Document:

EX-10.1

 Exhibit 10.1 
 THE SECURITIES REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 NOR REGISTERED NOR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE OFFERED FOR
SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE OPINION OF COUNSEL SATISFACTORY TO THE COMPANY, SUCH QUALIFICATION AND
REGISTRATION IS NOT REQUIRED. ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS AGREEMENT IS FURTHER SUBJECT TO OTHER RESTRICTIONS, TERMS AND CONDITIONS WHICH ARE SET FORTH HEREIN. 

LIMITED LIABILITY COMPANY AGREEMENT 
 OF 
 THREE LIONS ENTERTAINMENT, LLC 

A DELAWARE LIMITED LIABILITY COMPANY 

 LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 THREE LIONS
ENTERTAINMENT, LLC, 
 A DELAWARE LIMITED LIABILITY COMPANY 

This LIMITED LIABILITY COMPANY AGREEMENT of THREE LIONS ENTERTAINMENT, LLC (the “Company”), is made as of March 15, 2013
(the “Effective Date”) by and among RICHARD BECKMAN (“Beckman”), JOEL A. KATZ (“Katz”), SIMON WORLDWIDE INC. a Delaware corporation (“Simon”), and OA3, LLC (“Yucaipa” and, together with Simon, the
“Y-S Investors”) (with each of Beckman, Katz and Simon exclusively constituting the Members of the Company as of Effective Date), and each other Person who becomes a Member after the Effective Date in accordance with the terms of this
Agreement. 
 WHEREAS, the Company was formed pursuant to the Act by filing a Certificate of Formation on August 31, 2012;
and 
 WHEREAS, the Members desire to enter into this Agreement governing their respective rights and obligations as Members of
the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein made and intending to be legally
bound, the Members agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 1.1 Certain Definitions. Capitalized terms used herein
without definition have the meanings set forth in Article 1 of this Agreement. When used in this Agreement, the following terms shall have the following meanings: 
 “Act” means the Delaware Limited Liability Act, Delaware Code Annotated Title 6, § 18-101 et seq., as the same may be amended from time to time. 

“Additional Capital Contributions” has the meaning set forth in Section 4.4.2. 

“Affiliate” means, with respect to a specified Person: (i) any Person that directly or indirectly through one or
more intermediaries, alone or through an affiliated group, Controls, is Controlled by, or is under common Control with, such specified Person; (ii) any Person that, directly or indirectly, is the beneficial owner of fifty percent (50%) or
more of any class of equity securities of the specified Person or of which the specified Person is directly or indirectly the owner of fifty percent (50%) or more of any class of equity securities; or (iii) any spouse, parent, child,
descendant or sibling of the specified Person. Without limiting the foregoing, no Member will be considered an Affiliate of the Company or any other Member solely by reason of a Member’s Membership Interest in the Company or appointment of a
representative to serve on the Executive Board of the Company. 
 “Agreement” means this Limited Liability
Company Agreement, as originally executed and as the same may be amended from time to time. 
 “Assumed Tax
Rate” means the highest combined U.S. federal, state and local income tax rate applicable to an individual (or if higher, a corporation) resident or located within in the City of New York and the State of New York, taking into account the
character (e.g. long-term or short-term capital gain or ordinary or tax-exempt) of the applicable income and taking into account the deductibility of state and local income taxes as applicable at the time for U.S. federal income tax purposes and any
limitations thereon. 
 “Available Operating Cash” means, for any period, cash available for distribution as
determined by Special Approval of the Executive Board. 
 “Available Transaction Cash” means all cash and cash
equivalents held by the Company following a Major Transaction, less (i) payment and satisfaction in full of all Company Loans and any Yucaipa Loan then outstanding, less (ii) the amount of any cash reserves retained during such period by
the Company in regards to any actual or contingent liabilities relating to the Major Transaction or a prior Major Transaction (and not released by the Company) all as determined by Special Approval of the Executive Board, less (iii) any cash or
cash equivalents held by the Company immediately preceding a Major Transaction which is not otherwise deemed to be Available Transaction Cash by Special Approval of the Executive Board. 

“Beckman” means Richard Beckman, in his individual capacity, and any Permitted Transferee thereof. 

 “Beckman Employment Agreement” means that certain Employment Agreement
between the Company and Richard Beckman in the form attached hereto as Exhibit G and incorporated herein by reference. 

“Board Member” has the meaning set forth in Section 5.2.1. 

“Budget Period” has the meaning set forth in Article 6 hereof. 

“Business Day” means any day other than a Saturday, Sunday or legal holiday under the laws of the State of New York or
any other day on which banking institutions located in such state are authorized or required by law or other governmental action to close. 
 “Business Plan and Budget” has the meaning set forth in Article 6 hereof. 
 “Capital Account” has the meaning set forth on Exhibit C of this Agreement. 
 “Capital Call Notice” has the meaning set forth in Section 4.4.2 hereof. 
 “Capital Contribution” means, with respect to each Member: (i) the Initial Capital Contribution required to be contributed in cash to the Company as defined and provided under
Section 4.3 and as listed on Exhibit B by such Member; (ii) the Second Capital Contribution required to be contributed in cash to the Company as defined and provided under Section 4.3 and as listed on Exhibit
B by such Member; (iii) the Third Capital Contribution required to be contributed in cash to the Company as defined and provided under Section 4.3 and as listed on Exhibit B by such Member; and (iv) each Additional
Capital Contribution contributed to the Company by such Member from time to time, if any. Pre-Effective-Date Contributions shall not be Capital Contributions for purposes of this definition. 

“Certificate of Formation” means the Certificate of Formation for the Company originally filed with the Delaware
Secretary of State on August 31, 2012 and as subsequently amended from time to time. 
 “Change of Control
Transaction” means: (i) an acquisition by any Person or group of Persons of, or the entering into of a definitive agreement with the Company by any Person or group of Persons to acquire, the outstanding equity interests of the Company
in a transaction or series of or transactions, if immediately thereafter such acquiring Person or group has, or would have, beneficial ownership of more than 50% of the combined equity interests or Voting Power of the Company; or (ii) the
execution of a definitive agreement providing for a tender offer, merger, consolidation or reorganization, or series of such related transactions, involving the Company, unless both (1) the Members, immediately before such transaction or
transactions, will beneficially own immediately after such transaction or transactions at least 50% of the combined equity interests or Voting Power of the Company (or, if the Company will not be the surviving entity in such merger, consolidation or
reorganization, such surviving entity), and (2) the Company is not subject to an agreement that contemplates that individuals who are then Board Members of the Company will constitute less than a majority of the Board Members of the Company (or
such surviving entity, as the case may be) after the closing of such transaction. 
 “Class E Units” means that
certain class of Units granted to a Holder from time to time by the Executive Board that participate in Distributions upon the occurrence of certain events as described in Section 4.1.3, but having no voting or other rights of a Member
hereunder. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, the provisions of
succeeding law, and to the extent applicable, the Treasury Regulations. 
 “Company” means Three Lions
Entertainment, LLC, a Delaware limited liability company. 
 “Company Business” means the worldwide
development, production, ownership, exhibition, conduct, broadcast, distribution and other exploitation of (i) shows and events which are broadcast via television, internet, mobile, digital, or other channels of media or means of communications
and (ii) related content or entertainment product and (iii) all ancillary rights associated with those activities contemplated under sub-clauses (i) and (ii) above. 

“Company Loans” has the meaning set forth in Section 4.4.4. 

“Company Opportunities” has the meaning set forth in Section 3.8.2. 

“Company Projects” means those endeavors, activities and projects which are (i) to be initially undertaken by the
Company in the conduct of the Company Business as more particularly described and contemplated in the Company’s Business 

  
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Plan and Budget and (ii) hereafter undertaken by the Company in the conduct of the Company Business as shall be approved by the Executive Board. The initial Company Projects shall consist of
those intended approximately annually re-occurring (a) licensed “Fashion Rocks” events and programs the first of which is intended to be televised in 2014 from Las Vegas, Nevada, or New York New York, (b) licensed “Movies
Rock” events and programs the first of which is intended to be televised in 2015 from Los Angeles, California, and (c) “Global Music Awards” events and programs to be conducted within and initially televised in 2015 from a
geographic location within the Middle Eastern, Far Eastern, Asian or South American regions of the world, each as described and contemplated in the Company’s Business Plan and Budget. The Members further acknowledge and agree that the Company
Projects may, with the approval of the Executive Board, encompass approximately annually re-occurring shows and programs tentatively entitled “The Rolling Stone Music Awards”, “Sports Rocks”, “Fashion Rocks
International”, “Broadway Rocks” and “The Year in Review” many of which programs, if so approved and undertaken, will be conducted under appropriate license arrangements with Persons owning the relevant and applicable
intellectual property. 
 “Common Units” means those certain Units referenced and designated as such under this
Agreement as issued to each of Beckman and Katz as of the Effective Date which shall participate in Distributions upon the occurrence of certain events as described in Section 4.1.2 and shall have those voting or other rights of a Member
all as set forth hereunder. 
 “Control” means, when used with respect to any Person, the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and “Controls” or “Controlled by” shall have correlative meanings as used hereunder.

 “Co-Sale Right” has the meaning set forth in Section 9.2.2. 

“Covered Person” has the meaning set forth in Section 8.2. 

“Default Amount” has the meaning set forth in Section 4.4.5. 

“Default Funding Members” has the meaning set forth in Section 4.4.5. 

“Defaulting Member” has the meaning set forth in Section 4.4.5. 

“Designated Executive Board” has the meaning set forth in Section 4.4.6 hereof. 

“Dissolution Event” has the meaning set forth in Section 11.1. 

“Distribution” has the meaning set forth in Section 7.1. 

“Distribution Date” has the meaning set forth in Section 7.1. 

“EBITDA” means for any period, the Company’s earnings generated before deduction for any interest, taxes,
depreciation or amortization all as shall be determined by the accountants then regularly serving the Company in conformity with US Generally Accepted Accounting Principles as consistently applied which determination shall be final, binding and
conclusive upon the Company and its members absent manifest or patent error or mistake. 
 “Economic Interest”
means a Member’s or Holder’s share of the Company’s net income, net losses, gains, deductions, credit or similar items, and the right to receive distributions from the Company pursuant to this Agreement and the Act, but will not
include any other rights of a Member, including the right to vote or participate in the management of, or any right to information concerning, the business and affairs of the Company. 

“Effective Date” has the meaning set forth in the introductory paragraph. 

“Exchange Act” means the Securities and Exchange Act of 1934, as amended. 

“Executive Board” has the meaning set forth in Section 5.1. 

“Fiscal Year” means the Company’s fiscal year, which will be the twelve months ending December 31, unless and
until changed by the Executive Board. 
 “Forfeited Units” has the meaning set forth in
Section 4.4.5. 
 “Funding Default” has the meaning set forth in Section 4.4.5 hereof.

  
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 “Funding Share” has the meaning set forth in Section 4.4.5 hereof.

 “Governmental Entity” means any government or any agency, bureau, board, commission, court, department,
official, political subdivision, tribunal or other instrumentality of any government, whether Federal, state or local, domestic or foreign. 
 “Holder” means a Person who is the record owner of any Investor Units, Common Units, Class E Units or any Units in the Company approved by the Executive Board from time to time in
accordance with this Agreement; provided, however, that no Holder will be a Member unless and until such Holder has been admitted as a Member in accordance with the terms of this Agreement. For avoidance of doubt, Holders of Class E
Units will not be Members of the Company solely by virtue of holding such Class E Units. 
 “Indemnifying
Member” has the meaning set forth in Section 8.4. 
 “Initial Capital Contribution” has
the meaning set forth in Section 4.3. 
 “Initial Members” means each of Simon, Beckman and Katz
and, if admitted pursuant to Section 4.3 hereof, Yucaipa. 
 “Investment Bank” has the meaning set
forth in Section 13.16. 
 “Investment Company Act” means the Investment Company Act of 1940, as
amended from time to time. 
 “Investor Board Member” has the meaning set forth in Section 5.2.1 hereof.

 “Investor Units” means the class of Units issued to the Initial Members in respect of their Capital
Contributions, having the rights to distributions, allocations and voting rights set forth in this Agreement. Each Initial Member will initially have the number of Investor Units as set forth opposite its or his name on Exhibit A hereto,
which will be amended from time to time as set forth in Section 13.6 following the issuance of any new Investor Units, the admission of any new Member, or the transfer of any Investor Units by an Initial Member in accordance with this
Agreement. 
 “Junior Units” means the Class E Units and any Units hereafter issued by the Executive Board in
conformity with this Agreement which are designated as Junior Units. 
 “Katz” means Joel A. Katz, in his
individual capacity, and any Permitted Transferee thereof. 
 “Lender” has the meaning set forth in
Section 4.4.3. 
 “Losses” has the meaning set forth in Section 8.2. 

“Major Transaction” means any sale, transfer, exchange, disposition, merger, recapitalization, Change of Control
Transaction, liquidation, dissolution, or other similar transaction, event or undertaking regarding the Company or all or substantially all of the Company’s assets or business. 

“Majority in Interest” and/or “Majority Vote” mean: (i) in the case of a vote of the Members, the
affirmative vote or consent of any Member(s) whose Voting Power, in the aggregate, exceed(s) fifty percent (50%) of the aggregate Voting Power of (a) all of the Members having voting rights or (b) a particular group of Members, as the
context requires; and (ii) in the case of a vote of the Executive Board, the affirmative vote or consent of a majority of the Board Members entitled to vote on a particular matter. 

“Management Member” means Beckman and any other Member who is an employee of the Company so long as Beckman or such
other employee, as applicable is employed by the Company or serves on the Executive Board. 
 “Mandatory Capital
Contributions” has the meaning set forth in Section 4.4.2. 
 “Matching Offer” has the
meaning set forth in Section 9.2.1(b). 
 “Maximum Member Funding Amount” means, with respect to
each Member, such Member’s obligation to make aggregate Capital Contributions to the Company in the amount set forth opposite such Member’s name on Exhibit B (including additional Mandatory Capital Contributions, if any, pursuant to
Section 4.4.2); provided, however, that no Transfer to a Permitted Transferee or Funding Default by a Member will release such Member from its obligation to make the aggregate Capital Contributions set forth opposite such
Member’s name on Exhibit B in accordance with the terms of this Agreement. 

  
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 “Member” means each Initial Member, so long as such Initial Member holds a
Membership Interest in the Company, and each Person who is hereafter admitted as a member in accordance with the terms of this Agreement and the Act. 
 “Membership Interest” means a Member’s entire interest in the Company (including the Member’s Units, Economic Interest, Voting Power, the right to vote on or participate in the
management of the Company, and the right to receive information concerning the business and affairs of the Company). 

“Net Income” and “Net Losses” have the meanings set forth on Exhibit C of this Agreement.

 “New Funding Members” has the meaning set forth in Section 4.4.5. 

“New Ownership Interest” has the meaning set forth in Section 4.5.1. 

“Objectionable Transferee” means any Person that engages in a business that is in direct or indirect competition with
the Company, as determined in good faith by the Executive Board. 
 “Offer” has the meaning set forth in
Section 9.2.1(a). 
 “Offered Interest” has the meaning set forth in Section 9.2.1(a).

 “Offered Terms” has the meaning set forth in Section 9.2.1(a). 

“Other Interests” has the meaning set forth in Section 3.8.3. 

“Participating Interests” means, with respect to the preemptive rights set forth in Section 4.5 or the co-sale
rights set forth in Section 9.2.2, in which a class or classes of Units are entitled to participate, that percentage of the total Units in the Company so entitled to participate represented by the ratio of (i) such Member’s Units in
the Company so entitled to participate to (ii) the total outstanding Units in the Company so entitled to participate. 

“Participating Members” has the meaning set forth in Section 9.2.1(b). 

“Participating Units” means, as of a particular date, Investor Units and Common Units that are eligible to participate
in Distributions pursuant to Section 7.1 or would be eligible to participate if all Available Operating Cash and Available Transaction Cash at such date were distributed pursuant to Section 7.1 on such date. 

“Penalty Units” has the meaning set forth in Section 4.4.5. 

“Percentage Interest” means: with respect to any Distribution (and as of the applicable Distribution Date), allocation
or calculation, a Member’s or Holder’s percentage of the total Units in the Company entitled to participate in such Distribution, allocation or calculation represented by the ratio of (i) such Member’s or Holder’s Units in
the Company entitled to participate in such Distribution, allocation or calculation to (ii) the total outstanding Units in the Company of all Members and Holders entitled to participate in such Distribution, allocation or calculation.

 “Permitted Transferee” means: (i) a trust, partnership or other entity formed primarily for estate or
family planning purposes (such as a family limited partnership) (collectively, a “Trust”) that is solely for the benefit of a Member who is a natural person, a spouse or former spouse of such a Member, one or more of the ancestors
or descendants of such a Member’s parents, or one or more of the ancestors or descendants of such a Member’s spouse’s or former spouse’s parents (irrespective of the age of such ancestors or descendants), if and so long as the
terms of such Trust prohibit the distribution or other Transfer, free and clear of the Trust, of the Membership Interest (or any portion thereof) to a Person other than such a Member or a Person described in this sub-clause (i); (ii) if the
Transfer occurs upon, as a result of, or in connection with the death of a Member, any of the Persons described in clause (i) above or any other Person entitled to inherit or receive property or assets by will or the under applicable laws of
intestacy, descent and/or distribution (except a Person that is a creditor or competitor of the Company, as determined in good faith by the Executive Board); (iii) any Affiliate of Yucaipa; or (iv) any Affiliate of a Member if such Member
(or the sole shareholder of the Member) owns more than fifty percent (50%) of the outstanding equity interests (in terms of both voting power and value) in the Affiliate, except that a transfer to an Objectionable Transferee under clauses
(i) through (iv) will not be considered a transfer to a Permitted Transferee, provided, however, that any subsequent Transfer of any outstanding equity interest in the Affiliate, other than to any of the Persons described in
clause (i), (ii), (iii) or (iv) above, will not be considered or permitted as a Transfer to a Permitted Transferee. 

  
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 “Person” means an individual, general partnership, limited partnership,
limited liability company, corporation, trust, estate, real estate investment trust, association or any other legal recognized and respected entity. 
 “Pre-Effective-Date Contribution” has the meaning set forth in Section 4.1.2(a). 
 “Preemptive Right” has the meaning set forth in Section 4.5.1. 
 “Principal Seller” has the meaning set forth in Section 9.2.3. 
 “Proprietary Information” has the meaning set forth in Section 12.9. 
 “Qualified IPO” means an initial public offering following a conversion to a corporation, shares of which are then trading on a national securities exchange. 

“Related Agreement” means any employment agreement, consulting agreement, Unit grant or subscription agreement or
similar agreement between the Company and an executive, officer, employee or consultant of the Company or any separate written agreement addressing the provision of goods or services between the Company and a Member or Holder. 

“Required Capital Contribution” has the meaning set forth in Section 4.4.2 hereof. 

“Required Sale” has the meaning set forth in Section 9.2.3. 

“Required Sale Notice” has the meaning set forth in Section 9.2.3. 

“Right of First Refusal” has the meaning set forth in Section 9.2.1(a). 

“Sale Proposal” has the meaning set forth in Section 9.2.3. 

“Securities” means capital stock, limited partnership interests, limited liability company interests, beneficial
interests, warrants, options, notes, bonds, debentures, and other securities, equity interests, ownership interests and similar obligations of every kind and nature of any Person. 

“Second Capital Contribution” has the meaning set forth in Section 4.3.2(a). 

“Second Capital Contribution Deadline” has the meaning set forth in Section 4.3.2(a). 

“Securities Act” means the Securities Act of 1933, as amended from time to time. 

“Senior Units” means any Units of the Company other than Junior Units. 

“Simon” means Simon Worldwide, Inc., a Delaware corporation, and its respective Permitted Transferees, collectively.

 “Special Approval” shall mean the unanimous and affirmative approval given at a meeting or in writing by
either (i) all Board Members or (ii) all Members owning any Investor Units or Common Units, in either case, which may be given or withheld in the sole discretion of such Board Members or Members, as applicable. 

“Subsidiary” shall mean any Person controlled by the Company. 

“Tax Matters Member” means Simon, until and unless Yucaipa is admitted as a Member, following which time “Tax
Matters Member” shall mean Yucaipa. 
 “Tax Distributions” has the meaning set forth in
Section 7.2. 
 “Taxable Year” means the taxable year of the Company determined under
Section 706 of the Code. 
 “Third-Party Transferee” has the meaning set forth in
Section 9.2.1(a). 
 “Third Capital Contribution” has the meaning set forth in
Section 4.3.2(b). 

  
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 “Third Capital Contribution Deadline” has the meaning set forth in
Section 4.3.2(b). 
 “Threshold Event” means, with respect to any one or more of the particular
Class E Units issued by the Company from time to time, the occurrence of those events consisting of (i) Holders of the Investor Units and the Common Units issued on the Effective Date (and/or such other Senior Units designated by the Executive
Board in connection with the granting or issuance of the applicable Class E Units), or such Holder’s successor in interest, having received cumulative cash and other property distributions from the Company pursuant to Section 7.1 or
Section 11.4 and/or, cash payments or other consideration from the Company or any other Person in respect of such Investor Units and Common Units in one or more transactions (whether as a consequence of distributions pursuant to
Section 7.1 or Section 11.4, a Transfer of such Investor Units or Common Units by such Holders in accordance with this Agreement, or in a liquidation of the Company or other such liquidity event with respect to such Investor Units or
Common Units) in an amount determined and established by the Executive Board in connection with the granting or issuance of such Class E Units and (ii) such other terms and conditions as shall be determined and established by the Executive
Board in connection with the issuance of such Class E Units. It is intended that the Class E Units will qualify as “profits interests” for U.S. federal income tax purposes. Accordingly, the aforementioned amount determined by the Executive
Board shall be computed in a manner such that any issued Class E Unit qualifies upon issuance as a “profits interest” for purposes of IRS Revenue Procedures 93-27, 1993-2 C.B. 343 and 2001-43, 2001-2 C.B. 91 (or any successor rules or
regulations) as of the date of such issuance. The Holder of any Class E Unit agrees, by receipt of such Class E Unit, to make a timely election pursuant to Section 83(b) of the Code with respect to such issuance. The Company shall have no
obligation to distribute non-cash illiquid property to any Holders of the Investor Units or the Common Units (or any other designated Senior Units); provided that if the Company does so, the amount of any non-cash distribution or consideration shall
be the fair market value of such property. 
 “Transfer” has the meaning set forth in
Section 9.1.1. 
 “Transferring Member” has the meaning set forth in Section 9.2.1(a).

