Document:

Exhibit 10.9

 

	EXECUTION
    VERSION

 

	Amended
    and Restated AGENCY AGREEMENT
	 
	Dated
    9 June 2022
	 
	Between

     

    RENTOKIL
    INITIAL FINANCE B.V.

    RENTOKIL
    INITIAL PLC

    as Issuers

     

    RENTOKIL
    INITIAL PLC

    as Guarantor

     

    €5,000,000,000

    EURO MEDIUM
    TERM NOTE PROGRAMME

     

 

	

     

    Allen & Overy LLP

 

     

     

    

 

CONTENTS

 

	Clause	Page

 

	1.	Definitions and Interpretation	3
	2.	Appointment of Agents	6
	3.	Issue of Global Notes	8
	4.	Exchange of Global Notes	9
	5.	Terms of Issue	10
	6.	Payments	11
	7.	Determinations and Notifications in respect of Notes	13
	8.	Notice of any Withholding or Deduction	14
	9.	Duties of the Paying Agents in Connection with Early Redemption	14
	10.	Receipt and Publication of Notices	15
	11.	Cancellation of Notes, Coupons and Talons	15
	12.	Issue of Replacement Notes, Coupons and Talons	17
	13.	Copies of Documents Available for Inspection	18
	14.	Meetings of Noteholders	18
	15.	Commissions and Expenses	18
	16.	Indemnity	19
	17.	Responsibility of the Paying Agents	20
	18.	Conditions of Appointment	20
	19.	Communications between the Parties	22
	20.	Changes in Paying Agents	22
	21.	Merger and Consolidation	23
	22.	Notification of Changes to Paying Agents	24
	23.	Change of Specified Office	24
	24.	Communications	24
	25.	Taxes and Stamp Duties	24
	26.	Currency Indemnity	25
	27.	Amendments	25
	28.	Contractual Recognition of Bail-in	25
	29.	Contracts (Rights of Third Parties) Act 1999	26
	30.	Governing Law and Submission to Jurisdiction	26
	31.	Appointment of Process Agent	26
	32.	General	27

 

Schedule

 

	1.	Form of Put Notice	28
	2.	Additional Duties of the Agent	29

 

	Signatories	30

 

     

     

    

 

Amended
and restated

 

AGENCY AGREEMENT

 

in respect of a

 

€5,000,000,000

 

Euro Medium Term Note Programme

 

THIS
AGREEMENT is dated 9 June 2022

 

BETWEEN:

 

		(1)	RENTOKIL INITIAL PLC ("Rentokil
                                            Initial");

 

		(2)	RENTOKIL INITIAL FINANCE B.V. ("Rentokil
                                            BV");

 

		(3)	HSBC BANK PLC as Agent (in such capacity
                                            the "Agent", which expression shall include any successor Agent appointed
                                            under clause 20);

 

		(4)	HSBC CONTINENTAL EUROPE as paying agent
                                            (together with the Agent, the "Paying Agents" and each a "Paying
                                            Agent", which expression shall include any additional or successor paying agent
                                            appointed under clause 20); and

 

		(5)	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED
                                            as trustee (in such capacity, the "Trustee", which expression shall
                                            include such company and all other persons for the time being the trustee or the trustees
                                            of the Trust Deed).

 

IT
IS AGREED:

 

WHEREAS:

 

		(A)	Rentokil Initial entered into an Agency Agreement
                                            dated 9 December 2005 as most recently amended and restated on 11 September 2020
                                            (the "Original Agency Agreement") in respect of a €5,000,000,000 Euro
                                            Medium Term Note Programme of Rentokil Initial and to which Rentokil BV has (as at the date
                                            of this Agreement) acceded as an Issuer (the "Programme").

 

		(B)	This Agreement amends and restates the Original
                                            Agency Agreement. Any Notes issued under the Programme on or after the date hereof shall
                                            have the benefit of this Agreement. This does not affect any Notes issued under the Programme
                                            prior to the date of this Agreement or any Notes issued on or after the date of this Agreement
                                            which are to be consolidated and form a single Series with the Notes of any Series issued
                                            prior to the date of this Agreement. Subject to such amendment and restatement, the Original
                                            Agency Agreement shall continue in full force and effect.

 

		1.	Definitions
                                            and Interpretation

 

		(1)	In this Agreement:

 

"Bail-in Legislation"
means, in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD,
the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to
time.

 

"Bail-in Powers" means
any Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation.

 

    3 

     

    

 

"BRRD" means Directive
2014/59/EU of the European Parliament and of the Council on resolution and recovery of credit institutions and investment firms dated
15 May 2014 and published in the Official Journal of the European Union on 12 June 2014, as amended or replaced from time to
time;

 

"BRRD Entity" means
any party to this Agreement that is subject to Bail-in Powers;

 

"BRRD Liability" means
a liability in respect of which the relevant Bail-in Powers may be exercised;

 

"CGN" means a Temporary
Global Note in the form set out in Part I of the Second Schedule to the Trust Deed or a Permanent Global Note in the form set out
in Part II of the Second Schedule to the Trust Deed, in either case where the applicable Pricing Supplement specifies that the Notes
are not in New Global Note form;

 

"Clearstream, Luxembourg"
means Clearstream Banking S.A.;

 

"Code" means the U.S.
Internal Revenue Code of 1986;

 

"Distribution Compliance Period"
has the meaning given to that term in Regulation S under the Securities Act;

 

"EU Bail-in Legislation Schedule"
means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time
to time;

 

"Euroclear" means
Euroclear Bank SA/NV;

 

"Eurosystem-eligible NGN"
means a NGN which is intended to be held in a manner which would allow Eurosystem eligibility, as stated in the applicable Pricing Supplement;

 

"FATCA Withholding"
means any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code or otherwise
imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations thereunder or official interpretations thereof) or an
intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law implementing
such an intergovernmental agreement);

 

"Guarantor" means,
in relation to Notes issued or to be issued by Rentokil BV, Rentokil Initial;

 

"Issuer" means each
of Rentokil Initial and Rentokil BV (together the "Issuers" and each an "Issuer") and references in
this Agreement to the "relevant Issuer" shall, in relation to any Tranche of Notes, be references to the Issuer which
is, or is intended to be, the Issuer of such Notes as indicated in the applicable Pricing Supplement;

 

"NGN" means a Temporary
Global Note in the form set out in Part I of the Second Schedule to the Trust Deed or a Permanent Global Note in the form set out
in Part II of the Second Schedule to the Trust Deed, in either case where the applicable Pricing Supplement specifies that the Notes
are in New Global Note form;

 

"Programme Agreement"
means the amended and restated programme agreement dated 9 June 2022 between Rentokil Initial, Rentokil BV and the Dealers named
in it;

 

"Put Notice" means
a notice in the form set out in the Schedule;

 

"Reference Banks"
means the principal Euro-zone office of four major banks in the Euro-zone inter-bank market selected by the Agent in consultation with
the relevant Issuer; and

 

    4 

     

    

 

"Relevant Resolution Authority"
means, in respect of any BRRD Entity, the resolution authority with the ability to exercise any Bail-in Powers in relation to such BRRD
Entity.

 

		(2)	(a)	In this Agreement, unless the contrary intention appears, a reference to:

 

		(i)	an "amendment" includes a supplement,
                                            restatement or novation and "amended" is to be construed accordingly;

 

		(ii)	a "person" includes any individual,
                                            company, unincorporated association, government, state agency, international organisation
                                            or other entity;

 

		(iii)	a law or a provision of a law is a reference
                                            to that law or provision as extended, amended or re-enacted;

 

		(iv)	a clause or schedule is a reference to
                                            a clause of, or a schedule to, this Agreement;

 

		(v)	a person includes its successors and assigns;

 

		(vi)	a document is a reference to that document
                                            as amended from time to time;

 

		(vii)	a time of day is a reference to London
                                            time; and

 

		(viii)	the “records” of Euroclear
                                            and Clearstream, Luxembourg shall be to the records that each of Euroclear and Clearstream,
                                            Luxembourg holds for its customers which reflect the amount of such customer’s interest
                                            in the Notes;

 

		(b)	The headings in this Agreement do not
                                            affect its interpretation;

 

		(c)	Terms defined in the Programme Agreement,
                                            the Trust Deed or the Notes or used in the applicable Pricing Supplement shall have the same
                                            meanings in this Agreement, except where the context otherwise requires;

 

		(d)	All references in this Agreement to costs
                                            or charges or expenses shall include any value added tax or similar tax charged or chargeable
                                            in respect thereof;

 

		(e)	All references in this Agreement to Notes
                                            shall, unless the context otherwise requires, include any Global Note representing the Notes;

 

		(f)	All references in this Agreement to principal
                                            and/or interest or both in respect of the Notes or to any moneys payable by the relevant
                                            Issuer and/or the Guarantor (if applicable) under this Agreement shall be construed in accordance
                                            with Condition 5(f);

 

		(g)	All references in this Agreement to the
                                            "relevant currency" shall be construed as references to the currency in which payments
                                            in respect of the relevant Notes and/or Coupons are to be made;

 

		(h)	All references in this Agreement to Euroclear
                                            and/or Clearstream, Luxembourg shall, whenever the context so permits, be deemed to include
                                            a reference to any additional or alternative clearing system approved by the relevant Issuer,
                                            the Guarantor (if applicable), the Trustee and the Agent; and

 

		(i)	All references in this Agreement to a
                                            Directive include any relevant implementing measure of each Member State of the European
                                            Economic Area which has implemented such Directive.

 

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		(3)	For the purposes of this Agreement, the Notes
                                            of each Series shall form a separate series of Notes and the provisions of this Agreement
                                            shall apply mutatis mutandis separately and independently to the Notes of each Series and
                                            in this Agreement the expressions "Notes", "Noteholders", "Coupons",
                                            "Couponholders", "Talons" and related expressions shall be construed
                                            accordingly.

 

		(4)	As used herein, in relation to any Notes which
                                            are to have a "listing" or be "listed" on Euronext Dublin, "listing"
                                            and "listed" shall be construed to mean that such Notes have been admitted to the
                                            Official List of Euronext Dublin and to trading on its Global Exchange Market or listed on
                                            any other stock exchange (other than in respect of an admission to trading on any market
                                            which has been designated as a regulated market for the purposes of Regulation (EU) 2017/1129).

 

		2.	Appointment of Agents

 

		(1)	The Agent is appointed, and the Agent agrees
                                            to act, as agent of each Issuer, the Guarantor (if applicable) (and, for the purposes of
                                            sub-clause (6), the Trustee), upon the terms and subject to the conditions set out below,
                                            for the following purposes:

 

		(a)	completing, authenticating and delivering
                                            Temporary Global Notes and Permanent Global Notes and (if required) authenticating and delivering
                                            Definitive Notes;

 

		(b)	giving effectuation instructions in respect
                                            of each Global Note which is a Eurosystem-eligible NGN;

 

		(c)	exchanging Temporary Global Notes for
                                            Permanent Global Notes or Definitive Notes, as the case may be, in accordance with the terms
                                            of Temporary Global Notes and, in respect of any such exchange, (i) making all notations
                                            on Global Notes which are CGNs as required by their terms and (ii) instructing Euroclear
                                            and Clearstream, Luxembourg to make appropriate entries in their records in respect of all
                                            Global Notes which are NGNs;

 

		(d)	exchanging Permanent Global Notes for
                                            Definitive Notes in accordance with the terms of Permanent Global Notes and, in respect of
                                            any such exchange, (i) making all notations on Permanent Global Notes which are CGNs
                                            as required by their terms and (ii) instructing Euroclear and Clearstream, Luxembourg
                                            to make appropriate entries in their records in respect of all Permanent Global Notes which
                                            are NGNs;

 

		(e)	paying sums due on Global Notes, Definitive
                                            Notes and Coupons and instructing Euroclear and Clearstream, Luxembourg to make appropriate
                                            entries in their records in respect of all Global Notes which are NGNs;

 

		(f)	exchanging Talons for Coupons in accordance
                                            with the Conditions;

 

		(g)	unless otherwise specified in the applicable
                                            Pricing Supplement, determining the interest and/or other amounts payable in respect of the
                                            Notes in accordance with the Conditions;

 

		(h)	arranging on behalf of and at the expense
                                            of the relevant Issuer and/or the Guarantor (if applicable) for notices to be communicated
                                            to the Noteholders in accordance with the Conditions;

 

		(i)	ensuring that, as directed by Rentokil
                                            Initial, all necessary action is taken to comply with any reporting requirements of any competent
                                            authority in respect of any relevant currency as may be in force from time to time with respect
                                            to the Notes to be issued under the Programme;

 

		(j)	subject to the Procedures Memorandum,
                                            submitting to the relevant stock exchange such number of copies of each Pricing Supplement
                                            which relates to Notes which are to be listed as the relevant stock exchange may require;
                                            and

 

    6 

     

    

 

		(k)	performing all other obligations and duties
                                            imposed upon it by the Conditions, this Agreement and the Procedures Memorandum.

 

		(2)	Each Paying Agent is appointed, and each Paying
                                            Agent agrees to act, as paying agent of each Issuer, the Guarantor (if applicable) (and,
                                            for the purposes of sub-clause (6) below, the Trustee), upon the terms and subject to
                                            the conditions set out below, for the purposes of paying sums due on any Notes and Coupons
                                            and performing all other obligations and duties imposed upon it by the Conditions and this
                                            Agreement.

 

		(3)	In relation to each issue of Eurosystem-eligible
                                            NGNs, each Issuer hereby authorises and instructs the Agent to elect Euroclear or Clearstream,
                                            Luxembourg as common safekeeper. From time to time, the relevant Issuer and the Agent may
                                            agree to vary this election. Each Issuer acknowledges that any such election is subject to
                                            the right of Euroclear and Clearstream, Luxembourg to determine jointly that the other shall
                                            act as common safekeeper in relation to any such issue and agrees that no liability shall
                                            attach to the Agent in respect of any such election made by it.

 

		(4)	The Agent confirms that it is authorised by
                                            the Prudential Regulation Authority and regulated by the Financial Conduct Authority and
                                            the Prudential Regulation Authority. Nothing in this Agreement shall require the Agent to
                                            carry on an activity of the kind specified by any provision of Part II (other than article
                                            5 (accepting deposits)) of the Financial Services and Markets Act 2000 (Regulated Activities)
                                            Order 2001, or to lend money to either Issuer.

 

		(5)	The obligations of the Paying Agents under
                                            this Agreement are several and not joint.

 

		(6)	At any time after an Event of Default or a
                                            Potential Event of Default shall have occurred or the Notes shall otherwise have become due
                                            and repayable or the Trustee shall have received any money which it proposes to pay under
                                            clause 10 of the Trust Deed to the relevant Noteholders and/or Couponholders, the Trustee
                                            may:

 

		(a)	by notice in writing to the relevant Issuer,
                                            the Guarantor (if applicable), the Agent and the other Paying Agents require the Agent and
                                            the other Paying Agents pursuant to this Agreement:

 

		(i)	to act thereafter as Agent and other Paying
                                            Agents respectively of the Trustee in relation to payments to be made by or on behalf of
                                            the Trustee under the Trust Deed mutatis mutandis on the terms of this Agreement (save
                                            that the Trustee's liability for the indemnification, remuneration and payment of out-of-pocket
                                            expenses of the Agent and the other Paying Agents will be limited to the amounts for the
                                            time being held by the Trustee in respect of the Notes on the terms of the Trust Deed and
                                            available for such purpose) and thereafter to hold all Notes, Coupons and Talons and all
                                            sums, documents and records held by them in respect of Notes, Coupons and Talons on behalf
                                            of the Trustee; or

 

		(ii)	to deliver all Notes, Coupons and Talons
                                            and all sums, documents and records held by them in respect of Notes, Coupons and Talons,
                                            in each case held by them in their capacity as Agent or other Paying Agent, to the Trustee
                                            or as the Trustee shall direct in such notice provided that such notice shall be deemed not
                                            to apply to any documents or records which the Agent or relevant other Paying Agent is obliged
                                            not to release by any law or regulation; and

 

		(b)	by notice in writing to the relevant Issuer
                                            and the Guarantor (if applicable) require the relevant Issuer and the Guarantor (if applicable)
                                            to make all subsequent payments in respect of the Notes and Coupons to or to the order of
                                            the Trustee and not to the Agent.

 

    7 

     

    

 

		3.	Issue of Global Notes

 

		(1)	Subject to sub-clause (3), following
                                            receipt of an electronic copy of the applicable Pricing Supplement signed by the relevant
                                            Issuer and the Guarantor (if applicable), the relevant Issuer authorises the Agent and the
                                            Agent agrees, to take the steps required of the Agent in the Procedures Memorandum.

 

		(2)	For the purpose of sub-clause (1), the Agent
                                            will on behalf of the relevant Issuer if specified in the applicable Pricing Supplement that
                                            a Temporary Global Note will initially represent the Tranche of Notes:

 

		(a)	prepare a Temporary Global Note by attaching
                                            a copy of the applicable Pricing Supplement to a copy of the signed master Temporary Global
                                            Note;

 

		(b)	authenticate the Temporary Global Note;

 

		(c)	deliver the Temporary Global Note to the
                                            specified common depositary (if the Temporary Global Note is a CGN) or the specified common
                                            safekeeper (if the Temporary Global Note is a NGN) for Euroclear and Clearstream, Luxembourg
                                            and, in the case of a Temporary Global Note which is a Eurosystem-eligible NGN, instruct
                                            the common safekeeper to effectuate the same;

 

		(d)	ensure that the Notes of each Tranche
                                            are assigned, as applicable, security numbers (including, but not limited to, common codes
                                            and ISINs) which are different from the security numbers assigned to Notes of any other Tranche
                                            of the same Series until at least expiry of the Distribution Compliance Period in respect
                                            of the Tranche; and

 

		(e)	if the Temporary Global Note is a NGN,
                                            instruct Euroclear and Clearstream, Luxembourg to make the appropriate entries in their records
                                            to reflect the initial outstanding aggregate principal amount of the relevant Tranche of
                                            Notes.

