased below the par value of the Ordinary Shares subject to such Option. 
  

	4.	ADMINISTRATION. 

 4.1    Compensation Committee
Authority. This Plan will be administered by the Compensation Committee. Subject to the general purposes, terms and conditions of this Plan, and to the direction of the Board, the Compensation Committee will have full power to
implement and carry out this Plan. Without limitation, the Compensation Committee will have the authority to: 
  

	 	(a)	construe and interpret this Plan, any Option Agreement and any other agreement or document executed pursuant to this Plan; 

  

	 	(b)	prescribe, amend and rescind rules and regulations relating to this Plan; 

  

	 	(c)	approve persons to receive each Option; 

  

	 	(d)	determine the form and terms of each Option; 

  

	 	(e)	determine the number of Ordinary Shares or other consideration subject to each Option; 

  

	 	(f)	determine whether each Option will be granted singly, in combination with, in tandem with, in replacement of, or as alternatives to, other Options under this Plan or awards under any other incentive or compensation plan
of the Company or any Subsidiary of the Company; 

  
 5 

	 	(g)	grant waivers of any conditions of this Plan or any Option; 

  

	 	(h)	determine the terms of vesting, exercisability and payment of each Option; 

  

	 	(i)	correct any defect, supply any omission, or reconcile any inconsistency in this Plan, any Option, or any Option Agreement; 

  

	 	(j)	determine whether an Option has been earned; 

  

	 	(k)	extend the vesting period beyond a Participant’s Termination Date; and 

  

	 	(l)	make all other determinations for the administration of this Plan. 

4.2    Compensation Committee Discretion. Unless in contravention of any express terms of this
Plan or Option, any determination required in relation to the Plan, the Option Agreement, an Option or an Option Share shall be made by the Compensation Committee in its sole discretion either (a) at the time of grant of the Option, or
(b) at any later time. Any such determination will be final and binding on the Company and on all persons having an interest in any Option under this Plan or Option Share. The Compensation Committee may delegate to one or more officers of the
Company the authority to grant an Option under this Plan, provided that such officer or officers are members of the Board. 
  

	5.	OPTIONS.    The Compensation Committee may grant one or more Options to eligible persons and will determine the number of Ordinary Shares subject to the Options, the
Exercise Price of the Options, the period during which the Options may be exercised, and all other terms and conditions of the Options, subject to the following: 

5.1    Form of Option Grant. Each Option granted under this Plan will be evidenced by an Option
Agreement (which may relate to one or more Options granted) substantially in form and substance as attached hereto as Exhibit A, or in such other form and contain such provisions (which need not be the same for each Participant) as the
Compensation Committee may from time to time approve, and which will comply with and be subject to the terms and conditions of this Plan. 

5.2    Date of Grant. The date of grant of an Option will be the date upon which the
Compensation Committee makes the determination to grant such Option, unless a later date is otherwise specified by the Compensation Committee. The Option Agreement and a copy of this Plan will be delivered to the Participant within a reasonable time
after the granting of the Option. 
 5.3    Vesting. Each Option, to the extent that there has been
no Termination of the respective Participant’s employment for Cause and the Option has not otherwise lapsed, expired, terminated or been forfeited, shall be vested and accelerated according to the terms and conditions set forth in the Option
Agreement, as determined by the Compensation Committee at the time of grant, and shall otherwise not be vested. All Options held by a Participant which are otherwise not vested on such Participant’s Termination Date shall automatically lapse,
without any compensation or other obligation to such Participant, and shall have no further force and effect. Notwithstanding the Vesting Schedules attached to the respective Option Agreement or the nature of the vesting applicable to an Option, the
Compensation Committee also may provide for Options to be vested at one time or from time to time, periodically or otherwise, in such number of Options or percentage of Options as the Compensation Committee determines at any time. 

  
 6 

 5.4    Exercise of Option.

 

	 	(a)	Generally. Each Option (notwithstanding the nature of the vesting applicable thereto), once vested in accordance with the Plan and the Option Agreement, can be exercised only in the following circumstances:

  

	 	(1)	Change of Control. In the event of a Change of Control, each vested Option (including each Option which would be vested upon completion of such Change of Control) shall become exercisable immediately before the
transaction giving rise to such Change of Control completes. All Options (vested and unvested) which are not validly exercised by the date specified by the Board (the “Change of Control Exercise Date”) shall automatically lapse upon
Completion of such Change of Control, without any compensation or other obligation to such Participant, and shall have no further force and effect, provided that the Company gives the respective Participant holding such vested Option at least
five (5) Business Days advance written notice prior to the Change of Control Exercise Date regarding such Change of Control. 

