Document:

Exhibit 4.2

      

      

      FIRST SUPPLEMENTAL INDENTURE

       

      Dated as of May 17, 2022

       

      Supplementing that Certain

       

      INDENTURE

       

      Dated as of May 17, 2022

       

      
        
          

      

       

        

      Among

       

      KKR GROUP FINANCE CO. XII LLC,

       

      THE GUARANTOR PARTIES HERETO

       

      and

       

      THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

       

      as Trustee

       

      
        
          

        

        

      

      4.850% Senior Notes due 2032

       

      
        
          

      

      
      TABLE OF CONTENTS

      
        

        

      

      	 	
              Page

            
	 	 
	
              ARTICLE 1

            
	
              Issuance of Securities

            
	 
	
              Section 1.01.  Issuance of Notes; Principal Amount; Maturity; Title

            	
              2

            
	
              Section 1.02.  Interest

            	
              3

            
	
              Section 1.03.  Payment

            	
              4

            
	
              Section 1.04.  Relationship with Base Indenture

            	
              4

            
	
              Section 1.05.  Amendments to the Indenture

            	
              4

            
	 	 
	
              ARTICLE 2

            
	
              Definitions and Other Provisions of General Application

            
	 
	
              Section 2.01.  Definitions

            	
              4

            
	 	 
	
              ARTICLE 3

            
	
              Security Forms

            
	 
	
              Section 3.01.  Form Generally

            	
              10

            
	
              Section 3.02.  Form of Note

            	
              10

            
	
              Section 3.03.  Transfer and Exchange of Global Securities

            	
              25

            
	 	 
	
              ARTICLE 4

            
	
              Remedies

            
	
              Section 4.01.  Events of Default

            	
              25

            
	
              Section 4.02.  Waiver of Past Defaults

            	
              26

            
	 	 
	
              ARTICLE 5

            
	
              Redemption of Securities

            
	 
	
              Section 5.01.  Optional Redemption

            	
              26

            
	 	 
	
              ARTICLE 6

            
	
              Particular Covenants

            
	 
	
              Section 6.01.  Liens

            	
              27

            
	
              Section 6.02.  Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event

            	
              27

            
	
              Section 6.03.  Financial Reports

            	
              29

            

       
      

         

      
        i

        
          

      

       
      	
              ARTICLE 7

            
	
              [Reserved]

            
	 
	
              ARTICLE 8

            
	
              Supplemental Indentures

            
	 
	
              Section 8.01.  Supplemental Indentures without Consent of Holders of Notes

            	
              30

            
	
              Section 8.02.  Supplemental Indentures with Consent of Holders of Notes

            	
              30

            
	 	 
	
              ARTICLE 9

            
	
              Defeasance

            
	 
	
              Section 9.01.  Covenant Defeasance

            	
              32

            
	 	 
	
              ARTICLE 10

            
	
              Miscellaneous

            
	 
	
              Section 10.01.  Execution as Supplemental Indenture

            	
              32

            
	
              Section 10.02.  Not Responsible for Recitals or Issuance of Notes

            	
              32

            
	
              Section 10.03.  Separability Clause

            	
              33

            
	
              Section 10.04.  Successors and Assigns

            	
              33

            
	
              Section 10.05.  Execution and Counterparts

            	
              33

            
	
              Section 10.06.  Governing Law

            	
              33

            
	
              Section 10.07.  FATCA

            	
              33

            

      

      

      
        ii

        
          

      

      This First Supplemental Indenture, dated as of May 17, 2022 (the “First Supplemental Indenture”), among KKR
        Group Finance Co. XII LLC, a limited liability company duly organized and existing under the laws of the State of Delaware, having its principal office at 30 Hudson Yards, New York, New York 10001 (the “Company”),

        the Guarantors party hereto (the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the “Trustee”), supplements that certain Indenture, dated as of May 17, 2022, among the Company, the Guarantors named therein and the Trustee (the “Base Indenture” and subject to Section 1.04
        hereof, together with this First Supplemental Indenture, the “Indenture”).

       

      RECITALS OF THE COMPANY

       

      The Company and the Guarantors have heretofore executed and delivered to the Trustee the Base Indenture providing for the issuance from time to time of
        one or more series of the Company’s senior unsecured debt securities (herein and in the Base Indenture called the “Securities”), the forms and terms of which are to be determined as set forth in Sections 2.01
        and 3.01 of the Base Indenture, and the Guarantees thereof by the Guarantors;

       

      Section 9.01 of the Base Indenture provides, among other things, that the Company, the Guarantors and the Trustee may enter into indentures
        supplemental to the Base Indenture for, among other things, the purposes of (a) establishing the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Base Indenture and (b) adding to or changing any of the
        provisions to the Base Indenture in certain circumstances; and

       

      The Company desires to create a series of Securities designated as its “4.850% Senior Notes due 2032” pursuant to the terms of this First Supplemental
        Indenture.

       

      The Company has duly authorized the execution and delivery of this First Supplemental Indenture and the Notes to be issued from time to time, as
        provided for in the Indenture.

       

      Each Guarantor has duly authorized its Guarantee of the Notes and to provide therefor each Guarantor has duly authorized the execution and delivery of
        this First Supplemental Indenture.

       

      All things necessary have been done to make this First Supplemental Indenture a valid and legally binding agreement of the Company, in accordance with
        its terms and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee under the Indenture and duly issued by the Company, the valid and legally binding obligations of the Company.

       

      All things necessary have been done to make the Guarantees, upon execution and delivery of this First Supplemental Indenture, the valid and legally
        binding obligations of each Guarantor and to make this First Supplemental Indenture a valid and legally binding agreement of each Guarantor, in accordance with its terms.

       

      
        
          

      

      
      ARTICLE 1

      Issuance of Securities

       

      Section 1.01.          Issuance of Notes; Principal Amount; Maturity; Title.  a) On May 17, 2022, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial Notes substantially in the form
          set forth in Section 3.02 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this First Supplemental Indenture, and with such letters,
          numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be
          determined by the Officer executing such Notes, as evidenced by the execution of such Notes.

       

      (b)          Pursuant to the terms hereof
          and Sections 2.01 and 3.01 of the Base Indenture, the Company hereby creates a series of Securities designated as the “4.850% Senior Notes due 2032” of the Company (as amended or supplemented from time to time, that are issued under the
          Indenture, including both the Initial Notes and the Additional Notes (as defined below), if any, the “Notes”), which Notes shall be deemed “Securities” for all purposes under the Base Indenture.

       

      (c)          The Initial Notes to be issued
          pursuant to the Indenture shall be issued and initially limited in aggregate principal amount to $750,000,000 and shall mature on the Stated Maturity, unless the Notes are redeemed prior to that date as described in Article 5. The aggregate
          principal amount of Initial Notes Outstanding at any time may not exceed $750,000,000, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the series pursuant to
          Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture and except for any Notes which, pursuant to Section 3.03 of the Base Indenture, are deemed never to have been authenticated and delivered.

       

      (d)          The Company may, without the
          consent of the Holders, issue additional Notes hereunder as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP, ISIN and Common Code numbers as the Initial Notes initially issued,
          but may be offered at a different offering price or have a different issue date, initial interest accrual date or initial interest payment date (“Additional Notes”); provided

          that if any Additional Notes are issued at a price that causes such Additional Notes to have “original issue discount” within the meaning of Section 1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of
          the United States Department of Treasury thereunder (the “Code”) or if any Additional Notes are not otherwise fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes
          shall not have the same CUSIP, ISIN or Common Code number as the Initial Notes.

       

      (e)          The Notes shall be issued only
          in fully registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

       

      
        2

        
          

      

      Section 1.02.          Interest.  a) Interest on a Note will accrue at the per annum rate of 4.850%, from and including the date specified on the face of such Note to, but excluding, the date on which the principal thereof is paid,
          deemed paid, or made available for payment and, in each case, will be paid on the basis of a 360-day year of twelve 30-day months.

       

      (b)          The Company shall pay interest
          on the Notes semi-annually in arrears on May 17 and November 17 of each year (each, an “Interest Payment Date”), commencing November 17, 2022, provided that the
          final Interest Payment Date of the Notes shall be May 17, 2032.

       

      (c)          Interest shall be paid on each
          Interest Payment Date to the registered Holders of the Notes as of the close of business on the Regular Record Date.

       

      (d)          Amounts due on the Stated
          Maturity or earlier redemption date or repurchase date of the Notes will be payable at the corporate trust office of the Trustee, initially at 500 Ross Street, 12th Floor, Pittsburgh, PA 15262, Attention: Corporate Finance Group, except as
          otherwise provided in the Notes. The Company shall make payments of principal, premium, if any, Redemption Price or Repurchase Price (as defined below) and interest in respect of the Notes in book-entry form to DTC in immediately available funds,
          while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of DTC and its participants in effect from time to time. The Trustee will initially act as Paying
          Agent for payments with respect to the Notes. The Company may at any time designate additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts, except that the
          Company shall be required to maintain a Paying Agent in each Place of Payment for the Notes. Neither the Company nor the Trustee shall impose any service charge for any transfer or exchange of a Note. However, the Company may require Holders of
          the Notes to pay any taxes or other governmental charges in connection with a transfer or exchange of Notes. All moneys paid by the Company to a Paying Agent for the payment of principal, premium, interest or the Redemption Price or Repurchase
          Price on Notes which remain unclaimed at the end of two years after such principal, premium, interest or Redemption Price or Repurchase Price has become due and payable will be repaid to the Company upon request, and the Holder of such Notes
          thereafter may look only to the Company for payment thereof.

       

      (e)          If any Interest Payment Date,
          Stated Maturity, earlier redemption date or repurchase date falls on a day that is not a Business Day in The City of New York, the Company shall make the required payment of principal, premium, if any, Redemption Price or Repurchase Price and/or
          interest with respect to the Notes on the next succeeding Business Day as if it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and after that Interest Payment Date, Stated Maturity,
          earlier redemption or repurchase date, as the case may be, to such next succeeding Business Day.

       

      
        3

        
          

      

      Section 1.03.          Payment.  All payments of principal of, the Redemption Price or Repurchase Price (if any) for and interest on the Notes will be payable in U.S. dollars.

       

      Section 1.04.          Relationship with Base Indenture.  The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this First Supplemental Indenture. However, to the extent
          any provision of the Base Indenture conflicts with the express provisions of this First Supplemental Indenture, the provisions of this First Supplemental Indenture will govern and be controlling.

       

      For purposes of the Notes and this First Supplemental Indenture, the references in Sections 10.01 and 10.03 of the Base Indenture to “10:00 am (New
        York City time) on” shall be replaced with “11:00 am (New York City time) on.”

       

      Section 1.05.          Amendments to the Indenture.  iii) the definition of “Business Day” under Section 1.01 of the Base Indenture shall be amended and restated as follows:

       

      “Business Day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions
        or trust companies in New York, New York are authorized or obligated by law, regulation or executive order to close.

       

      ARTICLE 2

      Definitions and Other Provisions of General Application

       

      Section 2.01.          Definitions.  For all purposes of this First Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this First Supplemental Indenture otherwise requires):

       

      (a)          any reference to an “Article”
          or a “Section” refers to an Article or a Section, as the case may be, of this First Supplemental Indenture;

       

      (b)          the words “herein,” “hereof”
          and “hereunder” and other words of similar import refer to this First Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision;

       

      (c)          “including” means including
          without limitation;

       

      (d)          “dollars” and “$” refer to U.S.
          dollars;

       

      (e)          unless otherwise provided,
          references to agreements and other instruments shall be deemed to include all amendments and other modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of
          this Indenture; and

       

      (f)          any reference in this First
          Supplemental Indenture to a Cayman Islands exempted limited partnership taking any action, holding or dealing with any property or having or exercising any power shall be to such exempted limited partnership acting through its general partner.

       

      
        4

        
          

      

      The terms defined in this Section 2.01 (except as herein otherwise expressly provided or unless the context of this First Supplemental Indenture
        otherwise requires) for all purposes of this First Supplemental Indenture and of any indenture supplemental hereto have the respective meanings specified in this Section 2.01. All other terms used in this First Supplemental Indenture that are
        defined in the Base Indenture, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this First Supplemental Indenture otherwise requires), have the respective meanings assigned to such
        terms in the Base Indenture, as in force at the date of this First Supplemental Indenture as originally executed; provided that any term that is defined in both the Base Indenture and this First
        Supplemental Indenture shall have the meaning assigned to such term in this First Supplemental Indenture.

       

      “Additional Notes” has the meaning specified in Section 1.01(d).

       

      “Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or
        beneficial interest therein, the rules and procedures of the Depositary or DTC, in each case to the extent applicable to such transaction and as in effect from time to time.

       

      “Below Investment Grade Rating Event” means the ratings on the Notes are lowered in respect of a Change of
        Control and the Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of
        the occurrence of a Change of Control (which period shall be extended until the ratings are announced if during such 60-day period the ratings of the Notes are under publicly announced consideration for possible downgrade by either of the Rating
        Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in ratings shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below
        Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in ratings to which this definition would otherwise apply do not announce or publicly confirm
        or inform the Company in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
        applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). The Company will request the Rating Agencies to make such confirmation in connection with any Change of Control and shall promptly certify to
        the Trustee as to whether or not such confirmation has been received or denied.

       

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

       

      	

            	i.	
              the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the combined assets of the Credit Group
                taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or any successor provision), other than to a
                Continuing KKR Person; or

            

       

      
        5

        
          

      

      	

            	ii.	
              the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other
                than a Continuing KKR Person, becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a majority of the controlling interests in (i) the Corporation or (ii) one or more Guarantors
                that together hold all or substantially all of the assets of the Credit Group taken as whole.

            

       

      The transactions contemplated by the Reorganization Agreement shall not constitute a Change of Control.

       

      “Change of Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade
        Rating Event.

       

      “Close of Business” means 5:00 p.m., New York City time.

       

      “Code” has the meaning specified in Section 1.01(c).

       

      “Commission” means the Securities and Exchange Commission or any successor entity.

       

      “Continuing KKR Person” means, immediately prior to and immediately following any relevant date of
        determination, (i) an individual who (a) is an executive of the KKR Group, (b) devotes substantially all of his or her business and professional time to the activities of the KKR Group and (c) did not become an executive of the KKR Group or begin
        devoting substantially all of his or her business and professional time to the activities of the KKR Group in contemplation of a Change of Control, or (ii) any Person in which any one or more of such individuals directly or indirectly, singly or as
        a group, holds a majority of the controlling interests.

       

      “Covenant Defeasance” has the meaning specified in Section 9.01.

       

      “Credit Party Jurisdiction” means a jurisdiction where a Credit Party is incorporated or considered to be a
        resident for tax purposes, if other than the United States.

       

      “DTC” means The Depository Trust Company, a New York corporation.

       

      “Event of Default” has the meaning specified in Section 4.01.

       

      
        6

        
          

      

      “Existing Indebtedness” means indebtedness incurred under (i) the Second Amended and Restated Credit Agreement
        dated as of August 4, 2021 among Kohlberg Kravis Roberts & Co. L.P. and the KKR Group Partnerships (as defined therein), as borrowers, the other borrowers from time to time party thereto, the guarantors from time to time party thereto, the
        lenders party thereto, and HSBC Bank USA, National Association, as administrative agent; (ii) the Third Amended and Restated 5-Year Revolving Credit Agreement dated as of March 20, 2020 among KKR Capital Markets Holdings L.P., certain subsidiaries
        of KKR Capital Markets Holdings L.P., as borrowers, the lenders party thereto, and Mizuho Bank, Ltd., as administrative agent, as amended as of April 8, 2022; and (iii) the 364-Day Revolving Credit Agreement dated as of April 8, 2022 among KKR
        Capital Markets Holdings L.P. and certain subsidiaries of KKR Capital Markets Holdings L.P., as borrowers, the lenders party thereto, and Mizuho Bank, Ltd., as administrative agent, and in the case of each of clauses (i), (ii) and (iii) above, any
        amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures, notes, debentures or credit facilities or commercial paper facilities that replace, refund or refinance any part of the loans,
        notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that alters the maturity or interest rate thereof, provided that the aggregate principal amount of Existing
        Indebtedness outstanding at any one time shall not exceed $2.750 billion.

       

      “FATCA Withholding Tax” shall mean any Tax withheld or deducted pursuant to an agreement described in Section
        1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any amended or successor provisions that are substantively comparable), any regulations or agreements thereunder or official interpretations thereof, or
        any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law, regulation or other official guidance implementing such an intergovernmental agreement).

       

      “Fitch” means Fitch Ratings Inc. or any successor thereto.

       

      “Initial Notes” means Notes in an aggregate principal amount of up to $750,000,000 initially issued under this
        First Supplemental Indenture in accordance with  Section 1.01(c).

       

      “Interest Payment Date” has the meaning specified in Section 1.02(b).

       

      “Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under any successor rating
        categories of Fitch) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent
        investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency).

       

      “KKR Group” means KKR Group Partnership, the direct and indirect parents (including, without limitation,
        general partners) of KKR Group Partnership (the “Parent Entities”), any direct or indirect subsidiaries of the Parent Entities or KKR Group Partnership, the general partner or similar controlling entities of
        any investment or vehicle that is managed, advised or sponsored by the KKR Group (“KKR Fund”) and any other entity through which any of the foregoing directly or indirectly conduct its business, but shall
        exclude any company in which a KKR Fund has an investment.

       

      
        7

        
          

      

      “KKR Group Partnership” means KKR Group Partnership L.P. (acting through its general partner KKR Group Holdings
        Corp.).

       

      “Notes” has the meaning specified in Section 1.01(b).

       

      “Par Call Date” has the meaning specified in Section 5.01.

       

      “Permitted Liens” means (a) liens on voting stock or profit participating equity interests of any Subsidiary
        existing at the time such entity becomes a direct or indirect Subsidiary of the Corporation or is merged into a direct or indirect Subsidiary of the Corporation (provided such liens are not created or
        incurred in connection with such transaction and do not extend to any other Subsidiary), (b) statutory liens, liens for taxes or assessments or governmental liens not yet due or delinquent or which can be paid without penalty or are being contested
        in good faith, (c) other liens of a similar nature as those described in subclauses (a) and (b) above, and (d) liens granted under Existing Indebtedness.

       

      “Rating Agency” means:

       

      	

            	i.	
              each of Fitch and S&P; and

            

       

      	

            	ii.	
              if either of Fitch or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning
                of Section 3(a)(62) the Exchange Act selected by the Company as a replacement agency for Fitch or S&P, or both, as the case may be.

            

       

      “Registrar” means the Security Registrar for the Notes, which shall initially be The Bank of New York Mellon
        Trust Company, N.A., or any successor entity thereof, subject to replacement as set forth in the Base Indenture.

       

      “Regular Record Date” for interest payable in respect of any Note on any Interest Payment Date means May 2 or
        November 2, as applicable, immediately preceding the relevant Interest Payment Date (whether or not a Business Day).

       

      “Relevant Jurisdiction” means the United States, any Credit Party Jurisdiction, and any Successor Person
        Jurisdiction.

       

      “S&P” means S&P Global Ratings, a division of S&P Global, Inc., or any successor thereto.

       

      “Stated Maturity” means May 17, 2032.

       

      “Successor Person Jurisdiction” means a jurisdiction where a Successor Person is incorporated or considered to
        be a resident for tax purposes, if other than the United States.

       

      
        8

        
          

      

      “Treasury Rate” means, with respect to any redemption date, the yield determined by the Company in accordance
        with the following two paragraphs.

       

      The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities
        are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent
        statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government
        securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period
        from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield
        corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a
        straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the
        single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months
        or years, as applicable, of such Treasury constant maturity from the redemption date.

       

      If on the third business day preceding the redemption date H.15 is no longer published, the Company shall calculate the Treasury Rate based on the rate
        per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to,
        the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a
        maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United
        States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the
        United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the
        terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City
        time, of such United States Treasury security, and rounded to three decimal places.

       

      
        9

        
          

      

      ARTICLE 3

      Security Forms

       

      Section 3.01.          Form Generally.  iv) The Notes shall be in substantially the form set forth in Section 3.02 of this Article 3, with such appropriate insertions, omissions, substitutions and other variations as are required or
          permitted by the Base Indenture and this First Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or
          the rules of any securities exchange or Depositary therefor or as may, consistent herewith, be determined by the Officer executing such Notes, as evidenced by the execution thereof. All Notes shall be in fully registered form.

       

      (b)          The Notes shall be printed,
          lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the Officer of the Company executing such Notes, as evidenced by the execution of such Notes.

       

      (c)          Upon their original issuance,
          the Notes shall be issued in the form of one or more Global Securities in definitive, fully registered form without interest coupons. Each such Global Security shall be duly executed by the Company, authenticated and delivered by the Trustee and
          shall be registered in the name of DTC as Depositary, or its nominees, and deposited with the Trustee, as custodian for DTC. Beneficial interests in the Global Securities will be shown on, and transfers will only be made through, the records
          maintained by DTC and its participants.

       

      Section 3.02.          Form of Note.

       

      [FORM OF FACE OF NOTE]

       

      
        10

        
          

      

      [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO RULE 144A UNDER THE SECURITIES ACT:

       

      THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
        “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE
        OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
        SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A FURTHER ISSUANCE OF
        SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH KKR GROUP FINANCE CO. XII LLC OR ANY AFFILIATE OF KKR GROUP FINANCE CO. XII LLC WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO KKR GROUP FINANCE CO. XII
        LLC, KKR & CO. INC., KKR GROUP PARTNERSHIP L.P. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO
        RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM
        NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
        REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN
        ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY
        DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO KKR GROUP FINANCE CO. XII LLC’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER,
        SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
        RESTRICTION TERMINATION DATE.]

       

      
        11

        
          

      

      [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT:

       

      THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
        “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE
        OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
        SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A FURTHER ISSUANCE OF
        SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH KKR GROUP FINANCE CO. XII LLC OR ANY AFFILIATE OF KKR GROUP FINANCE CO. XII LLC WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO KKR GROUP FINANCE CO. XII
        LLC, KKR & CO. INC., KKR GROUP PARTNERSHIP L.P. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO
        RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM
        NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
        REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN
        ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY
        DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO KKR GROUP FINANCE CO. XII LLC’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER,
        SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
        RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
        REGULATION S UNDER THE SECURITIES ACT.]

       

      
        12

        
          

      

      [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY:

       

      THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL
        SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY TRUST COMPANY (“DTC”) OR ITS NOMINEE OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
        TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.].

       

      [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY FOR WHICH DTC IS TO BE THE DEPOSITARY:

       

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF 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.]

