Document:

Exhibit 10.2

 

REGISTRATION
RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (the “Agreement”) is dated as of August 25, 2020 and is made by and among Shore Bancshares, Inc.
a Maryland corporation (the “Company”), and the several purchasers of the Subordinated Notes (as defined below)
identified on the signature pages to the Purchase Agreement (as defined below) (collectively, the “Purchasers”).

 

This Agreement is made
pursuant to the Subordinated Note Purchase Agreement dated August 25, 2020 by and among the Company and each of the Purchasers
(the “Purchase Agreement”), which provides for the sale by the Company to the Purchasers of $25 million aggregate
principal amount of the Company’s 5.375% Fixed-to-Floating Rate Subordinated Notes due 2030, which were issued on August 25,
2020 (the “Subordinated Notes”). In order to induce each of the Purchasers to enter into the Purchase Agreement
and in satisfaction of a condition to the Purchasers’ obligations thereunder, the Company has agreed to provide to the Purchasers
and their respective direct and indirect transferees and assigns the registration rights set forth in this Agreement. The execution
and delivery of this Agreement is a condition to the closing under the Purchase Agreement.

 

In consideration of
the foregoing, the parties hereto agree as follows:

 

1.            Definitions.
As used in this Agreement, the following capitalized defined terms shall have the following meanings: “1933
Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations of the
SEC promulgated thereunder.

 

“1934 Act”
shall mean the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the SEC promulgated
thereunder.

 

“Additional
Interest” shall have the meaning set forth in Section 2(e) hereof.

 

“Agreement”
shall have the meaning set forth in the preamble to this Agreement.

 

“Closing Date”
shall mean August 25, 2020.

 

“Company”
shall have the meaning set forth in the preamble to this Agreement and also includes the Company’s successors.

 

“Depositary”
shall mean The Depository Trust Company, or any other depositary appointed by the Company, including any agent thereof; provided,
however, that any such depositary must at all times have an address in the Borough of Manhattan, the City of New York.

 

“Event Date”
shall have the meaning set forth in Section 2(e).

 

“Exchange
Offer” shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to Section 2(a) hereof.

 

“Exchange
Offer Registration” shall mean a registration under the 1933 Act effected pursuant to Section 2(a) hereof.

 

“Exchange
Offer Registration Statement” shall mean an exchange offer registration statement on Form S-4 (or, if applicable,
on another appropriate form) covering the Registrable Securities, and all amendments and supplements to such registration statement,
in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated
by reference therein.

 

     

     

    

 

“Exchange
Securities” shall mean the 5.375% Fixed-to-Floating Rate Subordinated Notes due 2030 issued by the Company under the
Indenture containing terms substantially identical to the Subordinated Notes (except that (i) interest thereon shall accrue
from the last date to which interest has been paid or duly provided for on the Subordinated Notes or, if no such interest has been
paid or duly provided for, from the Interest Accrual Date, (ii) provisions relating to an increase in the stated rate of interest
thereon upon the occurrence of a Registration Default shall be eliminated, (iii) the transfer restrictions and legends relating
to restrictions on ownership and transfer thereof as a result of the issuance of the Subordinated Notes without registration under
the 1933 Act shall be eliminated, (iv) the denominations thereof shall be $100,000 and integral multiples of $1,000 and (v) all
of the Exchange Securities will be represented by one or more global Exchange Securities in book-entry form unless exchanged for
Exchange Securities in definitive certificated form under the circumstances provided in the Indenture) to be offered to Holders
of Registrable Securities in exchange for Registrable Securities pursuant to the Exchange Offer.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority, Inc.

 

“Holders”
shall mean (i) the Purchasers, for so long as they own any Registrable Securities, and each of their respective successors,
assigns and direct and indirect transferees who become registered owners of Registrable Securities under the Indenture and (ii) each
Participating Broker-Dealer that holds Exchange Securities for so long as such Participating Broker-Dealer is required to deliver
a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities.

 

“Indenture”
shall mean the indenture, dated as of August 25, 2020 by and between the Company and UMB Bank National Association, as trustee,
as the same may be amended or supplemented from time to time in accordance with the terms thereof.

 

“Interest
Accrual Date” means August 25, 2020.

 

“Majority
Holders” shall mean the Holders of a majority of the aggregate principal amount of Registrable Securities outstanding,
excluding Exchange Securities referred to in clause (ii) of the definition of “Holders” above; provided
that whenever the consent or approval of Holders of a specified percentage of Registrable Securities or Exchange Securities is
required hereunder, Registrable Securities and Exchange Securities held by the Company or any of its affiliates (as such term is
defined in Rule 405 under the 1933 Act) shall be disregarded in determining whether such consent or approval was given by
the Holders of such required percentage.