 

		(3)	For the purpose of sub-clause (1), the Agent
                                            will on behalf of the relevant Issuer if specified in the applicable Pricing Supplement that
                                            a Permanent Global Note will represent the Notes on issue:

 

		(a)	in the case of the first Tranche of any
                                            Series of Notes, prepare a Permanent Global Note by attaching a copy of the applicable
                                            Pricing Supplement to a copy of the master Permanent Global Note;

 

		(b)	in the case of the first Tranche of any
                                            Series of Notes, authenticate the Permanent Global Note;

 

		(c)	in the case of the first Tranche of any
                                            Series of Notes, deliver the Permanent Global Note to the specified common depositary
                                            (if the Permanent Global Note is a CGN) or the specified common safekeeper (if the Permanent
                                            Global Note is a NGN) for Euroclear and/or Clearstream, Luxembourg and, in the case of a
                                            Permanent Global Note which is a Eurosystem-eligible NGN, instruct the common safekeeper
                                            to effectuate the same;

 

		(d)	if the Permanent Global Note is a NGN,
                                            instruct Euroclear and Clearstream, Luxembourg to make the appropriate entries in their records
                                            to reflect the initial outstanding aggregate principal amount of the relevant Tranche of
                                            Notes;

 

		(e)	in the case of a subsequent tranche of
                                            any Series of Notes deliver the applicable Pricing Supplement to the specified common
                                            depositary or common safekeeper, as the case may be, for attachment to the Permanent Global
                                            Note and, in the case where the Permanent Global Note is a CGN, make all appropriate entries
                                            on the relevant Schedule to the Permanent Global Note to reflect the increase in its nominal
                                            amount or, in the case where the Permanent Global Note is a NGN, instruct Euroclear and Clearstream,
                                            Luxembourg to make the appropriate entries in their records to reflect the increased outstanding
                                            aggregate principal amount of the relevant Series; and

 

    8 

     

    

 

		(f)	ensure that the Notes of each Tranche
                                            are assigned, as applicable, security numbers (including, but not limited to, common codes
                                            and ISINs) which are different from the security numbers assigned to the Notes of any other
                                            Tranche of the same Series until at least the expiry of the Distribution Compliance
                                            Period in respect of the Tranche.

 

		(4)	The Agent shall only be required to perform
                                            its obligations under this clause 3 if it holds:

 

		(a)	a master Temporary Global Note duly executed
                                            by a person or persons duly authorised to execute the same on behalf of the relevant Issuer,
                                            which may be used by the Agent for the purpose of preparing Temporary Global Notes in accordance
                                            with sub-clause (2);

 

		(b)	a master Permanent Global Note duly executed
                                            by a person or persons duly authorised to execute the same on behalf of the relevant Issuer,
                                            which may be used by the Agent for the purpose of preparing Permanent Global Notes in accordance
                                            with sub-clause (3); and

 

		(c)	signed copies of the applicable Pricing
                                            Supplement.

 

		(5)	Each of the Issuers and the Guarantor (if
                                            applicable) undertakes to ensure that the Agent receives copies of each document specified
                                            in sub-clause (4) in a timely manner.

 

		(6)	Where the Agent delivers any authenticated
                                            Global Note to a common safekeeper for effectuation using electronic means, it is authorised
                                            and instructed to destroy the Global Note retained by it following its receipt of confirmation
                                            from the common safekeeper that the relevant Global Note has been effectuated.

 

		4.	Exchange
                                            of Global Notes

 

		(1)	The Agent shall determine the Exchange Date
                                            for each Temporary Global Note in accordance with its terms. As soon as reasonably possible
                                            after determining any Exchange Date, the Agent shall notify its determination to the relevant
                                            Issuer, the Guarantor (if applicable), the Trustee, the other Paying Agents, the relevant
                                            Dealer, Euroclear and Clearstream, Luxembourg.

 

		(2)	Where a Temporary Global Note is to be exchanged
                                            for a Permanent Global Note, the Agent is authorised by the relevant Issuer and instructed:

 

		(a)	in the case of the first Tranche of any
                                            Series of Notes, to prepare and complete a Permanent Global Note in accordance with
                                            the terms of the Temporary Global Note applicable to the Tranche by attaching a copy of the
                                            applicable Pricing Supplement to a copy of the master Permanent Global Note;

 

		(b)	in the case of the first Tranche of any
                                            Series of Notes, to authenticate the Permanent Global Note;

 

		(c)	in the case of the first Tranche of any
                                            Series of Notes, if the Permanent Global Note is a CGN, to deliver the Permanent Global
                                            Note to the common depositary which is holding the Temporary Global Note representing the
                                            Tranche for the time being on behalf of Euroclear and/or Clearstream, Luxembourg to hold
                                            on behalf of the relevant Issuer pending its exchange for the Temporary Global Note;

 

		(d)	in the case of the first Tranche of any
                                            Series of Notes, if the Permanent Global Note is a NGN, to deliver the Permanent Global
                                            Note to the common safekeeper which is holding the Temporary Global Note representing the
                                            Tranche for the time being on behalf of Euroclear and/or Clearstream, Luxembourg to effectuate
                                            (in the case of a Permanent Global Note which is a Eurosystem-eligible NGN) and to hold on
                                            behalf of the relevant Issuer pending its exchange for the Temporary Global Note;

 

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		(e)	in the case of a subsequent Tranche of
                                            any Series of Notes if the Permanent Global Note is a CGN, to attach a copy of the applicable
                                            Pricing Supplement to the Permanent Global Note applicable to the relevant Series and
                                            to enter details of any exchange in whole or part as stated above; and

 

		(f)	in the case of a subsequent Tranche of
                                            any Series of Notes, if the Permanent Global Note is a NGN, to deliver the applicable
                                            Pricing Supplement to the specified common safekeeper for attachment to the Permanent Global
                                            Note applicable to the relevant Series.

 

		(3)	Where a Global Note is to be exchanged for
                                            Definitive Notes in accordance with its terms, the Agent is authorised by the relevant Issuer
                                            and instructed:

 

		(a)	to authenticate the Definitive Notes in
                                            accordance with the provisions of this Agreement; and

 

		(b)	to deliver the Definitive Notes to or
                                            to the order of Euroclear and/or Clearstream, Luxembourg.

 

		(4)	Upon any exchange of all or a part of an interest
                                            in a Temporary Global Note for an interest in a Permanent Global Note or upon any exchange
                                            of all or a part of an interest in a Global Note for Definitive Notes, the Agent shall (i) procure
                                            that the relevant Global Note shall, if it is a CGN, be endorsed by or on behalf of the Agent
                                            to reflect the reduction of its nominal amount by the aggregate nominal amount so exchanged
                                            and, where applicable, the Permanent Global Note shall be endorsed by or on behalf of the
                                            Agent to reflect the increase in its nominal amount as a result of any exchange for an interest
                                            in the Temporary Global Note or (ii) in the case of any Global Note which is a NGN,
                                            instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records
                                            to reflect such exchange. The Agent is authorised on behalf of the relevant Issuer and instructed
                                            (a) in the case of any Global Note which is a CGN, to endorse or to arrange for the
                                            endorsement of the relevant Global Note to reflect the reduction in the nominal amount represented
                                            by it by the amount so exchanged and, if appropriate, to endorse the Permanent Global Note
                                            to reflect any increase in the nominal amount represented by it and, in either case, to sign
                                            in the relevant space on the relevant Global Note recording the exchange and reduction or
                                            increase, (b) in the case of any Global Note which is a NGN, to instruct Euroclear and
                                            Clearstream, Luxembourg to make appropriate entries in their records to reflect such exchange
                                            and (c) in the case of a total exchange, to cancel or arrange for the cancellation of
                                            the relevant Global Note.

 

		(5)	The Agent shall notify the relevant Issuer
                                            immediately after it receives a request for the issue of Definitive Notes in accordance with
                                            the provisions of a Global Note and the aggregate nominal amount of the Global Note to be
                                            exchanged.

 

		(6)	Each Issuer undertakes to deliver to the Agent
                                            sufficient numbers of executed Definitive Notes with, if applicable, Coupons and Talons attached,
                                            to enable the Agent to comply with its obligations under this Agreement.

 

		5.	Terms of Issue

 

		(1)	The Agent shall cause all Notes delivered
                                            to and held by it under this Agreement to be maintained in safe custody and shall ensure
                                            that Notes are issued only in accordance with the provisions of this Agreement, the Conditions
                                            and, where applicable, the relevant Global Notes.

 

		(2)	Subject to the procedures set out in the Procedures
                                            Memorandum, for the purposes of clause 3, the Agent is entitled to treat a telephone, email
                                            or facsimile communication from a person purporting to be (and whom the Agent believes in
                                            good faith to be) the authorised representative of the relevant Issuer named in the list
                                            referred to in, or notified pursuant to, clause 18(7), or any other list duly provided
                                            for the purpose by the relevant Issuer to the Agent, as sufficient instructions and authority
                                            of the relevant Issuer for the Agent to act in accordance with clause 3.

 

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		(3)	In the event that a person who has signed
                                            a master Global Note held by the Agent on behalf of the relevant Issuer ceases to be authorised
                                            as described in clause 18(8), the Agent shall (unless the relevant Issuer gives notice
                                            to the Agent that Notes signed by that person do not constitute valid and binding obligations
                                            of the relevant Issuer or otherwise until replacements have been provided to the Agent) continue
                                            to have authority to issue Notes signed by that person, and the relevant Issuer warrants
                                            to the Agent that those Notes shall be valid and binding obligations of the relevant Issuer.
                                            Promptly upon any person ceasing to be authorised, the relevant Issuer shall provide the
                                            Agent with replacement master Global Notes and the Agent shall, upon receipt of such replacements,
                                            cancel and destroy the master Global Notes held by it which are signed by that person and
                                            shall provide the relevant Issuer with a certificate of destruction, specifying the master
                                            Global Notes so cancelled and destroyed.

 

		(4)	The Agent shall provide Euroclear and/or Clearstream,
                                            Luxembourg with the notifications, instructions or information to be given by the Agent to
                                            Euroclear and/or Clearstream, Luxembourg.

 

		(5)	If the Agent pays an amount (the "Advance")
                                            to the relevant Issuer on the basis that a payment (the "Payment") has been
                                            or will be received from a Dealer and if the Payment is not received by the Agent on the
                                            date the Agent pays the relevant Issuer, the relevant Issuer shall repay to the Agent the
                                            Advance and shall pay interest on the Advance (or the unreimbursed portion thereof) from
                                            (and including) the date the Advance is made to (but excluding) the earlier of repayment
                                            of the Advance or receipt by the Agent of the Payment at a rate quoted at that time by the
                                            Agent as its cost of funding the Advance provided that evidence of the basis of such rate
                                            is given to the relevant Issuer. For the avoidance of doubt, the Agent shall not be obliged
                                            to pay any amount to the relevant Issuer if it has not received satisfactory confirmation
                                            that it is to receive the amount from a Dealer.

 

		(6)	Except in the case of issues where the Agent
                                            does not act as receiving bank for the relevant Issuer in respect of the purchase price of
                                            the Notes being issued, if on the Issue Date a Dealer does not pay the full purchase price
                                            due from it in respect of any Note (the "Defaulted Note") and, as a result,
                                            the Defaulted Note remains in the Agent's distribution account with Euroclear and/or Clearstream,
                                            Luxembourg after the Issue Date, the Agent will continue to hold the Defaulted Note to the
                                            order of the relevant Issuer. The Agent shall notify the relevant Issuer as soon as reasonably
                                            possible of the failure of the Dealer to pay the full purchase price due from it in respect
                                            of any Defaulted Note and, subsequently, shall (a) notify the relevant Issuer as soon
                                            as reasonably possible on receipt from the Dealer of the full purchase price in respect of
                                            any Defaulted Note and (b) pay to the relevant Issuer the amount so received.

 

		6.	Payments

 

		(1)	The relevant Issuer (failing which, the Guarantor
                                            (if applicable)) will, on each date on which any payment in respect of any Note becomes due
                                            under the Conditions, transfer to an account specified by the Agent an amount in the relevant
                                            currency sufficient for the purposes of the payment in funds settled through such payment
                                            system as the Agent and the relevant Issuer may agree. For payments in pound sterling and
                                            euro, payment should be received by 10.00 a.m. (London Time) on the day payment is due
                                            to the Paying Agent. For payments in United States dollars and Canadian dollars, payment
                                            should be received by 12.00 p.m. (London Time) on the day payment is due to the Paying
                                            Agent. For payments in Japanese yen, payment should be received by 9.00 a.m. (London
                                            Time), one Business Day prior to the day on which payment is due to the Paying Agent. For
                                            any other currency, payment shall be made at a time to be mutually agreed between the relevant
                                            Issuer and the Agent.

 

		(2)	Any funds paid by or by arrangement with the
                                            relevant Issuer or the Guarantor (if applicable) to the Agent under sub-clause (1) shall
                                            be held in the relevant account referred to in sub-clause (1) for payment to the Noteholders
                                            or Couponholders, as the case may be, until any Notes or matured Coupons become void under
                                            Condition 8. In that event the Agent shall repay to the relevant Issuer or the Guarantor
                                            (if applicable) sums equivalent to the amounts which would otherwise have been repayable
                                            on the relevant Notes or Coupons.

 

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		(3)	The relevant Issuer (failing which, the Guarantor
                                            (if applicable)) will ensure that no later than 10.00 a.m. (London time) on the second
                                            Business Day (as defined below) immediately preceding the date on which any payment is to
                                            be made to the Agent under sub-clause (1) the Agent shall receive a copy of an
                                            irrevocable payment instruction to or a payment confirmation from the paying bank through
                                            which payment is to be made of the relevant Issuer or the Guarantor (if applicable). For
                                            the purposes of this sub-clause, "Business Day" means a day on which commercial
                                            banks and foreign exchange markets settle payments and are open for general business in London.

 

		(4)	The Agent shall notify each of the other Paying
                                            Agents and the Trustee as soon as reasonably possible:

 

		(a)	if it has not by the relevant date set
                                            out in clause 6(1) received unconditionally the full amount in the Specified Currency
                                            required for the payment; and

 

		(b)	if it receives unconditionally the full
                                            amount of any sum payable in respect of the Notes or Coupons after that date.

 

The Agent shall, at the expense of
the relevant Issuer (failing which, the Guarantor (if applicable)), as soon as reasonably possible on receiving any amount as described
in subparagraph (b), cause notice of that receipt to be published under Condition 13.

 

		(5)	The Agent shall ensure that payments of both
                                            principal and interest in respect of a Temporary Global Note will only be made if certification
                                            of non-U.S. beneficial ownership as required by U.S. Treasury regulations has been received
                                            from Euroclear and/or Clearstream, Luxembourg in accordance with the terms of the Temporary
                                            Global Note.

 

		(6)	Unless it has received notice under sub-clause
                                            (4)(a), each Paying Agent shall pay or cause to be paid all amounts due in respect of the
                                            Notes on behalf of the relevant Issuer and the Guarantor (if applicable) in the manner provided
                                            in the Conditions. If any payment provided for in sub-clause (1) is made late but otherwise
                                            in accordance with the provisions of this Agreement, the relevant Paying Agent shall nevertheless
                                            make payments in respect of the Notes as stated above following receipt by it of such payment.

 

		(7)	If for any reason the Agent considers in its
                                            sole discretion that the amounts to be received by it under sub-clause (1) will
                                            be, or the amounts actually received by it are, insufficient to satisfy all claims in respect
                                            of all payments then falling due in respect of the Notes, no Paying Agent shall be obliged
                                            to pay any such claims until the Agent has received the full amount of all such payments.

 

		(8)	Without prejudice to sub-clauses (6) and
                                            (7), if the Agent pays any amounts to the holders of Notes or Coupons or to any other Paying
                                            Agent at a time when it has not received payment in full in respect of the relevant Notes
                                            in accordance with sub-clause (1) (the excess of the amounts so paid over the amounts
                                            so received being the "Shortfall"), the relevant Issuer (failing which,
                                            the Guarantor (if applicable)) will, in addition to paying amounts due under sub-clause (1),
                                            pay to the Agent on demand interest (at a rate which represents the Agent's cost of funding
                                            the Shortfall) on the Shortfall (or the unreimbursed portion thereof) until the receipt in
                                            full by the Agent of the Shortfall.

 

		(9)	The Agent shall on demand promptly reimburse
                                            each other Paying Agent for payments in respect of Notes properly made by each Paying Agent
                                            in accordance with this Agreement and the Conditions unless the Agent has notified the relevant
                                            Paying Agent, prior to its opening of business on the due date of a payment in respect of
                                            the Notes, that the Agent does not expect to receive sufficient funds to make payment of
                                            all amounts falling due in respect of the Notes.

 

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		(10)	Whilst any Notes are represented by Global
                                            Notes, all payments due in respect of the Notes shall be made to, or to the order of, the
                                            holder of the Global Notes, subject to and in accordance with the provisions of the Global
                                            Notes. On the occasion of each payment, (i) in the case of a Global Note which is a
                                            CGN, the Paying Agent to which any Global Note was presented for the purpose of making the
                                            payment shall cause the appropriate Schedule to the relevant Global Note to be annotated
                                            so as to evidence the amounts and dates of the payments of principal and/or interest as applicable
                                            or (ii) in the case of any Global Note which is a NGN, the Agent shall instruct Euroclear
                                            and Clearstream, Luxembourg to make appropriate entries in their records to reflect such
                                            payment.

 

		(11)	If the amount of principal and/or interest
                                            then due for payment is not paid in full (otherwise than by reason of a deduction required
                                            by law to be made or by reason of a FATCA Withholding or a certification required by the
                                            terms of a Note not being received), (i) the Paying Agent to which a Note or Coupon
                                            (as the case may be) is presented for the purpose of making the payment shall, unless the
                                            relevant Note is a NGN, make a record of the shortfall on the relevant Note or Coupon and
                                            the record shall, in the absence of manifest error, be prima facie evidence that the
                                            payment in question has not to that extent been made or (ii) in the case of any Global
                                            Note which is a NGN, the Agent shall instruct Euroclear and Clearstream, Luxembourg to make
                                            appropriate entries in their records to reflect such shortfall in payment.

 

		(12)	If either the relevant Issuer or the Guarantor
                                            (if applicable) determines in its sole discretion that it will be required to withhold or
                                            deduct any FATCA Withholding in connection with any payment due on any Notes, then the relevant
                                            Issuer or the Guarantor (if applicable) will be entitled to re-direct or reorganise any such
                                            payment in order that the payment may be made without FATCA Withholding.

 

		(13)	Upon request from any Paying Agent, the relevant
                                            Issuer and/or the Guarantor (if applicable) shall provide to such Paying Agent, and consents
                                            to the collection and processing by such Paying Agent of, any authorisations, waivers, forms,
                                            documentation and other information relating to its status (or the status of its direct or
                                            indirect owners or Noteholders) or otherwise (to the extent available to it) which in the
                                            opinion of such Paying Agent is required to be reported or provided under the Code ("FATCA
                                            Information").