       

      
        13

        
          

      

      [FORM OF 4.850% SENIOR NOTE DUE 2032]

       

      KKR GROUP FINANCE CO. XII LLC

       

      4.850% SENIOR NOTE DUE 2032

       

      	
              No. ______

            	 	
              Principal Amount $ ______

            

      CUSIP NO. 48255G AA3 / U49504 AA8

       

      ISIN NO. US48255GAA31 / USU49504AA82

       

      KKR Group Finance Co. XII LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any Successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
        _______ U.S. dollars ($ ______), or such other principal amount as shall be set forth in the Schedule of Increases and Decreases in Note attached hereto, on May 17, 2032 (the “Maturity Date”)
        and to pay interest thereon, from May 17, 2022, or from the most recent Interest Payment Date to which interest has been paid or duly provided for to but excluding the next Interest Payment Date, which shall be May 17 and November 17 of each year,
        commencing November 17, 2022, at the per annum rate of 4.850% (the “Note Interest Rate”), until the principal hereof is paid or made available for payment.

       

      For the purposes of this Note, the term “Business Day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions
        or trust companies in New York, New York are authorized or obligated by law, regulation or executive order to close.

       

      The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the
        Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be May 2 or November 2, as applicable, immediately preceding the relevant Interest Payment Date (whether or not a
        Business Day). Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
        name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes not less than 10 days prior to the 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 such Notes may be listed, all as more fully provided in the Indenture. Interest will be computed on the basis
        of a 360-day year of twelve 30- day months.

       

      
        14

        
          

      

      Payment of principal of, and premium, if any, and interest on this Note and the Repurchase Price in connection with a Change of Control Repurchase
        Event will be made at the Trustee, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. With respect to Global Securities, the Company will make such
        payments by wire transfer of immediately available funds to DTC, or its nominee, as registered owner of the Global Securities. With respect to certificated Notes, the Company will make such payments, subject to surrender of such Note at the
        Trustee, except in the case of installments of interest, by wire transfer of immediately available funds to a United States Dollar account maintained in New York, New York to each Holder of an aggregate principal amount of Notes in excess of U.S.
        $5,000,000 that has furnished wire instructions in writing to the Trustee no later than 15 days prior to the relevant payment date. If a Holder of a certificated Note (i) does not furnish such wire instructions as provided in the preceding sentence
        or (ii) holds U.S. $5,000,000 or less aggregate principal amount of Notes, the Company will make such payments by mailing or causing to be mailed a check to such Holder’s registered address.

       

      The Notes constitute the direct, unconditional, unsecured and unsubordinated general obligations of the Company and shall at all times rank pari passu without any preference among themselves and with all other unsecured obligations of the Company, other than subordinated obligations of the Company and except for statutorily preferred obligations.
        The Securities are not redeemable prior to the Maturity Date, except as set forth on the reverse of this Note and will not be subject to any sinking fund.

       

      Reference is hereby made to the further provisions of this Note 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 or electronic signature,
        this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

       

      
        15

        
          

      

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

       

      	 	
              KKR Group Finance Co. XII LLC

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Name: James Rudy

            
	 	 	
              Title:   Treasurer

            

       

      	
              Attest:

            	 
	 	 	 
	
              By:

            	 	 
	 	
              Name: Christopher Lee

            	 
	 	
              Title:    Assistant Secretary

            	 

      

      

      
        16

        
          

      

      CERTIFICATE OF AUTHENTICATION

       

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

       

      Dated:                 

        

       

      	
              THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

            	 
	 	 	 
	
              By:

            	 	 
	 	
              Authorized Signatory

            	 

      

      

      
        17

        
          

      

      [FORM OF REVERSE OF NOTE]

       

      1.          Indenture. This Note is one of a duly authorized issue of securities of the Company
          designated as its “4.850% Senior Notes due 2032” (herein called the “Notes”), issued under a First Supplemental Indenture, dated as of May 17, 2022 (the “First Supplemental
            Indenture”), to an indenture, dated as of May 17, 2022 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Base Indenture” and herein with the First
          Supplemental Indenture, collectively, the “Indenture”), among the Company, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
          the Company, the Guarantors, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of the Initial Notes Outstanding at any time may not
          exceed $750,000,000 in aggregate principal amount, except for, or in lieu of, other Notes of the series pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture and except for any Notes which, pursuant to Section 3.03 of the
          Base Indenture, are deemed never to have been authenticated and delivered. The First Supplemental Indenture pursuant to which this Note is issued provides that Additional Notes may be issued thereunder.

       

      All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. In the event of a conflict or
        inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern.

       

      2.          Optional Redemption. Prior to February 17, 2032 (three months prior to their
          maturity date) (the “Par Call Date”), the Company may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a Redemption Price (expressed as a percentage of the
          principal amount and rounded to three decimal places) equal to the greater of:

       

      	

            	•	
              (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed discounted to the redemption date (assuming the Notes being redeemed matured on the Par Call Date) on a
                semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 30 basis points, less (b) interest accrued to the date of redemption, and

            

       

      	

            	•	
              100% of the principal amount of the Notes being redeemed,

            

       

      plus, in either case, accrued and unpaid interest on the principal amount of the Notes being redeemed to, but not including, the redemption date.

       

      The Company shall give the Trustee notice of the Redemption Price with respect to any redemption pursuant to the preceding paragraph as soon as
        practicable after the calculation thereof and the Trustee shall have no responsibility for such calculation. Any notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited
        to, completion of a securities offering or other corporate transaction.

       

      
        18

        
          

      

      On or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a Redemption Price equal to
        100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

       

      The Company’s actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.

       

      3.          Change of Control Repurchase Event. In the event of a Change of Control Repurchase Event, unless the Company has exercised its option to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all
          or any part of that Holder’s Notes at a Repurchase Price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, pursuant to Section 6.02 of the
            First Supplemental Indenture.

       

      4.          Global Security. If this Note is a Global Security, then, in the event of a deposit
          or withdrawal of an interest in this Note, including an exchange, transfer, redemption, repurchase or conversion of this Note in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such
          deposit or withdrawal in accordance with the Applicable Procedures.

       

      5.          Defaults and Remedies. If an Event of Default shall occur and be continuing, the
          principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment of the amount of principal so declared due and payable, all obligations of the Company in respect of the payment
          of the principal of and interest on the Notes shall terminate.

       

      No Holder of Notes shall have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a
        receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy hereunder (except actions for payment of overdue principal of, and premium, if any, or interest on such Notes in accordance with its terms),
        unless (i) such Holder has previously given written notice to the Trustee of a continuing Event of Default, specifying an Event of Default, as required under the Indenture; (ii) the Holders of not less than 25% in aggregate principal amount of the
        Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture; (iii) such Holder or Holders have offered to the Trustee indemnity
        reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee has failed to institute any such proceeding for 60 days after its receipt of such notice, request and offer
        of indemnity; and (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes, it being understood and intended
        that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to
        obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner provided in the Indenture and for the equal and ratable benefit of all of such Holders.

       

      
        19

        
          

      

      The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal of, and premium, if
        any, or interest hereon, on or after the respective due dates expressed or provided for herein.

       

      6.          Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as
          therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the written consent of the
          Holders of at least a majority in aggregate principal amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes, on behalf of the
          Holders of all the Notes, 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 Note shall be conclusive
          and binding upon such Holder and upon all future Holders of this Note and of any Note 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
          Note or such other Note. Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding Note affected.

       

      No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the consent of the Holder hereof)
        the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed.

       

      7.          Registration and Transfer. As provided in the Indenture and subject to certain
          limitations therein set forth, the transfer of this Note is registerable on the Security Register. Upon surrender for registration of transfer of this Note at the office or agency of the Company in a Place of Payment, the Company shall execute,
          and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. As provided in the Indenture and subject to
          certain limitations therein set forth, at the option of the Holder, this Note may be exchanged for one or more new Notes of any authorized denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency.
          Upon such surrender by the Holder, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and
          principal amount. Every Note presented or surrendered for registration of transfer or for exchange shall be duly endorsed (if so required by the Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory
          to the Company and the Security Registrar duly executed, by the Holder thereof or such Holder’s attorney duly authorized in writing. 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 that may be imposed in connection therewith.

       

      
        20

        
          

      

      Prior to due presentment of this Note for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company, a Guarantor
        or the Trustee may treat the Person in whose name such Note is registered as the owner thereof for all purposes (except as otherwise provided in the Indenture), whether or not such Note be overdue, and neither the Company, the Guarantors, the
        Trustee nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary.

       

      8.          Guarantee. As expressly set forth in the Base Indenture, payment of this Note is
          jointly and severally and fully and unconditionally guaranteed by the Guarantors that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture and their Guarantees
          under the circumstances specified in the Base Indenture.

       

      9.          Governing Law. THE INDENTURE, THIS NOTE AND THE
            GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

       

      ABBREVIATIONS

       

      The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full
        according to applicable laws or regulations:

       

      TEN COM (= tenant in common)

       

      TEN ENT (= tenants by the entireties (Cust))

       

      JT TEN (= joint tenants with right of survivorship and not as tenants in common) UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act )

       

      Additional abbreviations may also be used though not in the above list.

       

      
        21

        
          

      

      ASSIGNMENT FORM

       

      To assign this Note, fill in the form below:

       

      	
              (I) or (we) assign and transfer this Note to:                                                                                                   
                       

                

            
	 	
              (Insert assignee’s legal name)

            
	 	 
	
              (Insert assignee’s soc. sec. or tax I.D. no.)

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

            

      and irrevocably appoint

       

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

       

      In connection with the assignment of the Notes evidenced by this certificate occurring prior to the date that is one year or six months, as the case may be (as specified
        in Rule 144(d) under the Securities Act), after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company or any affiliate of the Company, the undersigned confirms that such
        Notes are being:

       

      CHECK ONE BOX BELOW:

       

      	
              1

            	
              ☐

            	
              acquired for the undersigned’s own account, without transfer; or

            
	
              2

            	
              ☐

            	
              transferred to the Company; or

            
	
              3

            	
              ☐

            	
              transferred pursuant to and in compliance with Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”); or

            
	
              4

            	
              ☐

            	
              transferred pursuant to an effective registration statement under the Securities Act; or

            
	
              5

            	
              ☐

            	
              transferred pursuance to and in compliance with Regulation S promulgated under the Securities Act; or

            
	
              6

            	
              ☐

            	
              transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act) that, prior to such transfer, furnished the Trustee with a signed letter containing
                certain representations and agreements relating to the transfer; or

            
	
              7

            	
              ☐

            	
              transferred pursuant to another available exemption from the registration requirements of the Securities Act.

            

      

      

      
        22

        
          

      

      Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any Person other
        than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Company may require, prior to registering any such transfer of
        the Notes, in its sole discretion, such legal opinions, certifications and other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the
        registration requirements of the Securities Act, such as the exemption provided by Rule 144A promulgated under the Securities Act.

       

      	
              Dated:                                        

                

            	
              Signature:                                                                                        

              

            
	 	 
	
              Signature Guarantee:

            	 
	 	 
	                                                                                

            	                                                                                

            
	
              (Signature must be guaranteed)

            	
              Signature

            
	 

      

      

      The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
        membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 of the Securities Exchange Act.

       

      TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

       

      The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it
        exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, and is aware that the sale to it is being made in reliance on Rule 144A promulgated
        under the Securities Act and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor
        is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.

       

      	
              Dated:                                                           

              

            	
              Signature:                                                                 

              

            

      

      

      
        23

        
          

      

      [SCHEDULE OF INCREASES AND DECREASES IN NOTE

       

      KKR GROUP FINANCE CO. XII LLC

       

      4.850% Senior Note due 2032

       

      The initial principal amount of this Note is $          . The following increases or decreases in this Note have been made:

       

      	
              
                Date

              

            	 	
              
                Amount of decrease in Principal Amount of this Note

              

            	 	
              
                Amount of 

                increase in Principal 

                Amount of this 

                Note

              

            	 	
              
                Principal 

                Amount of this 

                Note following 

                such decrease or 

                increase

              

            	 	
              
                Signature of authorized officer of Trustee]1

              

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

      

      

      
        
1 Insert for Global Securities only

       

      

      
        24

        
          

      

      Section 3.03.          Transfer and Exchange of Global Securities.  v) The transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depositary, in accordance with the Indenture
          (including applicable restrictions on transfer set forth in the Indenture and in the Global Security) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Security to another Global Security shall
          deliver to the Security Registrar a duly completed Assignment Form in the form attached to the Global Security, any applicable certifications or opinions required by the Assignment Form and a written order given in accordance with the Applicable
          Procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the Global Security. The Security Registrar shall, in accordance with such instructions, instruct the Depositary to
          credit to the account of the Person specified in such instructions a beneficial interest in the Global Security and to debit the account of the Person making the transfer the beneficial interest in the Global Security being transferred.

       

      (b)          If the proposed transfer is a
          transfer of a beneficial interest in one Global Security to a beneficial interest in another Global Security, the Security Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Security to
          which such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Security Registrar shall reflect on its books and records the date and a corresponding decrease in the principal
          amount of the Global Security from which such interest is being transferred.

       

      (c)          If the Company determines (upon
          the advice of counsel and such other certifications and evidence as the Company may reasonably require) that a Note is eligible for resale after the applicable Resale Restriction Termination Date (as defined in the applicable Note) pursuant to
          Rule 144 under the Securities Act (or a successor provision) without the need for current public information and that the applicable legend in either the first or second paragraph of Section 3.02 hereto (a “Restricted

            Legend”) is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance with the Securities Act, the Company may instruct the Trustee to cancel
          the Note and issue to the Holder thereof (or to its transferee) a new Note in any authorized denominations of like tenor and aggregate principal amount, registered in the name of the Holder thereof (or its transferee), that does not bear the
          Restricted Legend, and the Trustee will comply with such instruction.

       

      ARTICLE 4

      Remedies

       

      Section 4.01.          Events of Default.  “Event of Default” means, wherever used herein with respect to the Notes, any one of the following events (whatever the reason for such Event of
          Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

       

      (a)          an Event of Default pursuant to
          Section 5.01 of the Base Indenture; or

       

      
        25

        
          

      

      (b)          the Company’s failure to pay
          the Repurchase Price when due in connection with a Change of Control Repurchase Event.

       

      Section 4.02.          Waiver of Past Defaults.  Section 5.12 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 5.12 in the Base Indenture shall instead be deemed to refer
          to this Section 4.02.

       

      The Holders of not less than a majority in aggregate principal amount of the Outstanding Notes may on behalf of the Holders of all the Notes waive any
        past Default hereunder with respect to the Notes and its consequences, except a default

       

      (a)          in the payment of the principal
          of or interest on any Note; or

       

      (b)          in respect of a covenant or
          provision hereof or of the Base Indenture which under Article 8 hereof or under Article 9 of the Base Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Note affected, provided
          that there had been paid or deposited with the Trustee a sum sufficient to pay all amounts due to the Trustee and to reimburse the Trustee for any and all fees, expenses and disbursements advanced by the Trustee, its agents and its counsel
          incurred in connection with such default or Event of Default.

       

      Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every
        purpose of this First Supplemental Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

       

      ARTICLE 5

      Redemption of Securities

       

      Section 5.01.          Optional Redemption.  Prior to February 17, 2032 (three months prior to their maturity date) (the “Par Call Date”), the Company may redeem the Notes at its option, in
          whole or in part, at any time and from time to time, at a Redemption Price (expressed as a percentage of the principal amount and rounded to three decimal places) equal to the greater of:

       

      	

            	•	
              (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed discounted to the redemption date (assuming the Notes being redeemed matured on the Par Call Date) on a
                semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 30 basis points, less (b) interest accrued to the date of redemption, and

            

       

      	

            	•	
              100% of the principal amount of the Notes being redeemed,

            

       

       plus, in either case, accrued and unpaid interest on the principal amount of the Notes being redeemed to, but not including, the redemption date.

       

      
        26

        
          

      

      The Company shall give the Trustee notice of the Redemption Price with respect to any redemption pursuant to the preceding paragraph as soon as
        practicable after the calculation thereof and the Trustee shall have no responsibility for such calculation. Any notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited
        to, completion of a securities offering or other corporate transaction.

       

      On or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a Redemption Price equal to
        100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.

       

      The Company’s actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.

       

      ARTICLE 6

      Particular Covenants

       

      Section 6.01.          Liens.  The Credit Parties shall not create, assume, incur or guarantee any indebtedness for money borrowed that is secured by a pledge, mortgage, lien or other encumbrance (other than Permitted Liens) on any
          voting stock or profit participating equity interests of their respective Subsidiaries (to the extent of their ownership of such voting stock or profit participating equity interests) or any entity that succeeds (whether by merger, consolidation,
          sale of assets or otherwise) to all or any substantial part of the business of any of such Subsidiaries, without providing that the Notes (together with, if the Credit Parties shall so determine, any other indebtedness of, or guarantee by, the
          Credit Parties ranking equally with the Notes and existing as of the closing of the offering of the Notes or thereafter created) will be secured equally and ratably with or prior to all other indebtedness secured by such pledge, mortgage, lien or
          other encumbrance on the voting stock or profit participating equity interests of any such entities. This Section 6.01 shall not limit the ability of the Credit Parties to incur indebtedness or other obligations secured by liens on assets other
          than the voting stock or profit participating equity interests of their respective Subsidiaries.

       

      Section 6.02.          Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event.  vi) If a Change of Control Repurchase Event occurs, unless the Company has exercised its option to redeem the Notes pursuant to
          Article 5 of this First Supplemental Indenture by giving notice of such redemption to the Holders of the Notes pursuant to Section 11.04 of the Base Indenture, the Company will make an offer to each Holder of Notes to repurchase all or any part
          of that Holder’s Notes (the “Change of Control Offer”) at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes
          repurchased to, but excluding, the date of purchase (the “Repurchase Price”).

       

      
        27

        
          

      

      (b)          In connection with any Change
          of Control related to a Change of Control Repurchase Event and any particular reduction in the ratings on the Notes, the Company shall request from the Rating Agencies each such Rating Agency’s written confirmation that such reduction in the
          ratings on the Notes was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred
          at the time of any Below Investment Grade Rating Event). The Company shall promptly certify to the Trustee as to whether or not such confirmation has been received or denied.

       

      (c)          Within 30 days following any
          Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company will give notice to each Holder of Notes, with a written copy to the Trustee,
          describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no
          later than 60 days from the date such notice is given (the “Repurchase Price Payment Date”). The notice shall, if given prior to the date of consummation of the Change of Control, state that the offer to
          purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws
          and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or
          regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of
          Control Repurchase Event provisions of the Notes by virtue of such conflict.

       

      (d)          On the Change of Control
          Repurchase Event payment date, the Company will, to the extent lawful:

       

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

       

      (ii)          deposit with
          the Paying Agent an amount equal to the Repurchase Price in respect of all Notes or portions of Notes properly tendered; and

       

      (iii)          deliver or
          cause to be delivered to the Trustee the Notes properly accepted, together with an officers’ certificate stating the aggregate principal amount of Notes being purchased by the Company.

       

      The Paying Agent will promptly mail to each Holder of Notes properly tendered the Repurchase Price for the Notes, and the Trustee will promptly
        authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note representing any unpurchased portion of any Notes
        surrendered will be in a principal amount of $2,000 and integral multiples of $1,000 in excess thereof.

       

      
        28

        
          

      

      (e)          Notwithstanding the foregoing,
          the Company will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if (i) a third party makes an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the
          requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer or (ii) the Company has given written notice of a redemption as provided under Section 11.04 of the Base
          Indenture; provided that the Company has not failed to pay the Redemption Price on the redemption date.

       

      Section 6.03.          Financial Reports.  Section 7.04 of the Base Indenture shall apply to the reports, information, and documents delivered under this Section 6.03.

       

      (a)          For so long as the Corporation
          is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and
          Retrieval System (or successor system) (“EDGAR”), within 15 days after the Corporation files the same with the Commission, copies of the annual reports and of the information, documents and other reports
          (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Corporation may file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. The
          Trustee may conclusively presume, and shall incur no liability in such presumption, that the Corporation has not filed any such reports, information, documents and other reports with the Commission that are not available on EDGAR unless and until
          it shall have received written notice from the Company to the contrary.

       

      (b)          For so long as any of the Notes
          remain Outstanding, the Company shall, or shall cause its Affiliates to, furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
          Act for the Company and, unless available on EDGAR, for the Corporation (as if such rule applied to it); provided, however, that if any time the Corporation no
          longer directly or indirectly controls the Credit Parties or guarantees the Notes, such information shall be provided for either (i) the Credit Parties on a combined and consolidated basis and taken as a whole or (ii) any Person that directly or
          indirectly controls the Credit Parties and guarantees the Notes (in each case, as if such rule applied to such Persons). The Company shall, or shall cause its Affiliates to, make the above information and reports available to securities analysts
          and prospective investors upon request.

       

      (c)          Delivery of such reports,
          information and documents to the Trustee shall be for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
          including the Company’s compliance with any of the covenants contained in the Indenture (as to which the Trustee will be entitled to conclusively rely upon an Officer’s Certificate). The Trustee shall have no obligation to determine if and when
          the Company’s information is available on EDGAR and the Trustee shall have no obligation to obtain any reports that are posted on EDGAR.

       

      
        29

        
          

      

      ARTICLE 7

      [Reserved]

       

      ARTICLE 8

      Supplemental Indentures

       

      Section 8.01.          Supplemental Indentures without Consent of Holders of Notes.  For the purposes of the Base Indenture and this First Supplemental Indenture, no amendment to cure any ambiguity, defect or inconsistency in this
          First Supplemental Indenture, the Base Indenture or the Notes made solely to conform this First Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the Company’s offering memorandum dated May 10,
          2022, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this First Supplemental Indenture, the Base Indenture or the Notes, shall be deemed to adversely affect the
          interests of the Holders of any Notes.

       

      Section 8.02.          Supplemental Indentures with Consent of Holders of Notes.  Section 9.02 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 9.02 in the Base Indenture
          shall instead be deemed to refer to this Section 8.02.

