Document:

acrs_Ex10_20

		

			Exhibit 10.20

		

		
			EMPLOYMENT AGREEMENT
		

		
			This EMPLOYMENT AGREEMENT (the “Employment Agreement”), effective as of, and contingent upon, the effectiveness of the registration statement for Employer’s initial public offering  (“Agreement Effective Date”), is made by and between Aclaris Therapeutics, Inc., a corporation organized under the laws of the State of Delaware (“Employer”) and Frank Ruffo  (“Executive”).
		

		
			WHEREAS, Executive desires to continue to provide services to Employer and Employer desires to continue to retain the services of Executive; 
		

		
			WHEREAS, in consideration of Executive’s employment by Employer for more than three (3) years prior to the Agreement Effective Date, Employer and Executive desire to enter this Employment Agreement and formalize the terms and conditions of Executive’s employment with Employer; and
		

		
			WHEREAS, this Agreement has been duly approved and its execution has been duly authorized by the Compensation Committee of Employer’s Board of Directors.
		

		
			NOW, THEREFORE, Employer and Executive hereby agree as follows:
		

			
	
			
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EMPLOYMENT

			
	
			
				 1.1
			General. Employer hereby agrees to continue to employ Executive in the capacity of Chief Financial Officer.   Executive hereby accepts such continued employment upon the terms and subject to the conditions herein contained.

			
	
			
				 1.2
			Authority and Duties. Executive shall have full responsibility as the Chief Financial Officer of Employer and all authority normally accorded to such position. Executive agrees to perform such duties and responsibilities commensurate with the position of Chief Financial Officer as may reasonably be determined by the Board of Directors of Employer (the “Board”).

			
	
			
				 1.2.1
			Reporting. During Executive’s employment with Employer, Executive will report directly to, and take direction from, the Chief Executive Officer (the “CEO”).

			
	
			
				 1.2.2
			Time to Be Devoted to Employment. During Executive’s Employment with Employer, Executive shall diligently devote his efforts, business time, attention and energies to the business of Employer will not, while employed by Employer, undertake or engage in any other employment, occupation or business enterprise that would interfere with Executive’s responsibilities and the performance of Executive’s duties hereunder except for (i) reasonable time devoted to volunteer services for or on behalf of such religious, educational, non-profit and/or other charitable organization as Executive may wish to serve, (ii) reasonable time devoted to activities in the non-profit and business communities consistent with Executive’s duties; and (iii) such other activities as may be specifically approved by the Board.  This restriction shall not, however, preclude Executive (x) from owning less than one percent (1%) of the total outstanding shares of a publicly traded company, or (y) from employment or service in 

		 

		

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	any capacity with Affiliates of Employer.  As used in this Agreement, “Affiliates” means an entity under common management or control with Employer.

			
	
			
				 1.3
			Other Responsibilities. Notwithstanding Section 1.2.2 above, the Board expressly grants Executive the right to (i) provide services as a member (or such other such role as he may later serve) of NeXeption, Inc. and its affiliated entities; (ii) provide services to Alexar Therapeutics, Inc.; and (iii) perform services, if necessary, for companies other than Employer, in connection with his ownership interests in such companies; provided that the provision of such services does not adversely affect his performance of services hereunder and does not otherwise result in a material breach hereunder.

			
	
			
				 1.4
			Location of Employment. Executive’s principal place of employment during his employment with Employer shall be in Malvern, Pennsylvania or such other location as Employer and Executive shall agree.

			
	
			
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COMPENSATION AND BENEFITS

			
	
			
				 2.1
			Salary. Employer will pay to Executive an annual base salary of two hundred forty thousand, four hundred fifty-three Dollars and fifty Cents ($240,453.50), payable subject to standard federal and state payroll withholding requirements in accordance with the regular payroll practices of Employer (“Base Salary”). The annual Base Salary may be increased (but not decreased) during the term of this Employment Agreement by the Board in its sole discretion.

			
	
			
				 2.2
			Additional Compensation. In addition to the salary set forth in Section 2.1, Executive shall be entitled to receive a cash bonus in accordance with the terms of this Section 2.2. For each fiscal year of Employer, beginning January 1, during the Employment Term (as defined in Section 2.4 hereof),  Executive shall be eligible to receive a cash bonus based on (i) the “Annual Bonus Expectancy Amount,” which shall be an amount equal to thirty percent (30%) of Executive’s Base Salary for the applicable fiscal year, and (ii) Executive’s attainment of performance targets and other reasonable criteria established by the Board, to the extent possible, by the end of the first month of such fiscal year. Depending on the targets and criteria which are achieved or met, the amount of the cash bonus actually payable to Executive for each fiscal year will be an amount from zero to and including the Annual Bonus Expectancy Amount. Any cash bonus amount payable pursuant to this Section 2.2 shall be paid to Executive as soon as practicable, but in no event later than two and one-half (2 1/2) months, following the end of the fiscal year to which it relates. It is explicitly agreed and understood that cash bonuses under this Section 2.2 are to be payable only if, and to the extent, that the Board in its judgment determines Employer has adequate cash flow and is adequately capitalized to support such payment.

			
	
			
				 2.3
			Executive Benefits. In addition to the salary and additional compensation set forth in Sections 2.1 and 2.2, Executive shall also be entitled to the following benefits during Executive’s employment hereunder:

			
	
			
				 2.3.1
			Expenses. Employer will promptly reimburse Executive for expenses he reasonably incurs in connection with the performance of his duties (including business travel and 

		 

		

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	entertainment expenses), in accordance with Employer’s standard expense reimbursement policy, as the same may be modified by Employer from time to time; provided, however, that Executive has provided Employer with documentation of such expenses in accordance with the Employer’s expense reimbursement policies and applicable tax requirements.  For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Code:  (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

			
	
			
				 2.3.2
			Employer Plans. Executive will be eligible to participate on the same basis as similarly situated employees in Employer’s employee benefit plans and programs,  as they may be interpreted, adopted, revised or deleted from time to time in Employer’s sole discretion, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and programs. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan.  Employer retains the unilateral right to amend, modify or terminate any of its employee benefit plans and programs at any time.

			
	
			
				 2.3.3
			Vacation. Executive shall be eligible for paid vacation leave (not including regular holidays) consistent with the needs of the business. Vacation must be scheduled at those times convenient to Employer’s business as reasonably determined by the CEO.

			
	
			
				 2.3.4
			Coverage. Nothing in this Employment Agreement shall prevent Executive from participating in any other compensation plan or benefit plan made available to him by Employer.

			
	
			
				 2.3.5
			Withholding. All compensation shall be subject to withholding of taxes and deductions of other amounts as may be required by law.

			
	
			
				 2.4
			Employment Term.  Unless earlier terminated pursuant to Section 3.1, Executive’s employment by Employer pursuant to this Employment Agreement shall continue until the second anniversary of the Agreement Effective Date (the “Initial Term”). Thereafter, this Employment Agreement shall be automatically renewed for successive one (1) year periods (the Initial Term, together with any subsequent employment period being referred to herein as the “Employment Term”); provided, however, that either party may elect to not renew this Employment Agreement by written notice to such effect delivered to the other party at least ninety (90) days prior to expiration of the Initial Term or the Employment Term.

			
	
			
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TERMINATION OF EMPLOYMENT

			
	
			
				 3.1
			Events of Termination. Executive’s employment with Employer will terminate upon the occurrence of any one or more of the following events:

		
			

		 

		

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				 3.1.1
			Death. In the event of Executive’s death, Executive’s employment will terminate on the date of death.

			
	
			
				 3.1.2
			Disability. In the event of Executive’s Disability (as hereinafter defined), Employer will have the option to terminate Executive’s employment by giving a notice of termination to Executive. The notice of termination shall specify the date of termination, which date shall not be earlier than thirty (30) calendar days after the notice of termination is given. For purposes of this Employment Agreement, “Disability” means the failure or inability of Executive to substantially perform, with or without reasonable accommodation, his duties hereunder for an aggregate of ninety (90) calendar days during any consecutive three hundred sixty-five (365) day period as a result of a physical or mental illness or injury, as determined in good faith by the Board upon the advice of an independent physician experienced in treating the condition(s) allegedly giving rise to the disability.  This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law.

			
	
			
				 3.1.3
			Termination by Employer for Cause. Employer may, at its option, terminate Executive’s employment for Cause by unilateral action of the Board of Directors upon giving a notice of termination to Executive. “Cause” shall mean (i) Executive’s conviction of, or guilty plea to, a crime of moral turpitude (whether or not a felony) or a felony (other than traffic violations); (ii) any act(s) or omission(s) by Executive which constitutes gross negligence or a material breach of Executive’s duty of loyalty; (iii) any material breach by Executive of Employer’s personnel policies, including those prohibiting acts of discrimination, harassment or retaliation; (iv) any act constituting dishonesty, fraud, immoral or disreputable conduct; (v) refusal to follow or implement a clear and reasonable directive of Employer; (vi) breach of fiduciary duty; or (vii) a material violation or breach by Executive of this Employment Agreement (other than an event described in the foregoing clauses (i) through (vi)) or any other agreement between the parties.

			
	
			
				 3.1.4
			Without Cause By Employer. Employer may, at its option, terminate Executive’s employment for any reason whatsoever (other than for the other reasons set forth above in this Section 3.1 that would constitute “Cause” to terminate) by giving a notice of termination to Executive, and Executive’s employment shall terminate on the later of the date the notice of termination is given or the date set forth in such notice of termination.

			
	
			
				 3.1.5
			By Executive. Executive may, at any time, terminate Executive’s employment for any reason whatsoever by giving a notice of termination to Employer. Executive’s employment shall terminate on the earlier of (i) the date, following the date of the notice of termination, upon which a suitable replacement for Executive is found by the Employer or upon which Employer makes a determination, in its sole discretion, that Executive’s duties shall be undertaken by other employees of Employer, (ii) thirty (30) calendar days after the date of receipt by Employer of the notice of termination, or (iii) such earlier date as the Employer and Executive shall agree.

			
	
			
				 3.1.6
			Termination Upon Non-Renewal. Either party may terminate this Employment Agreement and Executive’s employment hereunder by providing the other party notice in accordance with Section 2.4 above, in which case this Employment Agreement and 

		 

		

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	Executive’s employment hereunder shall terminate on the last date of the Initial Term or the Employment Term, as the case may be. For the avoidance of doubt, Executive shall continue to be employed by Employer, on the same terms  and conditions as set forth in this Employment Agreement during the ninety (90)-day notice period provided by either party to the other party in accordance with Section 2.4 above, unless, Employer, in its sole discretion determines that it does not want Executive to continue to work for Employer, in any capacity, during such notice period. In such event, Employer shall pay Executive all compensation in accordance with Section 3.2.3.

			
	
			
				 3.1.7
			For Good Reason by Executive. Executive may, at his option, terminate Executive’s employment for “Good Reason” by giving a notice of termination to Employer in the event that, in the absence of events that would support a termination of Executive for Cause:

			
	
			
				 (i)
			there is a material failure of Employer (or successor employer) to pay Executive’s salary or additional compensation or benefits hereunder in accordance with this Employment Agreement;

			
	
			
				 (ii)
			Executive’s annual Base Salary is materially decreased without his prior written consent; 

			
	
			
				 (iii)
			Executive is assigned duties substantially inconsistent with his title and the responsibilities set forth in Executive’s job description, without Executive’s prior written consent; 

			
	
			
				 (iv)
			Executive’s place of employment is changed to a location that is greater than fifty (50) miles from Executive’s current place of employment which is contemplated to be 101 Lindenwood Drive, Suite 400, Malvern, Pennsylvania 19355; or 

			
	
			
				 (v)
			any other material violation or breach by Employer of this Employment Agreement. 

		
			Notwithstanding the foregoing, none of the events described in clauses (i) through (v) above shall constitute Good Reason unless Executive shall have notified Employer in writing describing the event which constitute Good Reason within thirty (30) days after Executive first becomes aware of such event and then only if Employer and/or its subsidiaries shall have failed to reasonably cure such events, if curable, within thirty (30) days after Employer’s receipt of such written notice and Executive elects to terminate his employment as a result within thirty (30) days following the end of such thirty (30) day period (assuming, for the avoidance of doubt, that Employer does not elect to cure).
		

