Document:

Trust Agreement dated June 30, 2003

 Exhibit 10.8 
  
 2003 INDEMNIFICATION TRUST AGREEMENT 
  
 This 2003 INDEMNIFICATION TRUST AGREEMENT (“Trust” or “Agreement”) is established as of June 30, 2003, between MICROSOFT
CORPORATION, a Washington corporation (“Grantor”), and BNY WESTERN TRUST COMPANY (“Trustee”), whose address is Two Union Square, Suite 1720, 601 Union Street, Seattle, Washington 98101-2321, and, as an additional
party, William G. Reed, Jr. (the “Beneficiaries’ Representative”). 
  
 RECITALS 
  
 A. The Grantor
has established this Trust to be a source of indemnification for the Grantor’s directors who are eligible for such indemnification as stated in this Trust as it is in effect from time to time. 
  
 B. The Grantor has determined, after due diligence, that it has and will
derive substantial economic benefits of this Trust, including economic terms that are more favorable to the Grantor than obtaining protection for its directors through the current director insurance market. 
  
 C. The Grantor’s Articles of Incorporation (the
“Articles”) provide for mandatory indemnification of the Grantor’s directors to the maximum extent provided by law, and as such, this Trust is not an exclusive source of indemnification for such directors. 
  
 D. The Grantor has determined that the Trust is necessary in order for the
Grantor to attract and retain the most qualified directors. 
  
 E.
The capitalized terms have the meaning ascribed to them in the body of this Trust. 
  
 AGREEMENT 
  
 NOW,
THEREFORE, the Grantor transfers to the Trustee funds as stated on Exhibit A of this Agreement and the Trustee acknowledges receipt of the funds and accepts the trust created hereby and agrees that it will hold all property which it may
receive hereunder, as custodian IN TRUST, for the purposes and upon the terms and conditions hereinafter stated, and Grantor, Trustee and Beneficiaries’ Representative agree as follows: 
  
 ARTICLE 1 
 DEFINITIONS 
  
 “Act” means the Washington Business Corporation Act RCW 23B or succession legislation. 

 “Cash” means (a) currency of the United States, and (b) certificates of deposit or time
deposits having, in each case, a tenor of not more than six (6) months, issued by any U.S. commercial bank or any branch or agency of a non-U.S. bank licensed to conduct business in the U.S. having combined capital and surplus of not less than
$250,000,000 (including the Trustee and its affiliates.). 
  
 “Claim” or “Claims” includes, without limitation, any threatened, pending, or completed action, suit, or proceeding, whether civil, derivative, criminal, administrative, investigative, or otherwise,
initiated by a person other than the Beneficiary (including any Claims by or in the right of Grantor), unless the Claim was initiated by the Beneficiary in good faith to establish or enforce a right to indemnification under the Articles, this Trust
or applicable statute. 
  
 “Covered Act” means
any act or omission (including, without limitation, any alleged breach of duty, neglect, error, misstatement, misleading statement, or otherwise, or appearing as or preparing to be a witness) by a Beneficiary, and any Claim against such Beneficiary,
by reason of the fact that that Beneficiary is or was a director of Grantor, or of any subsidiary or division, or is or was serving at the request of Grantor as a director, officer, partner, trustee, employee, or agent of another corporation,
partnership, joint venture, trust, employee benefit plan, or other enterprise. 
  
 “Corporate Securities” means USD denominated senior debt obligations that are obligations (whether direct or by virtue of guarantees) of corporations organized in the United States whose long-term,
unsecured, unsubordinated debt securities are rated at least “A” (or its equivalent successor rating) in the case of Standard & Poor’s Ratings Group or “A2” (or its equivalent successor rating) in the case of
Moody’s Investors Service, Inc. 
  
 “Eligible
Securities” means Cash, Treasury Securities, Government Securities and Municipal Securities, Corporate Securities, Money Market Funds and Other Eligible Securities. All Eligible Securities must be in a form suitable for delivery and
retransfer, and must be capable of being priced by recognized third-party dealers. 
  
 “Excluded Claim” means any payment for Losses or Expenses in connection with any Claim the payment of which is Ultimately Determined to be prohibited by the Act, public policy, or other applicable law
(including binding regulations and orders or, and undertakings or other commitments with, any governmental entity or agency) as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such
amendment permits Grantor to provide broader indemnification rights than said law permitted Grantor to provide prior to such amendment). 
  
 “Expenses” means any reasonable expenses incurred by Beneficiary as a result of a Claim or Claims made against him or her for Covered
Acts including, without limitation, counsel fees and costs of investigative, judicial, or administrative proceedings and any appeals. 
  
 “Fines” shall include any fine, penalty or, with respect to an employee benefit plan, any excise tax, or penalty assessed with respect
thereto. 
  

 2 

 “Government Securities” means bonds, notes, debentures, obligations or other evidence of
indebtedness issued and/or guaranteed by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation or the Government National Mortgage Association, including mortgage participation certificates, mortgage pass-through
certificates and other mortgage-backed securities, but excluding collateralized mortgage obligations and mortgage-related securities representing payments of interest only or principal only and REMIC securities and CMBS (commercial mortgage backed
securities). 
  
 “Loss” means any amount which
Beneficiary is legally obligated to pay as a result of any Claim or Claims made against him or her for Covered Acts including, without limitation, Fines, damages, judgments, costs of defense of any Claims and sums paid in settlement of any Claim or
Claims, specifically including fees of plaintiff’s counsel. 
  
 “Money Market Funds” means money market funds rated “AAAm” or AAAm-G by Standard & Poors Rating Service, including funds for which the Trustee or its affiliates provide investment advisory or other management
services. 
  
 “Municipal Securities” means senior
and unsubordinated debt obligations that are obligations (whether direct or by virtue of guarantees) of U.S. state or municipal issuers whose long-term, unsecured, unsubordinated, debt securities are rated at least “A” (or its equivalent
successor rating) in the case of Standard & Poor’s Ratings Group or “A2” (or its equivalent successor rating) in the case of Moody’s Investors Service, Inc., excluding “A” or “A2” rated debt securities of
housing and hospital issuers and municipal funds and partnerships where the rating is not based upon the rating of a third-party credit enhancer of such securities. 
  
 “Other Eligible Securities” means securities other than Cash, Corporate Securities, Treasury Securities,
Government Securities, Money Market Funds and Municipal Securities mutually agreed upon in writing by Beneficiaries’ Representative and Grantor. 
  
 “Treasury Securities” means securities issued or guaranteed by the United States Government, including United States Treasury obligations
and any other obligations the timely payment of principal and interest of which is guaranteed by the United States Government. 
  
 “Ultimate Determination” means a final order from which there is no further right of appeal in any action in which a Beneficiary seeks
indemnification. Such an order shall constitute the Ultimate Determination of the Beneficiary’s right to indemnification from Grantor. “Ultimately Determined” shall have a correlative meaning. 
  
 ARTICLE 2 
 PRIOR COVERED ACTS AND CLAIMS 
  
 2.1 Indemnification for Covered Acts. The Beneficiaries (as defined below) under this Trust shall be indemnified for any Losses, Expenses or Fines that result from a Claim based on a Covered Act asserted while
this Trust is in effect without regard to whether the Covered Act occurred on, before or after the establishment of this Trust. 
  

 3 

 2.2 Nonexclusive Remedy. The rights of Beneficiaries to indemnification from this Trust are
limited to the assets of the Trust, but this does not limit the Beneficiaries’ rights, if any, to indemnification (without duplication) from other Grantor arrangements or obligations, including but not limited to applicable insurance coverage.

  
 ARTICLE 3 
 THE BENEFICIARIES AND THE 
 BENEFICIARIES’ REPRESENTATIVE 
  
 3.1 The
Beneficiaries. All present and future members of Grantor’s Board of Directors shall be “Beneficiaries” of the Trust, provided, however, that if there is a “Change in Control” of Grantor no directors
elected or appointed after or in connection with such Change in Control shall be entitled to be Beneficiaries who were not Beneficiaries prior to such Change in Control. For purposes of this Agreement, the term “Change of Control”
shall mean (a) a tender offer or exchange offer where the purpose of such offer is to take over and control Grantor and such offer is accepted by owners of securities of Grantor representing 50% or more of the combined voting power of Grantor’s
then outstanding voting securities, (b) Grantor is merged or consolidated with another corporation and as a result of such merger or consolidation less than 50% of the outstanding voting securities of the surviving or resulting corporation shall
then be owned in the aggregate by the former shareholders of Grantor, (c) Grantor transfers substantially all of its assets to another corporation which is not a wholly-owned subsidiary of Grantor, or (d) during any period of twelve (12) consecutive
months, individuals who at the beginning of such twelve (12) month period were directors of Grantor cease for any reason to constitute at least a majority of Grantor’s Board of Directors. The Beneficiaries’ Representative shall promptly
notify the Trustee of a Change in Control. Any Beneficiary shall remain a Beneficiary despite his or her resignation, removal, or other failure to continue to be a member of Grantor’s Board of Directors during the term of this Agreement. A
person whose conduct gives rise to a right of indemnification both as a member of the Board of Directors and as an officer, shall be a Beneficiary hereunder as to all such conduct without being required to separate his or her activities between the
role of director and the role of officer. 
  
 3.2 New
Beneficiaries. If prior to a Change in Control an individual is duly elected to the Grantor’s Board of Directors, Grantor agrees to notify the Trustee promptly of such election or appointment; provided, however, Grantor’s
failure to so notify the Trustee shall not affect in any way an individual director’s rights as a beneficiary under this Trust. The Trustee shall have the right to rely on the accuracy and completeness of any statement provided to it by the
Grantor’s Secretary, Assistant Secretary or Chief Executive Officer as to the Beneficiary status of any individual. 
  
 3.3 Beneficiaries’ Representative. Except as expressly provided elsewhere in this Agreement, all communications or demands made by and among
the Trustee and the Beneficiaries are to be made through the individual then designated as the Beneficiaries’ Representative. The Beneficiaries’ Representative shall have the exclusive right to convey Demands (as defined below) from time
to time on the Trustee to direct payment to one or more of the Beneficiaries. 
  

 4 

 3.4 Identity of Beneficiaries’ Representative. The Beneficiaries’ Representative shall
be a Beneficiary who is a present or past nonemployee director of Grantor, designated in writing to the Trustee and Grantor from time to time by a majority of the then living nonemployee directors who are Beneficiaries under this Agreement. For this
purpose a director who has not been employed by Grantor during the current year and the preceding three (3) years shall be regarded as a nonemployee director. The Trustee and Grantor shall be entitled to rely on the original appointment of that
individual as the Beneficiaries’ Representative unless notified in writing of a change in the Beneficiaries’ Representative by a writing signed by the former Beneficiary Representative. A Beneficiary shall be deemed to have consented to
such change in Beneficiaries Representative if such Beneficiary is provided with notice of such change in accordance with Section 8.6 of this Agreement and does not provide written notice of objection to such change within ten (10) days. The Trustee
shall be entitled to rely on such subsequent appointment as of the date such writing is received by the Trustee. The Trustee shall be entitled to rely on the accuracy and completeness of a written list delivered to the Trustee by Grantor, and
certified by the Secretary of Grantor to be accurate and to have been prepared in good faith, identifying the individuals who constitute the then living past and present nonemployee directors who are Beneficiaries under this Agreement. In the
absence of an effective appointment of a Beneficiaries’ Representative, the Trustee or any Beneficiary may, after ten (10) days’ written notice to all Beneficiaries and the Grantor, petition a court of competent jurisdiction at the expense
of the Trust for appointment of a Beneficiaries’ Representative who need not be a Beneficiary (if none are willing or able to serve), but shall in no event be an officer or director elected or appointed after a Change in Control who was not a
Beneficiary prior to such Change in Control. The designation or appointment of a successor Beneficiaries’ Representative shall become effective only upon the execution of a counterpart of this Agreement whereby such successor
Beneficiaries’ Representative shall assume and become bound by all the duties and responsibilities of a Beneficiaries’ Representative under this Agreement. 
  
