Document:

exv10w10

Exhibit 10.10

Execution Version

INVESTOR AND REGISTRATION RIGHTS AGREEMENT

     THIS INVESTOR REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of March 12, 2010,
by and among:

	 	(1)	 	China Lodging Group, Limited, a company incorporated in the Cayman Islands (the
“Company”);
	 
	 	(2)	 	Ctrip.com International, Ltd., a company incorporated in the Cayman Islands
(the “Investor”).

     The parties listed above are referred to herein collectively as “Parties” and individually as
a “Party.”

RECITALS

	A.	 	The Company and the Investor have entered into a Subscription Agreement dated as of the date
hereof (the “Subscription Agreement”); and
	 
	B.	 	In connection with the Subscription Agreement and in order to induce the Investor to
consummate the transactions contemplated under the Subscription Agreement, the Company and the
Investors have agreed to enter into this Agreement.

WITNESSETH

     NOW, THEREFORE, in consideration of the premises set forth above, the mutual promises and
covenants set forth herein and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the Parties agree as follows:

			
	1.	 	Interpretation

	 	1.1	 	Definitions. The following terms shall have the meanings ascribed to them below:

     “Affiliate” means, with respect to a specified person, a person that directly or indirectly
through one or more intermediaries, controls or is controlled by, or is under common control with,
the person specified.

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     “Applicable Securities Laws” means the securities law of the United States, including the
Exchange Act and the Securities Act, and any applicable securities law of any state of the United
States.

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

     “Business Day” means any day that is not a Saturday, Sunday, public holiday or other day on
which commercial banks are required or authorized by law to be closed in the PRC, the Cayman
Islands or the City of New York.

     “Commission” means the Securities and Exchange Commission of the United States or any other
federal agency at the time administering the Securities Act.

     “Ordinary Shares” means the ordinary shares, par value US$0.0001, of the Company.

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

     “Existing Registration Right Holder” means any holder of Registrable Securities other than the
Investor.

     “Form F-3” means Form F-3 promulgated by the Commission under the Securities Act or any
successor form or substantially similar form then in effect.

     “Form S-3” means Form S-3 promulgated by the Commission under the Securities Act or any
successor form or substantially similar form then in effect.

     “Governmental Authority” means any nation or government or any nation, province or state or
any other political subdivision thereof; any entity, authority or body exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government,
including any government authority, agency, department, board, commission or instrumentality of the
PRC or any other country, or any political subdivision thereof, any court, tribunal or arbitrator,
and any self-regulatory organization.

     “Holder” means any holder of the Registrable Securities.

     “IPO” means the Company’s underwritten registered initial public offering.

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     “Law” means any constitutional provision, statute or other law, rule, regulation, official
policy or interpretation of any Governmental Authority and any injunction, judgment, order, ruling,
assessment or writ issued by any Governmental Authority.

     “Person” means any individual, corporation, partnership, limited partnership, proprietorship,
association, limited liability company, firm, trust, estate or other enterprise or entity.

     “PRC” means the People’s Republic of China, but solely for the purposes of this Agreement,
excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and
Taiwan.

     “Registration” means a registration effected by preparing and filing a Registration Statement
and the declaration or ordering of the effectiveness of that Registration Statement; and the terms
“Register” and “Registered” have meanings concomitant with the foregoing.

     “Registrable Securities” means (i) all of the Ordinary Shares acquired by the Investor,
pursuant to the Subscription Agreement and the Shares Purchase Agreement.

     “Registration Statement” means a registration statement prepared on Form F-1, F-3, S-1 or S-3
under the Securities Act (including, without limitation, Rule 415 under the Securities Act).

     “Securities Act” means the United States Securities Act of 1933, as amended.

     “Shareholder Agreement” means the Amended and Restated Shareholder Agreement dated as of June
20, 2007 by and among the Company and other parties thereof, as such agreement may be amended and
restated.

     “Shares Purchase Agreement” means the share purchase agreement dated as of the date hereof by
and among the Investor and certain selling shareholders of the Company.

     “U.S.” means the United States of America.

     1.2 Interpretation. For all purposes of this Agreement, except as otherwise expressly
provided, (i) the terms defined in this Section 1 shall have the meanings assigned to them
in this Section 1 and include the plural as well as the singular, (ii) all references in
this Agreement to designated “Sections” and other subdivisions are to the designated Sections and
other subdivisions of the body of this Agreement, (iii) pronouns of either gender or neuter shall
include, as appropriate, the other pronoun forms, (iv) the words “herein,” “hereof” and “hereunder”
and

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other words of similar import refer to this Agreement as a whole and not to any particular
Section or other subdivision, (v) all references in this Agreement to designated schedules,
exhibits and annexes are to the schedules, exhibits and annexes attached to this Agreement unless
explicitly stated otherwise, (vi) “or” is not exclusive, (vii) the term “including” will be deemed
to be followed by “, but not limited to,” (viii) the terms “shall,” “will,” and “agrees” are
mandatory, and the term “may” is permissive, and (ix) the term “day” means “calendar day.”

			
	2.	 	Corporate Governance.

	 	2.1	 	Board of Directors.

     (i) (a) For a period of three (3) years from the closing of the Company’s initial public
offering of American depositary shares on the Nasdaq Global Market and so long as the Investor,
together with its affiliates as defined in Rule 405 under the Securities Act, continues to hold at
least 5% of the Company’s outstanding ordinary shares and (b) thereafter for so long as the
Investor, together with its affiliates, continues to hold at least 8% of the Company’s outstanding
ordinary shares: (a) the Investor shall have the right to appoint one (1) director to the Board of
Directors of the Company (the “Ctrip Director”); and the Ctrip Director may only be removed or
replaced by the Investor. Notwithstanding the foregoing, a person nominated by the Investor to
serve as the Ctrip Director must be accepted by a majority of the Board of Directors of the
Company, in their reasonable discretion before such nomination becomes effective.

     2.2 D&O Insurance. The Company shall, as promptly as practicable and in any event prior to the
completion of the IPO, purchase, and thereafter shall maintain, directors’ and officers’ insurance
on terms approved by the Investor, in relation to any person who is or was a director, against any
liability asserted against the person and incurred by the person in that capacity. The Memorandum
and Articles shall at all times provide that the Company shall indemnify the members of the Board
to the maximum extent permitted by the law of the jurisdiction in which the Company is organized.