Notwithstanding anything to the contrary, the exercise of each vested Option in relation to a Change of Control shall be conditioned on
completion of such Change of Control, and in the event the Board determines that the respective Change of Control has been cancelled, terminated or will not otherwise complete for any reason, all Options otherwise exercised in relation thereto shall
remain outstanding, unexercised and subject to the rights and obligations of the Plan and the Option Agreement (including the right to be exercised upon a subsequent Change of Control or IPO), the respective Option Exercise Agreement shall
automatically lapse and lose force and effect, and the Company shall promptly refund to each respective Participant the aggregate Exercise Price paid by such Participant in relation to such Options subject to exercise. 

 

	 	(2)	IPO. In the event of an IPO, each such vested Option shall become exercisable upon such IPO. Following an IPO, vested Options (including Options which thereafter become vested for the first time) shall remain
exercisable (subject to the remainder of this Plan, including expiration in accordance with Section 5.5). 

  

	 	(b)	Exercise at Other Times. The Compensation Committee also may provide for Options to be exercisable at one time or from time to time, periodically or otherwise, in such number of Options or percentage of Options
as the Compensation Committee determines at any time. 

  

	 	(c)	Limitations on Exercise. The Compensation Committee may specify a reasonable minimum number of Ordinary Shares that may be purchased on any exercise of Options; provided that such minimum number will not
prevent Participant from exercising all of the then fully vested and exercisable Options held by such Participant. 

  
 7 

	 	(d)	Exercise Price. The Exercise Price of an Option will be determined by the Compensation Committee when the Option is granted. For the avoidance of doubt, the Exercise Price of [see
Option Agreement] Options to be granted hereunder in 2014 (the “2014 Batch”) by the Board will be USD[see Option Agreement], equal to the purchase price per ordinary share paid by the Investor in its initial
investment in the Company. 

  

	 	(e)	Method of Exercise. Each Option may be exercised only by delivery to the Company of a written stock option exercise agreement in a form approved by the Compensation Committee (“Option
Exercise Agreement”), which needs not be the same for each Participant. The Option Exercise Agreement will state (a) the number of Ordinary Shares being purchased (not to exceed the number of Ordinary Shares
associated with the Options then vested and exercisable by the respective Participant, as determined by the Compensation Committee), (b) the restrictions imposed on the Ordinary Shares purchased under such Option Exercise Agreement, if any in
addition to those set out in this Plan, and (c) such representations and agreements regarding the Participant’s investment intent and access to information and other matters, if any, as may be required or desirable by the Company to comply
with applicable securities laws. The Participant shall execute and deliver to the Company the Option Exercise Agreement together with payment in full of the Exercise Price, and any applicable taxes, for the number of Ordinary Shares being purchased.
An election to exercise an Option shall be effective and validly made by a Participant at the moment that a binding Option Exercise Agreement (with no further conditions to be satisfied by the respective Participant) is delivered by the respective
Participant to the Board in accordance with the terms of this Plan and such Option Exercise Agreement. 

5.5    Termination; Expiration Date; Effect of Lapse. Subject to earlier buy-out pursuant to Section 13, notwithstanding the exercise periods set forth in the Option Agreement, exercise of an Option, unless otherwise determined by the Compensation
Committee, will always be subject to the terms and conditions of the Option Agreement, provided that each Option (whether vested or unvested) shall automatically lapse on the Expiration Date, without any compensation or other obligation to
such Participant, and have no further force and effect. The lapsing, termination or forfeiture of any Option shall in no way limit the obligations of the respective Participant pursuant to the Plan and the Option Agreement, including in relation to
any other Options or Option Shares then held by such Participant. 
 5.6    Modification, Extension or
Renewal. The Compensation Committee may modify, extend or renew outstanding Options and authorize the grant of new Options in substitution therefore, and each Participant will cooperate in taking all actions which the Compensation
Committee reasonably requires in relation to such substitution; provided that any such action may not impair any of a Participant’s rights under any Option previously granted, without the written consent of such Participant or the
written consent of Participants then holding a majority of the outstanding Options or as otherwise contemplated by the Plan. The Compensation Committee may reduce the Exercise Price of each outstanding Option without the consent of Participants by a
written notice to them; provided, however, that the Exercise Price may not be reduced below the minimum Exercise Price that would be permitted under Section 5.4(d) hereof for each Option granted
on the date the action is taken to reduce the Exercise Price; provided further, that the Exercise Price will not be reduced below the par value of the respective Ordinary Shares, if any. 