			
	
			
				 3.2
			Certain Obligations of Employer Following Termination of Executive’s Employment. Following the termination of Executive’s employment under the circumstances described below, Employer will pay to Executive, subject to standard federal and state payroll withholding requirements and in accordance with its regular payroll practices, the following compensation and provide the following benefits (provided that the continuing payments of Executive’s then-current salary, as described below, shall occur no less frequently than monthly):

		
			

		 

		

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				 3.2.1
			Death; Disability; Termination by Employer Without Cause or by Executive for Good Reason. In the event that Executive’s employment is terminated by Employer pursuant to Section 3.1.1 (“Death”), Section 3.1.2 (“Disability”), Section 3.1.4 (“Without Cause by Employer”) or by Executive pursuant to Section 3.1.7 (“Termination by Executive for Good Reason”) hereof, and Executive, or his estate, as the case may be, executes and does not revoke a separation agreement containing a release upon such termination, in a form provided by the Employer, of any and all claims against Employer and all related parties with respect to all matters arising out of Executive’s employment by Employer, or the termination thereof (the “Release”) in accordance with Section 3.7, Executive, or his estate, as the case may be, shall be entitled to the following payments and benefits, which payments and benefits shall be paid in accordance with this Section 3.2.1 and Section 3.7:

			
	
			
				 (i)
			Continuing payments of Executive’s then-current salary for the Severance Period, as defined in Section 3.5 herein, payable subject to standard federal and state payroll withholding requirements in accordance with Employer’s regular payroll practices on Employer’s normal payroll schedule over the Severance Period, subject to Section 3.7;  

			
	
			
				 (ii)
			Employer shall pay to Executive a lump sum payment equal to the gross sum of any bonuses or portion thereof for any preceding year or for the year of termination which have been approved by Employer, but has not been received by Executive prior to the effective date of termination, less applicable deductions and withholdings paid in accordance with Section 2.2 but in no event later than two and one-half (2 1/2) months following the end of the fiscal year to which it relates. For the avoidance of doubt, (x) Executive does not have to be employed by Employer on the date such bonuses are approved by Employer to receive such bonuses; and (y) this provision shall not be construed as guaranteeing the payment of a bonus for such year(s); 

			
	
			
				 (iii)
			So long as Executive is eligible, and so long as Executive remains eligible, for and upon his timely election of coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, or, if applicable, state or local insurance laws (“COBRA”), Employer will continue to pay, directly to the healthcare provider when due, 100% of the medical, vision and dental coverage premiums (including employee contributions, if any) until the earlier of (i) the end of the Severance Period; or (ii) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment (the “COBRA Payment Period”);  provided that Executive must immediately notify Employer in the event Executive becomes eligible for coverage under another employer’s group health plan during the COBRA Payment Period; and provided further that, if at any time Employer determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums for the remainder of the COBRA Payment Period, Employer will instead pay Executive on the first day of each month of the remainder of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings, for the remainder of the COBRA Payment Period; and

		
			

		 

		

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				 (iv)
			In the event such termination of employment occurs on or within three (3) months prior to or within twelve (12) months following the effective date of a Change of Control (as defined herein), Executive shall be entitled to the additional following payments and benefits:

			
	
			
				 (1)
			Continuing payments of Executive’s then-current salary for an additional six (6) months following the end of the Severance Period, payable subject to standard federal and state payroll withholding requirements in accordance with Employer’s regular payroll practices on Employer’s normal payroll schedule over the six (6) month period immediately following the end of the Severance Period, subject to Section 3.7;

			
	
			
				 (2)
			Continued payment of Executive’s COBRA premiums directly to the healthcare provider for an additional six (6) months following the end of the Severance Period, or if earlier, until the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment, subject to the terms, conditions and payment provisions set forth in Section 3.2.1(iii); and

			
	
			
				 (3)
			In the event such termination of employment occurs (A) on or within three (3) months prior to  the effective date of a Change of Control (as defined herein), all unvested stock options and other equity awards held by Executive and outstanding on the effective date of termination shall become fully vested on the effective date of the Change of Control, or (B) within twelve (12) months following the effective date of a Change of Control, provided that any surviving corporation or acquiring corporation assumes Executive’s stock options and/or other equity awards, as applicable, or substitutes similar stock options or equity awards for Executive’s stock options and/or equity awards, as applicable, in accordance with the terms of Employer’s  applicable equity incentive plans, all such unvested stock options and other equity awards held by Executive and outstanding on the effective date of termination shall become fully vested on the date of such termination.  

		
			For purposes of this Agreement, “Change of Control” means, in each case as approved by the Board and the requisite stockholders of Employer, (i) any consolidation or merger of Employer with or into any other corporation or other entity or person, or any other corporate reorganization, in which the stockholders of Employer immediately prior to such consolidation, merger or reorganization, own, in the aggregate, less than 50% of the surviving entity’s voting power and/or outstanding capital stock immediately after such consolidation, merger or reorganization, or any transaction or series of related transactions (including any transaction which results from an option agreement or binding letter of intent with a third party) to which Employer or any of its stockholders is a party in which in excess of 50% of Employer’s voting power and/or outstanding capital stock is transferred, or pursuant to which any person or group of affiliated persons obtains in excess of 50% of Employer’s voting power and/or outstanding capital stock, excluding any consolidation or merger effected exclusively to change the domicile of Employer; or (ii) any sale, lease or other disposition (including through a Board and stockholder approved division or spin-off transaction) of all or substantially all of the assets of Employer and/or any of its subsidiaries or any sale, lease, exclusive license (or substantially exclusive license or agreement) or other disposition of all or substantially all of Employer’s intellectual property, as reasonably determined based upon the potential earning power of the assets or intellectual property; provided, however that none of the following shall 

		 

		

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constitute a Change of Control: (A) transfers of capital stock by an existing stockholder as a result of death or otherwise for estate planning purposes or to such stockholder’s affiliates or to any of Employer’s other existing stockholders, and (B) issuances of equity securities of Employer in connection with financings for working capital and other general corporate purposes.
		

			
	
			
				 3.2.2
			Termination by Executive Other than For Good Reason: Termination Upon Non-Renewal by Executive; Termination by Employer for Cause. In the event Executive’s employment is terminated by Executive other than for Good Reason pursuant to Section 3.1.5 hereof (“By Executive”) or by Executive pursuant to Section 3.1.6 hereof (“Termination Upon Non-Renewal”) or by Employer pursuant to Section 3.1.3 hereof (“Termination by Employer for Cause”), Executive shall be entitled to no further compensation or other benefits under this Employment Agreement except as to that portion of any unpaid salary and other benefits accrued and earned by him hereunder up to and including the effective date of such termination and to offer COBRA coverage at Executive’s cost pursuant to applicable law.

			
	
			
				 3.2.3
			Termination Upon Non Renewal by Employer. In the event Executive’s employment is terminated by Employer pursuant to Section 3.1.6 hereof, then during the ninety (90)-day notice period of Section 2.4, Employer shall continue to pay to Executive his then-current annual Base Salary and benefits subject to standard federal and state payroll withholding requirements and in accordance with Employer’s regular payroll practices and no later than the effective date of termination of employment, Employer shall pay to Executive any unpaid salary accrued and earned by him up to and including the effective date of termination.  In addition, in the event Executive’s employment is terminated by Employer pursuant to Section 3.1.6 hereof, then provided Executive executes and does not revoke a Release in accordance with Section 3.7, Executive shall be entitled to the following, which payments and benefits shall be paid in accordance with this Section 3.2.3 and Section 3.7:

			
	
			
				 (i)
			continuing payments of Executive’s then-current salary for the Severance Period payable subject to standard federal and state payroll withholding requirements in accordance with Employer’s regular payroll practices on Employer’s normal payroll schedule over the Severance Period, subject to Section 3.7;  

			
	
			
				 (ii)
			Employer shall pay to Executive a lump sum payment equal to the gross sum of any bonuses or portion thereof for any preceding year or for the year of termination which bonus has been approved by Employer, but has not been received by Executive prior to the effective date of termination, less applicable deductions and withholdings paid in accordance with Section 2.2 but in no event later than two and one-half (2 1/2) months following the end of the fiscal year to which it relates. For the avoidance of doubt, (x) Executive does not have to be employed by Employer on the date such bonuses are approved by the Employer to receive such bonuses; and (y) this provision shall not be construed as guaranteeing the payment of a bonus for such year(s); and

			
	
			
				 (iii)
			So long as Executive is eligible, and so long as Executive remains eligible, for and upon his timely election of COBRA coverage, Employer will continue to pay, directly to the healthcare provider when due, 100% of the medical, vision and dental 

		 

		

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	coverage premiums (including employee contributions, if any) until the earlier of (i) the end of the five (5) month period following the effective date of termination; or (ii) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment (the “Nonrenewal COBRA Payment Period”); provided that Executive must immediately notify Employer in the event Executive becomes eligible for coverage under another employer’s group health plan during the Nonrenewal COBRA Payment Period; and provided further that, if at any time Employer determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums for the remainder of the Nonrenewal COBRA Payment Period, Employer will instead pay Executive on the first day of each month of the remainder of the Nonrenewal COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings, for the remainder of the Nonrenewal COBRA Payment Period.

			
	
			
				 3.3
			Nature of Payments. All amounts to be paid by Employer to Executive pursuant to Sections 3.2.1(i) – (iv) and 3.2.3(i) – (iii) are considered by the parties to be severance payments and are in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Employer severance plan, policy or program.

			
	
			
				 3.4
			Duties Upon Termination.  During the Severance Period,  if there is a Severance Period applicable to Executive’s termination of employment from Employer, Executive shall fully cooperate with Employer in all matters relating to the winding up of Executive’s pending work including, but not limited to, any litigation in which Employer is involved, and the orderly transfer of any such pending work to such other employees as may be designated by Employer.  Notwithstanding the foregoing, such cooperation requirement shall not unreasonably interfere with his then current employment or business activities.  With Employer’s prior approval, Executive shall be reimbursed for all expenses reasonably incurred in connection with such cooperation.  Following the end of the Severance Period, Executive will be released from any duties and obligations hereunder (except those duties and obligations set forth in Article 4 hereof).  In the event of termination of Executive’s employment pursuant to Sections 3.1.1 through 3.1.7 hereof, the obligations of Employer to Executive will be as set forth in Section 3.2 hereof.

			
	
			
				 3.5
			Severance Period.  “Severance Period” shall mean a period of nine (9) months beginning on and immediately following the effective date of Executive’s termination of employment with Employer.

			
	
			
				 3.6
			Release. Notwithstanding any provision of this Employment Agreement to the contrary, in no event shall the timing of Executive’s execution of the Release, directly or indirectly, result in Executive designating the calendar year of payment, and if a payment that is subject to the requirements of Section 409A of the Code and is subject to execution of the Release could be made in more than one taxable year based on when the Release is executed or becomes effective, payment shall be made in the later year.

		
			

		 

		

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				 3.7
			Commencement of Severance Payments.  The severance payments and benefits  set forth in Sections 3.2.1(i) – (iv) (Termination by Employer for Death, Disability, Without Cause, by Executive for Good Reason) and Sections 3.2.3(i) – (iii) (Termination Upon Non-Renewal by Employer) above will not be paid or provided unless Executive executes and does not revoke the Release and the Release is enforceable and effective as provided in the Release on or before the date that is the sixtieth (60th) day following the effective date of termination (such 60th day, the “Severance Pay Commencement Date”).  No cash severance payments will be paid pursuant to Sections 3.2.1 or 3.2.3 prior to the Severance Pay Commencement Date.  On the Severance Pay Commencement Date Employer will pay in a lump sum the aggregate amount of the cash severance payments that Employer would have paid Executive through such date had the payments commenced on the effective date of termination through the Severance Pay Commencement Date, with the balance paid thereafter on the applicable schedules described above. Notwithstanding any other provision of this Agreement to the contrary, it is intended that the payment of severance upon termination for Good Reason by Executive in accordance with Section 3.1.7 satisfy the safe harbor set forth in Treasury Regulation Section 1.409A-1(n)(2)(ii)), and any severance payment made pursuant to this Agreement shall satisfy the exemptions from the application of Section 409A of the Code provided under Treasury Regulation Sections 1.409A‐1(b)(4), and 1.409A‐1(b)(9).

			
	
			
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CONFIDENTIALITY; NON-COMPETITION AND NON-SOLICITATION;

			
	
			
				 4.1
			Confidentiality and Invention Rights. The parties hereto have entered into a Confidentiality and Invention Rights, Non-Competition and Non-Solicitation Agreement, which may be amended by the parties from time to time without regard to this Agreement.  The Confidentiality and Invention Rights, Non-Competition and Non-Solicitation Agreement contains provisions that are intended by the parties to survive and do survive termination of this Agreement.

			
	
			
				 4.2
			Remedies. Executive acknowledges and agrees that (a) Employer will be irreparably injured in the event of a breach by Executive of any of his obligations under this Article 4; (b) monetary damages will not be an adequate remedy for any such breach; and (c) in the event of any such breach, the Employer will be entitled to injunctive relief, in addition to any other remedy which it may have, and Executive shall not oppose such injunctive relief based upon the extent of the harm or the adequacy of monetary damages.

			
	
			
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MISCELLANEOUS PROVISIONS

			
	
			
				 5.1
			Severability. If in any jurisdiction any term or provision hereof is determined to be invalid or unenforceable, (a) the remaining terms and provisions hereof shall be unimpaired, (b) any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction, and (c) the invalid or unenforceable term or provision shall, for purposes of such jurisdiction, be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision.

		
			

		 

		

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				 5.2
			Execution in Counterparts. This Employment Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement (and all signatures need not appear on any one counterpart), and this Employment Agreement shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto.

			
	
			
				 5.3
			Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed duly given when delivered by hand, or when delivered if mailed by registered or certified mail, postage prepaid, return receipt requested, or private courier service or via facsimile (with written confirmation of receipt) or email (with written confirmation of receipt) as follows:

		
			If to Employer, to:
		

		
			Aclaris Therapeutics, Inc.
		

		
			101 Lindenwood Drive, Suite 400
		

		
			Malvern, Pennsylvania 19355
		

		
			Attention: Kamil Ali-Jackson, Esq.
		

		
			Email: kalijackson@aclaristx.com
		

		
			Telephone: 484-324-7933
		

		
			If to Executive, to:
		

		
			Frank Ruffo
		

		
			223 Prince William Way
		

		
			Chalfont, Pennsylvania 18914
		

		
			Email: fruffo@aclaristx.com
		

		
			or to such other address(es) as a party hereto shall have designated by like notice to the other parties hereto.
		

			
	
			
				 5.4
			Amendment. No provision of this Employment Agreement may be modified, amended, waived or discharged in any manner except by a written instrument executed by Employer and Executive.

			
	
			
				 5.5
			Entire Agreement. This Employment Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties hereto, oral or written, with respect to the subject matter hereof, including but not limited any prior offer letter or written embodiment of the employment relationship between Executive and Employer and the letter from Employer to Executive entitled “Change of Control Bonus” dated August 30, 2012. No representation, promise or inducement has been made by either party that is not embodied in this Employment Agreement, and neither party shall be bound by or liable for any alleged representation, promise or inducement not so set forth.

			
	
			
				 5.6
			Applicable Law. This Employment Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania applicable to 

		 

		

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	contracts made and to be wholly performed therein without regard to its conflicts or choice of law provisions.

			
	
			
				 5.7
			Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Employment Agreement.

			
	
			
				 5.8
			Binding Effect; Successors and Assigns. Executive may not delegate his duties or assign his rights hereunder. This Employment Agreement will inure to the benefit of, and be binding upon, the parties hereto and their respective heirs, legal representatives, and successors. Employer may assign this Employment Agreement to any entity purchasing all or substantially all of the assets of Employer.