     2.3 Additional Covenants. The Company shall ensure that the rights granted hereunder are
effective and that the Investor enjoys the benefits thereof. Such actions include, without
limitation, to cause the nomination and election of the director as provided above and the
amendment of the Company’s memorandum and articles of association.

			
	3.	 	Registration Rights.

	 	3.1	 	Demand Registration.

	 	(a)	 	Request by Holders.

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	 	 	 	If the Company shall, at any time or from time to time after the date that is six
(6) months after the closing of the IPO, receive a written request from the Investor
that the Company file a Registration Statement under the Securities Act covering the
registration of at least fifty percent (50%) of the Registrable Securities held by
the Investor, then the Company shall, within ten (10) Business Days of the receipt
of such written request, give written notice of such request to all Existing
Registration Right Holders, and use its best efforts to effect, as soon as
practicable, the registration under the Securities Act of all Registrable Securities
that the Holders request to be registered and included in such registration;
provided that the Company shall not be obligated to effect any such
registration if the Company has, within the six (6) month period preceding the date
of such request, already effected a registration under the Securities Act pursuant
to this Section 3.1 or Section 3.3 or in which the Holders had an
opportunity to participate pursuant to Section 3.2, other than a
registration from which the Registrable Securities of the Investor has been excluded
(with respect to all or any portion of the Registrable Securities the Investor
requested be included in such registration) pursuant to Section 3.2(a). The
Company shall not be obligated to effect more than three (3) such demand
registrations for the Investor pursuant to this Section 3.1(a).
	 
	 	(b)	 	Underwriting. If the Investor who initiates the registration request
under this Section 3.1 (such Investor, the “Initiating Holder”) intends to
distribute the Registrable Securities covered by its request by means of an
underwriting, then it shall so advise the Company as a part of its request made
pursuant to this Section 3.1(a) and the Company shall include such information
in the Request Notice. In such event, the right of any Holder to include its
Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable
Securities in the underwriting (unless otherwise mutually agreed by a majority in
voting power of the Initiating Holder and other Holders) to the extent provided herein.
All Holders proposing to distribute their securities through such underwriting shall
enter into an underwriting agreement in customary form with the managing underwriter or
underwriters selected for such underwriting by the Holders representing a majority in
voting power of the Registrable Securities requested to be registered. Notwithstanding
any other provision of this Section 3.1, if the underwriter(s) advise(s) the
Company in writing that marketing factors require a limitation of the number of
securities to be underwritten, then the Company shall so advise all Holders of
Registrable Securities which would otherwise be registered and underwritten pursuant
hereto, and the number of Registrable Securities that may be included in the
underwriting shall be reduced as required by the underwriter(s) and allocated among the
Holders of Registrable Securities on a pro rata basis according to the number of
Registrable Securities then outstanding held by each Holder requesting registration
(including the Initiating Holder); provided, however, that the number
of Registrable Securities held by the Investor to be included in such underwriting and
registration shall not be reduced unless all other securities (other than Registrable
Securities held by Existing

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	 	 	 	Registration Right Holders) are first excluded from the
underwriting and registration (including, without limitation, any securities which the Company may seek to include
in the underwriting for its own account); provided further, that at least 25% of any
Registrable Securities requested by the Investor to be included in such
underwriting and registration shall be so included. If the Investor disapproves of
the terms of any such underwriting, the Investor may elect to withdraw therefrom by
written notice to the Company and the underwriter(s), delivered at least ten (10)
Business Days prior to the effective date of the registration statement. Any
Registrable Securities excluded or withdrawn from such underwriting shall be
excluded and withdrawn from the registration.
	 
	 	(c)	 	Deferral. Notwithstanding the foregoing, if the Company shall furnish
to the Investor requesting registration pursuant to this Section 3.1(a), a
certificate signed by its Chief Executive Officer stating that in the good faith
judgment of the Board, it would be materially detrimental to the Company and its
shareholders for such Registration Statement to be filed at such time, then the Company
shall have the right to defer such filing for a period of not more than ninety (90)
days after receipt of the request of the Initiating Holder; provided,
however, that the Company may not utilize this right more than once in any
twelve (12) month period; provided, further, that the Company shall not
register any other of its Ordinary Shares during such twelve (12) month period. A
demand right shall not be deemed to have been exercised until such deferred
registration shall have been effected.

	 	3.2	 	Piggyback Registrations.
	 
	 	(a)	 	The Company shall notify the Investor in writing at least thirty (30) days
prior to filing any Registration Statement under the Securities Act for purposes of
effecting a public offering of securities of the Company (including, but not limited
to, registration statements relating to secondary offerings of securities of the
Company, but excluding registration statements filed under Section 3.3 of this
Agreement or relating to any employee benefit plan or a corporate reorganization), and
shall afford the Investor an opportunity to include in such Registration Statement all
or any part of the Registrable Securities then held by the Investor. If the Investor
desires to include in any such registration statement all or any part of the
Registrable Securities held by it, it shall within twenty (20) days after receipt of
the above-described notice from the Company so notify the Company in writing and in
such notice shall inform the Company of the number of Registrable Securities the
Investor wishes to include in such registration statement. If the Investor decides not
to include all of its Registrable Securities in any registration statement thereafter
filed by the Company, the Investor shall nevertheless continue to have the right to
include any Registrable Securities in any subsequent registration statement or
registration statements as may be filed by the Company 

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	 	 	 	with respect to offerings of its securities, all upon the terms and conditions set forth herein.
	 