  
 8 

	6.	PAYMENT FOR SHARE PURCHASES. Payment of the Exercise Price for Option Shares purchased pursuant to this Plan may be made in cash (by check) or, with the consent of the Company, by waiver of
compensation due or accrued to the Participant from the Company for services rendered, or the combination of the foregoing. The Compensation Committee may, in its sole discretion, to the extent permitted by law, elect to assist the Participant in
paying for Option Shares purchased under this Plan by authorizing a guarantee by the Company of a third-party loan to the Participant. Furthermore, the Compensation Committee may, in its sole discretion, allow a Participant to satisfy part or all of
the Exercise Price payable upon exercise of one or more Options held by such Participant by allowing such Participant to waive its rights to a number of vested and exercisable Options in respect of which the related Option Shares have a Fair Market
Value (reduced by the respective Exercise Price applicable to the Options so waived) equal to part or all of the Exercise Price otherwise payable by such Participant. 

 

	7.	WITHHOLDING TAXES. 

 7.1    Withholding
Generally. Whenever Ordinary Shares are to be issued in satisfaction of Option granted under this Plan, the Company may require the Participant to remit to the Company an amount sufficient to satisfy withholding tax requirements in
any applicable jurisdiction prior to the delivery of any certificate or certificates for such Ordinary Shares. Whenever, under this Plan, payments in satisfaction of Option are to be made in cash by the Company, such payment will be net of an amount
sufficient to satisfy all applicable withholding tax requirements. 
 7.2    Stock Withholding.
When, under applicable tax laws, a Participant incurs tax liability in connection with the exercise or vesting of any Option that is subject to tax withholding and the Participant is obligated to pay the Company the amount required to be
withheld, the Compensation Committee may in its sole discretion allow the Participant to satisfy the minimum withholding tax obligation by electing to have the Company withhold from the Ordinary Shares to be issued that minimum number of Ordinary
Shares having a Fair Market Value (after reduction for the respective Exercise Price, if not already then paid by the Participant) equal to the minimum amount of tax required to be withheld, determined on the date that the amount of tax to be
withheld is to be determined; but in no event will the Company withhold Ordinary Shares if such withholding would result in adverse accounting consequences to the Company. All elections by a Participant to have Ordinary Shares withheld for this
purpose will be made in accordance with the requirements established by the Compensation Committee for such elections and be in writing in a form acceptable to the Compensation Committee. 

 

	8.	PRIVILEGES OF STOCK OWNERSHIP.  

 No Participant will have any of the rights of a
shareholder with respect to any Option Shares until the Option Shares are issued to the Participant upon exercise of an Option in accordance with the Plan and the Option Agreement. After Option Shares are so issued to the Participant, the
Participant will be a shareholder and have all the rights of a shareholder with respect to such Option Shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such Option Shares, subject to
the remainder of this Plan and the Option Agreement. 

  
 9 

	9.	TRANSFERABILITY. Except as permitted by the Compensation Committee, any Option granted under this Plan, and any interest therein, will not be transferable or assignable by the Participant,
other than by will or by the laws of descent and distribution. During the lifetime of the Participant, an Option will be exercisable only by the Participant or Participant’s legal representative and any elections with respect to an Option may
be made only by the Participant or Participant’s legal representative. 