 

“Notifying
Broker-Dealer” shall have the meaning set forth in Section 3(f).

 

“Participating
Broker-Dealer” shall have the meaning set forth in Section 3(f).

 

“Person”
shall mean an individual, partnership, joint venture, limited liability company, corporation, trust or unincorporated organization,
or a government or agency or political subdivision thereof.

 

“Prospectus”
shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering
of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements
to a prospectus, including post-effective amendments, and in each case including all material incorporated or deemed to be incorporated
by reference therein.

 

    2 

     

    

 

“Purchase
Agreement” shall have the meaning set forth in the preamble to this Agreement.

 

“Purchasers”
shall have the meaning set forth in the preamble of this Agreement.

 

“Registrable
Securities” shall mean the Subordinated Notes; provided, however, that any Subordinated Notes shall cease
to be Registrable Securities when (i) a Registration Statement with respect to such Subordinated Notes shall have been declared
effective under the 1933 Act and such Subordinated Notes shall have been disposed of pursuant to such Registration Statement, (ii) such
Subordinated Notes shall have been sold to the public pursuant to Rule 144 (or any similar provision then in force, but not
Rule 144A) under the 1933 Act, or are eligible to be resold pursuant to Rule 144 without regard to the public information
requirements thereunder, (iii) such Subordinated Notes shall have ceased to be outstanding, (iv) such Subordinated Notes
were eligible for exchange under an Exchange Offer Registration Statement that was declared effective under the 1933 Act but were
not exchanged at the election of the Holder during the period the Exchange Offer was open, or (v) such Subordinated Notes
have been exchanged for Exchange Securities which have been registered pursuant to the Exchange Offer Registration Statement upon
consummation of the Exchange Offer unless, in the case of any Exchange Securities referred to in this clause (v), such Exchange
Securities are held by Participating Broker-Dealers or otherwise are not freely tradable by such Participating Broker-Dealers without
any limitations or restrictions under the 1933 Act (in which case such Exchange Securities will be deemed to be Registrable Securities
until such time as such Exchange Securities are sold to a purchaser in whose hands such Exchange Securities are freely tradeable
without any limitations or restrictions under the 1933 Act).

 

“Registration
Default” shall have the meaning set forth in Section 2(e).

 

“Registration
Expenses” shall mean any and all reasonable expenses incident to performance of or compliance by the Company with this
Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all
fees and expenses incurred in connection with compliance with state or other securities or blue sky laws and compliance with the
rules of FINRA (including reasonable fees and disbursements of one counsel for any Holders in connection with qualification
of any of the Exchange Securities or Registrable Securities under state or other securities or blue sky laws and any filing with
and review by FINRA), (iii) all expenses of any Persons in preparing, printing and distributing any Registration Statement,
any Prospectus, any amendments or supplements thereto, securities sales agreements, certificates representing the Subordinated
Notes or Exchange Securities and other documents relating to the performance of and compliance with this Agreement, (iv) all
rating agency fees, (v) all fees and expenses incurred in connection with the listing, if any, of any of the Subordinated
Notes or Exchange Securities on any securities exchange or exchanges or on any quotation system, (vi) all fees and disbursements
relating to the qualification of the Indenture under applicable securities laws, (vii) the fees and disbursements of counsel
for the Company and the fees and expenses of independent public accountants for the Company or for any other Person, business or
assets whose financial statements are included in any Registration Statement or Prospectus, including the expenses of any special
audits or “cold comfort” letters required by or incident to such performance and compliance, and (viii) the fees
and expenses of the Trustee, any registrar, any depositary, any paying agent, any escrow agent or any custodian, in each case including
fees and disbursements of their respective counsel.

 

“Registration
Statement” shall mean any registration statement of the Company relating to any offering of the Exchange Securities or
Registrable Securities pursuant to the provisions of this Agreement (including, without limitation, any Exchange Offer Registration
Statement and any Shelf Registration Statement), and all amendments and supplements to any such Registration Statement, including
post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated
or deemed to be incorporated by reference therein.

 

    3 

     

    

 

“SEC”
shall mean the Securities and Exchange Commission or any successor thereto.

 

“Shelf Registration”
shall mean a registration effected pursuant to Section 2(b) hereof.