       

      With the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes affected by such supplemental
        indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act of said Holders delivered to the Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may enter into an
        indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of such Notes under the
        Indenture; provided, however, no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

       

      (a)          change the Stated Maturity of
          the principal of, or any installment of principal of or interest on, any Note;

       

      (b)          reduce the principal amount of
          any Note which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note;

       

      (c)          reduce the Repurchase Price in
          connection with a Change of Control Repurchase Event;

       

      (d)          reduce any premium payable upon
          the redemption of or change the date on which any Note may or must be redeemed;

       

      
        30

        
          

      

      (e)          change the coin or currency in
          which the principal of or premium, if any, or interest on any Note is payable;

       

      (f)          change the date on which any
          Note may or must be redeemed;

       

      (g)          impair the right of any Holder
          to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or repayment, on or after the redemption date or a Repurchase Price Payment Date, as applicable);

       

      (h)          reduce the percentage in
          principal amount of the Outstanding Notes the consent of whose Holders is required for modification or amendment of this First Supplemental Indenture or the Base Indenture or the consent of whose Holders is required for any waiver (of compliance
          with certain provisions of the Base Indenture or this First Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this First Supplemental Indenture;

       

      (i)          modify any of the provisions of
          this Section 8.02 or Section 5.12 or Section 10.05 of the Base Indenture, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each
          Outstanding Note affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the
          references to “the Trustee” and concomitant changes in this Section 8.02 and Section 10.05 of the Base Indenture, or the deletion of this proviso, in accordance with the requirements of Sections 6.11 and 9.01(g) of the Base Indenture;

       

      (j)          subordinate the Notes or any
          Guarantee of a Guarantor in respect thereof to any other obligation of the Company or such Guarantor;

       

      (k)          modify the terms of any
          Guarantee in a manner adverse to the Holders of the Notes; or

       

      (l)          modify clauses (a) through (k)
          above.

       

      It shall not be necessary for any Act of Holders under this Section 8.02 to approve the particular form of any proposed supplemental indenture, but it
        shall be sufficient if such Act shall approve the substance thereof.

       

      A supplemental indenture which changes or eliminates any covenant or other provision of the Indenture which has expressly been included solely for the
        benefit of one or more particular series of Securities other than the Notes, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under
        this Indenture of the Holders of the Notes.

       

      
        31

        
          

      

      In addition, the Holders of at least a majority in aggregate principal amount of the Outstanding Notes may, on behalf of the Holders of all Notes, and
        subject to and in accordance with the provisions of Section 10.05 of the Base Indenture, waive compliance with the Credit Parties’ covenants described under Sections 6.01, 6.02 and 6.03 of this First Supplemental Indenture and Article 9 and Section
        14.02 of the Base Indenture (other than any covenant, a modification to which under clause (e) of this Section 8.02 would require the consent of the Holder of each Outstanding Note affected thereby).

       

      ARTICLE 9

      Defeasance

       

      Section 9.01.          Covenant Defeasance.  Section 13.03 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 13.03 in the Base Indenture shall instead be deemed to refer to
          this Section 9.01.

       

      Upon the Company’s exercise of its option, if any, to have Section 13.03 of the Base Indenture applied to the Notes, or if Section 13.03 of the Base
        Indenture shall otherwise apply to the Notes, (1) the Company and the Guarantors shall be released from their respective obligations and any covenants provided pursuant to Article 6 of this First Supplemental Indenture and Section 3.01(b)(18),
        Section 8.01, Section 9.01(a) or Section 9.01(l) and Article 14 of the Base Indenture for the benefit of the Holders of the Notes and (2) the occurrence of any event specified in Section 5.01(d) and Section 5.01(h) of the Base Indenture shall be
        deemed not to be or result in an Event of Default, in each case with respect to the Notes and the related Guarantees as provided in Section 13.03 of the Base Indenture on and after the date the conditions set forth in Section 13.04 of the Base
        Indenture are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to the Notes and Guarantees thereof, each of the Company and the
        Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section, whether directly or indirectly by reason of any reference elsewhere herein or in the Base
        Indenture to any such Section or by reason of any reference in any such Section to any other provision herein or in the Base Indenture or in any other document, but the remainder of the Base Indenture, this First Supplemental Indenture and such
        Notes and Guarantees thereof shall be unaffected thereby.

       

      ARTICLE 10

      Miscellaneous

       

      Section 10.01.          Execution as Supplemental Indenture.  This First Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture and, as provided in the Base Indenture, this First
          Supplemental Indenture forms a part thereof.

       

      Section 10.02.          Not Responsible for Recitals or Issuance of Notes.  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
          Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the Notes or the Guarantees. The
          Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof.

       

      
        32

        
          

      

      Section 10.03.          Separability Clause.  In case any provision in this First Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
          provisions shall not in any way be affected or impaired thereby.

       

      Section 10.04.          Successors and Assigns.  All covenants and agreements in this First Supplemental Indenture by the Company and the Guarantors shall bind their respective successors and assigns, whether so expressed or not. All
          agreements of the Trustee in this First Supplemental Indenture shall bind its successors and assigns, whether so expressed or not.

       

      Section 10.05.          Execution and Counterparts.  This First Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, and all such counterparts shall
          together constitute but one and the same instrument. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this First Supplemental Indenture or any document to be signed in connection with this First
          Supplemental Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
          physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

       

      Section 10.06.          Governing Law.  This First Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the law of the State of New York.

       

      Section 10.07.          FATCA.  In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time
          (“Applicable Law”), the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law (and shall timely pay the amounts so withheld or deducted to the
          applicable governmental authority) for which The Bank of New York Mellon Trust Company, N.A. shall not have any liability, except in cases of gross negligence or willful misconduct. Each of the Company and the Trustee agrees to reasonably
          cooperate and, at the reasonable request of the other, to provide the other with such information as each may have in its possession that is necessary to enable the determination of whether any payments hereunder are subject to FATCA Withholding
          Tax.

       

      [Signature page to follow.]

       

      
        33

        
          

      

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

       

      	 	
              KKR GROUP FINANCE CO. XII LLC,

              as Issuer,

            
	 	 	 
	 	
              By:

            	
              /s/ James Rudy

            
	 	 	
              Name: James Rudy

            
	 	 	
              Title:   Treasurer

            

      

      

      	 	
              KKR & CO. INC., as Guarantor,

            
	 	 	 
	 	
              By:

            	
              /s/ James Rudy

            
	 	 	
              Name: James Rudy

            
	 	 	
              Title:   Authorized Signatory

            

      

      

      	 	
              KKR GROUP PARTNERSHIP L.P.,

              as Guarantor,

            
	 	 	 
	 	
              By:

            	
              KKR Group Holdings Corp., as its general partner

            
	 	 	 
	 	
              By:

            	
              /s/ James Rudy

            
	 	 	
              Name: James Rudy

            
	 	 	
              Title:   Authorized Signatory

            
	 	 	 
	 	
              The Bank of New York Mellon Trust Company, N.A., as Trustee

            
	 	 	 
	 	
              By:

            	
              /s/ Deborah Young

            
	 	 	
              Name: Deborah Young

            
	 	 	
              Title:   Vice President

            

      

      

      

      

      
        [Signature Page to First Supplemental Indenture]Exhibit 10.1

   

  Execution Version

   

  STOCKHOLDERS AGREEMENT

      

      dated as of

      

      May 16, 2022

      

      among

      

      ASPEN TECHNOLOGY, INC.,

      

      EMERSON ELECTRIC CO.

      

      and

      

      EMR WORLDWIDE INC.

   

  
     

    
      
 

  

  
   

  TABLE OF CONTENTS

   

  

  
  
     

  

  
   

  

  	 	 	Page
	 	 	 
	ARTICLE I
	Definitions
	 
	Section 1.1.	Certain Definitions	1
	Section 1.2.	Other Terms	8
	 	 	 
	ARTICLE II
	Term
	 
	Section 2.1.	Term and Termination	9
	 	 	 
	ARTICLE III
	Corporate Governance Matters
	 
	Section 3.1.	Initial Board Composition	9
	Section 3.2.	Subsequent Board Composition	10
	Section 3.3.	Committees of the Company Board	12
	Section 3.4.	Emerson Agreement to Vote	13
	Section 3.5.	Chief Executive Officer	13
	Section 3.6.	Consent Rights	13
	Section 3.7.	Modifications to Business Strategy	17
	 	 	 
	ARTICLE IV
	Other Agreements
	 
	Section 4.1.	Confidentiality	17
	Section 4.2.	Restrictions on Transferability and Acquisitions	20
	Section 4.3.	Preemptive Rights	21
	Section 4.4.	Percentage Maintenance Share	23
	Section 4.5.	Related Party Transactions	25
	Section 4.6.	Non-Compete	25
	Section 4.7.	No Solicitation of Employees	26
	Section 4.8.	Intercompany Agreements	26
	Section 4.9.	Corporate Opportunity	26
	Section 4.10.	Nasdaq	29
	 	 	 
	ARTICLE V
	Financial and Other Information
	 
	Section 5.1.	Annual, Quarterly and Monthly Financial Information; Emerson’s Operating Reviews	29
	Section 5.2.	Emerson Public Filings	30
	Section 5.3.	Other Financial Reporting and Compliance Matters	30
	Section 5.4.	Production of Witnesses; Records; Cooperation	33

   

  

  
    i 

    
      
 

  

   

  	Section 5.5.	Privilege	34
	 	 	 
	ARTICLE VI
	Dispute Resolution
	 
	Section 6.1.	General Provisions	34
	Section 6.2.	Consideration by Senior Executives	35
	Section 6.3.	Attorneys’ Fees and Costs	35
	 	 	 
	ARTICLE VII
	Miscellaneous
	 
	Section 7.1.	Corporate Power	35
	Section 7.2.	Governing Law	36
	Section 7.3.	Notices	36
	Section 7.4.	Severability	37
	Section 7.5.	Entire Agreement; No Other Representations and Warranties	37
	Section 7.6.	Assignment; No Third-Party Beneficiaries	38
	Section 7.7.	Amendment; Waiver	38
	Section 7.8.	Interpretations	38
	Section 7.9.	Exercise of Rights	39
	Section 7.10.	Privileged Matters	39
	Section 7.11.	Counterparts; Electronic Transmission of Signatures	41
	Section 7.12.	Specific Performance	41

   

  SCHEDULE 4.5(B) RELATED PARTY TRANSACTIONS POLICY

   

  SCHEDULE 4.5(C) PRE-AGREED PROCEDURES

   

  SCHEDULE 7.10(A)

   

  SCHEDULE 7.10(E)

   

  
    ii 

    
      
 

  

   

  STOCKHOLDERS AGREEMENT

   

  STOCKHOLDERS AGREEMENT, dated May 16, 2022 (this “Agreement”), among Emerson Electric
      Co., a Missouri corporation (“Emerson Parent”), EMR Worldwide Inc., a Delaware corporation and wholly owned subsidiary of Emerson Parent (“Emerson”), and Aspen Technology, Inc., a Delaware corporation (formerly known as Emersub CX,
      Inc.) (the “Company”).

   

  W I T N E S S E T H:

   

  WHEREAS, pursuant to that certain Transaction Agreement and Plan of Merger, dated as of
      October 10, 2021, and amended as of March 23, 2022 and May 3, 2022, among Emerson Parent, Aspen Technology, Inc., a Delaware corporation (“Old Aspen Tech”), the Company, Emersub CXI, Inc., a Delaware corporation, and Emerson (as further
      amended from time to time, the “Transaction Agreement”), Emerson Parent and Old Aspen Tech combined the Echo Business (as defined in the Transaction Agreement) with Old Aspen Tech and effected the Transactions (as defined herein);

   

  WHEREAS, pursuant to the Transactions, Emerson holds Company Common Stock (as defined
      herein); and

   

  WHEREAS, Emerson Parent, Emerson and the Company desire to enter into this Agreement in order
      to (i) set forth certain of their rights, duties and obligations as a result of the Transactions, (ii) provide for the governance of the Company and (iii) set forth rights and restrictions on certain activities in respect of the Company Common Stock,
      corporate governance, and other related corporate matters.

   

  NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and
      for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows:

   

  Article I

    Definitions

   

  Section 1.1.          Certain Definitions. For purposes of this Agreement, the
      following terms shall have the meanings specified in this Section 1.1:

   

  “Action” means any action, claim, suit, or proceeding, in each case by or before any
      arbitrator or Governmental Authority.

   

  “Affiliate” means, with respect to any Person, any other Person who, as of the
      relevant time for which the determination of affiliation is being made, directly or indirectly controls, is controlled by or is under common control with such Person; provided that no then-member of the Emerson Group shall be deemed to be an
      Affiliate of any then-member of the Company Group for purposes of this Agreement and no then-member of the Company Group shall be deemed to be an Affiliate of any then-member of the Emerson Group for purposes of this Agreement.

   

  

  
     

    
      
 

  

  
   

  “Applicable Law” means, with respect to any Person, any U.S., non-U.S. or
      transnational, federal, state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement (including any stock exchange
      listing requirements) enacted, adopted, promulgated or applied by a Governmental Authority, that is binding upon or applicable to such Person, as amended unless expressly specified otherwise.

   

  “beneficially own” means, with respect to Company Common Stock, having “beneficial
      ownership” of such stock for purposes of Rule 13d-3 or 13d-5 promulgated under the Exchange Act, without giving effect to the limiting phrase “within sixty days” set forth in Rule 13d-3(1)(i). The terms “beneficial owner” and “beneficial
        ownership” shall have correlative meanings.

   

  “Business Day” means a day, other than Saturday, Sunday or other day on which
      commercial banks in New York, New York are authorized or required by Applicable Law to close.

   

  “Closing” has the meaning ascribed thereto in the Transaction Agreement.

   

  “Common Equivalents” means (i) with respect to Company Common Stock, shares of Company
      Common Stock, (ii) with respect to any securities that are convertible into or exchangeable for Company Common Stock, the shares of Company Common Stock issuable in respect of the conversion or exchange of such securities into Company Common Stock,
      (iii) with respect to any options, warrants or other rights to acquire Company Common Stock, the shares of Company Common Stock issuable thereunder and (iv) with respect to any shares of Company Common Stock subject to restrictions, including the
      risk of forfeiture or repurchase or voting restrictions, such shares of Company Common Stock.

   

  “Company Board” means the board of directors of the Company.

   

  “Company Business” means the business of developing, marketing and selling industrial
      software; provided that the Company Business expressly excludes the businesses set forth in clauses (ii) and (iii) of the definition of the Emerson Permitted Business.

   

  “Company Common Stock” means the shares of common stock, par value $0.0001 per share,
      of the Company and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar
      reorganization.

   

  “Company Covered Employees” means any Continuing Aspen Employees (as defined in the
      Transaction Agreement) or any Continuing Echo Business Employees (as defined in the Transaction Agreement).

   

  

  
    2 

    
      
 

  

   

  “Company Group” means the Company and, as of the relevant time for which the
      determination of Company Group is being made, each Subsidiary of the Company.

   

  “Company Independent Director” means each director of the Company who (i) is an
      Independent Director and (ii) (A) is not an executive officer or employee of any Emerson Group member and (B) would not be a director described under Clauses (A) through (F) of Rule 5605(a)(2) of the Nasdaq listing rules in relation to Emerson Parent
      assuming Emerson Parent were the “Company” thereunder.

   

  “Company Securities” means (i) the Company Common Stock, (ii) any preferred stock of
      the Company, (iii) any other capital stock issued by the Company and (iv) any securities convertible into or exchangeable for, or options, warrants or other rights to acquire, Company Common Stock or any other capital or preferred stock issued by the
      Company.

   

  “Emerson Annual Statements” means the audited annual financial statements and annual
      reports to shareholders of any Emerson Group member.

   

  “Emerson Contributed Subsidiaries” has the meaning ascribed thereto in the Transaction
      Agreement.

   

  “Emerson Covered Employees” means any individual employed by Emerson Parent or any of
      its Subsidiaries (x) in Emerson’s Automation Solutions business or (y) who assists in the provision of any Service (as defined in the Transition Services Agreement) under the Transition Services Agreement.

   

  “Emerson Director” means a member of the Company Board who is an Emerson Designee.

   

  “Emerson Group” means, at any given time, Emerson Parent and each Person (other than
      any then-member of the Company Group) that is then a Subsidiary of Emerson Parent.

   

  “Emerson Fully-Diluted Ownership Percentage” means, as of any time, the percentage of
      the then-outstanding Company Common Stock (as determined on a Common Equivalents basis) beneficially owned by the members of the Emerson Group as of such time, calculated on a Fully-Diluted basis.

   

  “Emerson Ownership Percentage” means, as of any time, the percentage of the
      then-outstanding Company Common Stock beneficially owned by the members of the Emerson Group as of such time.

   

  “Emerson Permitted Business” means (i) any and all of the business activities
      contemplated under the Intercompany Commercial Agreements, including acting as an agent or reseller of the Company’s products or services, and the Transition Services Agreement (as defined in the Transaction Agreement), (ii) the business of
      developing, marketing and selling control or hardware-connected technology software products, including software and technology intended for control engineering tools, device level applications, alarm management, distributed control systems (“DCS”),

      historian, subsystem interfaces, operator environments, human machine interface engineering and runtime, reporting and trending, IO controllers, programmable logic controllers (PLC), SCADA (non-power), protection and prediction systems, embedded
      advanced control, embedded batch, AMS machinery management, control system diagnostics and system health monitoring, tank management solutions, sensor-based corrosion and erosion solutions, DCS or skid-based blending & transfer solutions, custody
      transfer solutions, valves diagnostic solutions, connected solution – instruments and Plantweb Insight and (iii) the Emerson Retained Businesses and any natural enhancements or extensions thereof (including by further investments therein).

   

  

  
    3 

    
      
 

  

   

  “Emerson Retained Businesses” means Emerson’s and its Subsidiaries’ software
      businesses as of immediately after the Closing, including DeltaV, Ovation, ESI, Geofields, Syncade, Zedi, Progea, Bio-G, Fluxa, AMS Device Manager, Mimic, AgileOps, Inmation, PlantWeb Optics, and KNet.

   

  “Exchange Act” means the Securities Exchange Act of 1934, as amended, together with
      the rules and regulations promulgated thereunder.

   

  “First Trigger” means the members of the Emerson Group ceasing to beneficially own
      more than fifty percent (50%) of the outstanding Company Common Stock.

   

  “First Trigger Date” means the date that is forty-five (45) days following the
      earliest of (x) the date on which the Company notifies Emerson in writing of the First Trigger, (y) the date on which Emerson makes an amendment to its Schedule 13D filing under the Exchange Act to disclose the First Trigger and (z) the date on which
      the General Counsel or Chief Financial Officer of Emerson Parent gains actual knowledge (and not constructive, imputed or other similar concepts of knowledge) of the First Trigger; provided that if on such first date members of the Emerson
      Group beneficially own more than fifty percent (50%) of the outstanding Company Common Stock (and at no point during such forty-five (45) day period beneficially owned less than forty-five percent (45%) of the outstanding Company Common Stock), the
      First Trigger and the First Trigger Date shall be deemed to not have occurred for all purposes under this Agreement. For the avoidance of doubt, if at any point during such forty-five (45) day period, members of the Emerson Group beneficially own
      less than forty-five percent (45%) of the outstanding Company Common Stock, the First Trigger Date shall occur regardless of any subsequent acquisition by members of the Emerson Group of additional shares of Company Common Stock.

   

  “Fourth Trigger Date” means the date on which members of the Emerson Group cease to
      beneficially own at least ten percent (10%) of the outstanding Company Common Stock.

   

  “Fully-Diluted” means, without duplication, all outstanding shares of Company Common
      Stock, all shares of Company Common Stock issuable in respect of all outstanding securities convertible into or exchangeable for Company Common Stock, all shares of Company Common Stock issuable in respect of all outstanding options, warrants or
      other rights to acquire Company Common Stock (regardless of whether the issuance is subject to vesting or other restrictions) and all outstanding shares of Company Common Stock that are subject to restrictions, including the risk of forfeiture or
      repurchase or voting restrictions (regardless of whether the restrictions are still in force).

   

  

  
    4 

    
      
 

  

   

  “GAAP” means generally accepted accounting principles in the United States.

   

  “Governmental Authority” means any transnational, domestic or foreign federal, state
      or local governmental, regulatory, self-regulatory or administrative authority, organization, department, court, agency or official, including any political subdivision thereof.

   

  “Group” means the Emerson Group or the Company Group, as the context requires.

   

  “Independent Director” means a director of the Company who is independent under Nasdaq
      listing rules; provided that it is understood and agreed that the fact that an individual is an employee, officer or director of a member of the Emerson Group with the Emerson Group may not be the sole basis for the Company Board to determine
      that such person has a relationship that would interfere with his or her exercise of independent judgment in carrying out the responsibilities of a director under Nasdaq listing rules.

   

  “Intercompany Commercial Agreements” means any and all Contracts (as defined in the
      Transaction Agreement) between any member of the Company Group, on the one hand, and any member of the Emerson Group, on the other hand, for the provision or receipt of goods, products or services (including software), in each case, as amended,
      modified or supplemented from time to time. Intercompany Commercial Agreements shall include the Commercial Agreement (as defined in the Transaction Agreement) as it may be amended from time to time but shall exclude this Agreement and the other
      Transaction Documents.

   

  “Nasdaq” means The NASDAQ Stock Market LLC, or any successor thereto, or, any other
      stock exchange or quotation system on which the Company Common Stock is traded.

   

  “Parties” means Emerson Parent, Emerson and the Company.

   

  “Percentage Maintenance Share” means, with respect to any transaction in which Company
      Securities are issued or proposed to be issued or sold (the “Percentage Maintenance Issued Shares”), a number of other shares of Company Common Stock or other Company Securities, as applicable (which, for the avoidance of doubt, are not the
      Percentage Maintenance Issued Shares), such that, after taking into account the total number of outstanding shares of Company Common Stock (on a Common Equivalents and Fully-Diluted basis) immediately after giving effect to such issuance or sale
      (including the number of shares of Company Common Stock or such other Company Securities acquired by Emerson assuming it exercised its right to buy its full Percentage Maintenance Share with respect to such transaction), the Emerson Fully-Diluted
      Ownership Percentage would be, assuming Emerson acquired such number of Company Securities, equal to the Emerson Fully-Diluted Ownership Percentage immediately prior to such issuance or sale.

   

  

  
    5 

    
      
 

  

   

  “Person” means an individual, corporation, partnership, limited liability company,
      association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

   

  “Pro Rata Portion” means, with respect to any Company Securities issued or proposed to
      be issued or sold in connection with any transaction (the “Pro Rata Issued Shares”), the number of such Pro Rata Issued Shares (calculated on a Common Equivalents and Fully-Diluted basis) such that, after taking into account the total number
      of outstanding shares of Company Common Stock (on a Common Equivalents and Fully-Diluted basis) immediately after giving effect to such issuance or sale, the Emerson Fully-Diluted Ownership Percentage would be, assuming Emerson acquired such number
      of Company Securities, equal to the Emerson Fully-Diluted Ownership Percentage immediately prior to such issuance or sale.

   

  “Related Party Transaction” means any transaction between any member of the Company
      Group, on the one hand, and any member of the Emerson Group, or, solely in their capacity as such, any director, officer, employee or “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any member of the Emerson Group,
      on the other hand.