			
	
			
				 5.9
			Waiver, etc. The failure of either of the parties hereto to at any time enforce any of the provisions of this Employment Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Employment Agreement or any provision hereof or the right of either of the parties hereto to thereafter enforce each and every provision of this Employment Agreement. No waiver of any breach of any of the provisions of this Employment Agreement shall be effective unless set forth in a written instrument executed by the party against whom or which enforcement of such waiver is sought, and no waiver of any such breach shall be construed or deemed to be a waiver of any other or subsequent breach.

			
	
			
				 5.10
			Continuing Effect.  Provisions of this Agreement which by their terms must survive the termination of this Agreement in order to effectuate the intent of the parties will survive any such termination, whether by expiration of the term, termination of Executive’s employment, or otherwise, for such period as may be appropriate under the circumstances.

			
	
			
				 5.11
			Representations and Warranties of Executive. Executive hereby represents and warrants to Employer that to the knowledge of Executive, Executive is not bound by any non-competition or other agreement which would prevent his performance hereunder.

			
	
			
				 5.12
			Section 409A of the Code. This Employment Agreement is intended to comply with Section 409A of the Code and its corresponding regulations, or an exemption, and payments may only be made under this Employment Agreement upon an event and in a manner permitted by Section 409A of the Code, to the extent applicable. Payment under this Employment Agreement is intended to be exempt from Code Section 409A under the “short-teen deferral” exception set forth in Treasury Regulation Section 1.409A-1(b)(4), to the maximum extent applicable, and then under the “separation pay” exception set forth in Treasury Regulation Section 1.409A-1(b)(9), to the maximum extent applicable. All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h) (or any successor provision) (a “Separation from Service”). For purposes of Code Section 409A, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. In no event may the Executive, directly or indirectly, designate the calendar year of a payment. If the termination of employment giving rise to the payments described in Section 3.2.1 is not a Separation from Service, then the amounts otherwise payable pursuant to 

		 

		

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	Section 3.2.1 will instead be deferred without interest and paid when Executive experiences a Separation from Service. Notwithstanding anything in this Employment Agreement to the contrary or otherwise, with respect to any expense, reimbursement or in-kind benefit provided pursuant to this Employment Agreement that constitutes a “deferral of compensation” within the meaning of Section 409A of the Code and its implementing regulations and guidance, (a) the expenses eligible for reimbursement or in-kind benefits provided to Executive must be incurred during the Employment Term (or applicable survival period), (b) the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive in any other calendar year, (c) the reimbursements for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred and (d) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.  Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed by Employer at the time of his Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, and if any of the payments due upon Separation From Service set forth herein and/or under any other agreement with Employer are deemed to be “deferred compensation,” then to the extent delayed commencement of any portion of such payments is required to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code and the related adverse taxation under Section 409A of the Code, such payments will not be provided to Executive prior to the earliest of (i) the expiration of the six (6)-month period measured from the date of Executive’s Separation From Service with Employer, (ii) the date of Executive’s death or (iii) such earlier date as permitted under Section 409A of the Code without the imposition of adverse taxation.  Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph will be paid in a lump sum to Executive, and any remaining payments due will be paid as otherwise provided in this Agreement or in the applicable agreement.  No interest will be due on any amounts so deferred.

			
	
			
				 5.13
			Dispute Resolution.    The parties recognize that litigation in federal or state courts or before federal or state administrative agencies of disputes arising out of the Executive’s employment with the Employer or out of this Agreement, or the Executive’s termination of employment or termination of this Agreement, may not be in the best interests of either the Executive or Employer, and may result in unnecessary costs, delays, complexities, and uncertainty.  The parties agree that any dispute between the parties arising out of or relating to the negotiation, execution, performance or termination of this Agreement or the Executive’s  employment, including, but not limited to, any claim arising out of this Agreement, claims under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, Section 1981 of the Civil Rights Act of 1966, as amended, the Family Medical Leave Act, the Executive Retirement Income Security Act, and any similar federal, state or local law, statute, regulation, or any common law doctrine, whether that dispute arises during or after employment, shall be settled by binding arbitration in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association; provided however, that this dispute resolution provision shall not apply to any separate agreements between the parties that do not themselves specify arbitration as an exclusive remedy. The location for the arbitration shall be the Philadelphia, Pennsylvania metropolitan area.  Any award made by such panel shall 

		 

		

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	be final, binding and conclusive on the parties for all purposes, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. The arbitrators’ fees and expenses and all administrative fees and expenses associated with the filing of the arbitration shall be borne by Employer. The parties acknowledge and agree that their obligations to arbitrate under this Section survive the termination of this Agreement and continue after the termination of the employment relationship between Executive and Employer. The parties each further agree that the arbitration provisions of this Agreement shall provide each party with its exclusive remedy, and each party expressly waives any right it might have to seek redress in any other forum, except as otherwise expressly provided in this Agreement.  By election arbitration as the means for final settlement of all claims, the parties hereby waive their respective rights to, and agree not to, sue each other in any action in a Federal, State or local court with respect to such claims, but may seek to enforce in court an arbitration award rendered pursuant to this Agreement.  The parties specifically agree to waive their respective rights to a trial by jury, and further agree that no demand, request or motion will be made for trial by jury

		
			 
		

		
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			IN WITNESS WHEREOF, this Employment Agreement has been executed and delivered by the parties hereto as of the Effective Date.
		

		
			ACLARIS THERAPEUTICS, INC.
		

			
					
						By:

					
					
						/s/ Neal Walker

					
					
						 

					
					
						9/17/15

				
	
					
						Name:

					
					
						Neal Walker

					
					
						 

					
					
						Date

				
	
					
						Title:

					
					
						President & CEO

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Frank Ruffo

					
					
						 

					
					
						9/17/15

				
	
					
						Frank Ruffo

					
					
						 

					
					
						Date

				

		
			 
		

		
			 
		

		
			 
		

		
			121529865 
		

		 

		

			15HTML

 Exhibit 4.27 

DESCRIPTION OF THE REGISTRANT’S SECURITIES 

REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES 

EXCHANGE ACT OF 1934 
 As
of February 18, 2020, American Tower Corporation has three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (1) our common stock; (2) our 1.375%
senior notes due 2025 (the “1.375% Notes”); and (3) our 1.950% senior notes due 2026 (the “1.950% Notes”). 

DESCRIPTION OF COMMON STOCK 

The description below summarizes the general terms of our common stock. This section is a summary, and it does not describe every aspect of
our common stock. This summary is subject to, and qualified in its entirety by, reference to the provisions of our Restated Certificate of Incorporation (“Certificate of Incorporation”) and our Amended and Restated By-Laws (“By-Laws”), each of which is filed as an exhibit to the Annual Report on Form 10-K (the “Form 10-K”) of which this Exhibit 4.27 is a part. We encourage you to read our Certificate of Incorporation and By-Laws and the applicable provisions of the General
Corporation Law of the State of Delaware (“DGCL”) for additional information. References in this “Description of Common Stock” section to “we,” “our” and the “Company” refer to American Tower
Corporation and its predecessor, as applicable, individually and collectively with its subsidiaries as the context requires. 
 Authorized Shares

 As of February 18, 2020, we are authorized to issue up to one billion (1,000,000,000) shares of common stock with one cent
($0.01) par value per share. 
 Voting Rights 

With respect to all matters upon which stockholders are entitled to vote, the holders of the outstanding shares of common stock are entitled to
one (1) vote in person or by proxy for each share of common stock outstanding in the name of such stockholders on the record of stockholders. Generally, all matters to be voted on by stockholders must be approved by a majority (or by a
plurality in the case of election of directors where the number of candidates nominated for election exceeds the number of directors to be elected) of the votes entitled to be cast by all shares of common stock present in person or by proxy. 

Dividends and Other Distributions 

Subject to applicable law and rights, if any, of the holders of any outstanding series of preferred stock or any class or series of stock
having a preference over the common stock with respect to the payment of dividends and other distributions, dividends and other distributions may be declared and paid on the common stock from time to time and in amounts as our board of directors may
determine. We pay regular dividends and other distributions, but the amount, timing and frequency of any distribution are at the sole discretion of our board of directors. Dividends and other distributions are declared based upon various factors,
including without limitation distributions required to maintain our qualification for taxation as a real estate investment trust (“REIT”). The loan agreements for our credit facilities contain covenants that restrict our ability to pay
dividends and other distributions unless certain financial covenants are satisfied. 
 Liquidation Rights 

Upon our liquidation, dissolution or winding up, whether voluntarily or involuntarily, the holders of common stock are entitled to share
ratably in all assets available for distribution after payment in full to creditors and payment in full to holders of preferred stock then outstanding of any amount required to be paid to them. Neither the merger, consolidation or business
combination of American Tower with or into any other entity in which our stockholders receive capital stock and/or other securities (including debt securities) of the surviving entity (or the direct or indirect parent entity thereof), nor the sale,
lease or transfer by us of any part of our business and assets, nor 

 
the reduction of our capital stock, shall be deemed to be a voluntary or involuntary liquidation, dissolution or winding up. 

Other Provisions 
 The holders of common
stock have no preemptive, subscription or redemption rights and are not entitled to the benefit of any sinking fund. The shares of common stock presently outstanding are validly issued, fully paid and nonassessable. 

We may not subdivide, combine, or pay or declare any stock dividend on, the outstanding shares of common stock unless all outstanding shares
of common stock are subdivided or combined or the holders of common stock receive a proportionate dividend. 
 Restrictions on Ownership and Transfer

 For us to comply with and have maximum business flexibility under the Federal Communications Laws (defined in our Certificate of
Incorporation and including the Communications Act of 1934, as amended), and for us to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), our Certificate of Incorporation contains restrictions on stock
ownership and stock transfers. These ownership and transfer restrictions could delay, defer or prevent a transaction or a change in control that might involve a premium price for our common stock or otherwise be in the best interests of the
stockholders. 
 Federal Communications Laws Restrictions. Our Certificate of Incorporation permits us to restrict the ownership or
proposed ownership of shares of our stock if that ownership or proposed ownership (i) is or could be inconsistent with, or in violation of, Federal Communications Laws (as defined in our Certificate of Incorporation); (ii) limits or
impairs, or could limit or impair, our business activities or proposed business activities under the Federal Communications Laws; or (iii) subjects or could subject us to CFIUS Review (as defined in our Certificate of Incorporation) or to any
provision of the Federal Communications Laws, including those requiring any review, authorization or approval, to which we would not be subject but for that ownership or proposed ownership, including, without limitation, Section 310 of the
Communications Act and regulations relating to foreign ownership, multiple ownership or cross-ownership (clauses (i) through (iii) above are collectively referred to as FCC Regulatory Limitations). We reserve the right to require any
person to whom a FCC Regulatory Limitation may apply to promptly furnish to us such information (including, without limitation, information with respect to the citizenship, other ownership interests and affiliations) as we may request. If such
person fails to furnish all of the information we request, or we conclude that such person’s ownership or proposed ownership of our stock, or the exercise by such person of any rights of stock ownership in connection with our stock, may result
in a FCC Regulatory Limitation, we reserve the right to: 
  

	 	•	 	 refuse to permit the transfer of shares of our common stock and/or preferred stock to such person;

  

	 	•	 	 to the fullest extent permitted by law, suspend those rights of stock ownership the exercise of which may cause
the FCC Regulatory Limitation; 

  

	 	•	 	 require the conversion of any or all shares of our preferred stock held by such person into a number of shares of
our common stock of equivalent value; 

  

	 	•	 	 redeem the shares of our common stock and/or our preferred stock held by such person pursuant to the procedures
set forth below; and/or 

  

	 	•	 	 exercise any and all appropriate remedies, at law or in equity, in any court of competent jurisdiction, against
any such person, with a view toward obtaining the information or preventing or curing any situation that may cause a FCC Regulatory Limitation. 

The following procedures apply to the redemption of such person’s shares of our common stock and/or preferred stock: 

 

	 	•	 	 the redemption price of any redeemed shares of our common stock or preferred stock shall be the fair market value
(as defined in our Certificate of Incorporation) of those shares; 

  
 2 

	 	•	 	 the redemption price may be paid in cash or any other of our debt or equity securities or any combination
thereof; 

  

	 	•	 	 the board of directors in its sole discretion may decide to only redeem some (and not all) of such person’s
shares, which may include the selection of the most recently purchased or acquired shares, selection by lot or selection by such other manner as the board of directors may determine; 

 

	 	•	 	 we must provide at least 15 days’ prior written notice of the date on which we plan to effect the redemption
(unless waived by such person); provided, that the redemption date may be the date on which written notice is given to such person if the cash (or any other of our debt or equity securities) necessary to effect the redemption has been deposited in
trust for the benefit of such person and is subject to immediate withdrawal by such person upon surrender of the stock certificates for the redeemed shares; 

  

	 	•	 	 from and after the date of the redemption, any and all rights relating to the redeemed shares shall cease and
terminate and such person shall only possess the right to obtain cash (or such other of our debt or equity securities) payable upon the redemption; and 

  

	 	•	 	 such other terms and conditions as the board of directors may determine. 

REIT Restrictions. For us to qualify as a REIT under the Code, our stock must be beneficially owned by 100 or more persons during at
least 335 days of a taxable year of 12 months or during a proportionate part of a shorter taxable year. In addition, not more than 50% of the value of the outstanding shares of our stock may be owned, directly or indirectly, by five or fewer
“individuals” (as defined in the Code to include specified tax-exempt entities) during the last half of a taxable year. To ensure that these ownership requirements and other requirements for
continued qualification as a REIT are met and to otherwise protect us from the consequences of a concentration of ownership among our stockholders, our Certificate of Incorporation contains provisions restricting the ownership or transfer of shares
of our stock. 
 The relevant sections of our Certificate of Incorporation provide that, subject to the exceptions and the constructive
ownership rules described below, no person (as defined in our Certificate of Incorporation) may beneficially or constructively own more than 9.8% in value of our aggregate outstanding stock, or more than 9.8% in value or number (whichever is more
restrictive) of the outstanding shares of any class or series of our stock. We refer to these restrictions as the “ownership limits.” 