	 	(b)	 	Underwriting. If a registration statement under which the Company gives
notice under this Section 3.2(a) is for an underwritten offering, then the
Company shall so advise the Investor. In such event, the right of any the Investor’s
Registrable Securities to be included in a registration pursuant to this Section
3.2(a) shall be conditioned upon the Investor’s participation in such underwriting
and the inclusion of the Investor’s Registrable Securities in the underwriting to the
extent provided herein. If the Investor proposes to distribute its Registrable
Securities through such underwriting shall enter into an underwriting agreement in
customary form with the managing underwriter or underwriters selected for such
underwriting. If the managing underwriter(s) determine(s) in good faith that marketing
factors require a limitation of the number of Ordinary Shares to be underwritten, then
the managing underwriter(s) may exclude Ordinary Shares from the registration and the
underwriting, and the number of Ordinary Shares that may be included in the
registration and the underwriting shall be allocated, first, to the Company,
second, to the Investor, and thereafter to the Existing Registration
Right Holders according to the Shareholder Agreement. If the Investor disapproves of
the terms of any such underwriting, the Investor may elect to withdraw therefrom by
written notice to the Company and the underwriter(s), delivered at least ten (10)
Business Days prior to the effective date of the registration statement. Any
Registrable Securities excluded or withdrawn from such underwriting shall be excluded
and withdrawn from the registration.
	 
	 	(c)	 	Not Demand Registration. Registration pursuant to this Section
3.2 shall not be deemed to be a demand registration as described in Section
3.1 above. There shall be no limit on the number of times the Holders may request
registration of Registrable Securities under this Section 3.2.

	 	3.3	 	Form F-3 Registration.

	 	(a)	 	In case the Company shall receive from the Investor a written request or
requests that the Company effect a registration on Form F-3 (and any related
qualification or compliance) with respect to all or any part of the Registrable
Securities owned by the Investor, then the Company shall promptly give written notice
of the proposed registration and the Investor’s request therefor, and any related
qualification or compliance, to all other Holders of Registrable Securities; and as
soon as practicable, effect such registration and all such qualifications and
compliances as may be so requested and as would permit or facilitate the sale and
distribution of such Registrable Securities of the Investor as are specified in such
request, together with all or such portion of the Registrable Securities of any other

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	 	 	 	Holders joining in such request as are specified in a written request given within
twenty (20) days after the Company provides the notice contemplated above.
	 
	 	(b)	 	Notwithstanding anything to the contrary provided above, the Company shall not
be obligated to effect any such registration, qualification or compliance pursuant to
this Section 3.3:

	 	(1)	 	if Form F-3 is not available for such offering by the Holders;
	 
	 	(2)	 	if the aggregate anticipated price to the public of any
Registrable Securities which such Holders propose to sell pursuant to such
registration, together with the aggregate anticipated price to the public of
any other securities of the Company entitled to inclusion in such registration,
is less than US$500,000 (or the equivalent thereof in other currencies);
	 
	 	(3)	 	if the Company shall furnish to the Holders a certificate
signed by the Chief Executive Officer stating that in the good faith judgment
of the Board, it would be materially detrimental to the Company and its
shareholders for such Form F-3 Registration to be effected at such time, in
which event the Company shall have the right to defer the filing of the Form
F-3 registration statement no more than once during any twelve (12) month
period for a period of not more than ninety (90) days after receipt of the
request of the Investor or other Holders under this Section 3.3(a);
provided, that the Company shall not register any of its other Shares
during such ninety (90) day period; or
	 
	 	(4)	 	if the Company has, within the six (6) month period preceding
the date of such request, already effected a registration under the Securities
Act other than a registration from which the Registrable Securities of Holders
have been excluded (with respect to all or any portion of the Registrable
Securities the Holders requested be included in such registration) pursuant to
Section 3.1(b) or Section 3.2(b).

	 	(c)	 	Not Demand Registration. Form F-3 registrations shall not be deemed to
be demand registrations as described in Section 3.1 above. Except as otherwise
provided herein, there shall be no limit on the number of times the Holders may request
registration of Registrable Securities under this Section 3.3.

     3.4 Expenses. All expenses, other than the underwriting discounts and selling commissions
(which shall be borne by the Holders requesting Registration on a pro rata basis in proportion to
their respective numbers of Registrable Securities sold in such Registration)

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applicable to the
sale of Registrable Securities pursuant to this Agreement, incurred in connection with
Registrations, filings or qualifications pursuant to this Agreement, including (without limitation)
all Registration, filing and qualification fees, printers’ and accounting fees, fees and
disbursements of counsel for the Company and reasonable fees and disbursement of the Investor’s counsel, shall be borne by the Company. The Company shall not, however, be required
to pay for any expenses of any Registration proceeding begun pursuant to this Agreement if the
Registration request is subsequently withdrawn at the request of a majority-in-interest of the
Holders requesting such Registration (in which case all participating Holders shall bear such
expenses pro rata based upon the number of Registrable Securities that were to be thereby
Registered in the withdrawn Registration).

     3.5 Obligations of the Company. Whenever required to effect the registration of any
Registrable Securities under this Agreement the Company shall, as expeditiously as reasonably
possible:

	 	(a)	 	Registration Statement. Prepare and file with the SEC a Registration
Statement with respect to such Registrable Securities, use its best efforts to cause
such Registration Statement to become effective and keep such Registration Statement
effective for a period of up to 120 days or, in the case of Registrable Securities
registered under Form F-3 in accordance with Rule 415 under the Securities Act or a
successor rule, until the distribution contemplated in the registration statement has
been completed; provided, however, that (i) such 120 day period shall
be extended for a period of time equal to the period any Holder refrains from selling
any securities included in such registration at the request of the underwriter(s), and
(ii) in the case of any registration of Registrable Securities on Form F-3 which are
intended to be offered on a continuous or delayed basis, such 120 day period shall be
extended, if necessary, to keep the registration statement effective until all such
Registrable Securities are sold.
	 
	 	(b)	 	Amendments and Supplements. Prepare and file with the SEC such
amendments and supplements to such registration statement and the prospectus used in
connection with such registration statement as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all securities
covered by such registration statement.
	 
	 	(c)	 	Prospectuses. Furnish to the Investor such number of copies of a
prospectus, including a preliminary prospectus, in conformity with the requirements of
the Securities Act, and such other documents as they may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by them that are
included in such registration.
	 
	 	(d)	 	Blue Sky. Use its best efforts to register and qualify the securities
covered by such registration statement under such other securities or “blue sky” laws
of such 

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	 	 	 	jurisdictions as shall be reasonably requested by the Investor, provided that
the Company shall not be required in connection therewith or as a condition thereto to
qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such
jurisdiction and except as may be required by the Securities Act.
	 