   

  “Representatives” means, with respect to any Person (other than an individual), such
      Person’s directors, officers, employees and other agents and representatives (including legal counsel and outside advisors).

   

  “RPT Committee” means an ad-hoc committee formed by the Company Board from time to
      time consisting of at least two (2) directors of the Company, provided that all members of an RPT Committee must be Company Independent Directors who are designated by a majority of the Independent Directors.

   

  “SEC” means the Securities and Exchange Commission.

   

  “Second Trigger” means the members of the Emerson Group ceasing to beneficially own
      more than forty percent (40%) of the outstanding Company Common Stock.

   

  “Second Trigger Date” means the date that is forty-five (45) days following the
      earliest of (x) the date on which the Company notifies Emerson in writing of the Second Trigger, (y) the date on which Emerson makes an amendment to its Schedule 13D filing under the Exchange Act to disclose the Second Trigger and (z) the date on
      which the General Counsel or Chief Financial Officer of Emerson Parent gains actual knowledge (and not constructive, imputed or other similar concepts of knowledge) of the Second Trigger; provided that if on such first date members of the
      Emerson Group beneficially own more than forty percent (40%) of the outstanding Company Common Stock (and at no point during such forty-five (45) day period beneficially owned less than thirty-five percent (35%) of the outstanding Company Common
      Stock), the Second Trigger and the Second Trigger Date shall be deemed to not have occurred for all purposes under this Agreement. For the avoidance of doubt, if at any point during such forty-five (45) day period, members of the Emerson Group
      beneficially own less than thirty-five percent (35%) of the outstanding Company Common Stock, the Second Trigger Date shall occur regardless of any subsequent acquisition by members of the Emerson Group of additional shares of Company Common Stock.

   

  

  
    6 

    
      
 

  

   

  “sole discretion” means being entitled to consider only such interests and factors as
      the Person making such determination desires, including solely its own interests, without having any duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting the Company or any other Person.

   

  “Subsidiary” means, with respect to any Person, (i) any entity (A) of which securities
      or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are directly or indirectly owned by such Person or (B) of which a majority of the equity interests
      are directly or indirectly owned by such Person or (ii) in the case of a partnership, of which such Person is the general partner; provided that, for purposes of this Agreement no member of the Company Group shall be a Subsidiary of Emerson
      Parent or Emerson.

   

  “Third Trigger” means the members of the Emerson Group ceasing to beneficially own at
      least twenty percent (20%) of the outstanding Company Common Stock.

   

  “Third Trigger Date” means the date that is forty-five (45) days following the
      earliest of (x) the date on which the Company notifies Emerson in writing of the Third Trigger, (y) the date on which Emerson makes an amendment to its Schedule 13D filing under the Exchange Act to disclose the Third Trigger and (z) the date on which
      the General Counsel or Chief Financial Officer of Emerson Parent gains actual knowledge (and not constructive, imputed or other similar concepts of knowledge) of the Third Trigger; provided that if on such first date members of the Emerson
      Group beneficially own at least twenty percent (20%) of the outstanding Company Common Stock (and at no point during such forty-five (45) day period beneficially owned less than seventeen and a half percent (17.5%) of the outstanding Company Common
      Stock), the Third Trigger and the Third Trigger Date shall be deemed to have not occurred for all purposes under this Agreement. For the avoidance of doubt, if at any point during such forty-five (45) day period, members of the Emerson Group
      beneficially own less than seventeen and a half percent (17.5%) of the outstanding Company Common Stock, the Third Trigger Date shall occur regardless of any subsequent acquisition by members of the Emerson Group of additional shares of Company
      Common Stock.

   

  “Transaction Documents” means, collectively, this Agreement, the Transaction Agreement
      and the other Ancillary Agreements (as defined in the Transaction Agreement).

   

  “Transactions” has the meaning ascribed thereto in the Transaction Agreement.

   

  

  
    7 

    
      
 

  

   

  “Transfer” means to sell, transfer, assign or otherwise dispose of any Company Common
      Stock, including by means of a hedge, swap or other derivative, and excluding, for the avoidance of doubt, (i) any sale, transfer, assignment or other transaction involving any equity interests of Emerson or any of its Affiliates, or any sale of or
      merger or consolidation involving Emerson or any of its Affiliates, (ii) subject to Section 3.4, the provision of a proxy in connection with any annual or special meeting of the stockholders of the Company and (iii) the tender of Company Common Stock
      in any tender or exchange offer that is approved by the Company Board prior to the consummation thereof. “Transferred” and “Transferring” shall have correlative meanings.

   

  “Wholly Owned Subsidiary” means, with respect to any Person, a Subsidiary of such
      Person where all of the equity interests of such Subsidiary are directly or indirectly owned by such Person, except for any de minimis ownership by another Person to the extent required by non-U.S. rules under Applicable Law.

   

  Section 1.2.          Other Terms. For purposes of this Agreement, the following
      terms have the meanings set forth in the sections indicated.

   

  	
          Term

        	
          Section

        
	Agreement	Preamble
	Audit Committee	3.2(e)
	Company	Preamble
	Company Auditors	5.3(d)(ii)
	Company Confidential Information	4.1(a)
	Company Public Documents	5.3(b)
	Compensation Committee	3.1
	Compliance Audit	5.3(g)
	Compliance Program	5.3(g)
	Disclosure Committee	5.3(f)
	Dispute	6.1(a)
	Emerson	Preamble
	Emerson Auditors	5.3(d)(ii)
	Emerson Confidential Information	4.1(b)
	Emerson Designee	3.2(a)
	Emerson Law Firms	7.10(a)
	Emerson Parent	Preamble
	Emerson Public Filings	5.2
	Election Period	4.3(c)
	Initial Notice	6.2
	Issuance Notice	4.3(b)
	Lead Independent Director	3.2(i)
	Lockup Period	4.2(a)
	M&A Committee	3.3(a)
	Nominating & Governance Committee	3.2(e)
	Non-Emerson Designee	3.2(e)
	Non-Emerson Director	3.2(e)
	Non-Privileged Deal Communications	7.10(c)

   

  

  
    8 

    
      
 

  

   

  	
          Term

        	
          Section

        
	Old Aspen Tech	Preamble
	Old Aspen Tech Board	3.1(i)
	Old Aspen Tech Chair	3.1(i)
	Other Committees	3.3(d)(i)
	Other Stockholders	4.2(c)
	Percentage Maintenance Share	4.3(b)
	Pre-Agreed Procedures	4.5(c)(i)
	Pre-Closing Related Party Transactions	4.5(a)
	Privilege	5.5
	Privileged Communications	7.10(a)
	Privileged Deal Communications	7.10(b)
	Proposed Purchase Price	4.3(b)(ii)
	Related Party Transactions Policy	4.5(b)
	Representatives	4.1(a)
	Response	6.2
	Significant Subsidiary	3.6(a)(i)
	Standstill Period	4.2(b)(i)
	Transaction Agreement	Preamble

   

  Article II

    Term

   

  Section 2.1.          Term and Termination. This Agreement is effective as of the
      date hereof and shall terminate automatically (a) on the Fourth Trigger Date or (b) in the event that the Emerson Group beneficially owns 100% of the outstanding Company Securities (other than prong (iv) of the definition thereof). Notwithstanding
      the foregoing, the provisions of Section 4.1, Section 4.9, Section 5.4, Section 5.5, Article VI and Article VII, and the definitions contained herein that are used therein, shall survive the termination of this Agreement.

   

  Article III

    Corporate Governance Matters

   

  Section 3.1.          Initial Board Composition. Effective as of the Closing, the
      Company Board shall initially consist of nine (9) members comprised of (i) five directors designated by Emerson as follows: (A) Jill D. Smith (the “Old Aspen Tech Chair”), the chair of the Old Aspen Tech board of directors (the “Old Aspen
        Tech Board”) as of the date of the Transaction Agreement, who shall be the initial chair of the Company Board, (B) one director designated by Emerson, and (C) three (3) directors designated by Emerson after consultation with the Old Aspen Tech
      Chair (it being understood that, as of the date of the Transaction Agreement, it was Emerson’s expectation that the persons in this clause (C) would be (x) members of the Old Aspen Tech Board or (y) Independent Directors) (for the avoidance of doubt,
      the persons in this clause (i) are Emerson Designees), (ii) the Chief Executive Officer of Old Aspen Tech immediately prior to the Closing, and (iii) three (3) directors that are Independent Directors designated by Old Aspen Tech, and reasonably
      acceptable to Emerson, which directors shall have been designated by Old Aspen Tech prior to the designation of any director (other than the Old Aspen Tech Chair) by Emerson pursuant to this Section 3.1. Effective as of the Closing, the initial chair
      of the Compensation Committee of the Company Board (the “Compensation Committee”) shall be designated by Old Aspen Tech.

   

  

  
    9 

    
      
 

  

   

  Section 3.2.          Subsequent Board Composition.

   

  (a)             From and after the date hereof, the Company shall take all action to cause
      the Company Board, at any time (including if the size of the Company Board is increased or decreased), to be comprised of: (i) prior to the Third Trigger Date, a number of persons designated by Emerson (each person so designated by Emerson, an “Emerson

        Designee”) equal to the Emerson Ownership Percentage (expressed as a fraction) multiplied by the total authorized number of directors of the Company Board at such time (including as constituted immediately following any increase in size of the
      Company Board to comply with this Section 3.2), rounded up to the nearest whole person (but in no event less than a majority of the members on the Company Board until the Second Trigger Date) and (ii) following the Third Trigger Date, one Emerson
      Designee.

   

  (b)             The Company shall cause each Emerson Designee to be included in the slate of
      nominees recommended by the Company Board to holders of Company Common Stock for election (including at any annual or special meeting of stockholders held for the election of directors) and shall use its best efforts to cause the election of each
      such Emerson Designee, including soliciting proxies in favor of the election of such persons.

   

  (c)             In the event that any Emerson Director shall cease to serve as a director for
      any reason, the vacancy resulting therefrom shall be filled by the Company Board with a substitute Emerson Designee.

   

  (d)             The Company hereby agrees to take, at any time and from time to time, all
      actions necessary to facilitate the removal and replacement of any Emerson Director upon the written request of Emerson.

   

  (e)             From and after the date hereof, in the event of a vacancy on the Company
      Board upon the death, resignation, retirement, disqualification, removal from office or other cause of any director who was not an Emerson Director (each such person, a “Non-Emerson Director”), the Nominating & Governance Committee of the
      Company Board (the “Nominating & Governance Committee”) shall have the sole right to fill such vacancy or designate a person for nomination for election to the Company Board to fill such vacancy (such person, a “Non-Emerson Designee”)

      in accordance with Applicable Law; provided that, until the Third Trigger Date, (i) the then-current Chief Executive Officer of the Company shall be included for nomination at any annual or special meeting of the Company at which directors
      are elected and (ii) each Non-Emerson Designee (other than the then-current Chief Executive Officer of the Company) shall be a Company Independent Director and shall meet all other requirements under Applicable Law for membership on the Audit
      Committee of the Company Board (the “Audit Committee”) and one of which such Non-Emerson Designees shall also be an “audit committee financial expert” under Item 407(d)(5) of Regulation S-K. For the avoidance of doubt, the Company Board shall
      at all times include at least three Company Independent Directors.

   

  

  
    10 

    
      
 

  

   

  (f)             For so long as the Emerson Ownership Percentage is greater than fifty percent
      (50%), to the extent permitted by Applicable Law, if so requested by Emerson, the Company shall avail itself of available “Controlled Company” exemptions to the corporate governance listing standards of Nasdaq (in whole or in part, as requested by
      Emerson).

   

  (g)             Subject to Applicable Law, each Emerson Director shall keep confidential any
      information about the Company and its Affiliates he or she receives as a result of being a director of the Company Board, provided such Emerson Director is permitted to disclose to the Emerson Group, Representatives of the Emerson Group and
      such Emerson Director’s advisors information about the Company and its Affiliates that he or she receives as a result of being a director. Notwithstanding any duty otherwise existing under Applicable Law or in equity, to the fullest extent permitted
      by Applicable Law, no Emerson Director shall have any duty to disclose to the Company or the Company Board or any committee of the Company Board (or subcommittee thereof) confidential information of Emerson or any Affiliates of Emerson in such
      Emerson Director’s possession even if it is material and relevant information to the Company, the Company Board or any committee of the Company Board (or subcommittee thereof) and, in any case, such Emerson Director shall not be liable to the
      Company, any of its stockholders or any other Person for breach of any duty (including the duty of loyalty or any other fiduciary duties) as a director by reason of such lack of disclosure of such confidential information.

   

  (h)             Until the Second Trigger Date, (i) Emerson shall have the right to nominate a
      member of the Company Board as the chair of the Company Board and the Company shall cause the Company Board to take all actions necessary to cause such person to become the chair of the Company Board, and (ii) the Company shall take, at any time and
      from time to time, all actions necessary to cause the Company Board to remove and replace the chair of the Company Board with another member of the Company Board upon the written request of Emerson.

   

  (i)             Until the Second Trigger Date, if at any time the chair of the Company Board
      is not an Independent Director, to the extent the Company Board designates a director to be the “lead independent director” (the “Lead Independent Director”) (i) Emerson shall have the right to nominate a member of the Company Board who is an
      Independent Director to be the Lead Independent Director and the Company shall cause the Company Board to take all actions necessary to cause such person to become the Lead Independent Director, and (ii) the Company shall take, at any time and from
      time to time, all actions necessary to cause the Company Board to remove and replace the Lead Independent Director with another member of the Company Board who is an Independent Director upon the written request of Emerson.

   

  

  
    11 

    
      
 

  

   

  (j)             For the avoidance of doubt, Emerson shall have the right, in its sole
      discretion, to waive any and all of the rights granted to it under this Section 3.2, by delivery of written notice to the Company in accordance with Section 7.3.

   

  Section 3.3.          Committees of the Company Board.

   

  (a)             The Company Board shall have the following committees: an Audit Committee, a
      Nominating & Governance Committee, the Compensation Committee, until the Third Trigger Date an M&A Committee of the Company Board (the “M&A Committee”), and such other committees as determined by the Company Board. All references
      to committees in this Section 3.3 shall include any subcommittees of such committees. Until the Third Trigger Date, Emerson shall have the right to review and approve the charter for each committee and subcommittee of the Company Board (other than
      any RPT Committee).

   

  (b)             Audit Committee. The Company shall cause the Audit Committee to
      consist solely of three (3) directors, all of whom shall (i) be Company Independent Directors and (ii) meet all other requirements of Applicable Law and the Nasdaq listing rules for membership on the Audit Committee. Until the Third Trigger Date,
      Emerson shall be entitled to designate one non-voting observer who is entitled to attend meetings of the Audit Committee (which non-voting observer need not be a member of the Company Board).

   

  (c)             M&A Committee. The M&A Committee shall be an advisory
      committee that will consist of up to four (4) directors. Until the Third Trigger Date, Emerson shall be entitled to appoint one member of the M&A Committee and designate one non-voting observer who is entitled to attend meetings of the M&A
      Committee (which non-voting observer need not be a member of the Company Board). The M&A Committee shall, among other things, (i) review the Company’s strategy regarding mergers, acquisitions, investments and dispositions with management
      periodically and (ii) review all proposed mergers, acquisitions, investments or dispositions of assets or businesses (it being understood that (x) ordinary course capital expenditures which are otherwise unrelated to any acquisition or disposition of
      a business shall not be within the purview of the M&A Committee and (y) the charter for the M&A Committee shall permit the M&A Committee to establish materiality thresholds for transactions as to which the M&A Committee will not
      review, which thresholds shall be approved by Emerson).

   

  (d)             Other Committee Composition. Until the Third Trigger Date, (i) the
      Company shall take all action to cause the number of Emerson Directors on all committees and subcommittees of the Company Board other than the Audit Committee, M&A Committee and any RPT Committee (such committees and subcommittees, the “Other
        Committees”) at any time (including if the size of such Other Committee is increased or decreased, to the extent permitted hereunder) to be equal to the Emerson Ownership Percentage (expressed as a fraction) multiplied by the total authorized
      number of members of such Other Committee at such time (including as constituted immediately following any increase of such committee or subcommittee to comply with this Section 3.3 to the extent permitted hereunder), rounded up to the nearest whole
      person, (ii) Emerson shall have the right to designate which Emerson Director(s) will serve on each Other Committee and (iii) Emerson shall have the right to designate the chair of each Other Committee; provided that (A) until the Second
      Trigger Date, in no event shall the number of Emerson Directors on any Other Committee be less than a majority of the members of such Other Committee, and (B) following the Second Trigger Date, (1) the number of Emerson Directors on each Other
      Committee calculated pursuant to the foregoing shall be rounded down to the nearest whole person, but in no event be less than one member and (2) if (x) Emerson Transfers in any transaction or series of related transactions five percent (5%) or more
      of the Company Common Stock outstanding at such time (other than to an Emerson Affiliate) or (y) at any time, none of the Emerson Directors is an officer or employee of any member of the Emerson Group, then this Section 3.3(d) shall be of no further
      force and effect.

   

  

  
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  Section 3.4.          Emerson Agreement to Vote. Emerson Parent shall, and shall
      cause each member of the Emerson Group to, (a) cause their respective Company Common Stock to be present for quorum purposes at any Company stockholder meeting, and (b) vote in favor of all Non-Emerson Designees nominated in accordance with this
      Agreement.

   

  Section 3.5.          Chief Executive Officer. As of the Closing, the Chief Executive
      Officer of the Company shall be Antonio J. Pietri.

   

  Section 3.6.          Consent Rights.

   

  (a)           Until the Second Trigger Date, the Company shall not, and shall cause the other
      members of the Company Group not to, directly or indirectly, do any of the following without the prior written consent of Emerson:

   

  (i)            any merger, consolidation, reorganization, conversion or any other
      business combination involving the Company, or sale of all or substantially all of the consolidated assets of the Company;

   

  (ii)           any acquisition (including by merger, consolidation, acquisition of
      stock or assets or otherwise) of any businesses, assets, operations or securities comprising a business (other than capital expenditures) with a value in excess of $50,000,000 in any transaction or series of related transactions;

   

  (iii)          any redemption, repurchase, cancellation or other acquisition or any
      offer to redeem, repurchase, cancel or otherwise acquire Company Securities or any equity or equity-linked securities of any Subsidiary of the Company that is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X under the Exchange Act
      (a “Significant Subsidiary”), other than (A) repurchases of Company Common Stock of no more than $50,000,000 in any 12-month period and that are approved by the Company Board or (B) repurchases of equity or equity-linked securities of any
      Wholly Owned Subsidiary of the Company by the Company or any of its Wholly Owned Subsidiaries;

   

  

  
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  (iv)          the declaration or payment of a cash or other dividend or any other
      distribution on the Company Securities or any equity or equity-linked securities of any Significant Subsidiary other than to the Company or one of its Wholly Owned Subsidiaries;

   

  (v)          any recapitalization, reclassification, spin-off or combination of any
      Company Securities or any equity or equity-linked securities of any Significant Subsidiary, other than a recapitalization, reclassification or combination of equity or equity-linked securities of a Wholly Owned Subsidiary of the Company (and solely
      involving Wholly Owned Subsidiaries of the Company) that remains a Wholly Owned Subsidiary of the Company after the consummation of such transaction and that does not have any adverse tax consequences to the Emerson Group;

   

  (vi)         any sale, transfer, lease, pledge, abandonment or other disposition or
      exclusive license (in each case of the foregoing, including by merger, consolidation, reorganization, conversion, joint venture, sale of stock or assets or otherwise) of any assets, businesses, interests, properties, securities or Persons in with a
      value in excess of $25,000,000 in any transaction or series of related transactions in any 12-month period, other than (A) sales of inventory or services or dispositions of obsolete assets in each case in the ordinary course of business or (B) to the
      Company or any of its Wholly Owned Subsidiaries;

   

  (vii)        without limiting any other provision of this Agreement, any
      incurrence, assumption, guarantee, repurchase or other creation of indebtedness for borrowed money (including through the issuance of debt securities) in an aggregate principal amount in excess of $25,000,000 on a consolidated basis in any 12-month
      period, excluding (A) any indebtedness in respect of a revolving debt facility in existence as of the date hereof or which has previously been approved pursuant to this Section 3.6(a)(vii) and (B) any indebtedness solely among the Company and its
      Wholly Owned Subsidiaries;

   

  (viii)       any initiation, adoption or public proposal of a voluntary
      liquidation, dissolution, receivership, bankruptcy or other insolvency proceeding involving the Company or any Significant Subsidiary, other than a liquidation or dissolution of any Wholly Owned Subsidiary of the Company;

   

  (ix)          any establishment, adoption, amendment or termination of any equity
      incentive plan or arrangement;

   

  (x)           any issuance, delivery or sale, or authorization of the issuance,
      delivery or sale, of Company Securities or any equity or equity-linked securities of any Subsidiary of the Company, other than (A) pursuant to equity incentive plans and arrangements previously approved pursuant to this Section 3.6 and by the Company
      Board, (B) to the Company or one of its Wholly Owned Subsidiaries and (C) in the case of issuance of securities by any Subsidiary of the Company located outside of the United States, de minimis issuances required by Applicable Law;

   

  

  
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  (xi)          any termination of the employment of the Chief Executive Officer of
      the Company or any appointment of a new Chief Executive Officer of the Company;

   

  (xii)         any amendment to the organizational documents (whether by merger,
      consolidation or otherwise) of the Company or any Significant Subsidiary, other than any such amendment to the organizational documents of any Wholly Owned Subsidiary of the Company that does not disproportionately and adversely affect Emerson in its
      capacity as an indirect stockholder of such Subsidiary as compared to other indirect stockholders of such Subsidiary;

   

  (xiii)       any establishment, adoption, material amendment or termination of any
      disclosure controls and procedures of the Company; and

   

  (xiv)        authorize, agree or commit to do any of the foregoing.

   

  (b)           Following the Second Trigger Date until the Third Trigger Date, the Company
      shall not, and shall cause the other members of the Company Group not to, directly or indirectly, do any of the following without the prior written consent of Emerson:

   

  (i)           any merger, consolidation, reorganization, conversion or any other
      business combination involving the Company, or sale of all or substantially all of the consolidated assets of the Company;

   

  (ii)           any sale, transfer, lease, pledge, abandonment or other disposition
      or exclusive license (in each case of the foregoing, including by merger, consolidation, reorganization, conversion, joint venture, sale of stock or assets or otherwise) of any assets, businesses, interests, properties, securities or Persons with a
      value in excess of $25,000,000 in any transaction or series of related transactions in any 12-month period, other than (A) sales of inventory or services or dispositions of obsolete assets in each case in the ordinary course of business or (B) to the
      Company or any of its Wholly Owned Subsidiaries;

   

  (iii)          any initiation, adoption or public proposal of a voluntary
      liquidation, dissolution, receivership, bankruptcy or other insolvency proceeding involving the Company;

   

  (iv)         any material amendment to the organizational documents (whether by
      merger, consolidation or otherwise) of the Company;

   

  (v)          any establishment, adoption, material amendment or termination of any
      disclosure controls and procedures of the Company; and

   

  (vi)         authorize, agree or commit to do any of the foregoing.