 

“Shelf Registration
Statement” shall mean a “shelf” registration statement of the Company pursuant to the provisions of Section 2(b) of
this Agreement which covers all of the Registrable Securities, as the case may be, on an appropriate form under Rule 415 under
the 1933 Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration
statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and
all material incorporated or deemed to be incorporated by reference therein.

 

“Subordinated
Notes” shall have the meaning set forth in the preamble to this Agreement.

 

“TIA”
shall mean the Trust Indenture Act of 1939, as amended from time to time, and the rules and regulations of the SEC promulgated
thereunder.

 

“Trustee”
shall mean the trustee with respect to the Subordinated Notes and the Exchange Securities under the Indenture.

 

For purposes of this
Agreement, (i) all references in this Agreement to any Registration Statement, preliminary prospectus or Prospectus or any
amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its Electronic
Data Gathering, Analysis and Retrieval system; (ii) all references in this Agreement to financial statements and schedules
and other information which is “contained,” “included” or “stated” in any Registration Statement,
preliminary prospectus or Prospectus (or other references of like import) shall be deemed to mean and include all such financial
statements and schedules and other information which is incorporated or deemed to be incorporated by reference in such Registration
Statement, preliminary prospectus or Prospectus, as the case may be; (iii) all references in this Agreement to amendments
or supplements to any Registration Statement, preliminary prospectus or Prospectus shall be deemed to mean and include the filing
of any document under the 1934 Act which is incorporated or deemed to be incorporated by reference in such Registration Statement,
preliminary prospectus or Prospectus, as the case may be; (iv) all references in this Agreement to Rule 144, Rule 144A,
Rule 405 or Rule 415 under the 1933 Act, and all references to any sections or subsections thereof or terms defined therein,
shall in each case include any successor provisions thereto; and (v) all references in this Agreement to days (but not to
business days) shall mean calendar days.

 

		2.	Registration Under the 1933 Act.

 

(a)          Exchange
Offer Registration. The Company shall (A) use its commercially reasonable efforts to file with the SEC on or prior to
the 60th day after the Closing Date an Exchange Offer Registration Statement covering the offer by the Company to the
Holders to exchange all of the Registrable Securities for a like aggregate principal amount of Exchange Securities, (B) use
its commercially reasonable efforts to cause such Exchange Offer Registration Statement to be declared effective by the SEC no
later than the 120th day after the Closing Date, (C) use its commercially reasonable efforts to cause such Registration
Statement to remain effective until the closing of the Exchange Offer and (D) use its commercially reasonable efforts to consummate
the Exchange Offer no later than 45 days after the effective date of the Exchange Offer Registration Statement. Upon the effectiveness
of the Exchange Offer Registration Statement, the Company shall promptly commence the Exchange Offer, it being the objective of
such Exchange Offer to enable each Holder eligible and electing to exchange Registrable Securities for Exchange Securities (assuming
that such Holder is not an affiliate of the Company within the meaning of Rule 405 under the 1933 Act, acquires the Exchange
Securities in the ordinary course of such Holder’s business and has no arrangements or understandings with any Person to
participate in the Exchange Offer for the purpose of distributing such Exchange Securities) to trade such Exchange Securities from
and after their receipt without any limitations or restrictions under the 1933 Act or under the securities or blue sky laws of
the states of the United States.

 

    4 

     

    

 

In connection with
the Exchange Offer, the Company shall:

 

(i)            promptly
mail or otherwise transmit, in compliance with the applicable procedures of the depositary for such Registrable Securities, to
each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter
of transmittal and related documents;

 

(ii)           keep
the Exchange Offer open for not less than 20 business days (or longer if required by applicable law) after the date notice thereof
is mailed to the Holders and, during the Exchange Offer, offer to all Holders who are legally eligible to participate in the Exchange
Offer the opportunity to exchange their Registrable Securities for Exchange Securities;

 

(iii)          use
the services of a depositary with an address in the Borough of Manhattan, City of New York for the Exchange Offer;

 

(iv)          permit
Holders to withdraw tendered Registrable Securities at any time prior to the close of business, Eastern time, on the last business
day on which the Exchange Offer shall remain open, by sending to the institution and at the address specified in the Prospectus
or the related letter of transmittal or related documents a facsimile transmission or letter setting forth the name of such Holder,
the principal amount of Registrable Securities delivered for exchange, and a statement that such Holder is withdrawing its election
to have such Subordinated Notes exchanged;

 

(v)           notify
each Holder that any Registrable Security not tendered will remain outstanding and continue to accrue interest, but will not retain
any rights under this Agreement (except in the case of Participating Broker-Dealers as provided herein); and

 

(vi)          otherwise
comply in all material respects with all applicable laws relating to the Exchange Offer.