 “Transfer Notice” has the meaning set forth in Section 9.2.1(a). 

“Units” means the units of all classes of equity issued by the Company approved by the Executive Board, each such class
of equity representing the right to receive distributions pursuant to the terms of this Agreement and granting the Holder such other rights and privileges as set forth in this Agreement. The Units will initially consist of the Investor Units, the
Common Units, and the Class E Units. Initially, none of the classes of Units will be represented by certificates. If the Executive Board determines that it is in the interest of the Company to issue certificates representing the Units, certificates
will be issued and the Units will be represented by such certificates. The number of Units initially issued to each Member or Holder thereof is set forth opposite such Member’s or Holder’s name on Exhibit A (as such Exhibit may be
amended from time to time by the Executive Board. 
 “Unrecovered Capital Balance” means, with respect to a
Member, the total Capital Contributions if any, made by such Member in respect of its Investor Units, pursuant to Sections 4.3, 4.4 or 4.5, reduced by the total amount distributed to such Member and its Permitted Transferees
pursuant to Section 7.1 (or Section 11.4 as it incorporates Section 7.1). 
 “Voting
Power” means, with respect to any Member, the votes set forth next to such Member’s name on Exhibit A hereto; provided that from and after the date that Simon holds less than 75% of the Investor Units it held immediately
after the Third Capital Contribution Deadline, Voting Power shall mean one vote per Investor Unit on any matter with respect to which holders of Investor Units are entitled to vote. 

“Wire Account” has the meaning set forth in Section 4.3.1. 

“Y-S Investors” has the meaning set forth in the preamble hereto. 

“Yucaipa” means OA3, LLC and its respective Permitted Transferees, collectively. 

“Yucaipa Loan” has the meaning set forth in Section 4.4.3. 

1.2 Interpretation. Unless the context otherwise requires: (i) a term has the meaning assigned to it; (ii) “or”
is not exclusive; (iii) words in the singular include the plural, and words in the plural include the singular; (iv) “amended,” with reference to a law, statute, rule or regulation, is deemed to be followed by “from time to
time”; (v) “herein”, “hereof” and other words of similar import refer to this Agreement as a whole and not to any particular Section, subsection, paragraph, clause, or other subdivision; (vi) “desirable”
includes “necessary,” “convenient” and “incidental”; and (vii) “including” and “includes,” when following any general provision, sentence, clause, statement, term or matter, will be deemed to be
followed by “, but not limited to,” and “, but is not limited to,” respectively. 

  
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 ARTICLE 2 
 ORGANIZATIONAL MATTERS 
 2.1 Formation. Pursuant to the Act, the Company was
formed under the laws of the State of Delaware by filing a Certificate of Formation with the Delaware Secretary of State and is ratified by the Initial Members by entering into this Agreement. The rights and liabilities of the Members will be
determined pursuant to the Act and this Agreement. To the extent that the rights or obligations of any Member are different by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement will, to the
extent permitted by the Act, control. 
 2.2 Name. The name of the Company will be “Three Lions Entertainment,
LLC.” The business of the Company may be conducted under that name or, upon compliance with applicable laws, any other name that the Executive Board deems appropriate or advisable. The Members will cause the Company to file any fictitious name
certificates and similar filings, and any amendments thereto, that the Executive Board considers appropriate. 
 2.3 Office
and Agent. The Company will continuously maintain a registered office and registered agent in the State of Delaware as required by the Act. The principal office will be as the Executive Board from time to time may determine. The Company also may
have such offices, anywhere within and without the State of Delaware, as the Executive Board from time to time may determine, or the business of the Company may require. The registered agent will be as stated in the Certificate of Formation.

 2.4 Addresses of the Members. The respective addresses of the Members are set forth in Exhibit F. 

2.5 Purpose of the Company. The purpose of the Company is to engage in the Company Business and to engage in any lawful act,
business or activity for which limited liability companies may be organized under the Act and that the Executive Board approves. The Company will have the power to do any and all acts necessary or advisable for the furtherance of its business and
activities. 
 2.6 Term. The term of the Company will be perpetual. The Company will be dissolved and its affairs wound up
only in accordance with Article 11. 
 2.7 Foreign Qualification. The Executive Board will cause the Company to
comply with all requirements necessary to qualify the Company as a foreign limited liability company in any jurisdiction in which the Company owns property or transacts business to the extent, in the reasonable judgment of the Executive Board, such
qualification or registration is necessary or advisable for the protection of the limited liability of the Members or to permit the Company lawfully to own property or transact business. The Executive Board may, and, at the request of the Executive
Board or any officer, each Holder will, execute, acknowledge, swear to and deliver any or all certificates and other instruments conforming with this Agreement that are necessary or appropriate to qualify, continue or terminate the Company as a
foreign limited liability company in all such jurisdictions in which the Company may conduct business. 
 2.8 No
Partnership. Except as set forth below, the Members intend that the Company will not be a partnership (including a limited partnership) or joint venture, and that no Member, Holder, Board Member or officer will be a partner or joint venturer of
any other Member, Holder, Board Member or officer for any purposes, and this Agreement will not be construed to the contrary. The Members intend that the Company will be treated as a partnership for federal and, if applicable, state and local income
tax purposes, and each Member, Holder and the Company will file all tax returns and will otherwise take all tax and financial reporting positions in a manner consistent with such treatment. The Company will not make any election to be treated as a
corporation for federal and, if applicable, state income tax purposes, except with the required approval of the Executive Board. 

2.9 Representations and Warranties. Each Initial Member, as of the Effective Date, and each Member who becomes a Member after the
Effective Date in accordance with the terms of this Agreement, on the date such other Member is admitted as a Member hereunder, hereby represents and warrants severally, and not jointly to the Company and the other Members, as follows: 

2.9.1 Accredited Investor. Such Member is fully aware and acknowledges that: (i) the offering and sale of Units in the Company
have not been and will not be registered under the Securities Act and are being made in reliance upon federal and state exemptions for transactions not involving a public offering; and (ii) the Company will not be registered as an investment
company under the Investment Company Act in reliance upon an exemption therefrom. In furtherance thereof, such Member represents and warrants that it is an “accredited investor” (as defined in Regulation D under the Securities Act).

  
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 2.9.2 No Distribution. Such Member’s Units in the Company are being acquired for
its, his or her own account solely for investment and not with a view to resale or distribution thereof. 
 2.9.3
Experience. Such Member (either alone or together with any advisors retained by such Member in connection with evaluating the merits and risks of prospective investments) has sufficient knowledge and experience in financial and business
matters so as to be capable of evaluating the merits and risks of purchasing its Units, and is able to bear the economic risk of its investment in the Company for an indefinite period of time, including a complete loss of capital. 

2.9.4 Entity Organization and Authorization; No Conflict. Such Member, if it is an entity, is duly incorporated, organized or
formed, validly existing and in good standing under the laws of its jurisdiction of incorporation, organization or formation and the execution, delivery and performance by it of this Agreement is within its powers, has been duly authorized by all
necessary corporate or other action on its behalf, requires no action by or in respect of, or filing with, any governmental body, agency or official, and does not and will not contravene, or constitute a default under, any provision of applicable
law or regulation or of its certificate of incorporation or other comparable organizational documents or any agreement, judgment, injunction, order, decree or other instrument to which such Member is a party or by which such Member or any of its
properties is bound. This Agreement constitutes a valid and binding agreement of such Member, enforceable against such Member in accordance with its terms. 
 2.9.5 Individual Authority. If such Member is an individual, the execution, delivery and performance by such Member of this Agreement is within such Member’s legal right, power and capacity,
requires no action by or in respect of, or filing with, any governmental body, agency, or official, and does not and will not contravene, or constitute a default under, any provision of applicable law or regulation or of any agreement, judgment,
injunction, order, decree or other instrument to which such Member is a party or by which such Member or any of his or her properties is bound. If such Member is an individual, such Member’s Membership Interest is not being obtained with
community property, to the extent applicable to such Member. This Agreement constitutes a valid and binding agreement of such Member, enforceable against such Member in accordance with its terms. 

ARTICLE 3 

MEMBERS 
 3.1
Limited Liability. Except as expressly set forth in this Agreement or required under the Act, no Member or officer will be personally liable under any judgment of a court, or in any other manner, for any debt, obligation or liability of the
Company, whether that liability or obligation arises in contract, tort, or otherwise, solely by reason of being a Member or an officer of the Company. In no event will any Member (or former Member) be obligated to guarantee any indebtedness or other
obligations of the Company at any time outstanding or have any liability for the repayment or discharge of the debts and obligations of the Company or for the repayment of any capital contribution of any other Member. 

3.2 Remuneration to Members. Except as otherwise provided in this Agreement or as provided by a separate written agreement approved
by the Executive Board, no Member is entitled to remuneration for being a Member of the Company. 
 3.3 Voting Rights.
Except as provided in this Agreement or the Certificate of Formation, Members will have no voting, approval or consent rights with respect to any matter, act, decision or document involving the Company or its business. 

3.4 Admission of Additional Members. No new or substitute Members may be admitted to the Company, except pursuant to the express
provisions of this Agreement, including for the sake of clarity Section 4.3 hereof. Unless so admitted to the Company as a Member, no Person will be, or will be considered, a Member. The Company may elect to deal only with Persons so
admitted as Members (including their duly authorized representatives). The Company will not be required to deal with any other Person (other than, with respect to distributions to assignees pursuant to assignments in compliance with Article
9) merely because of an assignment or transfer of an Economic Interest to such Person. Any Distribution by the Company to the Person shown on the Company’s records as a Member or to its legal representatives, or to the assignee of the right
to receive Company distributions as provided herein, will relieve the Company of all liability to any other Person who may be interested in such Distribution by reason of any other assignment by the Member or for any other reason. 

3.5 Withdrawals or Resignations. No Member may withdraw from the Company except pursuant to Article 9. 

  
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 3.6 Members Are Not Agents; No Management Authority. Pursuant to Article 5,
the management of the Company is vested in the Executive Board. No Member, acting solely in the capacity of a Member, is an agent of the Company nor can any Member in such capacity bind or execute any instrument on behalf of the Company. The Members
will have no power to participate in the management of the Company except as expressly authorized by this Agreement or except as expressly required by the Act. 
 3.7 Members’ Meetings; Quorum; Votes. The Executive Board, any one or more of the Initial Members or any Member holding twenty-five percent (25%) or more of the total issued and
outstanding Voting Power of all Investor Units or Common Units may call for a meeting of the Members from time to time by written notice to the Executive Board and the other Members; provided, however, that meetings of the Members will
not otherwise be required. The Members’ meetings will take place at such location as may be designated by the Executive Board or the Member entitled to and calling for such meeting. At any Members’ meeting, the Executive Board shall
appoint an individual to preside at the meeting and an individual to act as secretary of the meeting. The secretary of the meeting will prepare minutes of the meeting, which will be placed in the minute books of the Company. The Members may make use
of telephones and other electronic devices to hold meetings if each Member may simultaneously participate with the other Members with respect to all discussions and votes of the Members. The Members may act without a meeting if the action to be
taken is reduced to writing and approved and signed in advance by Members holding Units sufficient under the provisions of this Agreement and the Act to authorize or take such action at a meeting of the Members, provided that reasonable prior notice
of any such action to be taken will be sent to each Member. The presence in person or by proxy of Members holding a Majority in Interest of all Investor Units and Common Units will constitute a quorum. Unless otherwise provided herein or under
applicable law, each Member will be entitled to cast the number of votes represented by the Voting Power of each Investor Unit or Common Unit it, he or she holds as specified on Exhibit A hereto. Except as otherwise expressly required or
provided in this Agreement, the affirmative vote of a Majority in Interest of all Holders of Investor Units and Common Units will be the act of the Members. 
 3.8 Devotion of Time; Company Opportunities; Other Interests. 
 3.8.1
Devotion of Time. Except as set forth in Section 5.3, a Related Agreement or other written agreement between the Company and a Member, the Members (in their capacities as Members) are not obligated to devote all of their time or
business efforts to the affairs of the Company. 
 3.8.2 Company Opportunities. No Management Member may, without the
consent of the Executive Board, do any of the following: (i) own, acquire, operate, or participate in any way directly or indirectly in the ownership, acquisition or operation of any business or activity included within the Company Business
(collectively “Company Opportunities”); or (ii) act as a finder, agent or advisor for any other Person engaging or proposing to engage in Company Opportunities, other than through the Company. 

3.8.3 Company Projects. Subject to and not in limitation of Sections 3.8.2, 12.9, and 12.10, all Members agree
to (i) conduct and present all activities and endeavors that directly relate to and involve complimentary or similar activities or projects to any previously conducted, pending, previously approved or contemplated Company Project solely through
and to the Company; it being intended that the Company (and the Members through their ownership of the Company) shall be the sole beneficiary(ies) of any conduct of a Company Project. Notwithstanding the foregoing but in all events subject to their
compliance with Sections 12.9 and 12.10 of this Agreement, nothing contained in this Section 3.8.3 shall restrict Simon, Yucaipa or Katz from engaging in any business enterprise or activity which is or may be actually or
potentially competitive with the Company Business or any Company Opportunities as long as such enterprise or activities do not directly involve a Company Project (such as through marketing tie-ins to a Company Project). 

3.8.4 Other Interests. Subject to a Member’s compliance with Sections 3.8.2, 3.8.3, 12.9, and
12.10 of this Agreement and with the terms of any applicable Related Agreement, the Members are free to own interests in other businesses and undertakings and to pursue and engage other investments, activities and opportunities (collectively,
“Other Interests”) and: (i) no Member or any Affiliate of any Member will have any obligation to offer the Company or any other Member or their Affiliates any Other Interests or the right to participate therein;
(ii) neither the Company nor any Member or their Affiliates will have any rights in any Other Interests in which any other Member or their Affiliates engages outside of the Company by virtue of such Member’s relationship to the Company;
(iii) no Member or any of their Affiliates will be required to disclose to the other Members or the Company the existence or nature of any such Other Interests; (iv) each Member and the Company hereby waives any conflict of interest
related to such Other Interests; and (v) the Company and each Member agrees that it will have no claim under fiduciary duty or similar principles to such Other Interests. 
 3.8.5 Officer and Employee Responsibilities. Nothing in this Section 3.8 as it relates to Members who are officers or employees of the Company will limit the obligations of such
officers and employees to the Company in their capacities as officers and/or employees or under any Related Agreements with the Company. 

  
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 3.9 No Cessation of Membership Upon Bankruptcy. A Person will not cease to be a
Member of the Company upon the happening, with respect to such Person, of any of the events specified in §18-304 of the Act. Upon the occurrence of any event specified in §18-304 of the Act, the business of the Company will be continued
pursuant to the terms hereof without dissolution. 
 3.10 Enforcement of Rights Against Member. Regardless of any
provision to the contrary, nothing in this Agreement will be construed to restrict or limit the ability of: (i) any Member to enforce any rights, arising from any contract or agreement, against the Company; or (ii) the Company to enforce
any rights arising from any contract or agreement against any Member. 
 3.11 Status of Yucaipa. For the sake of clarity,
Yucaipa is not admitted as a Member as of the Effective Date and, as of the Effective Date, is executing this document solely for the purposes of Sections 4.3 and 4.4.3. 

ARTICLE 4 

CLASSES OF UNITS; CAPITAL CONTRIBUTIONS; PREEMPTIVE RIGHTS 
 4.1 Classes of Units. 
 4.1.1 Investor Units. 

(a) Issuances. In respect of its Initial Capital Contribution, each of the Initial Members will be issued as of the Effective Date
and own the number of Investor Units of the Company set forth opposite its or his respective name on Exhibit A. 
 (b)
Rights. Holders of Investor Units are entitled to participate in Distributions as provided in Section 7.1 and Section 11.4 and to all other voting, distribution and participation rights permitted under this Agreement.
The Investor Units are entitled to exercise the Voting Power associated with such Investor Units on any matter with respect to which Holders of Investor Units are entitled to vote. 

4.1.2 Common Units. 
 (a) Issuances. In respect of their establishment of the Company and their contributions of property to the Company made prior to and as of the Effective Date (the “Pre-Effective-Date
Contributions”), the value of which is set forth in Exhibit B, each of Beckman and Katz will be issued as of the Effective Date and own the number of Common Units of the Company set forth opposite his respective name on Exhibit
A. 
 (b) Rights. Holders of Common Units are entitled to participate in Distributions as provided in
Section 7.1 and Section 11.4 and to all other voting, distribution and participation rights permitted under this Agreement. Each Common Unit is entitled to exercise one (1) vote on any matter with respect to which
Holders of Common Units are entitled to vote. 
 4.1.3 Class E Units. 

(a) Grants. At the Effective Date, the total number of authorized Class E Units shall equal 111,112 Units. Class E Units may be
granted to such Persons, at such times, in such amounts and subject to such Threshold Events all as the Executive Board may determine. As of the Effective Date, no grants of Class E Units has previously occurred and no Class E Units are outstanding.

 (b) Rights. Holders of Class E Units will be entitled to participate in Distributions only after the occurrence of any
applicable Threshold Events established by the Executive Board. Class E Units shall have no voting, management or other participation rights and the Holders thereof shall not be entitled to receive any notice or otherwise exercise any rights of a
Member under the Act; it being intended that Holders of Class E Units shall be solely entitled to participate in Distributions after the occurrence of any applicable Threshold Events applicable thereto upon the terms thereof and hereof and shall
upon receipt of any such Class E Units and further do hereby waive any and all such rights provided under the Act, at law, in equity or otherwise as may be implied or construed under this Agreement. 

(c) Repurchase and Redemption. Class E Units shall be subject to vesting, forfeiture, repurchase, redemption or other restrictions
all as shall be provided under and in accordance with the applicable Related Agreement governing the grant of such Class E Units to a Holder. 
 4.1.4 Reallocation of Class E Units. Upon any repurchase, redemption, forfeiture or failure of vesting of any Class E Units by the Company pursuant to the terms thereof or of any applicable Related
Agreement, such Class E Units will immediately become available for the Executive Board to grant and shall be so granted at such times and in such amounts as the Executive Board determines. 

  
 11 

 4.2 Capital Accounts. A separate Capital Account will be established and maintained
for each Member (and, as applicable, Holder) in accordance with Exhibit C. No Member or Holder will be personally liable for or be required to restore any deficit Capital Account balance. 

4.3 Initial Contributions. 
 4.3.1 Each Member will, upon execution of this Agreement, initially contribute to the Company the amount in cash set forth on Exhibit B as its “Initial Capital Contribution.” Such
contribution shall be made by wire transfer of immediately available funds to the account specified in writing by Beckman (the “Wire Account”). 
 4.3.2 
 (a) Not more than forty-five (45) days following the
Effective Date or, if such day is not a Business Day, the next Business Day, or such earlier date as Simon may specify by written notice to the other Initial Members (the “Second Capital Contribution Deadline”), each respective
Member shall make an additional capital contribution (the “Second Capital Contribution”), by wire transfer of immediately available funds to the Wire Account (or such other account as the Company may reasonably request), in the
amount so designated as such Member’s “Second Capital Contribution” on Exhibit B, provided that such Second Capital Contribution when combined with the Initial Capital Contribution for any Member shall not exceed the Maximum
Member Funding Amount for such Member. Notwithstanding the foregoing, Simon may consider (taking into account the Executive Board’s provision of any explanation of the reasons why additional funds are required by the Company) and determine
whether or not to make its Second Capital Contribution, and may decline to make its Second Capital Contribution, in which event Yucaipa shall be responsible for and shall make the Second Capital Contribution otherwise required to be made by Simon,
all in conformity with the preceding sentence of this paragraph. Should Yucaipa make such Second Capital Contribution, Yucaipa shall be admitted as an Initial Member (including, for the sake of clarity, as a Member) and all other parties hereto
hereby consent to such admission. 
 (b) Not more than one hundred twenty (120) days following the Effective
Date or, if such day is not a Business Day, the next Business Day (the “Third Capital Contribution Deadline”), each respective Member shall make an additional capital contribution (the “Third Capital Contribution”),
by wire transfer of immediately available funds to the Wire Account (or such other account as the Company may reasonably request), in the amount so designated as such Member’s “Third Capital Contribution” on Exhibit B, provided
that such Third Capital Contribution when combined with the Initial Capital Contribution and Second Capital Contribution for any Member shall not exceed the Maximum Member Funding Amount for such Member. Notwithstanding the foregoing, Simon may
consider (taking into account the Executive Board’s provision of any explanation of the reasons why additional funds are required by the Company) and determine whether or not to make its Third Capital Contribution (for the sake of clarity, such
determination may be made whether or not Simon participated, in whole or in part, in the Second Capital Contribution), and may decline to make its Third Capital Contribution, in which event Yucaipa shall be responsible for and shall make the Third
Capital Contribution otherwise required to be made by Simon, all in conformity with the preceding sentence of this paragraph. Should Yucaipa make such Third Capital Contribution and not have already been admitted as an Initial Member, Yucaipa shall
be admitted as an Initial Member (including, for the sake of clarity, as a Member) and all other parties hereto hereby consent to such admission. 
 4.3.3 By executing this Agreement, each of Beckman and Katz irrevocably and unconditionally commits and agrees to timely make its or his respective Second Capital Contribution and Third Capital
Contribution, subject to its or his respective Maximum Member Funding Amount, to the Company as required hereunder which failure to timely satisfy same shall constitute such Member’s material breach of this Agreement. By executing this
Agreement, Yucaipa agrees, and each other Member acknowledges and accepts, that if Simon does not make any or all of its respective Second Capital Contribution or Third Capital Contribution to the Company, subject to Simon’s Maximum Member
Funding Amount, then Yucaipa shall be required to make the amount of such contribution that Simon has not made in the stead of Simon, subject to the same rights and penalties as set forth herein. In such event, Exhibit A will be adjusted to reflect
the reduction of Simon’s Investor Units and the 

  
 12 

 
increase of Yucaipa’s Investor Units proportional to the amount of Simon’s declined funding (notwithstanding any provision of this Agreement to the contrary including Article 9
hereof); provided, however, that the Voting Power of Yucaipa and Simon will be adjusted such that the net voting power of the Y-S Investors shall remain constant but the relative Voting Power between Yucaipa and Simon will be proportionate with
their adjusted Investor Units, and provided, further, that no adjustment pursuant to this Section 4.3.3 shall result in Simon possessing less Voting Power than the lesser of (a) the net Voting Power possessed by the Y-S Investors, and
(b) the Voting Power of 510,000 Investor Units. 
 4.3.4 Without limiting the other remedies set forth in
Section 4.4.5 below, any Second Capital Contribution or Third Capital Contribution not made prior to the Second Capital Contribution Deadline or Third Capital Contribution Deadline, respectively, will accrue interest at the rate of one
percent (1%) per month for the period commencing on the day after the Second Capital Contribution Deadline or Third Capital Contribution Deadline, respectively, and continuing until the day such Second Capital Contribution or Third Capital
Contribution, as applicable, is received by the Company from the applicable Member; provided, however, that such interest payments will not be deemed Capital Contributions. 