 3.5 Right of Beneficiaries to Receive Payments. The rights of the Beneficiaries to make a Demand and receive
distributions from the Trustee shall not be affected or diminished in any way by the existence of any dispute between one or more Beneficiaries and Grantor, and the Trustee in making distributions from the Trust Fund (as defined below) shall be
entitled to rely upon the simple Demand of a Beneficiary, as conveyed by the Beneficiaries’ Representative pursuant to Section 4.7. Such distributions shall be made notwithstanding any notice or demand by or on behalf of Grantor that the
distributions should not be made, whether based on Grantor’s claim that any Beneficiary is not entitled to some or all of the amount of such distributions or otherwise. The Trustee shall have no responsibility or liability to Grantor for making
any payment despite having received any such notice or demand by or on behalf of Grantor. The Trustee shall have no responsibility to inquire into the accuracy or truthfulness of any such notice or demand, whether from the Grantor or the
Beneficiaries’ Representative. 
  
 ARTICLE 4

 THE TRUST FUND 
  
 4.1 Trust Fund; Grantor Trust. The Trustee shall hold all property received by it as custodian in Trust hereunder as one fund which, together with
the income and gains therefrom and additions thereto, shall constitute the “Trust Fund.” The Trust is intended to be a grantor 
  

 5 

 trust within the meaning of Section 761 of the Internal Revenue Code of 1986, as amended, and shall be construed
accordingly. The Trust Fund shall not be paid to the Grantor or any trustee in bankruptcy of the Grantor, shall be held separate and apart from other funds of the Grantor, and shall be used exclusively for the purposes set forth herein. 

 
 4.2 Minimum Balance. Grantor shall deliver to the Trustee the
amount stated in Exhibit A of this Trust Agreement (the “Minimum Balance”), to be held in trust, for the stated uses and purposes in accordance with the terms of this Agreement. Nothing contained herein shall preclude Grantor
from making additional transfers of funds from time to time to the Trustee, whether required under the terms of this Agreement or not, to be held in trust as part of the Trust Fund. If Grantor makes additional transfers of funds to the Trust Fund,
such additional transfers shall be deemed an increase of the Minimum Balance and Exhibit A shall be automatically amended without further action by the parties hereto. The Grantor and the Beneficiaries’ Representative shall periodically,
but no less than every third anniversary of this Agreement, review the adequacy of the Minimum Balance. 
  
 4.3 Maintenance of Minimum Balance. The Trustee agrees to provide monthly reports to Grantor and the Beneficiaries’ Representative showing the
current fair market value of the Trust Fund. If any such report shows that the current fair market value of the Trust Fund is less than the Minimum Balance, then within ten (10) days after such report, Grantor agrees to deliver cash funds to the
Trustee equal to the difference between the fair market value of the Trust Fund and the Minimum Balance so that the Trust balance is at least equal to the Minimum Balance. Notwithstanding the foregoing, Grantor shall have no obligation to make
payments to the Trustee in excess of $100,000,000 (including the initial transfer of funds) under or with respect to this Agreement. 
  
 4.4 Additional Contributions. Subject to the aggregate limitation of $100,000,000 set forth in Section 4.3, Grantor agrees to make additional
contributions (“Additional Contributions”) to the Trust Fund within ten (10) days after receipt of a written request from the Beneficiaries’ Representative certifying in good faith that Claims have or are reasonably expected to
be asserted against Beneficiaries and that estimated Losses and Expenses for all pending, threatened or anticipated Claims against all Beneficiaries are reasonably expected to exceed the then Trust Fund balance. A copy of such written certification
shall be provided to the Trustee at the same time and in the same manner as it is provided to Grantor. Such written certification shall be accompanied by an opinion of independent counsel to the effect that, based on the information made known to
such counsel, (a) the Claims are not Excluded Claims and (b) the amount requested is reasonable. Independent counsel shall be selected by the Beneficiaries’ Representative and shall have no present or past professional relationship to the
Beneficiaries who are the subject of the Claims. 
  
 4.5 Excess
Balance. If at any time the fair market value of the Trust Fund shall exceed the Minimum Balance, plus any additional contributions which continue to be required pursuant to Section 4.4, Grantor shall be entitled to withdraw an amount equal to
the excess over the said sum upon thirty (30) days’ advance written notice to the Beneficiaries’ Representative.  
  

 6 

 4.6 Direction of Investment. Notwithstanding anything contained in this Agreement to the contrary,
Grantor retains the right to direct the investment of the Trust Fund and Trustee shall have no duty to review or recommend investments; provided, however, that the Grantor shall only direct the Trustee to invest the Trust Fund in
Eligible Securities in accordance with Grantor’s current cash-management policies. If the Grantor instructs the Trustee to invest in securities other than in Cash, Government Securities, Municipal Securities, Money Market Funds or Treasury
Securities, such instruction shall be accompanied by the written consent of the Beneficiaries’ Representative as to the investment(s) in such Other Eligible Securities. Unless otherwise instructed by Grantor in writing, the Trustee shall
initially invest the Trust Fund in the investments set forth on Exhibit B. If for any reason one or more investments on Exhibit B shall not be available, and Grantor shall fail to direct the Trustee pursuant to written instructions as
to how to invest the Trust Fund (including the consent of Beneficiaries’ Representative if the proposed investment is in other than Eligible Securities), the Trustee shall invest the Trust Fund in Money Market Funds. In the event the Trustee is
required to make a distribution pursuant to Section 4.7 at a time when the Trust Fund has insufficient cash to cover such distribution, the Trustee shall seek the advice of the Grantor with regard to which Trust investments to liquidate in order to
cover the required distribution; if the Grantor does not respond to the Trustee’s inquiry within forty-eight (48) hours the Trustee shall use its discretion in choosing which investments to liquidate. 
  
 4.7 Distributions From Trust Fund. 
  
 4.7.1 Duties of Beneficiary. The Beneficiary shall certify in each
demand regarding a Claim for a Covered Act (a “Demand”) delivered to the Beneficiaries’ Representative that (i) he or she is entitled to payment of at least the amount demanded, (ii) that no part of the Demand is precluded by
RCW 23B.08.560 (a)-(c) or other provision in the Act or applicable successor statute, (iii) that the Beneficiary will repay to the Trust any amounts paid or applied to or for the use of such Beneficiary in the event of a Ultimate Determination that
such payments are precluded by RCW 23B.08.560 (a)-(c), or in the event the Beneficiary receives payment for the same Claim from another source, (iv) that a request to the Grantor for indemnification has remained unsatisfied for 20 days and that no
part of the amount then being demanded from the Trust Fund has been previously received from the Grantor, and (v) that he or she has complied with any applicable requirements of Grantor’s Articles and policy with respect to indemnification, if
any, with respect to the Demand. 
  
 4.7.2 Duties of
Beneficiaries’ Representative. The Beneficiaries’ Representative shall convey a Beneficiary’s Demand to the Trustee. Along with the conveyance of such Demand to the Trustee, the Beneficiaries’ Representative shall submit, in
a writing signed by the Beneficiaries’ Representative, a statement (i) that such Demand is being made pursuant to the Articles, as such may be amended and restated from time to time, provided that any such amendment shall be given effect under
this Agreement only to the extent that such amendment provides broader indemnification rights than existed prior to such amendment, (ii) that the Demand is for satisfaction of indemnification obligations, (iii) that the Demand is being made by a
Beneficiary, (iv) the amounts being demanded by such Beneficiary, and (v) that he or she is not aware of any facts or conditions that would make indemnification pursuant to this Agreement inappropriate, provided, however, that the
Beneficiaries’ Representative has no 
  

 7 

 duty to independently investigate the validity of a Demand. 
  
 4.7.3 Duties of Trustee. The Trustee shall deliver a copy of each Demand to Grantor as promptly as reasonably
possible. As soon as practicable after any such Demand is conveyed by the Beneficiaries’ Representative, subject to the provisions of Section 3.5, the Trustee shall distribute funds to the Beneficiary specified in such Demand in the amount and
manner set forth therein. If the Trustee does not have sufficient funds to satisfy all pending Demands of Beneficiaries in full, the Trustee shall make all reasonable efforts to make pro rata payments, less any amounts due the Trustee, to the
Beneficiaries as specified by the Beneficiaries’ Representative. Upon the replenishment of the Trust Fund, if that occurs in accordance with Section 4.3, the Trustee shall continue to make pro rata distributions, less any amounts due the
Trustee, until such Demand is satisfied or to satisfy subsequent Demands. 
  
 4.8 Taxes. The Grantor agrees to pay any and all taxes on the Trust Fund or the income thereof or which the Beneficiaries or the Trustee would otherwise be required to pay with respect to the interest of any
person or person therein, and to provide the Trustee with proof of payment. This does not include any taxes payable upon an indemnification payment distribution from the Trust if the same would be taxable to the recipient beneficiary under
applicable law. 
  
 4.9 Duties and
Responsibilities of Beneficiaries’ Representative. The Beneficiaries’ Representative (and any successor Beneficiaries’ Representative) shall have the following affirmative duties and responsibilities: 
  
 4.9.1 To demand deposits from the Grantor so as to maintain the Minimum
Balance of the Trust in accordance with Section 3.3 and any Additional Contributions required by section 3.4; 
  
 4.9.2 To demand payment by the Trustee to a Beneficiary who has made a Demand and who, in the good faith judgment of the Beneficiaries’
Representative, has satisfied the conditions for indemnification as set forth in this Agreement and the Articles, provided, however, that the Beneficiaries’ Representative has no duty to independently investigate the validity of a
Demand; and 
  
 4.9.3 To generally cause the Grantor and Trustee
to discharge their respective responsibilities under this Agreement and the responsibilities of the Grantor under the Articles, including the bringing of legal actions and proceedings to enforce such agreement. 
  
 4.10 Investment Powers of the Trustee. Subject to the Grantor’s
rights pursuant to Section 4.6 to direct investment of the Trust Fund, the Trustee shall have those powers provided under Washington law with respect to any property at any time held by it and constituting part of the Trust Fund. 
  