	 	(e)	 	Underwriting. In the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement in usual and customary
form, with the managing underwriter(s) of such offering. If the Investor participates
in such underwriting, the Investor shall also enter into and perform its obligations
under such an agreement.
	 
	 	(f)	 	Notification. Notify the Investor if the Investor has Registrable
Securities covered by such Registration Statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of (i) the
issuance of any stop order by the SEC in respect of such Registration Statement, or
(ii) the happening of any event as a result of which the prospectus included in such
Registration Statement, as then in effect, includes an untrue statement of a material
fact or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in the light of the circumstances then
existing, and at the request of the Investor, prepare and furnish to the Investor a
reasonable number of copies of a supplement or amendment of such prospectus as may be
necessary so that, as thereafter delivered to the purchasers of such Ordinary Shares,
such prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements
therein not misleading or incomplete in light of the circumstances then existing.
	 
	 	(g)	 	Opinion and Comfort Letter. Furnish, at the request of the Investor, on
the date that such Registrable Securities are delivered to the underwriter(s) for sale,
if such securities are being sold through underwriters, or, if such securities are not
being sold through underwriters, on the date that the registration statement with
respect to such securities becomes effective, (i) opinion letters, dated as of such
date, of the counsel representing the Company for the purposes of such registration, in
form and substance as is customarily given to underwriters in an underwritten public
offering and reasonably satisfactory to the Investor, addressed to the underwriters, if
any, and to the Investor and (ii) a “comfort” letter, dated as of such date, from the
independent certified public accountants of the Company, in form and substance as is
customarily given by independent certified public accountants to underwriters in an
underwritten public offering and reasonably satisfactory to the Investor, addressed to
the underwriters, if any, and to the Investor.

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	 	(h)	 	Transfer Agent and CUSIP. Provide a transfer agent and registrar for
all Registrable Securities covered by such registration statement and held by the Investor and, where applicable, a CUSIP number for all those Registrable Securities,
in each case not later than the effective date of the Registration.
	 
	 	(i)	 	Further Actions. Take all reasonable action necessary to list the
Registrable Securities on the primary exchange upon which the Company’s securities are
traded.

     3.6 Furnish Information. It shall be a condition precedent to the obligations of the Company
to take any action pursuant to this Section 3 that the Investor shall furnish to the Company such
information regarding itself, the Registrable Securities held by it and the intended method of
disposition of such securities as shall be required to timely effect the Registration of its
Registrable Securities.

     3.7 Indemnification. In the event any Registrable Securities are included in a registration
statement under this Section 3:

	 	(a)	 	Indemnification by the Company. To the extent permitted by law, the
Company shall indemnify and hold harmless the Investor, its partners, officers,
directors, legal counsel, any underwriter (as defined in the Securities Act) for the
Investor and each Person, if any, who controls the Investor or underwriter within the
meaning of the Securities Act or the Exchange Act, against all losses, claims, damages
and liabilities (joint or several; or actions, proceedings or settlements in respect
thereof) to which they may become subject under laws which are applicable to the
Company and relate to action or inaction required of the Company in connection with any
registration, qualification or compliance, insofar as such losses, claims, damages or
liabilities (or actions, proceedings or settlements in respect thereof) arise out of or
are based upon any of the following statements, omissions or violations (collectively a
“Violation”):

	 	(i)	 	any untrue statement or alleged untrue statement of a material
fact contained in such registration statement, including any preliminary
prospectus or final prospectus contained therein or any amendments or
supplements thereto;
	 
	 	(ii)	 	the omission or alleged omission to state therein a material
fact required to be stated therein, or necessary to make the statements therein
not misleading; or

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	 	(iii)	 	any violation or alleged violation by the Company of the
Applicable Securities Law, or any rule or regulation promulgated under the
Applicable Securities Law;

	 	 	 	and the Company shall reimburse the Investor, and its respective partners, officers,
directors, legal counsel, underwriter and controlling Person for any legal or other
expenses reasonably incurred by them, as such expenses are incurred, in connection
with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the indemnity agreement contained in this
Section 3.7(a) shall not apply to amounts paid in settlement of any such
loss, claim, damage, liability or action if such settlement is effected without the
consent of the Company (which consent shall not be unreasonably withheld), nor shall
the Company be liable in any such case for any such loss, claim, damage, liability
or action to the extent that it arises out of or is based upon a Violation which
occurs in reliance upon and in conformity with written information furnished
expressly for use in connection with such registration by the Investor, partner,
officer, director, legal counsel, underwriter or controlling Person of such
Investor.
	 
	 	(b)	 	Indemnification by the Investor. To the extent permitted by law, the
Investor shall, if Registrable Securities held by the Investor are included in the
securities as to which such registration, qualifications or compliance is being
effected, indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the registration statement, each Person, if any, who controls
the Company within the meaning of the Securities Act and any underwriter, against any
losses, claims, damages or liabilities (joint or several) to which the Company or any
such director, officer, legal counsel, controlling Person underwriter may become
subject under the Securities Act, the Exchange Act or other United States federal or
state law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereto) arise out of or are based upon any of the following statements,
omissions or Violations, in each case to the extent (and only to the extent) that such
statement, omission or Violation occurs in sole reliance upon and in conformity with
written information furnished by the Investor expressly for use in connection with such
registration:

	 	(i)	 	untrue statement or alleged untrue statement of a material fact
contained in such registration statement, including any preliminary prospectus
or final prospectus contained therein or any amendments or supplements thereto;
or
	 
	 	(ii)	 	omission or alleged omission to state therein a material fact
required to be stated therein, or necessary to make the statements therein not
misleading,

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	 	 	 	and the Investor shall reimburse any legal or other expenses reasonably incurred by
the Company or any such director, officer, controlling Person or underwriter in
connection with investigating or defending any such loss, claim, damage, liability
or action; provided, however, that the indemnity agreement contained
in this Section 3.7(b) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected without the
consent of the Investor, which consent shall not be unreasonably withheld; and
provided, further, that except for liability for willful fraud or
misrepresentation, in no event shall any indemnity under this Section 3.7(b)
exceed the net proceeds received by the Investor in such registration.
	 