4.4 Additional Capital Contributions. 
 4.4.1 No Obligation. Except as set forth in Sections 4.3 or 4.4 no Member or Affiliate of a Member will be required to make a capital contribution, loan or advance to the Company or
guaranty or make any other financial commitment with respect to any debt or other obligation of the Company, including to fund operations of the Company or meet any tax liabilities of the Members (including tax liabilities arising from phantom
income). 
 4.4.2 Required / Mandatory Capital Contributions. No Member shall be required to contribute cash or make any
Capital Contribution to the Company beyond such Member’s Maximum Member Funding Amount and Pre-Effective-Date Contribution; provided, that upon request of the Executive Board, each Member may be requested, but shall not be required, to make an
additional capital contribution to the Company. Should any Member, in its own sole discretion and volition, agree in writing to make an additional capital contribution to the Company above and beyond such Member’s respective Maximum Member
Funding Amount and Pre-Effective-Date Contribution, such Member shall be obligated to contribute such amount (a “Required Capital Contribution”) at such time and upon such terms and conditions as is agreed to in writing (a
“Contribution Agreement”) by such Member. The Initial Capital Contribution, the Second Capital Contribution (other than solely with respect to Simon as permitted and provided under Sections 4.3.2, 4.3.3 and
4.3.4). the Third Capital Contribution (other than solely with respect to Simon as permitted and provided under Sections 4.3.2, 4.3.3 and 4.3.4), and each applicable Required Capital Contribution (if any Required Capital
Contribution is so agreed and required hereunder) are individually and respectively referred to as a “Mandatory Capital Contribution” and collectively referred to as the “Mandatory Capital Contributions” for
purposes of this Agreement. Each Contribution Agreement shall specify: (i) the specific amount of the Required Capital Contribution, (ii) the date upon which such Required Capital Contributions are required to be made to the Company, which
may be no less than fifteen (15) Business Days after the date of the Company’s delivery of written notice to the contributing Member for same (a “Capital Call Notice”); (iii) the purpose of the Required Capital
Contributions (including a description of the assets to be acquired and copies of any documents or agreements); (iv) the identity and routing requirement of the depository financial institution accounts of the Company into which cash capital is
to be deposited; and (v) such other matters as the Executive Board determines necessary or desirable. Each Member subject to a Contribution Agreement will, not later than the date specified in the Capital Call Notice, contribute or procure the
payment of cash to the Company by wire transfer of immediately available funds, to the bank account of the Company specified in the applicable Capital Call Notice, in an amount equal to the Required Capital Contribution required to be funded by such
Member pursuant to the applicable Capital Call Notice. Without limiting the other remedies set forth in Section 4.4.5 below, any Required Capital Contribution not made by such date will accrue interest at the rate of one percent
(1%) per month for the period commencing on the date such payment was due until the day such payment is paid by the applicable Member; provided, however, that such interest payments will not be deemed Capital Contributions. Each
Required Capital Contribution and each capital contribution made by a Default Funding Member pursuant to Section 4.4.5 are referred to herein as “Additional Capital Contributions.” 

4.4.3 Yucaipa Loan. From and after the Effective Date, at the request of Beckman, Yucaipa shall make or cause
an Affiliate (Yucaipa or such Affiliate, as applicable, the “Lender”) to make available to the Company a revolving loan facility (the “Yucaipa Loan”) in an aggregate principal amount not to exceed Six Million
Dollars ($6,000,000). Such Yucaipa Loan shall (i) bear interest at the rate of eight percent (8%) per annum payable in cash quarterly (in arrears) throughout its term, (ii) not require periodic payments of principal prior to the
maturity, default or termination of the Yucaipa Loan, (iii) have a maturity date and be due in payable in full (including all remaining accrued and unpaid interest and all outstanding principal) on the third (3rd) anniversary of the Effective Date, provided that, in the event
the Company is in substantial compliance with the then current and applicable 

  
 13 

 
Business Plan and Budget as of the date which is ninety (90) days prior to such maturity date, such maturity date and payment may, at Beckman’s request, be extended until the fourth
(4th) anniversary of the Effective Date,
(iv) permit pre-payment in whole or in part without penalty or additional fees, (v) shall be secured by a first priority lien against the Company’s assets and (vi) be evidenced by such security agreements and other loan
documentation (which shall include the lender’s right to accelerate maturity upon the Company’s default thereunder) all as shall be mutually and reasonably agreed (and as shall be consistent with terms and conditions set forth herein and
as is customary for arm’s length lending industry practice) between the Company’s Executive Board (with those Executive Board Members appointed by the Y-S Investors having no vote on such matter) and the Lender. The Company shall not be
obligated to implement the Yucaipa Loan and upon implementation thereof, shall not be obligated to draw upon the Yucaipa Loan or borrow from the Lender thereunder. The Company shall additionally have the right to seek and obtain debt financing from
third Persons other than Yucaipa or any Affiliate of Yucaipa which financing shall be upon such terms and conditions as the Executive Board including, for the avoidance of doubt, any Executive Board members appointed by the Y-S Investors reasonably
determines. Without limiting the generality of the foregoing, in connection with seeking any debt financing for the Company the Executive Board will endeavor to seek financing that is most favorable to the Company. 

4.4.4 Other Company Loans. Except as provided under Section 4.4.3, no Member, as such, will be required to lend any funds to
the Company. Any Member or Affiliate of a Member may, subject to the provisions of this Section 4.4.4, Section 5.2.6 and any other senior loan, credit or financing agreement of the Company, lend or advance money to the
Company or a subsidiary, make loans to the Company or a subsidiary (“Company Loans”) or guaranty any loans made to the Company or a subsidiary, and any such Company Loan or guaranty by a Member or an Affiliate of a Member will not
be considered to be a Capital Contribution. 
 4.4.5 Mandatory Capital Contribution Defaults. If any Member fails to
timely make all or a portion of any Mandatory Capital Contribution to the Company, whether directly, or in the case of a Second Capital Contribution by Simon or a Third Capital Contribution by Simon, both directly by Simon and indirectly by Yucaipa
(a “Funding Default”), such Member will be in default under this Agreement (a “Defaulting Member”). In such event, the Executive Board will send the Defaulting Member written notice of such Funding Default, giving
the Defaulting Member two (2) Business Days from the date such notice is given to contribute the entire remaining amount of such Defaulting Member’s Mandatory Capital Contribution (the “Default Amount”). If the Defaulting
Member does not contribute the Default Amount within such two (2) Business Day period, the Executive Board may, by Majority Vote of the Board Members other than the Board Member(s) (if any) designated by such Defaulting Member (as so applicable
the “Designated Executive Board”), take any, all or any combination of the following actions: 
 (a) Request
that the non-defaulting Members contribute the Default Amount as Additional Capital Contributions. Any such non-defaulting Member desiring to contribute all or a portion of the Defaulting Amount will notify the Executive Board of the amount it
desires to contribute within five (5) Business Days following receipt of such request (such contributing Member a “Default Funding Member”). The Default Funding Members will be entitled to contribute all or a portion of the
Default Amount equal to: (i) initially, that percentage of the Default Amount equal to a fraction (x) the numerator of which is such Default Funding Member’s Percentage Interest and (y) the denominator of which is the sum of all
of the Default Funding Members’ Percentage Interests (“Funding Share”); and (ii) if not all of the other Default Funding Members elect to purchase their full Funding Share of the Default Amount, then each desiring Default
Funding Member may contribute successive amounts equal to its Funding Share of the unsubscribed portion of the Default Amount until the entire Default Amount has been allotted. The Default Funding Members may be entitled to receive, as consideration
for such Additional Capital Contributions, their pro rata share of the Defaulting Member’s Forfeited Units and Penalty Units, in accordance with the terms of Sections 4.4.5(c) and (d); 

(b) Obtain funding of all or a part of the Default Amount from new investors in the Company (“New Funding Members”). A
New Funding Member, upon receipt by the Company of its Capital Contribution and its agreement to be bound by the terms of this Agreement and execution of such other documents as the Designated Executive Board may reasonably require, will be admitted
to the Company as a Member and receive its purchased share of the Defaulting Member’s Forfeited Units, in accordance with the terms of Section 4.4.5(c) and (d); 

(c) Require the forfeiture by the Defaulting Member of that number of the Defaulting Member’s Investor Units necessary to ensure
that following any capital contributions by Default Funding Members and New Funding Members pursuant to Sections 4.4.5(a) and (b) (and the reallocation of such Units pursuant to the last sentence hereof), each Member (including
New Funding Members and the Defaulting Member) will own that number of Investor Units as is equal to (x) such Members’ total Capital Contributions for Investor Units, divided by (y) the total Capital Contributions for Investor Units
of all Members, multiplied by (z) the total 

  
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outstanding Investor Units. The resulting number of Units which such Defaulting Member is required to forfeit are the “Forfeited Units.” The Forfeited Units will be reallocated
among the Default Funding Members and New Funding Members in proportion to their funding of the Default Amount; 
 (d) Require
the additional forfeiture by the Defaulting Member of the number of Investor Units equal to twenty-five percent (25%) of the number of such Defaulting Member’s Forfeited Units (the “Penalty Units”) as a penalty for such
Funding Default. The Penalty Units will be reallocated either (x) pro rata among the Default Funding Members, if any, in proportion to their funding of the Default Amount, (y) if there are no Default Funding Members, pro rata among the
Holders of Investor Units (other than the Defaulting Member) in accordance with their Percentage Interests, or if the holders of Investor Units who have not defaulted agree (z) pro rata among the New Funding Members in proportion to their
funding of the Default Amount. 
 (e) Request without obligation that the non-defaulting Members advance funds to the Company to
cover the Default Amount. Amounts, if any, which a non-defaulting Member advances on behalf of the Defaulting Member will become a loan due and owing from the Defaulting Member to such non-defaulting Member and will bear interest at the rate of
fifteen percent (15%) per annum, payable monthly. All cash Distributions otherwise distributable to the Defaulting Member under this Agreement will instead be paid to the non-defaulting Members making such advances until such advances and
interest thereon are paid in full; provided such Distributions shall be treated as having been made to the Defaulting Member and then paid by it to the Members making the advances for all purposes of this Agreement. In any event, any such advances
will be evidenced by a promissory note and be due and payable by the Defaulting Member one (1) year from the date that such advance was made. Any amounts repaid will first be applied to interest and thereafter to principal. Effective upon a
Member becoming a Defaulting Member, such Defaulting Member grants to the non-defaulting Members who advance funds under this Section 4.4.5(e) a security interest in such Defaulting Member’s Economic Interest to secure its
obligation to repay such advances and agrees to execute and deliver a promissory note as described herein together with a security agreement and such UCC-1 financing statements and assignments of certificates of membership (or other documents of
transfer) as such non-defaulting Members may reasonably request; 
 (f) Suspend the Defaulting Member’s right to receive
any Distributions from the Company until the Default Funding Members and New Funding Members have first received Distributions pursuant to Section 7.1 such that each Default Funding Member and New Funding Member has received the full
amount any Additional Capital Contributions made by such Default Funding Members and New Funding Members in respect of its funded portion of the Default Amount; 
 (g) Suspend the voting rights of any Board Member appointed by the Defaulting Member until such time as the Defaulting Member cures the Funding Default. 

(h) Require the Defaulting Member to pay all reasonable costs and expenses incurred by the Company and the Default Funding Members in
obtaining or arranging for the capital necessary to fund the Default Amount; and/or 
 (i) Pursue any and all other remedies at
law or in equity which may be available to the Company and the non-defaulting Members as a result of such Defaulting Member’s Funding Default. 
 Each Member acknowledges and agrees that the remedies described in this Section 4.4.5 bear a reasonable relationship to the damages which the Members estimate may be suffered by the Company
and the non-defaulting Members by reason of the failure of a Defaulting Member to make any Mandatory Capital Contribution, and the election of any or all of the above described remedies is not unreasonable under the circumstances existing as of the
date hereof. The election of the Executive Board or non-defaulting Members, as applicable, to pursue any remedy provided in this Section 4.4.5 shall not serve as a waiver or limitation of the right to pursue any other or additional or
different remedy available hereunder, whether at law or in equity, with respect to any default committed by the Defaulting Member hereunder. 
 4.5 Preemptive Rights. 
 4.5.1 Member Rights. Until a Qualified IPO,
if the Executive Board determines by Special Approval in accordance with Section 5.2.6 that additional capital is required by the Company, each Holder of Investor Units and/or Common Units will have a preemptive right (the
“Preemptive Right”) to purchase its applicable Participating Interest of any New Ownership Interest (as defined below) that the Company may, from time to time, propose to sell and issue after the Effective Date. The term
“New Ownership Interest” means: (i) any newly-issued 

  
 15 

 
Investor Units (other than pursuant to Section 4.4.5); (ii) any other newly-issued class of Units exchangeable or exercisable into Investor Units; or (iii) any Units having
rights, preferences or priority as to Distributions senior to or on parity with the Investor Units, other than (1) Class E Units authorized as of the Effective Date, (2) notes, debt or other instruments of indebtedness, (3) Units
issued by the Company in connection with the consummation of an acquisition , or (4) warrants or other rights issued to vendors or service providers by the Company in the ordinary course of business, which warrants or rights shall not exceed
ten percent (10%) of the total Units of the Company. 
 4.5.2 Procedures. Until a Qualified IPO, if the Company
proposes to issue any New Ownership Interest, the Company will give each Holder of Investor Units and/or Common Units prior written notice of such intention, describing the New Ownership Interest and the price, the terms and conditions upon which
the Company proposes to issue the New Ownership Interest. Each Holder of Investor Units and/or Common Units will have fifteen (15) Business Days from the giving of such notice to agree to purchase its applicable Participating Interest of the
New Ownership Interest for the price and upon the terms and conditions specified in the notice by giving written notice to the Company and stating therein the portion of the New Ownership Interest to be purchased. Notwithstanding the foregoing, the
Company will not be required to offer or sell such New Ownership Interest to any Member if: (i) such offer or sale would cause the Company to be in violation of applicable federal or state securities laws by virtue of such offer or sale; or
(ii) such Holder has previously suffered an uncured Funding Default. If not all of the Holders elect to purchase their Participating Interest of the New Ownership Interest, then the Company will promptly notify in writing the Holders who do so
elect and will offer such Holders the right to acquire such unsubscribed New Ownership Interest. Each such Holder of Investor Units and/or Common Units will have five (5) Business Days after receipt of such notice to notify the Company of its
election to purchase all or a portion of such unsubscribed New Ownership Interest (allocated based on the relative Participating Interests of such Holders, if necessary). The issuance of any New Ownership Interest by the Company and required payment
by the Holders exercising their Preemptive Right will occur no earlier than twenty (20) Business Days from the initial date of notice of such issuance by the Company. If the Holders fail to exercise in full the Preemptive Rights, the Company
will have one hundred and eighty (180) days thereafter to sell the New Ownership Interest in respect of which the Holder’s rights were not exercised, at a price and upon general terms and conditions materially no more favorable to the
purchasers thereof than specified in the Company’s notice to the Holders pursuant to this Section 4.5.2. If the Company has not sold such New Ownership Interest within one hundred eighty (180) days following the notice provided
pursuant to Section 4.5.2, the Company will not thereafter issue or sell any New Ownership Interest without first offering such securities to the Holders in the manner provided above. 

4.5.3 Waiver. A Member or Holder may, by written notice to the Company, waive its Preemptive Right to the extent so provided in
such notice. 
 4.6 Adjustment to Capital Accounts for Preemptive Right Contributions. If a Member exercises its
Preemptive Right pursuant to Section 4.5, the cash amount contributed by such Member in connection therewith as an Additional Capital Contribution will be credited to such Member’s Capital Account. 

4.7 Withdrawal of Capital Contributions. Except as otherwise expressly provided in this Agreement, no Member will be entitled to
demand or receive a return or repayment of any capital contributions or otherwise withdraw from the Company without the consent of all Members. Under circumstances requiring a return of any capital contributions, no Member will have the right to
receive property other than cash, except as may be specifically provided herein. 
 4.8 Redemptions. Except with respect
to the Class E Units (in accordance with their terms and the terms of any Related Agreement) or following a Funding Default and in accordance with the procedures set forth in Section 4.4.5, without the Special Approval, the Company will
not acquire, by purchase, redemption or otherwise, any Units of any class or type of any Member or Holder without offering to purchase, on the same terms and conditions, a proportionate share of the Units of such class or type of all other
applicable Members or Holders. Any Units so acquired by the Company will be deemed canceled. 
 4.9 Compensation. No
Member will receive any interest, salary, compensation, draw or reimbursement with respect to its capital contributions or its Capital Account. Members may receive compensation or reimbursement for services rendered or expenses incurred on behalf of
the Company pursuant to a policy established by Special Approval of the Executive Board or as may otherwise be authorized by Majority Vote of the disinterested Board Members. 
 4.10 Beckman Employment. Contemporaneously with the Members’ execution of this Agreement on the Effective Date, the Company and Richard Beckman shall execute the Beckman Employment Agreement.
Notwithstanding anything contained herein to the contrary, all Members and the Company hereby specifically acknowledge and approve the Beckman Employment Agreement and the terms thereof, including Beckman’s compensation and Beckman’s
services and covenants. 
 4.11 Independent Services. Notwithstanding anything contained in this Agreement to the
contrary, each of the Members and their Affiliates shall be entitled to charge and be paid for any arm’s length services, facilities, or resources provided by them in connection with any Company Project in each case which charges or payments
are in compliance with the applicable Business Plan and Budget for such Company Project as approved under Section 5.2.6 below 

  
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 ARTICLE 5 
 GOVERNANCE 
 5.1 Management Through the Executive Board. The management of
the Company is vested in an Executive Board (the “Executive Board”), which will have the power and authority to manage and direct the business and affairs of the Company under the terms and conditions of this Agreement. The Members
will appoint an Executive Board as provided in Section 5.2.1. Except as otherwise expressly provided in this Agreement, the Members will not participate in the control of the Company and will have no right, power or authority to act for
or on behalf of or otherwise bind, the Company. Except as expressly provided in this Agreement or required by any non-waiveable provisions of applicable law, Members will have no right to vote on or consent to any other matter, act, decision or
document involving the Company or its business. 
 5.2 Executive Board. 