   

  

  
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  (c)           Following the Third Trigger Date until the Fourth Trigger Date, the Company
      shall not, and shall cause the other members of the Company Group not to, directly or indirectly, do any of the following without the prior written consent of Emerson:

   

  (i)            any initiation, adoption or public proposal of a voluntary
      liquidation, dissolution, receivership, bankruptcy or other insolvency proceeding involving the Company;

   

  (ii)           any amendment to the organizational documents (whether by merger,
      consolidation or otherwise) of the Company that disproportionately and adversely affects Emerson in its capacity as a stockholder of the Company as compared to other stockholders of the same class of securities of the Company; and

   

  (iii)          authorize, agree or commit to do any of the foregoing.

   

  (d)             The Company shall provide reasonable advance notice and reasonably detailed
      information of any action (including copies of any related presentations and definitive agreements) for which it seeks Emerson’s prior written consent pursuant to this Section 3.6 and shall provide all other information reasonably and promptly
      requested by Emerson and its Representatives in connection with any such actions; provided that, in each case, the Company shall not be required to provide any information if providing such information would (i) violate Applicable Law, (ii)
      result in the loss of attorney-client privilege with respect to such information or (iii) result in the disclosure of Trade Secrets (as defined in the Transaction Agreement); provided further that the Company shall use commercially reasonable
      efforts to provide such information in a way that would not violate such Applicable Law or result in such loss or disclosure. Emerson shall inform the Company in writing as to whether or not consent is granted pursuant to this Section 3.6 no later
      than thirty (30) days (provided that, in the case of any requested consent pursuant to Section 3.6(a)(iii), (a)(iv), (a)(xiii) and (a)(xiv) (solely as it relates to the foregoing), and Section 3.6(b)(v) and (b)(vi) (solely as it relates to the
      foregoing), this shall be no later than fifteen (15) days) following the date on which the Company provides Emerson with the information regarding the transaction for which Emerson’s consent is requested, and, for the avoidance of doubt, Emerson
      shall be deemed to have consented to such transaction if Emerson does not provide a written statement that the requested consent has been denied within such time period. Emerson Parent shall make its Chief Executive Officer reasonably available to
      the Company for the purpose of responding to such requests.

   

  (e)             The dollar amounts set forth in Sections 3.6(a)(ii), (a)(iii), (a)(vi) and
      (a)(vii) and Sections 3.6(b)(ii) shall be increased by (i) on December 31, 2025, by the percentage increase in the Consumer Price Index published by the U.S. Bureau of Labor Statistics (the “CPI”) on December 31, 2025 as compared to the CPI on
      December 31, 2022, (ii) on December 31, 2028, by the percentage increase in the CPI on December 31, 2028 as compared to the CPI on December 31, 2025, and (iii) every three years from December 31, 2028, mutatis mutandis.

   

  

  
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  Section 3.7.          Modifications to Business Strategy.

   

  (a)             Until the First Trigger Date, the Company shall not, and shall cause the
      other members of the Company Group not to, directly or indirectly, without the prior written consent of Emerson, modify the business strategy, or modify or expand the scope or nature of the business or other activities, of the Company or any of its
      Subsidiaries beyond the Company Business (which for the purposes of this provision includes control or hardware-connected technology software products for, and software and technology intended for, historian), or authorize, agree or commit to do any
      of the foregoing.

   

  (b)             The Company shall provide reasonable advance notice and reasonably detailed
      information of any action (including copies of any related presentations and definitive agreements) for which it seeks Emerson’s prior written consent pursuant to this Section 3.7 and shall provide all other information reasonably and promptly
      requested by Emerson and its Representatives in connection with any such actions; provided that, in each case, the Company shall not be required to provide any information if providing such information would (i) violate Applicable Law, (ii) result in
      the loss of attorney-client privilege with respect to such information or (iii) result in the disclosure of Trade Secrets (as defined in the Transaction Agreement); provided further that the Company shall use commercially reasonable efforts to
      provide such information in a way that would not violate such Applicable Law or result in such loss or disclosure. Emerson shall inform the Company in writing as to whether or not consent is granted pursuant to this Section 3.7 no later than thirty
      (30) days following the date on which the Company provides Emerson with the information regarding the action for which Emerson’s consent is requested, and, for the avoidance of doubt, Emerson shall be deemed to have consented to such transaction if
      Emerson does not provide a written statement that the requested consent has been denied within such time period. Emerson Parent shall make its Chief Executive Officer reasonably available to the Company for the purpose of responding to such requests.

   

  Article IV

    Other Agreements

   

  Section 4.1.          Confidentiality.

   

  (a)             From the date hereof until the date that is three (3) years following the
      Fourth Trigger Date, subject to Section 4.1(c) and except as contemplated by this Agreement, any Transaction Document or any Intercompany Commercial Agreement, Emerson Parent shall not, shall cause the other members of the Emerson Group and its and
      such other members’ directors and officers not to, and shall use its reasonable best efforts to cause it and such other members’ employees and other agents and representatives (including legal counsel and outside advisors) not to, directly or
      indirectly, disclose any Company Confidential Information to any Person; provided that Company Confidential Information may be disclosed:

   

  (i)            to any other member of the Emerson Group;

   

  

  
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  (ii)           to any Representative of any member of the Emerson Group in the
      normal course of the performance of such Representative’s duties or to any financial institution providing credit to any member of the Emerson Group;

   

  (iii)          to any Person to whom any member of the Emerson Group is
      contemplating a Transfer of Company Common Stock; provided that such Transfer would not be in violation of the provisions of this Agreement and such potential transferee is advised of the confidential nature of such information and agrees to
      be bound by a confidentiality agreement consistent with the provisions hereof;

   

  (iv)          to any regulatory authority or ratings agency to which any member of
      the Emerson Group or any of its Affiliates is subject or with which it has regular dealings; provided that such authority or agency is advised of the confidential nature of such information; or

   

  (v)           if the prior approval or written consent of the Company Board (not to
      be unreasonably withheld, conditioned or delayed) shall have been obtained.

   

  Nothing contained herein shall prevent the use (subject, to the extent possible, to a
      protective order) of Company Confidential Information in connection with the assertion or defense of any claim by or against any member of the Emerson Group or the Company Group, any Affiliates thereof, any Non-Emerson Designee, any Non-Emerson
      Director, any Emerson Designee or any Emerson Director.

   

  For purposes of this Section 4.1(a), any confidential information relating to the Company Group
      furnished to any member of the Emerson Group in connection with this Agreement, the Transition Services Agreement, the other Transaction Documents or the Intercompany Commercial Agreements is hereinafter referred to as “Company Confidential
        Information.” “Company Confidential Information” does not include information that (i) is or becomes generally available to the public, other than as a result of a breach of this Section 4.1(a), (ii) was or became available to any member
      of the Emerson Group from a source other than a member of the Company Group or a Representative thereof on behalf of the Company Group or (iii) is developed independently by a member of the Emerson Group without reference to the Company Confidential
      Information; provided that, in the case of clause (ii), the source of such information was not known by such member of the Emerson Group to be bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation of
      confidentiality to, any member of the Company Group with respect to such information.

   

  (b)          From the date hereof until the date that is three (3) years following the Fourth
      Trigger Date, subject to Section 4.1(c) and except as contemplated by this Agreement, any Transaction Document or any Intercompany Commercial Agreement, the Company shall not, shall cause the other members of the Company Group and its and such other
      members’ directors and officers not to, and shall use its reasonable best efforts to cause it and such other members’ employees and other agents and representatives (including legal counsel and outside advisors) not to, directly or indirectly,
      disclose any Emerson Confidential Information to any Person; provided that Emerson Confidential Information may be disclosed:

   

  

  
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  (i)            to any other member of the Company Group;

   

  (ii)           to any Representative of any member of the Company Group in the
      normal course of the performance of such Representative’s duties or to any financial institution providing credit to any member of the Company Group;

   

  (iii)         to any regulatory authority or ratings agency to which any member of
      the Company Group or any of its Affiliates is subject or with which it has regular dealings; provided that such authority or agency is advised of the confidential nature of such information; or

   

  (iv)         if the prior approval or written consent of Emerson (not to be
      unreasonably withheld, conditioned or delayed) shall have been obtained.

   

  Nothing contained herein shall prevent the use (subject, to the extent possible, to a
      protective order) of Emerson Confidential Information in connection with the assertion or defense of any claim by or against any member of the Emerson Group or the Company Group, any Affiliates thereof, any Non-Emerson Designee or any Non-Emerson
      Director.

   

  For purposes of this Section 4.1(b), any confidential information relating to the Emerson Group
      furnished to any member of the Company Group in connection with this Agreement, the Transition Services Agreement, the other Transaction Documents or the Intercompany Commercial Agreements is hereinafter referred to as “Emerson Confidential
        Information.” “Emerson Confidential Information” does not include information that (i) is or becomes generally available to the public, other than as a result of a breach of this Section 4.1(b), (ii) was or became available to any member
      of the Company Group from a source other than a member of the Emerson Group or a Representative thereof on behalf of the Emerson Group or (iii) is developed independently by a member of the Company Group without reference to the Emerson Confidential
      Information; provided that, in the case of clause (ii), the source of such information was not known by such member of the Company Group to be bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation of
      confidentiality to, any member of the Emerson Group with respect to such information.

   

  (c)         If Emerson or any of its Affiliates or Representatives, on the one hand, or the
      Company or any of its Affiliates or Representatives, on the other hand, are requested or required (by oral question, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) by any Governmental
      Authority or pursuant to Applicable Law to disclose or provide any Company Confidential Information or Emerson Confidential Information, respectively, the Person receiving such request or demand or subject to such requirement, or so required by
      Applicable Law, shall use commercially reasonable efforts to provide the other Party with written notice of such request, demand or requirement as promptly as practicable under the circumstances so that such other Party shall have an opportunity to
      seek an appropriate protective order. The Party receiving such request or demand or subject to such requirement agrees to take, and cause its Representatives to take, at the requesting Party’s expense, all commercially reasonable steps necessary to
      obtain confidential treatment by the recipient. Subject to the foregoing, the Party that received such request or demand or is subject to such requirement may thereafter disclose or provide any Company Confidential Information or Emerson Confidential
      Information, as the case may be, to the extent required by such Applicable Law (as so advised by counsel) or such Governmental Authority.

   

  

  
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  Section 4.2.          Restrictions on Transferability and Acquisitions.

   

  (a)         Lockup. For a period of two (2) years beginning on the date hereof (the “Lockup

        Period”), no member of the Emerson Group shall Transfer any Company Common Stock to any Person that is not a controlled Affiliate of Emerson Parent, unless approved by an RPT Committee; provided that Section 4.2(a) shall be of no
      further force or effect from and after the Third Trigger Date.

   

  (b)         Standstill.

   

  (i)            For a period of two (2) years beginning on the date hereof (the “Standstill

        Period”), Emerson Parent shall not, and shall cause the other members of the Emerson Group not to, directly or indirectly, in any manner, effect or seek, offer or propose (whether publicly or otherwise) to effect, or announce any intention to
      effect or otherwise participate in or knowingly encourage, any acquisition of Company Common Stock (including in derivative form) or any tender or exchange offer, merger, consolidation, business combination or other similar transaction involving the
      Company or any other member of the Company Group that would result in the Emerson Ownership Percentage being greater than the Emerson Ownership Percentage as of the date hereof; provided that Emerson Parent shall be permitted to make a
      private proposal to the Company Board that would not reasonably be expected to require the Company or any other member of the Company Group to make any public announcement or other disclosure. The foregoing shall not prohibit:

   

  (A)            Emerson Parent or any other member of the Emerson Group from
      acquiring Company Common Stock by way of stock splits, stock dividends, reclassifications, recapitalizations or other distributions by the Company to all holders of Company Common Stock on a pro rata basis; or

   

  (B)            acquisitions by Emerson Parent or any other member of the Emerson
      Group of Company Common Stock (A) approved by an RPT Committee, (B) pursuant to the exercise of the preemptive rights set forth in Section 4.3 or the percentage maintenance rights set forth in Section 4.4, (C) pursuant to the Pre-Agreed Procedures or
      (D) of no more than five (5%) of the outstanding Company Common Stock in the aggregate (as measured as of the date hereof) during the Standstill Period in the open market.

   

  

  
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  (c)             Buyout Transaction. Until the Second Trigger Date, any proposal by
      any member of the Emerson Group to acquire in a transaction or series of related transactions reasonably expected to result in the acquisition of all of the Company Common Stock held by stockholders other than the Emerson Group (the “Other
        Stockholders”) must either be (as elected by Emerson in its sole discretion) (i) subject to review, evaluation and prior written approval of an RPT Committee, or (ii) submitted for approval to the stockholders of the Company, with a
      non-waivable condition that a majority of the Company Common Stock held by Other Stockholders approve the transaction (or equivalent tender offer condition).

   

  (d)             Competitors. Following the Second Trigger Date, Emerson Parent shall
      not, and shall cause the other members of the Emerson Group not to, Transfer, in a single transaction or in a series of transactions, more than ten percent (10%) of the then-outstanding Company Common Stock to any Person who is engaged in any
      business that engages in the Company Business (other than a member of the Company Group or a member of the Emerson Group), unless approved by an RPT Committee.

   

  (e)             Company Obligations. The Company shall not adopt any stockholder
      rights plan, “poison pill” or similar arrangement, or adopt any anti-takeover provisions under its organizational documents, that would trigger any right, obligation or event as a result of any Transfer of Company Common Stock by any member of the
      Emerson Group.

   

  Section 4.3.          Preemptive Rights.

   

  (a)             To the extent permitted under Nasdaq rules, the Company hereby grants to
      Emerson the right until the Second Trigger Date to purchase up to its Pro Rata Portion of any Company Securities that the Company may from time to time propose to issue or sell to any Person; provided that, without limiting the Pre-Agreed
      Procedures, in the case Company Securities are proposed to be issued (in whole or in part) as consideration in any merger, consolidation, reorganization, conversion, joint venture or any other business combination, or any acquisition (including by
      merger, consolidation, acquisition of stock or assets or otherwise) of any businesses, assets, operations or securities comprising a business (any such transaction, an “M&A Transaction”), Emerson shall only be entitled to purchase a number
      of such Company Securities up to its Percentage Maintenance Share.

   

  (b)             Without limiting Emerson’s rights pursuant to Section 3.6, the Company shall
      give written notice to Emerson (an “Issuance Notice”) of any proposed issuance or sale described in Section 4.3(a) within five (5) Business Days following any meeting of the Company Board or any committee of the Company Board (or subcommittee
      thereof) at which any such issuance or sale is approved or, if the approval of the Company Board or any committee of the Company Board (or subcommittee thereof) is not required in connection with such issuance or sale, no less than thirty (30) days
      prior to the date of the proposed issuance or sale. The Issuance Notice shall, if applicable, be accompanied by a written offer from any prospective purchaser seeking to purchase Company Securities and shall set forth the material terms and
      conditions of the proposed issuance or sale, including:

   

  

  
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  (i)            the number and class of the Company Securities to be issued or sold
      and the percentage of the outstanding shares of capital stock of the Company such issuance or sale would represent;

   

  (ii)           the proposed issuance or sale date, which shall be at least thirty
      (30) days from the date of receipt by Emerson of the Issuance Notice; and

   

  (iii)          (x) in the case of an issuance for cash (other than a public
      offering of Company Securities) or offer from a prospective third party for cash, the proposed purchase price in cash per Company Security and (y) in all other cases (including a public offering of Company Securities), the Company’s calculation of
      the purchase price based on the Pre-Agreed Procedures (such proposed purchase price in clause (x) or (y), the “Proposed Purchase Price”).

   

  (c)             For a period of thirty (30) days (such period, as it may be extended pursuant
      to the proviso of this sentence, the “Election Period”) following the receipt by Emerson of an Issuance Notice, Emerson shall have the right to elect irrevocably to purchase up to its Pro Rata Portion of the Company Securities (or, to the
      extent applicable as set forth in the proviso of Section 4.3(a), a number of Company Securities up to its Percentage Maintenance Share) at the Proposed Purchase Price by delivering a written notice to the Company; provided that, following

      receipt of an Issuance Notice, Emerson may agree upon a different Proposed Purchase Price with an RPT Committee in accordance with the Related Party Transactions Policy in which case (i) Emerson shall purchase up to its Pro Rata Portion of the
      Company Securities (or, to the extent applicable as set forth in the proviso of Section 4.3(a), a number of Company Securities up to its Percentage Maintenance Share) at such other Proposed Purchase Price and (ii) the Election Period shall be tolled
      for so long as Emerson and an RPT Committee are working in good faith to agree on a Proposed Purchase Price until such time as Emerson and such RPT Committee agree on the Proposed Purchase Price. If, at the termination of the Election Period, Emerson
      shall not have delivered such notice to the Company, Emerson shall be deemed to have waived all of its rights under this Section 4.3 with respect to the purchase of the Company Securities referred to in the Issuance Notice. The closing of any
      purchase by Emerson shall be consummated concurrently with the consummation of the issuance or sale described in the Issuance Notice; provided that the closing of any purchase by Emerson may be extended beyond the closing of the transaction
      in the Issuance Notice to the extent necessary to (x) obtain any required approval of a Governmental Authority or (y) to the extent stockholder approval is required under the Nasdaq rules, in which case the Company and Emerson shall use their
      respective reasonable best efforts to obtain any such approval(s); provided that the Emerson Ownership Percentage and the Emerson Fully-Diluted Ownership Percentage shall at all times during this period be calculated as if Emerson shall have
      exercised its rights pursuant to this Section 4.3 in full and as if all remaining shares described in the Issuance Notice shall have been issued or sold, until such time that (i) such sale to Emerson is consummated, (ii) in the case of a required
      approval of a Governmental Authority, there is a final, non-appealable court order prohibiting Emerson from acquiring such Company Securities, (iii) in the case stockholder approval is required under the Nasdaq rules, such stockholder vote shall have
      occurred and such sale to Emerson not be approved or (iv) Emerson determines not to exercise such rights.

   

  

  
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  (d)             Upon the expiration of the Election Period, the Company shall be free to sell
      such Company Securities referenced in the Issuance Notice that Emerson has not elected irrevocably to purchase on terms and conditions no more favorable to the purchasers thereof than those offered to Emerson in the Issuance Notice delivered in
      accordance with Section 4.3(b); provided that if such sale is not consummated within thirty (30) days of the expiration of the Election Period, then any further issuance or sale of such Company Securities shall again be subject to this
      Section 4.3.

   

  (e)             For the avoidance of doubt, the provisions of this Section 4.3 shall
      terminate on the Second Trigger Date. Notwithstanding anything to the contrary in this Agreement, this Section 4.3 shall not apply with respect to the issuance or sale of Other Company Securities (as defined in the Pre-Agreed Procedures) which shall
      be subject to the terms and conditions of the Pre-Agreed Procedures.

   

  (f)             In all cases where Emerson has the right to purchase Company Securities up to
      its Percentage Maintenance Share pursuant to this Agreement (including Schedule 4.5(c)), following the issuance or sale of the applicable Company Securities that triggers such Percentage Maintenance Share, the Emerson Ownership Percentage and the
      Emerson Fully-Diluted Ownership Percentage shall at all times be calculated as if Emerson shall have exercised such right in full and as if any Company Securities not yet issued or sold to the third party shall have been issued or sold, until the
      earlier of (i) the termination of the period for Emerson to elect to exercise such right if Emerson shall not have elected to exercise such right and (ii) the consummation of Emerson’s exercise of such right, at which time the Emerson Ownership
      Percentage and the Emerson Fully-Diluted Ownership Percentage shall be calculated in accordance with the definitions thereof.

   

  Section 4.4.          Percentage Maintenance Share.

   

  (a)             Following the Second Trigger Date, to the extent permitted under Nasdaq
      rules, with respect to any Company Securities that the Company may from time to time issue or sell to any Person, the Company hereby grants to Emerson the right to purchase Company Securities up to its Percentage Maintenance Share in connection with
      such transaction.

   

  (b)             Without limiting Emerson’s rights pursuant to Section 3.6, the Company shall
      give written notice to Emerson (a “Maintenance Notice”) of any issuance or sale of described in Section 4.4(a) within five (5) Business Days following such issuance or sale. The Maintenance Notice shall set forth the material terms and
      conditions of such issuance or sale, including:

   

  

  
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  (i)            the number and class of the Company Securities issued or sold and
      the percentage of the outstanding shares of capital stock of the Company such issuance or sale represented;

   

  (ii)           the Percentage Maintenance Share with respect to such issuance or
      sale; and

   

  (iii)           the Proposed Purchase Price.

   

  (c)             For a period of 30 days (such period, as it may be extended pursuant to the
      proviso of this sentence, the “Maintenance Election Period”) following the receipt by Emerson of a Maintenance Issuance Notice, Emerson shall have the right to elect irrevocably to purchase up to its Percentage Maintenance Share at the
      Proposed Purchase Price by delivering a written notice to the Company; provided that, following receipt of a Maintenance Issuance Notice, Emerson may agree upon a different Proposed Purchase Price with an RPT Committee in accordance
      with the Related Party Transactions Policy in which case (i) Emerson shall purchase up to its Percentage Maintenance Share at such other Proposed Purchase Price and (ii) the Maintenance Election Period shall be tolled for so long as Emerson and an
      RPT Committee are working in good faith to agree on a Proposed Purchase Price until such time as Emerson and such RPT Committee agree on the Proposed Purchase Price. If, at the termination of the Maintenance Election Period, Emerson shall not have
      delivered such notice to the Company, Emerson shall be deemed to have waived all of its rights under this Section 4.4 with respect to the purchase of the Company Securities referred to in the Maintenance Issuance Notice. The closing of any purchase
      by Emerson shall be consummated promptly following Emerson’s delivery of such notice; provided that the closing of any purchase by Emerson may be extended to the extent necessary to (x) obtain any required approval of a Governmental
      Authority or (y) to the extent stockholder approval is required under the Nasdaq rules, in which case the Company and Emerson shall use their respective reasonable best efforts to obtain any such approval(s); provided that the Emerson
      Ownership Percentage and the Emerson Fully-Diluted Ownership Percentage shall at all times during this period be calculated as if Emerson shall have exercised its rights pursuant to this Section 4.4 in full and as if any Company Securities not yet
      issued or sold to the third party described in the Maintenance Notice shall have been issued or sold, until such time that (i) such sale to Emerson is consummated, (ii) in the case of a required approval of a Governmental Authority, there is a final,
      non-appealable court order prohibiting Emerson from acquiring such Company Securities, (iii) in the case stockholder approval is required under the Nasdaq rules, such stockholder vote shall have occurred and such sale to Emerson not be approved or
      (iv) Emerson determines not to exercise such rights.