 

		(14)	Each
                                            of Rentokil Initial and Rentokil BV further consents to the disclosure, transfer and reporting
                                            of such FATCA Information to any relevant government or taxing authority, any member of the
                                            relevant Paying Agent’s group, any sub-contractors, agents, service providers or associates
                                            of the relevant Paying Agent’s group, and any person making payments to the relevant
                                            Paying Agent or a member of the relevant Paying Agent’s group, including transfers
                                            to jurisdictions which do not have strict data protection or similar laws, to the extent
                                            that the relevant Paying Agent determines that such disclosure, transfer or reporting is
                                            necessary or warranted to facilitate compliance with the Code. Each of Rentokil Initial and
                                            Rentokil BV agrees to inform the relevant Paying Agent promptly, and in any event, within
                                            30 calendar days in writing if there are any changes to the relevant FATCA Information supplied
                                            to the relevant Paying Agent from time to time. Each of Rentokil Initial and Rentokil BV
                                            warrants that each person whose FATCA Information it provides (or has provided) to the relevant
                                            Paying Agent has been given such information, and has given such consent, as may be necessary
                                            to permit the collection, processing, disclosure, transfer and reporting of their information
                                            as set out in this clause 6.

 

		7.	Determinations
                                            and Notifications in respect of Notes

 

		(1)	The Agent shall, unless otherwise specified
                                            in the applicable Pricing Supplement, make all the determinations and calculations which
                                            it is required to make under the Conditions, all subject to and in accordance with the Conditions.

 

		(2)	The Agent shall not be responsible to the
                                            relevant Issuer, the Guarantor (if applicable) or to any third party as a result of the Agent
                                            having (without negligence or wilful default on its part) acted on any quotation given by
                                            any Reference Bank which subsequently may be found to be incorrect.

 

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		(3)	The Agent shall promptly notify (and confirm
                                            in writing to) the relevant Issuer, the Guarantor (if applicable), the Trustee, the other
                                            Paying Agents and (in respect of a Series of Notes listed on a stock exchange) the relevant
                                            stock exchange of each Rate of Interest, Interest Amount and Interest Payment Date and
                                            all other amounts, rates and dates which it is obliged to determine or calculate under the
                                            Conditions as soon as practicable after their determination and of any subsequent amendments
                                            to them under the Conditions.

 

		(4)	The Agent shall use its best endeavours to
                                            cause each Rate of Interest, Interest Amount and Interest Payment Date and all other
                                            amounts, rates and dates which it is obliged to determine or calculate under the Conditions
                                            to be published as required in accordance with the Conditions as soon as possible after their
                                            determination or calculation.

 

		(5)	If the Agent does not at any time for any
                                            reason determine and/or calculate and/or publish the Rate of Interest, Interest Amount
                                            and/or Interest Payment Date in respect of any Interest Period or any other amount, rate
                                            or date as provided in this clause, it shall as soon as reasonably possible notify the relevant
                                            Issuer, the Guarantor (if applicable), the Trustee and the other Paying Agents of that fact.

 

		(6)	Notes of any Series may specify additional
                                            duties and obligations of any Paying Agent, the performance of which will be agreed in writing
                                            between the relevant Issuer, the Guarantor (if applicable) and the relevant Paying Agent
                                            prior to the relevant Issue Date.

 

		8.	Notice of any Withholding or Deduction

 

		(1)	If either the relevant Issuer or the Guarantor
                                            (if applicable) is, in respect of any payment, compelled to withhold or deduct any amount
                                            for or on account of taxes, duties, assessments or governmental charges as specifically contemplated
                                            under the Conditions, the relevant Issuer or the Guarantor (if applicable) shall give notice
                                            of that fact to the Agent and the Trustee as soon as it becomes aware of the requirement
                                            to make the withholding or deduction and shall give to the Agent such information as it shall
                                            require to enable it to comply with the requirement. Until such time, each of the relevant
                                            Issuer and the Guarantor (if applicable) confirms that all payments made by or on behalf
                                            of the relevant Issuer or the Guarantor (if applicable) shall be made free and clear of and
                                            without withholding or deduction of any such amounts.

 

		(2)	If any Paying Agent is, in respect of any
                                            payment of principal or interest in respect of the Notes, compelled to withhold or deduct
                                            any amount for or on account of any taxes, duties, assessments or governmental charges as
                                            specifically contemplated under the Conditions, other than arising under sub-clause (1) or
                                            by virtue of the relevant holder failing to satisfy any certification or other requirement
                                            in respect of its Notes, it shall give notice of that fact to the relevant Issuer, the Guarantor
                                            (if applicable), the Trustee and the Agent as soon as it becomes aware of the compulsion
                                            to withhold or deduct.

 

		9.	Duties
                                            of the Paying Agents in Connection with Early Redemption

 

		(1)	If the relevant Issuer decides to redeem any
                                            Notes for the time being outstanding before their Maturity Date in accordance with the Conditions,
                                            the relevant Issuer shall give notice of the decision to the Agent and the Trustee stating
                                            the date on which the Notes are to be redeemed and the nominal amount of Notes to be redeemed
                                            not less than 15 days before the date on which the relevant Issuer will give notice
                                            to the Noteholders in accordance with the Conditions of the redemption in order to enable
                                            the Agent to carry out its duties in this Agreement and in the Conditions.

 

		(2)	If some only of the Notes are to be redeemed,
                                            the Agent shall, in the case of Definitive Notes, make the required drawing in accordance
                                            with the Conditions but shall give the relevant Issuer, the Guarantor (if applicable) and
                                            the Trustee reasonable notice of the time and place proposed for the drawing and the relevant
                                            Issuer, the Guarantor (if applicable) and the Trustee shall be entitled to send representatives
                                            to attend the drawing and shall, in the case of Notes in global form, co-ordinate the selection
                                            of Notes to be redeemed with Euroclear and Clearstream, Luxembourg, all in accordance with
                                            the Conditions.

 

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		(3)	The Agent shall publish the notice required
                                            in connection with any redemption and shall, if applicable, at the same time also publish
                                            a separate list of the serial numbers of any Notes in definitive form previously drawn and
                                            not presented for redemption. The redemption notice shall specify the date fixed for redemption,
                                            the redemption amount, the manner in which redemption will be effected and, in the case of
                                            a partial redemption of Definitive Notes, the serial numbers of the Notes to be redeemed.
                                            The notice will be published in accordance with the Conditions. The Agent will also notify
                                            the other Paying Agents of any date fixed for redemption of any Notes.

 

		(4)	Each Paying Agent will keep a stock of Put
                                            Notices and will make them available on demand to holders of Definitive Notes, the Conditions
                                            of which provide for redemption at the option of Noteholders. Upon receipt of any Note deposited
                                            in the exercise of a put option in accordance with the Conditions, the Paying Agent with
                                            which the Note is deposited shall hold the Note (together with any Coupons and Talons relating
                                            to it deposited with it) on behalf of the depositing Noteholder (but shall not, save as provided
                                            below, release it) until the due date for redemption of the relevant Note consequent upon
                                            the exercise of the option, when, subject as provided below, it shall present the Note (and
                                            any such unmatured Coupons and Talons) to itself for payment of the amount due together with
                                            any interest due on the date of redemption in accordance with the Conditions and shall pay
                                            those moneys in accordance with the directions of the Noteholder contained in the relevant
                                            Put Notice. If, prior to the due date for its redemption, an Event of Default has occurred
                                            and is continuing or the Note becomes immediately due and repayable or if upon due presentation
                                            payment of the redemption moneys is improperly withheld or refused, the Paying Agent concerned
                                            shall post the Note (together with any such Coupons and Talons) by uninsured post to, and
                                            at the risk of, the relevant Noteholder (unless the Noteholder has otherwise requested and
                                            paid the costs of insurance to the relevant Paying Agent at the time of depositing the Notes)
                                            at the address given by the Noteholder in the relevant Put Notice. At the end of each period
                                            for the exercise of any put option, each Paying Agent shall promptly notify the Agent of
                                            the principal amount of the Notes in respect of which the option has been exercised with
                                            it together with their serial numbers and the Agent shall promptly notify those details to
                                            the relevant Issuer, the Guarantor (if applicable) and the Trustee.

 

		10.	Receipt
                                            and Publication of Notices

 

		(1)	As soon as reasonably possible after it receives
                                            a demand or notice from any Noteholder in accordance with the Conditions, the Agent shall
                                            forward a copy to the relevant Issuer, the Guarantor (if applicable) and the Trustee.

 

		(2)	On behalf of and at the request and expense
                                            of the relevant Issuer (failing which, the Guarantor (if applicable)), the Agent shall cause
                                            to be published all notices required to be given by the relevant Issuer, the Guarantor (if
                                            applicable) and the Trustee to the Noteholders in accordance with the Conditions.

 

		11.	Cancellation of Notes, 
                                            Coupons and Talons

 

		(1)	All Notes which are redeemed, all Global Notes
                                            which are exchanged in full, all Coupons which are paid and all Talons which are exchanged
                                            shall be cancelled by the Paying Agent by which they are redeemed, exchanged or paid. In
                                            addition, the relevant Issuer or the Guarantor (if applicable) shall immediately notify the
                                            Agent in writing of all Notes which are purchased by or on behalf of the relevant Issuer,
                                            the Guarantor (if applicable) or any Subsidiary of the relevant Issuer or the Guarantor (if
                                            applicable) and all such Notes surrendered to a Paying Agent for cancellation, together (in
                                            the case of Definitive Notes) with all unmatured Coupons or Talons (if any) attached to them
                                            or surrendered with them, shall be cancelled by the Paying Agent to which they are surrendered.
                                            Each of the Paying Agents shall give to the Agent details of all payments made by it and
                                            shall deliver all cancelled Notes, Coupons and Talons to the Agent or as the Agent may specify.

 

    15 

     

    

 

 

		(2)	The Agent shall deliver to the relevant Issuer, the Guarantor (if applicable) and the Trustee as soon
as reasonably practicable and in any event within three months after the date of each repayment, payment, cancellation or replacement,
as the case may be, a notification stating:

 

		(a)	the aggregate nominal amount of Notes which have been redeemed and the aggregate amounts in respect of
Coupons which have been paid;

 

		(b)	the serial numbers of such Notes in definitive form;

 

		(c)	the total numbers (where applicable, of each denomination) by maturity date of such Coupons;

 

		(d)	the aggregate amount of interest paid (and the due dates of such payments) on Global Notes;

 

		(e)	the aggregate nominal amount of Notes (if any) which have been purchased by or on behalf of the relevant
Issuer, the Guarantor (if applicable) or any Subsidiary of the relevant Issuer or the Guarantor (if applicable) and cancelled and the
serial numbers of such Notes in definitive form and the total number (where applicable, of each denomination) by maturity date of the
Coupons and Talons attached thereto or surrendered therewith;

 

		(f)	the aggregate nominal amounts of Notes and the aggregate amounts in respect of Coupons which have been
so exchanged or surrendered and replaced and the serial numbers of such Notes in definitive form and the total number (where applicable,
of each denomination) by maturity date of such Coupons and Talons;

 

		(g)	the total number (where applicable, of each denomination) by maturity date of the unmatured Coupons missing
from Definitive Notes bearing interest at a fixed rate which have been redeemed or exchanged or surrendered and replaced and the serial
numbers of the Definitive Notes to which such missing unmatured Coupons appertained; and

 

		(h)	the total number (where applicable, of each denomination) by maturity date of Talons which have been exchanged
for further Coupons.

 

		(3)	The Agent shall destroy all cancelled Notes, Coupons and Talons and, promptly following their destruction,
send to the relevant Issuer and the Guarantor (if applicable) a certificate stating the serial numbers of the Notes (in the case of Notes
in definitive form) and the number by maturity date of Coupons and Talons destroyed.

 

		(4)	Without prejudice to the obligations of the Agent under sub-clause (2), the Agent shall keep a full and
complete record of all Notes, Coupons and Talons (other than serial numbers of Coupons) and of their redemption, purchase by or on behalf
of the relevant Issuer, the Guarantor (if applicable) or any Subsidiary of the relevant Issuer or the Guarantor (if applicable) and cancellation,
payment or exchange (as the case may be) and of all replacement Notes, Coupons or Talons issued in substitution for mutilated, defaced,
destroyed, lost or stolen Notes, Coupons or Talons. The Agent shall in respect of the Coupons of each maturity retain (in the case of
Coupons other than Talons) until the expiry of ten years from the Relevant Date in respect of such Coupons and (in the case of Talons)
indefinitely either all paid or exchanged Coupons of that maturity or a list of the serial numbers of Coupons of that maturity still remaining
unpaid or unexchanged. Upon written request, the Agent shall at all reasonable times during normal business hours make the record available
to the relevant Issuer, the Guarantor (if applicable), the Trustee and any persons authorised by either of them for inspection and for
the taking of copies of it or extracts from it.

 

		(5)	The Agent is authorised by each Issuer and instructed (a) in the case of any Global Note which is
a CGN, to endorse or to arrange for the endorsement of the relevant Global Note to reflect the reduction in the nominal amount represented
by it by the amount so redeemed or purchased and cancelled and (b) in the case of any Global Note which is a NGN, to instruct Euroclear
and Clearstream, Luxembourg to make appropriate entries in their records to reflect such redemption or purchase and cancellation, as the
case may be; provided, that, in the case of a purchase or cancellation, the relevant Issuer and/or the Guarantor (if applicable) has or
have (as applicable) notified the Agent of the same in accordance with clause 11(1).

 

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		12.	Issue of Replacement Notes, Coupons and Talons

 

		(1)	Each of the Issuers will cause a sufficient quantity of additional forms of Notes, Coupons and Talons
to be available, upon request, to the Agent at its specified office for the purpose of issuing replacement Notes, Coupons and Talons as
provided below.

 

		(2)	The Agent will, subject to and in accordance with the Conditions and this clause, cause to be delivered
any replacement Notes, Coupons and Talons which the relevant Issuer may determine to issue in place of Notes, Coupons and Talons which
have been lost, stolen, mutilated, defaced or destroyed.

 

		(3)	In the case of a mutilated or defaced Note, the Agent shall ensure that (unless otherwise covered by such
indemnity as the relevant Issuer may reasonably require) any replacement Note will only have attached to it Coupons and Talons corresponding
to those (if any) attached to the mutilated or defaced Note which is presented for replacement.

 

		(4)	The Agent shall obtain verification in the case of an allegedly lost, stolen or destroyed Note, Coupon
or Talon in respect of which the serial number is known, that the Note, Coupon or Talon has not previously been redeemed, paid or exchanged,
as the case may be. The Agent shall not issue any replacement Note, Coupon or Talon unless and until the claimant shall have:

 

		(a)	paid the costs and expenses incurred in connection with the issue;

 

		(b)	provided it with such evidence and indemnity as the relevant Issuer may reasonably require; and

 

		(c)	in the case of any mutilated or defaced Note, Coupon or Talon, surrendered it to the Agent.

 

		(5)	The Agent shall cancel any mutilated or defaced Notes, Coupons and Talons in respect of which replacement
Notes, Coupons and Talons have been issued under this clause and shall furnish the relevant Issuer with a certificate stating the serial
numbers of the Notes, Coupons and Talons cancelled and, unless otherwise instructed by the relevant Issuer in writing, shall destroy the
cancelled Notes, Coupons and Talons and give to the relevant Issuer a destruction certificate containing the information specified in
clause 11(3).

 

		(6)	The Agent shall, on issuing any replacement Note, Coupon or Talon, immediately inform the relevant Issuer,
the Guarantor (if applicable) and the other Paying Agents of the serial number of the replacement Note, Coupon or Talon issued and (if
known) of the serial number of the Note, Coupon or Talon in place of which the replacement Note, Coupon or Talon has been issued. Whenever
replacement Coupons or Talons are issued, the Agent shall also notify the other Paying Agents of the maturity dates of the lost, stolen,
mutilated, defaced or destroyed Coupons or Talons and of the replacement Coupons or Talons issued.

 

		(7)	The Agent shall keep a full and complete record of all replacement Notes, Coupons and Talons issued and
upon written request shall make the record available at all reasonable times to the relevant Issuer, the Guarantor (if applicable) and
the Trustee and any persons authorised by either of them for inspection and for the taking of copies of it or extracts from it.

 

		(8)	Whenever any Note, Coupon or Talon for which a replacement Note, Coupon or Talon has been issued and in
respect of which the serial number is known is presented to a Paying Agent for payment, the relevant Paying Agent shall immediately send
notice of that fact to the relevant Issuer, the Guarantor (if applicable), the Trustee and the other Paying Agents.

 

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		(9)	The Paying Agents shall issue further Coupon sheets against surrender of Talons. A Talon so surrendered
shall be cancelled by the relevant Paying Agent who (except where the Paying Agent is the Agent) shall inform the Agent of its serial
number. Further Coupon sheets issued on surrender of Talons shall carry the same serial number as the surrendered Talon.

 

		13.	Copies of Documents Available for Inspection

 

Each Paying Agent shall hold and, upon
reasonable notice, make available for inspection at its specified office during normal business hours copies of all documents required
to be so available by the Conditions of any Notes, the Trust Deed or the rules of any relevant stock exchange. For these purposes,
the relevant Issuer and the Guarantor (if applicable) shall provide the Paying Agents with sufficient copies of each of the relevant documents.
Each Paying Agent shall provide by email to a Noteholder copies of all documents required to be so available by the Conditions of any
Notes, following the Noteholder’s prior written request and provision of proof of holding and identity (in a form satisfactory to
the relevant Paying Agent).

 

		14.	Meetings of Noteholders

 

		(1)	The provisions of the Third Schedule to the Trust Deed shall apply to meetings of the Noteholders and
shall have effect in the same manner as if set out in this Agreement.

 

		(2)	Without prejudice to sub-clause (1), each of the Paying Agents on the request of any holder of Notes shall
issue voting certificates and block voting instructions in accordance with the Third Schedule to the Trust Deed and shall immediately
give notice to the relevant Issuer and the Guarantor (if applicable) and the Trustee in writing of any revocation or amendment of a block
voting instruction. Each of the Paying Agents will keep a full and complete record of all voting certificates and block voting instructions
issued by it and will, not less than 24 hours before the time appointed for holding a meeting or adjourned meeting, deposit at such
place as the Agent shall approve, full particulars of all voting certificates and block voting instructions issued by it in respect of
the meeting or adjourned meeting.

 

		15.	Commissions and Expenses

 

		(1)	Each Issuer (failing which, the Guarantor (if applicable)) agrees to pay to the Agent such fees and commissions
as the relevant Issuer, the Guarantor (if applicable) and the Agent shall separately agree in writing in respect of the services of the
Paying Agents under this Agreement together with any properly incurred out of pocket expenses (including legal, printing, postage, cable
and advertising expenses) incurred by the Paying Agents in connection with their services. Each Issuer (failing which, the Guarantor (if
applicable)) shall also pay to the Agent an amount equal to any irrecoverable value added tax which may be payable in respect of such
fees and commissions and/or such properly incurred out of pocket expenses incurred by the Agent in connection with its services under
this Agreement.