5.2.1 Executive Board Composition. The Executive Board will be composed of five (5) members (each, a “Board
Member”), unless or until the size of such Executive Board is increased by the Executive Board by Special Approval in accordance with Section 5.2.6. Each Board Member will be a voting member. On the Effective Date three
(3) Board Members will each be designated by Simon (the “Investor Board Members”), and two (2) Board Members (the “Common Board Members”) will each be designated by a Majority Vote of the Members owning
Common Units. All Members acknowledge and agree that the initial Board Members shall consist of those individuals designated on Exhibit “D” attached hereto, each to serve as a Board Member until he resigns or is replaced in
accordance with the terms of this Agreement. The right to designate Board Members is not assignable by any Member or group of Members except in connection with a transfer or sale of such Member’s or Members’ Membership Interest in whole or
in part as permitted hereunder. 
 5.2.2 Board Member Term and Replacement. Each Board Member will serve on the Executive
Board until such time as he or she resigns, retires, dies or is removed in accordance with the terms of this Agreement. Upon the resignation, retirement, death or removal of any Investor Board Member (i) for so long as the Y-S Investors and
their Permitted Transferees hold, in the aggregate, 75% of the Investor Units they held immediately after the Third Capital Contribution Deadline, the Majority Vote of the Y-S Investors will designate a replacement Board Member (provided that
so long as Simon holds 75% of the Investor Units it held immediately after the Third Capital Contribution Deadline, Simon shall designate such replacement Board Member); and (ii) in all other cases, the Majority Vote of the Members owning
Investor Units will designate a replacement Board Member. Upon the resignation, retirement, death or removal of any Common Board Member, a Majority Vote of the Members owning Common Units will designate a replacement Board Member. Investor Board
Members may be removed and replaced with or without cause at any time by (x) so long as the Y-S Investors and their Permitted Transferees hold, in the aggregate, 75% of the Investor Units they held immediately after the Third Capital
Contribution Deadline, the Majority Vote of the Y-S Investors (provided that so long as Simon holds 75% of the Investor Units it held immediately after the Third Capital Contribution Deadline, Simon and only Simon may remove or replace with
or without cause the Investor Board Members), and (y) in all other cases, by a Majority Vote of the Members owning Investor Units. Common Board Members may be removed and replaced with or without cause at any time by Majority Vote of the
Members owning Common Units. 
 5.2.3 Executive Board Meetings; Emergency Meetings. Meetings of the Executive Board may be
called by any Board Member. All meetings will be held upon not less than five (5) days’ advance notice by mail or forty-eight (48) hours’ notice delivered personally or by telephone or facsimile (with confirmation of delivery) or
email (with appropriate answer-back or confirmation) to each Board Member. Notwithstanding the foregoing, a Board Member may call an emergency meeting of the Executive Board upon twenty-four (24) hours’ notice delivered personally or by
telephone or facsimile (with confirmation of delivery) if such Board Member believes in good-faith that such meeting is necessary to preserve a Company right or to avoid a Company liability or adverse consequence to the Company. A notice must
specify the purpose of any meeting (which waiver or consent may be made by email). Notice of a meeting need not be given to any Board Member who signs a waiver of notice or a consent to holding the meeting or an approval of the minutes thereof,
whether before or after the meeting, or 

  
 17 

 
who attends the meeting without protesting the lack of notice to such Board Member (prior to its commencement). All such waivers, consents and approvals will be filed with the Company records or
made a part of the minutes of the meeting. Meetings of the Executive Board may be held at any place as may be approved by the Executive Board. The presence of a majority of all Board Members will constitute a quorum and will be required for any
meeting of the Executive Board. If a quorum is not present at any meeting of the Executive Board, the Board Members present may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present.
The Executive Board shall act through affirmative vote of a majority by number of all then serving Board Members. Board Members may participate in a meeting through use of conference telephone or similar communications equipment, so long as all
Board Members participating in such meeting can hear one another. Participation in a meeting in such manner constitutes a presence in person at such meeting. 
 5.2.4 Executive Board Written Consent. Any action required or permitted to be taken at any meeting of the Executive Board may be taken without a meeting and without a vote, if a consent or consents
in writing, setting forth the action so taken, is signed: (i) if at least three (3) Business Days’ prior notice of the effectiveness of the action has been given to each Board Member in the manner specified in
Section 5.2.3 (other than a Board member who has waived notice in the manner specified in Section 5.2.3), by Board Members having not less than the minimum number of votes that would be necessary to authorize or take such
action at a meeting at which all Board Members entitled to vote thereon were present and voted; or (ii) if less than three Business Days’ prior notice of the effectiveness of the action has been given to any Board Member (other than a
Board Member who has waived notice in the manner specified in Section 5.2.3), by all Board Members. 
 5.2.5 Scope
of Responsibility. The Executive Board will have full, exclusive and complete control and responsibility for the Company’s business activities. Except as otherwise set forth herein, the Executive Board may establish committees as it sees
fit and delegate to such committees or to any officers such power and authority as the Executive Board determines is appropriate. Any committee or officer acting within the scope of its delegated authority will have the power and authority of the
Executive Board; provided, however, that no committee may decide a matter or take an action that requires (unless such delegated authority provides otherwise) Special Approval. 

5.2.6 Special Approval. None of the following actions, decisions or activities (to the extent the same are otherwise capable of
being undertaken) will be undertaken for, in the name or on behalf of the Company by any Members, by the Executive Board or any committee thereof or by any officers or representatives of the Company (and none of the following shall be binding upon
the Company) without the same having received affirmative written Special Approval: 
 (a) Any action that authorizes, creates
or issues any Units or New Ownership Interests in the Company or its Subsidiaries, including pursuant to any initial public offering (it being understood that while the Executive Board will endeavor to seek financing that is on terms most favorable
to the Company and its Subsidiaries, for the avoidance of doubt, no Member or Board Member exercising its or his respective Special Approval rights shall be required to approve any financing, including one that it or he in good faith believes to be
disadvantageous to the holders of Investor Units or Common Units); 
 (b) Any action that reclassifies any outstanding Units in
the Company into Units having rights, preferences, or priority as to Distributions senior to or on a parity with the rights, preferences or priority of the Investor Units or Common Units; 

(c) Causing the Company to undertake or engage in any line of business or business activities other than the Company Business or to
establish any subsidiary of the Company; 
 (d) Requiring any Member to make a capital contribution other than as provided under
Sections 4.3, 4.4 or 4.5 of this Agreement: 
 (e) Increasing or decreasing the authorized number of Units
of the Company or otherwise causing or allowing the Company or any of its Affiliates or Subsidiaries to issue any Units or ownership interests to any new investor or owner other than any such issuance of the authorized Class E Units or as provided
under Sections 4.4.5 or 4.5 of this Agreement; 
 (f) Entering into or committing to enter into any Change of
Control Transaction; 

  
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 (g) Directly or indirectly selling, transferring or otherwise disposing of all or
substantially all or any material portion of the Company’s or any of its Subsidiaries’ business or causing the Company or any of its Subsidiaries to engage in any joint venture, partnership, merger, consolidation or other similar
reorganization transaction; 
 (h) Liquidating or dissolving the Company or any of its Subsidiaries; 

(i) Increasing or decreasing the number of Board Members; 
 (j) Amending the Company’s Certificate of Formation or this Agreement; 
 (k)
Declaring or making any Distribution (other than Tax Distributions and as provided in Section 7.1 of this Agreement); 

(l) Approving or amending the Business Plan and Budget or incurring any financial obligation or commitment that varies by more than
fifteen (15%) percent (with respect to any line time or in the aggregate) from those contained or provided under the Business Plan and Budget 
 (m) Entering into or amending any transactions or agreements (other than the Beckman Employment Agreement or the Yucaipa Loan documents) between the Company or its Subsidiaries and any one or more of the
Members, Holders or their Affiliates; provided, that notwithstanding the foregoing, each of the Members and their Affiliates shall be entitled to charge and be paid for any arm’s length services, facilities, or resources provided by them in
connection with any Company Project in each case in compliance with the approved Business Plan and Budget for such Company Project; 
 (n) Making or taking any action that exposes any Member or Holder to any individual liability in its capacity as Member or Holder (beyond its ownership interest in the Company or its Affiliates and other
than with such Member’s or Holder’s prior written consent or under any Related Agreement) for the Company’s or any of its Subsidiaries’ conduct and/or obligations or subjects any such Member or Holder (other than with such
Member’s or Holder’s prior written consent or under any Related Agreement) to any restriction or prohibition with respect to its or his own individual and separate conduct; 

(o) The filing of any bankruptcy or similar petition or the implementation of any insolvency or creditor protection or similar measures
for, in the name or on behalf of the Company or any of its Affiliates; 
 (p) Making or changing any tax election for the
Company or its Affiliates; 
 (q) Confessing a judgment against the Company or any of its Affiliates or otherwise taking any
action which prevents the Company or its Affiliates from carrying on their ordinary and customary business operations. Take any position as a producer, agent, manager or booker in connection with any production (whether or not any investment is
made). 
 5.2.7 Compensation. A Board Member will not receive any fees for his or her services on the Executive Board. A
Board Member will be entitled to reimbursement on a monthly basis from the Company for all reasonable and properly documented out-of-pocket costs and expenses incurred by him or her in serving as a Board Member and attending (including travel and
overnight accommodations) or participating in any meetings of the Executive Board. The Company will purchase and maintain directors’ and officers’ insurance with such coverage amounts as determined by the Executive Board by Special
Approval. 
 5.3 Officers. The day-to-day management of the Company will be vested in such executive officers as
designated by the Executive Board from time to time, in each case and at all times under the supervision of the Executive Board. No executive officer of the Company may be removed without the prior written consent of the Executive Board. 

5.3.1 Delegation. The Executive Board may appoint, employ or otherwise contract with any Persons for the transaction of the
business of the Company or the performance of services for or on behalf of the Company, and the Executive Board may delegate to any such Persons such authority to act on behalf of the Company as the Executive Board may from time to time deem
appropriate. 
 5.3.2 Duties and Powers of Executive Officers. Except as otherwise set forth herein, the executive
officers will be responsible for the general and active day-to-day management of the business of the Company and will see that all orders and resolutions of the Executive Board are carried into effect. The executive officers will have

  
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the general powers and duties of management usually vested in the office chief executive officer and chief operating officer of a corporation, and will report to the Executive Board and have such
other powers and duties as may be prescribed by the Executive Board or this Agreement. The chief executive officer of the Company will serve as the primary liaison to the Executive Board and will keep the Executive Board informed as to the
Company’s status and endeavors including in particular its financial condition and results, but (subject to the Business Plan and Budget and general Executive Board oversight as well as any required Special Approvals) will be given appropriate
autonomy and latitude and have pervasive creative, operational, and discretionary decision making authority/responsibility/control for overseeing and determining the conduct of the Company’s activities including without limit those regarding
the selection, creation, substitution, presentation, production, forums and undertaking of or for the Company Projects, the selection, hiring, firing and use of employees or contractors, the selection, solicitation and arrangements with vendors,
suppliers and sponsors, the creation, development, acquisition or implementation of appropriate properties, websites, publications, content, licenses or other assets utilized by the Company, the undertaking of public or marketing communications,
announcements or activities, and the conduct of other similar strategic or operating activities for or on behalf of the Company. 

5.3.3 Appointment of Other Officers. The Executive Board may appoint officers at any time, and the officers may include a chairman,
a vice-chairman, a president, one or more vice presidents, a secretary, one or more assistant secretaries, a chief financial officer, a treasurer, one or more assistant treasurers, and any other officers that the Executive Board deems appropriate.
The officers will serve at the pleasure of the Executive Board. Any individual may hold any number of offices, and an officer may, but need not, be a Member or Board Member of the Company. The officers will exercise such powers and perform such
duties as specified in this Agreement or as determined from time to time by the Executive Board. 
 5.3.4 Removal;
Resignation; Vacancy. Subject to this Agreement, any officer may be removed, either with or without cause, by the Executive Board, provided that any removal of Beckman prior to the second anniversary of the Effective Date shall require
Special Approval (disregarding any vote by Beckman) and any removal of Beckman subsequent to such date shall require a Majority Vote of the Executive Board. Such a termination shall be without prejudice to any rights or remedies available to Beckman
pursuant to the Beckman Employment Agreement. Any officer may resign at any time by giving written notice to the Executive Board. Any resignation will take effect at the date of the receipt of that notice or at any later time specified in that
notice, and, unless otherwise specified in that notice, the acceptance of the resignation will not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Company under any contract to which the officer
is a party. A vacancy in any office because of death, resignation, removal, disqualification or any other cause will be filled in the manner prescribed in this Agreement for regular appointments to that office. 

5.4 Reliance. In exercising their authority and performing their duties under this Agreement, the Board Members and officers of the
Company will be entitled to rely on information, opinions, reports or statements (including information, opinions, reports or statements as to the value and amount of assets, liabilities, profits or losses or any other facts pertinent to the
existence and amount of assets from which Distributions might properly be paid) of: (i) one or more officers, employees or other agents of the Company or in subordinates whom the officer reasonably believes to be reliable and competent in the
matters presented; and (ii) any attorney, public accountant or other Person as to matters which the officer reasonably believes to be within such Person’s professional or expert competence, unless such Board Member or officer have actual
knowledge concerning the matter in question that would cause such reliance to be unwarranted. 
 5.5 Unanimous Consent of
Members. Notwithstanding anything to the contrary in this Agreement, the Company may take any action contemplated under this Agreement if approved by the unanimous written consent of the Members holding all Investor Units and all Common Units.

 ARTICLE 6 
 BUSINESS PLAN AND BUDGET 
 The initial five (5) year Business Plan and Budget is attached as
Exhibit E and is hereby approved by all Members. Sixty (60) days prior to the commencement of calendar year 2014 and each subsequent calendar year thereafter, the Common Board Members shall develop and provide to the entire Executive
Board, for its consideration and approval, an updated annual business plan and budget for the upcoming calendar year . Each Board Member shall provide any comments to such proposed annual business plan and budget to all other Board Members as soon
as practicable but not later than twenty (20) days after receipt thereof from the Common Board Members. Upon timely submission of all comments, the Executive Board shall meet for purposes of reviewing, finalizing and approving such submitted
annual business plan and budget including incorporating therein any related comments deemed appropriate or desirable. Upon the Special Approval of any such annual business plan and budget, the same shall be deemed to constitute the “Business
Plan and Budget” for such applicable calendar year for all purposes of this Agreement. The Common Board Members may delegate the preparation of any proposed annual business 

  
 20 

 
plan and budget to any officer or officers of the Company; provided, that the same procedures shall be followed with respect to the comment, consideration and approval of such annual business
plan and budget. Upon failure of the Executive Board to reach agreement and Special Approval of any submitted business plan and budget, the Business Plan and Budget for the immediately preceding year shall continue and remain in effect until such
time as a new Business Plan and Budget it appropriately approved and implemented hereunder. In addition, from time to time, the chief executive officer of the Company may submit changes, variances, additions or other modifications or updates to the
then current Business Plan and Budget to the Executive Board for its consideration and approval. Each Board Member shall provide any comments to any such proposal to the Company’s chief executive officer and all other Board Members as soon as
practicable but not later than twenty (20) days after receipt thereof. Upon timely submission of all comments, the Executive Board shall meet with the Company’s chief executive officer for purposes of reviewing, finalizing and approving or
disapproving any such submitted proposals including incorporating therein any related comments deemed appropriate or desirable. Upon approval of any such proposal, or Special Approval if required by Section 5.2.6, the same shall be
deemed incorporated within and to constitute a part of the “Business Plan and Budget” for such applicable calendar year for all purposes of this Agreement. 
 Each annual business plan and budget proposed for consideration and implementation as the approved Business Plan and Budget hereunder will contain, among other things: (i) planned commitments for
such applicable period of the annual Business Plan and Budget (the “Budget Period”), and all such commitments that will extend into subsequent Budget Periods; (ii) planned capital expenditures for the Budget Period and all such
and capital expenditures that will extend into subsequent Budget Periods; (iii) profit and loss, balance sheet and cash flow projections (including EBITDA projections) throughout and for such Budget Period; (iv) borrowings planned during
such Budget Period; (v) projected financial requirements and results of activities, if any, to be undertaken by the Company during such Budget Period; (vi) detailed revenue and operating expense items for each planned Company Project
pending or occurring during such Budget Period; and (vii) any other material information relating to the operating and capital budgets of the Company for such Budget Period as may be reasonably anticipated or requested by a Board Member
preparing or reviewing same. 
 ARTICLE 7 
 DISTRIBUTIONS, TAX MATTERS, AND ALLOCATIONS 
 7.1 Distributions. Subject to
Section 7.2 below, Available Operating Cash and Available Transaction Cash will be distributed to the Members and applicable Holders at such times as the Executive Board determines by Special Approval in accordance with
Section 5.2.6 (it being intended that the Executive Board shall distribute all Available Transaction Cash for any period to the extent same is not otherwise required to be retained in order to meet the reasonably anticipated and expected
obligations of the Company) with each such distribution pursuant to a particular subsection of this Section 7.1 being a “Distribution” and the date of such Distribution a “Distribution Date”), as
follows: 
 7.1.1 First, (i) seventy five (75%) percent of Available Operating Cash and (ii) 100% of Available
Transaction Cash shall be distributed pro rata to each Holder of Investor Units in accordance with and proportionate to its or his respective Unrecovered Capital Balance to the extent necessary and until the Unrecovered Capital Balance of each such
Holder is reduced to zero; 
 7.1.2 Second, the remaining twenty-five (25%) percent of Available Operating Cash shall be
distributed to the Holders of the Investor Units, Common Units, and those Class E Units (for which Class E Units the applicable Threshold Events have been fully satisfied or occurred) all in accordance with and proportionate to their respective
Percentage Interests; provided that in the event the Company’s cumulative total EBITDA from founding through the applicable period in which the Distribution is being made is in excess of the base case projection for the cumulative EBITDA
applicable to such period as provided under the initial Business Plan and Budget, then such 25% of Available Operating Cash for such period otherwise distributable under this Section 7.1.2 shall instead be distributed under
Section 7.1.1 and thereafter under Sections 7.1.3, 7.1.4, and 7.1.5 all as hereafter provided; 

7.1.3 Third, all remaining Available Transaction Cash and seventy-five (75%) percent of all remaining Available Operating Cash not
otherwise distributed under Section 7.1.1 above shall go and be distributed to each Holder of Common Units in accordance with and proportionate to the Percentage Interests represented by the Common Units owned or held by such Holder
until and to the extent the total distributions received by all such Holders of Common Units under Sections 7.1.1, 7.1.2 and this 7.1.3 is equal to the product of (i) such Holders’ aggregate Percentage Interests represented
by all such Common Units multiplied by (ii) the cumulative and aggregate amount distributions of Available Operating Cash and Available Transaction Cash made by the Company to all Members and Holders under Sections 7.1.1, 7.1.2,
7.1.3 and 7.1.4 for all prior periods; 
 7.1.4 Fourth, for so long as any distributions are required to be made to
the Holders of Common Units under Section 7.1.3 above, the remaining twenty five (25%) percent of remaining Available Operating Cash not otherwise distributable under Section 7.1.3 shall go and be distributed to each
Holder of Investor Units in 

  
 21 

 
accordance with and proportionate to the Percentage Interests represented by the Investor Units owned or held by such Holder until and to the extent the total distributions received by all such
Holders of Investor Units under Sections 7.1.1, 7.1.2 and this 7.1.4 is equal to the product of (i) such Holders’ aggregate Percentage Interests represented by all such Investor Units multiplied by (ii) the cumulative
and aggregate amount distributions of Available Operating Cash and Available Transaction Cash made by the Company to all Members and Holders under Sections 7.1.1, 7.1.2, 7.1.3 and 7.1.4 for all prior periods; and

 7.1.5 Finally, all remaining Available Transaction Cash and Available Operating Cash not otherwise distributed as provided
under Sections 7.1.1, 7.1.2, 7.1.3 and 7.1.4 shall go and be distributed to the Holders of the Investor Units, Common Units, and those Class E Units (for which Class E Units the applicable Threshold Events have been fully
satisfied or occurred) all in accordance with and proportionate to their respective Percentage Interests. 
 7.2 Tax
Distributions. 
 7.2.1 Notwithstanding the provisions of Section 7.1, the Company will, to the extent it has
sufficient Available Operating Cash and Available Transaction Cash (as determined by the Executive Board, distribute to each Holder with respect to each Taxable Year of the Company an amount of cash equal to such Holder’s Tax Liability Amount
(a “Tax Distribution”). For this purpose, “Tax Liability Amount” for any given Taxable Year of the Company means an amount equal to (x) the Assumed Tax Rate multiplied by (1) the taxable income and gain allocated to
such Holder for such Taxable Year of the Company (as shown on the applicable Internal Revenue Service Form 1065 Schedule K-1 filed by the Company), excluding partner-level taxable income adjustments made under Code Section 743(b), minus
(2) the cumulative losses that have been allocated to such Holder to the extent such losses have not previously reduced taxable income and gain pursuant to this provision, minus (y) such Holder’s pro rata share of any creditable
foreign taxes imposed on and paid by the Company to a non-U.S. governmental authority. Distributions to a Holder pursuant to this Section 7.2 shall only be made to the extent that the distributions from the Company to such Holder for the
relevant Fiscal Year pursuant to Section 7.1 are less than such Holder’s Tax Liability Amount for such Fiscal Year. The Executive Board shall use its best, good faith efforts to distribute such tax distributions quarterly to the
Holders based on estimated amounts during the Fiscal Year. 
 7.2.2 If there is insufficient cash to distribute to each Holder
the amount set forth in Section 7.2.1, the Company will make Tax Distributions pursuant to this Section 7.2 to the Holders pro rata in proportion to the cash available. To the extent that the Company does not make Tax
Distributions because of insufficient cash, such Tax Distributions will be made when such cash becomes available and before any other Distribution is made. 
 7.2.3 Tax Distributions pursuant to this Section 7.2 are advances of Distributions that would otherwise be payable to a Holder. Accordingly, Tax Distributions will be taken into account in
computing subsequent Distributions (including liquidating distributions) to the Members so that, to the extent possible, each Member gets the same aggregate Distributions it would have received over the term of the Company had all Distributions been
made pursuant to Section 7.1 or Section 11.4, as applicable; provided, that to the extent any Tax Distributions reduce subsequent Distributions (including liquidating distributions), such reduction shall be treated as if it
had actually been distributed pursuant to Section 7.1 or Section 11.4, as applicable. 
 7.2.4 The
Company will not, nor will it permit any of its Affiliates to, enter into any agreements prohibiting Tax Distributions, other than any material financing arrangements that are approved by Special Approval of the Executive Board. 

7.3 Allocations of Net Income and Net Losses. All allocations of Net Income, Net Losses and any other items of income, gain, loss,
deductions and credit of the Company will be made in accordance with the provisions of Exhibit C. 
 7.4 Distributions
in Kind. The Company may, in the sole discretion of the Executive Board and subject to Section 5.2.6, make Distributions of Securities or other non-cash assets. The Executive Board will ensure that such Securities or other assets are
distributed in such a manner as to ensure that the fair market value is distributed in accordance with Section 7.1. 