   

  (d)             For the avoidance of doubt, the provisions of this Section 4.4 shall be in
      effect following the Second Trigger Date. Notwithstanding anything to the contrary in this Agreement, this Section 4.4 shall not apply with respect to the issuance or sale of Other Company Securities (as defined in the Pre-Agreed Procedures) which
      shall be subject to the terms and conditions of the Pre-Agreed Procedures.

   

  
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  Section 4.5.          Related Party Transactions.

   

  (a)             All transactions and agreements entered into at or prior to the Closing that
      would have been Related Party Transactions if they were entered into after the Closing (including any proposed Related Party Transactions contemplated by the Transaction Documents) between any member of the Company Group, on the one hand, and any
      member of the Emerson Group, on the other hand (the “Pre-Closing Related Party Transactions”) shall not be subject to any further approval of the Company Board or any committee or subcommittee of the Company Board (including by an RPT
      Committee), including with respect to any implementation of the terms of the Pre-Closing Related Party Transactions (including, to the extent applicable, any negotiation of one or more long-form agreements reflecting the terms of the Commercial
      Agreement Term Sheet (as defined in the Transaction Agreement); provided that, any material amendments to, material modifications or terminations (other than as a result of expiration or non-renewal) of, or material waivers, material consents
      or material elections under any Pre-Closing Related Party Transactions shall require the prior written approval of an RPT Committee, subject to and consistent with the Related Party Transactions Policy (as defined below).

   

  (b)             For so long as the Emerson Ownership Percentage is at least 20%, except as
      set forth in Section 4.5(c), all Related Party Transactions shall be governed by the policy set forth on Schedule 4.5(b) (as it may be amended from time to time pursuant to Section 7.7(a), the “Related Party Transactions Policy”).

   

  (c)             The Related Party Transactions Policy shall not (i) apply to any transaction
      pursuant to Section 4.2(c), Section 4.3 or pursuant to the policies and procedures set forth on Schedule 4.5(c) (as may be amended from time to time, the “Pre-Agreed Procedures”), (ii) apply to any Related Party Transaction that is not a
      Material Related Party Transaction (as defined in the Related Party Transactions Policy) or (iii) limit Emerson’s rights and the Company’s obligations with respect to Section 3.6.

   

  (d)             Emerson shall have the right, but not the obligation, to participate in the
      transactions set forth in the Pre-Agreed Procedures to the extent set forth therein in accordance with the policies and procedures set forth therein, and the Company shall take all action such that Emerson shall be able to so participate if it so
      elects to the extent set forth therein.

   

  Section 4.6.          Non-Compete.

   

  (a)             Until the First Trigger Date, Emerson Parent will not, and will not permit
      any of the other members of the Emerson Group to, own, manage or operate any business that engages in the Company Business anywhere in the world except:

   

  (i)            ownership by Emerson Parent or any of the other members of the
      Emerson Group of less than an aggregate of 10% of the total equity ownership of a Person engaged in the Company Business; and

   

  (ii)            acquisitions by Emerson Parent or any of the other members of the
      Emerson Group of any business or Person that is engaged in the Company Business so long as no more than 20% of such business or Person’s revenues (based on such business or Person’s latest annual consolidated financial statements prior to such
      acquisition) are attributable to the Company Business; provided that Emerson Parent and the other members of the Emerson Group may acquire a diversified business or Person having more than 20% of such business or Person’s revenues (based on
      such business or Person’s latest annual consolidated financial statements prior to such acquisition) attributable to the Company Business as long as Emerson Parent or the applicable member of the Emerson Group divest the portion attributable to the
      Company Business in excess of such 20% threshold within 18 months following consummation of such acquisition.

   

  

  
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  (b)             Notwithstanding the foregoing, in no event will this Agreement restrict or
      limit Emerson Parent or any member of the Emerson Group from owning, managing or operating any business that engages in the Emerson Permitted Business anywhere in the world.

   

  Section 4.7.          No Solicitation of Employees. For a period of twelve (12)
      months beginning on the date hereof, each of the Company and Emerson Parent shall obtain the prior written consent of the other before such Party or any of its Affiliates, directly or indirectly, solicits the employment of, in the case of the
      Company, any Emerson Covered Employee and, in the case of Emerson Parent, any Company Covered Employee, or make or extend any offer of employment to, or hire, employ or engage (including as a consultant or any similar role), in the case of the
      Company, any Emerson Covered Employee and, in the case of Emerson Parent, any Company Covered Employee. This Section 4.7 shall cease to apply with respect to an Emerson Covered Employee or a Company Covered Employee, six months after the date on
      which their employment with, in the case of an Emerson Covered Employee, the Emerson Group and, in the case of a Company Covered Employee, the Company Group, is terminated. Nothing in this Section 4.7 shall restrict or prevent either Party or any of
      its Affiliates from making generalized solicitations or searches for employees by the use of advertisements in the media of any form (including trade media) or by engaging search firms that are not instructed to solicit, hire or engage in the case of
      the Company, Emerson Covered Employees and, in the case of Emerson Parent, Company Covered Employees.

   

  Section 4.8.          Intercompany Agreements. If the Emerson Ownership Percentage is
      not in excess of forty percent (40%) for a consecutive period of six (6) months or more, each of the Company (on behalf of the applicable member of the Company Group) and Emerson Parent (on behalf of the applicable member of the Emerson Group) shall
      have the right to terminate any Intercompany Commercial Agreement upon written notice to the other.

   

  Section 4.9.          Corporate Opportunity.

   

  (a)             General. In recognition and anticipation (i) that the Company will
      not be a Wholly Owned Subsidiary of Emerson and that Emerson will be a significant stockholder of the Company, (ii) that directors, officers or employees of Emerson may serve as directors or officers of the Company, (iii) that, subject to any
      contractual arrangements that may otherwise from time to time be agreed to between Emerson and the Company including this Agreement (including Section 4.6), the other Transaction Documents and the Intercompany Commercial Agreements, Emerson may
      engage in the same, similar or related lines of business as those in which the Company, directly or indirectly, may engage or other business activities that overlap with or compete with those in which the Company, directly or indirectly, may engage,
      (iv) that Emerson may have an interest in the same areas of corporate opportunity as the Company, and (v) that, as a consequence of the foregoing, it is in the best interests of the Company that the respective rights and duties of the Company and of
      Emerson, and the duties of any directors or officers of the Company who are also directors, officers or employees of Emerson, be determined and delineated in respect of any transactions between, or opportunities that may be suitable for both, the
      Company, on the one hand, and Emerson, on the other hand, this Section 4.9 shall to the fullest extent permitted by Applicable Law regulate and define the conduct of certain of the business and affairs of the Company in relation to Emerson and the
      conduct of certain affairs of the Company as they may involve Emerson and its directors, officers or employees, and the power, rights, duties and liabilities of the Company and its officers, directors and stockholders in connection therewith.

   

  

  
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  (b)             Certain Agreements and Transactions Permitted. The Company has
      entered into this Agreement, and, subject to this Agreement, may from time to time enter into and perform one or more agreements (including the Intercompany Commercial Agreements) (or modifications or supplements to pre-existing agreements) with
      Emerson pursuant to which the Company, on the one hand, and Emerson, on the other hand, agree to engage in transactions of any kind or nature with each other or agree to compete, or to refrain from competing or to limit or restrict their competition,
      with each other, including to allocate and to cause their respective directors, officers or employees (including any who are directors, officers or employees of both) to allocate opportunities between or to refer opportunities to each other. Subject
      to this Section 4.9, and except as otherwise agreed in writing by the Company and Emerson, no such agreement, or the performance thereof by the Company or Emerson shall, to the fullest extent permitted by Applicable Law, be considered contrary to
      (i) any fiduciary duty that Emerson may owe to the Company or to any stockholder or other owner of an equity interest in the Company by reason of Emerson being a controlling or significant stockholder of the Company or participating in the control of
      the Company or (ii) any fiduciary duty owed by any director or officer of the Company who is also a director, officer or employee of Emerson to the Company, or to any stockholder thereof. Subject to Section 4.9(d), to the fullest extent permitted by
      Applicable Law, Emerson, as a stockholder of the Company, or as a participant in control of the Company, shall not have or be under any fiduciary duty to refrain from entering into any agreement or participating in any transaction referred to above,
      and no director or officer of the Company who is also a director, officer or employee of Emerson shall have or be under any fiduciary duty to the Company to refrain from acting on behalf of the Company or of Emerson in respect of any such agreement
      or transaction or performing any such agreement in accordance with its terms.

   

  (c)             Business Activities. Except as otherwise set forth herein (including
      Section 4.6) or otherwise agreed in writing between the Company and Emerson, and subject to Section 4.9(d), Emerson shall to the fullest extent permitted by Applicable Law have no duty to refrain from
      (i) engaging in the same or similar activities or lines of business as the Company or (ii) doing business with any client, customer or vendor of the Company, and (except as provided in Section 4.9(d) below) neither Emerson nor any officer, director
      or employee thereof shall, to the fullest extent permitted by Applicable Law, be deemed to have breached its fiduciary duties, if any, to the Company solely by reason of Emerson’s engaging in any such activity. Subject to Section 4.9(d), except as
      otherwise agreed in writing between the Company and Emerson, in the event that Emerson acquires knowledge of a potential transaction or matter that may be a corporate opportunity for both the Company and Emerson, Emerson shall to the fullest extent
      permitted by Applicable Law not be liable to the Company or its stockholders for breach of any fiduciary duty as a stockholder of the Company by reason of the fact that Emerson acquires or seeks such corporate opportunity for itself, directs such
      corporate opportunity to another Person, or otherwise does not communicate information regarding such corporate opportunity to the Company, and the Company to the fullest extent permitted by Applicable Law renounces any interest or expectancy in such
      business opportunity and waives any claim that such business opportunity constituted a corporate opportunity that should have been presented to the Company.

   

  

  
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  (d)             Corporate Opportunities. Except as otherwise agreed in writing
      between the Company and Emerson, in the event that a director or officer of the Company who is also a director, officer or employee of Emerson acquires knowledge of a potential transaction or matter that may be a corporate opportunity for both the
      Company and Emerson, such director or officer shall to the fullest extent permitted by Applicable Law have fully satisfied and fulfilled his or her fiduciary duty with respect to such corporate opportunity, and the Company to the fullest extent
      permitted by Applicable Law renounces any interest or expectancy in such business opportunity and waives any claim that such business opportunity constituted a corporate opportunity that should have been presented to the Company, if such director or
      officer acts in a manner consistent with the following policy:

   

  (i)            such a corporate opportunity offered to any individual who is a
      director but not an officer or employee of the Company and who is also a director, officer or employee of Emerson shall belong to the Company only if such opportunity is expressly offered to such person solely in his or her capacity as a director of
      the Company and otherwise shall belong to Emerson; and

   

  (ii)           such a corporate opportunity offered to any individual who is an
      officer or employee of the Company and also is a director, officer or employee of Emerson shall belong to the Company unless such opportunity is expressly offered to such person in his or her capacity as a director, officer or employee of Emerson, in
      which case such opportunity shall belong to Emerson.

   

  (e)             Certain Definitions. For purposes of this Section 4.9, (1) “corporate
      opportunities” include business opportunities that the Company is financially able to undertake, which are, from their nature, in the line of the Company’s business, are of practical advantage to it and are ones in which the Company, but for Section
      4.9(c)-(d), would have an interest or a reasonable expectancy, (2) “Emerson” shall mean Emerson and each other member of the Emerson Group and (3) the “Company” shall mean the Company and each other member of the Company Group.

   

  

  
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  Section 4.10.      Nasdaq. The Company Common Stock shall be listed on The NASDAQ
      Stock Market LLC, or any successor thereto.

   

  Article V

    Financial and Other Information

   

  Unless otherwise expressly provided herein, each of the covenants and agreements in this
      Article V shall terminate on the Third Trigger Date.

   

  Section 5.1.          Annual, Quarterly and Monthly Financial Information; Emerson’s
        Operating Reviews.

   

  (a)             The Company shall deliver to Emerson Parent such financial, tax and
      accounting information and materials as Emerson Parent may reasonably request, including the following:

   

  (i)            within seven (7) Business Days following each calendar month-end, a
      monthly reporting package including an unaudited balance sheet of the Company as of the end of such month and the related statements of earnings, comprehensive income, stockholders’ equity and cash flows, and reasonable supporting schedules and
      account detail for the month and year-to-date period on Emerson Parent’s year-end basis, in accordance with GAAP, and setting forth in comparative form the figures for the corresponding periods of the previous fiscal year;

   

  (ii)           no later than the third (3rd) Monday of January, April, July, and October, forecast statements of earnings, cash flow, balance sheet and stockholders’ equity, and reasonable supporting schedules and analysis for the current fiscal
      quarter and the next three fiscal quarters; and

   

  (iii)          No later than the fifteenth (15th) calendar day of August, a forecast for the next four fiscal quarters (Emerson Parent’s fiscal year-end basis), including statements of earnings, cash flow, balance sheet and stockholders’
      equity, and supporting schedules and analysis by quarter, for the next fiscal year.

   

  (b)             On a quarter-end basis, no later than ten (10) Business Days following the
      end of a fiscal quarter, the Company shall deliver a discussion and analysis by management of the Company’s and its Subsidiaries’ consolidated financial condition and results of operations for the requisite quarterly and year-to-date periods on
      Emerson Parent’s fiscal year basis (as applicable), and other information reasonably required to comply with Emerson Parent’s SEC reporting requirements. The Company shall provide Emerson Parent an opportunity to meet with management of the Company
      to discuss such information required to be delivered by this Section 5.1 upon reasonable notice during normal business hours.

   

  

  
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  (c)             No later than five (5) Business Days prior to the day the Company publicly
      files its Annual Report on Form 10-K or Quarterly Report on Form 10-Q with the SEC, the Company shall deliver to Emerson Parent the substantially final form of its Annual Report on Form 10-K or Quarterly Report on Form 10-Q, together with the form of
      all certifications required by Applicable Law by each of the Chief Executive Officer and Chief Financial Officer of the Company and, with respect to the Annual Report on Form 10-K, the form of opinion the Company’s independent certified public
      accountants expect to provide thereon.

   

  Section 5.2.          Emerson Public Filings. The Company shall cooperate, and cause
      its accountants to cooperate, with Emerson Parent to the extent reasonably requested by Emerson Parent in the preparation of Emerson Parent’s press releases, public earnings releases, Quarterly Reports on Form 10-Q, Annual Reports to Shareholders,
      Annual Reports on Form 10-K, any Current Reports on Form 8-K and any amendments thereto and any other proxy, information and registration statements, reports, notices, prospectuses and any other filings made by any member of the Emerson Group with
      the SEC, any national securities exchange or otherwise made publicly available (collectively, “Emerson Public Filings”). The Company shall provide to Emerson Parent all information that Emerson Parent reasonably requests in connection with any
      such Emerson Public Filings or that is required to be disclosed therein under any Applicable Law. The Company agrees to provide such information in a timely manner, but no later than ten (10) Business Days following each quarter-end date. If and to
      the extent reasonably requested by Emerson Parent, the Company shall diligently and promptly review all drafts of such Emerson Public Filings and prepare in a diligent and timely fashion any portion of such Emerson Public Filing pertaining to the
      Company or the other members of the Company Group. Prior to any printing or public release of any Emerson Public Filing, an appropriate executive officer of the Company, shall, if requested by Emerson Parent, confirm to the best of such officer’s
      knowledge that the information provided by the Company relating to the Company Group in such Emerson Public Filing is accurate, true and correct in all material respects. Unless required by Applicable Law or GAAP or interpretations thereof, without
      the prior consent of Emerson Parent, the Company shall not publicly release any financial or other information that conflicts with the information with respect to the Company, any Affiliate of the Company or the Company Group that is provided by the
      Company for any Emerson Public Filing.

   

  Section 5.3.          Other Financial Reporting and Compliance Matters.

   

  (a)             Other Information. The Company shall provide to Emerson Parent such
      other information of the Company and the other members of the Company Group reasonably requested by Emerson, in a timely manner, in connection with its equity ownership in the Company.

   

  

  
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  (b)             Public Information and SEC Reports. The Company shall timely file and
      consult with Emerson Parent in preparing reports, notices and proxy and information statements to be sent or made available by the Company to its security holders, all regular, periodic and other reports filed under Sections 13, 14 and 15 of the
      Exchange Act by the Company and all registration statements and prospectuses (including all financial statements contained therein) to be filed by the Company with the SEC or any securities exchange pursuant to the listed company manual (or similar
      requirements) of such exchange (collectively, “Company Public Documents”). Emerson Parent shall have the right to review and comment on any proposed Company Public Document reasonably in advance of the date the same are printed for
      distribution to the Company’s stockholders, sent to the Company’s stockholders or filed with the SEC, whichever is earliest. The Company shall consider any such comments in good faith and deliver to Emerson Parent, no later than the date the same are
      printed for distribution to the Company’s stockholders, sent to the Company’s stockholders or filed with the SEC, whichever is earliest, final copies of all Company Public Documents (except to the extent publicly available via the SEC’s EDGAR
      system). The Company shall file on a date reasonably determined by Emerson Parent, (x) its Quarterly Report on Form 10-Q with the SEC and (y) its Annual Report on Form 10-K with the SEC, unless the Company is otherwise required by Applicable Law. The
      Parties shall cooperate in preparing all press releases and other statements to be made available by the Company or any other member of the Company Group to the public, including information concerning material developments in the business,
      properties, results of operations, financial condition or prospects of the Company or any other member of the Company Group. Emerson shall have the right to review and comment on, reasonably in advance, but no later than five (5) Business Days of
      public release or release to financial analysts or investors (1) all press releases and other statements to be made available by the Company or any other member of the Company Group to the public that relate to financial or accounting matters and (2)
      all reports and other information prepared by the Company or any other member of the Company Group for release to financial analysts or investors. The Company shall consider any such comments in good faith. No press release, report, registration,
      information or proxy statement, prospectus or other document which refers, or contains information with respect, to any member of the Emerson Group shall be filed with the SEC or otherwise made public or released to any financial analyst or investor
      by the Company or any of its Subsidiaries without the prior written consent of Emerson Parent (which consent shall not be unreasonably withheld, conditioned or delayed) with respect to those portions of such document that contain information with
      respect to any member of the Emerson Group, except as may be required by Applicable Law (in such cases the Company shall use its reasonable best efforts to notify the relevant member of the Emerson Group and to obtain such member’s consent before
      making such a filing with the SEC or otherwise making any such information public).

   

  (c)             Earnings Releases. The Company shall publicly release its financial
      results for each annual and quarterly period on or before the first Tuesday of the second month following the quarter end for the quarter to which such results relate.

   

  (d)             Audit.

   

  (i)            Coordination of Auditors. The Company will not change
      auditors without the prior written consent of Emerson Parent.

   

  

  
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  (ii)            Access to Personnel and Working Papers. The Company will
      request the independent certified public accountants of the Company (the “Company Auditors”) to make available to the independent certified public accountants of Emerson Parent (the “Emerson Auditors”) both the personnel who performed
      or are performing the annual audit of the Company and, consistent with customary professional practice and courtesy of such auditors with respect to the furnishing of work papers, work papers related to the annual audit of the Company, in all cases
      within a reasonable time before the Company Auditors’ opinion date, so that the Emerson Auditors are able to perform the procedures they consider necessary to take responsibility for the work of the Company Auditors as it relates to the Emerson
      Auditors’ report on the Emerson Annual Statements, all within sufficient time to enable Emerson to meet its timetable for the printing, filing and public dissemination of the Emerson Annual Statements.

   

  (e)             Operating Review Process. Until the Second Trigger Date, upon Emerson
      Parent’s request, the Company’s Chief Executive Officer and all other relevant members of the Company’s senior management requested by Emerson Parent shall meet with members of Emerson Parent’s senior management at least four times a fiscal year to
      discuss matters relating to Emerson’s investment in the Company, including with respect to reviews of the Company’s operations, affairs, finances or results and the Company’s business plan and strategy; provided that following the Second
      Trigger Date and until the Third Trigger Date, (i) such meetings shall be held at least twice a fiscal year and (ii) if none of the Emerson Directors is a director, officer or employee of Emerson or any member of the Emerson Group, the Company will
      not be required to discuss the Company’s business plan and strategy at such meetings.

   

  (f)             Disclosure Committee. The Company shall establish a committee (the “Disclosure

        Committee”) consisting of members of the Company Board or management of the Company to, among other things, assist in preparing the disclosures required under Applicable Law. Emerson shall be entitled to appoint one individual as a non-voting
      observer to the Disclosure Committee who is entitled to attend meetings of the Disclosure Committee (which non-voting observer need not be a member of the Company Board).

   

  (g)             Compliance. Emerson Parent will be permitted to conduct internal
      audits on the Company Group to assess the Company Group’s internal controls over financial reporting as well as perform risk assessments on the Company Group’s controls over financial reporting processes. Such internal audits shall be conducted upon
      reasonable prior written notice to the Company, and any such audit shall not occur more than two (2) times during any twelve (12)-month period, unless reasonably justified. The Company will implement internal control changes as reasonably proposed by
      Emerson Parent, provided that following the Second Trigger Date and until the Third Trigger Date, the foregoing shall not apply and instead the Company Board shall determine if the Company will implement any internal control changes
      reasonably proposed by Emerson Parent. Emerson may, from time to time and at any time, request an audit (“Compliance Audit”) of the Company’s compliance programs, policies and procedures (the “Compliance Program”). Each Compliance Audit
      shall be conducted upon reasonable prior written notice to the Company, and any such Compliance Audit shall not occur more than two (2) times during any twelve (12)-month period, unless reasonably justified. In the event of a Compliance Audit, the
      Company shall (i) provide such information reasonably requested by Emerson relating to the Compliance Program, (ii) make available during normal business hours its Representatives upon Emerson’s reasonable request and (iii) implement any changes to
      the Compliance Program as reasonably proposed by Emerson Parent; provided that following the Second Trigger Date and until the Third Trigger Date, the foregoing Section 5.3(g)(iii) shall not apply and instead the Company Board shall determine
      if the Company will implement any changes reasonably proposed by Emerson Parent to the Compliance Program.