 

		(2)	The Agent will make payment of the fees and commissions due under this Agreement to the other Paying Agents
and will reimburse their expenses promptly after the receipt of the relevant moneys from the Issuers or the Guarantor (as the case may
be). Neither the Issuers, the Guarantor (if applicable) nor the Trustee shall be responsible for any payment or reimbursement by the Agent
to the other Paying Agents. The fees, commissions and expenses payable to the Agent for services rendered and the performance of its obligations
under this Agreement shall not be abated by any remuneration or other amounts or profits receivable by the Agent (or to its knowledge
by any of its associates) in connection with any transaction effected by the Agent with or for either of the Issuers and/or the Guarantor
(if applicable).

 

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		16.	Indemnity

 

		(1)	Each Issuer shall indemnify (failing which, if applicable, the Guarantor agrees to indemnify) each of
the Paying Agents against any losses, liabilities, costs, claims, actions, demands or expenses (together, "Losses") (including,
but not limited to, all reasonable costs, legal fees, charges and expenses (together, "Expenses") paid or incurred in
disputing or defending any Losses) which it may incur or which may be made against it as a result of or in connection with its appointment
or the exercise of its powers and duties under this Agreement except for any Losses or Expenses resulting from its own wilful default,
negligence or fraud or bad faith or that of its officers, directors or employees or the material breach by it of the terms of this Agreement.
The relevant Paying Agent shall consult with the relevant Issuer and the Guarantor (if applicable) as to the conduct of any claim brought
against such Paying Agent in respect of which it may look to the relevant Issuer (and failing the relevant Issuer, the Guarantor (if applicable))
for indemnification. Notwithstanding any other provision of this Agreement, the relevant Issuer shall indemnify (failing which, if applicable,
the Guarantor agrees to indemnify) the Agent against any liability or loss howsoever incurred in connection with the relevant Issuer’s
or the Guarantor’s (if applicable) respective obligation to withhold or deduct an amount on account of tax.

 

		(2)	Each Paying Agent shall severally indemnify the relevant Issuer and the Guarantor (if applicable) against
any Losses (including, but not limited to, all reasonable Expenses paid or incurred in disputing or defending any Losses) which the relevant
Issuer or the Guarantor (if applicable) may incur or which may be made against the relevant Issuer or the Guarantor (if applicable) as
a result of the material breach by the Paying Agent of the terms of this Agreement or its wilful default, negligence or fraud or bad faith
or that of its officers, directors or employees. In no event shall the Agent or any Paying Agent be liable to indemnify the relevant Issuer
or the Guarantor (if applicable) for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special
or consequential damages, whether or not the Agent or Paying Agent has been advised of the possibility of such losses.

 

		(3)	The indemnities set out above shall survive any termination of this Agreement.

 

		(4)	The Agent will only be liable to the relevant Issuer, the Guarantor (if applicable) and/or the Trustee
for losses, liabilities, costs, expenses and demands arising directly from the performance of its obligations under this Agreement suffered
by or occasioned to the relevant Issuer, the Guarantor (if applicable) and/or the Trustee ("Liabilities") to the extent
that the Agent has been negligent, fraudulent or in wilful default in respect of its obligations under this Agreement. The Agent shall
not otherwise be liable or responsible for any Liabilities or inconvenience which may result from anything done or omitted to be done
by it in connection with this Agreement. For the avoidance of doubt, the failure of the Agent to make a claim for payment of interest
and principal on the relevant Issuer or the Guarantor (if applicable), or to inform any other paying agent or clearing system of a failure
on the part of the relevant Issuer or the Guarantor (if applicable) to meet any such claim or to make a payment by the stipulated date,
shall not be deemed to constitute negligence, fraud or wilful default on the part of the Agent.

 

		(5)	Liabilities arising under clause 16(4) shall be limited to the amount of the relevant Issuer’s,
the Guarantor’s (if applicable) and/or the Trustee’s actual loss. Such actual loss shall be determined (a) as at the
date of default of the Agent or, if later, the date on which the loss arises as a result of such default and (b) without reference
to any special conditions or circumstances known to the Agent at the time of entering into the Agreement, or at the time of accepting
any relevant instructions, which increase the amount of the loss. In no event shall the Agent be liable for any loss of profits, goodwill,
reputation, business opportunity or anticipated saving, or for special, punitive or consequential damages, whether or not the Agent has
been advised of the possibility of such loss or damages.

 

		(6)	The liability of the Agent under clause 16(4) will not extend to any Liabilities arising through
any acts, events or circumstances not reasonably within its control, or resulting from the general risks of investment in or the holding
of assets in any jurisdiction, including, but not limited to, Liabilities arising from: nationalisation, expropriation or other governmental
actions; any law, order or regulation of a governmental, supranational or regulatory body; regulation of the banking or securities industry
including changes in market rules or practice, currency restrictions, devaluations or fluctuations; market conditions affecting the
execution or settlement of transactions or the value of assets; breakdown, failure or malfunction of any third party transport, telecommunications,
computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; and strikes or industrial
action.

 

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		(7)	For the avoidance of doubt the Agent’s liability under this clause 16(7) shall be limited in
the manner set out in clauses 16(5) and 16(6).

 

		17.	Responsibility of the Paying Agents

 

		(1)	No Paying Agent shall be responsible to anyone with respect to the validity of this Agreement or the Notes
or Coupons or for any act or omission by it in connection with this Agreement or any Note or Coupon except for its own negligence, default
or bad faith, including that of its officers and employees.

 

		(2)	No Paying Agent shall have any duty or responsibility in the case of any default by the relevant Issuer
or the Guarantor (if applicable) in the performance of its obligations under the Conditions.

 

		(3)	Whenever in the performance of its duties under this Agreement a Paying Agent shall deem it desirable
that any matter be established by the relevant Issuer or the Guarantor (if applicable) prior to taking or suffering any action under this
Agreement, the matter may be deemed to be conclusively established by a certificate signed by the relevant Issuer or the Guarantor (as
the case may be) and delivered to the Paying Agent and the certificate shall be a full authorisation to the Paying Agent for any action
taken or suffered in good faith by it under the provisions of this Agreement in reliance upon the certificate.

 

		(4)	Nothing in this Agreement shall require the Agent to assume an obligation of the relevant Issuer or the
Guarantor (if applicable) arising under any provision of the listing rules of any competent authority.

 

		18.	Conditions of Appointment

 

		(1)	Save as provided in clause 2(5) above, each Paying Agent shall be entitled to deal with money paid
to it by the Issuers or the Guarantor (if applicable) for the purpose of this Agreement in the same manner as other money paid to a banker
by its customers except:

 

		(a)	that it shall not exercise any right of set-off, lien or similar claim in respect of the money; and

 

		(b)	that it shall not be liable to account to the Issuers or the Guarantor (if applicable) for any interest
on the money.

 

		(2)	In acting under this Agreement and in connection with the Notes, each Paying Agent shall act solely as
an agent of the relevant Issuer and the Guarantor (if applicable) (or, in the circumstances described in clause 2(6) above, the Trustee)
and will not assume any obligations towards or relationship of agency or trust for or with any of the owners or holders of the Notes,
Coupons or Talons or any other third party.

 

		(3)	Each Paying Agent undertakes to the relevant Issuer, the Guarantor (if applicable) (and, in the circumstances
described in clause 2(6) above, the Trustee) to perform its duties, and shall be obliged to perform the duties and only the duties,
specifically stated in this Agreement (including Schedule 2, in the case of the Agent), the Conditions and the Procedures Memorandum,
and no implied duties or obligations of any kind (including, without limitation, duties or obligations of a fiduciary or equitable nature)
shall be read into any of those documents against any Paying Agent, other than the duty to act honestly and in good faith and to exercise
the diligence of a reasonably prudent agent in comparable circumstances. Each of the Paying Agents (other than the Agent) agrees that
if any information that is required by the Agent to perform the duties set out in Schedule 2 becomes known to it, it will promptly provide
such information to the Agent.

 

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		(4)	The Agent may consult with legal and other professional advisers and the opinion of the advisers shall
be full and complete protection in respect of any action taken, omitted or suffered under this Agreement in good faith and in accordance
with the opinion of the advisers.

 

		(5)	The Agent shall not be under any obligation to take any action under this Agreement which it expects will
result in any expense or liability accruing to it, the payment of which within a reasonable time is not, in its opinion, assured to it.

 

		(6)	Each Paying Agent shall be protected and shall incur no liability in respect of any action taken, omitted
or suffered in reliance on any instruction from the relevant Issuer, the Guarantor or the Trustee or any document which it reasonably
believes to be genuine and to have been delivered by the proper party or on written instructions from the relevant Issuer, the Guarantor
or the Trustee.

 

		(7)	Any Paying Agent and its officers, directors and employees may become the owner of, and/or acquire any
interest in, any Notes, Coupons or Talons with the same rights that it or any of them would have had if the Paying Agent concerned were
not appointed under this Agreement, and may engage or be interested in any financial or other transaction with Rentokil Initial, Rentokil
BV or the Trustee and may act on, or as depositary, trustee or agent for, any committee or body of holders of Notes or Coupons or in connection
with any other obligations of Rentokil Initial or Rentokil BV as freely as if the Paying Agent were not appointed under this Agreement
without regard to the interests of the Issuers or the Guarantor and shall be entitled to retain and shall not in any way be liable to
account for any profit made or share of brokerage or commission or remuneration or other amount or benefit received thereby or in connection
therewith.

 

		(8)	The Issuers and the Guarantor shall each provide the Agent with a certified copy of the list of persons
authorised to execute documents and take action on its behalf in connection with this Agreement and shall notify the Agent immediately
in writing if any of those persons ceases to be authorised or if any additional person becomes authorised together, in the case of an
additional authorised person, with evidence satisfactory to the Agent that the person has been authorised.

 

		(9)	Except as otherwise required by the Conditions or instructed by the relevant Issuer or the Guarantor (if
applicable) or as ordered by a court of competent jurisdiction or as required by law or applicable regulations or as provided in the Trust
Deed and the Conditions, the relevant Issuer, the Guarantor (if applicable), the Trustee and each of the Paying Agents shall be entitled
to treat the bearer of any Note or Coupon as the absolute owner of it (whether or not it is overdue and notwithstanding any notice of
ownership or writing on it or notice of any previous loss or theft of it).

 

		(10)	The amount of the Programme may be increased by the Issuers and the Guarantor in accordance with the procedure
set out in the Programme Agreement. Upon any increase being effected, all references in this Agreement to the amount of the Programme
shall be deemed to be references to the increased amount.

 

		(11)	The Issuers shall forthwith give notice to the Agent of any change of the Trustee.

 

		(12)	If the Agent agrees to extend credit to the relevant Issuer or the Guarantor (if applicable), it will
do so on its usual terms as to interest and other charges, unless other terms have been agreed.

 

		(13)	The Agent shall be entitled to take any action or to refuse to take any action which the Agent regards
as necessary for the Agent to comply with any applicable law, regulation or fiscal requirement, or the rules, operating procedures or
market practices of any relevant stock exchange or other market or clearing system.

 

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		19.	Communications between the Parties

 

A copy of all communications relating
to the subject matter of this Agreement between either Issuer, the Guarantor (if applicable), the Trustee and any Paying Agent (other
than the Agent) shall be sent to the Agent.

 

		20.	Changes in Paying Agents

 

		(1)	The Issuers and the Guarantor are entitled, with the prior written approval of the Trustee, to vary or
terminate the appointment of any Paying Agent and/or appoint additional or other Paying Agents and/or approve any change in the specified
office through which any Paying Agent acts, provided that:

 

		(a)	there will at all times be an Agent;

 

		(b)	so long as the Notes are listed
on any stock exchange or admitted to listing, trading and/or quotation by any competent authority, stock exchange and/or quotation
system which requires the appointment of a Paying Agent in a particular place, the relevant Issuer and the Guarantor (if applicable) shall
maintain a Paying Agent with a specified office in such place as may be required by the rules and regulations of the relevant competent
authority, stock exchange and/or quotation system; and

 

		(c)	there will at all times be a Paying Agent within Europe, other than in the United Kingdom or the Netherlands.

 

In
addition, the relevant Issuer and the Guarantor (if applicable) shall immediately appoint a Paying Agent having a specified office
in New York City in the circumstances described in Condition 5(d). Any variation, termination, appointment or change shall only take effect
(other than in the case of insolvency (as provided in sub-clause (5)), when it shall be of immediate effect) after not less than 30 nor
more than 45 days' prior notice shall have been given to the Noteholders in accordance with Condition 13.

 

		(2)	The Agent may (subject as provided in sub-clause (4)) at any time resign by giving at least 45 days'
written notice to the Issuers, the Guarantor and the Trustee specifying the date on which its resignation shall become effective.

 

		(3)	The Agent may (subject as provided in sub-clause (4) and to the prior written approval of the
Trustee) be removed at any time by the Issuers and the Guarantor on at least 45 days' notice in writing from the Issuers and the
Guarantor specifying the date when the removal shall become effective.

 

		(4)	Any resignation under sub-clause (2) or removal of the Agent under sub-clauses (3) or
(5) shall only take effect upon the appointment by the Issuers and the Guarantor of a successor Agent (approved by the Trustee) and
(other than in cases of insolvency of the Agent) on the expiry of the notice to be given under clause 22. Each of the Issuers and
the Guarantor agrees with the Agent that if, by the day falling 10 days before the expiry of any notice under sub-clause (2), the
Issuers and the Guarantor have not appointed a successor Agent then the Agent shall be entitled, on behalf of the Issuers and the Guarantor,
to appoint as a successor Agent in its place a reputable financial institution of good standing which the Issuers, the Guarantor and the
Trustee shall approve (such approval not to be unreasonably withheld or delayed).

 

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		(5)	In case at any time any Paying Agent resigns, or is removed, or becomes incapable of acting or is adjudged
bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the benefit of its creditors or consents
to the appointment of an administrator, liquidator or administrative or other receiver of all or a substantial part of its property, or
admits in writing its inability to pay or meet its debts as they mature or suspends payment of its debts, or if any order of any court
is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law or if a receiver
of it or of all or a substantial part of its property is appointed or if any officer takes charge or control of it or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation, a successor Paying Agent which shall be a reputable financial
institution of good standing (approved by the Trustee) may be appointed by the Issuers and the Guarantor. Upon the appointment of a successor
Paying Agent and acceptance by it of its appointment and (other than in case of insolvency of the Paying Agent when it shall be of immediate
effect) upon expiry of the notice to be given under clause 22, the Paying Agent so superseded shall cease to be a Paying Agent under
this Agreement.

 

		(6)	Subject to sub-clause (1), the Issuers and the Guarantor may, after prior consultation with the Agent
and subject to the prior written approval of the Trustee, terminate the appointment of any of the other Paying Agents at any time and/or
appoint one or more further or other Paying Agents by giving to the Agent and to the relevant other Paying Agent at least 45 days'
notice in writing to that effect (other than in the case of insolvency).

 

		(7)	Notwithstanding any other provision in this Agreement, if either the relevant Issuer or the Guarantor
(if applicable) determines, in its sole discretion, that it will be required to withhold or deduct any FATCA Withholding in connection
with any payments due on the Notes and such FATCA Withholding would not have arisen but for the Paying Agent not being or having ceased
to be a person to whom payments are free from FATCA Withholding, the relevant Issuer or the Guarantor (if applicable) will be entitled
to terminate the Paying Agent by giving at least 30 days’ notice in writing to such Paying Agent.

 

		(8)	Subject to sub-clause (1), all or any of the Paying Agents (other than the Agent) may resign their
respective appointments under this Agreement at any time by giving the Issuers, the Guarantor, the Trustee and the Agent at least 45 days'
written notice to that effect.

 

		(9)	Upon its resignation or removal becoming effective, a Paying Agent shall:

 

		(a)	in the case of the Agent, immediately transfer all moneys and records held by it under this Agreement
to the successor Agent; and

 

		(b)	be entitled to the payment by the Issuers (failing which the Guarantor (if applicable)) of the commissions,
fees and expenses payable in respect of its services under this Agreement before termination in accordance with the terms of clause 15
(but not otherwise to any compensation).

 

		(10)	Upon its appointment becoming effective, a successor or new Paying Agent shall, without any further action,
become vested with all the authority, rights, powers, duties and obligations of its predecessor or, as the case may be, a Paying Agent
with the same effect as if originally named as a Paying Agent under this Agreement.

 

		21.	Merger and Consolidation

 

Any corporation into which any Paying
Agent may be merged or converted, or any corporation with which a Paying Agent may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which a Paying Agent shall be a party, or any corporation to which a Paying Agent shall sell
or otherwise transfer all or substantially all of its assets shall, on the date when the merger, conversion, consolidation or transfer
becomes effective and to the extent permitted by any applicable laws, become the successor Paying Agent under this Agreement without the
execution or filing of any paper or any further act on the part of the parties to this Agreement, unless otherwise required by the Issuers,
the Guarantor or the Trustee, and after the said effective date all references in this Agreement to the relevant Paying Agent shall be
deemed to be references to such successor corporation. Written notice of any such merger, conversion, consolidation or transfer shall
immediately be given to the Issuers, the Guarantor and the Trustee by the relevant Paying Agent.

 

    23

     

    

 

		22.	Notification of Changes to Paying Agents

 

Following receipt of notice of resignation
from a Paying Agent and immediately after appointing a successor or new Paying Agent or on giving notice to terminate the appointment
of any Paying Agent, the Agent (on behalf of and at the expense of the Issuers, failing which the Guarantor (if applicable)) shall give
or cause to be given not more than 45 days' nor less than 30 days' notice of the fact to the Noteholders in accordance with the Conditions.

 

		23.	Change of Specified Office

 

If any Paying Agent determines to change
its specified office, it shall give to the Issuers, the Guarantor, the Trustee and the Agent written notice of that fact giving the address
of the new specified office which shall be in the same city and stating the date on which the change is to take effect, which shall not
be less than 45 days after the notice. The Agent (on behalf of the Issuers, failing which the Guarantor (if applicable)) but at the
expense of the relevant Paying Agent) shall within 15 days of receipt of the notice (unless the appointment of the relevant Paying
Agent is to terminate pursuant to clause 20 on or prior to the date of the change) give or cause to be given not more than 45 days'
nor less than 30 days' notice of the change to the Noteholders in accordance with the Conditions.