  

	10.	RESTRICTIONS ON SHARES. 

 10.1    Prohibition on
Transfer. The Participant shall not transfer, sell, assign, grant a lien or security interest in, pledge, hypothecate, encumber or otherwise dispose of any of its Option Shares (or any interest therein) directly or indirectly to any Person
(a “Transfer”) without the prior written consent of the Board, except pursuant to a Transfer in accordance with Section 10.2 (Transfer Following IPO), Section 10.3
(Solvent Reorganization), Section 10.4 (Right of Repurchase on Termination), or Section 10.5 (Forfeiture of Options and Repurchase of Option Shares upon Breach of
Non-Compete Obligations). Any Transfer or attempted Transfer in violation of this Section 10.1 shall be null and void ab initio, and disregarded by the Company, and
the Company shall not give any effect to such purported Transfer or record such purported Transfer on its security registers or treat any purported transferee of such Option Shares as the owner of such Option Shares for any purpose hereunder or
otherwise. 
 10.2    Transfer Following IPO. In the event of an IPO, a Participant holding Option
Shares shall be entitled to thereafter transfer a number of Option Shares on the respective stock exchange or market, provided the Participant agrees that, upon request of the Company or the underwriters managing any public offering of the
Company’s securities, the Participant will not sell or otherwise dispose of any Option Shares without the prior written consent of the Company or such underwriters, as the case may be, for such period of time after the effective date of such
registration requested by such managing underwriters and subject to all restrictions as the Company or the underwriters may specify. 

10.3    Solvent Reorganization. The Board shall have the right to cause a Solvent Reorganization at
any time for any reason. In the event Ordinary Shares are exchanged or converted or new securities are issued in a Solvent Reorganization, the definitions and other provisions of this Plan, the Option Agreement and the Option Exercise Agreement
shall be automatically amended to reflect such exchange, conversion or issuance, as determined in the discretion of the Board, acting in good faith, with notice of any such amendments provided to Participants in accordance with
Section 19 (Notices). 
 10.4    Right of Repurchase on
Termination. The Company shall have the right (but not the obligation), which right shall be freely assignable by the Company, (the “Call Right”) to repurchase all or any portion of the Ordinary Shares then
held by a Participant for cash (or, at the Company’s discretion, cancellation of purchase money indebtedness owed to the Company by the Participant) in the amount specified below (the “Call Price”) following such
Participant’s Termination, which right may be exercised at any time within 180 days after the later of (i) the Participant’s Termination Date, and (ii) the date the Participant purchases such Ordinary Shares under the Plan (the
later of such dates, the “Call Reference Date”). The Call Price with respect to each Ordinary Share subject to an exercise of the Call Right (“Called Shares”) shall be (x) in the event of
resignation (in the absence of Cause) or termination without Cause, the Fair Market Value of each such Ordinary Share on the respective Call Reference Date, and (y) otherwise, the cost (Exercise Price) of the Called Shares (in either case, the
“Call Price”). Each holder of a Called Share shall provide customary representations and warranties with respect to each Called Share as the Board requires in its sole discretion. However, the failure of a holder of one or
more Called Shares to comply with its obligations shall in no way delay the completion of such transfer of each such Called Share, which shall be recorded in the applicable Company security registers at the moment that the Company makes available to
the respective Participant the applicable Call Price (including where such amount is recorded in the Company’s accounting records as reserved for such purpose). 

  
 10 

 10.5    Forfeiture of Options and Repurchase of Option Shares
upon Breach of Non-Compete Obligations. If following Termination (with or without a Cause) (including resignation), a Participant breaches his or her non-compete
and/or confidentiality and/or non-solicitation commitment towards the Company or its Subsidiaries under the respective employment contract or service agreement (a “Breach”), then upon such Breach, (a) all vested and unexercised
Options, to the extent they have not been terminated, forfeited or lapsed, shall be forfeited, shall automatically lapse (without any compensation or other obligation to such Participant) and shall have no further force and effect; (b) all
Option Shares issued pursuant to the Options exercised hereunder and held by such Participant shall be subject to the Company’s right to repurchase, if not already repurchased by the Company, within 180 days of such Breach being notified by the
Company (or, if adjudication is rendered thereon, within such period from the date of breach to 180 days after the adjudication) for consideration equal to cost (Exercise Price) of such Option Shares. The Participant shall provide customary
representations and warranties with respect to such Option Shares and shall take all actions and provide all assistances necessary for transferring such Called Shares to the Company as the Board requires in its sole discretion. However, the failure
of the Participant to comply with its obligations shall in no way delay the completion of such transfer of each such Option Shares, which shall be recorded in the applicable Company security registers at the moment that the Company makes available
to the respective Participant the applicable repurchase price (including where such amount is recorded in the Company’s accounting records as reserved for such purpose). 