 4.11 Administrative Powers of Trustee. Subject to the Grantor’s
right pursuant to Section 4.6 to direct investment of the Trust Fund in Eligible Securities, the Trustee shall have the power, to do any of the following: 
  

 8 

 4.11.1 To cause any investment to be registered and held in the name of one or more of its nominees, or
one or more nominees of any system for the central handling of securities, without increase or decrease of liability; 
  
 4.11.2 To collect and receive any and all money and other property due to the Trust Fund and to give full discharge therefor; 
  
 4.11.3 To make investments and investment decisions in its discretion when
the Grantor does not respond to a Trustee inquiry for directions within two (2) business days after the request; and 
  
 4.11.4 To hold uninvested, without liability for interest thereon, such monies received by the Trustee as the Trustee considers necessary to meet
anticipated and imminent disbursements. 
  
 4.12 Adverse
Determination. In the event the trust arrangement created hereby is deemed to be invalid or ineffective by a court of competent jurisdiction, whether in connection with the bankruptcy of one of the parties hereto or otherwise (an
“Adverse Determination”), then the parties agree that the nature of their relationship shall be Grantor as debtor, Trustee as securities intermediary and Beneficiaries’ Representative as secured party for the benefit of the
Beneficiaries. To that end, and to secure the obligation of Grantor to indemnify Beneficiaries, Grantor hereby grants the Beneficiaries’ Representative for the benefit of the Beneficiaries a continuing security interest in, and pledges all
right title and interest in and to, the following (for purposes of this Section 4.12, the “Collateral”): 
  
 4.12.1 The Trust account and the Trust Fund, and any certificates or instruments representing or evidencing the Trust Fund, and all cash, investment
property, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise issued, distributed or distributable in respect of or in exchange for any or all of the Trust Fund; 
  
 4.12.2 All other investment property and other property hereafter issued,
delivered or deliverable to Trustee in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, investment property, interest, dividends, rights and other
property at any time and from time to time received, receivable or otherwise issued, distributed or distributable after the date hereof in respect of or in exchange for any or all thereof; and 
  
 4.12.3 All proceeds of all of the foregoing. 
  
 Grantor and, at the direction of Beneficiaries’ Representative, Trustee
shall execute such other documents and instruments as Beneficiaries’ Representative may reasonably require from time to time to perfect and protect its first priority security interest in the Collateral. In the event of an Adverse
Determination, Beneficiaries’ Representative shall have and shall be deemed to have had all the rights and remedies of a secured party under Article 9 of the Uniform Commercial Code (“UCC”) and may exercise any of the rights
and remedies available to it 
  

 9 

 under the UCC as in effect from time to time in the State of Washington or otherwise available to it, including, without
limitation, sale, assignment or other disposal of the Collateral in exchange for cash or credit. Grantor agrees that a Demand is also a notice of disposition under Section 9-611 of the UCC and that five Business Days is reasonable notice if notice
of a disposition is required under Section 9-611. Furthermore, Grantor agrees that any Beneficiary may be the purchaser of the Collateral consisting of Cash, Corporate Securities, Government Securities or Municipal Securities at a private sale
without notice because the Collateral is of a type sold on a recognized market or the subject of widely distributed standard price quotations. Beneficiaries’ Representative shall provide Trustee with an Adverse Determination Notice as soon as
practicable, although failure to provide such notice shall not affect the rights or obligations of the parties hereunder, except that Beneficiary shall not take any action with respect to Trustee as securities intermediary until such notice is
provided. Except for the amounts due to Trustee pursuant to Section 7.3, Trustee waives any right of set-off, banker’s lien or other lien or claim it may have to the Collateral. 
  
 Grantor covenants and agrees that it shall not pledge, assign, hypothecate or transfer its interest in the Trust account or
the Trust Fund. Grantor further covenants and agrees that it shall not so direct Trustee, and Trustee agrees that it will not acknowledge or agree to any such pledge, assignment, hypothecation or transfer. 
  
 ARTICLE 5 
 RESIGNATION, REMOVAL, OR DEATH OF TRUSTEE 
  
 5.1 Resignation of Trustee. The Trustee may resign at any time by filing its written resignation with Grantor and Beneficiaries’
Representative. Such resignation shall take effect sixty (60) days from the date of such filing or upon appointment of a successor pursuant to Section 5.3, whichever shall first occur. 
  
 5.2 Removal of Trustee. Grantor and the Beneficiaries’ Representative may remove the Trustee at any time by
delivering to the Trustee a written notice of its removal and the appointment of a successor pursuant to Section 5.3. 
  
 5.3 Appointment of Successor Trustee. 
  
 5.3.1 Removal of the Trustee and the appointment of a successor Trustee shall take effect sixty (60) days following delivery to the Trustee of (i) an
instrument in writing removing the Trustee and appointing such successor, executed by Grantor and accompanied by an instrument in writing signed by the Beneficiaries’ Representative certifying that a majority of the then living Beneficiaries
agree to such removal and appointment, and (ii) an acceptance in writing, executed by such successor, both acknowledged in the same form as this Agreement. The Trustee may agree to an earlier effective date. In the event of the death or dissolution
of the Trustee, the successor trustee shall be appointed by the Grantor with the approval of the Beneficiaries’ Representative, which approval shall not be unreasonably withheld, and a writing to such effect and an acceptance in writing, as
referred to above, shall be delivered to the Trustee. In order to qualify to serve as Trustee, any successor trustee must, at a minimum: (i) be authorized under state or federal law to exercise corporate trust powers, (ii) have a combined

  

 10 

 capital and surplus of at least $100 million, and (iii) be subject to supervision or examination by federal or state
authority. 
  
 5.3.2 All of the provisions set forth herein with
respect to the Trustee shall relate to each successor with the same force and effect as if such successor had been originally named as Trustee under this Trust. 
  

5.3.3 If a successor is not appointed within sixty (60) days after the Trustee gives notice of its resignation pursuant to Section 4.1, or within sixty
(60) days after the Trustee’s death or dissolution, the Trustee or the Beneficiaries’ Representative may apply to any court of competent jurisdiction at the expense of the Trust for appointment of a successor. 
  
 5.4 Transfer of Fund to Successor. Upon appointment of a successor
trustee as set forth above, the Trustee shall transfer and deliver the Trust Fund to such successor with authority to retain only reasonable reserves pending settlement of its final account as provided in Section 7.4. 
  
 ARTICLE 6 
 DURATION, TERMINATION, AND AMENDMENT OF TRUST 
  
 6.1 Term. 
  
 6.1.1 The term of this Trust shall be for a period of ten (10) years until June 30, 2013, unless extended or terminated according to the terms of this
Trust. This Trust may be terminated by consent of a majority of the Grantor’s Board of Directors and a majority of the then living Beneficiaries; provided, however, no such termination shall be effective (i) following a Change of
Control, or (ii) so as to reduce indemnification otherwise available to a Beneficiary of this Trust for any Demand then existing and still pending or with respect to any later asserted Demand arising out of a Covered Act occurring before the
effective date of such termination. Expiration or termination of this Trust shall operate prospectively only, so that all provisions of this Agreement shall remain in full force and effect as to any Demand asserted prior to the effective date of
expiration or termination relating to a Covered Act that occurs prior to the effective date of expiration or termination. The Grantor and the Beneficiaries’ Representative shall notify the Trustee of termination of the Trust by, with respect to
the Grantor, an instrument in writing executed by the Grantor together with a certified copy of the resolution of the Grantor’s Board of Directors authorizing such termination and, with respect to the Beneficiaries’ Representative, written
evidence of the consent of a majority of the then living Beneficiaries. Termination by consent of the Grantor and majority of the then living Beneficiaries shall be effective on the later to occur of (i) the Grantor’s board resolution and (ii)
receipt by Beneficiaries’ Representative of written consents from at least a majority of the then living Beneficiaries. 
  
 6.1.2 The Grantor and the Beneficiaries’ Representative (jointly or separately) as applicable shall provide the Trustee and the Beneficiaries and
their successors in interest with written notice of expiration thirty (30) days prior to the expiration date. 
  

 11 

 6.1.3 In the event of a proposed termination prior to the expiration of the term of this Trust,
Beneficiaries may assert a Demand if, in such Beneficiaries’ good faith judgment, there is a reasonable likelihood that following such proposed termination, a Claim will be asserted arising out of a Covered Act that occurred before the
effective date of such termination. If so made, such Demand(s) shall be treated as a then existing and still pending Demand hereunder. 
  
 6.2 Distribution Upon Termination. When this Trust expires or is terminated in accordance with Section 6.1, the Trustee shall distribute the Trust
Fund to Grantor less any full and adequate provision or reserves for any distributions to be made pursuant to any outstanding demands under Section 4.7 and 6.1.2 and any deductions authorized or required by Section 7.3. 
  
 6.3 Amendment of Trust Instrument. 
  
 6.3.1 Except in the event of a change of control, this Trust may be amended
by consent of a majority of the Grantor’s Board of Directors, a majority of the then living Beneficiaries and the Trustee, provided, however, no such amendment shall be effective (i) following a Change of Control, or (ii) so as to
reduce indemnification otherwise available to a Beneficiary of this Trust for any Claim then existing and still pending or with respect to any later asserted Claim arising out of a Covered Act occurring before the effective date of such amendment
and provided further, that approval of the Trustee shall only be required if the proposed amendment affects in any way the Trustee’s rights or duties under this Agreement. If the Trust is amended without the consent of the Trustee as
provided above, the Grantor shall deliver notice of amendment to the Trustee or its successor in interest thirty (30) days prior to the proposed effective date of the amendment by an instrument in writing executed by the Grantor and the
Beneficiaries’ Representative, together with a certified copy of the resolution of the Grantor’s Board of Directors authorizing such amendment. The Grantor shall send a copy of such notice to each individual Beneficiary or his or her
successors in interest. 
  
 6.3.2 In the event of a proposed
amendment of this Trust, Beneficiaries may assert a Demand if, in such Beneficiaries’ good faith judgment, there is a reasonable likelihood that following such proposed amendment, a Claim will be asserted arising out of a Covered Act that
occurred before the effective date of such amendment and which will be affected by such amendment. If so made, such Demand(s) shall be treated as a then existing and still pending Demand hereunder. 
  
 ARTICLE 7 
 RIGHTS AND OBLIGATIONS OF THE TRUSTEE 
  
 7.1 Duties of Trustee. The duties and liabilities of the Trustee shall at all times be limited to those expressly stated in this Agreement. The
Trustee shall discharge its duties hereunder with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims. The Trustee shall not be liable for any loss sustained by the Trust Fund by reason of the purchase, retention, sale, or exchange or any investment made in good faith and in accordance with the
Grantor’s written directions and 
  

 12 

 the provisions of this Agreement. 
  
 7.2 Indemnification of Trustee. The Trustee shall not be liable for any action taken or omitted by it in good faith
and believed by it to be authorized hereby or within the rights or powers conferred upon it hereunder, or taken or omitted by it in accordance with advice of counsel (which counsel may be of the Trustee’s own choosing and which may be house
counsel of the Trustee), and shall not be liable for any mistake of fact or error of judgment or for any acts or omissions of any kind unless caused by willful misconduct or gross negligence. Grantor agrees to indemnify the Trustee and hold it
harmless against any and all liabilities, losses, claims, expenses (including reasonable attorneys’ fees), and damages incurred by it hereunder, except for liabilities, losses, claims, expenses, and damages incurred by the Trustee resulting
from its own willful misconduct or gross negligence. 
  