 

		24.	Communications

 

		(1)	All communications shall be by email or letter delivered by hand or (but only where specifically provided
in the Procedures Memorandum) by telephone but promptly confirmed thereafter in writing. Each communication shall be made to the relevant
party at the email address, address or telephone number and, in the case of a communication by email or letter, marked for the attention
of, or (in the case of a communication by telephone) made to, the person or department from time to time specified in writing by that
party to the others for the purpose. The initial telephone number, email address and person or department so specified by each party are
set out in the Procedures Memorandum.

 

		(2)	A communication shall be deemed received (if by telephone) when made, (if by letter) when delivered, in
each case in the manner required by this clause, or (if by email) when the relevant receipt of such communication being read is given,
or where no read receipt is requested by the sender, at the time of sending, provided that no delivery failure notification is received
by the sender within 24 hours of sending such communication. However, if a communication is received after business hours on any business
day or on a day which is not a business day in the place of receipt it shall be deemed to be received and become effective at the opening
of business on the next business day in the place of receipt. Every communication shall be irrevocable save in respect of any manifest
error in it.

 

		(3)	Any notice given under or in connection with this Agreement shall be in English. All other documents provided
under or in connection with this Agreement shall be:

 

		(a)	in English; or

 

		(b)	if not in English, accompanied by a certified English translation and, in this case, the English translation
shall prevail unless the document is a statutory or other official document.

 

		25.	Taxes and Stamp Duties

 

Each of the Issuers (failing which,
the Guarantor (if applicable)) agrees to pay any and all stamp and other documentary taxes, duties assessments or government charges (including
any interest and penalties thereon or in connection therewith) which may be payable in connection with the execution, delivery, performance
and enforcement of this Agreement.

 

    24

     

    

 

		26.	Currency Indemnity

 

If, under any applicable law and whether
pursuant to a judgment being made or registered against either of the Issuers and/or the Guarantor or in the liquidation, insolvency or
any similar process of either of the Issuers and/or the Guarantor or for any other reason, any payment under or in connection with this
Agreement is made or falls to be satisfied in a currency (the "other currency") other than that in which the relevant
payment is expressed to be due (the "required currency") under this Agreement, then, to the extent that the payment (when
converted into the required currency at the rate of exchange on the date of payment or, if it is not practicable for the relevant Paying
Agent to purchase the required currency with the other currency on the date of payment, at the rate of exchange as soon thereafter as
it is practicable for it to do so or, in the case of a liquidation, insolvency or analogous process, at the rate of exchange on the latest
date permitted by applicable law for the determination of liabilities in such liquidation, insolvency or analogous process) actually received
by the relevant Paying Agent falls short of the amount due under the terms of this Agreement, the relevant Issuer and the Guarantor (if
applicable) undertakes that it shall, as a separate and independent obligation, indemnify and hold harmless the Paying Agent against the
amount of the shortfall. For the purpose of this clause, "rate of exchange" means the rate at which the relevant Paying Agent
is able on the London foreign exchange market on the relevant date to purchase the required currency with the other currency and shall
take into account any premium and other reasonable costs of exchange.

 

		27.	Amendments

 

		(1)	The Agent, the Issuers, the Guarantor and the Trustee may agree, without the consent of the Noteholders
or Couponholders, to any modification (except as mentioned in the Conditions) of this Agreement which, in the opinion of the Trustee:

 

		(a)	is not prejudicial to the interests of the Noteholders; or

 

		(b)	is of a formal, minor or technical nature or is made to correct a manifest error or to comply with mandatory
provisions of law.

 

		(2)	The Agent, the relevant Issuer, the Guarantor (if applicable) and the Trustee may agree, without the consent
of the Noteholders or Couponholders, to any modification of the Notes or the Coupons which, in the opinion of the Trustee, is of a formal,
minor or technical nature or is made to correct a manifest error or to comply with mandatory provisions of law.

 

		(3)	Any modification made under subparagraphs (1) or (2) above shall be binding on the Noteholders
and the Couponholders, unless the Trustee agrees otherwise, and shall be notified to the Noteholders in accordance with Condition 13 as
soon as practicable after it has been agreed.

 

		28.	Contractual Recognition of Bail-in

 

Notwithstanding and to the exclusion
of any other term in this Agreement or any other agreements, arrangements, or understandings between or among any of the parties to this
Agreement, each of the parties to this Agreement acknowledges, accepts and agrees that a BRRD Liability arising under this Agreement may
be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts and agrees to be bound by:

 

		(1)	the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD
Liability of any BRRD Entity to it under this Agreement, that (without limitation) may include and result in any of the following, or
some combination thereof:

 

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		(a)	the reduction of all, or a portion, of any BRRD Liability or outstanding amounts due thereon;

 

		(b)	the conversion of all, or a portion, of any BRRD Liability into shares, other securities or other obligations
of the relevant BRRD Entity or another person, and the issue to or conferral on it of such shares, securities or obligations;

 

		(c)	the cancellation of the BRRD Liability; and

 

		(d)	the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which
any payments are due, including by suspending payment for a temporary period; and

 

		(2)	the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority,
to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.

 

		29.	Contracts (Rights of Third Parties) Act 1999

 

A person who is not a party to this
Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement, but this does not
affect any right or remedy of a third party which exists or is available apart from that Act.

 

		30.	Governing Law and Submission to Jurisdiction

 

		(1)	This Agreement and any non-contractual obligations arising out of or in connection with it are governed
by, and shall be construed in accordance with, the laws of England.

 

	(2)	

 

		(a)	Subject to subclause (c) below, the English courts have exclusive jurisdiction to settle any dispute
arising out of or in connection with this Agreement, including any dispute as to its existence, validity, interpretation, performance,
breach or termination or the consequences of its nullity and any dispute relating to any non-contractual obligations arising out of or
in connection with it (a "Dispute") and each party submits to the exclusive jurisdiction of the English courts.

 

		(b)	For the purpose of this subclause 30(2), each of Rentokil Initial and Rentokil BV waives any objection
to the English courts on the grounds that they are an inconvenient or inappropriate forum to settle any Dispute.

 

		(c)	To the extent allowed by law, the Paying Agents may, in respect of any Dispute or Disputes, take (i) proceedings
in any other court with jurisdiction; and (ii) concurrent proceedings in any number of jurisdictions.

 

		31.	Appointment of Process Agent

 

Rentokil BV irrevocably appoints Rentokil
Initial as its agent under this Agreement for service of process in any proceedings before the English courts in relation to any Dispute
and agrees that, in the event of Rentokil Initial being unable or unwilling for any reason so to act, it will immediately appoint another
person, as the Trustee may approve, as its agent for service of process in England in respect of any Dispute on terms acceptable to the
Dealers, failing which the Dealers may appoint another process agent for this purpose, as the Trustee may approve. Each of Rentokil BV
and Rentokil Initial agrees that failure by a process agent to notify it of any process will not invalidate service. Nothing in this clause
shall affect the right to serve process in any other manner permitted by law.

 

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		32.	General

 

		(1)	This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures
on the counterparts were on a single copy of this Agreement.

 

		(2)	If any provision in or obligation under this Agreement is or becomes invalid, illegal or unenforceable
in any respect under the law of any jurisdiction, that will not affect or impair (a) the validity, legality or enforceability under
the law of that jurisdiction of any other provision in or obligation under this Agreement, and (b) the validity, legality or enforceability
under the law of any other jurisdiction of that or any other provision in or obligation under this Agreement.

 

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Schedule
1

 

  

Form
of Put Notice

 

[RENTOKIL INITIAL FINANCE B.V.][RENTOKIL
INITIAL PLC]

 

[title of relevant Series of Notes]

 

By depositing this duly completed
Notice with any Paying Agent for the above Series of Notes (the "Notes") the undersigned holder of the Notes surrendered
with this Notice and referred to below irrevocably exercises its option to have [the full/       ](1) nominal amount of the
Notes redeemed in accordance with Condition 6(d) (Redemption and Purchase - Redemption at the option of the Noteholders (Investor
Put) on [redemption date].

 

This Notice relates to Notes
in the aggregate nominal amount of                       bearing
the following serial numbers:    

 

                                                                                                                                                                                                                                                                                        

If the Notes referred to above are to be returned(2) to the undersigned under clause 9(4)
of the Agency Agreement, they should be returned by post to:

                                                                                                                                                                                                                                                                                        

 

Payment Instructions

 

Please make payment in respect
of the above-mentioned Notes by [cheque posted to the above address/transfer to the following bank account](1):

 

	Bank:	Branch Address:
	 	 
	Branch Code:	Account Number:
	 	 
	Signature of holder:	 

 

[To be completed by recipient
Paying Agent]

 

	Details of missing
    unmatured Coupons	(3)	 
	 	 	 
	Received by:	 	 

 

	 	[Signature and
stamp of Paying Agent]
	 

 

	At its office at:	On:

 

NOTES:

 

		(1)	Complete as appropriate.

 

		(2)	The Agency Agreement provides that Notes so returned will be sent by post, uninsured and at the risk of
the Noteholder, unless the Noteholder otherwise requests and pays the costs of such insurance to the relevant Paying Agent at the time
of depositing the Note referred to above.

 

		(3)	Only relevant for Fixed Rate Notes in definitive form.

 

N.B.       Notwithstanding
the deposit of any Notes with the Agent, the Agent acts solely as an agent of the Issuer[, the Guarantor]1
and/or the Trustee and will not assume any obligation or responsibility towards or relationship of agency or trust for or with any of
the owners or holders of the Notes, Coupons or Talons or any other third party.

 

This Put Notice is not valid unless all of the paragraphs requiring
completion are duly completed. Once validly given this Put Notice is irrevocable except in the circumstances set out in clause 9(4)
of the Agency Agreement.

 

 

 

1
This wording in squared brackets should only apply where the Issuer is Rentokil BV.

 

    28

     

    

 

Schedule
2

 

Additional Duties of the Agent

 

In relation to each Series of Notes that are NGNs, the Agent will
comply with the following provisions:

 

		1.	The Agent will inform each of Euroclear and Clearstream, Luxembourg (the "ICSDs"), through
the common service provider appointed by the ICSDs to service the Notes (the "CSP"), of the initial issue outstanding
amount ("IOA") for each Tranche on or prior to the relevant Issue Date.

 

		2.	If any event occurs that requires a mark up or mark down of the records which an ICSD holds for its customers
to reflect such customers' interest in the Notes, the Agent will (to the extent known to it) promptly provide details of the amount of
such mark up or mark down, together with a description of the event that requires it, to the ICSDs (through the CSP) to ensure that the
IOA of the Notes remains at all times accurate.

 

		3.	The Agent will at least once every month perform a reconciliation process with the ICSDs (through the
CSP) with respect to the IOA for the Notes and will promptly inform the ICSDs (through the CSP) of any discrepancies.

 

		4.	The Agent will promptly assist the ICSDs (through the CSP) in resolving any discrepancy identified in
the IOA of the Notes.

 

		5.	The Agent will promptly provide to the ICSDs (through the CSP) details of all amounts paid by it under
the Notes (or, where the Notes provide for delivery of assets other than cash, of the assets so delivered).

 

		6.	The Agent will (to the extent known to it) promptly provide to the ICSDs (through the CSP) notice of any
changes to the Notes that will affect the amount of, or date for, any payment due under the Notes.

 

		7.	The Agent will (to the extent known to it) promptly provide to the ICSDs (through the CSP) copies of all
information that is given to the holders of the Notes.

 

		8.	The Agent will promptly pass on to the relevant Issuer all communications it receives from the ICSDs directly
or through the CSP relating to the Notes.

 

		9.	The Agent will (to the extent known to it) promptly notify the ICSDs (through the CSP) of any failure
by the relevant Issuer to make any payment or delivery due under the Notes when due.

 

    29

     

    

 

Signatories

 

This Agreement has been entered into on the date
stated at the beginning of this Agreement.

 

	RENTOKIL INITIAL FINANCE B.V.	 
	as Issuer	 
	 	 
	By:	              	 
	 	 
	RENTOKIL INITIAL PLC	 
	as Issuer and Guarantor	 
	 	 
	By:	 	 
	 	 
	HSBC BANK PLC	 
	as Agent	 
	 	 
	By:	 	 
	 	 
	HSBC CONTINENTAL EUROPE	 
	as Paying Agent	 
	 	 
	By:	 	 
	 	 
	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED	 
	as Trustee	 
	 	 
	By:	 	 

  

    30Document

Exhibit 10.18

Perella Weinberg Partners
Dealer Manager and Solicitation Agent Agreement
New York, New York
July 22, 2022
Citigroup Global Markets Inc.,
as Dealer Manager 

c/o Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York 10013

Ladies and Gentlemen:
Perella Weinberg Partners, a company incorporated under the laws of Delaware (the “Company” or “we”), plans to make an offer (such offer as described in the Prospectus (as defined below), together with the related Consent Solicitation (as defined below), the “Exchange Offer”), for any and all of its outstanding Public Warrants and Private Placement Warrants (collectively, the “Warrants”) in exchange for consideration consisting of 0.20 shares of Class A Common Stock (the “Shares”) for each Warrant tendered, on the terms and subject to the conditions set forth in the Offering Documents (as defined below).  Certain terms used herein are defined in Section 20 of this Dealer Manager and Solicitation Agreement (the “Agreement”).
Concurrently with making the offer to exchange described in the preceding paragraph, the Company plans to solicit consents (the “Consents”) from the holders of Public Warrants (as described in the Offering Documents, the “Consent Solicitation”) to make certain amendments to the terms of the Warrants.  Subject to the terms and conditions set forth in the Offering Documents, if Consents are received from the holders of at least 65% of the outstanding Public Warrants, the proposed amendment to the warrant agreement governing the Warrants set forth in the Offering Documents (the “Warrant Amendment”) shall be adopted.
Any reference herein to the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 11 of Form S-4 which were filed under the Exchange Act on or before the filing of the Pre-Effective Registration Statement, the Effective Date or the issue date of the Preliminary Prospectus or the Prospectus, as the case may be; and any reference herein to the terms “amend,” “amendment” or “supplement” with respect to the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the filing of any document under the Exchange Act after the initial filing of the Pre-Effective Registration Statement, the 
1

Effective Date or the issue date of the Preliminary Prospectus or the Prospectus, as the case may be, deemed to be incorporated therein by reference.
1.    Appointment as Dealer Manager and Solicitation Agent.
(a)    Citigroup Global Markets Inc. will act as the exclusive dealer manager and solicitation agent for the Exchange Offer and the Consent Solicitation (the “Dealer Manager” or “you”) in accordance with your customary practices, including without limitation to use commercially reasonable efforts to solicit tenders pursuant to the Exchange Offer, the solicitation of Consents pursuant to the Consent Solicitation and assisting in the distribution of the Offering Documents and to perform such services as are customarily performed by investment banking firms acting as dealer managers and solicitation agents of an exchange offer of like nature.
(b)    You agree that all actions taken by you as Dealer Manager have complied and will comply in all material respects with all applicable laws, regulations and rules of the United States, including, without limitation, the applicable rules and regulations of the registered national securities exchanges of which you are a member and of the Financial Industry Regulatory Authority, Inc. (“FINRA”). 
(c)    The Dealer Manager, in its sole discretion, may continue to own or dispose of, in any manner it may elect, any Warrants it may beneficially own at the date hereof or hereafter acquire, in any such case, subject to applicable law.  The Dealer Manager has no obligation to the Company, pursuant to this Agreement or otherwise, to tender or refrain from tendering Warrants beneficially owned by it in any Exchange Offer (or to deliver Consents in any related Consent Solicitation).  The Dealer Manager acknowledges and agrees that if any Exchange Offer is not consummated for any reason, the Company shall have no obligation, pursuant to this Agreement or otherwise, to acquire any Warrants from the Dealer Manager or otherwise to hold the Dealer Manager harmless with respect to any losses it may incur in connection with the resale to any third parties of any Warrants.
(d)    The Company agrees that it will not file, use or publish any material in connection with the Exchange Offer, use the name Citigroup or Citigroup Global Markets Inc. or refer to you or your relationship with the Company, without your prior written consent to the form of such use or reference.  There shall be no fee for any such permitted use or reference other than as set forth herein.
2.    Compensation.  The Company shall pay to you in respect of your services as Dealer Manager the fee set forth in the attached Schedule A (the “Fee”).  The Company shall also promptly reimburse you, without regard to consummation of the Exchange Offer, for (i) your reasonable out-of-pocket expenses in preparing for and performing your functions as Dealer Manager; and (ii) the reasonable fees, costs and out-of-pocket expenses of your counsel for their representation of you incurred in connection with the Exchange Offer, not to exceed $200,000 in the case of this clause (ii). 
2