The applicable constructive ownership rules under the Code are complex and may cause stock owned, actually or constructively, by a group of
related individuals or entities to be treated as owned by one individual or entity. As a result, the acquisition of less than 9.8% in value of our aggregate outstanding stock or less than 9.8% in value or number of our outstanding shares of any
class or series of stock (including through the acquisition of an interest in an entity that owns, actually or constructively, any class or series of our stock) by an individual or entity could nevertheless cause that individual or entity, or
another individual or entity, to own, constructively or beneficially, in excess of 9.8% in value of our aggregate outstanding stock or 9.8% in value or number of our outstanding shares of any class or series of stock. 

In addition to the ownership limits, our Certificate of Incorporation prohibits any person from actually or constructively owning shares of
our stock to the extent that such ownership would cause any of our income that would otherwise qualify as “rents from real property” for purposes of Section 856(d) of the Code to fail to qualify as such. 

The board of directors may, in its sole discretion, exempt a person from the ownership limits and certain other REIT limits on ownership and
transfer of our stock described above, and may establish a different limit on ownership for that person. However, the board of directors may not exempt any person whose ownership of outstanding stock in violation of these limits would result in our
failing to qualify as a REIT. In order to be considered by the board of directors for an exemption or a different limit on ownership, a person must make such representations and undertakings as are reasonably necessary to ascertain that the
person’s beneficial or constructive ownership of our stock will not now or in the future jeopardize our ability to qualify as a REIT and must agree that any violation or attempted violation of those representations or undertakings (or other
action that is contrary to the ownership limits and certain other REIT limits on ownership and transfer of our stock described above) will result in 

  
 3 

 
the shares of stock being automatically transferred to a trust as described below. As a condition of its waiver, the board of directors may require an opinion of counsel or United States Internal
Revenue Service (“IRS”) ruling satisfactory to it with respect to our qualification as a REIT and may impose such other conditions as it deems appropriate in connection with the granting of the exemption or different limit on ownership.

 In connection with the waiver of the ownership limits or at any other time, the board of directors may from time to time increase the
ownership limits for one or more persons and decrease the ownership limits for all other persons; provided that the new ownership limits may not, after giving effect to such increase and under certain assumptions stated in our Certificate of
Incorporation, result in us being “closely held” within the meaning of Section 856(h) of the Code (without regard to whether the ownership interests are held during the last half of a taxable year). Reduced ownership limits will not
apply to any person whose percentage ownership of our aggregate outstanding stock or of the shares of a class or series of our stock, as applicable, is in excess of such decreased ownership limits until such time as that person’s percentage of
our aggregate outstanding stock or of the shares of a class or series of stock, as applicable, equals or falls below the decreased ownership limits, but any further acquisition of shares of our stock or of a class or series of our stock, as
applicable, in excess of such percentage ownership of shares of stock or of a class or series of stock will be in violation of the ownership limits. 

Our Certificate of Incorporation further prohibits: 
  

	 	•	 	 any person from transferring shares of our stock if the transfer would result in our aggregate outstanding stock
being beneficially owned by fewer than 100 persons (determined without reference to any rules of attribution); and 

  

	 	•	 	 any person from beneficially or constructively owning shares of our stock if that ownership would result in our
failing to qualify as a REIT. 

 The foregoing provisions on transferability and ownership will not apply if the board of
directors determines that it is no longer in our best interests to attempt to qualify, or to continue to qualify, as a REIT. 
 Any person
who acquires, or attempts or intends to acquire, beneficial or constructive ownership of shares of our stock that will or may violate the ownership limits or any of the other foregoing restrictions on transferability and ownership will be required
to give notice to us immediately (or, in the case of a proposed or attempted transaction, at least 15 days prior to the transaction) and provide us with such other information as we may request in order to determine the effect, if any, of the
transfer on our qualification as a REIT. 
 Pursuant to our Certificate of Incorporation, if there is any purported transfer of our stock or
other event or change of circumstances that, if effective or otherwise, would violate any of the restrictions described above, then the number of shares causing the violation (rounded up to the nearest whole share) will be automatically transferred
to a trust for the exclusive benefit of a designated charitable beneficiary, except that any transfer that results in the violation of the restriction relating to our stock being beneficially owned by fewer than 100 persons will be automatically
void and of no force or effect. The automatic transfer will be effective as of the close of business on the business day prior to the date of the purported transfer or other event or change of circumstances that requires the transfer to the trust.
We refer below to the person that would have owned the shares if they had not been transferred to the trust as the purported transferee. Any ordinary dividend paid to the purported transferee prior to our discovery that the shares had been
automatically transferred to a trust as described above must be repaid to the trustee upon demand. Our Certificate of Incorporation also provides for adjustments to the entitlement to receive extraordinary dividends and other distributions as
between the purported transferee and the trust. If the transfer to the trust as described above is not automatically effective for any reason, to prevent violation of the applicable restriction contained in our Certificate of Incorporation, the
transfer of the excess shares will be automatically void and of no force or effect. 
 Shares of our stock transferred to the trustee are
deemed to be offered for sale to us or our designee at a price per share equal to the lesser of (i) the price per share in the transaction that resulted in the transfer to the trust or, if the purported transferee did not give value for the
shares in connection with the event causing the shares to be held in trust (e.g., in the case of a gift, devise or other similar transaction), the market price on the day of the event and (ii) the market price on the date we accept, or our
designee accepts, the offer. We have the right to accept the offer until the trustee has sold the shares of our stock held in the trust pursuant to the clauses discussed below. Upon a sale 

  
 4 

 
to us, the interest of the charitable beneficiary in the shares sold terminates and the trustee must distribute the net proceeds of the sale to the purported transferee, except that the trustee
may reduce the amount payable to the purported transferee by the amount of any ordinary dividends that we paid to the purported transferee prior to our discovery that the shares had been transferred to the trust and that is owed by the purported
transferee to the trustee as described above. Any net sales proceeds in excess of the amount payable to the purported transferee will be immediately paid to the charitable beneficiary, and any ordinary dividends held by the trustee with respect to
the stock will be paid to the charitable beneficiary. 
 If we do not buy the shares, the trustee must, as soon as reasonably practicable
(and, if the shares are listed on a national securities exchange, within 20 days) after receiving notice from us of the transfer of shares to the trust, sell the shares to a person or entity who could own the shares without violating the
restrictions described above. Upon such a sale, the trustee must distribute to the purported transferee an amount equal to the lesser of (i) the price paid by the purported transferee for the shares or, if the purported transferee did not give
value for the shares in connection with the event causing the shares to be held in trust (e.g., in the case of a gift, devise or other such transaction), the market price of the shares on the day of the event causing the shares to be held in the
trust, and (ii) the sales proceeds (net of commissions and other expenses of sale) received by the trustee for the shares. The trustee may reduce the amount payable to the purported transferee by the amount of any ordinary dividends that we
paid to the purported transferee before our discovery that the shares had been transferred to the trust and that is owed by the purported transferee to the trustee as described above. Any net sales proceeds in excess of the amount payable to the
purported transferee will be immediately paid to the charitable beneficiary, together with any ordinary dividends held by the trustee with respect to such stock. In addition, if prior to discovery by us that shares of stock have been transferred to
a trust, the shares of stock are sold by a purported transferee, then the shares will be deemed to have been sold on behalf of the trust and, to the extent that the purported transferee received an amount for or in respect of the shares that exceeds
the amount that the purported transferee was entitled to receive as described above, the excess amount will be paid to the trustee upon demand. The purported transferee has no rights in the shares held by the trustee. 

The trustee will be indemnified by us or from the proceeds of sales of stock in the trust for its costs and expenses reasonably incurred in
connection with conducting its duties and satisfying its obligations under our Certificate of Incorporation. The trustee will also be entitled to reasonable compensation for services provided as determined by agreement between the trustee and the
board of directors, which compensation may be funded by us or the trust. If we pay any such indemnification or compensation, we are entitled on a first priority basis (subject to the trustee’s indemnification and compensation rights) to be
reimbursed from the trust. To the extent the trust funds any such indemnification and compensation, the amounts available for payment to a purported transferee (or the charitable beneficiary) would be reduced. 

The trustee will be designated by us and must be unaffiliated with us and with any purported transferee. Prior to the sale of any shares by
the trust, the trustee will receive, in trust for the beneficiary, all distributions paid by us with respect to the shares, and may also exercise all voting rights with respect to the shares. 

Subject to the DGCL, effective as of the date that the shares have been transferred to the trust, the trustee will have the authority, at the
trustee’s sole discretion: 
  

	 	•	 	 to rescind as void any vote cast by a purported transferee prior to our discovery that the shares have been
transferred to the trust; and 

  

	 	•	 	 to recast the vote in accordance with the desires of the trustee acting for the benefit of the charitable
beneficiary of the trust. 

 However, if we have already taken corporate action, then the trustee may not rescind and
recast the vote. 
 In addition, if our board of directors determines that a proposed or purported transfer would violate the restrictions
on ownership and transfer of our stock set forth in our Certificate of Incorporation, our board of directors may take such action as it deems advisable to refuse to give effect to or to prevent the violation, including but not limited to, causing us
to repurchase shares of our stock, refusing to give effect to the transfer on our books or instituting proceedings to enjoin the transfer. 

  
 5 

 Following the end of each REIT taxable year, every owner of 5% or more (or such lower
percentage as required by the Code or the Treasury regulations promulgated thereunder) of the outstanding shares of any class or series of our stock, must, upon request, provide us written notice of the person’s name and address, the number of
shares of each class and series of our stock that the person beneficially owns and a description of the manner in which the shares are held. Each such owner must also provide us with such additional information as we may request in order to
determine the effect, if any, of such owner’s beneficial ownership on our qualification as a REIT and to ensure compliance with the ownership limits. In addition, each beneficial owner or constructive owner of our stock, and any person
(including the stockholder of record) who is holding shares of our stock for a beneficial owner or constructive owner will, upon demand, be required to provide us with such information as we may request in good faith in order to determine our
qualification as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such compliance. 

As noted above, the rights, preferences and privileges of the holders of our common stock may be affected by the rights, preferences and
privileges granted to holders of preferred stock. Because our board of directors will have the power to establish the preferences and rights of each series of preferred stock, it may afford the stockholders of any series of preferred stock
preferences, powers and rights senior to the rights of holders of shares of our common stock that could have the effect of delaying, deferring or preventing a change in control of American Tower. See “Description of Preferred Stock” for
more information about our preferred stock. 
 Certain Anti-Takeover Provisions 

Delaware Business Combination Provisions 

We are subject to the provisions of Section 203 of the DGCL. Section 203 prohibits a publicly held Delaware corporation from engaging
in a “business combination” with an “interested stockholder” for a period of three years after the person became an interested stockholder, unless the business combination or the transaction in which the stockholder became an
interested stockholder is approved in a prescribed manner. A “business combination” includes mergers, asset sales and other transactions resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an
“interested stockholder” is a person who, together with affiliates and associates, owns, or within the prior three years owned, 15% or more of the corporation’s voting stock. 

Certain Provisions of our Certificate of Incorporation and By-Laws 

Our By-Laws establish advance notice procedures with respect to stockholder proposals and the
nomination of candidates for election of directors, other than nominations made by, or at the direction of, our board of directors. 
 The
proxy access provisions in our By-Laws permit a stockholder, or a group of up to 20 stockholders who have owned at least three percent (3%) of the voting power of outstanding American Tower common stock
continuously for at least three (3) years, to nominate and include in our proxy materials, qualifying director nominees constituting up to 25% of our Board of Directors. To be timely, any proxy access notice must be delivered in writing to our
secretary not less than 120 days and not more than 150 days prior to the first anniversary of the preceding year’s annual meeting; provided that in the event that the date of the annual meeting is advanced by more than 30 days or delayed (other
than as a result of adjournment) by more than 70 days from the one-year anniversary of the preceding year’s annual meeting, a stockholder’s notice must be received no later than the later of
(a) the 120th day prior to such annual meeting and (b) the 10th day following the day on which notice of the date of such annual meeting was first publicly disclosed by us. The complete proxy access provisions for director nominations are
set forth in our By-Laws. 
 These advance notice and proxy access procedures may impede
stockholders’ ability to bring matters before a meeting of stockholders or make nominations for directors at a meeting of stockholders. 

Our Certificate of Incorporation includes provisions eliminating the personal liability of our directors to the fullest extent permitted by
the DGCL and indemnifying our directors and officers to the fullest extent permitted by the DGCL. The limitation of liability and indemnification provisions in our Certificate of Incorporation may discourage stockholders from bringing a lawsuit
against directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, 

  
 6 

 
even though a derivative action, if successful, might otherwise benefit us and our stockholders. In addition, the value of investments in our securities may be adversely affected to the extent we
pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. 
 Our
Certificate of Incorporation provides that any or all of the directors may be removed at any time, either with or without cause, by a vote of a majority of the shares outstanding and entitled to vote. This provision may delay or prevent our
stockholders from removing incumbent directors. 
 The ownership and transfer restrictions contained in our Certificate of Incorporation,
and described above, may have the effect of inhibiting or impeding a change in control. 
 Our Certificate of Incorporation and our By-Laws provide that our By-Laws may be altered, amended, changed or repealed by (i) the approval or consent of not less than a majority of the total outstanding shares
of stock entitled to vote generally in the election of directors or (ii) a majority of the entire board of directors. 
 Certain
Provisions of our Debt Obligations 
 Change of control and merger, consolidation and asset sale provisions in our indentures for our
outstanding notes and loan agreements for our credit facilities may discourage a takeover attempt. These provisions may make acquiring us more difficult. 