7.5 Compliance With the Act. Notwithstanding anything in this Agreement to the contrary, no Distribution will be made pursuant to
this Agreement to the extent such Distribution is prohibited by the Act. 
 7.6 Liability for Amounts Distributed. The
Members agree that, except as otherwise expressly provided herein or required by applicable law, no Member will have an obligation to return money or other property paid or distributed to such Member, whether or not such distribution was in
violation of the Act. The agreement set forth in the immediately preceding sentence will be deemed to be a compromise for purposes of §18-502(b) of the Act. 

  
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 7.7 Tax Matters for the Company Handled by Tax Matters Member. The Tax Matters Member
is authorized and required to represent the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs by tax authorities, including administrative and judicial proceedings, and to expend Company funds
for professional services and costs associated therewith. The Tax Matters Member will have the authority and responsibility to arrange for the preparation and timely filing of the Company’s tax returns. 

7.8 Withholding. The Company will at all times be entitled to make payments with respect to any Member or Holder in amounts
required to discharge any obligation of the Company to withhold or make payments to any taxing authority or other governmental entity with respect to any Distribution, allocation of income or gain, or compensation paid or deemed paid to such Member
or Holder that arises as a result of such Member’s Membership Interest or such Member’s or Holder’s receipt of an interest in the Company. If the Company makes any payment to a taxing authority or other Governmental Entity in respect
of a Member or Holder hereunder that is not withheld from a concurrent Distribution to the Member or Holder, then the Member or Holder will reimburse the Company for the amount of such payment, plus interest, compounded annually, on such amount from
the date of such payment until such amount is repaid (or deducted from a Distribution) to the Company at the reference rate of the primary banking institution at which the Company maintains its primary bank account from time to time (and any such
payment will not constitute a capital contribution). The amount of a Member’s or Holder’s reimbursement obligation under this Section 7.8, to the extent not paid, will be deducted from the Distributions to such Member or
Holder; any amounts so deducted will constitute a repayment of such Member’s or Holder’s obligation hereunder. Any funds withheld from a Distribution by reason of this Section 7.8 will nonetheless be deemed distributed to the
Member or Holder in question for all purposes under this Agreement. Each Member’s or Holder’s reimbursement obligation under this Section 7.8 will continue after such Member or Holder Transfers all or any portion of its
Membership Interest or Units in the Company or after a withdrawal by such Member or Holder, in each case in accordance with the terms hereof. Each Member and Holder agrees to furnish the Company with any representations and forms as will reasonably
be requested by the Company to assist it in determining the extent of, and in fulfilling, any withholding obligations it may have. Each Member and Holder agrees to indemnify and hold harmless the Company and the other Members from and against any
liability with respect to taxes, interest or penalties which may be asserted by reason of the failure to deduct and withhold tax on amounts distributable or allocable to such Member or Holder or imposed in respect of compensation paid or deemed paid
to such Member or Holder. Any amount payable as indemnity hereunder by any Member or Holder will be paid promptly to the Company, and if not so paid, the Company will be entitled to retain any Distribution due to such Member or Holder for all such
amounts. 
 ARTICLE 8 
 EXCULPATION AND INDEMNIFICATION; OTHER MATTERS 
 8.1 Performance of Duties;
Liability of Members. Except as provided in this Agreement, the Members in their capacity as such will not be liable to the Company or to any other Member (in its capacity as such) for any loss or damage sustained by the Company or such other
Member, unless the loss or damage will have been the result of fraud, deceit, gross negligence, reckless or intentional misconduct or a knowing violation of law by such Member. The Board Members will perform their managerial duties in good faith, in
a manner they reasonably believe to be in the best interests of the Company and its Members, and with such care, including reasonable inquiry, as an ordinarily prudent person in a like position would use under similar circumstances. 

8.2 Exculpation and Indemnification. The Company will defend, indemnify and hold harmless any Person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action, suit or proceeding brought other than by or on behalf of the Company by reason of the fact that such Person is or was a Member, Board Member or officer of the Company
(such persons each a “Covered Person”) to the fullest extent permitted by applicable law in effect on the date hereof and to such greater extent as applicable law may hereafter from time to time permit; provided,
however, that any such Covered Person will not be entitled to indemnification hereunder if the loss or damage was the result of fraud, deceit, gross negligence, reckless or intentional misconduct or a knowing violation of law by such Covered
Person. The foregoing defense, indemnification and obligation to hold harmless will extend to (i) any cost, damage, disbursement, expense, liability, loss, deficiency, obligation, penalty or settlement of any kind or nature, whether foreseeable
or unforeseeable, including interest and penalties, in each case to the extent actually incurred or suffered, and (ii) reasonable legal, accounting and other professional fees and expenses incurred in the investigation, collection, prosecution
and defense of claims and amounts paid in settlement, in each case to the extent actually incurred, that may be imposed on or otherwise incurred or suffered by the specified Person as a result of such threatened, pending or completed action, suit or
proceeding which shall be paid by the Company when due (“Losses”); provided, however, that such Person may be required to repay such expenses if it is determined by a final judgment of a court of competent jurisdiction
that such Person is not entitled to be indemnified pursuant to this Section 8.2. 

  
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The Executive Board will be authorized, on behalf of the Company, to enter into indemnity agreements from time to time with any Person entitled to be indemnified by the Company hereunder, upon
such terms and conditions as the Executive Board deems appropriate in its business judgment. The indemnification rights set forth herein will be in addition to, and will not be exclusive of, any other rights to which such Person may be entitled by
contract or otherwise under applicable law. 
 8.3 Notice; Procedures. Promptly after receipt by a Covered Person of
notice of the commencement of any proceeding against such Covered Person, such Covered Person will, if a claim for indemnification in respect thereof is to be made against the Company, give written notice to the Executive Board of the commencement
of such proceeding, provided that the failure of a Covered Person to give notice as provided herein will not relieve the Company of its obligations under Section 8.2, except to the extent that the Company is materially prejudiced by such
failure to give notice. In case any such proceeding is brought against a Covered Person (other than a proceeding by or in the right of the Company), after the Company has acknowledged in writing its obligation to indemnify and hold harmless the
Covered Person, the Company will be entitled to assume the defense of such proceeding; provided, however, that: (i) the Covered Person will be entitled to participate in such proceeding and to retain its own counsel at its own
expense; and (ii) if the Covered Person will give notice to the Company that in its good faith judgment certain claims made against it in such proceeding could have a material adverse effect on the Covered Person, the Covered Person will have
the right to control (at the Company’s expense and with counsel reasonably satisfactory to the Company) the defense of such specific claims with respect to the Covered Person (but not with respect to the Company or any other Member);
provided, further, that if a Covered Person elects to control the defense of a specific claim with respect to such Covered Person, such Covered Person will not consent to the entry of a judgment or enter into a settlement without the
prior written consent of the Company, such consent not to be unreasonably withheld. Without the consent of such Covered Person, the Company will not consent to the entry of any judgment or enter into any settlement that does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such Covered Person of a release from all liability arising out of the proceeding and claims asserted therein. 

8.4 Insurance. The Company will have the power to purchase and maintain insurance on behalf of any Person who is or was a Covered
Person against any liability asserted against such Person and incurred by such Person in any such capacity, or arising out of such Person’s status as a Covered Person, whether or not the Company would have the power to indemnify such Person
against such liability under the provisions of Section 8.2 or under applicable law. The Company will obtain and maintain such insurance policies covering the Members, Board Members and officers of the Company as are, in the good faith
determination of the Executive Board, consistent with its exculpation and indemnification obligations set forth herein. The coverage amounts and other terms of each of the insurance policies will be determined and/or changed by the Executive Board
from time to time, provided that the Members, Board Members and officers of the Company will be listed as named insureds. 

  
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 ARTICLE 9 
 TRANSFERS 
 9.1 Transfers. 

9.1.1 Permitted Transfers. No Member or Holder may directly or indirectly sell, encumber, mortgage, hypothecate, assign, pledge,
transfer or otherwise dispose of (a “Transfer”) all or any portion of its Membership Interest, Economic Interest or Units except to Permitted Transferees or pursuant to Section 9.2; provided, however, that if any
Member is required by any Governmental Entity to Transfer all or any portion of its Membership Interest, Economic Interest or Units in the Company, such Member will be permitted to Transfer such Membership Interest, Economic Interest or Units only
to the extent required by such Governmental Entity. Any such Transfer will be made in accordance with Sections 9.2.1, 9.2.2 and 9.2.3, except to the extent that such compliance would result in the violation of any applicable
order of a Governmental Entity; provided that the provisions of Sections 9.2.1 and 9.2.2 shall not apply to the sale of interests offered and sold pursuant to a registration statement under the Securities Act. For avoidance of doubt,
any transfer, sale, exchange, or other disposition of any equity interest in an entity which holds Membership Interest, Economic Interest or Units to a Person who is not a Permitted Transferee of such transferor will be deemed a Transfer of such
Membership Interest, Economic Interest or Units other than to a Permitted Transferee, provided that transfers of equity interests in Simon by holders thereof other than Yucaipa or an Affiliate of Yucaipa shall not constitute a Transfer for
purposes of this Article 9 and provided, further that any transfer among Yucaipa and Affiliates of Yucaipa shall not constitute a Transfer for purposes of this Article 9. 

9.1.2 Certain Restrictions. 
 (a) Except as otherwise provided under Section 9.1.1 but notwithstanding any other provision to the contrary contained in this Agreement, Beckman may not make any Transfer of his Units for
four (4) years from the Effective Date except with the Special Approval of the Executive Board or the Members. 
 (b)
Notwithstanding anything to the contrary contained in this Agreement, no Member may Transfer any of its Units prior to the Third Capital Contribution Deadline. 
 (c) Notwithstanding anything to the contrary contained in this Agreement, the Executive Board may prohibit any proposed Transfer by a Member or Holder of its Units if (i) in the opinion of legal
counsel to the Company, such proposed Transfer would require the filing of a registration statement under the Securities Act by the Company or would otherwise violate any federal or state securities laws or regulations applicable to the Company,
(ii) in the opinion of legal counsel for the Company, it would result in the Company being treated as anything other than a partnership for United States federal income tax purposes; (iii) such proposed Transfer would cause the Company to
be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code and the regulations promulgated thereunder; or (iv) such proposed Transfer would result in the Company being regulated under the
Investment Company Act. 
 9.2 Right of First Refusal; Co-Sale Right; Drag Along Right. 

9.2.1 Right of First Refusal. 
 (a) Notice. Any Member or Holder of any Investor Units or Common Units (the “Transferring Member”) will be free to negotiate with any prospective transferee (the “Third-Party
Transferee”) to obtain an offer to purchase all or a portion of such Member’s or Holder’s Investor Units or Common Units (the “Offered Interest”). If a Transferring Member receives a bona fide offer on terms such
Transferring Member is willing to accept (an “Offer”), such Transferring Member will provide written notice (the “Transfer Notice”) to the Company and to the other Holders of Participating Units of the amount of the Offered
Interest, the identity of the Third-Party Transferee, the price offered, and any other material terms and conditions of the Offer (the “Offered Terms”). Each Holder of Participating Units will have the right (a “Right of First
Refusal”) for a period of twenty (20) Business Days from the date of the Transfer Notice to purchase that percentage of the Offered Interest equal to a fraction (x) the numerator of which is such Holder’s Percentage Interest of
Participating Units and (y) the denominator of which is the sum of all of the Holders’ Percentage Interests of Participating Units, excluding the Transferring Member (the “Pro Rata Share”). 

(b) Exercise. Each applicable Holder of Participating Units other than the Transferring Member will exercise its Right of First
Refusal (collectively, such exercising Members, the “Participating Members”) by 

  
 25 

 
delivery of written notice to the Transferring Member (within the time period set forth above) of a bona fide, offer to purchase all or a portion of such Holder’s Pro Rata Share of the
Offered Interest from the Transferring Member on terms which are the same as the Offered Terms (each such offer, a “Matching Offer”). 
 (c) Overallotment. If not all of the applicable Holders of Participating Units elect to purchase their full Pro Rata Share of the Offered Interest, then the Transferring Member will promptly notify
in writing the Participating Members and will offer such Participating Members the right to acquire such unsubscribed portion of the Offered Interest. Each Participating Member will have ten (10) Business Days after receipt of such notice to
notify the Transferring Member, with a copy to the Company, of its election to purchase all or a portion of such unsubscribed Offered Interest (with such Offered Interest to be allocated based on the relative Pro Rata Share of such Participating
Members, if necessary). 
 (d) Transfer to Members. If, after the procedures set forth in
Section 9.2.1(c) above, Matching Offers covering all but not less than all of the Offered Interest are timely made, the Transferring Member will promptly notify the applicable Holders of Participating Units of the final allocation of the
Offered Interest and will transfer the Offered Interest to the Participating Members in accordance with the Matching Offer and pursuant to the allocation determined pursuant to Sections 9.2.1(b) and (c). At the closing of the proposed
transfer (which date, place and time will be at the Company’s office at 9:00 a.m. New York time on the tenth
(10th) Business Day following the giving of the
notice described in the first sentence of this Section 9.2.1(d) unless otherwise mutually agreed by the Participating Members and the Transferring Member), the Transferring Member will deliver the Units and written instruments of
transfer in form satisfactory to the Participating Members, duly executed by such Transferring Member if applicable, free and clear of any liens, against delivery of the purchase price therefor. 

(e) Transfer to Third Party. If a Matching Offer for all of the Offered Interest is not timely made, the Transferring Member will
promptly notify the applicable Holders of Participating Units and will, subject to Section 9.2.2, Transfer the Offered Interest to the Third-Party Transferee on the Offered Terms within sixty (60) days following the termination of
the first refusal time period specified above. If the Transferring Member will not have consummated such transfer within such sixty (60) day period, the Transferring Member will promptly notify the applicable Holders, and any subsequent
proposed transfer of the Offered Interest will once again be subject to the terms of Sections 9.2.1 and 9.2.2. 

(f) Re-offer. The obligations of a Transferring Member and the Rights of First Refusal of the applicable Holders of the
Participating Units set forth in this Section 9.2.1 will apply to each Offer made in respect of any Offered Interest, including any amendment to a prior Offer for which a Transfer Notice has previously been delivered. 

9.2.2 Co-Sale Right. If a Transferring Member elects to transfer the Offered Interest to the Third-Party Transferee on the Offered
Terms in accordance with Section 9.2.1(e), each Holder of Units (including only Holders of E Units for which the applicable Threshold Events have been fully satisfied or occurred) will have the right (the “Co-Sale Right”),
exercisable upon written notice to the Transferring Member with a copy to the Company within ten (10) Business Days after the expiration of the Right of First Refusal, if applicable, to participate, based on its Participating Interest relative
to all Holders of such Units (including the Transferring Member), in such Transferring Member’s sale of the Offered Interest on the Offered Terms. To the extent that an applicable Holder of Units exercises such Co-Sale Right in accordance with
the terms and conditions set forth below, the Offered Interest which such Transferring Member may sell pursuant to such Offer will be correspondingly reduced, and such Transferring Member will in connection with the closing of such transfer remit to
each participating Holder that portion of the sale proceeds to which such Holder is entitled by reason of its participation in such sale, as determined in the reasonable judgment of the Executive Board; provided, however, that such
Holders of such Units will not be required to make representations, warranties or indemnifications other than with respect to title to its Units or Membership Interest, or to enter into non-competition or similar agreements. For avoidance of doubt,
a Holder of Units other than Investor Units or Common Units exercising its Co-Sale Right may not be entitled to the same proportion of the sale proceeds on a per Unit basis as a Holder of Investor Units or Common Units exercising its Co-Sale Right
and the allocation of the sale proceeds among all participating Holders, as determined in accordance with Section 13.17. 
 9.2.3 Drag-Along Right. 
 (a) Bona Fide Proposal. Notwithstanding
anything contained herein to the contrary, if at any time the Holders of all Investor Units (the “Principal Sellers”) unanimously approve a bona fide proposal (a “Sale Proposal”) from a Person for: (i) the sale or exchange,
directly or indirectly, of all of the Units of all Members and Holders; (ii) the merger of the Company with or into another Person in which all of the Members and 

  
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Holders will receive cash or Securities of any other Person for all of their Units; or (iii) the sale of all or substantially all of the direct and indirect assets of the Company (each, a
“Required Sale”), then the Company will (x) deliver a notice (a “Required Sale Notice”) with respect to such Sale Proposal to all Members and Holders of record stating that the Holders of all Investor Units and, if
applicable, the Executive Board, propose to effect the Required Sale and providing the terms of the Sale Proposal and the identity of the Persons involved in the Sale Proposal, (y) request that the proposed purchaser answer reasonable inquiries
of all Members regarding the Sale Proposal, and (z) cooperate with the proposed purchaser in connection with such Required Sale, including by providing reasonable access for the proposed purchaser to the Company’s books and records.

 (b) Member and Holder Cooperation. Each Member and Holder, upon receipt of a Required Sale Notice, will be obligated
(and such obligation will be enforceable by the Company and the other Members) to: (i) sell its Units and participate in the Required Sale contemplated by the Sale Proposal; (ii) vote their Units in favor of the Required Sale at any
meeting of Members called to vote on or approve the Required Sale and/or to consent in writing to the Required Sale; (iii) use its reasonable efforts to cause any Board Member designated by such Member to vote in favor of the Required Sale at
any meeting of the Executive Board called to vote on or approve the Required Sale and/or to consent in writing to the Required Sale (to the extent a vote and/or consent of the Executive Board has not previously been obtained in connection with such
Required Sale); (iv) waive all dissenters’ or appraisal rights in connection with the Required Sale; (v) enter into agreements of sale or merger agreements relating to the Required Sale (but not to enter into any non-competition or
similar agreement); (vi) make representations, warranties or indemnifications with respect to title to its Units or Membership Interest, but such Member or Holder shall not be required to make any other representations, warranties or
indemnifications; and (vii) otherwise take all reasonable actions necessary or desirable to cause the Company and the Members and Holders to consummate the Required Sale. 
 (c) Amended Proposal. Any such Sale Proposal, and the terms of any Required Sale, may be amended from time to time, and any such Required Sale Notice may be rescinded, upon the unanimous approval
of the Executive Board and (to the extent applicable) the unanimous approval of the Principal Sellers. The Company will give prompt written notice of any such amendment, modification or rescission to all of the Members and Holders. 

(d) Member Rights. The obligations of the Members and Holders to sell their Units in connection with a Required Sale pursuant to
this Section 9.2.3 are subject to the satisfaction of the following conditions: 
 (i) each of the Members and
Holders will receive the same proportion (on a pre-tax basis) of the aggregate consideration from such Required Sale that such Member would have received if such aggregate consideration had been distributed by the Company to the Members and Holders
in complete liquidation pursuant to Section 11.4 and (ii) any expenses incurred for the benefit of the Company or all Members and Holders, and any indemnities, holdbacks, escrows and similar items relating to the Required Sale, will
be paid or established by the Company. 
 9.3 Rights of Assignees. Until such time, if any, as a transferee of any
Transfer under Sections 9.1 or 9.2 is admitted to the Company as a substitute Member pursuant to Section 9.4, such transferee will be only a Holder of an Economic Interest; provided, however, that a Permitted
Transferee will automatically become a substitute Member. 
 9.4 Actions Following Transfers. The Company will not
recognize any Transfer of a Membership Interest, Economic Interest or Units unless all costs incurred by the Company to effect such Transfer have been paid by the transferor and there is filed with the Company a written and dated notification of
such Transfer, in form and substance satisfactory to the Company, executed and acknowledged by the transferor and the transferee and such notification: (i) contains the agreement by the transferee to be bound by all the terms and conditions of
this Agreement; and (ii) represents that such Transfer was made in accordance with all applicable securities laws and regulations. The transferee of all (or a part, as the case may be) of a Membership Interest, Economic Interest or Units and
who becomes a Member will succeed to all (or a pro rata portion, as the case may be) of the Capital Account of the transferor of such Membership Interest, Economic Interest or Units, including all adjustments made thereto, and will have all the
rights and powers and be subject to all the restrictions and liabilities of a Member under this Agreement holding the same class of Units. Admission of a transferee Member will become effective on the date such Person’s name is recorded on the
books and records of the Company. Upon the admission of a transferee Member: (1) the Executive Board will amend (which amendment shall not be subject to obtainment of any Special Approval) Exhibit A to reflect the name and address of,
and number and class of Units held by, such transferee Member and to eliminate or adjust, if necessary, the name, address and Units of the predecessor of such transferee Member; and (2) to the extent of the Transfer to such transferee Member,
the transferor Member will be relieved of its obligations under this Agreement. 