	 	(c)	 	Notice. Promptly after receipt by an indemnified party of notice of the
commencement of any action (including any governmental action), such indemnified party
shall, if a claim in respect thereof is to be made against any indemnifying party,
deliver to the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party similarly
noticed, to assume the defense thereof with counsel mutually satisfactory to the
parties; provided, however, that an indemnified party shall have the
right to retain its own counsel, with the fees and expenses to be paid by the
indemnifying party, as incurred, if representation of such indemnified party by the
counsel retained by the indemnifying party would be inappropriate due to actual or
potential conflict of interests between such indemnified party and any other party
represented by such counsel in such proceeding.
	 
	 	(d)	 	Survival; Consents to Judgments and Settlements. The obligations of the
Company and Holders under this Section 3.7 shall survive the completion of any
offering of Registrable Securities in a registration statement, regardless of the
expiration of any statutes of limitation or extensions of such statutes. No
indemnifying party, in the defense of any such claim or litigation, shall, except with
the consent of each indemnified party, consent to entry of any judgment or enter into
any settlement which does not include as an unconditional term thereof the giving by
the claimant or plaintiff to such indemnified party of a release from all liability in
respect to such claim or litigation.

     3.8 No Registration Rights to Third Parties. Without the prior written consent of the
Investor, the Company covenants and agrees that it shall not grant, or cause or permit to be
created, for the benefit of any Person any registration rights of any kind relating to any
securities of the Company that is more favorable to such third-party that those have been granted
to the Investor.

13

 

     3.9 Rule 144 Reporting. With a view to making available to the Investor the benefits of
certain rules and regulations of the SEC which may at any time permit the sale of the Registrable
Securities to the public without registration or pursuant to a registration on Form F-3, after such
time as a public market exists for the Ordinary Shares, the Company agrees to:

	 	(a)	 	Make and keep public information available, as those terms are understood and
defined in Rule 144 under the Securities Act, at all times after the effective date of
the first registration under the Securities Act filed by the Company for an offering of
its securities to the general public;
	 
	 	(b)	 	File with the SEC in a timely manner all reports and other documents required
of the Company under the Securities Act and the Exchange Act (at any time after it has
become subject to such reporting requirements); and
	 
	 	(c)	 	So long as the Investor owns any Registrable Securities, to furnish to the
Investor forthwith upon request (i) a written statement by the Company as to its
compliance with the reporting requirements of Rule 144 (at any time after ninety (90)
days after the effective date of the Company’s initial public offering), the Securities
Act and the Exchange Act (at any time after it has become subject to such reporting
requirements), or its qualification as a registrant whose securities may be resold
pursuant to Form F-3 (at any time after it so qualifies), (ii) a copy of the most
recent annual or quarterly report of the Company and (iii) such other reports and
documents of the Company as the Investor may reasonably request in availing itself of
any rule or regulation of the SEC that permits the selling of any such securities
without registration or pursuant to Form F-3.

     3.10 Termination. The Company shall have no obligations to register any Registrable Securities
proposed to be sold by the Investor if, in the written opinion of counsel to the Company (with such
opinion to be addressed to the Investor), all such Registrable Securities proposed to be sold by
the Investor may then be freely sold without registration and without restriction (including,
volume limitations) pursuant to Rule 144 promulgated under the Securities Act.

			
	4.	 	Miscellaneous.

     4.1 Governing Law. This Agreement shall be governed by and construed under the Laws of the
State of New York, without regard to principles of conflicts of law thereunder.

     4.2 Dispute Resolution.

14

 

     (a) Any dispute arising out of or relating to this Agreement, including any question regarding
its existence, validity or termination (“Dispute”) shall be referred to and finally resolved by
arbitration at the Hong Kong International Arbitration Centre in accordance with the Hong Kong
International Arbitration Centre Administered Arbitration Rules then in force. There shall be
three arbitrators. The language to be used in the arbitration proceedings shall be English. Each
of the parties hereto irrevocably waives any immunity to jurisdiction to which it may be entitled or become entitled (including without limitation
sovereign immunity, immunity to pre-award attachment, post-award attachment or otherwise) in any
arbitration proceedings and/or enforcement proceedings against it arising out of or based on this
Agreement or the transactions contemplated hereby.

     4.3 Counterparts. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same
instrument. Facsimile and e-mailed copies of signatures shall be deemed to be originals for
purposes of the effectiveness of this Agreement.

     4.4 Notices. Any notice required or permitted pursuant to this Agreement shall be given in
writing and shall be given either personally or by sending it by next-day or second-day courier
service, fax, electronic mail or similar means to such Party. Where a notice is sent by next-day or
second-day courier service, service of the notice shall be deemed to be effected by properly
addressing, pre-paying and sending by next-day or second-day service through an
internationally-recognized courier a letter containing the notice, with a confirmation of delivery,
and to have been effected at the expiration of two days after the letter containing the same is
sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be
deemed to be effected by properly addressing, and sending such notice through a transmitting
organization, with a written confirmation of delivery, and to have been effected on the day the
same is sent as aforesaid.

     4.5 Headings and Titles. Headings and titles used in this Agreement are used for convenience
only and are not to be considered in construing or interpreting this Agreement.

     4.6 Expenses. If any action at law or in equity is necessary to enforce or interpret the terms
of this Agreement, the prevailing Party shall be entitled to reasonable attorneys’ fees, costs and
necessary disbursements in addition to any other relief to which such Party may be entitled.

     4.7 Entire Agreement; Amendments and Waivers. This Agreement (including any Schedules or
Exhibits hereto) constitutes the full and entire understanding and agreement among the Parties with
regard to the subjects hereof and thereof, and supersedes all other agreements between or among any
of the Parties with respect to the subject matter hereof. Any term of this Agreement may be amended
and the observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively) only with the written consent of both Parties.

15

 

     4.8 Severability. If a provision of this Agreement is held to be unenforceable under
applicable Laws, such provision shall be excluded from this Agreement and the remainder of the
Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in
accordance with its terms.

     4.9 Further Assurances. The Parties agree to execute such further instruments and to take such
further action as may be reasonably necessary to carry out the intent of this Agreement.