Listing of Common Stock 
 Our common stock
is traded on the New York Stock Exchange (the “NYSE”) under the symbol “AMT.” 
 Transfer Agent and Registrar 

The transfer agent and registrar for our common stock is Computershare Inc., P.O. Box 505000, Louisville, KY 40233, (866) 201-5087. 
 DESCRIPTION OF DEBT SECURITIES 

The following description of the 1.375% Notes and the 1.950% Notes (together, the “notes”), is a summary and does not purport to be
complete. It is subject to and qualified in its entirety by reference to the indenture, dated as of May 23, 2013 (the “Base Indenture”), by and between the Company and U.S. Bank National Association (“U.S. Bank”), as
trustee, as supplemented in the case of the 1.375% Notes, by the Supplemental Indenture No. 7, dated as of April 6, 2017, by and between the Company, U.S. Bank, as trustee, and Elavon Financial Services DAC, UK Branch (“Elavon”),
as paying agent, and the 1.950% Notes, by the Supplemental Indenture No. 10 (together with the Base Indenture, the Supplemental Indenture No. 7 and the Supplemental Indenture No. 10, the “indenture”), dated as of
May 22, 2018, by and between the Company, U.S. Bank, as trustee, and Elavon, as paying agent, which are incorporated by reference as exhibits to the Form 10-K of which this Exhibit 4.27 is a part. 

You can find the definitions of certain terms used in this description under the subheading “—Certain Definitions.” Unless
otherwise defined herein, capitalized terms used herein shall have the meanings given to them in the indenture and applicable supplemental indenture. Unless otherwise defined herein, capitalized terms used herein shall have the meanings given to
them in the indenture. In this description, the references to “American Tower,” “we,” “us” or “our” refer only to American Tower Corporation (and not to any of its affiliates, including Subsidiaries, as
defined below). 
 The 1.375% Notes were initially issued in an €500,000,000 aggregate principal amount. The 1.950% Notes were
initially issued in an €500,000,000 aggregate principal amount. The notes are senior unsecured obligations and rank equally with our other unsecured and unsubordinated debt from time to time outstanding. The notes were issued in minimum
denominations of €100,000 and multiples of €1,000 thereafter. 

  
 7 

 The 1.375% Notes and the 1.950% Notes are each traded on the NYSE under the symbols
“AMT 25A” and “AMT 26B,” respectively. We may, without the consent of the holders of the notes, issue additional notes having the same ranking, interest rate, maturity and other terms as the notes previously issued. Any
additional notes having such similar terms, together with the notes previously issued, will constitute a single series of notes under the indenture. Further, any additional notes shall be issued under a separate CUSIP or ISIN number unless the
additional notes are issued pursuant to a “qualified reopening” of the original series, are otherwise treated as part of the same “issue” of debt instruments as the original series or are issued with no more than a de minimis
amount of original issue discount, in each case for U.S. federal income tax purposes. 
 The 1.375% Notes will mature on April 4, 2025.
Accrued and unpaid interest on the 1.375% Notes is payable in euros annually in arrears on April 4 of each year, which we refer to as the “interest payment date,” beginning on April 4, 2018 to the persons in whose names the
1.375% Notes are registered at the close of business on the preceding March 15, which we refer to as the “record date.” Interest on the 1.375% Notes has accrued from April 6, 2017. 

The 1.950% Notes will mature on May 22, 2026. Accrued and unpaid interest on the 1.950% Notes is payable in euros annually in arrears on
May 22 of each year, which we refer to as the “interest payment date,” beginning on May 22, 2019 to the persons in whose names the 1.950% Notes are registered at the close of business on the preceding May 1, which we refer
to as the “record date.” Interest on the 1.950% Notes has accrued from May 22, 2018. 
 Interest on the notes will be
computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the notes, to but excluding the next scheduled
interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

Any payment required to be made on any day that is not a Business Day will be made on the next Business Day as if made on the date that the
payment was due and no interest will accrue on that payment for the period from the original payment date to the date of that payment on the next Business Day. 

We will pay principal, interest, premium, if any, and additional amounts, if any, on the notes in euros and at the office or agency maintained
for that purpose, which initially will be the office of the paying agent located at 125 Old Broad Street, Fifth Floor, London EC2N 1AR, United Kingdom. We will register the transfer of the notes and exchange the notes at our office or
agency maintained for that purpose, which initially will be the Corporate Trust Office of the trustee. We have initially appointed Elavon Financial Services DAC, UK Branch to act as paying agent in connection with the notes, and we have appointed
U.S. Bank National Association to act as transfer agent and registrar. We may change the paying agent or transfer agent and registrar without prior notice to the holders of the notes, and we or any of our subsidiaries may act as paying agent or
transfer agent and registrar. So long as the notes are represented by global debt securities, the interest payable on the notes will be paid to the nominee of the common depositary, or its registered assigns as the registered owner of such global
debt securities, by wire transfer of immediately available funds on each of the applicable interest payment dates. If any of the notes are no longer represented by a global debt security, we have the option to pay interest by check mailed to the
address of the person entitled to the interest. No service charge will be made for any transfer or exchange of notes, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable. 

The notes are our senior unsecured obligations and rank equally in right of payment with all our existing and future senior unsecured debt.
The notes are effectively junior to all of our secured indebtedness to the extent of the assets securing such indebtedness. Our operations are conducted through our subsidiaries and, therefore, we depend on the cash flow of our subsidiaries to meet
our obligations, including our obligations under the notes. Our subsidiaries are not guarantors of the notes. Accordingly, the notes are effectively subordinated to all indebtedness and other obligations of our subsidiaries. 

The notes are not subject to a sinking fund. 

All payments on the notes will be payable in euros; provided that if on or after the date of this prospectus supplement the euro is
unavailable to us due to the imposition of exchange controls or other circumstances beyond our control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or
for the settlement of transactions by public institutions of or within the 

  
 8 

 
international banking community, then all payments in respect of the notes will be made in U.S. dollars until the euro is again available to us or so used. The amount payable on any date in euros
will be converted into U.S. dollars at the rate reported by Bloomberg as of the close of business on the second Business Day prior to the relevant payment date or, in the event that Bloomberg has not reported a rate of conversion, on the basis of
the most recent U.S. dollar/euro exchange rate mandated by the U.S. Federal Reserve Board on or prior to the second Business Day prior to the relevant payment date, or in the event the U.S. Federal Reserve Board has not mandated that exchange rate,
the rate as determined in our sole discretion on the basis of the most recently available market exchange rate for the euro. Any payment in respect of the notes so made in U.S. dollars will not constitute an event of default under the notes or the
indenture. Neither the trustee nor the paying agent will have any responsibility for obtaining exchange rates, effecting conversions or otherwise handling redenominations in connection with the foregoing. Investors will be subject to foreign
exchange risks as to payments on the notes, which may have important economic consequences to them. 
 Transfer and Exchange 

A holder may transfer or exchange notes in accordance with the indenture. The registrar and the trustee may require a holder, among other
things, to furnish appropriate endorsements and transfer documents in connection with a transfer of notes. Holders will be required to pay all taxes due on transfer. We are not required to transfer or exchange any note selected for redemption or
tendered for repurchase. Also, we are not required to transfer or exchange any note for a period of 15 days preceding the first mailing of notice of redemption of notes to be redeemed. 

Optional Redemption 
 The notes are
redeemable at our election, in whole or in part, at any time and from time to time. 
 If we redeem the 1.375% Notes prior to
January 4, 2025 (three months prior to their maturity date), we will pay a redemption price equal to the greater of: 
  

	 	(1)	 100% of the principal amount of the 1.375% Notes to be redeemed then outstanding; and 

 

	 	(2)	 as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled
payments of principal and interest on the 1.375% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the
redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 1.375% Notes, plus 25 basis points; 

plus, in either of the above cases, accrued and unpaid interest to the date of redemption on the 1.375% Notes to be redeemed. 

If we redeem the 1.375% Notes on or after January 4, 2025 (three months prior to their maturity date), we will pay a redemption price
equal to 100% of the principal amount of the 1.375% Notes to be redeemed plus accrued interest to the redemption date. 
 If we redeem the
1.950% Notes prior to February 22, 2026 (three months prior to their maturity date), we will pay a redemption price equal to the greater of: 
  

	 	(1)	 100% of the principal amount of the 1.950% Notes to be redeemed then outstanding; and 

 

	 	(2)	 as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled
payments of principal and interest on the 1.950% Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the
redemption date on an annual basis 

  
 9 

	 	
(ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 1.950% Notes, plus 25 basis points; 

plus, in either of the above cases, accrued and unpaid interest to the date of redemption on the 1.950% Notes to be redeemed. 

If we redeem the 1.950% Notes on or after February 22, 2026 (three months prior to their maturity date), we will pay a redemption price
equal to 100% of the principal amount of the 1.950% Notes to be redeemed plus accrued interest to the redemption date. 
 If the optional
redemption date is on or after an interest record date and on or before the related interest payment date, the accrued and unpaid interest, if any, will be paid to the person in whose name the note is registered at the close of business on such
record date. 
 We will mail or cause to be mailed a notice of redemption at least 30 days but not more than 60 days before the redemption
date to each holder of the notes to be redeemed at their registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the notes or a
satisfaction and discharge of the indenture. Notices of redemption may not be conditional. 
 Unless we default in payment of the redemption
price, on and after the redemption date, interest will cease to accrue on the notes or portions thereof called for redemption. Notes called for redemption become due on the date fixed for redemption. 

If less than all of the notes are to be redeemed, the trustee will select notes for redemption as follows: 

 

	 	(1)	 if the notes are listed on any national securities exchange, in compliance with the requirements of the
principal national securities exchange on which the notes are listed; or 

  

	 	(2)	 if the notes are not so listed, on a pro rata basis (subject to the procedures of Clearstream and Euroclear or,
to the extent a pro rata basis is not permitted, by lot or in such other manner as the trustee shall deem to be fair and appropriate. 

However, no note of €100,000 in principal amount or less shall be redeemed in part. If any note is to be redeemed in part only, the
notice of redemption relating to such note will state the portion of the principal amount to be redeemed. A new note in principal amount equal to the unredeemed portion will be issued in the name of the holder thereof upon cancellation of the
original note. 
 Repurchase of Notes Upon a Change of Control Triggering Event 

If a Change of Control Triggering Event occurs with respect to the notes, each holder of notes will have the right to require us to repurchase
all or any part, equal to €100,000 or an integral multiple of €1,000 thereafter, of that holder’s notes, provided that any unpurchased portion of the notes will equal €100,000 or an integral multiple of €1,000 thereafter,
pursuant to a Change of Control Offer on the terms set forth in the indenture. In the Change of Control Offer, we will offer a Change of Control Payment in cash equal to 101% of the aggregate principal amount of notes repurchased plus accrued and
unpaid interest on the notes up to but excluding the date of repurchase. Within 30 days following any Change of Control Triggering Event, if we had not, prior to the Change of Control Triggering Event, sent a redemption notice for all the notes in
connection with an optional redemption permitted by the indenture, we will mail or cause to be mailed a notice to each registered holder briefly describing the transaction or transactions that constitute a Change of Control Triggering Event and
offering to repurchase notes on the date specified in such notice (the “Change of Control Payment Date”), which date will be no earlier than 30 days and no later than 60 days from the date the notice is mailed, pursuant to the procedures
required by the indenture and described in such notice. 
 We will comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable to any Change of Control Offer. To

  
 10 

 
the extent that the provisions of any securities laws or regulations conflict with the provisions of the indenture relating to the covenant described above, we will comply with the applicable
securities laws and regulations and will not be deemed to have breached our obligations under the provisions of the indenture relating to the covenant described above by virtue of such conflict. 

On the Change of Control Payment Date, we will, to the extent lawful: 

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

(2) deposit with the paying agent an amount equal to the Change of Control Payment in respect of all notes or portions thereof properly
tendered; and 
 (3) deliver or cause to be delivered to the trustee the notes so accepted together with an Officers’ Certificate
stating the aggregate principal amount of notes or portions thereof being purchased by us. 
 The paying agent will promptly mail to each
registered holder of notes so tendered the Change of Control Payment for such notes, and the trustee will promptly authenticate and mail, or cause to be transferred by book entry, to each holder a new note equal in principal amount to any
unpurchased portion of the notes surrendered, if any; provided that each such new note will be in a principal amount of €100,000 or an integral multiple of €1,000 thereafter. Any note so accepted for payment will
cease to accrue interest on and after the Change of Control Payment Date. 
 Except as described above, the provisions described above will
be applicable regardless of whether or not any other provisions of the indenture are applicable. Other than with respect to a Change of Control Triggering Event, the indenture does not contain provisions that permit the holders of the notes to
require that we repurchase or redeem the notes in the event of a takeover, recapitalization or similar transaction. 
 Holders will not be
entitled to require us to purchase their notes in the event of a takeover, recapitalization, leveraged buyout or similar transaction that is not a Change of Control. We may nonetheless incur significant additional indebtedness in connection with
such a transaction. 
 For the avoidance of doubt, a Change of Control will not be deemed to have occurred if we merge with an affiliate
solely for the purpose of reincorporating American Tower in its current or another jurisdiction within the United States of America. 

Holders may not be able to require us to purchase their notes in certain circumstances involving a significant change in the composition of
our board of directors, including a proxy contest where our board of directors does not endorse the dissident slate of directors but approves them as Continuing Directors. In this regard, a decision of the Delaware Chancery Court (not involving us
or our securities) considered a change of control redemption provision of an indenture governing publicly traded debt securities that is substantially similar to the change of control event described in clause (3) of the definition of
“Change of Control.” In its decision, the court noted that a board of directors may “approve” a dissident shareholder’s nominees solely for purposes of such an indenture, provided the board of directors determines in good
faith that the election of the dissident nominees would not be materially adverse to the interests of the corporation or its stockholders (without taking into consideration the interests of the holders of debt securities in making this
determination). See “Risk Factors—We may be unable to repay the notes when due or repurchase the notes when we are required to do so and holders may be unable to require us to repurchase their notes in certain circumstances.” 

We will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the indenture applicable to a Change of Control Offer made by us and purchases all notes properly tendered and not withdrawn under the Change of
Control Offer. 
 A Change of Control Offer may be made in advance of a Change of Control Triggering Event, and conditional upon the
occurrence of such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control Triggering Event at the time of making the Change of Control Offer. 