  
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 9.5 Effect on Distributions. Any Member or Holder who Transfers any Units in a
Transfer permitted pursuant to this Article 9 in which the transferee was admitted as a new Member will cease to be a Member with respect to the Units so transferred. All Distributions with respect to which the Distribution Date is before the
date of a Transfer in accordance with this Article 9 will be made to the transferor Member or Holder, and all Distributions with respect to which the Distribution Date is after the date of such Transfer will be made to the transferee Member
or Holder. 
 9.6 Unauthorized Transfers. Any purported Transfer by a Member or other Holder of a Membership Interest,
Economic Interest or Units that does not comply with Section 9.1 or Section 9.2 or is not recognized by the Company under Section 9.4 will be null and void, and the transferee under such purported Transfer will
acquire no title or ownership thereby but will hold such Economic Interest or Units for the benefit of the other Members or Holders. 
 9.7 Pledge of Interests. Subject to Section 9.1, notwithstanding anything in this Agreement to the contrary, a Member or Holder will be entitled to pledge its Membership Interest,
Economic Interest or Units as security for a loan or other financing, provided that: (i) the Member or Holder obtains the prior Special Approval of the Executive Board, such Special Approval not to be unreasonably withheld, conditioned or
delayed; (ii) the security interest is granted only to a bank or other financial institution chartered and insured by all applicable state and federal governmental entities; (iii) any right of foreclosure on such security interest by the
bank or other financial institution will be subject to the other Members’ right to cure any default with respect to such financing and purchase the Membership Interest in accordance with the Right of First Refusal pursuant to
Section 9.2.1; (iv) if the Members elect not to cure any default and purchase the Membership Interest, Economic Interest or Units following any default and the bank or financial institution forecloses on the Membership Interest,
Economic Interest or Units, the bank or financial institution will receive only an Economic Interest and will not be admitted to the Company as a Member; and (v) the holder of the pledged Membership Interest will not be entitled to exercise any
voting or other rights of a Member, other than the right to receive Distributions with respect to such pledged Membership Interest as set forth herein. 
 ARTICLE 10 
 [RESERVED] 

ARTICLE 11 

DISSOLUTION AND WINDING UP 
 11.1 Dissolution. The Company will be dissolved, its assets will be disposed of, and its affairs wound up upon the first to occur of the following (each a “Dissolution Event”):

 11.1.1 the entry of a decree of judicial dissolution pursuant to the Act; or 

11.1.2 the Special Approval of the Executive Board or the unanimous approval of all Members owning all Investor Units and Common Units.

 11.2 Certificate of Dissolution. As soon as possible following the occurrence of any of the events specified in
Section 11.1, the Executive Board will cause to be executed a Certificate of Dissolution in such form as will be prescribed by the Delaware Secretary of State and file the Certificate as required by the Act. 

11.3 Winding Up. Upon the occurrence of any event specified in Section 11.1, the Company will continue solely for the
purpose of winding up its affairs in an orderly manner, liquidating its assets, and satisfying the claims of its creditors. The Executive Board or a Person designated thereby will be responsible for overseeing the winding up and liquidation of the
Company, will take full account of the liabilities of the Company and its assets, will either cause its assets to be sold or distributed and if sold as promptly as is consistent with obtaining the fair market value thereof, will cause the proceeds
therefrom, to the extent sufficient therefor, to be applied and distributed as provided in Section 11.4. The Person(s) winding up the affairs of the Company will give written notice of the commencement of winding up by mail to all known
creditors and claimants whose addresses appear on the records of the Company. The Person(s) winding up the affairs of the Company will be entitled to reasonable compensation for such services. 

11.4 Payment of Liabilities and Liquidating Distributions upon Dissolution. After determining that all known debts and liabilities
of the Company in the process of winding up, including debts and liabilities to Members who are creditors of the Company (by virtue of having made Company Loans) and expenses of liquidation, have been paid or adequately provided for, the remaining
assets will be distributed to the Members in accordance with Section 7.1. 

  
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 11.5 Certificate of Cancellation. The Person(s) who filed the Certificate of
Dissolution will cause to be filed in the office of, and on a form prescribed by, the Delaware Secretary of State, a certificate of cancellation of the Certificate of Formation upon the completion of the winding up of the affairs of the Company.

 11.6 Rights of Members. Except as otherwise provided in this Agreement: (i) each Member will look solely to the
assets of the Company for the return of his, her or its investment; (ii) if the Company property remaining after the payment or discharge of the debts and liabilities of the Company is insufficient to return the investment of each Member, such
Members will have no recourse against other Members for indemnification, contribution or reimbursement; and (iii) subject to the distribution of all liquidation proceeds in the manner provided under Sections 11.4 and 7.1, no
Member will have priority over any other Member as to the return of its capital contributions, distributions, or allocations. 

ARTICLE 12 

ACCOUNTING, RECORDS, REPORTING BY MEMBERS 
 12.1 Deposits. All funds of the Company will be deposited from time to time to the credit of the Company in such banks or other depositories as the Executive Board may select. 

12.2 Checks, Drafts, etc. All checks, drafts or other orders for the payment of money, and all notes or other evidences of
indebtedness issued in the name of the Company will be signed by an officer or officers authorized to do so by the Executive Board. 
 12.3 Accounts. The Company will maintain or cause to be maintained books and records of account relating to the assets and income of the Company and the payment of expenses of, and liabilities or
claims against or assumed by, the Company in such detail and for such period of time as may be necessary to enable it to make full and proper accounting in respect thereof and to comply with applicable provisions of law. 

12.4 Accounting. All books and records of account of the Company will be maintained and reported based upon generally accepted
accounting principles, consistently applied, employing standards, procedures and forms conforming to established practice in the United States. 
 12.5 Books and Records. The books and records of the Company will reflect all the Company transactions and will be appropriate and adequate for the Company’s business. The Company will
maintain the Company’s books and records at its principal office. 
 12.6 Right of Inspection. A Member holding at
least fifteen percent (15%) of the total outstanding Investor Units or fifteen percent (15%) of the total outstanding Common Units will have the right (at its sole expense) to examine and inspect, at any reasonable time and for any purpose
reasonably related to such Member’s interests, the minutes and records of the Executive Board and the books and records of account of the Company, and to make copies thereof; provided, however, that the Executive Board will have
the right in its discretion to keep confidential from the Members, for such period of time as the Executive Board deems appropriate, any information which the Executive Board reasonably believes to be in the nature of trade secrets or other
information the disclosure of which the Executive Board in good faith believes is not in the best interest of the Company or its business or that the Company is required by law or agreement with a third party to keep confidential. No Person
(including any Holder of Class E Units) other than Members holding at least fifteen percent (15%) of the total outstanding Investor Units or fifteen percent (15%) of the total outstanding Common Units of the Company will have rights to
inspect the books and records of the Executive Board or the Company, except as may be required by law. Any inspection permitted hereunder may be made by any agent or duly appointed attorney of the Member entitled to undertake such inspection.

 12.7 Reports. Until a Qualified IPO, the Executive Board will cause to be delivered to each Member (i) monthly
financial statements of the Company and operational reports (within thirty (30) days following the end of each month); (ii) unaudited quarterly financial statements of the Company prepared in accordance with GAAP (within forty-five
(45) days following the end of each quarter); and (iii) annual audited financial statements of the Company prepared in accordance with GAAP (within ninety (90) days following the end of each Fiscal Year) audited by a firm of
independent auditors selected by the Executive Board. Such other reports as determined by the Executive Board to be necessary will be prepared by the Executive Board or authorized officers of the Company, and will contain such information and cover
such matters as determined by the Executive Board and will be distributed to the Members and/or Board Members at such times as determined by the Executive Board. 
 12.8 Tax Information. Within ninety (90) days after the end of each Fiscal Year, or as soon as practicable thereafter, the Company will send to each Person who was a Member or Holder at any
time during such Fiscal Year a 

  
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Form K-1 and such other information, if any, with respect to the Company as may be necessary for the preparation of such Member’s or Holder’s federal income tax returns, including a
statement showing such Member’s or Holder’s share of income, gain, loss, expense and credits for such Fiscal Year for federal income tax purposes. In addition, at the request of any Member, the Company will send to such Member the
Company’s Form 1065 and such information regarding the Company’s state tax returns as such Member may reasonably request. 
 12.9 Confidentiality; Proprietary Information. The Members will not, and will use their commercially reasonable best efforts to cause their Affiliates and designated Board Members to not, use or
disclose to any Person any trade secrets, technical information, processes, know-how, financial or business data or other proprietary information relating to or in the possession of the Company, including the Company’s Business Plan and Budget
or other business plans (collectively, “Proprietary Information”) for any purpose which does not relate to the Company; provided, however, that a Member may disclose any such Proprietary Information: (i) that has
become generally available to the public through no fault or improper disclosure committed by a Member or its Affiliates or designated Board Members; (ii) to its employees and professional advisers who need to know such information and agree to
keep it confidential in accordance with the terms of this Section 12.9; (iii) to the extent required in order to comply with contractual reporting obligations to its limited partners or members who have agreed to keep it
confidential in accordance with the terms of this Section 12.9; (iv) to the extent reasonably deemed necessary or beneficial by the disclosing party in order to comply with any law, order, regulation, ruling or any listing agreement
with a nationally recognized stock exchange applicable to such Member, including, for the sake of clarity, any disclosures required by legal or accounting rules in connection with any Member’s status as a public company; and (v) as may be
required in response to any summons, subpoena or discovery request in connection with any litigation or proceeding, it being agreed that, unless such Proprietary Information has become generally available to the public (x) the Member will give
the Company notice of such summons, subpoena or discovery request and will cooperate with the Company at the Company’s request so that the Company may, in its discretion, seek a protective order or other appropriate remedy, if available, and
(y) in the event that such protective order is not obtained (or sought by the Company after notice), the Member (1) will furnish only that portion of the Proprietary Information which, in accordance with the advice of counsel, is legally
required to be furnished and (2) will exercise its reasonable efforts to obtain assurances that confidential treatment will be accorded such Proprietary Information; provided, further, that nothing contained in this
Section 12.9 will prohibit any Member from disclosing Proprietary Information in the context of a proposed sale of its Membership Interest, Economic Interest or Units in the Company in accordance with this Agreement to a Person who has
first signed and delivered to the Company a confidentiality agreement in a form reasonably acceptable to the Company. 
 12.10
Non-Solicit / Non-Interference. For so long as a Member or its Permitted Transferees or Affiliates owns any Units in the Company and for one (1) year after a Member and its Permitted Transferees or Affiliates dispose of all of their
respective Units in the Company, such Member shall not (i) solicit, divert, hire or appropriate, or attempt to solicit, divert, hire or appropriate or encourage any employee of the Company or any if its Subsidiaries to enter into or become the
subject of any direct or indirect contractual, service, employment or other similar arrangement with such Member or any of such Member’s Affiliates or (ii) encourage, influence, assist or attempt to encourage, influence or assist any
employee of the Company or any if its Subsidiaries to terminate, diminish or modify his or her relationship, arrangement or agreement with the Company or its Subsidiaries. Notwithstanding the foregoing, any Member’s or its Permitted Transferees
or Affiliates’ use of general solicitations or advertisements within publicly or industry circulated media or utilization of professional third party placement, personnel or talent services shall not constitute a violation or breach of this
Section 12.10. 
 ARTICLE 13 
 MISCELLANEOUS 
 13.1 Complete Agreement. This Agreement, the exhibits hereto
and the Certificate of Formation constitute the complete and exclusive statement of agreement among the Members with respect to the subject matter herein and therein and replace and supersede all prior written and oral agreements or statements by
and among the Members or any of them. To the extent that any provision of the Certificate of Formation conflicts with any provision of this Agreement, the Certificate of Formation will control. 

13.2 Pronouns; Statutory References. All pronouns and all variations thereof will be deemed to refer to the masculine, feminine, or
neuter, singular or plural, as the context in which they are used may require. 
 13.3 References to this Agreement.
Numbered articles and sections herein contained refer to articles and sections of this Agreement unless otherwise expressly stated. 
 13.4 Governing Law; Jurisdiction; Judicial Proceedings. This Agreement will be governed by, construed under and interpreted in accordance with the internal laws of the State of Delaware without
regard to its conflicts of laws principles. Each Member hereby consents to the exclusive jurisdiction of the state and federal courts sitting in New 

  
 30 

 
York in any action on a claim arising out of, under or in connection with this Agreement or the transactions contemplated by this Agreement. Each Member further agrees that personal jurisdiction
over him, her or it may be effected by service of process by registered or certified mail addressed as provided in Exhibit F of this Agreement, and that when so made will be as if served upon him, her or it personally within the State of New
York. 
 13.5 Successors. This Agreement will bind and inure to the benefit of the parties hereto and their respective
successors and permitted assigns. Except as expressly provided herein, no rights or obligations of a Member will be assignable and any purported assignments not so permitted will be void ab initio. 

13.6 Amendments. All amendments to this Agreement will be in writing and will not be effective unless approved pursuant to
Section 5.2.6 or Section 5.5. Amendments to Exhibit A or Exhibit B following any issuance, redemption, repurchase, reallocation or Transfer of Units in accordance with this Agreement may be made by the Executive Board without the consent
of or execution by the Members. 
 13.7 Heading; Exhibits and Schedules. Section titles and the table of contents are for
descriptive purposes only and will not control or alter the meaning of this Agreement as set forth in the text. All Schedules and Exhibits attached to this Agreement are incorporated and will be treated as if set forth herein. 

13.8 Severability. The provisions of this Agreement are severable. The invalidity, in whole or in part, of any provision of this
Agreement will not affect the validity or enforceability of any other of its provisions. If one or more provisions hereof will be declared invalid or unenforceable, the remaining provisions will remain in full force and effect and will be construed
in the broadest possible manner to effectuate the purposes hereof. The parties further agree to replace such void or unenforceable provisions of this Agreement with valid and enforceable provisions that will achieve, to the extent possible, the
economic, business and other purposes of the void or unenforceable provisions. 
 13.9 Notices. All
notices, requests or consents required or permitted hereunder will be in writing and will be delivered to the address set forth by each Member and the Company on Exhibit F or to such other party and/or address as any of such parties may
designate in a written notice served upon the other parties in the manner provided for herein. Each such notice, request, consent or other communication will be given: (i) by hand delivery; (ii) by nationally recognized courier service or
United States Express Mail; (iii) by facsimile; or (iv) by e-mail (in the case of (iv), if authorized by the relevant Member). Each such notice, request, consent or other communication will be effective: (a) if delivered by hand, when
delivered at the address specified on Exhibit F, (ii) if delivered by nationally recognized overnight courier service or sent by United States Express Mail, on the second (2nd) following Business Day after delivery to such service or such mailing; (iii) if given by facsimile, when
such facsimile is transmitted to the facsimile number specified on Exhibit F and the appropriate answer back or confirmation is received; and (iv) if delivered by e-mail, when such e-mail is transmitted to the e-mail address specified on
Exhibit F and the appropriate answer back or confirmation is received. 
 13.10 No Waiver. Neither the failure nor
delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any other right, remedy, power or privilege, nor will any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with
respect to any other occurrence. No waiver will be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 13.11 Multiple Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which will constitute one and the same instrument.

 13.12 Costs. Except as expressly provided herein, each party will be solely responsible for and bear all of its
respective expenses, including expenses of lenders, legal counsel, investment bankers, consultants, accountants and other advisors, incurred at any time in connection with the transactions contemplated by this Agreement. 

13.13 Interpretation. If any claim is made by a party relating to any conflict, omission or ambiguity in the provisions of this
Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any party or its counsel. 
 13.14 Partition. Each Member and Holder irrevocably waives any right that it may have to maintain an action for partition with respect to the property of the Company. 

13.15 Press Releases. All media releases, public announcements and public disclosures by the Company or any Member with respect to
this Agreement, any transaction contemplated by this Agreement or with respect to the 

  
 31 

 
business of the Company will be coordinated between and approved by the Company and the Initial Members before release, it being understood that while such parties will consult in good faith,
they will not have approval rights over any announcement by any party intended solely for internal distribution or any disclosure by any party required by such party for compliance with by legal, accounting, or regulatory requirements, or any
listing agreement with a nationally recognized stock exchange. Such approval will not be unreasonably withheld, conditioned or delayed by any party. 
 13.16 Fair Market Value. In connection with the any determination of fair market value hereunder, such determination shall be made by the Executive Board in good faith. If any Member disputes a
determination of fair market value, the Executive Board shall retain a nationally recognized investment banking firm (the “Investment Bank”), mutually satisfactory to such Member and the Executive Board, to make the applicable
determination, and the determination of the Investment Bank shall be final and binding on all parties. The cost of the Investment Bank shall be borne seventy-five (75%) percent by the Company and twenty-five (25%) percent by the Member
disputing the Executive Board’s determination of fair market value, except that if the fair market value as determined by the Investment Bank, is more than ten (10%) percent greater than the respective amount determined by the Executive
Board, the Company shall bear the entire cost of the Investment Bank. 
 [The remainder of this page is intentionally blank.

 Signatures are contained on the following page.] 

  
 32 

 IN WITNESS WHEREOF, the Initial Members of the Company have executed this
Agreement, effective as of the date first written above. 
  

			
	SIMON WORLDWIDE, INC.
		
	By:	 	  

	Name:	 	Terrence Wallock
	Title:	 	Secretary
	
	OA3, LLC
		
	By:	 	  

	Name:	 	Robert P. Bermingham
	Title:	 	Vice President and Secretary
	
	  

	RICHARD BECKMAN
	
	  

	JOEL A. KATZEX-4.2

 Exhibit 4.2 

 
  
 PRUDENTIAL FINANCIAL, INC. 
 TO 

THE BANK OF NEW YORK MELLON 
 Trustee 
 Ninth Supplemental Indenture 

Dated as of March 22, 2013 
 5.20% Fixed-to-Floating Rate Junior Subordinated Notes due 2044 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	ARTICLE ONE	 	DEFINITIONS	  	 	1	  
			
	 Section 1.01.
	 	 Definitions
	  	 	1	  
			
	ARTICLE TWO	 	GENERAL TERMS AND CONDITIONS OF THE NOTES	  	 	6	  
			
	 Section 2.01.
	 	 Designation and Principal Amount
	  	 	6	  
	 Section 2.02.
	 	 Maturity
	  	 	7	  
	 Section 2.03.
	 	 Form
	  	 	7	  
	 Section 2.04.
	 	 Rate of Interest; Interest Payment Dates
	  	 	7	  
	 Section 2.05.
	 	 Deferral
	  	 	8	  
	 Section 2.06.
	 	 Events of Default
	  	 	9	  
	 Section 2.07.
	 	 Securities Registrar; Paying Agent; Place of Payment
	  	 	9	  
	 Section 2.08.
	 	 No Sinking Fund
	  	 	10	  
	 Section 2.09.
	 	 Subordination
	  	 	10	  
	 Section 2.10.
	 	 Senior Indebtedness
	  	 	10	  
	 Section 2.11.
	 	 Defeasance
	  	 	11	  
			
	ARTICLE THREE	 	COVENANTS	  	 	12	  
			
	 Section 3.01.
	 	 Dividend and Other Payment Stoppages
	  	 	12	  
			
	ARTICLE FOUR	 	REDEMPTION OF THE NOTES	  	 	13	  
			
	 Section 4.01.
	 	 Redemption
	  	 	13	  
			
	ARTICLE FIVE	 	ORIGINAL ISSUE OF NOTES	  	 	14	  
			
	 Section 5.01.
	 	 Calculation of Original Issue Discount
	  	 	14	  
			
	ARTICLE SIX	 	SUPPLEMENTAL INDENTURES	  	 	14	  
			
	 Section 6.01.
	 	 Supplemental Indentures without Consent of Holders
	  	 	14	  
	 Section 6.02.
	 	 Supplemental Indentures with Consent of Holders
	  	 	15	  
			
	ARTICLE SEVEN	 	MISCELLANEOUS	  	 	15	  
			
	 Section 7.01.
	 	 Effectiveness
	  	 	15	  
	 Section 7.02.
	 	 Successors and Assigns
	  	 	16	  
	 Section 7.03.
	 	 Effect of Recitals
	  	 	16	  
	 Section 7.04.
	 	 Ratification of Indenture
	  	 	16	  
	 Section 7.05.
	 	 Tax Treatment
	  	 	16	  
	 Section 7.06.
	 	 Governing Law
	  	 	16	  
	 Section 7.07.
	 	 Severability
	  	 	16	  
	 Section 7.08.
	 	 Consequential Damages and Force Majeure
	  	 	16	  

  
 -i-

 NINTH SUPPLEMENTAL INDENTURE 

Ninth Supplemental Indenture, dated as of March 22, 2013 (the “Supplemental Indenture”), between Prudential
Financial, Inc., a New Jersey corporation (the “Company”), having its principal office at 751 Broad Street, Newark, New Jersey 07102, and The Bank of New York Mellon (formerly known as The Bank of New York), a New York banking
corporation, as trustee (hereinafter called the “Trustee”). 
 RECITALS OF THE COMPANY 

The Company and the Trustee executed and delivered an indenture, dated as of June 17, 2008 (the “Base Indenture”),
to the Trustee to provide for the future issuance of the Company’s subordinated debt securities, to be issued from time to time in one or more series as might be determined by the Company under the Base Indenture. 

Section 901 of the Base Indenture provides that the Company and the Trustee, without the consent of any Holder, may enter into a
supplemental indenture to establish the form or terms of Securities of any series as permitted by Sections 201 and 301 thereof. 

Pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment, authentication and issuance of a new
series of its Securities, the form and terms thereof, as hereinafter set forth. 
 The Company has requested that the Trustee
execute and deliver this Supplemental Indenture. The Company has delivered to the Trustee an Opinion of Counsel and an Officers’ Certificate pursuant to Sections 102 and 903 of the Base Indenture to the effect, among other things, that all
conditions precedent provided for in the Base Indenture to the Trustee’s execution and delivery of this Supplemental Indenture have been complied with. All acts and things necessary have been done and performed to make this Supplemental
Indenture enforceable in accordance with its terms, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: For and in consideration of the premises and the purchase of the Notes (as herein defined) by the Holders thereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 
 ARTICLE ONE 

Definitions 

Section 1.01. Definitions 
 For all purposes of this Supplemental Indenture, except as otherwise expressly provided herein or unless the context otherwise requires: 

(a) the terms defined in the Base Indenture have the same meanings when used in this Supplemental Indenture unless otherwise defined
herein; 

 (b) the terms defined in this Article have the meanings assigned to them in this Article,
and include the plural as well as the singular; 
 (c) any reference to an Article, Section, other subdivision or Exhibit refers
to an Article, Section or other subdivision of, or Exhibit to, this Supplemental Indenture; and 
 (d) the words
“herein”, “hereof” and “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 

In addition, the following terms used in this Supplemental Indenture have the following respective meanings: 

“Business Day” means any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in
The City of New York are authorized or required by law or executive order to remain closed, (iii) a day on which the Corporate Trust Office is closed for business or (iv) on or after March 15, 2024, a day that is not a London Banking
Day. 
 “Calculation Agent” means, with respect to the Notes, The Bank of New York Mellon, or any other firm
appointed by the Company, acting as calculation agent in respect of the Notes. 
 “Capital Regulator” means the
Board of Governors of the Federal Reserve System, if the Company is then subject to its regulation, or such other agency or instrumentality of the United States as may have primary oversight of the Company’s regulatory capital. 