 7.3
Expenses and Compensation. The Trustee shall pay from the Trust Fund, to the extent not paid by Grantor, the Trustee’s reasonable expenses of administration of the Trust, including reasonable compensation of counsel (including house
counsel) and any agents engaged by the Trustee to assist it in such administration. The Grantor shall pay the Trustee reasonable compensation for its services as Trustee hereunder and the Trustee shall have a lien on the Trust Fund for such
compensation and expenses until paid. 
  
 7.4 Accounts of
Trustees. The Trustee shall keep full accounts of all of its receipts and disbursements. Its financial statements, books, and records with respect to the Trust Fund shall be open to inspection by the Grantor or the Beneficiaries’
Representative or their representatives at all reasonable times during business hours of the Trustee and may be audited not more frequently than once in each fiscal year by an independent certified public accountant engaged by the
Beneficiaries’ Representative. Within ninety (90) days after the close of each fiscal year, or any termination of the duties of the Trustee, the Trustee shall prepare, sign, and submit in duplicate to Grantor an account of its acts and
transactions as Trustee hereunder. 
  
 ARTICLE 8 

MISCELLANEOUS 
  
 8.1 Governing Law. The validity, interpretation, performance, and enforcement of this Agreement and the Trust created hereby shall be governed by
the laws of the state of Washington. The parties irrevocably submit to the jurisdiction and venue of any Washington State or United States Federal Court sitting in Seattle, Washington. Any proceeding with respect to this Trust shall be in King
County Superior Court unless otherwise consented to by Grantor. 
  
 8.2 Successors. This Agreement and the Trust created hereby shall be binding upon and shall inure to the benefit of the spouses, heirs, personal and legal representatives, estates, successors, and assigns of the parties hereto and of
the Beneficiaries. 
  
 8.3 Third Party Beneficiaries. The
Beneficiaries are specifically acknowledged as third party beneficiaries of this Agreement and shall have the right to bring actions to enforce this Agreement where the Beneficiaries’ Representative fails to bring such an action or fails to
prosecute an action in good faith. 
  

 13 

 8.4 Enforcement Expenses. Grantor shall be responsible for all costs and expenses, including
reasonable attorneys’ fees and costs, incurred in any action brought to enforce or interpret this Agreement, whether brought by the Beneficiaries’ Representative, a Beneficiary, the Trustee, or otherwise, unless the court determines that
such Claim for enforcement was not brought in good faith or was frivolous. 
  
 8.5 Titles and Headings Not to Control. The titles to articles and headings of sections in this Agreement are for convenience of reference only and in case of any conflict the text of this Agreement, rather
than any title or heading, shall control. 
  
 8.6 Notices,
Consents and Other Communications. All notices, consents, or other communications required or contemplated by this Agreement shall be in writing and shall be deemed to have been given when delivered either by (a) personal delivery, (b) prepaid
overnight courier, (c) postage prepaid return receipt requested certified mail or (d) facsimile pursuant to and subject to the terms of section 8.8. The other nit is the lack of a space in the clean version in section 4.6 between” in”
and” Money Market Funds: 
  
 If to a Beneficiary: The last address given to
the Trustee by each respective Beneficiary 
  
 If to Beneficiaries’
Representative: The last address given to the Trustee by the Beneficiaries’ Representative 
  

	 If to Microsoft:
	  	 Microsoft Corporation
 One Microsoft Way
 Redmond, WA 98052-6399
 Attention: Deputy General Counsel,
 Finance and Operations
 Telephone No.: (425) 882-8080
 Facsimile No.: (425) 869-1327

		
	With a copy to:	  	 Preston Gates & Ellis LLP
 925 Fourth Avenue, Suite 2900
 Seattle, WA 98104-1158
 Attention: Kent Carlson
 Telephone No.: (206) 623-7580
 Facsimile No.: (206) 623-7022

		
	If to Trustee:	  	 BNY Western Trust Company
 Two Union Square, Suite 1720
 601 Union Street
 Seattle, WA 98101-2321
 Attention: Corporate Trust Services
 Telephone No.: (206) 667-8904
 Facsimile No.: (206) 667-8905

  
  
  

 14 

 Notice by personal delivery shall be effective upon the date delivery is made and notice by certified
mail or overnight courier shall be effective on the date it is recorded as delivered by the U.S. Postal Service or the overnight courier, respectively. 
  
 8.7 Force Majeure. From the effective date of this Agreement, the Trustee, or any successor in interest, shall not be considered in breach of or in
default in its obligations with respect to any obligations created hereunder in the event of an unavoidable delay in the performance of such obligations due to unforeseeable causes beyond its control and without its fault or negligence, including,
but not limited to, acts of God, or of the public enemy, acts of a government, acts of the other party, fires, floods, epidemics, quarantine restrictions, strikes, freight embargoes, earthquakes, explosion, mob violence, riot, inability to procure
or general sabotage or rationing of labor, equipment, facilities, sources of energy, material or supplies in the open market, malicious mischief, condemnation, and unusually severe weather or delays of suppliers or subcontractors due to such causes
or any similar event and/or occurrences beyond the control of the Trustee. 
  
 8.8 Facsimile Instruction. The Trustee agrees to accept and act upon facsimile transmission of written instructions and/or directions pursuant to this Agreement, provided, however, that: (a) the Grantor
and/or Beneficiaries’ Representative as applicable, subsequent to such facsimile transmission of written instructions, shall provide the originally executed instructions and/or directions to the Trustee in a timely manner, (b) such originally
executed instructions and/or directions shall be signed by a person as may be designated and authorized to sign for the Grantor and/or Beneficiaries’ Representative and, (c) the Grantor and/or Beneficiaries’ Representative shall provide to
the Trustee an incumbency certificate listing such designated persons which such incumbency certificate shall be amended whenever a person is to be added or deleted from the listing. 
  
 [remainder of page intentionally left blank] 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the day and year first above
written. 
  

	 Attest:
	 	 	 	 BNY WESTERN TRUST COMPANY
 (“Trustee”)

					
	By:	 	 /s/    C. KENT
CARLSON        

	 	 	 	By:	 	 /s/    PERRY
TOBE        

	 	 	C. Kent Carlson	 	 	 	 	 	 Perry Tobe
 Assistant Vice President

			
	 Attest:
	 	 	 	 MICROSOFT CORPORATION
 (“Grantor”)

					
	By:	 	 /s/    JOHN A.
SEETHOFF        

	 	 	 	By:	 	 /s/    STEVEN A.
BALLMER        

	 	 	 John A. Seethoff
 Assistant Secretary
	 	 	 	 	 	 Steven A. Ballmer
 Chief Executive Officer

			
	 Attest:
	 	 	 	 ADDITIONAL PARTY
 (“Beneficiaries’ Representative”)

					
	By:	 	 /s/    JOHN A.
SEETHOFF        

	 	 	 	By:	 	 /s/    WILLIAM G. REED,
JR.        

	 	 	John A. Seethoff	 	 	 	 	 	William G. Reed, Jr.

  
  

 16Registration Rights Agreement

 EXHIBIT 4(d) 
  
 EXECUTION COPY 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of June 10, 2003 
  
 by and among 
  
 TEXAS-NEW MEXICO POWER COMPANY, 
 as Issuer, 
  
 and 
  
 BARCLAYS CAPITAL INC. and 
 CIBC WORLD MARKETS CORP., 
 as Initial Purchasers 
  

  
 $250,000,000 
  
 6.125% SENIOR NOTES DUE
2008 

 TABLE OF CONTENTS 
  
  

	 	 	 	 	 	  	Page

	 1.
	 	Definitions	  	1
			
	 2.
	 	Exchange Offer	  	4
			
	 3.
	 	Shelf Registration	  	7
			
	 4.
	 	Additional Interest	  	8
			
	 5.
	 	Registration Procedures	  	10
			
	 6.
	 	Registration Expenses	  	17
			
	 7.
	 	Indemnification	  	18
			
	 8.
	 	Rules 144 and 144A	  	21
			
	 9.
	 	Underwritten Registrations	  	21
			
	 10.
	 	Miscellaneous	  	21
				
	 	 	 (a)
	 	Remedies	  	21
	 	 	 (b)
	 	No Inconsistent Agreements	  	22
	 	 	 (c)
	 	Adjustments Affecting Registrable Notes	  	22
	 	 	 (d)
	 	Amendments and Waivers	  	22
	 	 	 (e)
	 	Notices	  	22
	 	 	 (f)
	 	Successors and Assigns	  	23
	 	 	 (g)
	 	Counterparts	  	23
	 	 	 (h)
	 	Headings	  	24
	 	 	 (i)
	 	Governing Law	  	24
	 	 	 (j)
	 	Severability	  	24
	 	 	 (k)
	 	Notes Held by the Company or Its Affiliates	  	24
	 	 	 (1)
	 	Third Party Beneficiaries	  	24
	 	 	 (m)
	 	Entire Agreement	  	24

  

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is made and entered into as of June 10, 2003, by and
among Texas-New Mexico Power Company, a Texas corporation (the “Company”), and Barclays Capital Inc. and CIBC World Markets Corp., as initial purchasers (the “Initial Purchasers”). 
  
 This Agreement is entered into in connection with the Purchase Agreement,
dated as of June 5, 2003, by and among the Company and the Initial Purchasers (the “Purchase Agreement”) relating to, among other things, the sale by the Company to the Initial Purchasers of $250,000,000 aggregate principal amount
of the Company’s 6.125% Senior Notes due 2008 (the “Notes”). In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide the registration rights set forth in this Agreement
for the benefit of the holders of Registrable Notes (as defined), including, without limitation, the Initial Purchasers. The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Notes
under the Purchase Agreement. 
  
 The parties hereby agree as
follows: 
  

	1.	 	Definitions 

  
 As used in this Agreement, the following terms shall have the following meanings: 
  
 Additional Interest: See Section 4(a). 
  
 Advice: See the last paragraph of Section 5. 
  
 Affiliate: An affiliate of the Company within the meaning of Rule 405 of the Securities Act. 
  
 Agreement: See the first introductory paragraph to this Agreement.

  
 Applicable Period: See the second paragraph of Section
2(b). 
  
 Business Day: A day that is not a Saturday, a
Sunday, or a day on which banking institutions in New York, New York are required or authorized to be closed. 
  
 Closing Date: The Closing Date as defined in the Purchase Agreement. 
  
 Commission: The Securities and Exchange Commission. 
  
 Company: See the first introductory paragraph to this Agreement. 
  
 DTC: See Section 5(i). 
  
 Effectiveness Date: With respect to (i) the Exchange Registration
Statement, the 180th day after the Issue Date and (ii) any Shelf Registration, the 90th day after the Filing Date with respect thereto; provided, however, that if the Effectiveness Date would otherwise fall on a 

 day that is not a Business Day, then the Effectiveness Date shall be the next succeeding Business Day. 
  
 Effectiveness Period: See Section 3(a). 
  
 Event Date: See the first paragraph of Section 4(b). 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the
rules and regulations of the Commission promulgated thereunder. 
  
 Exchange Notes: See Section 2(a). 
  
 Exchange
Offer: See Section 2(a). 
  
 Exchange Registration
Statement: See Section 2(a). 
  