10.6    Right of First Refusal. At the discretion of the Compensation Committee, the Company may
reserve to itself and/or its assignee(s) in the Option Agreement a right of first refusal to purchase all Ordinary Shares that a Participant (or a subsequent transferee) may propose to transfer to a third party.  

10.7    Facilitation. Each holder of one or more
Options, and each holder of one or more Option Shares, shall take such actions as the Board, acting in good faith, requires to consummate and make effective, in the most expeditious manner practicable, all actions in furtherance of a Solvent
Reorganization or otherwise a Change of Control or IPO (as the case may be), all with a view to obtaining the best terms in such transaction. Without limiting the generality of the foregoing, each Participant hereby waives, and undertakes to take
any action necessary in the future to waive, any dissenter’s rights, appraisal rights or similar rights in connection with any Solvent Reorganization, Change of Control or IPO. For so long as the restrictions set forth in
Section 10 apply, the Participant shall irrevocably authorise the Company or such agent to date and complete all outstanding details on such instruments of transfer or forms in furtherance of the restrictions set forth in
Section 10. 

  
 11 

	11.	CERTIFICATES. All certificates for Ordinary Shares or other securities delivered under this Plan will be subject to such stock transfer orders, legends and other restrictions as the
Compensation Committee may deem necessary or advisable, including restrictions under any applicable securities law, or any rules, regulations and other requirements of any stock exchange or automated quotation system upon which the Ordinary Shares
may be listed or quoted. 

  

	12.	ESCROW; PLEDGE OF SHARES. To enforce any restrictions on a Participant’s Option Shares set forth in Section 10 hereof, the Compensation Committee may require
the Participant to deposit all certificates representing Option Shares, together with stock powers or other instruments of transfer approved by the Compensation Committee, appropriately endorsed in blank, with the Company or an agent designated by
the Company to hold in escrow until such restrictions have lapsed or terminated. The Compensation Committee may cause a legend or legends referencing such restrictions to be placed on the certificates. In connection with any pledge of the Option
Shares in furtherance of the restrictions set forth in Section 10 hereof, Participant will be required to execute and deliver a written pledge agreement in such form as the Compensation Committee will from time to time
approve. 

  

	13.	Exchange And Buyout Of Vested Options; Termination Of Unvested Options. The Company may, at any time or from time to time at its sole election, buy from a
Participant one or more Options previously granted which has become vested (the “Vested Option Call”) with payment (x) in cash equal to the then determined Fair Market Value of the Option Shares into which each such
vested Option is exercisable (or would otherwise be exercisable if such exercise is not then allowed by the Plan), less the respective Exercise Price payable in relation thereto, or (y) such other consideration as the Compensation Committee and
the Participant may agree, in each case, pursuant to a transfer agreement in form and substance (including customary representations and warranties by the transferor of such Options) determined by the Compensation Committee; or the Compensation
Committee may authorize the Company, with the consent of the respective Participant, to issue new Options in exchange for the surrender and cancellation of any or all outstanding Options. Each Option subject to the Vested Option Call shall be
recorded as transferred on the later to occur of (i) the Company providing the respective Participant with written notice of such transfer, and (ii) the moment that the Company makes available to the respective Participant the applicable
consideration (including where such amount is recorded in the Company’s accounting records as reserved for such purpose). Notwithstanding anything to the contrary in this Plan, the Compensation Committee may at any time terminate (without any
compensation or other obligation to a Participant) one or more Options which are then unvested, including such Options which the Compensation Committee determines are permanently unvested pursuant to the terms of the applicable Option Agreement,
which Options so Terminated shall have no further force and effect, provided that the Board and the Company will make commercially reasonable efforts to ensure that any incentive plan proposed to replace this Plan makes available to
Participants aggregate economic consideration which is no less favourable (on a gross pre-tax basis) than available under this Plan. 

  
 12 

	14.	SECURITIES LAW AND OTHER REGULATORY COMPLIANCE. 

14.1    Compliance Required. An Option will not be effective unless such Option is in compliance with all
applicable securities laws, rules and regulations of any governmental body, and the requirements of any stock exchange or automated quotation system upon which the Ordinary Shares may then be listed or quoted, as they are in effect on the date of
grant of the Option and also on the date of exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue or deliver Ordinary Shares (or certificates in respect thereof) under this Plan
prior to (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable, (b) compliance with any exemption, completion of any registration or other qualification of such Ordinary Shares under
any law or ruling of any applicable governmental body that the Company determines to be necessary or advisable, and (c) full compliance with the Plan and the Option Agreement by the respective holder of such Ordinary Shares (or holder of the
Option exercised in relation thereto, as the case may be). The Company will be under no obligation to register the Ordinary Shares with or to effect compliance with the exemption, registration, qualification or listing requirements of any applicable
securities laws, stock exchange or automated quotation system, and the Company will have no liability for any inability or failure to do so. 