     4.10 Rights Cumulative. Each and all of the various rights, powers and remedies of a Party
hereto will be considered to be cumulative with and in addition to any other rights, powers and
remedies which such Party may have at law or in equity in the event of the breach of any of the
terms of this Agreement. The exercise or partial exercise of any right, power or remedy will
neither constitute the exclusive election thereof nor the waiver of any other right, power or
remedy available to such Party.

     4.11 No Waiver. Failure to insist upon strict compliance with any of the terms, covenants, or
conditions hereof will not be deemed a waiver of such term, covenant, or condition, nor will any
waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or
remedy power hereunder at any one or more times be deemed a waiver or relinquishment of such right,
power or remedy at any other time or times.

     4.12 No Presumption. The Parties acknowledge that any applicable Law that would require
interpretation of any claimed ambiguities in this Agreement against the Party that drafted it has
no application and is expressly waived. If any claim is made by a Party relating to any conflict,
omission or ambiguity in the provisions of this Agreement, no presumption or burden of proof or
persuasion will be implied because this Agreement was prepared by or at the request of any Party or
its counsel.

[The remainder of this page has been intentionally left blank.]

16

 

     IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
written above.

	 	 	 	 	 
	 	CHINA LODGING GROUP, LIMITED

 	 
	 	By:  	
/s/ Min (Jenny) Zhang 	 
	 	 	Name:  	Min (Jenny) Zhang 	 
	 	 	Title:  	Chief Financial Officer 	 

[Signature page to the Investor and Registration Rights Agreement]

S-1

 

     IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
written above.

	 	 	 	 	 
	 	CTRIP.COM INTERNATIONAL, LTD.

 	 
	 	By:  	/s/
Min Fan 	 
	 	 	Name:  	Min Fan 	 
	 	 	Title:  	Chief Executive Officer and President 	 
	 

[Signature page to the Investor and Registration Rights Agreement]

S-2ex4-1.htm

    Exhibit
4.1

     

     

     

     

     

    
      STANLEY
BLACK & DECKER, INC.

       

      AND

       

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

       

      as
Trustee

       

      AND

       

      THE BLACK
AND DECKER CORPORATION

       

      as
Guarantor

                      

      
         

          
            

          

        

      

       

      SECOND
SUPPLEMENTAL INDENTURE

       

      to
the

       

      INDENTURE

       

      dated as
of November 1, 2002

       

      
        
 

       

      Dated as
of March 12, 2010

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      

      THIS
SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of March
12, 2010, is among STANLEY BLACK & DECKER, INC. (formerly known as The
Stanley Works), a Connecticut corporation (the “Company”), THE BLACK &
DECKER CORPORATION, a Maryland corporation (the “Guarantor”), and THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as
successor trustee to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase
Bank), as trustee (the “Trustee”).

       

      Witnesseth:

       

      WHEREAS,
the Company has executed and delivered to the Trustee an Indenture, dated as of
November 1, 2002 (as heretofore supplemented and amended, the “Indenture”)
between the Company and the Trustee, providing for the issuance from time to
time of one or more series of Securities;

       

      WHEREAS,
the Company has heretofore issued (a) $250,000,000 aggregate principal amount of
6.15% Notes due 2013, (b) $199,527,000 aggregate principal amount of 4 9/10%
Series B Senior Notes due 2012, (c) $473,000 aggregate principal amount of 4
9/10% Series A Senior Notes due 2012, (d) $200,000,000 aggregate principal
amount of 5.00% Notes due 2010 and (e) $330,000,000 aggregate principal amount
of convertible notes due 2012, in each case under the Indenture (to the extent
such securities are outstanding on the date hereof, collectively, the
“Outstanding Notes”);

       

      WHEREAS,
on the date hereof, the Company will acquire the Guarantor pursuant to that
certain Agreement and Plan of Merger, dated as of November 2, 2009, among the
Company, the Guarantor and Blue Jay Acquisition Corp., the Guarantor will become
a wholly-owned subsidiary of the Company and the Guarantor will provide a full
and unconditional guarantee (the “Guarantee”) of the obligations of the Company
under the Outstanding Notes;

       

      WHEREAS,
pursuant to Section 9.1(2) of the Indenture, the Company (when authorized by or
pursuant to a Board Resolution) and the Trustee may enter into a supplemental
indenture, without the consent of any Holders of Securities or Coupons, to add
to the covenants of the Company for the benefit of the Holders of all or any
series of Securities;

       

      WHEREAS,
the Company proposes to amend the Indenture as hereinafter in this Supplemental
Indenture provided (the “Amendment”);

       

      WHEREAS,
this Supplemental Indenture has been duly authorized by a Board Resolution and
all other necessary corporate action on the part of the Company and the
Guarantor; and

       

      WHEREAS,
the Company has requested that the Trustee join the Company and the Guarantor in
the execution and delivery of this Supplemental Indenture.

       

      NOW,
THEREFORE, in consideration of the covenants and agreements set forth herein and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as
follows:

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      The
Amendment shall become effective upon the execution and delivery of this
Supplemental Indenture by the Company, the Guarantor and the
Trustee.

       

      ARTICLE
1

      

      GUARANTEE

       

      Section
1.1.         Amendments
to Indenture.

       

      The
following Sections 12.1 through and including Section 12.8 shall amend and
replace Article 12 of the Indenture in its entirety, and shall hereinafter be
deemed a part of the Indenture and applicable to each series of the Outstanding
Notes.  The following definition shall apply to Article 12 of the
Indenture, as amended hereby: “Guarantor” shall mean The Black & Decker
Corporation, a Maryland Corporation.

       

      Section
12.1.        
Guarantees.

       

      With
respect to each series of Securities to which this Article 12 is expressly made
applicable, the Guarantor hereby unconditionally and irrevocably guarantees to
each Holder and to the Trustee and its successors and assigns (i)(a) the full
and punctual payment of principal and interest on the Securities of such Holder
when due, whether at maturity, by acceleration, by redemption or otherwise, and
all other monetary obligations of the Company to the Holders and the Trustee
under this Indenture and the Securities and (b) the full and punctual
performance within applicable grace periods of all other obligations of the
Company under this Indenture and the Securities and (ii) in the case of any
extension of time of payment or renewal of any Securities or any of such other
obligations, that the same will be promptly paid in full when due or performed
in accordance with the terms of the extension or renewal (all of the foregoing
being hereinafter collectively called the “Guarantees”).