 Filing Date: (A) If no
Registration Statement has previously been filed by the Company pursuant to this Agreement, the 90th day after the Issue Date; and (B) in any other case, the 60th day after delivery of the Shelf Notice as required pursuant to Section 2(c) hereof;
provided, however, that if the Filing Date would otherwise fall on a day that is not a Business Day, then the Filing Date shall be the next succeeding Business Day. 
  
 Holder: Any registered holder of Registrable Notes. 
  
 Indemnified Person: See Section 7(c). 
  
 Indemnifying Person: See Section 7(c). 
  
 Indenture: The Indenture, dated as of January 1, 1999, by and between the Company and JPMorgan Chase Bank (successor
to Chase Bank of Texas, N.A.), as trustee (the “Trustee”), and the Second Supplemental Indenture to be dated as of June 1, 2003, by and between the Company and the Trustee, pursuant to which the Notes are being issued. 

 
 Initial Purchasers: See the first introductory paragraph to this
Agreement. 
  
 Initial Shelf Registration: See Section
3(a). 
  
 Inspectors: See Section 5(o). 
  
 Issue Date: The date on which the Notes were sold to the Initial
Purchasers pursuant to the Purchase Agreement. 
  
 NASD:
National Association of Securities Dealers, Inc. 
  
 Notes:
See the second introductory paragraph to this Agreement. 
  
 Participant: See Section 7(a). 
  
 Participating Broker-Dealer: See the first paragraph of Section 2(b). 
  

 2 

 Person: Any individual, corporation, partnership, limited liability company, joint venture,
association, joint stock company, trust, unincorporated organization or government (including any agency or political subdivision thereof). 
  
 Private Exchange: See the third paragraph of Section 2(b). 
  

Private Exchange Notes: See the third paragraph of Section 2(b). 
  
 Prospectus: The prospectus included in any Registration Statement (including, without limitation, any prospectus
subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Notes covered by such Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective
amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
  
 Purchase Agreement: See the second introductory paragraph to this Agreement. 
  
 Records: See Section 5(o). 
  
 Registrable Notes: Each Note upon original issuance thereof and at all times subsequent thereto, each Exchange Note
as to which Section 2(c)(iv) hereof is applicable upon original issuance thereof and at all times subsequent thereto and each Private Exchange Note upon original issuance thereof and at all times subsequent thereto, until, in the case of any such
Note, Exchange Note or Private Exchange Note, as the case may be, the earliest to occur of (i) a Registration Statement (other than, with respect to any Exchange Note as to which Section 2(c)(iv) hereof is applicable) covering such Note, Exchange
Note or Private Exchange Note, as the case may be, has been declared effective by the Commission and such Note, Exchange Note or Private Exchange Note, as the case may be, has been disposed of in accordance with such effective Registration
Statement, (ii) such Note, Exchange Note or Private Exchange Note, as the case may be, is sold in compliance with Rule 144, (iii) in the case of any Note, such Note has been exchanged pursuant to the Exchange Offer for an Exchange Note or Exchange
Notes which may be resold without restriction under federal securities laws, or (iv) such Note, Exchange Note or Private Exchange Note, as the case may be, ceases to be outstanding for purposes of the Indenture. 
  
 Registration Statement: Any registration statement of the Company,
including, but not limited to, the Exchange Registration Statement, that covers any of the Registrable Notes pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including
post-effective amendments, all exhibits, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 
  
 Rule 144: Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144A) or
regulation hereafter adopted by the Commission providing for offers and sales of securities made in compliance therewith resulting 
  

 3 

 in offers and sales by subsequent holders that are not affiliates of an issuer of such securities being free of the
registration and prospectus delivery requirements of the Securities Act. 
  
 Rule 144A: Rule 144A under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the Commission. 
  
 Rule 415: Rule 415 under the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Commission. 
  
 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 Shelf Notice: See Section 2(c). 
  
 Shelf Registration: See Section 3(b). 
  
 Subsequent Shelf Registration: See Section 3(b). 
  
 TIA: The Trust Indenture Act of 1939, as amended. 
  
 Trustee: The trustee under the Indenture and, if existent, the trustee
under any indenture governing the Exchange Notes and Private Exchange Notes (if any). 
  
 Underwritten registration or underwritten offering: A registration in which securities of the Company are sold to an underwriter for reoffering to the public. 
  

	2.	 	Exchange Offer 

  
 (a) The Company agrees to file with the Commission no later than the Filing Date, an offer to exchange (the “Exchange Offer”) any and all
of the Registrable Notes (other than Private Exchange Notes, if any) for a like aggregate principal amount of debt securities of the Company which are identical in all material respects to the Notes (the “Exchange Notes”) (and which
are entitled to the benefits of the Indenture or a trust indenture which is identical in all material respects to the Indenture (other than such changes to the Indenture or any such identical trust indenture as are necessary to comply with any
requirements of the Commission to effect or maintain the qualification thereof under the TIA) and which, in either case, has been qualified under the TIA), except that the Exchange Notes shall have been registered pursuant to an effective
Registration Statement under the Securities Act and shall contain no restrictive legend thereon. The Exchange Offer shall be registered under the Securities Act on the appropriate form (the “Exchange Registration Statement”) and
shall comply with all applicable tender offer rules and regulations under the Exchange Act. The Company agrees to use its reasonable best efforts to (x) cause the Exchange Registration Statement to be declared effective under the Securities Act on
or before the Effectiveness Date; (y) keep the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the Exchange Offer is first mailed to Holders; and (z) consummate the Exchange
Offer on or prior to the 30th day following the date on which the Exchange Registration Statement is declared effective (or if such day is not a Business Day, then the next succeeding Business Day). If after 
  

 4 

 such Exchange Registration Statement is initially declared effective by the Commission, the Exchange Offer or the
issuance of the Exchange Notes thereunder is interfered with by any stop order, injunction or other order or requirement of the Commission or any other governmental agency or court, such Exchange Registration Statement shall be deemed not to have
become effective for purposes of this Agreement. Each Holder (other than Affiliates) who participates in the Exchange Offer will be required to represent that any Exchange Notes received by it will be acquired in the ordinary course of its business,
that at the time of the consummation of the Exchange Offer, such Holder does not and will not have any arrangement or understanding with any Person to participate in the distribution of the Exchange Notes in violation of the Securities Act, that
such Holder is not an Affiliate, and any additional representations that in the written opinion of counsel to the Company are necessary under then-existing interpretations of the Commission in order for the Exchange Registration Statement to be
declared effective. Upon consummation of the Exchange Offer in accordance with this Section 2, the provisions of this Agreement shall continue to apply, mutatis mutandis, solely with respect to Registrable Notes that are Private
Exchange Notes and Exchange Notes held by Participating Broker-Dealers, and the Company shall have no further obligation to register Registrable Notes (other than Private Exchange Notes and other than in respect of any Exchange Notes as to which
clause 2(c)(iv) hereof applies) pursuant to Section 3 of this Agreement. 
  
 (b) The Company shall include within the Prospectus contained in the Exchange Registration Statement a section entitled “Plan of Distribution,” reasonably acceptable to the Initial Purchasers, which shall
contain a summary statement of the positions taken or policies made by the Staff of the Commission with respect to the potential “underwriter” status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the
Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange Offer (a “Participating Broker-Dealer”). Such “Plan of Distribution” section shall also allow, to the extent permitted by applicable policies
and regulations of the Commission, the use of the Prospectus by all Persons subject to the prospectus delivery requirements of the Securities Act, including, to the extent so permitted, all Participating Broker-Dealers, and include a statement
describing the manner in which Participating Broker-Dealers may resell the Exchange Notes. 
  
 The Company shall use its reasonable best efforts to keep the Exchange Registration Statement effective and to amend and supplement the Prospectus contained therein, in order to permit such Prospectus to be lawfully
delivered by all Persons subject to the prospectus delivery requirements of the Securities Act for such period of time as is necessary to comply with applicable law in connection with any resale of the Exchange Notes; provided,
however, that such period shall not be required to exceed 180 days after the Exchange Offer has been completed or such longer period if extended pursuant to the last paragraph of Section 5 (the “Applicable Period”).

  
 If, upon consummation of the Exchange Offer, any Initial
Purchaser holds any Notes acquired by it and having the status of an unsold allotment in the initial distribution of the Notes, the Company upon the request of such Initial Purchaser shall, simultaneously with the delivery of the Exchange Notes in
the Exchange Offer, issue and deliver to such Initial Purchaser, in exchange (the “Private Exchange”) for the Notes held by such Initial Purchaser, a like principal amount of debt securities of the Company that are identical in all
material respects to the Exchange Notes except for the existence of restrictions on transfer thereof under the 
  

 5 

 Securities Act and securities laws of the several states of the U.S. (the “Private Exchange Notes”) (and
which are issued pursuant to the same indenture as the Exchange Notes). The Private Exchange Notes shall bear the same CUSIP number as the Exchange Notes to the extent possible. Interest on the Exchange Notes and Private Exchange Notes will accrue
from the last interest payment date on which interest was paid on the Notes surrendered in exchange therefor or, if no interest has been paid on the Notes, from the Issue Date. 
  
 In connection with the Exchange Offer, the Company shall: 
  
 (1) mail to each Holder a copy of the Prospectus forming part of the Exchange Registration Statement,
together with an appropriate letter of transmittal and related documents; 
  
 (2) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York, which may be the Trustee or an affiliate thereof; 
  
 (3) permit Holders to withdraw tendered Registrable Notes at
any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer shall remain open; and 
  
 (4) otherwise comply in all material respects with all applicable laws. 
  
 As soon as practicable after the close of the Exchange Offer or the Private Exchange, as the case may be, the Company shall:

  
 (1) accept for exchange all Notes
validly tendered and not validly withdrawn pursuant to the Exchange Offer or the Private Exchange; 
  
 (2) deliver to the Trustee for cancellation all Notes so accepted for exchange; and 
  
 (3) cause the Trustee to authenticate and deliver promptly
to each Holder tendering such Notes, Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Notes of such Holder so accepted for exchange; provided that, in the case of any Notes held in global form by a
depository, authentication and delivery to such depository of one or more replacement Notes in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication
and delivery requirement. 
  
 The Exchange Notes and the Private
Exchange Notes may be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the Indenture, which in either event will provide that the Exchange Notes will not be subject to the transfer restrictions set forth in
the Indenture and that the Exchange Notes, the Private Exchange Notes and the Notes, if any, will vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes or the Notes, if any, will have
the right to vote or consent as a separate class on any matter. 
  

 6 

 (c) If, (i) because of any change in law or in currently prevailing interpretations of the staff of the
Commission, the Company is not permitted to effect an Exchange Offer, (ii) the Exchange Offer is not consummated within 210 days of the Issue Date (or if such day is not a Business Day, then the next succeeding Business Day); (iii) any holder of
Private Exchange Notes so requests in writing to the Company or (iv) in the case of any Holder that participates in the Exchange Offer (and tenders its Registrable Notes prior to the expiration thereof), such Holder does not receive Exchange Notes
on the date of the exchange that may be sold without restriction under federal securities laws (other than due solely to the status of such Holder as an Affiliate) and so notifies the Company within 20 days following the consummation of the Exchange
Offer (which notice shall set forth a reasonable basis for its conclusions), in the case of each of clauses (i)-(iv), then the Company shall as promptly as practicable deliver to the Holders and the Trustee written notice thereof (the “Shelf
Notice”) and shall file a Shelf Registration pursuant to Section 3. 
  