 

The Exchange Securities
shall be issued under the Indenture, which shall be qualified under the TIA. The Indenture shall provide that the Exchange Securities
and the Subordinated Notes shall vote and consent together on all matters as a single class and shall constitute a single series
of debt securities issued under the Indenture.

 

As soon as reasonably
practicable after the close of the Exchange Offer, the Company shall:

 

(vii)         accept
for exchange all Registrable Securities duly tendered and not validly withdrawn pursuant to the Exchange Offer in accordance with
the terms of the Exchange Offer Registration Statement and the letter of transmittal which is an exhibit thereto;

 

(viii)        deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable Securities so accepted for exchange by the Company; and

 

    5 

     

    

 

(ix)          cause
the Trustee promptly to authenticate and deliver Exchange Securities to each Holder of Registrable Securities so accepted for exchange
equal in principal amount to the principal amount of the Registrable Securities of such Holder so accepted for exchange.

 

Interest on each Exchange
Security will accrue from the last date on which interest was paid or duly provided for on the Subordinated Notes surrendered in
exchange therefor or, if no interest has been paid or duly provided for on such Subordinated Notes, from the Interest Accrual Date.
The Exchange Offer shall not be subject to any conditions, other than (i) that the Exchange Offer, or the making of any exchange
by a Holder, does not violate any applicable law or any applicable interpretation of the staff of the SEC, (ii) that no action
or proceeding shall have been instituted or threatened in any court or by or before any governmental agency with respect to the
Exchange Offer which, in the Company’s judgment, would reasonably be expected to impair the ability of the Company to proceed
with the Exchange Offer, and (iii) that the Holders tender the Registrable Securities to the Company in accordance with the
Exchange Offer. Each Holder of Registrable Securities (other than Participating Broker-Dealers) who wishes to exchange such Registrable
Securities for Exchange Securities in the Exchange Offer will be required to represent that (i) it is not an affiliate (as
defined in Rule 405 under the 1933 Act) of the Company, (ii) any Exchange Securities to be received by it will be acquired
in the ordinary course of business, (iii) it has no arrangement with any Person to participate in the distribution (within
the meaning of the 1933 Act) of the Exchange Securities, and (iv) it is not acting on behalf of any Person who could not truthfully
make the statements set forth in clauses (i), (ii) and (iii) immediately above, and shall be required to make such other
representations as may be reasonably necessary under applicable SEC rules, regulations or interpretations to render the use of
Form S-4 or another appropriate form under the 1933 Act available.

 

(b)           Shelf
Registration. (i) If, because of any change in law or applicable interpretations thereof by the staff of the SEC, the
Company is not permitted to effect the Exchange Offer as contemplated by Section 2(a) hereof, or (ii) if
for any other reason (A) the Exchange Offer Registration Statement is not declared effective within 120 days following the
Closing Date or (B) the Exchange Offer is not consummated within 45 days after effectiveness of the Exchange Offer Registration
Statement (provided that if the Exchange Offer Registration Statement shall be declared effective after such 120-day period
or if the Exchange Offer shall be consummated after such 45-day period, then the Company’s obligations under this clause
(ii) arising from the failure of the Exchange Offer Registration Statement to be declared effective within such 120-day period
or the failure of the Exchange Offer to be consummated within such 45-day period, respectively, shall terminate), or (iii) if
any Holder is not eligible to participate in the Exchange Offer or elects to participate in the Exchange Offer but does not receive
Exchange Securities which are freely tradeable without any limitations or restrictions under the 1933 Act, the Company shall, at
its cost:

 

(A)         use
its commercially reasonable efforts to file with the SEC on or prior to (a) the 180th day after the Closing Date or (b) the
60th day after any such filing obligation arises, whichever is later, a Shelf Registration Statement relating to the offer and
sale of the Registrable Securities by the Holders from time to time in accordance with the methods of distribution elected by the
Majority Holders of such Registrable Securities and set forth in such Shelf Registration Statement;

 

(B)          use
its commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the SEC as promptly
as practicable, but in no event later than (a) the 225th day after the Closing Date or (b) the 105th
day after an obligation to file with the SEC a Shelf Registration Statement arises, whichever is later. In the event that the Company
is required to file a Shelf Registration Statement pursuant to clause (iii) above, the Company shall file and use its
commercially reasonable efforts to have declared effective by the SEC both an Exchange Offer Registration Statement pursuant to
Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined
Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities
held by such Holder described in clause (iii) above;

 

    6 

     

    

 