“Company” has the meaning specified in the Recitals. 

“Deferral Period” means the period commencing on an Interest Payment Date with respect to which the Company defers
interest pursuant to Section 2.05 and ending on the earlier of (i) the fifth anniversary of that Interest Payment Date and (ii) the next Interest Payment Date on which the Company has paid all deferred and unpaid amounts (including
compounded interest on such deferred amounts) and all other accrued interest on the Notes. 
 “Fixed-Rate Interest
Payment Date” has the meaning specified in Section 2.04(b). 
 “Fixed-Rate Interest Period” means
the period beginning on and including the date hereof and ending on but excluding the first Fixed-Rate Interest Payment Date thereafter and each successive period beginning on and including a Fixed-Rate Interest Payment Date and ending on but
excluding the next Fixed-Rate Interest Payment Date. 
 “Floating-Rate Interest Payment Date” shall have the
meaning specified in Section 2.04(b). 
 “Floating-Rate Interest Period” means the period beginning on and
including March 15, 2024 and ending on but excluding the next Floating-Rate Interest Payment Date and each successive period beginning on and including a Floating-Rate Interest Payment Date and ending on but excluding the next Floating-Rate
Interest Payment Date. 

  
 2 

 “Indenture” means the Base Indenture as supplemented by this Supplemental
Indenture, and as further supplemented from time to time with respect to the Notes. 
 “Interest Payment Date”
means a Fixed-Rate Interest Payment Date or a Floating-Rate Interest Payment Date, as the case may be. 
 “Interest
Period” means a Fixed-Rate Interest Period or a Floating-Rate Interest Period, as the case may be. 
 “LIBOR
Determination Date” means the second London Banking Day immediately preceding the first day of the relevant Floating-Rate Interest Period. 
 “London Banking Day” means any day on which commercial banks are open for general business (including dealings in deposits in U.S. dollars) in London, England. 

“Make-Whole Redemption Price” means, with respect to a redemption of the Notes in whole prior to March 15, 2024,
the present value of a principal payment on March 15, 2024 and scheduled payments of interest that would have accrued from the Redemption Date to March 15, 2024 on the Notes being redeemed (excluding any accrued and unpaid interest for the
period prior to the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate, plus 0.50%, as determined and provided to the
Company by the Treasury Dealer. 
 “Maturity Date” has the meaning specified in Section 2.02. 

“Notes” has the meaning specified in Section 2.01(a). 

“Pari Passu Securities” means (i) the Company’s 8.875% Fixed-to-Floating Rate Junior Subordinated Notes
due 2068, (ii) the Company’s 9.0% Junior Subordinated Notes due 2068, (iii) the Company’s 5.875% Fixed-to-Floating Rate Junior Subordinated Notes due 2042, (iv) the Company’s 5.625% Fixed-to-Floating Rate Junior
Subordinated Notes due 2043, (v) the Company’s 5.75% Junior Subordinated Notes due 2052 and (vi) the Company’s 5.70% Junior Subordinated Notes due 2053. 
 “Parity Securities” means indebtedness of the Company that by its terms ranks in right of payment upon liquidation of the Company on a parity with the Notes, and includes the Notes and
the Pari Passu Securities. 
 “Rating Agency Event” means that any nationally recognized statistical
rating organization within the meaning of Section 3(a)(62) of the Exchange Act that then publishes a rating for the Company (a “rating agency”) amends, clarifies or changes the criteria it uses to assign equity credit to
securities such as the Notes, which amendment, clarification or change results in: 
 (i) the shortening of the
length of time the Notes are assigned a particular level of equity credit by that rating agency as compared to the length of time they would have been assigned that level of equity credit by that rating agency or its predecessor on the date hereof,
or 

  
 3 

 (ii) the lowering of the equity credit (including up to a lesser amount)
assigned to the Notes by that rating agency as compared to the equity credit assigned by that rating agency or its predecessor on the date hereof. 
 “Regulatory Capital Event” means that, if (a) the Company is or will be considered to be a systemically important nonbank financial company (a “nonbank SIFI”) or is
or will be otherwise subject to capital adequacy supervision by a Capital Regulator and (b) the capital adequacy guidelines that apply or will apply to the Company as a nonbank SIFI or as a result of such other capital adequacy supervision
(“future federal capital adequacy guidelines”), set forth criteria for qualifying “Tier 2 Capital” (or its equivalent), the Company makes a good faith determination that, as a result of: 

(i) any amendment to, or change in, the laws or regulations of the United States or any political subdivision of or in the
United States that is enacted or becomes effective after the date hereof; 
 (ii) any proposed amendment to, or
change in, those laws or regulations that is announced or becomes effective after the date hereof; or 
 (iii)
any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or regulations that is announced after the date hereof, 

such that, in any such case, there is more than an insubstantial risk that the full principal amount of the Notes outstanding from time
to time would not qualify as “Tier 2 Capital” (or its equivalent) for purposes of the future federal capital adequacy guidelines, as in effect and/or as proposed from time to time to which the Company is or will be subject, for as long as
any notes are outstanding; provided that the proposal or adoption of any criterion set forth in the future federal capital adequacy guidelines that is substantially the same as the corresponding criterion in either the capital adequacy
guidelines applicable to bank holding companies as of date hereof or such guidelines as proposed in the June 2012 joint notice of proposed rulemaking to implement the capital provisions of the Basel Committee on Banking Supervision for U.S. banking
institutions will not constitute a Regulatory Capital Event. 
 “Reuters Page LIBOR01” means the display so
designated on the Reuters 3000 Xtra (or such other page as may replace that page on that service, or such other service as may be nominated by the Company as the information vendor, for the purpose of displaying rates or prices comparable to the
London Interbank Offered Rate for U.S. dollar deposits). 
 “Supplemental Indenture” means this instrument as
originally executed or as it from time to time may be supplemented or amended by one or more agreements supplemental hereto. 

“Tax Event” means the receipt by the Company of an opinion of independent counsel experienced in such matters to the
effect that, as a result of any: 
 (i) amendment to or change (including any officially announced proposed
change) in the laws or regulations of the United States or any political subdivision or taxing authority of or in the United States that is enacted or effective on or after the date hereof; 

  
 4 

 (ii) official administrative decision or judicial decision or administrative
action or other official pronouncement (including a private letter ruling, technical advice memorandum or other similar pronouncement) by any court, government agency or regulatory authority that reflects an amendment to, or change in, the
interpretation or application of those laws or regulations that is announced on or after the date hereof; or 

(iii) threatened challenge asserted in connection with an audit of the Company, or a threatened challenge asserted in
writing against any taxpayer that has raised capital through the issuance of securities that are substantially similar to the Notes, which challenge is asserted against the Company or becomes publicly known on or after the date hereof, 

there is more than an insubstantial increase in the risk that interest payable by the Company on the Notes is not, or within 90 days of the date of such
opinion will not be, deductible by the Company, in whole or in part, for U.S. federal income tax purposes. 

“Three-Month LIBOR” means, with respect to any Floating-Rate Interest Period, the rate (expressed as a percentage per
annum) for deposits in U.S. dollars for a three-month period commencing on the first day of that Floating-Rate Interest Period that appears on Reuters Page LIBOR01 as of 11:00 a.m., London time, on the LIBOR Determination Date for that Floating-Rate
Interest Period. If such rate does not appear on Reuters Page LIBOR01, Three-Month LIBOR will be determined on the basis of the rates at which deposits in U.S. dollars for a three-month period commencing on the first day of that Floating-Rate
Interest Period and in a principal amount of not less than $1,000,000 are offered to prime banks in the London interbank market by four major banks in the London interbank market selected by the Calculation Agent (after consultation with the
Company), at approximately 11:00 a.m., London time, on the LIBOR Determination Date for that Floating-Rate Interest Period. The Calculation Agent will request the principal London office of each of these banks to provide a quotation of its rate. If
at least two such quotations are provided, Three-Month LIBOR with respect to that Floating-Rate Interest Period will be the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of such quotations. If fewer than two
quotations are provided, Three-Month LIBOR with respect to that Floating-Rate Interest Period will be the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of the rates quoted by three major banks in New York
City selected by the Calculation Agent (after consultation with the Company), at approximately 11:00 a.m., New York City time, on the first day of that Floating-Rate Interest Period for loans in U.S. dollars to leading European banks for a
three-month period commencing on the first day of that Floating-Rate Interest Period and in a principal amount of not less than $1,000,000. However, if fewer than three banks selected by the Calculation Agent to provide quotations are quoting as
described above, Three-Month LIBOR for that Floating-Rate Interest Period will be the same as Three-Month LIBOR as determined for the previous Floating-Rate Interest Period or, in the case of the first Floating-Rate Interest Period, 0.28%. The
establishment of Three-Month LIBOR for each Floating-Rate Interest Period by the Calculation Agent shall (in the absence of manifest error) be final and binding. 

  
 5 

 “Treasury Dealer” means one of Citigroup Global Markets Inc., Goldman,
Sachs & Co., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and RBS Securities Inc. (or their successors), as selected by the Company, or if all of the foregoing refuse to act as Treasury Dealers for the purpose of determining the
Make-Whole Redemption Price or cease to be primary U.S. government securities dealers, another nationally recognized investment banking firm that is a primary U.S. government securities dealer specified by the Company to act as Treasury Dealer for
the purpose of determining the Make-Whole Redemption Price. 
 “Treasury Price” means, with respect to a
Redemption Date, the bid-side price for the Treasury Security as of the third trading day preceding the Redemption Date, as set forth in the Wall Street Journal in the table entitled “Treasury Bonds, Notes and Bills”, except that:
(i) if that table (or any successor table) is not published or does not contain that price information on that trading day or (ii) if the Treasury Dealer determines that the price information is not reasonably reflective of the actual
bid-side price of the Treasury Security prevailing at 3:30 p.m., New York City time, on that trading day, then Treasury Price will instead mean the bid-side price for the Treasury Security at or around 3:30 p.m., New York City time, on that trading
day (expressed on a next trading day settlement basis) as determined by the Treasury Dealer through such alternative means as are commercially reasonable under the circumstances. 

“Treasury Rate” means, with respect to a Redemption Date, the semi-annual equivalent yield to maturity of the Treasury
Security that corresponds to the Treasury Price (calculated by the Treasury Dealer in accordance with standard market practice and computed by the Treasury Dealer as of the second trading day preceding the Redemption Date). 

“Treasury Security” means the United States Treasury security that the Treasury Dealer determines would be appropriate
to use, at the time of determination and in accordance with standard market practice, in pricing the Notes being redeemed in a tender offer based on a spread to United States Treasury yields. 

ARTICLE TWO 

General Terms and Conditions of the Notes 
 Section 2.01. Designation and Principal Amount 
  

	 	(a)	Designation 

 Pursuant to
Section 301 of the Base Indenture, there is hereby established a series of Securities of the Company designated as the 5.20% Fixed-to-Floating Rate Junior Subordinated Notes due 2044 (the “Notes”), the principal amount of which
to be issued shall be in accordance with Section 2.01(b) and as set forth in a Company Order for the authentication and delivery of Notes pursuant to the Base Indenture, and the form and terms of which shall be as set forth hereinafter.

  
 6 

	 	(b)	Principal Amount; Additional Notes 

 Notes in an initial aggregate principal amount of $500,000,000 upon execution of this Supplemental Indenture, shall be executed by the Company and delivered to the Trustee, and the Trustee shall thereupon
authenticate and deliver said Notes in accordance with a Company Order. At any time and from time to time after the date hereof, without the consent of any Holders of the Notes, the Company may execute and deliver additional Notes to the Trustee for
authentication, in addition to the $500,000,000 initial aggregate principal amount previously provided for, together with a Company Order for the authentication and delivery of such additional Notes, so long as such additional Notes are fungible for
U.S. federal income tax purposes with the Notes issued as of the date hereof. Any additional Notes so issued shall have the same terms and conditions as the Notes issued on the date hereof in all respects, except for any difference in the issue
date, issue price, interest accrued prior to the issue date of the additional Notes and first Interest Payment Date and shall be governed by this Supplemental Indenture and shall rank equally and ratably in right of payment with the Notes issued on
the date of this Supplemental Indenture and, together with the Notes issued as of the date of this Supplemental Indenture, shall be treated as a single series of Notes for all purposes. 
 Section 2.02. Maturity 
 The Notes will mature on March 15, 2044
(the “Maturity Date”). If the Maturity Date is not a Business Day, payment of principal and interest to be made on the Maturity Date shall be made on the next Business Day (but no interest shall accrue as a result of such
postponement). 
 Section 2.03. Form 
 The Notes shall be substantially in the form of Exhibit A, shall include the Trustee’s certificate of authentication in the form required by Section 205 of the Base Indenture and shall be issued
in fully registered definitive form without interest coupons. 
 The Notes initially are issuable solely as Global Securities
and shall bear the legend required by Section 204 of the Base Indenture. 
 The Depositary for the Notes initially shall be
the Depository Trust Company (or any successor thereto). 
 Section 2.04. Rate of Interest; Interest Payment Dates 

 

	 	(a)	Rate of Interest; Accrual 

The Notes shall bear interest on their principal amount: (i) from and including March 22, 2013, to but excluding, March 15,
2024, or any earlier Redemption Date, at the rate of 5.20% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months, and (ii) from and including March 15, 2024, to but excluding the Maturity Date, or any
earlier Redemption Date, at an annual rate equal to Three-Month LIBOR plus 3.04%, computed on the basis of a 360-day year and the actual number of days elapsed. Defaulted Interest and interest deferred pursuant to Section 2.05 will bear
interest, to the extent permitted by law, at the interest rate in effect from time to time provided in this Section 2.04(a), from and including the relevant Interest Payment Date, compounded on each subsequent Interest Payment Date. 

  
 7 

	 	(b)	Interest Payment Dates 

Subject to Section 2.05, accrued interest on the Notes shall be payable (i) semi-annually in arrears on March 15 and
September 15 of each year, beginning on September 15, 2013 and ending on March 15, 2024 (each such date, a “Fixed-Rate Interest Payment Date”), or if any such day is not a Business Day, the next Business Day (but no
interest will accrue as a result of that postponement), to the Holders of the Notes at the close of business on the immediately preceding March 1 or September 1 (whether or not a Business Day), as the case may be, and (ii) quarterly
in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2024, or if any such day is not a Business Day, the next Business Day, or if the next Business Day is in the
immediately succeeding calendar month, the immediately preceding Business Day (each such date, a “Floating-Rate Interest Payment Date”), to the Holders of the Notes at the close of business on the immediately preceding
March 1, June 1, September 1 and December 1 (whether or not a Business Day), as the case may be. 

Section 2.05. Deferral 
  

	 	(a)	Option to Defer Interest Payments 

 (i) So long as no Event of Default with respect to the Notes has occurred or is continuing, the Company shall have the right, at any time and from time to time, to defer the payment of interest on the
Notes for one or more consecutive Interest Periods that do not exceed five years for any single Deferral Period, provided that no Deferral Period shall extend beyond the Maturity Date, any earlier accelerated maturity date arising from an
Event of Default or any other earlier redemption of the Notes. If the Company has paid all deferred interest (including compounded interest thereon) on the Notes, the Company shall have the right to elect to begin a new Deferral Period pursuant to
this Section 2.05(a). 
 (ii) At the end of any Deferral Period, the Company shall pay all deferred interest
(including compounded interest thereon) on the Notes to the Persons in whose names the Notes are registered in the Securities Register at the close of business on the Regular Record Date with respect to the Interest Payment Date at the end of such
Deferral Period. 
  

	 	(b)	Notice of Deferral 

 The
Company shall give written notice of its election to commence or continue any Deferral Period to the Trustee and the Holders of the Notes at least one Business Day and not more than 60 Business Days before the next Interest Payment Date. Such notice
shall be given to the Trustee and each Holder of Notes at such Holder’s address appearing in the Security Register by first-class mail, postage prepaid. 

  
 8 

 Section 2.06. Events of Default 

(a) Clauses (1) through (4) of Section 501 of the Base Indenture shall not apply to the Notes. Clauses (5) and
(6) of Section 501 of the Base Indenture shall apply to the Notes. 
 (b) If an Event of Default specified in Clause
(5) or (6) of Section 501 of the Base Indenture occurs, the principal amount of all the Notes shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and
payable. 
 (c) The Trustee shall provide to the Holders of the Notes notice of any Event of Default or default with respect to
the Notes within 90 days after the actual knowledge of a Responsible Officer of the Trustee of such Event of Default or default. However, except in the case of a default in payment on the Notes, the Trustee will be protected in withholding the
notice if one of its Responsible Officers determines that withholding of the notice is in the interest of such Holders. 
 (d)
The Trustee shall have no right or obligation under the Indenture or otherwise to exercise any remedies on behalf of any Holders of the Notes pursuant to the Indenture in connection with any default, unless such remedies are available under the
Indenture and the Trustee is directed to exercise such remedies pursuant to and subject to the conditions of Section 512 of the Base Indenture, provided, however, that this provision shall not affect the rights of the Trustee with
respect to any Events of Default as set forth in Section 2.06(b) that may occur with respect to the Notes. In connection with any such exercise of remedies the Trustee shall be entitled to the same immunities and protections and remedial rights
(other than acceleration) as if such default were an Event of Default. 
 (e) For purposes of this Section 2.06, the term
“default” means any of the following events: 
 (i) default in the payment of interest, including
compounded interest, in full on any Notes for a period of 30 days after the conclusion of a five-year period following the commencement of any Deferral Period if such Deferral Period has not ended prior to the conclusion of such five-year period;

 (ii) default in the payment of principal of or premium, if any, on the Notes when due; or 

(iii) default in the observance or performance of any covenant or agreement contained in the Indenture or the Notes.

 Section 2.07. Securities Registrar; Paying Agent; Place of Payment 

The Company appoints the Trustee as Securities Registrar and Paying Agent with respect to the Notes. The Place of Payment for the Notes
will be as specified in the Notes. 

  
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 Section 2.08. No Sinking Fund 

The Notes shall not be subject to Article Thirteen of the Base Indenture. 
 Section 2.09. Subordination 
 The subordination provisions of
Article Eleven of the Base Indenture shall apply to the Notes, except that solely for purposes of the Notes, Section 1103 of the Base Indenture shall be amended as follows: 

(a) Clauses (a) and (b) of Section 1103 of the Base Indenture shall be deleted and replaced with the following:

 “(a) (1) In the event and during the continuation of any default in the payment of principal, premium, if any, or
interest on any Senior Indebtedness beyond any applicable grace period with respect thereto, (2) in the event that any event of default with respect to any Senior Indebtedness shall have occurred and be continuing, permitting the direct holders
of that Senior Indebtedness (or a trustee on behalf of the holders thereof) to accelerate maturity of that Senior Indebtedness, whether or not the maturity is in fact accelerated (unless, in the case of either subclause (1) or (2) of this
clause (a), the payment default or event of default has been cured or waived or ceased to exist and any related acceleration has been rescinded), or (3) in the event that any judicial proceeding shall be pending with respect to a payment
default or event of default described in subclause (1) or (2) of this clause (a), no payment or distribution of any kind or character, whether in cash, securities or other property, shall be made by the Company on account of the principal
of or interest on the Notes unless and until all amounts then due and payable in respect of such Senior Indebtedness, including any interest accrued after such event occurs, shall have been paid in full.” 

(b) Clause “(c)” of Section 1103 of the Base Indenture shall be renumbered clause “(b)”; and 

(c) Clause “(d)” of Section 1103 of the Base Indenture shall be renumbered clause “(c)”. 

Section 2.10. Senior Indebtedness 
 Solely for the purposes of the Notes, the definition of “Senior Indebtedness” in Section 101 of the Base Indenture shall be deleted and replaced by the following: 

“Senior Indebtedness” means the principal of, premium, if any, and interest on and any other payment due pursuant to any
of the following, whether Incurred on or prior to the date hereof or hereafter Incurred: 
 (i) all obligations
of the Company (other than obligations pursuant to the Notes and obligations pursuant to the Indenture with respect thereto) for money borrowed; 

  
 10 

 (ii) all obligations of the Company evidenced by securities, notes,
debentures, bonds or other similar instruments (other than the Notes), including obligations Incurred in connection with the acquisition of property, assets or businesses; 

(iii) all capital lease obligations of the Company; 

(iv) all reimbursement obligations of the Company with respect to letters of credit, bankers’ acceptances or similar
facilities issued for the account of the Company; 
 (v) all obligations of the Company issued or assumed as the
deferred purchase price of property or services, including all obligations under master lease transactions pursuant to which the Company or any of its subsidiaries have agreed to be treated as owner of the subject property for U.S. federal income
tax purposes; 
 (vi) all payment obligations of the Company under interest rate swap or similar agreements or
foreign currency hedge, exchange or similar agreements at the time of determination, including any such obligations Incurred by the Company solely to act as a hedge against increases in interest rates that may occur under the terms of other
outstanding variable or floating rate indebtedness of the Company; and 
 (vii) all obligations of the type
referred to in clauses (i) through (vi) above of another Person and all dividends of another Person the payment of which, in either case, the Company has assumed or guaranteed or for which the Company is responsible or liable, directly or
indirectly, jointly or severally, as obligor, guarantor or otherwise; 
 provided, however, that “Senior
Indebtedness” shall not include: (1) obligations to trade creditors created or assumed by the Company in the ordinary course of business, (2) indebtedness that is by its terms subordinate, or not superior, in right of payment to the
Notes or (3) the Company’s Pari Passu Securities.” 
 Section 2.11. Defeasance 

The provisions of Section 1402 of the Base Indenture (relating to discharge of the Indenture) shall apply to the Notes. For purposes
of Section 1404(2) of the Base Indenture as applicable to the Notes, the Opinion of Counsel referred to therein shall be an independent counsel satisfactory to the Trustee, and the words “gain or loss” in the eighth line of
Section 1404(2) shall be replaced by the words “income, gain or loss”. 