	3.	 	Shelf Registration 

  
 If a Shelf Notice is delivered as contemplated by Section 2(c), then: 
  
 (a) Shelf Registration. The Company shall as promptly as reasonably practicable file with the Commission a
Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes that have not been exchanged for Exchange Notes (the “Initial Shelf Registration”). If the Company
shall not have yet filed the Exchange Registration Statement, the Company shall file with the Commission the Initial Shelf Registration on or prior to the Filing Date and shall use its reasonable best efforts to cause such Initial Shelf Registration
to be declared effective under the Securities Act on or prior to the Effectiveness Date. Otherwise, the Company shall file with the Commission the Initial Shelf Registration within 60 days of the delivery of the Shelf Notice and shall use its
reasonable best efforts to cause such Shelf Registration to be declared effective under the Securities Act on or prior to the 90th day after filing of the Initial Shelf Registration. The Initial Shelf Registration shall be on Form S-1 or another
appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners designated by them (including, without limitation, one or more underwritten offerings). The Company shall not permit any securities
other than the Registrable Notes to be included in any Shelf Registration. The Company shall use its reasonable best efforts to keep the Initial Shelf Registration continuously effective under the Securities Act until the date which is 24 months
from the Issue Date (or, if Rule 144(k) under the Securities Act is amended to permit unlimited resales by non-affiliates within a lesser period, such lesser period) (the “Effectiveness Period”) or such shorter period ending when
(i) all Registrable Notes covered by the Initial Shelf Registration have been sold in the manner set forth and as contemplated in the Initial Shelf Registration or (ii) a Subsequent Shelf Registration covering all of the Registrable Notes has been
declared effective under the Securities Act. 
  
 (b) Subsequent
Shelf Registrations. If the Initial Shelf Registration or any Subsequent Shelf Registration ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the securities registered
thereunder), the Company shall use its reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 30 days of such cessation of effectiveness amend the Shelf Registration
in a manner to obtain the withdrawal of the order 
  

 7 

 suspending the effectiveness thereof, or file an additional “shelf” Registration Statement pursuant to Rule 415
covering all of the Registrable Notes (a “Subsequent Shelf Registration”). If a Subsequent Shelf Registration is filed, the Company shall use its reasonable best efforts to cause the Subsequent Shelf Registration to be declared
effective as soon as practicable after such filing and to keep such Subsequent Shelf Registration continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during which the Initial
Shelf Registration or any Subsequent Shelf Registrations was previously continuously effective. As used herein the term “Shelf Registration” means the Initial Shelf Registration and any Subsequent Shelf Registration. 
  
 (c) Supplements and Amendment. The Company shall promptly supplement
and amend any Shelf Registration if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if reasonably requested by the Holders of a majority
in aggregate principal amount of the Registrable Notes covered by such Shelf Registration or by any underwriter of such Registrable Notes, in each case, with the Company’s consent, which consent shall not be unreasonably withheld or delayed.

  

	4.	 	Additional Interest 

  
 (a) The Company and the Initial Purchasers agree that the Holders of Registrable Notes will suffer damages if the Company fails to fulfill its
obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Company agrees to pay, as liquidated damages, additional interest on the Registrable Notes
(“Additional Interest”) under the circumstances and to the extent set forth below, each of which shall be given independent effect (each a “Registration Default”): 
  
 (i) if (A) neither the Exchange Registration Statement nor
the Initial Shelf Registration has been filed on or prior to the Filing Date applicable thereto or (B) notwithstanding that the Company has consummated or will consummate an Exchange Offer, the Company is required to file a Shelf Registration and
such Shelf Registration is not filed on or prior to the Filing Date applicable thereto, then commencing on the day after such Filing Date, Additional Interest shall accrue on the principal amount of the Registrable Notes over and above the stated
interest at a rate of 0.25% per annum for the first 90 days immediately following such Filing Date, such Additional Interest rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period; 
  
 (ii) if (A) neither the Exchange Registration Statement nor
the Initial Shelf Registration is declared effective on or prior to the Effectiveness Date applicable thereto or (B) notwithstanding that the Company has consummated or will consummate an Exchange Offer, the Company is required to file a Shelf
Registration and such Shelf Registration is not declared effective by the Commission on or prior to the Effectiveness Date applicable thereto, then, commencing on the day after such Effectiveness Date, Additional Interest shall accrue on the
principal amount of the Registrable Notes over and above the stated interest at a rate of 0.25% per annum for 
  

 8 

 the first 90 days immediately following the day after such Effectiveness Date, such Additional Interest
rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period; and 
  
 (iii) if (A) the Company has not exchanged Exchange Notes for all Notes validly tendered in accordance with the terms of the Exchange
Offer on or prior to the 210th day after the Issue Date (or if such day is not a Business Day, then the next
succeeding Business Day), (B) the Exchange Registration Statement has been declared effective and ceases to be effective prior to consummation of the Exchange Offer or (C) if applicable, a Shelf Registration has been declared effective and such
Shelf Registration ceases to be effective at any time during the Effectiveness Period, then Additional Interest shall accrue on the principal amount of the Registrable Notes over and above the stated interest at a rate of 0.25% per annum for the
first 90 days commencing on the (x) 211th day after the Issue Date (or if the 210th day after the Issue Date is not
a Business Day, then the day succeeding the next succeeding Business Day) in the case of (A) above or (y) the day such Exchange Registration Statement or Shelf Registration ceases to be effective in the case of (B) and (C) above, such Additional
Interest rate increasing by an additional 0.25% per annum at the beginning of each such subsequent 90-day period; 
  
 provided, however, that the Additional Interest rate on the Registrable Notes may not accrue under more than one of the foregoing clauses (i)-(iii) at any
one time and shall not exceed in the aggregate 1.0% per annum over and above the stated interest; provided further that (1) upon the filing of the Exchange Registration Statement or each Shelf Registration (in the case of (i) above),
(2) upon the effectiveness of the Exchange Registration Statement or each Shelf Registration, as the case may be (in the case of (ii) above), or (3) upon the exchange of Exchange Notes for all Registrable Notes tendered (in the case of (iii)(A)
above) or upon the effectiveness of an Exchange Registration Statement or Shelf Registration which had ceased to remain effective (in the case of (iii)(B) and (C) above), Additional Interest on any Registrable Notes then accruing Additional Interest
as a result of such clause (or the relevant subclause thereof), as the case may be, shall cease to accrue. 
  
 (b) The Company shall notify the Trustee within one Business Day after each and every date on which a Registration Default occurs in respect of which
Additional Interest is required to be paid (an “Event Date”). Any amounts of Additional Interest due pursuant to a Registration Default will be payable in cash semi-annually on each regular interest payment date specified in the
Indenture (to the Holders of Registrable Notes of record on the regular record date therefor (as specified in the Indenture) immediately preceding such dates), commencing with the first such regular interest payment date occurring after any such
Additional Interest commences to accrue. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal amount of the Notes subject thereto, multiplied by a fraction, the numerator of
which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months), and the denominator of which is 360. 
  
 Notwithstanding anything to the contrary in this Section 4, the Company shall
not be required to pay Additional Interest to a Holder (i) if such Holder failed to comply with its 
  

 9 

 obligations to make the representations set forth in Section 2(a) or failed to provide the information required to be
provided by it, if any, pursuant to Section 5 or (ii) if the Exchange Offer was consummated within 210 days after the Issue Date (or if such day is not a Business Day, the next succeeding Business Day) and such Holder of Registrable Notes was, at
any time while the Exchange Offer was pending, eligible to exchange, and did not validly tender, such Registrable Notes for freely transferable corresponding Exchange Notes in such Exchange Offer. 
  
 The parties hereto agree that the liquidated damages provided for in this
Section 4 constitute a reasonable estimate of and are intended to constitute the sole damages that will be suffered by Holders of Registrable Notes by reason of the failure of (i) the Shelf Registration or the Exchange Registration Statement to be
filed, (ii) the Shelf Registration to remain effective or (iii) the Exchange Registration Statement to be declared effective and remain effective and the Exchange Offer to be consummated, in each case to the extent required by this Agreement.

  

	5	 	Registration Procedures 

  
 In connection with the filing of any Registration Statement pursuant to Sections 2 or 3 hereof, the Company shall use its reasonable best efforts to
effect such registrations to permit the sale of such securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Company
hereunder, the Company shall use its reasonable best efforts to: 
  
 (a) Prepare and file with the Commission prior to the applicable Filing Date, the Exchange Registration Statement or if the Exchange Registration Statement is not filed or is unavailable, a Shelf Registration as prescribed by Section 2 or
3, and use its reasonable best efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided that, if (1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus
contained in an Exchange Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period and has advised the
Company that it is a Participating Broker-Dealer, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Company shall, if requested, furnish to and afford the Holders of the Registrable Notes to be
registered pursuant to such Shelf Registration or each such Participating Broker-Dealer, as the case may be, covered by such Registration Statement, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of
all such documents (including copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least five Business Days prior to such filing). The Company shall not file any such
Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement, or any such Participating Broker-Dealer, as the
case may be, their counsel, or the managing underwriters, if any, shall reasonably object. 
  
 (b) Prepare and file with the Commission such amendments and post-effective amendments to each Shelf Registration or Exchange Registration Statement, as the case may be, as may be necessary to keep such Registration
Statement continuously effective for the 
  

 10 

 Effectiveness Period, the Applicable Period or until consummation of the Exchange Offer, as the case may be; cause the
related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act; and comply with the provisions
of the Securities Act and the Exchange Act applicable to it with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of
any securities being sold by a Participating Broker-Dealer covered by any such Prospectus. 
  
 (c) If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period from whom the Company has received written notice that it will be a Participating Broker-Dealer, notify the selling Holders of Registrable Notes, and each
such Participating Broker-Dealer, their counsel and the managing underwriters, if any, promptly (but in any event within two Business Days), and confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon written
request, obtain, without charge, one conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the
issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at
any time when a prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Notes the representations and warranties of the Company contained in any agreement pursuant to this Agreement (including any
underwriting agreement contemplated by Section 5(n) hereof) cease to be true and correct in any material respect, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of a Registration Statement or any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose,
(v) of the happening of any event, the existence of any condition or any information becoming known that makes any statement of material fact made in such Registration Statement or related Prospectus or any document incorporated or deemed to be
incorporated therein by reference untrue in any material respect or that requires the making of any changes in, or amendments or supplements to, such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement,
it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the
Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate. 
  

 11 

 (d) If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an
Exchange Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use its reasonable best efforts to
prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable
Notes or the Exchange Notes to be sold by any Participating Broker-Dealer, for sale in any jurisdiction, and, if any such order is issued, to use its reasonable best efforts to obtain the withdrawal of any such order at the earliest possible date.