3.    Representations and Warranties. The Company represents and warrants to, and agrees with, you as set forth below in this Section 3:
(a)    Form S-4. The Company has prepared and filed with the Commission the Pre-Effective Registration Statement on Form S-4, including a related Preliminary Prospectus, for registration under the Securities Act of the Shares in connection with the Exchange Offer. The Pre-Effective Registration Statement will have been declared effective by the Commission prior to the Expiration Date and any request on the part of the Commission or any other federal, state or local or other governmental or regulatory agency, authority or instrumentality or court or arbitrator for the amending or supplementing of the Offering Documents or for additional information has been complied with. The Company meets the conditions for the use of Form S-4 with respect to the Pre-Effective Registration Statement and the Registration Statement in connection with the Exchange Offer as contemplated by this Agreement.
(b)    Pre-Effective Registration Statement, Registration Statement, Preliminary Prospectus and Prospectus. (i) The Pre-Effective Registration Statement and any amendment thereto, as of the Commencement Date, the Registration Statement, as of the Effective Date, the Expiration Date and the Exchange Date, and the Preliminary Prospectus and any amendments and supplements thereto, as of its date, the Commencement Date and the Exchange Date, comply, and will comply, in all material respects with the Securities Act and the Exchange Act and the rules and regulations of the Commission thereunder (including Rule 13e-4 and Rule 14e under the Exchange Act), (ii) the Prospectus (together with any supplement and amendment thereto), as of the date it is first filed in accordance with Rule 424(b) under the Securities Act (if it is so filed) and the Exchange Date, will comply, in all material respects with the Securities Act and the Exchange Act and the rules and regulations of the Commission thereunder (including Rule 13e-4 and Rule 14e under the Exchange Act), (iii) the Pre-Effective Registration Statement and any amendment thereto as of the Commencement Date, and the Registration Statement, as of the Effective Date, the Expiration Date and the Exchange Date, did not contain, and will not contain, any untrue statement of a material fact and did not omit, and will not omit, to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (iv) the Preliminary Prospectus as of its date did not contain any untrue statement of a material fact and did not omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (v) the Prospectus (together with any supplement or amendment thereto), as of the date it is first filed in accordance with Rule 424(b) (if required), the Expiration Date and the Exchange Date, will not contain any untrue statement of a material fact and will not omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representations or warranties as to the information contained in or omitted from the Pre-Effective Registration Statement, the Registration Statement, any Preliminary Prospectus or the Prospectus (or any supplement or amendment thereto) in reliance upon and in conformity with information furnished to the Company in writing 
3

by or on behalf of the Dealer Manager expressly for inclusion therein (the “Dealer Manager Information”), it being understood that the Dealer Manager Information shall include only the name and the contact information of the Dealer Manager. 
(c)    Documents Incorporated by Reference. The documents incorporated by reference in the Registration Statement and the Prospectus and the Schedule TO (as defined below), when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and none of such documents contained an untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and any further documents so filed and incorporated by reference in the Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Dealer Manager Information. 
(d)    Schedule TO. (i) On the Commencement Date, the Company will duly file with the Commission the Schedule TO pursuant to Rule 13e-4 promulgated by the Commission under the Exchange Act, a copy of which Schedule TO (including the documents required by Item 12 thereof to be filed as exhibits thereto) in the form in which it is to be so filed has been or will be furnished to the Dealer Manager; (ii) any amendments to the Schedule TO and the final form of all such documents filed with the Commission or published, sent, or given to holders of Warrants will be furnished to you prior to any such amendment, filing, publication, or distribution; (iii) the Schedule TO as so filed and as amended or supplemented from time to time will comply in all material respects with the provisions of the Exchange Act and the rules and regulations thereunder; and (iv) the Schedule TO as filed or as amended or supplemented from time to time will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they are made, not misleading, except that the Company makes no representation or warranty with respect to any statement contained in, or any matter omitted from, the Schedule TO and in conformity with the Dealer Manager Information.
(e)    Rule 165 Material. The Rule 165 Material when filed with the Commission complied or will comply in all material respects with the applicable requirements of the Securities Act; and no Rule 165 Material, at the time of first use, when taken together with each Preliminary Prospectus and the Prospectus, as then amended or supplemented, contained or will contain any untrue statement of a material 
4

fact or omitted or will omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions in the Rule 165 Material made in reliance upon and in conformity with the Dealer Manager Information.
(f)    No Stop Orders. No stop order suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose or pursuant to Section 8A under the Securities Act are pending before or, to the knowledge of the Company, threatened by the Commission.
(g)    Emerging Growth Company.  From the time of initial filing of the Registration Statement to the Commission through the date hereof, the Company has been and is an “emerging growth company,” as defined in Section 2(a) of the Securities Act (an “Emerging Growth Company”).  
(h)    Testing-the-Waters Materials.  The Company (i) has not alone engaged in any Testing-the-Waters Communication with any person other than Testing-the-Waters Communications with the consent of the Dealer Manager with entities that are reasonably believed to be qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are reasonably believed to be accredited investors within the meaning of Rule 501 under the Securities Act and (ii) has not authorized anyone other than the Dealer Manager to engage in Testing-the-Waters Communications.  The Company reconfirms that the Dealer Manager has been authorized to act on its behalf in undertaking Testing-the-Waters Communications.  The Company has not distributed or approved for distribution any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act.  “Testing-the-Waters Communication” means any communication with potential investors undertaken in reliance on Section 5(d) or Rule 163B of the Securities Act.
(i)    Financial Statements. The audited consolidated financial statements (including the related notes thereto) of the Company included or incorporated by reference in each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, present fairly in all material respects the financial condition, results of operations and cash flows of the Company as of the dates and for the periods indicated, comply as to form in all material respects with the applicable accounting requirements of the Securities Act and have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) applied on a consistent basis throughout the periods involved; and the other financial information included in each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, has been derived from the accounting records of the Company and presents fairly in all material respects the information shown thereby. Except as included or incorporated by reference therein, no historical or pro forma financial statements or supporting schedules are required to be 
5

included in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus under the Securities Act or the rules and regulations promulgated thereunder. All disclosures contained in each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable; all statistical or market-related data included in each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus are based on or derived from sources that are reasonably believed to be reliable and accurate, and no consent for the use of such data is required other than those consents that have been obtained.
(j)    No Material Adverse Effect.  Neither the Company nor any of its subsidiaries have, since the date of the latest audited financial statements included or incorporated by reference in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, (i) sustained any material loss or interference with their businesses, taken as a whole, from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree or (ii) entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a whole, in each case otherwise than as set forth or contemplated in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus; and, since the respective dates as of which information is given in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, there has not been (x) any change in the capital stock (other than as a result of (i) the exercise or settlement, if any, of stock options or restricted stock units, respectively, or the award, if any, of stock options, restricted stock units or restricted stock in the ordinary course of business pursuant to the Company’s equity plans that are described in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus or (ii) the issuance, if any, of stock upon conversion or exchange of Company or PWP Holdings LP securities as described in each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus) or long-term debt of the Company or any of its subsidiaries or (y) any Material Adverse Effect.
(k)    Organization and Good Standing. Each of the Company and its subsidiaries (i) has been  duly incorporated or organized, as applicable, and is validly existing and in good standing (to the extent such concept is recognized in such jurisdiction) under the laws of its jurisdiction of organization, with power and authority (corporate and other) to own its properties and conduct its business as described in each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, and (ii) is duly qualified as a foreign corporation for the 
6

transaction of business and is in good standing (to the extent such concept is recognized in such jurisdiction) under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except where the failure to be so qualified or in good standing would not, individually or in the aggregate, have a Material Adverse Effect.
(l)    Capitalization.  The Company has an authorized capitalization as set forth in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable and conform in all material respects to the description of the capital stock contained in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus; and all of the issued equity interests of each subsidiary of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and (except, in the case of any foreign subsidiary, for directors’ qualifying shares or as otherwise set forth in the Preliminary Prospectus and the Prospectus) are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except for such liens, encumbrances, equities or claims described in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus or that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; the Shares to be issued in exchange for the Warrants as contemplated by the Offering Documents have been duly and validly authorized for issuance and sale by the Company, and, when issued and delivered as contemplated therein, will be duly and validly issued and fully paid and non-assessable and will conform in all material respects to the description of the Class A Common Stock contained in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus; and the issuance of the Shares as contemplated by the Offering Documents will not give rise to any preemptive or similar rights, other than those which have been waived or satisfied.
(m)    Required Filings. The Company has filed with the Commission pursuant to Rule 13e-4(c)(1) under the Exchange Act (or Rule 425 under the Securities Act) or otherwise all written communications made by the Company or any affiliate of the Company in connection with or relating to the Exchange Offer or the Consent Solicitation that are required to be filed with the Commission, in each case on the date of their first use.
(n)    Compliance. The Company has complied in all material respects with the Securities Act and the Exchange Act and the rules and regulations of the Commission thereunder in connection with the Exchange Offer, the Consent Solicitation, the Offering Documents and the transactions contemplated hereby and thereby. The Company is subject to and in full compliance with the reporting requirements of Section 13 or Section 15(d) of the Exchange Act. The Company has not received from the Commission any written comments, questions or requests for modification of disclosure in respect of any reports filed with the Commission pursuant to the Exchange Act, 
7

except for comments, questions or requests (i) that have been satisfied by the provision of supplemental information to the staff of the Commission, or (ii) in respect of which the Company has agreed with the staff of the Commission to make a prospective change in future reports filed by it with the Commission pursuant to the Exchange Act, of which agreement the Dealer Manager and its counsel have been made aware.
(o)    Due Authorization. The Company has full right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and the consummation by it of the transactions contemplated hereby has been duly and validly taken.
(p)    Dealer Manager and Solicitation Agent Agreement.  This Agreement has been duly authorized, executed and delivered by the Company.
(q)    No Violation or Default. None of the Company nor any of its subsidiaries is (i) in violation of its certificate of incorporation, by-laws, limited partnership agreement or operating agreement (or other applicable organization document), as applicable, (ii) in violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of its properties, or (iii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, except, in the case of the foregoing clauses (ii) and (iii) for such defaults as would not, individually or in the aggregate, have a Material Adverse Effect.
(r)    No Conflicts.  The execution, delivery and performance by the Company of this Agreement, the conduct and consummation of the Exchange Offer and the consummation by the Company of the other transactions contemplated by this Agreement or the Preliminary Prospectus and the Prospectus will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, (A) any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (B) the certificate of incorporation or by-laws (or other applicable organizational document) of the Company or any of its subsidiaries, or (C) any statute or any judgment, order, rule or regulation of any Governmental Authority (as defined below) or other body having jurisdiction over the Company or any of its subsidiaries or any of its properties, except, in the case of clauses (A) and (C) for such defaults, conflicts, breaches, or violations that would not, individually or in the aggregate, have a Material Adverse Effect.
(s)    No Consents Required.  No consent, approval, authorization, order, registration or qualification of or with any Governmental Authority or body is required for the performance by the Company of its obligations under this Agreement, except 
8

such as have been obtained under the Securities Act, as may be required by the securities or Blue Sky laws of the various states, the rules and regulations of FINRA or the listing rules of the Nasdaq Global Select Market in connection with Exchange Offer or that would not impair the ability of the Company to perform its obligations under this Agreement, the conduct and consummation of the Exchange Offer and the consummation by the Company of the other transactions contemplated by this Agreement or the Preliminary Prospectus and the Prospectus. 
(t)    No Legal Proceedings.  Other than as set forth in each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, there are no legal, governmental or self-regulatory proceedings pending to which the Company or any of its subsidiaries or, to the Company’s knowledge, any officer or director of the Company is a party or of which any property or assets of the Company or any of its subsidiaries or, to the Company’s knowledge, any officer or director of the Company is the subject which, if determined adversely to the Company or any of its subsidiaries (or such officer or director), would individually or in the aggregate have a Material Adverse Effect; and, to the Company’s knowledge, no such proceedings are threatened or contemplated by any Governmental Authority or others; such legal, governmental or self-regulatory proceedings include, but are not limited to, (i) any investigation with respect to any cease-and-desist order, consent agreement, any commitment letter or similar undertaking to, memorandum of understanding or other regulatory enforcement action, proceeding or order or (ii) any directive by, or any supervisory letter from, the Commission, FINRA or any other applicable self-regulatory organization, or any court, administrative agency or commission or other governmental agency, authority or instrumentality having supervisory or regulatory authority with respect to the Company or any of its subsidiaries (each, a “Governmental Authority”) that currently restricts in any material respect the conduct of the business of the Company or its subsidiaries or that relates to their capital adequacy, their credit policies, their management or their business (each, a “Regulatory Agreement”). Neither the Company nor any of its subsidiaries has been advised by any Governmental Authority that it is considering issuing or requesting any such Regulatory Agreement or that they may be subject to an investigation, audit or other examination which is likely to lead to the imposition of any civil monetary or other penalties. There is no unresolved violation, criticism or exception by any Governmental Authority with respect to any report or statement relating to any examinations of the Company or any of its subsidiaries which would, singly or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its subsidiaries nor any of their respective officers, directors or employees has been the subject of any disciplinary proceedings or orders of any Governmental Authority arising under applicable laws or regulations which would be required to be disclosed on the Form BD of a Broker-Dealer Subsidiary, except as disclosed thereon, and no such disciplinary proceeding or order is pending or, to the knowledge of the Company, threatened, nor, to the knowledge of the Company, do grounds exist for any such material action by any Governmental Authority; and except as disclosed on such Form BD, neither the Company nor any of its subsidiaries nor any of their respective officers, 
9

directors or employees has been enjoined by the order, judgment or decree of any Governmental Authority from engaging in or continuing any conduct or practice in connection with any Company or subsidiary activity.
(u)    Independent Accountants. Ernst & Young, LLP, who have certified certain financial statements of the Company and its consolidated subsidiaries, for the applicable periods, and delivered their report with respect to the audited financial statements incorporated by reference into each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, is an independent registered public accounting firm with respect to the Company within the meaning of the Securities Act and the applicable rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board (United States).
(v)    Title to Real and Personal Property.  The Company and its subsidiaries have good and marketable title in fee simple to all material real property owned by them and good and marketable title to all material personal property (other than with respect to intellectual property which is addressed exclusively in subsection (y)) owned by them, in each case free and clear of all liens, encumbrances and defects except such as are described in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus or such as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and its subsidiaries; and any real property and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases (subject to the effects of (x) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, moratorium or other similar laws relating to or affecting the rights or remedies of creditors generally and (y) the application of general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether enforcement is considered in proceedings at law or in equity)) with such exceptions as are not material and do not materially interfere with the use made and proposed to be made of such property and buildings by the Company and its subsidiaries, taken as a whole.
(w)    Intellectual Property.  The Company and each of its subsidiaries own or possess adequate rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, know-how, software, systems and technology (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) necessary for the conduct of their respective businesses as currently conducted, and to their knowledge, the conduct of their respective businesses does not and will not infringe any such intellectual property rights of a third party, nor have they received any notice thereof from a third party that is undisclosed as of the date hereof, as of the Commencement Date and as of the Exchange Date, except in each case that would 
10