There can be no assurance that we will have sufficient funds available at the time of any Change of Control Triggering Event, and consummate a
Change of Control Offer for all notes then outstanding, at a purchase price for 

  
 11 

 
101% of their principal amount, plus accrued and unpaid interest to the Change of Control Payment Date. The indentures for our other outstanding indebtedness also provide for repurchase rights
upon a change in control and, in some cases, certain other events under different terms. As a result, holders of our other indebtedness may have the ability to require us to repurchase their debt securities before the holders of the notes offered
hereby would have such repurchase rights. In addition, a Change of Control (as described herein) and certain other change of control events may constitute an event of default under the 2013 Credit Facility and the 2014 Credit Facility. As a result,
we may not be able to make any of the required payments on, or repurchases of, the notes without obtaining the consent of the lenders under the 2013 Credit Facility or the 2014 Credit Facility with respect to such payment or repurchase. 

Payment of Additional Amounts 
 All
payments of principal and interest in respect of the notes will be made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, duties, assessments or other governmental charges of whatsoever nature
required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the United States, unless such withholding or deduction is required by law or the official interpretation or administration thereof.

 In the event any withholding or deduction on payments in respect of the notes for or on account of any present or future tax, assessment
or other governmental charge is required to be deducted or withheld by the United States or any political subdivision or taxing authority thereof or therein, we will pay such additional amounts on the notes as will result in receipt by each holder
of a note that is not a U.S. Person (as defined below) of such amounts (after all such withholding or deduction, including on any additional amounts) as would have been received by such holder had no such withholding or deduction been required. We
will not be required, however, to make any payment of additional amounts for or on account of: 
 (a) any tax, assessment or
other governmental charge that would not have been imposed but for (1) the existence of any present or former connection (other than a connection arising solely from the ownership of those notes or the receipt of payments in respect of those
notes) between a holder of a note (or the beneficial owner for whose benefit such holder holds such note), or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, that holder or beneficial owner (if
that holder or beneficial owner is an estate, trust, partnership or corporation) and the United States, including that holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a
citizen or resident or treated as a resident of the United States or being or having been engaged in a trade or business or present in the United States or having had a permanent establishment in the United States or (2) the presentation of a
note for payment on a date more than 30 days after the later of the date on which that payment becomes due and payable and the date on which payment is duly provided for; 

(b) any estate, inheritance, gift, sales, transfer, capital gains, excise, personal property, wealth or similar tax,
assessment or other governmental charge; 
 (c) any tax, assessment, or other governmental charge imposed by reason of the
holder’s or beneficial owner’s past or present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United States or as a
corporation that accumulates earnings to avoid U.S. federal income tax; 
 (d) any tax, assessment or other governmental
charge which is payable otherwise than by withholding or deducting from payment of principal of or premium, if any, or interest on such notes; 

(e) any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal
of and premium, if any, or interest on any note if that payment can be made without withholding by at least one other paying agent; 

(f) any tax, assessment or other governmental charge which would not have been imposed but for the failure of a beneficial
owner or any holder of notes to comply with a request to satisfy certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of the beneficial owner
or any holder of the notes (including, but not limited to, the requirement to provide Internal Revenue
Service Forms W-8BEN, W-8BEN-E, W-8ECI, or

  
 12 

 
any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty), provided such beneficial owner or
holder is legally able to so comply and compliance is a precondition to exemption from such tax, assessment or other governmental charge; 

(g) any tax, assessment or other governmental charge imposed on interest received by or on behalf of (1) a 10-percent shareholder (as defined in Section 871(h)(3)(B) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated
thereunder) of us, (2) a controlled foreign corporation that is related to us within the meaning of Section 864(d)(4) of the Code, or (3) a bank receiving interest described in Section 881(c)(3)(A) of the Code, to the extent such
tax, assessment or other governmental charge would not have been imposed but for the holder’s or beneficial owner’s status as described in clauses (1) through (3) of this paragraph (g); 

(h) any tax, assessment or other governmental charge required to be withheld or deducted under Sections 1471 through 1474
of the Code (or any amended or successor version of such Sections that is substantively comparable) (“FATCA”), any regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into in
connection therewith; or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or 

(i) any combination of items (a), (b), (c), (d), (e), (f), (g) and (h); 

nor will we pay any additional amounts to any holder that is not the sole beneficial owner of such notes, or a portion of such notes, or that is a fiduciary
or partnership or a limited liability company, to the extent that a beneficiary or settlor with respect to that fiduciary or a member of that partnership or limited liability company or a beneficial owner thereof would not have been entitled to the
payment of those additional amounts had that beneficiary, settlor, member or beneficial owner been the holder of those notes. 
 The notes
are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the notes. Except as specifically provided under this heading “—Payment of Additional Amounts,” we will
not be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision. 

As used under this heading “—Payment of Additional Amounts” and under the heading “—Redemption for Tax Reasons,”
the term “United States” means the United States of America, the states of the United States, and the District of Columbia, and the term “U.S. Person” means any individual who is a citizen or resident of the United States for
U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia (other than a partnership that is not treated as
a United States person under any applicable U.S. Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

Any reference in the terms of the notes to any amounts in respect of the notes shall be deemed also to refer to any additional amounts which
may be payable under this provision. 
 Redemption for Tax Reasons 

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States
(or any political subdivision of or taxing authority in the United States), or any change in, or amendment to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is
announced or becomes effective on or after the date of this prospectus supplement, we become or, based upon a written opinion of independent counsel selected by us, there is a substantial probability that we will become, obligated to pay additional
amounts as described under the heading “—Payment of Additional Amounts” with respect to the notes, then we may at any time at our option redeem the note, in whole, but not in part, on not less than 30 nor more than 60 days’
prior notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on the notes to, but not including, the date fixed for redemption. 

  
 13 

 Covenants 

Limitations on liens 
 Under the indenture,
we will not, and will not permit any of our Subsidiaries to, allow any Lien (other than Permitted Liens) on any of our or our Subsidiaries’ property or assets (which includes Capital Stock) securing Indebtedness, unless the Lien secures the
notes equally and ratably with, or prior to, any other Indebtedness secured by such Lien, so long as such other Indebtedness is so secured. 

Notwithstanding the foregoing, we may, and may permit any of our Subsidiaries to, incur Liens securing Indebtedness without equally and ratably
securing the notes if, after giving effect to the incurrence of such Liens, the aggregate amount (without duplication) of the Indebtedness secured by Liens (other than Permitted Liens) on the property or assets (which includes Capital Stock) of us
and our Subsidiaries shall not exceed the Permitted Amount at the time of the incurrence of such Liens (it being understood that Liens securing the SpectraSite ABS Facility shall be deemed to be incurred pursuant to this paragraph). 

Trustee 
 The trustee for the notes is U.S.
Bank National Association, and we have initially appointed the trustee as the transfer agent and registrar with regard to the notes. Except during the continuance of an Event of Default, the trustee will perform only such duties as are specifically
set forth in the indenture. During the existence of an Event of Default, the trustee will exercise such of the rights and powers vested in it under the indenture and use the same degree of care and skill in its exercise as a prudent person would
exercise under the circumstances in the conduct of such person’s own affairs. The holders of a majority in principal amount of the then outstanding notes will have the right to direct the time, method and place of conducting any proceeding for
exercising any remedy available to the trustee, subject to certain exceptions. Subject to these provisions, the trustee will be under no obligation to exercise any of its rights or powers under the indenture at the request of any holder of notes,
unless such holder has offered to the trustee security and indemnity satisfactory to it against any loss, liability or expense. 
 Pursuant
and subject to the Trust Indenture Act, the trustee will be permitted to engage in other transactions with us; however, if the trustee acquires any conflicting interest (as defined in the Trust Indenture Act), it would be required to eliminate such
conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. The trustee is also the trustee under the trust and servicing agreement related to our securitization transaction. 

Governing Law 
 The indenture and the notes
will be governed by and construed in accordance with the laws of the State of New York. 
 Book-Entry; Delivery and Form 

We have obtained the information in this section concerning Clearstream and Euroclear and their book-entry systems and procedures from sources
that we believe to be reliable. We take no responsibility for an accurate portrayal of this information. In addition, the description of the clearing systems in this section reflects our understanding of the rules and procedures of Clearstream and
Euroclear as they are currently in effect. Those systems could change their rules and procedures at any time. 
 The notes will initially be
represented by one or more fully registered global notes. Each such global note will be deposited with, or on behalf of, a common depositary and registered in the name of the nominee of the common depositary, for, and in respect of interests held
through, Clearstream and Euroclear. Except as set forth below, the global notes may be transferred, in whole and not in part, only to Clearstream or Euroclear or their respective nominees. You may hold your interests in the global notes in Europe
through Clearstream or Euroclear, either as a participant in such systems or indirectly through organizations that are participants in such systems. Clearstream and Euroclear will hold interests in the global notes on behalf of their respective
participating organizations or customers through customers’ securities accounts in Clearstream’s or Euroclear’s names on the books of their respective depositaries. Book-entry interests in the notes and all transfers relating to the
notes will be reflected in the book-entry records of Clearstream and Euroclear. 

  
 14 

 The distribution of the notes will be cleared through Clearstream and Euroclear. Any
secondary market trading of book-entry interests in the notes will take place through Clearstream and Euroclear participants and will settle in same-day funds. Owners of book-entry interests in the
notes will receive payments relating to their notes in euro, except as described under the heading “—Issuance in Euros; Payment on the Notes.” 

Clearstream and Euroclear have established electronic securities and payment transfer, processing, depositary and custodial links among
themselves and others, either directly or through custodians and depositaries. These links allow the notes to be issued, held and transferred among the clearing systems without the physical transfer of certificates. Special procedures to facilitate
clearance and settlement have been established among these clearing systems to trade securities across borders in the secondary market. 

The policies of Clearstream and Euroclear will govern payments, transfers, exchanges and other matters relating to an investor’s interest
in the notes held by them. We have no responsibility for any aspect of the records kept by Clearstream or Euroclear or any of their direct or indirect participants. We also do not supervise these systems in any way. 

Clearstream and Euroclear and their participants perform these clearance and settlement functions under agreements they have made with one
another or with their customers. You should be aware that they are not obligated to perform or continue to perform these procedures and may modify them or discontinue them at any time. 

Except as provided below, owners of beneficial interests in the notes will not be entitled to have the notes registered in their names, will
not receive or be entitled to receive physical delivery of the notes in definitive form and will not be considered the owners or holders of the notes under the indenture, including for purposes of receiving any reports delivered by us or the trustee
pursuant to the indenture. Accordingly, each person owning a beneficial interest in a note must rely on the procedures of the common depositary and, if such person is not a participant, on the procedures of the participant through which such person
owns its interest, in order to exercise any rights of a holder of notes. 
 Certificated Notes 

If the common depositary for any of the notes represented by a registered global note is at any time unwilling or unable to continue as common
depositary and a successor common depositary is not appointed by us within 90 days, we will issue registered notes in definitive form in exchange for the registered global note that had been held by the common depositary. Any notes issued in
definitive form in exchange for a registered global note will be registered in the name or names that the common depositary gives to the trustee or other relevant agent of the trustee. It is expected that the common depositary’s instructions
will be based upon directions received by the common depositary from participants with respect to ownership of beneficial interests in the registered global note that had been held by the common depositary. In addition, we may at any time determine
that the notes shall no longer be represented by a global note and will issue registered notes in definitive form in exchange for such global note pursuant to the procedure described above. 

Reporting 
 The indenture provides that we
will furnish to the trustee, within 15 days after we are required to file such annual and quarterly reports, information, documents and other reports with the SEC, copies of our annual report and of the information, documents and other reports
that we are required to file with the SEC pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, which we refer to as the Exchange Act. We will also comply with the other provisions of Section 314(a) of the
Trust Indenture Act of 1939, as amended, which we refer to as the Trust Indenture Act. 
 Consolidation, Merger and Sale of Assets 

The indenture provides that we may not consolidate or merge with or into, or sell or convey all or substantially all of our assets in any one
transaction or series of related transactions to another person, unless: 
  

	 	•	 	 either we are the resulting, surviving or transferee corporation, or our successor is a corporation organized
under the laws of the United States, any state or the District of Columbia and expressly assumes by supplemental indenture all of our obligations under the indenture and all the debt securities; and 

  
 15 

	 	•	 	 immediately after giving effect to the transaction, no default or event of default has occurred and is
continuing. 

 The term “default” for the purpose of this provision means any event that is, or with the passage
of time or the giving of notice or both would become, an event of default. 
 Except in the case of a lease of all or substantially all of
our assets, the successor will be substituted for us in the indenture with the same effect as if it had been an original party to such indenture. Thereafter, the successor may exercise our rights and powers under the indenture. 

Events of Default, Notice and Waiver 
 In
the indenture, the term “event of default” with respect to debt securities of any series (including the notes) means any of the following: 
  

	 	•	 	 failure by us to pay interest, if any, on the debt securities of that series for 30 days after the date payment
is due and payable; 

  

	 	•	 	 failure by us to pay principal of or premium, if any, on the debt securities of that series when due, at
maturity, upon any redemption, by declaration or otherwise; 

  

	 	•	 	 failure by us to comply with other covenants in the indenture or the debt securities of that series for 90 days
after notice that compliance was required; and 

  

	 	•	 	 certain events of bankruptcy or insolvency of us or any of our significant subsidiaries. 

The term “significant subsidiaries” for the purpose of this provision means any of our subsidiaries that would be a
“significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X of the Securities Act of 1933, as amended, which we refer to as the Securities Act. 

If an event of default (other than relating to certain events of bankruptcy or insolvency of us or breach of our reporting obligation) has
occurred and is continuing, the trustee or the holders of not less than 25% in aggregate principal amount of the debt securities of that series may declare the entire principal of all the debt securities of the affected series to be due and payable
immediately. 
 If an event of default relating to certain events of bankruptcy or insolvency of us occurs and is continuing, then the
principal amount of all of the outstanding debt securities and any accrued interest thereon will automatically become due and payable immediately, without any declaration or other act by the trustee or any holder. 