   

  

  
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  (h)             Notice of Certain Events.

   

  (i)            The Company shall promptly notify Emerson Parent after the Company
      becomes aware (but no later than two (2) Business Days after it becomes so aware) of any ethics allegations involving violations of law, members of senior management or financial reporting issues, any material investigations (internal or external),
      or audit or Action regarding or involving any member of the Company Group. The Company shall keep Emerson Parent reasonably apprised of the status of each such allegation, investigation, audit or Action, consult with Emerson Parent with respect
      thereto and consider in good faith any comments or suggestions from Emerson Parent. In addition, Emerson Parent shall have the right to assume the defense of, and appoint legal counsel for, any such allegation, investigation, audit or Action which,
      if resolved adversely, could reasonably be expected (in Emerson Parent’s judgment) to result in significant reputational, injunctive or declaratory relief or financial harm to Emerson.

   

  (ii)            The Company shall notify Emerson Parent of any non-material
      amendment of any disclosure controls and procedures of the Company.

   

  Section 5.4.          Production of Witnesses; Records; Cooperation.

   

  (a)             Except in the case of an adversarial Action by one Party against another
      Party, each of Emerson and the Company shall use its reasonable efforts to make available to each other Party, upon written request, the former, current and future directors, officers, employees, other personnel and agents of the members of its
      respective Group as witnesses and any books, records or other documents within its control or which it otherwise has the ability to make available, to the extent that any such person (giving consideration to business demands of such directors,
      officers, employees, other personnel and agents) or books, records or other documents may reasonably be required in connection with any Action in which the requesting Party may from time to time be involved. The requesting Party shall bear all costs
      and expenses in connection therewith.

   

  (b)             Without limiting the foregoing, Emerson and the Company shall cooperate and
      consult to the extent reasonably necessary with respect to any Actions other than an adversarial Action by one Party against another Party.

   

  

  
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  (c)             The obligation of Emerson and the Company to provide witnesses pursuant to
      this Section 5.4 is intended to be interpreted in a manner so as to facilitate cooperation and shall include the obligation to provide as witnesses officers without regard to whether the witness or the employer of the witness could assert a possible
      business conflict (subject to the exception set forth in the first sentence of Section 5.4(a)).

   

  (d)             In connection with any matter contemplated by this Section 5.4, Emerson and
      the Company will enter into a mutually acceptable joint defense agreement so as to maintain to the extent practicable any applicable attorney-client privilege, work product immunity or other applicable privileges or immunities of any member of any
      Group.

   

  Section 5.5.          Privilege. The provision of any information pursuant to this
      Article V shall not be deemed a waiver of any privilege, including privileges arising under or related to the attorney-client privilege or any other applicable privilege (a “Privilege”). Neither the Company or any member of the Company Group
      nor Emerson or any member of the Emerson Group will be required to provide any information pursuant to this Article V if the provision of such information would serve as a waiver of any Privilege afforded such information.

   

  Article VI

    Dispute Resolution

   

  Section 6.1.          General Provisions.

   

  (a)             Any dispute, controversy or claim arising out of, in connection with, or
      relating to this Agreement, or the validity, interpretation, breach or termination thereof (a “Dispute”), shall be resolved in accordance with the procedures set forth in this Article VI, which shall be the sole and exclusive procedures for
      the resolution of any such Dispute except as set forth in Section 6.1(g) and Section 7.12.

   

  (b)             Commencing with an Initial Notice (as defined in Section 6.2), all
      communications between the Parties or their Representatives in connection with the attempted resolution of any Dispute shall be deemed to have been delivered in furtherance of a Dispute settlement and shall be exempt from discovery and production,
      and shall not be admissible in evidence for any reason (whether as an admission or otherwise), in any proceeding for the resolution of the Dispute.

   

  (c)             The Parties expressly waive and forego any right to trial by jury.

   

  (d)             The specific procedures set forth below, including the time limits referenced
      therein, may be modified by agreement of the Parties in writing.

   

  (e)             All applicable statutes of limitations and defenses based upon the passage of
      time shall be tolled while the procedures specified in this Article VI are pending. The Parties will take such action, if any, required to effectuate such tolling.

   

  

  
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  (f)             The Parties hereby irrevocably submit to the exclusive jurisdiction of the
      Court of Chancery of the State of Delaware or, solely if such court lacks subject matter jurisdiction, any other state court or federal court having subject matter jurisdiction located within the State of Delaware in connection with any such Dispute,
      and each Party hereby irrevocably agrees that all claims in respect of any such Dispute or any suit, action or proceeding related thereto may be heard and determined solely in such courts. The Parties hereby irrevocably waive, to the fullest extent
      permitted by Applicable Law, any objection that they may now or hereafter have to the laying of venue of any such Dispute brought in such courts or any defense of inconvenient forum for the maintenance of such dispute. Each of the Parties agrees that
      a judgment in any such Dispute may be enforced in other jurisdictions by suit, on the judgment or in any other manner provided by Applicable Law.

   

  (g)             To the extent a Dispute under this Agreement is not resolved pursuant to
      Section 6.2 herein, a Party may bring such a Dispute in court solely in accordance with Section 6.1(f) of this Agreement. For the avoidance of doubt, unless pursuant to Section 7.12, a Party may not bring a Dispute in court without first following
      the procedures set forth in Section 6.2.

   

  Section 6.2.          Consideration by Senior Executives. The Parties shall attempt
      in good faith to resolve any Dispute by negotiation at a meeting between the Chief Executive Officer of Emerson Parent, on the one hand, and the Chief Executive Officer of the Company, on the other hand. Either Party may initiate the negotiation
      process by providing a written notice to the other (the “Initial Notice”). Fifteen (15) days after delivery of the Initial Notice, the receiving Party shall submit to the other a written response (the “Response”). The Initial Notice and
      the Response shall include (i) a statement of the Dispute and of the providing Party’s position and (ii) the name and title of any person that will represent that Party and of any other person who will accompany such person. Such meeting may be in
      person or by telephone within ten (10) Business Days of the date of the Response to seek a resolution of the Dispute.

   

  Section 6.3.          Attorneys’ Fees and Costs. Each Party will bear its own
      attorneys’ fees and costs incurred in connection with the resolution of any Dispute in accordance with this Article VI.

   

  Article VII

    Miscellaneous

   

  Section 7.1.          Corporate Power.

   

  (a)             Each of Emerson Parent and Emerson represents on behalf of itself and the
      Company represents on behalf of itself, as follows:

   

  (i)            each such Person has the requisite corporate or other power and
      authority and has taken all corporate or other action necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and

   

  

  
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  (ii)            this Agreement has been duly executed and delivered by it and
      constitutes a valid and binding agreement of it enforceable in accordance with the terms thereof.

   

  Section 7.2.          Governing Law. This Agreement shall be governed by and
      construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state.

   

  Section 7.3.          Notices. All notices, requests and other communications to any
      Party hereunder shall be in writing (including facsimile transmission and electronic mail (“e-mail”)) transmission, so long as a receipt of such e-mail is requested and received) and shall be given:

   

  If to Emerson Parent or Emerson, to:

   

  Emerson Electric Co.

  

  8000 West Florissant Avenue

  

  P.O. Box 4100

  

  St. Louis, MO 63136

  		Attention:	Sara Yang Bosco, Senior Vice President, Secretary and 

            General Counsel

  

  Vincent M. Servello, Vice President, Strategy & 

      Corporate Development

  		E-mail:	Sara.Bosco@emerson.com

  

  Vincent.Servello@emerson.com

   

  with a copy to (which shall not constitute notice):

   

  Davis Polk & Wardwell LLP

      450 Lexington Avenue

      New York, NY 10017

  		Attention:	Phillip R. Mills

   Marc O. Williams

   Cheryl Chan

  Facsimile No.: (212) 701-5800

  		E-mail:	phillip.mills@davispolk.com

           marc.williams@davispolk.com

           cheryl.chan@davispolk.com

   

  If to the Company, to:

   

  Aspen Technology, Inc.

  

  20 Crosby Drive

  

  Bedford, MA 01730

      Attention: SVP and General Counsel

  

  Email: legalnotices@aspentech.com

   

  

  
    36 

    
      
 

  

   

  with copies to (which shall not constitute notice):

   

  Aspen Technology, Inc.

  

  20 Crosby Drive

  

  Bedford, MA 01730

      Attention: President and CEO

      Email: legalnotices@aspentech.com

   

  and

   

  Skadden, Arps, Slate, Meagher & Flom LLP

  

  500 Boylston Street

  

  Boston, MA 02116

  

  		Attention:	Graham Robinson

  

  Katherine Ashley

  

  		Facsimile No.:	(617) 573-4822

  

  		Email:	graham.robinson@skadden.com

  

  katherine.ashley@skadden.com

   

  or to such other address or facsimile number as such Party may hereafter specify for the purpose by
      notice to the other Party. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a business day in the place of receipt. Otherwise, any such
      notice, request or communication shall be deemed to have been received on the next succeeding business day in the place of receipt.

   

  Section 7.4.          Severability. If any term, provision, covenant or restriction
      of this Agreement is held by a court of competent jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and
      effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such a determination, the Parties
      shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to
      the fullest extent possible.

   

  Section 7.5.          Entire Agreement; No Other Representations and Warranties.

   

  (a)             This Agreement (including the annexes hereto) and the Transaction Documents
      constitute the entire agreement between the Parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the Parties with respect to the subject matter hereof and
      thereof.

   

  (b)             Each Party hereby acknowledges and agrees that, except for any
      representations and warranties made by the other Party as set forth in Section 7.1, neither the other Party nor any other Person is making or has made any representations or warranty, expressed or implied, at law or in equity, with respect to or on
      behalf of the other Party, or the accuracy or completeness of any information regarding the other Party in any form in expectation of or in connection with this Agreement.

   

  

  
    37 

    
      
 

  

   

  Section 7.6.          Assignment; No Third-Party Beneficiaries. No Party may assign,
      delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other Party except that Emerson Parent and Emerson may assign this Agreement to a member of the Emerson Group or in connection with a
      Transfer of Company Common Stock in accordance with this Agreement. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the Parties and their respective
      successors and assigns.

   

  Section 7.7.          Amendment; Waiver.

   

  (a)             Any provision of this Agreement (including any Schedule, the Related Party
      Transactions Policy and the Pre-Agreed Procedures) may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each Party or, in the case of a waiver, by the Party against whom the
      waiver is to be effective; provided that any material amendment or material modification of this Agreement (including any Schedule, the Related Party Transactions Policy and the Pre-Agreed Procedures) shall require the prior written approval
      of an RPT Committee; provided further that any material waiver of any or all of the Company’s rights granted under this Agreement shall require the prior written approval of an RPT Committee.

   

  (b)             No failure or delay by any Party in exercising any right, power or privilege
      hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be
      cumulative and not exclusive of any rights or remedies provided by Applicable Law.

   

  Section 7.8.          Interpretations. The words “hereby,” “herewith,” “hereof,”
      “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The table of contents, captions, headings and the division of this Agreement into
      Articles, Sections and other subdivisions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections and Schedules are to Articles, Sections and Schedules
      of this Agreement unless otherwise specified. All Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule but not otherwise
      defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include,” “includes” or “including” are used in
      this Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by those words or words of like import. “Writing,” “written” and comparable terms refer to printing, typing and other
      means of reproducing words (including electronic media) in a visible form. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References to any
      Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to a particular statute or law shall be
      deemed also to include any Applicable Law. The sign “$” and the term “dollars” means the lawful currency of the United States of America. References to “or” mean “and/or” unless the context otherwise requires.

   

  

  
    38 

    
      
 

  

   

  Section 7.9.          Exercise of Rights. The exercise of any right under this
      Agreement by Emerson Parent or Emerson shall be made in each such Person’s sole discretion, subject to Applicable Law and any express limitations set forth in this Agreement.

   

  Section 7.10.      Privileged Matters.

   

  (a)             Each of the Parties agrees, on its own behalf and on behalf of its directors,
      officers, employees and Affiliates, that the law firms listed on Schedule 7.10(a) (the “Emerson Law Firms”) may serve as counsel to Emerson and the other members of the Emerson Group, on the one hand, and the Emerson Contributed Subsidiaries,
      on the other hand, in connection with the negotiation, preparation, execution, delivery and performance of this Agreement and the other Transaction Documents and the consummation of the Transactions, and that, following consummation of the
      Transactions, the Emerson Law Firms may serve as counsel to any member of the Emerson Group or any director, officer, employee or Affiliate of any member of the Emerson Group, in connection with any litigation, claim or obligation arising out of or
      relating to this Agreement, the other Transaction Documents or the Transactions notwithstanding such representation. In connection with any representation expressly permitted pursuant to the prior sentence, the Company hereby irrevocably waives and
      agrees not to assert, and agrees to cause the other members of the Company Group to irrevocably waive and not to assert any conflict of interest arising from or in connection with (i) prior representation of the Emerson Contributed Subsidiaries by
      the Emerson Law Firms, and (ii) representation of any member of the Emerson Group prior to and after the Closing by the Emerson Law Firms. As to any privileged attorney-client communications between the Emerson Law Firms and any Emerson Contributed
      Subsidiary prior to the Closing (collectively, the “Privileged Communications”), the Company, together with any of its Affiliates, successors or assigns, agrees that no such party may use or rely on any of the Privileged Communications in any
      action against or involving any of the Parties after the Closing.

   

  (b)             The Company further agrees, on behalf of itself and on behalf of the other
      members of the Company Group, that all privileged communications in any form or format whatsoever between or among the Emerson Law Firms, on the one hand, and Emerson, any other member of the Emerson Group or the Emerson Contributed Subsidiaries, or
      any of their respective directors, officers, employees or other representatives, on the other hand, that relate to the negotiation, documentation and consummation of the Transactions, any alternative transactions to the Transactions presented to or
      considered by Emerson Parent, any other member of the Emerson Group or the Emerson Contributed Subsidiaries, or any dispute arising under this Agreement or the other Transaction Documents, unless finally adjudicated to not be privileged by a court of
      law (collectively, the “Privileged Deal Communications”), shall remain privileged after the Closing and that the Privileged Deal Communications and the expectation of client confidence relating thereto shall belong solely to Emerson Parent,
      shall be controlled by Emerson Parent, and shall not pass to or be claimed by the Company or any other member of the Company Group. The Company agrees that it will not, and that it will cause the other members of the Company Group not to, (i) access
      or use the Privileged Deal Communications, (ii) seek to have any member of the Emerson Group waive the attorney-client privilege or any other privilege, or otherwise assert that the Company or any other member of the Company Group has the right to
      waive the attorney-client privilege or other privilege applicable to the Privileged Deal Communications, or (iii) seek to obtain the Privileged Deal Communications or Non-Privileged Deal Communications (as defined below) from any member of the
      Emerson Group or the Emerson Law Firms.

   

  

  
    39 

    
      
 

  

   

  (c)             The Company further agrees, on behalf of itself and on behalf of the other
      members of the Company Group, that all communications in any form or format whatsoever between or among any of the Emerson Law Firms, Emerson Parent, any other member of the Emerson Group or the Emerson Contributed Subsidiaries, or any of their
      respective directors, officers, employees or other Affiliates or Representatives that relate to the negotiation, documentation and consummation of the Transactions, any alternative transactions to the Transactions presented to or considered by
      Emerson Parent, any other member of the Emerson Group or the Emerson Contributed Subsidiaries, or any dispute arising under this Agreement and that are not Privileged Deal Communications (collectively, the “Non-Privileged Deal Communications”),

      shall also belong solely to Emerson Parent, shall be controlled by Emerson Parent and ownership thereof shall not pass to or be claimed by the Company or any other member of the Emerson Group.

   

  (d)             Notwithstanding the foregoing, in the event that a dispute arises between the
      Company or any other member of the Company Group, on the one hand, and a third party other than Emerson Parent, any other member of the Emerson Group or their respective Affiliates, on the other hand, then the Company or such other member of the
      Company Group may assert the attorney-client privilege to prevent the disclosure of the Privileged Deal Communications to such third party; provided that to the extent such dispute relates to this Agreement, the other Transaction Documents or
      the Transactions, none of the Company or any other member of the Company Group may waive such privilege without the prior written consent of Emerson Parent. If the Company or any other member of the Company Group is legally required to access or
      obtain a copy of all or a portion of the Privileged Deal Communications, then the Company shall promptly (and, in any event, within three (3) Business Days) notify Emerson Parent in writing (including by making specific reference to this Section
      7.10(d)) so that Emerson Parent can, at its sole cost and expense, seek a protective order, and the Company agrees to use commercially reasonable efforts to assist therewith.

   

  

  
    40 

    
      
 

  

   

  (e)             This Section 7.10 shall apply mutatis mutandis with respect to the
      representation by the law firms listed on Schedule 7.10(e) of any member of the Company Group and any successors thereof.

   

  Section 7.11.      Counterparts; Electronic Transmission of Signatures. This
      Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each Party has received a counterpart hereof
      signed by the Party hereto, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

   

  Section 7.12.      Specific Performance. The Parties agree that irreparable damage
      would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the
      performance of the terms and provisions hereof in any federal court located in the State of Delaware or any Delaware state court, in addition to any other remedy to which they are entitled at law or in equity. Each Party further agrees to waive any
      requirement for the securing or posting of any bond in connection with such remedy.

   

  [The remainder of this page has been intentionally left blank;

      the next page is the signature page.]

   

  
    41 

    
      
 

  

   

  IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the date first
      written above by their respective duly authorized officers.

   

  	 	EMERSON ELECTRIC CO.
	 	 
	 	By:	/s/ Vincent Servello 

          
	 	 	Name:	Vincent Servello  

        
	 	 	Title:	Vice President, Strategy and Corporate Development 

        

   

  	 	EMR WORLDWIDE INC.
	 	 
	 	By:	/s/ John Sperino 

          
	 	 	Name:	John Sperino 

        
	 	 	Title:	Vice President & Secretary 

        

   

  	 	ASPEN TECHNOLOGY, INC.
	 	 
	 	By:	/s/ Antonio
            J. Pietri   
	 	 	Name:	Antonio J. Pietri 

        
	 	 	Title:	President and Chief Executive Officer 

        

   

  [Signature Page to Stockholders Agreement]

   

  
     

    
      
 

  

  
  SCHEDULE 4.5(b)

      RELATED PARTY TRANSACTIONS POLICY

   

  Article I

   

  General Requirements for Related Party
        Transactions

   

  		1.	Except as otherwise provided by the Stockholders Agreement among Aspen Technology, Inc. a Delaware corporation, Emerson Electric Co., a
            Missouri corporation, and EMR Worldwide Inc., a Delaware corporation dated May 16, 2022 to which this Schedule 4.5(b) is attached (as it may be amended from time to time, the “Stockholders Agreement”), all Related Party Transactions
            shall be governed by the following standing policies and procedures. Capitalized terms utilized but not defined herein shall have the meanings given to them in the Stockholders Agreement.

   

  		2.	For the avoidance of doubt, Related Party Transactions shall be subject solely to the express requirements, if any, of the Stockholders
            Agreement relating to Related Party Transactions and, to the extent applicable pursuant to the Stockholders Agreement, this Schedule 4.5(b), and shall not be subject to any other related party, conflict of interest or similar policy or
            procedure of any member of the Company Group.

   

  Article II

   

  Definitions

   

  		1.	“Designated Officer” means the General Counsel of the Company or such other person designated by the Company Independent Directors from
            time to time.

   

  		2.	“Material Related Party Transaction” means (i) any Related Party Transaction that meets the Threshold, (ii) any material amendment to,
            or material modification of, any existing Related Party Transaction (that was not at the time of its entry a Material Related Party Transaction) which results in such Related Party Transaction meeting the Threshold, (iii) any material amendment
            to, or material modification or termination (other than as a result of expiration or non-renewal) of, or material waiver, material consent or material election under, any Previously Approved Related Party Transaction, (iv) any Related Party
            Transaction for which a member of the Echo Group requests approval from an RPT Committee or (v) any matter under the Stockholders Agreement expressly requiring approval from, or an agreement with, an RPT Committee. The determination as to
            whether a matter is “material” in clauses (ii) and (iii) of the foregoing shall be made by the Company Independent Directors and Echo and such determination shall be conclusive for all purposes of the Stockholders Agreement; provided
            that if the Company Independent Directors and Echo do not agree upon such determination, then the issue shall be resolved in accordance with Article VI of the Stockholders Agreement.

   

  

  
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  		3.	“Threshold” means any Related Party Transaction involving a payment (together with all substantially related payments) by any one or
            more members of the Echo Group to any one or more members of the Company Group or from any one or more members of the Echo Group to any one or more members of the Company Group (i) with respect to sales of assets or businesses, of at least $25
            million of total expected consideration, (ii) with respect to commercial agreements, of at least $5 million expected on an annual basis and (iii) with respect to all other transactions, of at least $5 million. The determination as to whether
            payments are “substantially related” in the foregoing shall be made by the Company Independent Directors and Echo and such determination shall be conclusive for all purposes of the Stockholders Agreement; provided that if the Company
            Independent Directors and Echo do not agree upon such determination, then the issue shall be resolved in accordance with Article VI of the Stockholders Agreement.

   

  		4.	Previously Approved Related Party Transaction” means any (i) Related Party Transaction that meets the Threshold and which has
            previously been approved by an RPT Committee in accordance with this Related Party Transactions Policy or (ii) any Pre-Closing Related Party Transaction.

   

  Article III

   

  Reporting Process

   

  		1.	Any officer or employee of the Company who is directly responsible for the oversight of a potential Material Related Party Transaction shall,
            in each case, promptly notify in writing the Designated Officer upon becoming aware of such, who shall provide prompt written notice thereof to the Company Independent Directors. Promptly following receipt of such written notice (and, in any
            event, within seven days), the Board of Directors shall form an RPT Committee consisting of at least two Company Independent Directors that are designated by a majority of the Independent Directors to review such potential Material Related
            Party Transaction in accordance with Article IV hereof unless the Company Independent Directors determine in good faith that such transaction does not constitute a Material Related Party Transaction (subject to the other requirements in the
            definition of Material Related Party Transaction for determining if a Related Party Transaction is a Material Related Party Transaction).