  
 (e) If a Shelf Registration is filed pursuant to Section 3 and
if requested by the managing underwriters, if any, or the Holders of a majority in aggregate principal amount of the Registrable Notes being sold in connection with an underwritten offering, (i) as promptly as practicable incorporate in a prospectus
supplement or post-effective amendment such information or revisions to information therein relating to such underwriters or selling Holders as the managing underwriters, if any, or such Holders or their counsel reasonably request to be included or
made therein, (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such prospectus supplement or
post-effective amendment, and (iii) supplement or make amendments to such Registration Statement. 
  
 (f) If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes and to each such Participating
Broker-Dealer who so requests in writing and to counsel and each managing underwriter, if any, without charge, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial
statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
  
 (g) If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer, deliver to each selling Holder of Registrable Notes or each such Participating Broker-Dealer, as the case may be, their respective counsel, and the
underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may
reasonably request in writing; and, subject to the last paragraph of this Section 5, the Company hereby consents to the use (in accordance with law) of such Prospectus and each amendment or supplement thereto by each of the selling Holders of
Registrable Notes and each Participating Broker-Dealer, and the underwriters or agents, if any, and dealers (if any), in connection with the offering and sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the
Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto. 
  

 12 

 (h) Prior to any public offering of Registrable Notes or any delivery of a Prospectus contained in the
Exchange Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use its reasonable best efforts to register or qualify, and cooperate with the selling Holders of Registrable Notes and
each such Participating Broker-Dealer, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Notes or Exchange Notes, as
the case may be, for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters, if any, reasonably request in
writing; provided that where Exchange Notes held by Participating Broker-Dealers or Registrable Notes are offered pursuant to an underwritten offering, counsel to the underwriters shall, at the cost and expense of the Company, perform the
Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h); keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is
required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the Exchange Notes by Participating Broker-Dealers or the Registrable Notes covered by the
applicable Registration Statement; provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of
process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 
  
 (i) If a Shelf Registration is filed pursuant to Section 3, cooperate with
the selling Holders of Registrable Notes, any Participating Broker-Dealer and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold, which
certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company (the “DTC”); and enable such Registrable Notes to be in such denominations and registered in such
names as the managing underwriter or underwriters, if any, or Holders may reasonably request at least two Business Days prior to such sale of Registrable Notes. 
  

(j) Use its reasonable best efforts to cause the Registrable Notes covered by the Registration Statement to be registered with or approved by such
governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriters, if any, to consummate the disposition of such Registrable Notes; provided that the Company shall not be required to (A)
qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to
taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 
  
 (k) If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof,
as promptly as practicable prepare and (subject to Section 5(a) hereof) file with the Commission, at the Company’s sole expense, a 
  

 13 

 supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any
document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder or to the purchasers of the Exchange Notes
to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain 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, in the light of the circumstances under which they were made, not misleading. 
  
 (l) Use its reasonable best efforts to cause the Registrable Notes covered by a Registration Statement to be rated with the appropriate rating agencies,
if so requested by the Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement or the managing underwriter or underwriters, if any. 
  
 (m) Prior to the effective date of the first Registration Statement relating to the Registrable Notes, (i) provide the
Trustee with printed certificates for the Registrable Notes or the Exchange Notes, as the case may be, in a form eligible for deposit with DTC and (ii) provide a CUSIP number for the Registrable Notes or the Exchange Notes, as the case may be.

  
 (n) In connection with an underwritten offering of Registrable
Notes pursuant to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Notes and take all such other actions as are reasonably requested by the managing underwriter or
underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Notes and, in such connection, (i) make such representations and warranties to the underwriters, with respect to the business of the Company and
its subsidiaries and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt
securities similar to the Notes, and confirm the same in writing if and when requested; (ii) obtain the opinion of counsel to the Company and updates thereof in form and substance reasonably satisfactory to the managing underwriter or underwriters,
addressed to the underwriters covering the matters customarily covered in opinions requested in underwritten offerings of debt securities similar to the Notes; (iii) obtain “cold comfort” letters and updates thereof in form and substance
reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any
business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters
of the type customarily covered in “cold comfort” letters in connection with underwritten offerings of debt securities similar to the Notes; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification
provisions and procedures no less favorable than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration
Statement and the managing underwriter or underwriters or agents) with respect to all parties to be indemnified pursuant to said Section. The above shall be done at each closing under such underwriting agreement, or as and to the extent required
thereunder. 
  

 14 

 (o) If (1) a Shelf Registration is filed pursuant to Section 3, or (2) a Prospectus contained in an
Exchange Registration Statement filed pursuant to Section 2 is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any
selling Holder of such Registrable Notes being sold, and each Participating Broker-Dealer, any underwriter participating in any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such selling
Holder, each Participating Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), upon written request, at the offices where normally kept, during reasonable business hours, all pertinent financial and
other records, pertinent corporate documents and properties of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities,
and cause the officers, directors and employees of the Company and its subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration Statement. Records which the Company determines, in good
faith, to be confidential and any Records which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such
Registration Statement, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) the information in such Records has been made generally available to the public other than as a
result of a disclosure or failure to safeguard by such Inspector or (iv) disclosure of such information is, in the opinion of counsel for any Inspector, necessary or advisable in connection with any action, claim, suit or proceeding, directly or
indirectly, involving or potentially involving such Inspector and arising out of, based upon, related to, or involving this Agreement, or any transactions contemplated hereby or arising hereunder. As a condition to providing such information to the
Inspectors, each Inspector, each selling Holder of such Registrable Notes and each Participating Broker-Dealer shall agree that information obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it as
the basis for any market transactions in the securities of the Company or any of its subsidiaries unless and until such is made generally available to the public. Each Inspector, each selling Holder of such Registrable Notes and each Participating
Broker-Dealer shall further agree that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction pursuant to clauses (ii) or (iv) of the previous sentence or otherwise, give notice to the Company and allow
the Company to undertake appropriate action to obtain a protective order or otherwise prevent disclosure of the Records deemed confidential at its expense. 
  
 (p) Provide an indenture trustee for the Registrable Notes or the Exchange Notes, as the case may be, and cause the Indenture or the trust indenture
provided for in Section 2(a), as the case may be, to be qualified under the TIA not later than the effective date of the Exchange Offer or the first Registration Statement relating to the Registrable Notes; and in connection therewith, cooperate
with the trustee under any such indenture and the Holders of the Registrable Notes, to effect such changes to such indenture as may be required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use its
reasonable best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the Commission to enable such indenture to be so qualified in a timely
manner. 
  

 15 

 (q) Comply with all applicable rules and regulations of the Commission and make generally available to
its securityholders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) covering a period of at least 12 months beginning after the
effective date of the Registration Statement (as defined in paragraph (c) of Rule 158). 
  
 (r) Upon consummation of the Exchange Offer or a Private Exchange, obtain an opinion of counsel to the Company, in a form customary for underwritten transactions, addressed to the Trustee for the benefit of all
Holders of Registrable Notes participating in the Exchange Offer or the Private Exchange, as the case may be, that the Exchange Notes or the Private Exchange Notes, as the case may be, and the related indenture constitute legally valid and binding
obligations of the Company, enforceable against the Company in accordance with their respective terms. 
  
 (s) If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by Holders to the Company (or to such other
Person as directed by the Company) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, the Company shall mark, or caused to be marked, on such Registrable Notes that such Registrable Notes are being cancelled in
exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; in no event shall such Registrable Notes be marked as paid or otherwise satisfied. 
  
 (t) Cooperate with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any,
participating in the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with the NASD. 
  
 (u) Use its reasonable best efforts to take all other steps reasonably necessary to effect the registration of the Registrable Notes covered by a
Registration Statement contemplated hereby. 
  
 The Company may
require each seller of Registrable Notes as to which any registration is being effected and each underwriter to furnish to the Company such pertinent information regarding such seller or underwriter, as the case may be, and the distribution of such
Registrable Notes as the Company may, from time to time, reasonably request. The Company may exclude from such registration the Registrable Notes of any seller or underwriter who fails to furnish such pertinent information within a reasonable time
after receiving such request. No seller or underwriter shall be entitled to Additional Interest pursuant to Section 4 unless and until such seller or underwriter has provided all such pertinent information. Each seller and underwriter as to which
any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such seller or underwriter not materially
misleading. 
  
 Each Holder of Registrable Notes and each
Participating Broker-Dealer agrees by acquisition of such Registrable Notes or Exchange Notes to be sold by such Participating Broker-Dealer, as the case may be, that, upon receipt of any notice from the Company of the happening 
  

 16 

 of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi), such Holder will forthwith
discontinue disposition of such Registrable Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be, and, in each case, dissemination of such
Prospectus until such Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k), or until it is advised in writing (the “Advice”) by the Company
that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto. If so directed by the Company, each Holder and Participating-Broker will deliver to the Company all copies of the Prospectus
covering such Registrable Notes that were current at the time of receipt of such notice. In the event the Company shall give any such notice, the Applicable Period shall be extended by the number of days during such periods from and including the
date of the giving of such notice to and including the date when each seller of Registrable Notes covered by such Registration Statement or Exchange Notes to be sold by such Participating Broker-Dealer, as the case may be, shall have received the
copies of the supplemented or amended Prospectus contemplated by Section 5(k) or (y) the Advice. 
  

	6.	 	Registration Expenses 

  
 All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company, whether or not the Exchange Offer or a Shelf Registration is filed or becomes
effective, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with the NASD in connection with an underwritten offering and (B) fees and expenses
of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the
eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions (x) where the holders of Registrable Notes are located, in the case of the Exchange Notes, or (y) as provided in Section 5(h) hereof, in the
case of Registrable Notes or Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Notes or Exchange Notes
in a form eligible for deposit with the DTC and of printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in aggregate principal amount of the
Registrable Notes included in any Registration Statement or by any Participating Broker-Dealer, as the case may be, (iii) reasonable messenger, telephone and delivery expenses incurred in connection with the Exchange Registration Statement and any
Shelf Registration, (iv) fees and disbursements of counsel for the Company and reasonable fees and disbursements of one special counsel for the Initial Purchasers and the sellers of Registrable Notes, (v) fees and disbursements of all independent
certified public accountants referred to in Section 5(n)(iii) (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) rating agency fees, (vii)
Securities Act liability insurance, if the Company desires such insurance, (viii) fees and expenses of all other Persons retained by the Company, (ix) internal expenses of the Company (including, without limitation, all salaries and expenses of
officers and employees of the Company, performing legal or accounting duties), (x) the expense of any annual or special audit, (xi) the fees and expenses incurred in connection with the listing of the securities to be registered on any 

 

 17 

 securities exchange, (xii) the fees and disbursements of underwriters, if any, customarily paid by issuers or sellers of
securities (but not including any underwriting discounts or commissions or transfer taxes, if any, attributable to the sale of the Registrable Notes which discounts, commissions or taxes shall be paid by Holders of such Registrable Notes) and (xiii)
the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, securities sales agreements, indentures and any other documents necessary in order to comply with this Agreement. 