The holders of not less than a majority in aggregate principal amount of the debt securities of any series may, after satisfying conditions,
rescind and annul any of the above-described declarations and consequences involving the debt securities of that series, except a continuing default or event of default in the payment of principal of, or interest or premium, if any, on the debt
securities of the affected series. 
 The indenture imposes limitations on suits brought by holders of debt securities of any series against
us. Except for actions for payment of overdue principal or interest, no holder of a debt security of any series may institute any action against us under the indenture unless: 
  

	 	•	 	 the holder has previously given to the trustee written notice of an event of default and the continuance of that
event of default; 

  

	 	•	 	 the holder or holders of at least 25% in aggregate principal amount of the outstanding debt securities of that
series have requested that the trustee pursue the remedy; 

  

	 	•	 	 such holder or holders have offered to the trustee security or indemnity reasonably satisfactory to the trustee
against the costs, expenses and liabilities to be incurred in compliance with such request; 

  

	 	•	 	 the trustee has not instituted the action within 60 days of the receipt of such notice, request and offer of
indemnity; and 

  

	 	•	 	 the trustee has not received inconsistent direction by the holders of a majority in principal amount of the
outstanding debt securities of that series. 

  
 16 

 We will be required to file annually with the trustee a certificate, signed by two officers
of our company, stating whether or not the officers know of any default by us in the performance, observance or fulfillment of any condition or covenant of the indenture. 

Notwithstanding the foregoing, the sole remedy for any breach of our obligation under the indenture to file or furnish reports or other
financial information pursuant to section 314(a)(1) of the Trust Indenture Act (or as otherwise required by the indenture) shall be the payment of liquidated damages, and the holders will not have any right under the indenture to accelerate the
maturity of the debt securities of the affected series as a result of any such breach. If any such breach continues for 90 days after notice thereof is given in accordance with the indenture, we will pay liquidated damages to all the holders of the
debt securities of that series at a rate per annum equal to (i) 0.25% per annum of the principal amount of the debt securities of that series from the 90th day following such notice to but not including the 180th day following such notice
(or such earlier date on which the event of default relating to the reporting obligations referred to in this paragraph shall have been cured or waived) and (ii) 0.50% per annum of the principal amount of the debt securities of that series
from the 180th day following such notice to but not including the 365th day following such notice (or such earlier date on which the event of default relating to the reporting obligations referred to in this paragraph shall have been cured or
waived). On such 365th day (or earlier, if the event of default relating to the reporting obligations referred to in this paragraph shall have been cured or waived prior to such 365th day), such additional interest will cease to accrue, and the debt
securities of that series will be subject to acceleration as provided above if the event of default is continuing. The provisions of the indenture described in this paragraph will not affect the rights of the holders of the debt securities of any
series in the event of the occurrence of any other event of default. 
 Modification and Waiver 

Except as provided in the two succeeding paragraphs, the indenture provides that we and the trustee thereunder may, with the consent of the
holders of not less than a majority in aggregate principal amount of the debt securities of any series then outstanding, including the notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or
exchange offer for, debt securities of that series), voting as one class, add any provisions to, or change in any manner, eliminate or modify in any way the provisions of, the indenture or modify in any manner the rights of the holders of the debt
securities of that series. 
 We and the trustee may amend or supplement the indenture or the debt securities of any series, including the
notes, without the consent of any holder to: 
  

	 	•	 	 secure the debt securities of any series; 

 

	 	•	 	 evidence the assumption by a successor corporation of our obligations under the indenture and the debt securities
of any series in the case of a merger, amalgamation, consolidation or sale of all or substantially all of our assets; 

  

	 	•	 	 add covenant(s) or events of default(s) for the protection of the holders of all or any series of debt
securities; 

  

	 	•	 	 cure any ambiguity or correct any defect or inconsistency in the indenture or make any other provisions as we may
deem necessary or desirable; provided, however, that no such provisions will materially adversely affect the interests of the holders of any debt securities; 

  

	 	•	 	 evidence and provide for the acceptance of appointment by a successor trustee in accordance with the indenture;

  

	 	•	 	 provide for uncertificated debt securities in addition to, or in place of, certificated debt securities of any
series in a manner that does not materially and adversely affect any holders of the debt securities of that series; 

  

	 	•	 	 conform the text of the indenture or the debt securities of any series to any provision of the “Description
of Debt Securities” in the prospectus or “Description of Securities” in the prospectus supplement for that series to the extent that the provision in that description was intended to be a verbatim recitation of a provision of the
indenture or the debt securities of that series; 

  
 17 

	 	•	 	 provide for the issuance of additional debt securities of any series in accordance with the limitations set forth
in the indenture as of the date of the indenture; 

  

	 	•	 	 make any change that would provide any additional rights or benefits to the holders of all or any series of debt
securities or that does not adversely affect the legal rights under the indenture of any such holder or any holder of a beneficial interest in the debt securities of that series; 

 

	 	•	 	 comply with requirements of the SEC in order to effect or maintain the qualification of the indenture under the
Trust Indenture Act; 

  

	 	•	 	 establish the form or terms of debt securities of any series as permitted by the indenture;

  

	 	•	 	 secure our obligations in respect of the debt securities of any series; 

 

	 	•	 	 in the case of convertible or exchangeable debt securities of any series, subject to the provisions of the
supplemental indenture for that series, to provide for conversion rights, exchange rights and/or repurchase rights of holders of that series in connection with any reclassification or change of our common stock or in the event of any amalgamation,
consolidation, merger or sale of all or substantially all of the assets of us or our subsidiaries substantially as an entirety occurs; 

  

	 	•	 	 in the case of convertible or exchangeable debt securities of any series, to reduce the conversion price or
exchange price applicable to that series; 

  

	 	•	 	 in the case of convertible or exchangeable debt securities of any series, to increase the conversion rate or
exchange ratio in the manner described in the supplemental indenture for that series, provided that the increase will not adversely affect the interests of the holders of that series in any material respect; or 

 

	 	•	 	 any other action to amend or supplement the indenture or the debt securities of any series as described in the
prospectus supplement with respect to that series of debt securities. 

 We and the trustee may not, without the consent
of the holder of each outstanding debt security affected thereby: 
  

	 	•	 	 change the final maturity of any debt security; 

 

	 	•	 	 reduce the aggregate principal amount on any debt security; 

 

	 	•	 	 reduce the rate or amend or modify the calculation, or time of payment, of interest, including defaulted interest
on any debt security; 

  

	 	•	 	 reduce or alter the method of computation of any amount payable on any debt security upon redemption, prepayment
or purchase of any debt security or otherwise alter or waive any of the provisions with respect to the redemption of any debt security, or waive a redemption payment with respect to any debt security; 

 

	 	•	 	 change the currency in which the principal of, or interest or premium, if any, on any debt security is payable;

  

	 	•	 	 impair the right to institute suit for the enforcement of any payment on any debt security when due, or otherwise
make any change in the provisions of the indenture relating to waivers of past defaults or the rights of holders of any debt security to receive payments of principal of, or premium, if any, or interest on any debt security; 

 

	 	•	 	 modify the provisions of the indenture with respect to modification and waiver (including waiver of certain
covenants, waiver of a default or event of default in respect of debt securities of any series), except to increase the percentage required for modification or waiver or to provide for the consent of each affected holder; 

 

	 	•	 	 reduce the percentage of principal amount of outstanding debt securities of any series whose holders must consent
to an amendment, supplement or waiver of the indenture or the debt securities of that series; 

  
 18 

	 	•	 	 change the ranking provisions of the Subordinated Indenture in a manner adverse to the holders of debt securities
issued thereunder in any material respect; 

  

	 	•	 	 impair the rights of holders of debt securities of any series that are exchangeable or convertible to receive
payment or delivery of any consideration due upon the conversion or exchange of the debt securities of that series; or 

  

	 	•	 	 any other action to modify or amend the indenture or the debt securities of any series as may be described in the
prospectus supplement with respect to that series of debt securities as requiring the consent of each holder affected thereby. 

Defeasance 
 The indenture provides that
we will be discharged from any and all obligations in respect of the debt securities of any series (except for certain obligations to register the transfer or exchange of the debt securities, to replace stolen, lost or mutilated debt securities, to
maintain paying agencies and hold monies for payment in trust and to pay the principal of and interest, if any, on those debt securities), upon the deposit with the applicable trustee, in trust, of money and/or U.S. government obligations, which
through the payment of interest and principal of the U.S. government obligations in accordance with their terms will provide money in an amount sufficient to pay any installment of principal and premium, if any, and interest, if any, on the debt
securities of that series on the stated maturity date thereof in accordance with the terms of the indenture and the debt securities of that series. Also, the establishment of such a trust will be conditioned on the delivery by us to the trustee of
an opinion of counsel reasonably satisfactory to the trustee to the effect that, based upon applicable U.S. federal income tax law or a ruling published by the United States Internal Revenue Service, or the IRS, such a defeasance and discharge will
not be deemed, or result in, a taxable event with respect to the holders. For the avoidance of doubt, such an opinion would require a change in current U.S. tax law. 

We may also omit to comply with the restrictive covenants, if any, of any particular series of debt securities, other than our covenant to pay
the amounts due and owing with respect to that series. Any such omission will not be an event of default with respect to the debt securities of that series, upon the deposit with the applicable trustee, in trust, of money and/or U.S. government
obligations, which through the payment of interest and principal of the U.S. government obligations in accordance with their terms will provide money in an amount sufficient to pay any installment of principal and premium, if any, and interest, if
any, on the debt securities of that series on the stated maturity date thereof in accordance with the terms of the indenture and the debt securities of that series. Our obligations under the indenture and the debt securities of that series other
than with respect to those covenants will remain in full force and effect. Also, the establishment of such a trust will be conditioned on the delivery by us to the trustee of an opinion of counsel to the effect that such a defeasance and discharge
will not be deemed, or result in, a taxable event with respect to the holders. 
 Satisfaction and Discharge 

At our option, we may satisfy and discharge the indenture with respect to the debt securities of any series (except for specified obligations
of the trustee and ours, including, among others, the obligations to apply money held in trust) when: 
  

	 	•	 	 either (a) all debt securities of that series previously authenticated under the indenture have been
delivered to the trustee for cancellation or (b) all debt securities of that series not yet delivered to the trustee for cancellation (i) have become due and payable by reason of the mailing of a notice of redemption or otherwise or
(ii) will become due and payable within one year, and we have irrevocably deposited or caused to be deposited with the trustee as trust funds in trust solely for the benefit of the holders an amount sufficient to pay and discharge the entire
indebtedness on debt securities of that series; 

  

	 	•	 	 no default or event of default with respect to debt securities of that series has occurred or is continuing on
the date of the deposit or will occur as a result of the deposit and the deposit will not result in a breach or violation of any other instrument to which we are bound; 

 

	 	•	 	 we have paid or caused to be paid all other sums payable by us under the indenture and any applicable
supplemental indenture with respect to the debt securities of that series; 

  
 19 

	 	•	 	 we have delivered irrevocable instructions to the trustee to apply the deposited funds toward the payment of
securities of that series at the stated maturity date or the redemption date, as applicable; and 

  

	 	•	 	 we have delivered to the trustee an officers’ certificate and an opinion of counsel stating that all
conditions precedent relating to the satisfaction and discharge of the indenture as to that series have been satisfied. 

 Certain
Definitions 
 “Adjusted EBITDA” means, for the 12-month period preceding the calculation date, for us
and our Subsidiaries on a consolidated basis in accordance with GAAP, the sum of (a) Net Income, plus (b) to the extent deducted in determining Net Income, the sum of (i) Interest Expense, (ii) income tax expense, including,
without limitation, taxes paid or accrued based on income, profits or capital, including state, franchise and similar taxes and foreign withholding taxes, (iii) depreciation and amortization (including, without limitation, amortization of
goodwill and other intangible assets), (iv) extraordinary losses and non-recurring non-cash charges and expenses, (v) all other
non-cash charges, expenses and interest (including, without limitation, any non-cash losses in respect of Commodity Agreements, Currency Agreements or Interest Rate
Agreements, non-cash impairment charges, non-cash valuation charges for stock option grants or vesting of restricted stock awards or any other non-cash compensation charges, and losses from the early extinguishment of Indebtedness) and (vi) nonrecurring charges and expenses, restructuring charges, transaction expenses (including, without limitation,
transaction expenses incurred in connection with any merger or acquisition) and underwriters’ fees or discounts, and severance and retention payments in connection with any merger or acquisition, in each case for such period, less extraordinary
gains and cash payments (not otherwise deducted in determining net income) made during such period with respect to non-cash charges that were added back in a prior period; provided, however, (I) with
respect to any Person that became a Subsidiary, or was merged with or consolidated into us or any Subsidiary, during such period, or any acquisition by us or any Subsidiary of the assets of any Person during such period, “Adjusted EBITDA”
shall, at our option in respect of any or all of the foregoing, also include the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if such acquisition, merger or consolidation had occurred on the
first day of such period and (II) with respect to any Person that has ceased to be a Subsidiary during such period, or any material assets of us or any Subsidiary sold or otherwise disposed of by us or any Subsidiary during such period,
“Adjusted EBITDA” shall exclude the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if such sale or disposition of such Subsidiary or such assets had occurred on the first day of such
period. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” as such term is used in Section 13(d)(3) of the Exchange Act, such “person” will
be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a
subsequent condition. 
 “Board of Directors” means either our Board of Directors or any committee of such Board duly authorized to act on our
behalf. 
 “Board Resolution” means one or more resolutions duly adopted or consented to by the Board of Directors and in full force and effect.