not, individually or in the aggregate, reasonably be expect to have a Material Adverse Effect.
(x)    Data Privacy. The Company and its subsidiaries’ information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, “IT Systems”) are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Company and its subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants; the Company and its subsidiaries have implemented and maintained reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data (“Personal Data”)) used in connection with their businesses, and there have been no material breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any material incidents under internal review or investigations relating to the same; the Company and its subsidiaries are presently in compliance in all material respects with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.
(y)    Investment Company Act.  The Company is not, and after giving effect to the consummation of the Exchange Offer or the Consent Solicitation will not be, required to register as an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Investment Company Act”). 
(z)    Taxes.  All federal, state, local and foreign tax returns required to be filed by the Company or any of its subsidiaries have been timely filed or extensions to file such returns have been timely requested (except in any case in which the failure to file would not, individually or in the aggregate, have a Material Adverse Effect) and all taxes and other assessments of a similar nature (whether imposed directly or through withholding) including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities have been timely paid, other than those being contested in good faith and for which adequate reserves have been provided in accordance with U.S. GAAP and except in any case where the failure to pay would not, individually or in the aggregate, have a Material Adverse Effect, and no unpaid tax deficiency has been determined adversely to the Company or any of its subsidiaries which has had (nor does the Company nor any of its subsidiaries have any written notice or knowledge of any tax deficiency which could reasonably be expected to be 
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determined adversely to the Company or its subsidiaries and which could reasonably be expected to have) a Material Adverse Effect.
(aa)    Licenses and Permits.  The Company and each of its subsidiaries have such registrations with and permits, licenses, patents, franchises, certificates of need and other approvals or authorizations of, governmental or regulatory authorities (“Permits”), in each case as are necessary under applicable law to own the properties and conduct the businesses of the Company and each of its subsidiaries in the manner described in each of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, except where the failure to have any such Permit would not, individually or in the aggregate, have a Material Adverse Effect; each of the Company and its subsidiaries has fulfilled and performed all of its obligations with respect to the Permits, and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any other impairment of the rights of the holder or any such Permits, in each case except for any such failure or event that would not, individually or in the aggregate, have a Material Adverse Effect; each of the Company and its subsidiaries, and, to the Company’s knowledge, each of their respective officers, partners, directors, affiliates and employees, is a member in good standing of each federal, state or foreign exchange, board of trade, clearing house, association, self-regulatory or similar organization, in each case as are necessary to own the properties and conduct the businesses of the Company and each of its subsidiaries in the manner described in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, except to the extent any such failure to be in good standing would not, individually or in the aggregate, have a Material Adverse Effect.
(bb)    Broker-Dealer.  (i) None of the Company or any of its subsidiaries (other than Perella Weinberg Partners LP and Tudor, Pickering, Holt & Co. Securities LLC (each, a “Broker-Dealer Subsidiary”)) is required to register as a broker-dealer under the Exchange Act and the rules and regulations of the Commission thereunder or the securities laws of any state; (ii) to the Company’s knowledge, no officer, partner, director, affiliate or employee of the Company or any of its subsidiaries is, or will as a result of the transactions contemplated by this Agreement be, required to register as a broker-dealer under the Exchange Act and the rules and regulations of the Commission thereunder or the securities laws of any state, other than such officers, partners, directors, affiliates and employees of the Company or any of its subsidiaries who are so registered under the Exchange Act and in such jurisdictions as of the date hereof, as of the Commencement Date and as of the Exchange Date; (iii) each Broker-Dealer Subsidiary is (x) duly registered with the Commission, licensed and qualified as a broker-dealer under the Exchange Act and the rules and regulations of the Commission thereunder, (y) the securities laws of each state where the conduct of its respective business requires such registration, license or qualification and such registrations, licenses or qualifications have not been suspended, revoked or rescinded and remain in full force and effect and (z) is duly registered and is in good standing with FINRA and each self-regulatory organization of which it is required to be a member; and (iv) all 
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persons associated with a Broker-Dealer Subsidiary are duly registered with any self-regulatory organization and each jurisdiction where the association of such persons with a Broker-Dealer Subsidiary requires such registration, and such registrations have not been suspended, revoked or rescinded and remain in full force and effect (except, in the case of clauses (iii) and (iv), to the extent any such failure to be so registered or suspension, revocation or rescission of such registration would not, individually or in the aggregate, have a Material Adverse Effect). The operations of each Broker-Dealer Subsidiary have been conducted in compliance with all applicable requirements of the Exchange Act and the rules and regulations of the Commission and each applicable self-regulatory organization and state securities regulatory authority in all material respects. Other than with respect to customers that are subsidiaries of the Company, the business activities engaged in by a Broker-Dealer Subsidiary do not involve the handling of customer funds or securities. None of the Company, any of its subsidiaries or, to the Company’s knowledge, any of their respective Associated Persons (as defined under the Exchange Act or the by-laws of FINRA, as applicable), is (i) ineligible or disqualified pursuant to Section 15(b) of the Exchange Act to serve as a broker-dealer or as a person “associated” with a broker-dealer, (ii) subject to “statutory disqualification” (as such term is defined in Section 3(a)(39) of the Exchange Act) or (iii) is subject to a disqualification that would be a basis for censure or suspension or revocation of registration as a securities broker-dealer under Section 15 of the Exchange Act, or similar state law (except in the cases of clauses (i), (ii) and (iii), to the extent that any such disqualification would not, individually or in the aggregate, have a Material Adverse Effect).
(cc)    Perella Weinberg UK; Perella Weinberg Partners France. Perella Weinberg UK Limited is duly authorized by the UK Financial Conduct Authority (the “FCA”) pursuant to Part 4A of FSMA to conduct the following regulated activities, subject to applicable limitations and requirements set forth in such authorization: (i) to agree to carry on a regulated activity, (ii) to arrange (bring about) deals in investments, (iii) to advise on investments, (iv) to make arrangements with a view to transactions in investments, (v) to receive and transmit orders, and (vi) to do placing of financial instruments on a non-firm commitment basis. Perella Weinberg Partners France SAS is duly authorized by the French Autorité de Contrôle Prudentiel et de Resolution (“ACPR”) and the Autorité des Marches Financiers to carry out the following investment services: (i) reception and transmission of orders in relation to one or more financial instruments, and (ii) investment advice; no additional authorizations from, to or with the FCA, or any self-regulatory organization, court, administrative agency or commission or other governmental agency, authority, or instrumentality are required to be obtained or made in order for Perella Weinberg UK Limited to conduct their respective businesses as described in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, except for such authorizations, the failure of which to obtain or make, would not, singly or in the aggregate, have a Material Adverse Effect.
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(dd)    Tudor, Pickering, Holt & Co. Securities – Canada. Tudor, Pickering, Holt & Co. Securities - Canada, ULC, is a registered broker-dealer and member in good standing of the Investment Industry Regulatory Organization of Canada (“IIROC”) and neither the Company nor any other subsidiary is required to be so registered.
(ee)    Compliance with Regulatory Authorities. The Company and each of its applicable subsidiaries have duly filed with the Commission, FINRA, the FCA, the ACPR and IIROC, as the case may be, in correct form in all material respects the reports, data, other information returns and other applications required to be filed under applicable laws and regulations and such reports, data, other information returns and other applications were complete and accurate and in compliance with the requirements of applicable laws and regulations in all material respects as of the time of filing and are complete and accurate and in compliance with the requirements of applicable laws and regulations in all material respects, provided that information as of a later date shall be deemed to modify information as of an earlier date; the Company has previously delivered or made available to the Dealer Manager, to the extent the Dealer Manager has requested the same, accurate and complete copies of all such reports, data, other information returns and other applications; neither the Company nor any of its applicable subsidiaries (i) is subject to any formal or informal enforcement or supervisory action by the Commission, FINRA, the FCA, ACPR or IIROC (except as otherwise disclosed in the Pricing Disclosure Package or the Prospectus and except as would not, individually or in the aggregate, have a Material Adverse Effect) or (ii) expects to be subject to any formal or informal enforcement or supervisory action by the Commission, FINRA, the FCA, ACPR or IIROC. 
(ff)    Sarbanes-Oxley; Internal Accounting Controls.  The Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that (i) complies with the applicable requirements of the Exchange Act, (ii) has been designed by the Company’s principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and (iii) is sufficient to provide reasonable assurance that (A) transactions are executed in accordance with management’s general or specific authorization, (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets, (C) access to assets is permitted only in accordance with management’s general or specific authorization and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and the Company’s internal controls over financial reporting are effective and the Company is not aware of any material weaknesses in the Company’s internal control over financial reporting other than as disclosed in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus; provided, that, it is understood that this subsection shall not require the Company to comply with Section 404 of the Sarbanes Oxley Act of 2002 as of an 
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earlier date than it would otherwise be required to so comply under applicable law. Since the date of the latest audited financial statements included or incorporated by reference in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, there has been no change in the Company’s internal control over financial reporting that has materially and adversely affected, or is reasonably likely to materially and adversely affect, the Company’s internal control over financial reporting. The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the applicable requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company’s principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective. 
(gg)    Insurance.  The Company and each of its subsidiaries carry, or are covered by, insurance from insurers of recognized financial responsibility in such amounts and covering such risks as are reasonably believed to be adequate for the conduct of their respective businesses and the value of their respective properties.
(hh)    No Unlawful Payments.  None of the Company or any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person acting on behalf of the Company or any of its subsidiaries has, in the previous five years, (i) made, offered, promised or authorized any unlawful contribution, gift, entertainment or other unlawful expense (or taken any act in furtherance thereof); (ii) made, offered, promised or authorized any direct or knowingly indirect unlawful payment; or (iii) violated or is in violation, in any material respect, of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or the rules and regulations thereunder, the Bribery Act 2010 of the United Kingdom or any other applicable anti-corruption, anti-bribery or related law, statute or regulation (collectively, “Anti-Corruption Laws”); for the previous five years, the Company and its subsidiaries have conducted their businesses in material compliance with Anti-Corruption Laws and have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote compliance with such laws and with the representations and warranties contained herein; neither the Company nor any of its subsidiaries will use, directly or knowingly indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in material violation of Anti-Corruption Laws.
(ii)    Compliance with Anti-Money Laundering Laws.  The operations of the Company and its subsidiaries are and, for the past five years, have been conducted at all times in material compliance with the requirements of all applicable federal, state and foreign laws, rules and regulations, including, but not limited to laws governing transactions in securities, futures and other financial instruments or anti-money laundering laws, such as the Bank Secrecy Act of 1970, as amended by the USA PATRIOT ACT of 2001, and the rules and regulations promulgated thereunder, and the 
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anti-money laundering laws of the various jurisdictions in which the Company and its subsidiaries conduct business, and no action, suit or proceeding by or before any Governmental Authority or other body or any arbitrator involving the Company or any of its subsidiaries with respect to these laws, rules and regulations is pending or, to the knowledge of the Company, threatened.
(jj)    No Conflicts with Sanctions Laws. None of the Company or any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. Government through the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S. Department of State, including, without limitation, the designation as a “specially designated national” or “blocked person,” the European Union, Her Majesty’s Treasury, or the United Nations Security Council (collectively, “Sanctions”), located, organized, or resident in a country or territory that is the subject or target of comprehensive Sanctions (at the time of this agreement, so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea Region of Ukraine Cuba, Iran, North Korea and Syria) (a “Sanctioned Jurisdiction”), and the Company will not directly or knowingly indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding, is the subject or the target of Sanctions, or in any Sanctioned Jurisdiction, each to the extent in violation of Sanctions, or (ii) in any other manner that will result in a violation by any person participating in the transaction (whether as dealer manager, advisor, investor or otherwise) of Sanctions; neither the Company nor any of its subsidiaries is engaged in, or has, at any time in the past five years, engaged in, any dealings or transactions with or involving any individual or entity that was or is, as applicable, at the time of such dealing or transaction, the subject or target of Sanctions or with any Sanctioned Jurisdiction, each of the foregoing to the extent in violation of Sanctions; the Company and its subsidiaries have instituted, and maintain, policies and procedures designed to promote and achieve continued compliance with Sanctions.
(kk)    No Restrictions on Subsidiaries.  Except to the extent restricted by applicable corporate or other organizational law or by applicable regulatory net capital rules to which they are subject or otherwise, in each case as described in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, no subsidiary of the Company is currently prohibited, directly or indirectly, from making distributions on such subsidiary’s capital stock or other equity interests or from transferring any of such subsidiary’s property or assets to the Company or any other subsidiary of the Company.
(ll)    No Solicitation.  The Company has not paid or agreed to pay to any person any compensation for (i) soliciting another to purchase any of its securities or 
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(ii) soliciting tenders or Consents by holders of Warrants pursuant to the Exchange Offer (except as contemplated in this Agreement).
(mm)    No Registration Rights.  Except as described in the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus and the Prospectus, no person has the right to require the Company or any of its subsidiaries to register any securities for sale under the Securities Act by reason of the filing of the Pre-Effective Registration Statement or the Registration Statement with the Commission. 
(nn)    No Stabilization.  The Company has not taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of any security of the Company to facilitate the Exchange Offer.
(oo)    Forward-Looking Statements.  No forward-looking statement included or incorporated by reference in any of the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.
(pp)    Sarbanes-Oxley Act.  There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply in all material respects with any applicable provision of the Sarbanes-Oxley Act of 2002, as amended and the rules and regulations promulgated in connection therewith, including Section 402 related to loans and Sections 302 and 906 related to certifications.
(qq)    Registration Fees.  The Company has paid the registration fee for the Registration Statement pursuant to Rule 456(a) under the Securities Act or will pay such fee within the time period required by such rule and in any event prior to the Exchange Date.
Any certificate signed by any officer of the Company and delivered to the Dealer Manager or counsel for the Dealer Manager in connection with the Exchange Offer shall be deemed a representation and warranty by the Company as to matters covered thereby to the Dealer Manager.
4.    Representations, Warranties and Agreements of the Dealer Manager. The Dealer Manager hereby represents, warrants and agrees that the Dealer Manager will not (1) cause to be disseminated to holders, dealers or the public any written material for or in connection with the Exchange Offer or Consent Solicitation other than one or more of the Offering Documents, or (2) make any public oral communications relating to the Exchange Offer or the Consent Solicitation that have not been previously approved by the Company except as contemplated in the penultimate sentence of Section 6 of this Agreement.
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5.    Agreements.  The Company agrees with the Dealer Manager that:
(a)    The Company will furnish to the Dealer Manager and to counsel for the Dealer Manager, without charge, during the period beginning on the Commencement Date and continuing to and including the Exchange Date, copies of the Offering Documents and any amendments and supplements thereto in such quantities as the Dealer Manager may reasonably request.
(b)    Prior to the termination of the Exchange Offer and the Consent Solicitation, the Company will not file any amendment to the Pre-Effective Registration Statement or the Registration Statement or supplement to the Preliminary Prospectus or the Prospectus (other than an amendment or supplement as a result of filings by the Company under the Exchange Act of documents incorporated by reference therein) unless the Company has furnished the Dealer Manager a copy of such proposed amendment or supplement, as applicable, for its review prior to filing and will not file any such proposed amendment or supplement to which the Dealer Manager reasonably objects. Subject to the foregoing sentence, if the Registration Statement has become or becomes effective, or filing of the Preliminary Prospectus or the Prospectus is otherwise required under the Securities Act or the Exchange Act and the rules and regulations of the Commission thereunder, the Company will cause the Preliminary Prospectus or the Prospectus, properly completed, and any supplement thereto to be filed with the Commission pursuant to the applicable paragraph of Rule 424(b) or in an amendment to the Registration Statement, whichever is applicable, within the time period prescribed. The Company will promptly advise the Dealer Manager (i) when the Registration Statement, and any amendment thereto, shall have become effective, (ii) when the Preliminary Prospectus or the Prospectus, and any supplement thereto, shall have been filed (if required) with the Commission, (iii) when, prior to termination of the Exchange Offer and the Consent Solicitation, any amendment to the Registration Statement shall have been filed or become effective, (iv) of any request by the Commission or its staff for any amendment of the Pre-Effective Registration Statement or the Registration Statement or supplement to the Preliminary Prospectus or the Prospectus or for any additional information, (v) the issuance by the Commission of any stop order or of any order preventing or suspending the use of the Preliminary Prospectus or the Prospectus, or the initiation or threatening of any proceeding for any such purpose, and (vi) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for sale in any jurisdiction within the United States or the initiation or threatening of any proceeding for such purpose. In the event of the issuance of any such stop order or of any such order preventing or suspending the use of the Preliminary Prospectus or the Prospectus, the Company will use its reasonable best efforts to obtain its withdrawal. The Company agrees to use its reasonable best efforts to cause the Registration Statement to become effective as soon as practicable and as much in advance of the Expiration Date as practicable.
(c)    The Company will comply with the Securities Act and the Exchange Act and the rules and regulations of the Commission thereunder so as to permit the 
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completion of the distribution of the Shares issued in the Exchange Offer and Consent Solicitation, as contemplated by this Agreement, the Registration Statement and the Prospectus. If, at any time when a prospectus relating to the Exchange Offer or Consent Solicitation is required to be delivered under the Securities Act or the Exchange Act and the rules and regulations of the Commission thereunder, any event occurs as a result of which the Offering Documents, as then amended or supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it should be necessary to amend or supplement the Offering Documents to comply with applicable law, the Company will promptly: (i) notify the Dealer Manager of any such event or non-compliance at which time the Dealer Manager shall be entitled to cease soliciting tenders until such time as the Company has complied with clause (iii) of this sentence; (ii) subject to the requirements of the first sentence of the above paragraph (b), prepare an amendment or supplement that will correct such statement or omission or effect such compliance; and (iii) supply any such amendment or supplement to the Dealer Manager and counsel for the Dealer Manager without charge in such quantities as the Dealer Manager may reasonably request.  The Company will also promptly inform the Dealer Manager of any litigation or administrative action with respect to the Exchange Offer.
(d)    The Company agrees to advise the Dealer Manager promptly of (i) any proposal by the Company to withdraw, rescind or modify the Offering Documents or to withdraw, rescind or terminate the Exchange Offer or the Consent Solicitation or the exercise by the Company of any right not to exchange the Warrants pursuant to the Exchange Offer or the Consent Solicitation, (ii) its awareness of the issuance of a stop order suspending the effectiveness of the Registration Statement or of any notice objecting to its use by the Commission or any other regulatory authority, or the institution or threatening of any proceedings for that purpose (and will promptly furnish the Dealer Manager with a copy of any such order), (iii) its awareness of the occurrence of any development that could reasonably be expected to result in a Material Adverse Effect relating to or affecting the Exchange Offer or the Consent Solicitation and (iv) any other non-privileged information relating to the Exchange Offer, the Consent Solicitation, the Offering Documents or this Agreement which the Dealer Manager may from time to time reasonably request.
(e)    The Company will make generally available (which may be satisfied by filing with the Commission’s Electronic Data Gathering Analysis and Retrieval System) to its security holders and the Dealer Manager as soon as practicable an earning statement (which need not be audited) that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated thereunder covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the “effective date” (as defined in Rule 158) of the Registration Statement.
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(f)    The Company will arrange, if necessary, for the qualification of the Shares for offer or sale in connection with the Exchange Offer under the laws of such jurisdictions as the Dealer Manager may designate and will maintain such qualifications in effect so long as required for such offer or sale; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction in which it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale of the Shares in connection with the Exchange Offer, in any jurisdiction in which it is not now so subject or to subject itself to taxation in any jurisdiction in which it is not now so subject.  The Company will promptly advise the Dealer Manager of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.
(g)    Prior to the termination of the Exchange Offer, the Company will not, and will not permit any of its Affiliates to, resell any Shares that have been acquired by them. The Company will cause all Warrants accepted in the Exchange Offer to be cancelled.
(h)    The Company will cooperate with the Dealer Manager to permit the Shares to be eligible for clearance and settlement through The Depository Trust Company.
(i)    The Company agrees not to exchange any Warrants during the period beginning on the Commencement Date and ending on the Exchange Date except pursuant to and in accordance with the Exchange Offer, the Consent Solicitation or as otherwise agreed to in writing by the parties hereto and permitted under applicable laws and regulations.
(j)    None of the Company, its Affiliates or any person acting on its or their behalf will take, directly or indirectly, any action that is designed to cause or result, or which might reasonably be expected to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any security of the Company to facilitate the sale of the Shares or the tender of Warrants in the Exchange Offer.
(k)    The Company has arranged for D.F. King & Co., Inc. to serve as Information Agent and for American Stock Transfer & Trust Company, LLC to serve as Exchange Agent and authorizes the Dealer Manager to communicate with each of the Information Agent and the Exchange Agent to facilitate the Exchange Offer and the Consent Solicitation.
(l)    The Company will comply in all material respects with the Securities Act and the Exchange Act and the rules and regulations of the Commission thereunder, including Rule 13e-4 and Rule 14e-1 under the Exchange Act (including taking the actions necessary to ensure that the procedural requirements of Rule 14e-1 are satisfied), in connection with the Exchange Offer, the Consent Solicitation, the Offering Documents and the transactions contemplated hereby and thereby. The Company will 
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file with the Commission pursuant to Rule 13e-4(c)(1) under the Exchange Act (or Rule 425 under the Securities Act) or otherwise all written communications made by the Company or any affiliate of the Company in connection with or relating to the Exchange Offer or the Consent Solicitation that are required to be filed with the Commission, in each case on the date of their first use.