       

      The
Guarantor waives presentation to, demand of, payment from and protest to the
Company of any of the Guarantees and also waives notice of protest for
nonpayment.  The Guarantor waives notice of any default under the
Securities or the Guarantees.  The Guarantees hereunder shall not be
affected by (a) the failure of any Holder or the Trustee to assert any claim or
demand or to enforce any right or remedy against the Company or any other Person
under this Indenture, the Securities or any other agreement or otherwise; (b)
any extension or renewal of any thereof; (c) any rescission, waiver, amendment
or modification of any of the terms or provisions of this Indenture, the
Securities or any other agreement; (d) the release of any security held by any
Holder or the Trustee for the Guarantees or any of them; (e) the failure of any
Holder or Trustee to exercise any right or remedy against any other guarantor of
the Guarantees or (f) any change in the ownership of the Guarantor.

       

      The
Guarantor further agrees that its Guarantees hereunder constitute a guarantee of
payment, performance and compliance when due (and not a guarantee of
collection).

       

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

      The
Guarantor hereby agrees that its obligations hereunder shall be as principal and
not merely as surety, and shall be absolute and unconditional, irrespective of,
and shall be unaffected by, any invalidity, irregularity or failure to enforce
the provisions of any Security or this Indenture, or any waiver, modification,
consent or indulgence granted to the Company with respect thereto (unless the
same shall also be provided the Guarantor), by the Holder of any Security or the
Trustee, the recovery of any judgment against the Company or any action to
enforce the same, or any other circumstances which may otherwise constitute a
legal or equitable discharge of a surety or guarantor; provided that,
notwithstanding the foregoing, no such waiver, modification, indulgence or
circumstance shall, without the consent of the Guarantor, increase the principal
amount of a Security or the interest rate thereon or increase any premium
payable upon redemption thereof.  The Guarantees shall not be subject
to any reduction, limitation, impairment or termination for any reason,
including any claim of waiver, release, surrender, alteration or compromise, and
shall not be subject to any defense of setoff, counterclaim, recoupment or
termination whatsoever or by reason of the invalidity, illegality or
unenforceability of the Guarantees or otherwise.  Without limiting the
generality of the foregoing, the Guarantor covenants that the Guarantees shall
not be discharged or impaired or otherwise affected by the failure of any Holder
or the Trustee to assert any claim or demand or to enforce any remedy under this
Indenture, the Securities or any other agreement, by any waiver or modification
of any thereof, by any default, failure or delay, willful or otherwise, in the
performance of the obligations, or by any other act or thing or omission or
delay to do any other act or thing which may or might in any manner or to any
extent vary the risk of the Guarantor or would otherwise operate as a discharge
of the Guarantor as a matter of law or equity.

       

      The
Guarantor further agrees that the Guarantees shall continue to be effective or
be reinstated, as the case may be, if at any time payment, or any part thereof,
of principal, premium, if any, or interest on any Security is rescinded or must
otherwise be restored by any Holder or the Trustee upon the bankruptcy or
reorganization of the Company or otherwise.

       

      In
furtherance of the foregoing and not in limitation of any other right which any
Holder or the Trustee has at law or in equity against the Guarantor by virtue
hereof, upon the failure of the Company to pay the principal of, premium on, if
any, or interest on any Security when and as the same shall become due, whether
at maturity, by acceleration, by redemption or otherwise, or to perform or
comply with any other obligation under the Securities, the Guarantor hereby
promises to and will, upon receipt of written demand by the Trustee, forthwith
pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal
to the sum of (i) the unpaid amount of such obligations under such Securities,
(ii) accrued and unpaid interest on such obligations under such Securities (but
only to the extent not prohibited by law) and (iii) all other monetary
obligations with respect to such Securities of the Company to the Holders and
the Trustee.

       

      The
Guarantor will be subrogated to all rights of the Holders against the Company in
respect of any amount paid by the Guarantor pursuant to the provisions of the
Guarantee; provided, however, that the Guarantor shall not be entitled to
enforce, or to receive any payments arising out of or based upon, such right of
subrogation until the principal of, premium on, if any, and interest on such
Securities shall have been paid in full. The Guarantor further agrees that, as
between it, on the one hand, and the Holders and the Trustee, on the other hand,
(x) the maturity of the obligations with respect to the Securities hereby may be
accelerated as provided herein, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations with
respect to such Securities, and (y) in the event of any declaration of
acceleration of such obligations as provided herein, the Guarantees (whether or
not due and payable) shall forthwith become due and payable by the Guarantor for
the purposes of this Article 12.

       

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

       

      The
Guarantor also agrees to pay any and all costs and expenses (including
reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder
in enforcing any rights under this Article 12.

       

      Section
12.2.        
Successors and
Assigns.

       

      This
Article 12 shall be binding upon the Guarantor and its successors and assigns
and shall inure to the benefit of the successors and assigns of the Trustee and
the Holders and, in the event of any transfer or assignment of rights by any
Holder or the Trustee, the rights and privileges conferred upon that party in
this Indenture and in the Securities shall automatically extend to and be vested
in such transferee or assignee, all subject to the terms and conditions of this
Indenture.

       

      Section
12.3.        
No
Waiver.

       

      Neither a
failure nor a delay on the part of either the Trustee or the Holders in
exercising any right, power or privilege under this Article 12 shall operate as
a waiver thereof, nor shall a single or partial exercise thereof preclude any
other or further exercise of any right, power or privilege.  The
rights, remedies and benefits of the Trustee and the Holders herein expressly
specified are cumulative and not exclusive of any other rights, remedies or
benefits which either may have under this Article 12 at law, in equity, by
statute or otherwise.

       

      Section
12.4.        
Modification.

       

      No
modification, amendment or waiver of any provision of this Article 12, nor the
consent to any departure by the Guarantor therefrom, shall in any event be
effective unless the same shall be in writing and signed by the Trustee, and
then such waiver or consent shall be effective only in the specific instance and
for the purpose for which given.  No notice to or demand on the
Guarantor in any case shall entitle the Guarantor to any other or further notice
or demand in the same, similar or other circumstances.

       

      Section
12.5.        
Notation of Guarantee
Not Required.