 “Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in The City of New
York or The City of London are authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor
thereto, operates. 
 “Capital Lease Obligations” means, at the time any determination is to be made, the amount of the liability in respect of a
capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 
 “Capital Stock” means: 

(1)                       
     in the case of a corporation, corporate stock; 

  
 20 

(2)                       
 in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 

(3)                       
 in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 

(4)                       
 any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

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

(1)                       
 the adoption of a plan relating to our liquidation or dissolution; 

(2)                       
 any “person,” as such term is used in Section 13(d)(3) of the Exchange Act, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the voting power of our Voting Stock; provided that a transaction in which we
become a Subsidiary of another Person shall not constitute a Change of Control if (a) our stockholders immediately prior to such transaction Beneficially Own, directly or 

indirectly through one or more intermediaries, 50% or more of the voting power of the outstanding Voting Stock of such other Person of whom we
are a Subsidiary immediately following such transaction and (b) immediately following such transaction no person (as defined above) other than such other Person, Beneficially Owns, directly or indirectly, more than 50% of the voting power of
our Voting Stock; or 

(3)                       
 the first day on which a majority of the members of our Board of Directors are not Continuing Directors. 
 “Change of Control Triggering
Event” means the occurrence of both a Change of Control and a Ratings Decline. 
 “Commodity Agreement” of any Person means any commodity
forward contract, commodity swap agreement, commodity option agreement or other similar agreement or arrangement to which such Person is a party. 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, a German government bond (Bundesanleihe) whose
maturity is closest to the maturity of the notes, or if an Independent Investment Banker selected by the Company in its discretion determines that such similar bond is not in issue, another German government bond as the Independent Investment Banker
may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such Independent Investment Banker, determine to be appropriate for determining the Comparable Government Bond Rate. 

“Comparable Government Bond Rate” means, with respect to any redemption date, the price, expressed as a percentage (rounded to three decimal places,
with 0.0005 being rounded upwards), at which the gross redemption yield on the notes, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such
Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an Independent Investment Banker selected by the
Company. 
 “Continuing Director” means, as of any date of determination, any member of our Board of Directors who: 

(1)                       
 was a member of such Board of Directors on the Issue Date; or 

(2)                       
 was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board at the time of such nomination or election. 

“Corporate Trust Office” means the designated office of the trustee at which at any time its corporate trust business shall be administered, which
office at the date hereof is located at One Federal Street, 3rd Floor, EX-MA-FED, Boston, MA 02110, Attention: David W. Doucette, Vice President, or such other address
as the trustee may designate from time to time by notice to the holders of the notes and us, or the principal corporate trust office of any 

  
 21 

 
successor trustee (or such other address as such successor trustee may designate from time to time by notice to the holders of the notes and us). 

“Currency Agreement” of any Person means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement as to
which such Person is a party. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable
at the option of the holder of the Capital Stock, in whole or in part, on or prior to the Stated Maturity of the notes. 
 “Fair Market Value”
means, with respect to any asset, the price that (after taking into account any liabilities relating to such asset) would be paid in an arm’s-length transaction between an informed and willing seller
under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by the Board of Directors, whose determination shall be conclusive if evidenced by a Board Resolution. 

“First Par Call Date” means, in the case of the 1.375% Notes, January 4, 2025, and, in the case of the 1.950% Notes, February 22, 2026.

 “Fitch” means Fitch, Inc. or any successor to the rating agency business thereof. 

“Foreign Subsidiary” means, with respect to any Person, (a) any Subsidiary of such Person that is not organized or existing under the laws of,
and whose principal business is conducted outside of, the United States, any state thereof, the District of Columbia, or any territory thereof (for purposes of this definition only, the “United States”), or (b) any Subsidiary of such
Person that is organized or existing under the laws of the United States whose only material assets are the Capital Stock of Foreign Subsidiaries meeting clause (a) of this definition. 

“GAAP” means generally accepted accounting principles set forth in the standards, statements and pronouncements of the Financial Accounting
Standards Board, or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect on the Issue Date. 

“Guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or
indirect, in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof), of all or any part of any Indebtedness. The term “Guarantee” used as a verb
has a corresponding meaning. 
 “Indebtedness” means, with respect to any Person, any indebtedness of such Person, whether or not contingent: 

(1)                       
 in respect of borrowed money; 

(2)                       
 evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); 

(3)                       
 in respect of banker’s acceptances; 

(4)                       
 representing Capital Lease Obligations; 

(5)                       
 representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable; 

(6)                       
 representing obligations under any Interest Rate Agreements, Commodity Agreements and Currency Agreements except for those entered into for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange
risk; or 

  
 22 

(7)                       
 all Disqualified Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but
excluding accrued dividends, if any; provided that (a) if the Disqualified Stock does not have a fixed repurchase price, such maximum fixed repurchase price shall be calculated in accordance with the terms of the Disqualified Stock as if the
Disqualified Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to the indenture, and (b) if the maximum fixed repurchase price is based upon, or measured by, the fair market value of the
Disqualified Capital Stock, the fair market value shall be the Fair Market Value thereof; 
 if and to the extent any of the preceding items (other than
letters of credit and obligations under Interest Rate Agreements, Commodity Agreements and Currency Agreements) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP. In addition, the term
“Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of such Person whether or not such Indebtedness is assumed by such Person (the amount of such Indebtedness as of any date being deemed to be the lesser of
the Fair Market Value of such property or assets as of such date or the principal amount of such Indebtedness of such other Person so secured) and, to the extent not otherwise included, the Guarantee by such Person of any Indebtedness of any other
Person. 
 The amount of any Indebtedness outstanding as of any date shall be: 

(1)                       
 the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; and 

(2)                       
 the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case of any other Indebtedness. 

“Independent Investment Banker” means one of the Reference Government Bond Dealers appointed by us. 

“Interest Expense” means, for any period, all cash interest expense (including imputed interest with respect to Capital Lease Obligations and
commitment fees) with respect to any of our Indebtedness and our Subsidiaries’ Indebtedness on a consolidated basis during such period pursuant to the terms of such Indebtedness. 

“Interest Rate Agreement” of any Person means any interest rate protection agreement, interest rate future agreement, interest rate option
agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar agreement or arrangement as to which such Person is a party. 

“Investment Grade Rating” means a rating equal to or greater than BBB- by S&P and Fitch and Baa3 by
Moody’s or the equivalent thereof under any new ratings system if the ratings system of any such agency shall be modified after the Issue Date, or the equivalent rating or any other Ratings Agency selected by us as provided in the definition of
Ratings Agency. 
 “Issue Date” means, in the case of the 1.375% Notes, April 6, 2017, and, in the case of the 1.950% Notes, May 22,
2018. 
 “Licenses” means, collectively, any telephone, microwave, radio transmissions, personal communications or other license, authorization,
certificate of compliance, franchise, approval or permit, whether for the construction, ownership or operation of any communications tower facilities, granted or issued by the Federal Communications Commission (or other similar or successor agency
of the federal government administering the Communications Act of 1934 or any similar or successor federal statute) and held by us or any of our Subsidiaries. 

“Lien” means, with respect to any property or assets, including Capital Stock, any mortgage, lien, pledge, charge, security interest or encumbrance
of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to
sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction). 

  
 23 

 “Moody’s” means Moody’s Investors Services, Inc. or any successor to the rating agency
business thereof. 
 “Net Income” means, for any period of determination, net income (loss) of us and our Subsidiaries, on a consolidated basis,
determined in accordance with GAAP. 
 “Newly Created Subsidiary” means a newly created direct or indirect Subsidiary of us that is formed or
organized after the Issue Date; provided that neither we nor any of our Subsidiaries shall have transferred, or may in the future transfer, any assets (other than cash or cash equivalents) to such Newly Created Subsidiary for so long as such Newly
Created Subsidiary remains designated as an Unrestricted Subsidiary. 
 “Officers’ Certificate” means, with respect to any Person, a
certificate signed by the chairman of the Board of Directors, the chief executive officer, the president, the chief operating officer, the chief financial officer, or any vice president and by the treasurer, any assistant treasurer, the controller,
any assistant controller, the secretary or any assistant secretary of such Person in accordance with the applicable provisions of the indenture. 

“Permitted Amount” means, on any date, an amount equal to 3.5 times Adjusted EBITDA as of the most recent fiscal quarter for which our financial
statements are internally available immediately preceding such date. 
 “Permitted Liens” means: 

(1)                       
 Liens in favor of us or our Subsidiaries; 

(2)                       
 Liens existing on the Issue Date (other than those securing the SpectraSite ABS Facility) and renewals and replacements thereof; 

(3)                       
 Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted; provided that any reserve or other
appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 

(4)                       
 Liens of carriers, warehousemen, mechanics, vendors (solely to the extent arising by operation of law), laborers and materialmen incurred in the ordinary course of business for sums not yet due or being diligently contested in good faith, if
reserves or appropriate provisions shall have been made therefor; 

(5)                       
 Liens incurred in the ordinary course of business in connection with worker’s compensation and unemployment insurance, social security obligations, assessments or government charges which are not overdue for more than 60 days; 

(6)                       
 restrictions on the transfer of Licenses or assets of us or any of our Subsidiaries imposed by any of the Licenses as in effect on the Issue Date or imposed by the Communications Act of 1934, any similar or successor federal statute or the
rules and regulations of the Federal Communications Commission (or other similar or successor agency of the federal government administering such Act or successor statute) thereunder, all as the same may be in effect from time to time; 

(7)                       
 Liens arising by operation of law in favor of purchasers in connection with the sale of an asset; provided, however, that such Lien only encumbers the property being sold; 

(8)                       
 Liens to secure performance of statutory obligations, surety or appeal bonds, performance bonds, bids or tenders; 

(9)                       
 judgment Liens; 

(10)                      Liens
in connection with escrow or security deposits made in connection with any acquisition of assets; 

  
 24 

(11)                       
 Liens securing Indebtedness since the Issue Date represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of
construction or improvement of property, plant or equipment used in any business of us or any of our Subsidiaries in an aggregate principal amount, including all Indebtedness incurred to refund, refinance or replace any other Indebtedness of the
type described under this clause (11), not to exceed $500.0 million at any time outstanding for us and any of our Subsidiaries; 

(12)                       
 Liens securing obligations under Interest Rate Agreements, Commodity Agreements and Currency Agreements not for speculative purposes; 

(13)                       
 easements, rights-of-way, zoning restrictions, licenses or restrictions on use and other similar encumbrances on the use of real property that: 

(a)                       
   are not incurred in connection with the borrowing of money or the obtaining of advances or credit (other than trade credit in the ordinary course of business); and 

(b)                       
   do not in the aggregate materially detract from the value of the property or materially impair the use thereof in the operation of business by us and our Subsidiaries; 

(14)                       
 Liens on property of us or any of our Subsidiaries at the time we or such Subsidiary acquired the property, including acquisition by means of a merger or consolidation with or into us or any Subsidiary, or an acquisition of assets, and any
replacement thereof, provided, however, that such Liens are not created, incurred or assumed in connection with or in contemplation of such acquisition, and provided further that such Liens may not extend to any other property owned by us or any of
our Subsidiaries; 

(15)                       
 leases and subleases of real property in the ordinary course of business (for the avoidance of doubt, excluding sale and lease-back transactions) which do not materially interfere with the ordinary conduct of the business; and 

(16)                       
 banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution; provided that: 

(a)                       
   such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access in excess of those set forth by regulations promulgated by the Federal Reserve Board or other applicable law; and 

(b)                       
   such deposit account is not intended to provide collateral to the depositary institution. 
 “Person” means any individual,
corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, estate, unincorporated organization or government or any agency or political subdivision thereof or any other entity. 

“Ratings Agencies” means (1) S&P, Moody’s and Fitch; and (2) if any of S&P, Moody’s and Fitch ceases to rate the notes
or ceases to make a rating on the notes publicly available, an entity registered as a “nationally recognized statistical rating organization” (registered as such pursuant to Rule 17g-1 of the
Exchange Act) then making a rating on the notes publicly available selected by us (as certified by an Officers’ Certificate), which shall be substituted for S&P, Moody’s or Fitch, as the case may be. 

“Ratings Decline” means the occurrence of the following on, or within 90 days after, the date of the public notice of the occurrence of a Change of
Control or of the intention by us or any third party to effect a Change of Control (which period shall be extended for so long as the rating of the notes is under publicly announced consideration for possible downgrade by any of the Ratings Agencies
if such period exceeds 90 days): (1) in the event that the notes have an Investment Grade Rating by all three Ratings Agencies, the notes cease to have an Investment Grade Rating by two of the three Rating Agencies, (2) in the event that the
notes have an Investment Grade Rating by only two Ratings Agencies, the notes cease to have an Investment Grade Rating by both such Rating Agencies, or (3) in the event that the notes do not have an Investment Grade Rating, the rating of the
notes by two of the three Ratings 

  
 25 

 
Agencies (or, if there are less than three Rating Agencies rating the notes, the rating of each Rating Agency) decreases by one or more gradations (including gradations within ratings categories
as well as between rating categories) or is withdrawn. 
 “Reference Government Bond Dealer” means any of the primary European government
securities dealers. 
 “S&P” means S&P Global Ratings, a division of S&P Global Inc., or any successor to the rating agency business
thereof. 
 “SpectraSite ABS Facility” means that certain mortgage loan more fully described in the Offering Memorandum dated March 27, 2018
regarding the $1,800.0 million Secured Tower Revenue Securities, Series 2018-1A and 2013-2A. 

“Stated Maturity” means, (1) with respect to any debt security, the date specified in such debt security as the fixed date on which the final
installment of principal of such debt security is due and payable and (2) with respect to any scheduled installment of principal of or interest on any debt security, the date specified in such debt security as the fixed date on which such
installment is due and payable. 
 “Subsidiary” means, with respect to any Person, (1) any corporation, limited liability company,
association or other business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person or (2) any partnership
(A) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (B) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination
thereof). The term “Subsidiary” with respect to us shall not include any Unrestricted Subsidiary. 
 “Unrestricted Subsidiary” means
(a) any Foreign Subsidiary or Newly Created Subsidiary of us that is designated by the Board of Directors as an Unrestricted Subsidiary until such time as the Board of Directors may designate it to be a Subsidiary, provided that no Default or
Event of Default would occur or be existing following such designation, and (b) any subsidiary of an Unrestricted Subsidiary. Any such designation by the Board of Directors shall be evidenced to the trustee by filing a Board Resolution with the
trustee giving effect to such designation. At the time of designation of an Unrestricted Subsidiary as a Subsidiary, such Subsidiary shall be deemed to incur outstanding Indebtedness and grant any existing Liens. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is normally entitled to vote in the election of the board of
directors, managers or trustees of such Person. 

  
 26

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