  
 11 

 ARTICLE THREE 
 Covenants 
 Section 3.01. Dividend and Other Payment Stoppages 

So long as any Notes remain outstanding, (a) if the Company has given notice of its election to defer interest payments on the Notes
but the related Deferral Period has not yet commenced, or (b) a Deferral Period is continuing, the Company shall not, and shall not permit any Subsidiary to: 

(i) declare or pay any dividends or other distributions on, or redeem, purchase, acquire or make a liquidation payment
with respect to, any shares of capital stock of the Company; 
 (ii) make any payment of principal of, or
interest or premium, if any, on, or repay, purchase or redeem any of the Company’s debt securities that rank upon the Company’s liquidation on a parity with or junior to the Notes; or 

(iii) make any guarantee payments regarding any guarantee issued by the Company of securities of any Subsidiary if the
guarantee ranks upon the Company’s liquidation on a parity with or junior to the Notes; 
 provided, however, the
restrictions in clauses (i), (ii) and (iii) above do not apply to: 
 (A) any purchase, redemption or
other acquisition of shares of its capital stock by the Company in connection with: 
 (1) any employment
contract, benefit plan or other similar arrangement with or for the benefit of any one or more of its employees, officers, directors, consultants or independent contractors; 

(2) the satisfaction of the Company’s obligations pursuant to any contract entered into prior to the beginning of the
applicable Deferral Period; 
 (3) a dividend reinvestment or shareholder purchase plan; or 

(4) the issuance of shares of the Company’s capital stock, or securities convertible into or exercisable for such
shares, as consideration in an acquisition transaction, the definitive agreement for which is entered into prior to the applicable Deferral Period; 
 (B) any exchange, redemption or conversion of any class or series of the Company’s capital stock, or shares of the capital stock of one of its Subsidiaries, for any other class or series of the
Company’s capital stock, or of any class or series of the Company’s indebtedness for any class or series of the Company’s capital stock; 
 (C) any purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such shares or the securities being converted or exchanged;

 (D) any declaration of a dividend in connection with any shareholder rights plan, or the issuance of rights,
stock or other property under any shareholder rights plan, or the redemption or purchase of rights pursuant thereto; or 

  
 12 

 (E) any dividend in the form of stock, warrants, options or other rights
where the dividend stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks equally with or junior to such stock; or 

(F) (i) any payment of current or deferred interest on Parity Securities that is made pro rata to the amounts due
on such Parity Securities (including the Notes) and (ii) any payments of principal or current or deferred interest on Parity Securities that, if not made, would cause the Company to breach the terms of the instrument governing such Parity
Securities. 
 For the avoidance of doubt, notwithstanding anything herein to the contrary, no terms of the Notes will restrict
in any manner the ability of any of the Subsidiaries to pay dividends or make any distributions to the Company or to any other Subsidiaries. 
 ARTICLE FOUR 
 Redemption of the Notes 

Section 4.01. Redemption 
 (a) The Notes shall be redeemable in accordance with the procedures set forth in Article Twelve of the Base Indenture: 

(i) in whole at any time or in part from time to time on or after March 15, 2024, at 100% of the principal amount of
the Notes being redeemed plus accrued and unpaid interest to but excluding the Redemption Date, provided that no partial redemption shall be effected unless (A) at least $25 million aggregate principal amount of the Notes, excluding any
Notes held by the Company or any of its Affiliates, shall remain outstanding after giving effect to such redemption and (B) all accrued and unpaid interest, including deferred interest, shall have been paid in full on all Outstanding Notes for
all Interest Periods terminating on or before the Redemption Date; 
 (ii) in whole, but not in part, at any time
prior to March 15, 2024, within 90 days after the occurrence of a Tax Event or a Rating Agency Event at the greater of (A) 100% of the principal amount of the Notes being redeemed and (B) the Make-Whole Redemption Price, in each case
plus accrued and unpaid interest to but excluding the Redemption Date; or 
 (iii) in whole, but not in part, at
any time prior to March 15, 2024, within 90 days after the occurrence of a Regulatory Capital Event at 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to but excluding the Redemption Date. 

(b) In the event the Notes are treated as “Tier 2 capital” (or its equivalent) under the capital guidelines of the Capital
Regulator applicable to the Company, any redemption of the Notes shall be subject to the Company’s receipt of any required prior approval from the Capital Regulator and to the satisfaction of any conditions set forth in those capital guidelines
or any other applicable regulations of the Capital Regulator to the redemption by the Company of the Notes. 

  
 13 

 ARTICLE FIVE 
 Original Issue of Notes 
 Section 5.01. Calculation of Original Issue Discount

 If during any calendar year any original issue discount shall have accrued on the Notes, the Company shall file with each
Paying Agent (including the Trustee if it is a Paying Agent) promptly at the end of each calendar year (a) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding
Securities as of the end of such year and (b) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time, or Treasury Regulations
enacted thereunder, or other administrative or judicial guidance. 
 ARTICLE SIX 

Supplemental Indentures 

Section 6.01. Supplemental Indentures without Consent of Holders 
 Solely for purposes of the Notes, Section 901 of the Base Indenture shall be deleted and replaced with the following: 
 “Section 901. Supplemental Indentures without Consent of Holders. 
 Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may supplement or amend the Indenture for any of the following
purposes: 
 (1) to evidence the succession of another Person to the Company and the assumption by any such
successor of the covenants of the Company herein and in the Notes; or 
 (2) to add to or modify the covenants of
the Company for the benefit of the Holders of Notes or to surrender any right or power herein conferred upon the Company (including surrendering of the Company’s right to redeem the Notes upon the occurrence of the Rating Agency Event);
provided that no such amendment or modification may add Events of Default or acceleration events with respect to the Notes; or 
 (3) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes; or 

(4) to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any
other provision herein or in any supplemental indenture, or to make any other provisions with respect to matters or questions arising under this Indenture, provided such action shall not adversely affect the interests of the Holders of Notes
in any material respect; or 

  
 14 

 (5) to make any changes to the Indenture in order to conform the Indenture
to the final prospectus supplement provided to investors in connection with the offering of the Notes.” 
 Section 6.02.
Supplemental Indentures with Consent of Holders 
 Solely for purposes of the Notes, clauses (1) through (3) of
Section 902(a) of the Base Indenture shall be deleted and replaced with the following clauses (1) through (6): 
 “(1) change the Stated Maturity of any payment of principal of or interest (including any additional interest) on the Notes; 

(2) change the manner of calculating payments due on the Notes in a manner adverse to Holders; 

(3) reduce the requirements contained in the Indenture for quorum or voting; 

(4) change the Place of Payment for any payment on the Notes that is adverse to the Holders or change the currency in
which any payment on the Notes is payable; 
 (5) impair the right of any Holder to institute suit for the
enforcement of any payment on the Notes; 
 (6) reduce the percentage in principal amount of Outstanding Notes,
the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions of the Indenture or certain defaults hereunder and their consequences;

 (7) reduce the principal amount of, the rate of interest on or any premium payable upon the redemption of the
Notes; or 
 (8) modify any of the provisions of this Section.” 

ARTICLE SEVEN 
 Miscellaneous 
 Section 7.01. Effectiveness 

This Supplemental Indenture will become effective upon its execution and delivery. 

  
 15 

 Section 7.02. Successors and Assigns 

All covenants and agreements in the Base Indenture, as supplemented and amended by this Supplemental Indenture, by the Company shall bind
its successors and assigns, whether so expressed or not. 
 Section 7.03. Effect of Recitals 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements
of the Company, and the Trustee does not assume any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or of the Notes. The Trustee shall not be accountable for
the use or application by the Company of the Notes or the proceeds thereof. 
 Section 7.04. Ratification of Indenture

 The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this
Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 

Section 7.05. Tax Treatment 
 The Company and, by acceptance of the Notes or a beneficial interest in the Notes, each Holder and beneficial owner of a Note agree to treat the Notes as indebtedness for United States federal income tax
purposes. 
 Section 7.06. Governing Law 
 This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York. 
 Section 7.07. Severability 
 If any provision of the Base
Indenture, as supplemented and amended by this Supplemental Indenture, shall be held or deemed to be or shall, in fact, be illegal, inoperative or unenforceable, the same shall not affect any other provision or provisions herein contained or render
the same invalid, inoperative or unenforceable to any extent whatever. 
 Section 7.08. Consequential Damages and Force Majeure

 (a) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

  
 16 

 (b) In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, so long as the Trustee maintains and updates from time to time business continuation
and disaster recovery procedures that it determines meet the standards of the industry; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances. 
 * * * 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument. 

  
 17 

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

			
	PRUDENTIAL FINANCIAL, INC.
		
	By:	 	 /s/ Jurgen Muhlhauser

	Name:	 	Jurgen Muhlhauser
	Title:	 	Vice President and Assistant Treasurer

 [Signature Page to Ninth Supplemental Indenture] 

 
			
	 THE BANK OF NEW YORK MELLON,
 as Trustee

		
	By:	 	 /s/ Francine Kincaid

	Name:	 	Francine Kincaid
	Title:	 	Vice President

 [Signature Page to Ninth Supplemental Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	No.	 	Principal Amount: $        
		
	Issue Date:	 	CUSIP: 744320 AN2

 PRUDENTIAL FINANCIAL, INC. 
 5.20% FIXED-TO-FLOATING RATE JUNIOR SUBORDINATED NOTES DUE 2044 

Prudential Financial, Inc., a corporation organized and existing under the laws of the State of New Jersey (hereinafter called the
“Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay
to                             or registered assigns, the principal sum
of        dollars ($        ) on March 15, 2044 (the “Maturity Date”), or if such day is not a Business Day (as defined below), the following
Business Day. 
 The Company further promises to pay interest on said principal sum from and including March 22, 2013 to
but excluding March 15, 2024, at the annual rate of 5.20%, (computed on the basis of a 360-day year consisting of twelve 30-day months) semi-annually in arrears on March 15 and September 15 of each year, beginning on
September 15, 2013 (each, a “Fixed-Rate Interest Payment Date”), subject to deferral as set forth herein. In the event that any Fixed-Rate Interest Payment Date falls on a day that is not a Business Day, the interest payment
due on that date will be postponed to the next day that is a Business Day, and no interest will accrue as a result of that postponement. From and including March 15, 2024 until the principal thereof is paid or made available for payment, the
Company promises to pay such interest at an 

  
 A-1

 
annual rate equal to Three-Month LIBOR (as defined in said Indenture) plus 3.04%, (computed on the basis of a 360-day year and the actual number of days elapsed) quarterly in arrears on
March 15, June 15, September 15 and December 15, beginning on June 15, 2024, or if any of these days is not a Business Day, on the next Business Day, except that if such Business Day is in the next succeeding
calendar month, the immediately preceding Business Day (each, a “Floating-Rate Interest Payment Date”, and each Fixed Rate Interest Payment Date and each Floating Rate Interest Payment Date being hereinafter referred to as an
“Interest Payment Date”), subject to deferral as set forth herein. A “Business Day” shall mean any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in The City of New York
are authorized or required by law or executive order to remain closed, (iii) a day on which the Corporate Trust Office is closed for business or (iv) on or after March 15, 2024, a day that is not a London Banking Day. “London
Banking Day” means any day on which commercial banks are open for general business (including dealings in deposits in U.S. dollars) in London, England. Defaulted Interest and interest deferred pursuant to said Indenture will bear additional
interest to the extent permitted by law, at the rate in effect from time to time, from and including the relevant Interest Payment Date, compounded on each subsequent Interest Payment Date. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, as provided in said Indenture, will be
paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be March 1, June 1, September 1 and
December 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid, in the case of deferred interest, as provided in the following paragraph, and otherwise to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

So long as no Event of Default with respect to this Security has occurred or is continuing, the Company shall have the right at any time
during the term of this Security to defer payment of interest on this Security for one or more consecutive Interest Periods that do not exceed five years for any single Deferral Period, during which the Company shall have the right to make partial
payments of interest on any Interest Payment Date, and at the end of which the Company shall pay all interest then accrued and unpaid; provided, however, that no Deferral Period shall extend beyond the Maturity Date or the earlier
accelerated maturity date arising from an Event of Default or redemption of this Security. Upon the termination of any Deferral Period and upon the payment of all deferred interest then due, the Company may elect to begin a new Deferral Period,
subject to the above requirements. 
 So long as any Securities of this series remain outstanding, if the Company has given
notice of its election to defer interest payments on the Securities but the related Deferral Period has not yet commenced or a Deferral Period is continuing, the Company shall not, and 

  
 A-2

 
shall not permit any Subsidiary to, (i) declare or pay any dividends or other distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any shares of the
Company’s capital stock, (ii) make any payment of principal of, or interest or premium, if any, on or repay, purchase or redeem any debt securities of the Company that rank upon the Company’s liquidation on a parity with this Security
(including the Company’s 8.875% Fixed-to-Floating Rate Junior Subordinated Notes due 2068, the Company’s 9.0% Junior Subordinated Notes due 2068, the Company’s 5.875% Fixed-to-Floating Rate Junior Subordinated Notes due 2042, the
Company’s 5.625% Fixed-to-Floating Rate Junior Subordinated Notes due 2043, the Company’s 5.75% Junior Subordinated Notes due 2052 and the Company’s 5.70% Junior Subordinated Notes due 2053 (the “Pari Passu
Securities”) or junior to this Security or (iii) make any guarantee payments regarding any guarantee issued by the Company of securities of any Subsidiary if the guarantee ranks upon the Company’s liquidation on a parity with or
junior to this Security (other than (a) any purchase, redemption or other acquisition of shares of its capital stock in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the benefit of any
one or more of its employees, officers, directors, consultants or independent contractors, (2) the satisfaction of the Company’s obligations pursuant to any contract entered into prior to the beginning of the applicable Deferral Period,
(3) a dividend reinvestment or shareholder purchase plan, or (4) the issuance of shares of the Company’s capital stock, or securities convertible into or exercisable for such shares, as consideration in an acquisition transaction
entered into prior to the applicable Deferral Period, (b) any exchange, redemption or conversion of any class or series of the Company’s capital stock, or the capital stock of one of its Subsidiaries, for any other class or series of its
capital stock, or of any class or series of its indebtedness for any class or series of its capital stock, (c) any purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions
of such shares or the securities being converted or exchanged, (d) any declaration of a dividend in connection with any shareholder rights plan, or the issuance of rights, stock or other property under any shareholder rights plan, or the
redemption or purchase of rights pursuant thereto, (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or stock issuable upon exercise of such warrants, options or other rights is the same stock as
that on which the dividend is being paid or ranks equally with or junior to such stock, or (f) (1) any payment of current or deferred interest on Parity Securities that is made pro rata to the amounts due on such Parity Securities
(including the Notes), and (2) any payments of principal or current or deferred interest on Parity Securities that, if not made, would cause the Company to breach the terms of the instrument governing such Parity Securities. 

The Company shall give written notice of its election to commence or continue any Deferral Period to the Trustee and the Holders of all
Securities of this series then Outstanding at least one Business Day and not more than 60 Business Days before the next Interest Payment Date. Such notice shall be given to the Trustee and the Holder of this Security at such Holder’s address
appearing in the Security Register by first-class mail, postage prepaid. 
 Payment of the principal of (and premium, if any)
and interest on this Security will be made at the paying agency office or agency of the Company maintained for that purpose in the United States, in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that, at the option of the Company, payment of interest may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the
Securities Register or (ii) by wire 

  
 A-3

 
transfer in immediately available funds at such place and to such bank account number as may be designated by the Person entitled thereto as specified in the Securities Register in writing not
less than ten days before the relevant Interest Payment Date. 
 The indebtedness evidenced by this Security is, to the extent
provided in the Indenture, subordinate and junior in right of payment to the prior payment in full of all Senior Indebtedness, and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Security,
by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on such Holder’s behalf to take such actions as may be necessary or appropriate to effectuate the subordination so
provided and (c) appoints the Trustee such Holder’s attorney-in-fact for any and all such purposes. Each Holder hereof, by such Holder’s acceptance hereof, waives all notice of the acceptance of the subordination provisions contained
herein and in the Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter incurred, and waives reliance by each such Holder upon said provisions. 
 The Company and, by acceptance of this Security or a beneficial interest in this Security, each Holder and beneficial owner of this Security agree to treat this Security as indebtedness for United States
federal income tax purposes. 
 By acceptance of this Security or a beneficial interest in this Security, each Holder hereof and
any person acquiring a beneficial interest herein, agree that either (A) no portion of the assets used by such purchaser to acquire and hold this Security or a beneficial interest in this Security constitutes assets of any (i) employee
benefit plan subject to Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) any plan, individual retirement accounts and other arrangement subject to Section 4975 of the U.S.
Internal Revenue Code of 1986, as amended (the “Code”) or provisions under any federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar
Laws”), and (iii) entities whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement within the meaning of Section 3(42) of ERISA as modified by 29 CFR § 2510.3-101 or
under any applicable Similar Laws or (B) the purchase and holding of this Security or a beneficial interest in this Security by such purchaser will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code or a similar violation under any applicable Similar Laws. 
 Reference is hereby made to the
further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose. 

  
 A-4

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Date: 
  

			
	PRUDENTIAL FINANCIAL, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Attest:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within mentioned Indenture. 

Date: 
  

			
	 THE BANK OF NEW YORK MELLON,
 as Trustee

		
	By	 	  

		 	Authorized Officer

  
 A-5

 (FORM OF REVERSE OF NOTE) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under the Indenture, dated as of June 17, 2008 (herein called the “Base Indenture”), between the Company and The Bank of New York Mellon (formerly known as The Bank of New York), as
trustee (the “Trustee”), as amended and supplemented by the Ninth Supplemental Indenture, dated as of March 22, 2013, between the Company and the Trustee (the “Supplemental Indenture”, and together with the
Base Indenture, the “Indenture”), to which Indenture and all other indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Trustee, the Company, the holders of the Senior Indebtedness and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. By the terms of the Indenture, the Securities are issuable in
series that may vary as to amount, date of maturity, rate of interest, rank and in any other respect provided in the Indenture. 

All terms used in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

The Securities of this series shall be redeemable at the election of the Company in accordance with the terms of the Indenture. In
particular, this Security is redeemable: 
 (a) in whole at any time or in part from time to time on or after
March 15, 2024, at a redemption price equal to 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest to but excluding the Redemption Date; provided that if the Securities of this series are not
redeemed in whole, at least $25 million aggregate principal amount of the Outstanding Securities of this series remain outstanding after giving effect to such redemption; 

(b) in whole, but not in part, at any time prior to March 15, 2024, within 90 days after the occurrence of a Tax
Event or a Rating Agency Event, at a redemption price equal to the greater of (i) 100% of the principal amount of the Securities being redeemed or (ii) the Make-Whole Redemption Price, in each case plus accrued and unpaid interest to but
excluding the Redemption Date; or 
 (c) in whole, but not in part, at any time prior to March 15, 2024,
within 90 days after the occurrence of a Regulatory Capital Event, at a redemption price equal to 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest to but excluding the Redemption Date. 

Notwithstanding the foregoing, the Company may not redeem the Securities of this series in part unless all accrued and
unpaid interest, including deferred interest, has been paid in full on all Outstanding Securities of this series for all Interest Periods terminating on or before the Redemption Date. 

In the event of a redemption of this Security in part only, a new Security or Securities of this Series and of a like tenor for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

  
 A-6

 No sinking fund is provided for the Securities. 

The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of this Security upon compliance by the
Company with certain conditions set forth in the Indenture. 
 The Indenture permits, with certain exceptions as therein
provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Securities, with the consent of the
Holders of not less than a majority in principal amount of the Outstanding Securities to be affected by such supplemental indenture. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the
Securities at the time Outstanding, on behalf of the Holders of all Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the
Indenture, if an Event of Default as set forth in the Indenture occurs, the principal amount of the Securities shall automatically become due and payable; provided that in any such case the payment of principal and interest on such Securities
shall remain subordinated to the extent provided in Article Eleven of the Base Indenture. 
 No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place
and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security is registrable in the Securities Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 1002 of the Base Indenture
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new
Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee shall have the right to treat and shall treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 A-7

 The Securities are issuable only in registered form without coupons in minimum denominations
of $2,000 and any integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal amount of Securities of a different
authorized denomination, as requested by the Holder surrendering the same. 
 THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 A-8

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this 
 Security to: 

 
  
  

 
  

 
  

 
 (Insert assignee’s social
security or tax identification number) 
  
  

 
  
 (Insert address and zip code of assignee) 
 hereby irrevocably constituting and appointing
                                         
                                         
                                         
              agent to transfer this Security on the books of the Securities Registrar. The agent may substitute another to act for him or her. 

 

			
	Dated:	 	Signature:
		 	  

		
		 	Signature Guarantee:

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

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

  
 A-9

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