       

      The
Guarantor hereby agrees that the Guarantee set forth in this Article 12 shall
remain in full force and effect notwithstanding the absence on any Security of a
notation relating to the Guarantee.

       

      Section
12.6.        
Benefits
Acknowledged.

       

      The
Guarantor acknowledges that it will receive direct and indirect benefits from
the financing arrangements contemplated by this Indenture and that the guarantee
and waivers made by it pursuant to its Guarantee are knowingly made in
contemplation of such benefits.

       

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

       

      Section
12.7.        
Release of
Guarantee.

       

      Provided
that no notice that an Event of Default has occurred and is continuing has been
delivered to the Holders, the Guarantee shall be automatically and
unconditionally released and discharged, and no further action by the Guarantor,
the Company or the Trustee is required for the release of the Guarantee, upon
the Company delivering to the Trustee an Officer’s Certificate stating that the
Guarantee is released in full.

       

      Section
12.8.        
Limitation on Guarantor
Liability.

       

      The
Guarantor, and by its acceptance of Securities, each Holder, hereby confirms
that it is the intention of all such parties that the Guarantee of the Guarantor
not constitute a fraudulent transfer or conveyance for purposes of Title 11,
U.S. Code or any similar federal or state law for the relief of debtors, the
Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any
similar federal or state law to the extent applicable to the Guarantee. To
effectuate the foregoing intention, the Trustee, the Holders and the Guarantor
hereby irrevocably agree that the obligations of the Guarantor shall be limited
to the maximum amount as will, after giving effect to such maximum amount and
all other contingent and fixed liabilities of the Guarantor that are relevant
under such laws and after giving effect to any collections from, result in the
obligations of the Guarantor under its Guarantee not constituting a fraudulent
conveyance or fraudulent transfer under applicable law.

       

      ARTICLE
2

       

      MISCELLANEOUS

       

      Section 2.1.        
Effect
of Guarantee; Guarantor to be Bound by Indenture.

       

      The
Guarantor hereby irrevocably, fully and unconditionally Guarantees to each
Holder of Outstanding Notes and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of the Indenture, any
Outstanding Notes or the obligations of the Company under the Indenture or any
Outstanding Notes, the obligations of the Company with respect to payment and
performance of each Outstanding Note and the other obligations of the Company
under the Indenture with respect to the Outstanding Notes on the terms, and
subject to the conditions, contained in Article 12 of the Indenture (as amended
by this Supplemental Indenture) and agrees to be bound by all other terms of the
Indenture.

       

      Section
2.2.         Effect
of Supplemental Indenture.

       

      Upon the
execution and delivery of this Supplemental Indenture by the Company, the
Guarantor and the Trustee, the Indenture and each of the Outstanding Notes shall
be supplemented in accordance herewith, and this Supplemental Indenture shall
form a part of the Indenture for all purposes, and every Holder of Outstanding
Notes heretofore or hereafter authenticated and delivered under the Indenture
shall be bound thereby.

       

       

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

       

       

      Section
2.3.         Ratification
of Indenture.

       

      Except as
supplemented hereby, all provisions in the Indenture and each of the Outstanding
Notes shall remain in full force and effect.  This Supplemental
Indenture is an indenture supplemental to and in implementation of the
Indenture, and the Indenture, the Outstanding Notes and this Supplemental
Indenture shall henceforth be read and construed together.  The
Indenture and the Outstanding Notes, as supplemented by this Supplemental
Indenture, shall in all respects remain in full force and effect.

       

      Section
2.4.         Trustee
Not Responsible For Recitals.

       

      The
recitals herein contained are made by the Company and the Guarantor and not by
the Trustee, and the Trustee assumes no responsibility for the correctness
thereof. The Trustee makes no representation as to the validity or sufficiency
of this Supplemental Indenture.

       

      Section
2.5.         Conflict
with Trust Indenture Act.

       

      If any
provision of this Supplemental Indenture limits, qualifies or conflicts with any
provision of the Trust Indenture Act that is required under the Trust Indenture
Act to be part of and govern any provision of this Supplemental Indenture, the
provision of the Trust Indenture Act shall control.  If any provision
of this Supplemental Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the provision of the Trust
Indenture Act shall be deemed to apply to the Indenture as so modified or to be
excluded by this Supplemental Indenture, as the case may be.

       

      Section
2.6.         Terms
Defined in the Indenture.

       

      All
capitalized terms not otherwise defined herein shall have the meanings ascribed
to them in the Indenture.

       

      Section
2.7.         New
York Law to Govern.

       

      THIS
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW
PROVISIONS THEREOF TO THE EXTENT A DIFFERENT LAW WOULD GOVERN AS A
RESULT.

       

      Section
2.8.         Severability.

       

      In case
any one or more of the provisions contained in this Supplemental Indenture, or
in the Indenture or Outstanding Notes as supplemented by this Supplemental
Indenture, shall for any reason be held to be invalid, illegal or unenforceable
in any respect, then, to the extent permitted by law, such invalidity,
illegality or unenforceability shall not affect any other provisions of this
Supplemental Indenture, the Indenture or the Outstanding Notes, but this
Supplemental Indenture, the Indenture and the Outstanding Notes shall be
construed as if such invalid or illegal or unenforceable provision had never
been contained herein or therein.

       

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      Section
2.9.         Counterparts.

       

      This
Supplemental Indenture may be executed in any number of counterparts each of
which shall be an original, but such counterparts shall together constitute but
one and the same instrument.

       

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      

       

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

       

       

       

       

      
        
          	 	
                  STANLEY
      BLACK & DECKER, INC.

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ 
      Craig A. Douglas	 
	 	 	Name:  
      Craig A. Douglas 	 
	 	 	Title:    
      Vice President and Treasurer	 
	 	 	 	 

        

      

       

       

      
        
          
            	 	THE BLACK & DECKER
      CORPORATION	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/  Mark
      M. Rothleitner 	 
	 	 	Name:  
      Mark M. Rothleitner 	 
	 	 	Title:     Assistant
      Treasurer	 
	 	 	 	 

          

        

         

      

      
         

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

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/  Lawrence
      M. Kusch  	 
	 	 	Name:   Lawrence
      M. Kusch 	 
	 	 	Title:     Vice
      President

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