   

  		2.	No member of the Company Group shall enter into a Material Related Party Transaction without prior written approval from an RPT Committee in
            accordance with the procedures in Article IV. Notwithstanding the foregoing, the Company Independent Directors may determine in good faith that a Material Related Party Transaction subject to RPT Committee approval may be ratified after the
            fact, in which case the applicable member of the Company Group may enter into such Material Related Party Transaction and an RPT Committee shall promptly thereafter be formed to review and, if applicable, approve such Material Related Party
            Transaction; provided that: (i) the terms of such Material Related Party Transaction shall include a provision allowing the applicable member of the Company Group to terminate such Material Related Party Transaction in the event
            subsequent RPT Committee approval is not obtained (subject to other terms as shall be negotiated with the applicable counterparty); (ii) there shall be no adverse contractual consequence to either party upon termination of the Material Related
            Party Transaction; and (iii) if subsequent RPT Committee approval is not obtained, the applicable member of the Company Group shall take all actions to promptly terminate such Material Related Party Transaction.

   

  

  
    44 

    
      
 

  

   

  		3.	Any Related Party Transaction that does not meet the Threshold may be entered into by any member of the Company Group subject to the
            applicable approval of the Company’s management. Within 30 days after the end of each fiscal quarter, the Designated Officer shall deliver a written report to the Company Independent Directors detailing any such Related Party Transactions
            entered into by any member of the Company Group during such calendar quarter.

   

  		4.	Subject to compliance with the policies and procedures in this Schedule 4.5(b), for the avoidance of doubt, officers, directors or employees
            of any member of the Company Group that are also officers, directors or employees of any member of the Echo Group may participate in the negotiation, execution, amendment, waiver or termination of any Related Party Transaction on behalf of the
            Echo Group.

   

  Article IV

   

  Review Process

   

  		1.	In reviewing and determining whether to approve or not approve any Material Related Party Transaction, or to make the determination contemplated by the second sentence of
            Article III, Section 2, the applicable RPT Committee shall have the authority to obtain assistance from employees of the Company, including its legal and financial staff, and to retain such external advisors as it deems necessary in its sole
            discretion for the performance of its duties hereunder. The Company shall pay the fees and expenses of all such external advisors.

   

  		2.	When evaluating a Material Related Party Transaction, the applicable RPT Committee shall take into account the following:

   

  		a.	the transaction should not be inconsistent with the best interest of the Company and all of its stockholders, including stockholders other than the Echo Group; and

   

  		b.	the transaction should be on terms no less favorable to the Company than terms generally available from an unaffiliated third party if such
            terms could generally be available from an unaffiliated third party.

   

  

  
    45 

    
      
 

  

   

  		3.	The applicable RPT Committee shall maintain a written record of its determination with respect to each Material Related Party Transaction it
            reviews, including the factors considered and conclusion reached, which written record shall be delivered to the Company Independent Directors following dissolution of such RPT Committee.

   

  
    46 

    
      
 

  

   

  SCHEDULE 4.5(c)

      PRE-AGREED PROCEDURES

   

  Reference is made to the Stockholders Agreement among Aspen Technology, Inc. a Delaware
      corporation, Emerson Electric Co., a Missouri corporation and EMR Worldwide Inc., a Delaware corporation dated May 16, 2022 (as it may be amended from time to time, the “Stockholders Agreement”). Capitalized terms utilized but not defined
      herein shall have the meanings given to them in the Stockholders Agreement.

   

  “Other Company Securities” means: (i) Earnout Shares and (ii) Equity Awards.

   

  ARTICLE I

      

      PROPOSED PURCHASE PRICE

   

  		1.	In the case of any issuance or sale of Company Securities (other than an issuance for cash (other than a public offering of Company Securities) or offer from a
            prospective third party for cash) subject to Section 4.3 or Section 4.4 of the Stockholders Agreement, the Proposed Purchase Price (as contemplated by Section 4.3(b)(iii) and Section 4.4(b)(iii) of the Stockholders Agreement) in connection with
            such issuance or sale shall be as follows (unless (x) Echo elects to propose a different purchase price or procedure which is agreed to by an RPT Committee or (y) to the extent Article III of this Schedule 4.5(c) is applicable, Echo exercises
            its rights pursuant to Article III of this Schedule 4.5(c) (and the exercise of such rights is approved as set forth in Article III of this Schedule 4.5(c)) in which case Article III of this Schedule 4.5(c) shall apply):

   

  		a.	in the case of Company Common Stock issued or proposed to be issued (in whole or in part) as consideration in any M&A Transaction (including as any earnout, holdback,
            escrow or contingent payment (such Company Common Stock, the “Earnout Shares”)), a purchase price per share of Company Common Stock that is the lowest of (i) the average of the daily volume weighted average price of Company Common Stock
            on Nasdaq (as reported by Bloomberg L.P. or, if not reported therein, in another authoritative source selected in good faith by the Company Board) for the twenty (20) consecutive trading days (the “20-Day VWAP”) ending on and including
            the last trading day prior to the signing of any definitive agreement with respect to, such transaction, (ii) the closing trading price of Company Common Stock on Nasdaq (as reported by Bloomberg L.P. or, if not reported therein, in another
            authoritative source selected in good faith by the Company Board) (the “Spot Price”) on the last trading day prior to the signing of any definitive agreement with respect to, such transaction, (iii) the 20-Day VWAP ending on and
            including the last trading day prior to the consummation of such transaction and (iv) the Spot Price on the last trading day prior to the consummation of such transaction; provided that in the case of any Earnout Shares, Echo shall only
            have the right to buy shares of Company Common Stock up to its Percentage Maintenance Share as such Earnout Shares are actually issued (but at the same purchase price as set forth in this clause (a)).

   

  

  
    47 

    
      
 

  

   

  		b.	in the case of a public offering of Company Securities, a purchase price per Company Security that is equal to the per Company Security price at which the underwriting
            bank(s) sells the portion of the offering sold to Persons other than members of the Echo Group; provided that if such price is more than ten percent (10%) less than the-then current trading price of such Company Security, Echo shall
            have the ability to request to purchase more than its Pro Rata Portion or Percentage Maintenance Share, as applicable, of such Company Securities in which case the Company and the applicable underwriting bank(s) shall have the ability to
            allocate accordingly and, for the avoidance of doubt, such allocation decision by the Company and such banks shall not be subject to the approval of an RPT Committee; and

   

  		c.	in all other cases (other than Equity Awards and Closing Equity Awards) in which (i) Company Common Stock is issued or sold or proposed to be issued or sold (including
            upon the conversion or exchange of any other Company Security), at a purchase price per share of Company Common Stock that is the lowest of (A) the 20-Day VWAP ending on and including the last trading day prior to the signing of any definitive
            agreement with respect to, such issuance, (B) the Spot Price on the last trading day prior to the signing of any definitive agreement with respect to, such issuance, (C) the 20-Day VWAP ending on and including the last trading day prior to the
            consummation of such issuance and (D) the Spot Price on the last trading day prior to the consummation of such issuance, and (ii) any other Company Security is issued or sold, at a purchase price proposed by an RPT Committee.

   

  ARTICLE II

      

      Equity Awards

   

  		1.	To the extent permitted under Nasdaq rules, the Company hereby grants to Echo, with respect to each fiscal quarter of the Company after the date of the Stockholders
            Agreement: (i) the right to purchase shares of Company Common Stock up to its Equity Award Percentage Maintenance Share in connection with the issuance, grant or sale by the Company of restricted stock units, restricted shares, performance
            units or similar securities or rights (“RSUs”) issued, granted or sold during such fiscal quarter after the date of the Stockholders Agreement, (ii) the right to purchase shares of Company Common Stock up to its Equity Award Percentage
            Maintenance Share in connection with the issuance, grant or sale by the Company of stock options, warrants, stock appreciation rights, calls, subscriptions or similar securities or rights to acquire Company Common Stock (“Options”)
            issued, granted or sold during such fiscal quarter after the date of the Stockholders Agreement and (iii) the right to purchase Company Securities up to its Equity Award Percentage Maintenance Share in connection with the issuance, grant or
            sale of Company Securities pursuant to any “at the market” program or other similar mechanism (“ATM Program Securities”) during such fiscal quarter after the date of the Stockholders Agreement. The Company Common Stock or other Company
            Securities that Echo has the right to purchase pursuant to this Section 1 of this Article II are the “Equity Awards”. For purposes of this Article II, “Equity Award Percentage Maintenance Share” means, with respect to any fiscal
            quarter of the Company after the date of the Stockholders Agreement, a number of shares of Company Common Stock or other Company Securities, as applicable as specified in this Section 1 of this Article II, such that, after taking into account
            the total number of outstanding Company Securities (on a Fully-Diluted basis) at the end of such fiscal quarter after giving effect to RSUs, Options or ATM Program Securities issued or sold during such fiscal quarter (including the Equity Award
            Percentage Maintenance Share in full) and excluding any other issuances or sales of Company Securities by the Company during the fiscal quarter and excluding any purchases, dispositions or sales of Company Securities by members of the Echo
            Group during the fiscal quarter (but for the avoidance of doubt including the Equity Award Percentage Maintenance Share in full), the Echo Fully-Diluted Ownership Percentage would be, assuming Echo acquired such number of shares of Company
            Common Stock or other Company Securities, equal to the Echo Fully-Diluted Ownership Percentage at the start of such fiscal quarter.

   

  

  
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  		2.	Without limiting Echo’s rights pursuant to Section 3.6 of the Stockholders Agreement, the Company shall provide written notice to Echo within five (5) Business Days after
            the end of each fiscal quarter of the Company after the date of the Stockholders Agreement (the “Quarterly Issuance Notice”). The Quarterly Issuance Notice for any fiscal quarter shall set forth (w) (A) the number of RSUs or Options
            issued, granted or sold during such fiscal quarter and the number of shares of Company Common Stock issuable thereunder and (B) the number, type and price of ATM Program Securities issued, granted or sold during such fiscal quarter, (x) the
            Percentage Maintenance Share with respect to such issuances, grants and sales described in the preceding clause (w) for such fiscal quarter (the aggregate amount of Company Common Stock and other Company Securities that Echo is entitled to
            purchase pursuant to such Quarterly Issuance Notice, the “Quarterly Offered Securities”), (y) the Specified Purchase Price for each Quarterly Offered Security and (z) supporting detailed calculations of, and related documentation for,
            all such amounts.

   

  		a.	“Specified Purchase Price” means:

   

  		(i)	in the case of any Company Common Stock that Echo has the right to buy in connection with the issuance, grant or sale of an RSU or an Option, a per share price equal to
            the Spot Price on the last trading day of the fiscal quarter in which such RSU or Option was issued, granted or sold; and

   

  		(ii)	in the case of any ATM Program Security that Echo has the right to buy, a per share price equal to the weighted average of the price at which all ATM Program Securities
            were issued during the fiscal quarter in which such Company ATM Program Securities were issued.

   

  		3.	For a period of forty-five (45) days (such period, as it may be extended pursuant to the proviso of this sentence, the “Quarterly Election Period”) following the
            receipt by Echo of a Quarterly Issuance Notice, Echo shall have the right to elect irrevocably to purchase all or a portion of the Quarterly Offered Securities at the applicable Specified Purchase Prices noted in the Quarterly Issuance Notice
            by delivering a written notice to the Company; provided that, following receipt of a Quarterly Issuance Notice, with respect to any or all of the Quarterly Offered Securities, Echo may agree upon a different applicable
            Specified Purchase Price with an RPT Committee in accordance with the Related Party Transactions Policy in which case (i) Echo shall purchase such Quarterly Offered Securities at such other applicable Specified Purchase Price and (ii) the
            Quarterly Election Period shall be tolled for so long as Echo and an RPT Committee are working in good faith to agree on such other applicable Specified Purchase Price until such time as Echo and such RPT Committee agree on such other
            applicable Specified Purchase Price. If, at the termination of the Quarterly Election Period, Echo shall not have delivered such notice to the Company, Echo shall be deemed to have waived all of its rights under this Article II with respect to
            the purchase of the Quarterly Offered Securities for such fiscal quarter.

   

  

  
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  		4.	The closing of any purchase by Echo pursuant to this Article II shall be consummated promptly following Echo’s delivery of such notice; provided that the closing
            of any such purchase by Echo may be extended (i) to the extent necessary to obtain any required approval of a Governmental Authority or (ii) to the extent Company stockholder approval is required under the Nasdaq rules, in which case the
            Company and Echo shall use their respective reasonable best efforts to obtain such approval(s) and after receipt of such approval(s), the Company and Echo shall consummate such closing; and provided further that the Echo Ownership
            Percentage and the Echo Fully Diluted Ownership Percentage shall at all times during this period be calculated as if Echo shall have exercised its rights pursuant to this Article II in full until such time that (i) such sale to Echo is
            consummated, (ii) in the case of a required approval of a Governmental Authority, there is a final, non-appealable court order prohibiting Echo from acquiring such Company Securities, (iii) in the case Company stockholder approval is required
            under the Nasdaq rules, such stockholder vote shall have occurred and such sale to Echo not be approved or (iv) Echo determines not to exercise its right pursuant to this Article II.

   

  		5.	For the avoidance of doubt, without limiting any of Echo’s rights in the Stockholders Agreement, Echo shall not have any rights pursuant to Section 4.3 or Section 4.4 of
            the Stockholders Agreement to buy its Pro Rata Portion or Percentage Maintenance Share of Company Common Stock that are issued upon the exercise or vesting of (i) RSUs or Options described in this Article II at the time of such issuance or (ii)
            RSUs or Options granted prior to the Closing.

   

  ARTICLE III

      

      M&A TRANSACTION

   

  		1.	This Article III shall apply from the date of the Stockholders Agreement until the Second Trigger Date.

   

  

  
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  		2.	Without limiting Section 3.6, 4.3 or 4.4 of the Stockholders Agreement or Article I of this Schedule 4.5(c), in the event the Company desires to enter into any definitive
            agreement for any M&A Transaction and proposes to obtain any financing for such transaction (including an M&A Transaction in which Company Common Stock is proposed to be issued (in whole or in part) as consideration for such M&A
            Transaction), the Company shall provide the terms of such M&A Transaction and required financing, a copy of any draft definitive agreement relating to such M&A Transaction, and any other information reasonably requested by Echo, no
            later than thirty (30) days prior to the entry into such definitive agreement, and Echo shall have the right (but not the obligation) to provide a percentage of such financing equal to or greater than the Echo Fully-Diluted Ownership Percentage
            (but no more than 100%) at its election: (i) in exchange for additional Company Common Stock, (ii) pursuant to a credit agreement, promissory note, bond or other debt instrument (a “Debt Instrument”) issued by a member of the Company
            Group or (iii) pursuant to a Debt Instrument which is, entirely or partially, permitted to be accounted for as equity in accordance with GAAP (as defined in the Transaction Agreement) at the date of issuance (a “Hybrid Instrument”)
            issued by a member of the Company Group, in each case, in accordance with the terms set forth in Section 2(a), Section 2(b) and Section 2(c), respectively, of this Article III, or, at Echo’s election, as otherwise agreed by an RPT Committee.

   

  		a.	In the case of clause (i) above, the price per share of Company Common Stock shall be the product of (1) the lower of (x) the 20-Day VWAP ending on and including the last
            trading day prior to the signing of any definitive agreement with respect to, such transaction and (y) the Spot Price on the last trading day prior to the signing of any definitive agreement with respect to, such transaction and (2) 0.95.

   

  		b.	In the case of clause (ii) above, Echo shall propose the collateral or security required for such Debt Instrument, if any, and the applicable interest rate of such Debt
            Instrument shall be the greater of (1) (x) the observable (or imputed) yield on publicly traded Debt Instruments of similar terms issued by any member of the Company Group plus (y) 50 basis points and (2) the greater of the average and median
            of the interest rates proposed in at least two (2) indications for acquisition debt on similar security terms that are received from commercial or investment banks by Echo. For the avoidance of doubt, any Debt Instrument in accordance with the
            foregoing terms shall not be subject to the approval of an RPT Committee with respect to any other terms of such Debt Instrument.

   

  		c.	in the case of clause (iii), (1) Echo shall propose the collateral or security required for such Hybrid Instrument, if any, (2) the applicable interest rate of such
            Hybrid Instrument shall be the greater of the average and median of the interest rates proposed in at least two (2) indications for acquisition debt on similar security terms that are received from commercial or investment banks by Echo and (3)
            the applicable conversion price of such Hybrid Instrument shall be the greater of the average and median of the conversion prices proposed in at least two (2) indications for acquisition debt on similar security terms that are received from
            commercial or investment banks by Echo. For the avoidance of doubt, any Hybrid Instrument in accordance with the foregoing terms shall not be subject to the approval of an RPT Committee with respect to any other terms of such Hybrid Instrument.

   

  

  
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  		3.	Echo shall notify the Company if it elects to provide any such financing, the structure of any such financing if it so elects, and the terms of such financing in
            accordance with this Article III if it so elects, no later than twenty (20) days after receipt of notice from the Company regarding such M&A Transaction and financing. For the avoidance of doubt, it shall be a breach by the Company of the
            Stockholders Agreement if the Company obtains any financing for any M&A Transaction without following the procedures set forth in this Article III and providing Echo with an opportunity to provide such financing as set forth herein.

   

  		4.	Notwithstanding anything to the contrary herein, the financing that Echo elects to provide pursuant to this Article III shall be subject to the approval of an RPT
            Committee and, if not so approved, Echo shall not provide such financing pursuant to this Article III; provided that, for the avoidance of doubt, if such financing is not so approved, Echo shall continue to have all of its other rights
            under the Stockholders Agreement, including pursuant to Section 4.3 and 4.4 of the Stockholders Agreement and the other provisions of this Schedule 4.5(c). For the avoidance of doubt, any transaction consummated pursuant to Section 2 of this
            Article III, if completed in accordance with the terms and procedures set forth herein including the approval of an RPT Committee, shall not be otherwise subject to the Related Party Transactions Policy (or any other related party, conflict of
            interest or similar policy or procedure of any member of the Company Group).

   

  ARTICLE IV

      

      CURE PERIODS

   

  		1.	For a period of forty-five (45) days beginning on the date on which Echo notifies the Company of the Deconsolidation Trigger (such period, the “Consolidation Cure
              Period”), Echo shall have the right, upon notice to the Company, to elect to purchase a number of shares of Company Common Stock such that the Echo Ownership Percentage at the end of the Consolidation Cure Period shall be up to fifty-five
            percent (55%), at a price per share of Company Common Stock equal to the lower of (x) the 20-Day VWAP ending on and including the last trading day prior to the beginning of the Consolidation Cure Period and (y) the Spot Price on the last
            trading day prior to the beginning of the Consolidation Cure Period; provided that this Section 1 of this Article IV shall be of no further force and effect on the date that is six months following the end of Echo’s first full fiscal
            year for which the Echo Group does not consolidate the Company’s financial statements with the Echo Group’s financial statements in accordance with GAAP.

   

  

  
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  		a.	“Deconsolidation Trigger” means the members of the Echo Group no longer being required (or in good faith, after consultation with accounting advisors, believing
            they will no longer be required) to consolidate the Company’s financial statements with the Echo Group’s financial statements in accordance with GAAP.

   

  		2.	For a period of forty-five (45) days beginning on the earliest of (x) the date on which the Company notifies Echo in writing of the First Trigger, (y) the date on which
            Echo makes an amendment to its Schedule 13D filing under the Exchange Act to disclose the First Trigger and (z) the date on which the General Counsel or Chief Financial Officer of Echo Parent gains actual knowledge (and not constructive,
            imputed or other similar concepts of knowledge) of the First Trigger (such period, the “First Cure Period”), Echo shall have the right, upon notice to the Company, to elect to purchase a number of shares of Company Common Stock such that
            the Echo Ownership Percentage at the end of such First Cure Period shall be up to fifty-five percent (55%), at a price per share of Company Common Stock equal to the lower of (x) the 20-Day VWAP ending on and including the last trading day of
            the First Cure Period and (y) the Spot Price on the last trading day of the First Cure Period.

   

  		3.	For a period of forty-five (45) days beginning on the earliest of (x) the date on which the Company notifies Echo in writing of the Second Trigger, (y) the date on which
            Echo makes an amendment to its Schedule 13D filing under the Exchange Act to disclose the Second Trigger and (z) the date on which the General Counsel or Chief Financial Officer of Echo Parent gains actual knowledge (and not constructive,
            imputed or other similar concepts of knowledge) of the Second Trigger (such period, the “Second Cure Period”), Echo shall have the right, upon notice to the Company, to elect to purchase a number of shares of Company Common Stock such
            that the Echo Ownership Percentage at the end of such Second Cure Period shall be up to fifty-five percent (55%), at a price per share of Company Common Stock equal to the lower of (x) the 20-Day VWAP ending on and including the last trading
            day of the Second Cure Period and (y) the Spot Price on the last trading day of the Second Cure Period.

   

  		4.	For a period of forty-five (45) days beginning on the earliest of (x) the date on which the Company notifies Echo in writing of the Third Trigger, (y) the date on which
            Echo makes an amendment to its Schedule 13D filing under the Exchange Act to disclose the Third Trigger and (z) the date on which the General Counsel or Chief Financial Officer of Echo Parent gains actual knowledge (and not constructive,
            imputed or other similar concepts of knowledge) of the Third Trigger (such period, the “Third Cure Period”), Echo shall have the right, upon notice to the Company, to elect to purchase a number of shares of Company Common Stock such that
            the Echo Ownership Percentage at the end of such Third Cure Period shall be up to twenty percent (20%), at a price per share of Company Common Stock equal to the lower of (x) the 20-Day VWAP ending on and including the last trading day of the
            Third Cure Period and (y) the Spot Price on the last trading day of the Third Cure Period.

   

  

  
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  		5.	The closing of any purchase by Echo pursuant to this Article IV shall be consummated promptly following Echo’s delivery of the notice to the Company pursuant to Section
            1, Section 2, Section 3 or Section 4 of this Article IV; provided that the closing of any such purchase by Echo may be extended (i) to the extent necessary to obtain any required approval of a Governmental Authority or (ii) to the
            extent Company stockholder approval is required under the Nasdaq rules, in which case the Company and Echo shall use their respective reasonable best efforts to obtain such approval(s) and after receipt of such approval(s), the Company and Echo
            shall consummate such closing; provided that the Echo Ownership Percentage and the Echo Fully-Diluted Ownership Percentage shall at all times during this period be calculated as if Echo shall have exercised its rights pursuant to this
            Article IV in full until such time that (i) such sale to Echo is consummated, (ii) in the case of a required approval of a Governmental Authority, there is a final, non-appealable court order prohibiting Echo from acquiring such Company
            Securities, (iii) in the case Company stockholder approval is required under the Nasdaq rules, such stockholder vote shall have occurred and such sale to Echo not be approved or (iv) Echo determines not to exercise its rights pursuant to this
            Article IV.

   

  

   

  

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