(m)    The Company agrees to pay the costs and expenses relating to the transactions contemplated hereunder, including without limitation the following: (i) the preparation of this Agreement, the issuance of the Shares and the fees of the Information Agent and any exchange agent; (ii) the preparation, printing or reproduction of the Offering Documents and each amendment or supplement thereto; (iii) the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the Offering Documents (and all amendments or supplements thereto) as may, in each case, be reasonably requested for use in connection with the Exchange Offer; (iv) the preparation, printing, authentication, issuance and delivery of certificates for the Shares, including any stamp or transfer taxes in connection with the original issuance and sale of the Shares; (v) the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the Exchange Offer; (vi) any registration or qualification of the Shares for offer and sale under the blue sky laws of the several states or any non-U.S. jurisdiction; (vii) transportation and other expenses incurred by or on behalf of Company representatives in connection with presentations to prospective participants in the Exchange Offer; (viii) the fees and expenses of the Company’s accountants and the fees and expenses of counsel (including local and special counsel) for the Company; (ix) fees and expenses incurred in connection with listing the Shares on the Nasdaq Global Select Market; and (x) all other costs and expenses incident to the performance by the Company of its obligations hereunder and in connection with the Exchange Offer. 
(n)    The Company will promptly notify the Dealer Manager if the Company ceases to be an Emerging Growth Company at any time prior to the Exchange Date.
6.    Conditions to the Obligations of the Dealer Manager.  The obligations of the Dealer Manager under this Agreement shall be subject to the accuracy of the representations and warranties on the part of the Company contained herein at the Commencement Date, any date on which Offering Documents are distributed to holders of the Warrants, the Effective Date, the Expiration Date and the Exchange Date, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder and to the following additional conditions:
(a)    The Registration Statement shall have become effective on or prior to the Expiration Date.
(b)    As of the Exchange Date, no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use shall have been issued and no proceedings for that purpose shall have been instituted or, to the knowledge of the 
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Company, threatened by the Commission; and the Prospectus shall have been timely filed with the Commission under the Securities Act; and all requests by the Commission for additional information shall have been complied with to the reasonable satisfaction of the Dealer Manager.
(c)    At the Commencement Date and the Exchange Date, the Company shall have requested and caused an opinion and negative assurance letter of Skadden, Arps, Slate, Meagher & Flom LLP, counsel to the Company, dated the Commencement Date or Exchange Date, as applicable, in form and substance reasonably satisfactory to the Dealer Manager to have been delivered to the Dealer Manager, in each case addressed to, and in form and substance satisfactory to, the Dealer Manager. 
(d)    At the Commencement Date and the Exchange Date, the Dealer Manager shall have received from Davis Polk & Wardwell LLP, counsel for the Dealer Manager, such opinion and negative assurance letter, in each case addressed to the Dealer Manager with respect to the Exchange Offer, as the Dealer Manager may reasonably require, and the Company shall have furnished to such counsel such documents as they request for the purposes of enabling them to pass upon such matters.
(e)    At the Exchange Date, the Company shall have furnished to the Dealer Manager a certificate of the Company, signed by the Chief Financial Officer of the Company, dated as of the Exchange Date, to the effect that the signer of such certificate have carefully examined the Offering Documents, any amendment or supplement to the Offering Documents and this Agreement and that:
(i)    the representations and warranties of the Company in this Agreement are true and correct as of the Exchange Date with the same effect as if made on the Exchange Date, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to the Exchange Date;  
(ii)    no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or threatened by the Commission; and
(iii)    since the date of the most recent financial statements included or incorporated by reference in the Offering Documents (exclusive of any amendment or supplement thereto), there has not been any Material Adverse Effect, except as set forth in or contemplated in the Offering Documents (exclusive of any amendment or supplement thereto).
(f)    At each of the Commencement Date and the Exchange Date, the Company shall have requested and caused Ernst & Young LLP to furnish to the Dealer Manager letters, dated respectively as of the Commencement Date and the Exchange Date, in form and substance reasonably satisfactory to the Dealer Manager. 
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(g)    On or after the Commencement Date (i) no downgrading shall have occurred in the rating accorded the Company’s debt securities by any “nationally recognized statistical rating organization”, as defined in Section 3(a)(62) of the Exchange Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company’s debt securities.
(h)    Subsequent to the Commencement Date or, if earlier, the dates as of which information is given in the Offering Documents (exclusive of any amendment or supplement thereto), there shall not have been (i) any change or decrease specified in the letters referred to in paragraph (f) of this Section 6 or (ii) any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), prospects, earnings, business or properties the Company and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Offering Documents (exclusive of any amendment or supplement thereto), the effect of which, in any case referred to in clause (i) or (ii) above, is, in the reasonable judgment of the Dealer Manager, so material and adverse as to make it impractical or inadvisable to market or deliver the Shares or solicit tenders of Warrants as contemplated by the Offering Documents (exclusive of any amendment or supplement thereto).
(i)    Prior to the Exchange Date, the Company shall have obtained all consents, approvals, authorizations and orders of, and shall have duly made all registrations, qualifications and filing with, any court or regulatory authority or other governmental agency or instrumentality required in connection with the making and consummation of the Exchange Offer and the execution, delivery and performance of this Agreement.
(j)    Prior to the Exchange Date, the Company shall have delivered to the Dealer Manager and its counsel such further information, certificates and documents as they may reasonably request.
(k)    Prior to the Exchange Date, the Shares shall have been approved for listing, subject to notice of issuance, on the Nasdaq Global Select Market.
If (i) any of the conditions specified in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or (ii) any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the Dealer Manager and its counsel, this Agreement and all obligations of the Dealer Manager hereunder may be cancelled by the Dealer Manager at, or at any time prior to, the Exchange Date.  In such event, the Dealer Managers shall be entitled to publicly disclose the cancellation of its participation in the Exchange Offer via press release, subject to prior notification of the Company. Notice of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing.
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7.    Indemnification and Contribution.
(a)    The Company agrees to indemnify and hold harmless the Dealer Manager, the directors, officers, employees and agents of the Dealer Manager and each person who controls the Dealer Manager within the meaning of either the Securities Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which the Dealer Manager may become subject under the Securities Act, the Exchange Act or other federal, state or foreign statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) relate to, arise out of, or are based upon (1) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary in order to make the statements therein not misleading, (2) any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Prospectus, the Prospectus, the accompanying letter of transmittal and consent, the Schedule TO, the Rule 165 Material, the notice of guaranteed delivery, and all other documents filed or to be filed with any federal, state or local government or regulatory agency or authority in connection with the Exchange Offer or the Consent Solicitation, each as prepared or approved by the Company, or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, (3) the Company’s failure to make or consummate the Exchange Offer or the withdrawal, rescission, termination, amendment or extension of the Exchange Offer or any failure on the Company’s part to comply with the terms and conditions contained in the Offering Documents, (4) any action or failure to act by the Company or its respective directors, officers, agents or employees or by any indemnified party at the request or with the consent of the Company, or (5) otherwise related to or arising out of the Dealer Manager’s engagement hereunder or any transaction or conduct in connection therewith, except that clauses (3), (4) and (5) shall not apply with respect to the portion of any losses that are finally judicially determined by a court of competent jurisdiction to have resulted primarily from the bad faith, gross negligence or willful misconduct of such indemnified party, and in the case of clause (1), (2), (3) or (4) of this sentence, the Company agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Offering Documents, or in any amendment thereof or supplement thereto, in reliance upon and in conformity with the Dealer Manager Information.  This indemnity agreement will be in addition to any liability that the Company may otherwise have.
(b)    The Dealer Manager agrees to indemnify and hold harmless the Company, each of its directors, officers, employees and agents and each person who controls the Company within the meaning of the Securities Act or the Exchange Act to 
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the same extent as the foregoing indemnity from the Company to the Dealer Manager, but only with reference to the Dealer Manager Information. This indemnity agreement will be in addition to any liability that the Dealer Manager may otherwise have.
(c)    Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above.  The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party.  Notwithstanding the indemnifying party’s election to appoint counsel (including local counsel) to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party.  An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding.
(d)    In the event that the indemnity provided in paragraph (a) or (b) of this Section 7 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Company and the Dealer Manager agree to contribute to the aggregate losses, 
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claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending same) (collectively, the “Losses”) to which the Company and the Dealer Manager may be subject in such proportion as is appropriate to reflect the relative benefits received by the Dealer Manager on the one hand and the Company on the other from the Exchange Offer.  If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Company and the Dealer Manager shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and of the Dealer Manager on the other in connection with the statements, omissions, actions or failure to act that resulted in such Losses, as well as any other relevant equitable considerations.  The relative benefits received by the Company on the one hand and the Dealer Manager on the other shall be deemed to be in the same proportion as the total value paid or proposed to be paid to holders of Warrants pursuant to the Exchange Offer and the Consent Solicitation (whether or not consummated) bears to the fees actually received by the Dealer Manager pursuant to Section 2 hereof (exclusive of amounts paid for reimbursement of expenses or paid under this Agreement). For purposes of the preceding sentence, the total value paid or proposed to be paid to holders of Warrants pursuant to the Exchange Offer and the Consent Solicitation shall equal (i) if the Exchange Offer or the Consent Solicitation is consummated, the total market value of the Shares (as of the Expiration Date) issued, and the cash consideration paid, in the Exchange Offer and the Consent Solicitation, or (ii) if the Exchange Offer and the Consent Solicitation is not consummated, the total market value (as of the date when the Exchange Offer is terminated or otherwise withdrawn by the Company) of the Shares issuable, and the cash consideration payable, in the Exchange Offer and the Consent Solicitation, based on the maximum number of Warrants that could be exchanged in the Exchange Offer and the Consent Solicitation as described in the Preliminary Prospectus Supplement or Prospectus immediately before the termination or withdrawal of the Exchange Offer and the Consent Solicitation. Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact or any other alleged conduct relates to information provided by the Company or other conduct by the Company on the one hand or the Dealer Manager on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission.  The Company and the Dealer Manager agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation that does not take account of the equitable considerations referred to above.  Notwithstanding anything to the contrary above (other than with respect to uncovered losses), in no event shall Citigroup Global Markets Inc. be responsible under this paragraph for any amounts in excess of the amount of the compensation actually paid by the Company to Citigroup Global Markets Inc. in connection with the engagement (exclusive of amounts paid for reimbursement of expenses under the Agreement, including this Section 7, and amounts paid under this Section 7). Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent 
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misrepresentation.  For purposes of this Section 7, each person who controls the Dealer Manager within the meaning of either the Securities Act or the Exchange Act and each director, officer, employee and agent of the Dealer Manager shall have the same rights to contribution as such Dealer Manager, and each person who controls the Company within the meaning of either the Securities Act or the Exchange Act and each officer and director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this paragraph (d).
8.    [Reserved.]
9.    Certain Acknowledgments.  The Company understands that you and your affiliates (together, the “Group”) are engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and investment banking and research).  Members of the Group and businesses within the Group generally act independently of each other, both for their own account and for the account of clients.  Accordingly, there may be situations where parts of the Group and/or their clients either now have or may in the future have interests, or take actions, that may conflict with our interests.  For example, the Group may, in the ordinary course of business, engage in trading in financial products or undertake other investment businesses for their own account or on behalf of other clients, including, but not limited to, trading in or holding long, short or derivative positions in securities, loans or other financial products of the Company or other entities connected with the Exchange Offer.
In recognition of the foregoing, the Company agrees that the Group is not required to restrict its activities as a result of this engagement, and that the Group may undertake any business activity without further consultation with or notification to the Company.  Neither this Agreement, the receipt by the Group of confidential information nor any other matter shall give rise to any fiduciary, equitable or contractual duties (including without limitation any duty of trust or confidence) that would prevent or restrict the Group from acting on behalf of other customers or for its own account.  Furthermore, the Company agrees that neither the Group nor any member or business of the Group is under a duty to disclose to the Company or use on behalf of the Company any information whatsoever about or derived from those activities or to account for any revenue or profits obtained in connection with such activities.  However, consistent with the Group’s long-standing policy to hold in confidence the affairs of its customers, the Group will not use confidential information obtained from the Company except in connection with its services to, and its relationship with the Company.
The Company hereby acknowledges that you are acting as principal and not as a fiduciary of the Company and the Company’s engagement of you in connection with the transactions contemplated herein is as an independent contractor, on an arms-length basis under this Agreement with duties solely to the Company, and not in any other capacity including as a fiduciary. Neither this Agreement, your performance hereunder nor any previous or existing relationship between the Company and any member of or business within the Group will be deemed to create any fiduciary relationship. Neither this engagement, nor the delivery of any advice in connection with this engagement, is intended to confer rights upon any persons not a 
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party hereto (including security holders, employees or creditors of the Company) as against the Group or their respective directors, officers, agents and employees. Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection with the transactions contemplated herein (irrespective of whether any member of or business within the Group has advised or is currently advising the Company on related or other matters).
10.    Termination; Representations, Acknowledgments and Indemnities to Survive.  
(a)    Subject to clause (c) below, this Agreement may be terminated by the Company, at any time upon notice to the Dealer Manager, if (i) at any time prior to the Exchange Date, the Exchange Offer and the Consent Solicitation is terminated or withdrawn by the Company for any reason, or (ii) the Dealer Manager does not comply with all of its covenants under this Agreement.
(b)    Subject to clause (c) below, this Agreement may be terminated by the Dealer Manager, at any time upon notice to the Company, if (i) at any time prior to the Exchange Date, the Exchange Offer and the Consent Solicitation is terminated or withdrawn by the Company for any reason, (ii) the Company does not comply in all material respects with any covenant specified in Section 1, (iii) the Company shall publish, send or otherwise distribute any amendment or supplement to the Offering Documents to which the Dealer Manager shall reasonably object or which shall be reasonably disapproved by the counsel to the Dealer Manager or (iv) the Dealer Manager cancels the Agreement pursuant to Section 6.
(c)    The respective agreements, representations, warranties, acknowledgments, indemnities and other statements of the Company or its officers and of the Dealer Manager set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Dealer Manager or the Company or any of the officers, directors or controlling person of the Company, and will survive delivery of and payment for the Shares.  The provisions of Section 2, Section 5(m), Section 7, and Section 18 hereof, and this Section 10(c), shall survive the termination or cancellation of this Agreement.
11.    Compliance with USA Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Dealer Manager is required to obtain, verify and record information that identifies its clients, including the Company, which information may include the name and address of its clients, as well as other information that will allow the Dealer Manager to properly identify its clients.
12.    Notices.  All communications hereunder will be in writing and effective only on receipt, and, if sent to the Dealer Manager, will be mailed or delivered to Citigroup Global Markets Inc. at 388 Greenwich Street, New York, New York 10013 Attention: General Counsel, facsimile number 1-646-291-1469, with a copy to (which shall not constitute notice) Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, New York 10017, Attention: Derek Dostal; or, if sent to the Company, will be mailed or delivered to Perella Weinberg Partners, 767 Fifth Avenue, New York, New York 10153, Attention: General Counsel.
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13.    Successors.  This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and controlling persons referred to in Section 7 hereof, and, except as expressly set forth in Section 5(k) hereof, no other person will have any right or obligation hereunder.
14.    Entire Agreement.  This Agreement, and any documents referred to in it, constitute the whole agreement between the parties and supersede any arrangements, understanding or previous agreement between them relating to the subject matter they cover. In the event of any inconsistency between this Agreement and any documents referred to in it, the terms of this Agreement shall prevail.
15.    Submission to Jurisdiction.  The Company hereby submits to the jurisdiction of the U.S. federal and New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.  The Company waives any objection which it may now or hereafter have to the laying of venue of any such suit or proceeding in such courts.  The Company agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and may be enforced in any court to the jurisdiction of which the Company is subject by a suit upon such judgment.  The Company hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to the Company at the address in effect for notices to it under this Agreement and agrees that such service shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding.
16.    Applicable Law.  This Agreement will be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed within the State of New York.
17.    WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.
18.    Counterparts.  This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
19.    Headings.  The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Agreement.
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20.    Definitions.  The following terms, when used in this Agreement, shall have the meanings indicated.
“Affiliate” shall have the meaning specified in Rule 501(b) of Regulation D.
“Class A Common Stock” means the Class A common stock of the Company, par value $0.0001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed. 
“Commencement Date” shall mean the date of commencement (as defined in Rule 13e-4 under the Exchange Act) of the Exchange Offer.
“Commission” shall mean the U.S. Securities and Exchange Commission.
“Effective Date” shall mean the time the Registration Statement is declared effective under the Securities Act.
“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder.
“Exchange Date” shall mean the date on which the Company issues the Shares in exchange for the Warrants pursuant to the Exchange Offer.
“Expiration Date” shall mean one minute after 11:59 p.m., Eastern Standard Time, on August 18, 2022, or such later time and date as may be extended by the Company in its sole discretion.
“Information Agent” shall mean D.F. King & Co, Inc.
“Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.
“Material Adverse Effect” means (i) any material adverse effect on the legality, validity or enforceability of any Transaction Document or (ii)  any material adverse change or effect, or any development involving a prospective material adverse change or effect, in or affecting (x) the business, properties, general affairs, management, financial position, stockholders' equity or results of operations of the Company and its subsidiaries, taken as a whole, or (y) the ability of the Company to perform in any material respect on a timely basis its obligations under any Transaction Document.
“Offering Documents” shall mean the Pre-Effective Registration Statement, the Registration Statement, the Preliminary Prospectus, the Prospectus, the accompanying letter of transmittal and consent, the Schedule TO, the Rule 165 Material, the notice of guaranteed delivery, and all other documents filed or to be filed with any federal, state or local government or regulatory agency or authority in connection with the Exchange Offer or the Consent Solicitation, each as prepared or approved by the Company.
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“Pre-Effective Registration Statement” shall mean the registration statement, filed by the Company with the Commission registering the Exchange Offer under the Securities Act, including exhibits thereto and any documents incorporated by reference therein or deemed part of such registration statement pursuant to Rule 430C under the Securities Act, in the form in which it is initially filed with the Commission.
“Preliminary Prospectus” shall mean the preliminary prospectus that is used prior to the filing of the Prospectus, as amended or supplemented from time to time, including any documents incorporated in the Preliminary Prospectus by reference.
“Private Placement Warrants” shall refer to the Warrants initially sold as part of the units in a private placement that occurred simultaneously with FinTech Acquisition Corp. IV’s (“FTIV”) initial public offering that closed on September 29, 2020 (the “IPO”).
“proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.
“Prospectus” shall mean the final prospectus included in the Registration Statement (including any documents incorporated in the Prospectus by reference), except that if the final prospectus furnished to the Dealer Manager for use in connection with the Exchange Offer differs from the prospectus set forth in the Registration Statement (whether or not such prospectus is required to be filed pursuant to Rule 424(b) under the Securities Act), the term “Prospectus” shall refer to the final prospectus furnished to the Dealer Manager for such use (including any documents incorporated in the Prospectus by reference). 
“Public Warrants” shall refer to the redeemable Warrants underlying the units that were initially offered and sold by FTIV in its IPO. 
“Registration Statement” shall mean the registration statement filed by the Company with the Commission registering the Exchange Offer under the Securities Act, including exhibits thereto and any documents incorporated by reference therein or deemed part of such registration statement pursuant to Rule 430C under the Securities Act, in the form in which it becomes effective and, in the event of any amendment or supplement thereto or the filing of any abbreviated registration statement pursuant to Rule 462(b) under the Securities Act relating thereto after the effective date of such registration statement, shall also mean such registration statement as so amended or supplemented, together with any such abbreviated registration statement. 
“Rule 165 Material” shall mean any written communication made in connection with or relating to the Exchange Offer in reliance on Rule 165 of the Securities Act, and filed by the Company with the Commission pursuant to Rule 425 under the Securities Act.
“Schedule TO” shall mean the tender offer statement filed with the Commission on Schedule TO, including any documents incorporated by reference therein, with respect to the Exchange Offer, including any amendment or supplement thereto.
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“Securities Act” shall mean the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.
 “Transaction Documents” means this Agreement and any other documents or agreements executed in connection with the transactions contemplated hereunder.
“U.S.” or the “United States” shall mean the United States of America. 
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If the foregoing is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this Agreement and your acceptance shall represent a binding agreement between the Company and the Dealer Manager.
						
	Very truly yours,
		
	PERELLA WEINBERG PARTNERS
		
		
	By:	
	Name:	
	Title:	

The foregoing Agreement is hereby
confirmed and accepted as of the
date first above written:
CITIGROUP GLOBAL MARKETS INC.

						
	By:	
		Name:
		Title:

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Schedule A
Dealer Manager Fee
The Fee paid to Citigroup Global Markets Inc., as Dealer Manager, shall be equal to $350,000.
All payments due under the Agreement to which this schedule relates are to be made in U.S. Dollars, free and clear of, and without deduction for, any set-off, claim or applicable taxes except as otherwise required by applicable law.  The Dealer Manager shall provide the Company a duly executed Internal Revenue Source W-9 prior to the date of the Agreement. For this purpose, “taxes” means all forms of taxation, duties (including stamp duty), levies, imposts, charges and withholdings (including any related or incidental penalty, fine, interest or surcharge), in each case in the nature of a tax and imposed by a taxing authority, and whether required by the law or regulations of the United States or elsewhere.
Capitalized terms used, but not defined, herein shall have the meanings ascribed to them by the Agreement of which this schedule is a part.
34

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