14.2    No Delay. To the extent the Board determines that any action required by or in relation to this Plan,
an Option Agreement, an Option Exercise Agreement, an Option or an Option Share will not be in compliance (on the date such action is contemplated to be taken) with all applicable securities laws, rules and regulations of any governmental body, and
the requirements of any stock exchange or automated quotation system, such required action shall not delay any other action contemplated by this Plan (including without limit a Change of Control or IPO) and the taking of such contemplated action
shall be permitted notwithstanding non-compliance with the Plan, Option Agreement or Option Exercise Agreement (as the case may be), provided that the Board, in good faith, determines that commercially
reasonable efforts have been made to (i) achieve compliance with the terms of the Plan, and (ii) otherwise, make available to Participants aggregate economic consideration which is no less favourable (on a gross pre-tax basis) than otherwise available had the Plan been complied with notwithstanding this sentence. 
  

	15.	NO OBLIGATION TO EMPLOY. Nothing in this Plan or any Option granted under this Plan will confer or be deemed to confer on any Participant any right to continue in the employ of, or to
continue any other relationship with, the Company or any Subsidiary of the Company or limit in any way the right of the Company or any Subsidiary of the Company to terminate Participant’s employment or other relationship at any time, with or
without Cause. 

  

	16.	GOVERNING LAW. This Plan and all agreements hereunder shall be governed by and construed in accordance with the laws of the Cayman Islands. 

 

	17.	AMENDMENT OR TERMINATION OF PLAN. Subject to Section 5.6 hereof, the Board may at any time terminate or amend this Plan in any respect, including (without
limitation) amending any provision applicable to any Option then outstanding, and amending any form of Option Agreement or other instrument in relation to this Plan . 

 

	18.	NONEXCLUSIVITY OF THE PLAN. Neither the adoption of this Plan by the Board, the submission of this Plan to the shareholders of the Company for approval, nor any provision of this Plan will be
construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including without limitation the granting of stock options and other equity awards otherwise than under this
Plan, and such arrangements may be either generally applicable or applicable only in specific cases. 

  
 13 

	19.	NOTICES. Any notice required to be given or delivered to the Company shall be in writing and addressed to the Corporate Secretary of the Company at its principal corporate offices. Any notice
required to be given or delivered to a Participant shall be in writing and addressed to the Participant at the address indicated therefore in the respective Option Agreement or to such other address as such Participant may designate in writing from
time to time to the Company, or if no such address has been so notified, addressed to the Corporate Secretary of the Company at its principal corporate offices. All notices shall be deemed effectively given upon personal delivery or, otherwise, two
Business Days after its deposit, prepaid, via any international express courier (with delivery confirmation requested). 

  

	20.	CONFIDENTIALITY. Each Participant acknowledges that neither its participation in the Plan nor the holding of Options or Option Shares provides such Participant with any right to receive information.
Nevertheless, each Participant acknowledges that it may receive Confidential Information as a result of such Participant’s participation in the Plan, or holding of Options or Options Shares and therefore agrees that it will not, during or after
the term of this Plan, take commercial or proprietary advantage of or profit from any Confidential Information nor disclose Confidential Information to any Person for any reason or purpose whatsoever, except (i) to such Participant’s
auditors, attorneys or other agents, in each case, to the extent bound by obligations of confidentiality no less onerous than those set forth in this Plan; or (ii) to the extent required to be disclosed by order of a court of competent
jurisdiction, administrative body or governmental body, or by subpoena, summons or legal process, or by law, rule or regulation (provided that each Participant required to make such disclosure shall, to the extent permitted by law, provide to
Board prompt written notice in advance of any such disclosure and comply with the Board’s requests to obtain a protective order in relation to such disclosure). 

  
 14 

 [SUBJECT TO TAX AND LOCAL COUNSEL REVIEW] 

EXHIBIT A 
 OPTION
AGREEMENT 

  
 15

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