 

	7.	 	Indemnification 

  
 (a) The Company agrees to indemnify and hold harmless each Holder of Registrable Notes and each Participating Broker-Dealer, the officers, directors,
employees and agents of each such Person, and each Person, if any, who controls any such Person within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Participant”), from and
against any and all losses, claims, damages and liabilities (including, without limitation, the reasonable legal fees and other reasonable expenses actually incurred in connection with any suit, action or proceeding or any claim asserted) caused by,
arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements
thereto) or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, except insofar as such losses, claims, damages or liabilities are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any
Participant furnished to the Company in writing by or on behalf of such Participant expressly for use therein; provided, however, that the Company shall not be liable if such untrue statement or omission or alleged untrue statement or
omission was contained or made in any preliminary prospectus and corrected in the Prospectus or any amendment or supplement thereto and the Prospectus does not contain any other untrue statement or omission or alleged untrue statement or omission of
a material fact that was the subject matter of the related proceeding and any such loss, liability, claim, damage or expense suffered or incurred by the Participants resulted from any action, claim or suit by any Person who purchased Registrable
Notes or Exchange Notes which are the subject thereof from such Participant and it is established in the related proceeding that such Participant failed to deliver or provide a copy of the Prospectus (as amended or supplemented) to such Person with
or prior to the confirmation of the sale of such Registrable Notes or Exchange Notes sold to such Person if required by applicable law, unless such failure to deliver or provide a copy of the Prospectus (as amended or supplemented) was a result of
noncompliance by the Company with Section 5 of this Agreement. 
  
 (b) Each Participant will be required to agree, severally and not jointly, to indemnify and hold harmless the Company, its respective directors and officers and each Person who controls the Company within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to each Participant, but only with reference to information relating to such Participant furnished to the Company in writing by such
Participant expressly for use in any Registration Statement or Prospectus, any amendment or supplement thereto, or any preliminary prospectus. The liability 
  

 18 

 of any Participant under this paragraph shall in no event exceed the proceeds received by such Participant from sales of
Registrable Notes or Exchange Notes giving rise to such obligations. 
  
 (c) If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to either of the two
preceding paragraphs, such Person (the “Indemnified Person”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Person”) in writing, and the Indemnifying Person, upon
request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others the Indemnifying Person may reasonably designate in such proceeding and shall pay the
reasonable fees and expenses actually incurred by such counsel related to such proceeding; provided, however, that the failure to so notify the Indemnifying Person shall not relieve it of any obligation or liability which it may have
hereunder or otherwise. In any such suit, action or proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the
Indemnifying Person and the Indemnified Person shall have mutually agreed in writing to the contrary, (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person or (iii) the
named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and the Indemnified Person shall have reasonably concluded based on advice of counsel that there may be one or
more legal defenses available to it and/or other Indemnified Persons that are different from or additional to those available to any such Indemnifying Person (in which case the Indemnifying Person shall not have the right to assume the defense of
such action on behalf of the Indemnified Person and the Indemnified Person shall have the right to retain its own counsel with respect to such defenses and the Indemnifying Party shall pay the reasonable fees and expenses incurred by such counsel as
provided in this Section 7). It is understood that, unless there is a conflict among Indemnified Persons, the Indemnifying Person shall not, in connection with any suit, action or proceeding or related suit, action or proceeding in the same
jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm for
the Participants and such control Persons of Participants shall be designated in writing by Participants who sold a majority in interest of Registrable Notes sold by all such Participants and any such separate firm for the Company, its directors,
officers and such control Persons of the Company shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any suit, action or proceeding effected without its written consent, but if settled
with such consent, the Indemnifying Person agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have
requested an Indemnifying Person to reimburse the Indemnified Person for reasonable fees and expenses actually incurred by counsel as contemplated by the third sentence of this paragraph, the Indemnifying Person agrees that it shall be liable for
any settlement of any proceeding effected without its consent if (i) such settlement is entered into more than 30 days after receipt by such Indemnifying Person of the aforesaid request and (ii) such Indemnifying Person shall not have reimbursed the
Indemnified Person in accordance with such request prior to the date of such settlement; provided, however, that the Indemnifying Person shall not be liable for any settlement effected without its consent pursuant to this sentence if the
Indemnifying Person is 
  

 19 

 contesting, in good faith, the request for reimbursement. No Indemnifying Person shall, without the prior written consent
of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such
settlement (A) includes an unconditional release of such Indemnified Person, in form and substance satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any
statement as to an admission of fault, culpability or failure to act by or on behalf of an Indemnified Person. 
  
 (d) If the indemnification provided for in Sections 7(a) and 7(b) is unavailable to, or insufficient to hold harmless, an Indemnified Person in respect of
any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such Sections, in lieu of indemnifying such Indemnified Person thereunder and in order to provide for just and equitable contribution, shall
contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Person or Persons on the one hand
and the Indemnified Person or Persons on the other in connection with the statements or omissions (or alleged statements or omissions) that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other
relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company, on the one hand, or by the Participants or such other Indemnified Person, as the case may be, on the other, the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission and any other equitable considerations appropriate under the circumstances. 
  
 (e) The parties agree that it would not be just and equitable if contribution pursuant to Section 7(d) were determined by pro rata
allocation (even if the Participants were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section 7(d). The amount paid or payable by an
Indemnified Person as a result of the losses, claims, damages and liabilities referred to in Section 7(d) shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such
Indemnified Person in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall a Participant be required to contribute any amount in excess of the amount by which the
proceeds received by such Participant from sales of Registrable Notes or Exchange Notes, as the case may be, exceeds the amount of any damages that such Participant has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. 
  
 (f) The indemnity and contribution
agreements contained in this Section 7 will be in addition to any liability which the Indemnifying Persons may otherwise have to the Indemnified Persons referred to above. 
  

 20 

	8.	 	Rules 144 and 144A 

  
 The Company covenants, for so long as any Registrable Notes remain outstanding, that it will use its reasonable best efforts to file the reports required
to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder in a timely manner and, if at any time it is not required to file such reports, it will, upon the request of any
Holder of Registrable Notes, make publicly available other information so long as necessary to permit sales pursuant to Rule 144 and Rule 144A. The Company further covenants, for so long as any Registrable Notes remain outstanding, to make available
to any Holder or beneficial owner of Registrable Notes in connection with any sale thereof and any prospective purchaser of such Registrable Notes from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the Securities
Act in order to permit resales of such Registrable Notes pursuant to Rule 144A. 
  

	9.	 	Underwritten Registrations 

  
 The Holders of Registrable Notes may elect to sell their Registrable Notes in one or more underwritten offerings; provided, however, that
the aggregate principal amount of the Registrable Notes requested to be registered in any underwritten offering pursuant to this Section 9 must equal at least $50,000,000 and provided, further, that in no event shall the Holders effect
more than three such underwritten offerings hereunder. 
  
 If any
of the Registrable Notes covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in
aggregate principal amount of such Registrable Notes included in such offering and shall be reasonably acceptable to the Company. 
  
 No Holder of Registrable Notes may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s
Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting arrangements. 
  

	10.	 	Miscellaneous 

  
 (a) Remedies. In the event of a breach by the Company of any of its obligations under this Agreement, each Holder of Registrable Notes and each
Participating Broker-Dealer holding Exchange Notes, in addition to being entitled to exercise all rights provided herein, in the Indenture or, in the case of an Initial Purchaser, in the Purchase Agreement, or granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of any of the provisions of this
Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 
  

 21 

 (b) No Inconsistent Agreements. The Company has not entered, as of the date hereof, and the
Company shall not enter, after the date of this Agreement, into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Registrable Notes in this Agreement or otherwise conflicts with the
provisions hereof. The Company has not entered and the Company shall not enter into any agreement with respect to any of its securities which will grant to any Person piggy-back rights with respect to a Registration Statement. 
  
 (c) Adjustments Affecting Registrable Notes. The Company shall not,
directly or indirectly, take any action with respect to the Registrable Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a registration undertaken pursuant to this
Agreement. 
  
 (d) Amendments and Waivers. The provisions
of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of (A) the Holders of not less than a majority in
aggregate principal amount of the then outstanding Registrable Notes and (B) in circumstances that would materially and adversely affect Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate
principal amount of the Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7 and this Section 10(d) may not be amended, modified or supplemented without the prior written consent of each Holder and
each Participating Broker-Dealer (including any person who was a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any Registration Statement). Notwithstanding the foregoing, a
waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose securities are being tendered pursuant to the Exchange Offer or sold pursuant to a
Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal amount of the Registrable
Notes being tendered or being sold by such Holders pursuant to such Registration Statement. 
  
 (e) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or telecopier: 
  
 1. if to a Holder of Registrable Notes or any Participating
Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture, with a copy in like manner to the Initial Purchasers as follows: 

 
 BARCLAYS CAPITAL INC. 
 CIBC WORLD MARKETS CORP. 
 c/o Barclays Capital Inc. 
 200 Park Avenue 
 New York, New York 10166 
 Facsimile No.:  (212) 412-7305 
 Attention:  Syndicate Desk

  

 22 

 with a copy to: 
  

Milbank, Tweed, Hadley & McCloy LLP 
 1 Chase Manhattan Plaza 
 New York, New York 10005 
 Facsimile No.: (212) 822-5516 
 Attention: Robert B. Williams, Esq. 
  
 2. if to the Initial Purchasers, at the address specified in Section 10(e)(1) above; 
  
 3. if to the Company, as follows: 
  
 Texas-New Mexico Power Company 
 4100 International Plaza 
 Tower II 
 Fort Worth, Texas 76109 
 Facsimile No.: (817) 737-1333 
 Attention: Michael B. Blanchard, Esq. 
  
 with a copy to: 
  
 Kramer Levin Naftalis & Frankel LLP 
 919 Third Avenue 
 New York, New York 10022 
 Facsimile No.: (212) 715-8164 
 Attention: Tom Balliett, Esq. 
  
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after
being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier guaranteeing overnight delivery; and when receipt is acknowledged by the addressee, if telecopied. 
  
 Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee under the Indenture at the address specified in such Indenture. 
  
 (f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties
hereto and the Holders; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign holds Registrable Notes.

  
 (g) Counterparts. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each of which when so executed 
  

 23 

 shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

  
 (h) Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OFNEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHINTHE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK INANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
  
 (j) Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way
be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable. 
  
 (k) Notes Held by the
Company or Its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable Notes is required hereunder, Registrable Notes held by the Company or its Affiliates shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage. 
  
 (1) Third Party Beneficiaries. Holders of Registrable Notes and Participating Broker-Dealers are intended third party beneficiaries of this Agreement and this Agreement may be enforced by such Persons.

  
 (m) Entire Agreement. This Agreement, together with the
Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or
written agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda among the Initial Purchasers on the one hand and the Company on the other, or between or among any agents, representatives,
parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  
  

 24 

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

  

	 TEXAS-NEW MEXICO POWER
COMPANY

		
	 By:
	 	 /s/    SCOTT
FORBES        

	 	 	 Name:
	 	Scott Forbes
	 	 	 Title:
	 	Senior Vice President & Chief Financial Officer
	
	 BARCLAYS CAPITAL INC.
 CIBC WORLD MARKETS CORP.

		
	 By:
	 	 BARCLAYS CAPITAL INC.

		
	 By:
	 	 /s/    JAMES D.
GLASCOTT        

	 	 	 Name:
	 	James D. Glascott
	 	 	 Title:
	 	Managing Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}]]