(C)          use
its commercially reasonable efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended as
required, in order to permit the Prospectus forming part thereof to be usable by Holders for a period of one year after the latest
date on which any Subordinated Notes are originally issued by the Company (subject to extension pursuant to the last paragraph
of Section 3) or, if earlier, when all of the Registrable Securities covered by such Shelf Registration Statement (i) have
been sold pursuant to the Shelf Registration Statement in accordance with the intended method of distribution thereunder, or (ii) cease
to be Registrable Securities; and

 

(D)          notwithstanding
any other provisions hereof, use its commercially reasonable efforts to ensure that (i) any Shelf Registration Statement and
any amendment thereto and any Prospectus forming a part thereof and any supplements thereto comply in all material respects with
the 1933 Act, (ii) any Shelf Registration Statement and any amendment thereto does not, when it becomes effective, 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 not misleading and (iii) any Prospectus forming part of any Shelf Registration Statement and any amendment
or supplement to such Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided,
however, clauses (ii) and (iii) shall not apply to any statement in or omission from a Shelf Registration Statement
or a Prospectus made in reliance upon and conformity with information relating to any Holder or Participating Broker-Dealer of
Registrable Securities furnished to the Company in writing by such Holder or Participating Broker-Dealer, respectively, expressly
for use in such Shelf Registration Statement or Prospectus.

 

The Company further
agrees, if necessary, to supplement or amend the Shelf Registration Statement if reasonably requested by the Majority Holders with
respect to information relating to the Holders and otherwise as required by Section 3(b) below, to use its commercially
reasonable efforts to cause any such amendment to become effective and such Shelf Registration Statement to become usable as soon
as reasonably practicable thereafter and to furnish to the Holders of Registrable Securities copies of any such supplement or amendment
promptly after its being used or filed with the SEC.

 

(c)          Expenses.
The Company shall pay all Registration Expenses in connection with the registration pursuant to Section 2(a) and
2(b) and, in the case of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements
of one counsel designated in writing by the Majority Holders to act as counsel for the Holders of the Registrable Securities in
connection therewith; provided, however, that the Company shall not be responsible for reimbursement for the fees and disbursements
of such counsel in an aggregate amount in excess of $10,000. Each Holder shall pay all fees and disbursements of its counsel other
than as set forth in the preceding sentence or in the definition of Registration Expenses and all underwriting discounts and commissions
and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to a Shelf
Registration Statement.

 

(d)          Effective
Registration Statement.

 

(i)            The
Company shall be deemed not to have used its commercially reasonable efforts to cause the Exchange Offer Registration Statement
or any Shelf Registration Statement, as the case may be, to become, or to remain, effective during the requisite periods set forth
herein if the Company voluntarily takes any action that would reasonably be expected to result in any such Registration Statement
not being declared effective or remaining effective or in the Holders of Registrable Securities (including, under the circumstances
contemplated by Section 3(f) hereof, Exchange Securities) covered thereby not being able to exchange or offer
and sell such Registrable Securities during that period unless (A) such action is required by applicable law or (B) such
action is taken by the Company in good faith and for valid business reasons (but not including avoidance of the Company’s
obligations hereunder), including, but not limited to, the acquisition or divestiture of assets or a material corporate transaction
or event, or if the Company determines in good faith that effecting or maintaining the availability of the registration would materially
and adversely affect an offering of securities of the Company or if the Company is in possession of material non-public information
the disclosure of which would not be in the best interests of the Company, in each case so long as the Company promptly complies
with the notification requirements of Section 3(k) hereof, if applicable. Nothing in this paragraph shall prevent
the accrual of Additional Interest on any Registrable Securities or Exchange Securities.

 

    7 

     

    

 

(ii)           An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement pursuant
to Section 2(b) hereof shall not be deemed to have become effective unless it has been declared effective by the
SEC; provided, however, that if, after such Registration Statement has been declared effective, the offering of Registrable
Securities pursuant to a Registration Statement is interfered with by any stop order, injunction or other order or requirement
of the SEC or any other governmental agency or court, such Registration Statement shall be deemed not to have been effective during
the period of such interference until the offering of Registrable Securities pursuant to such Registration Statement may legally
resume.

 

(iii)          During
any 365-day period, the Company may, by notice as described in Section 3(e), suspend the availability of a Shelf Registration
Statement (and, if the Exchange Offer Registration Statement is being used in connection with the resale of Exchange Securities
by Participating Broker-Dealers as contemplated by Section 3(f), the Exchange Offer Registration Statement) and the
use of the related Prospectus for up to two periods of up to 60 consecutive days each (except for the consecutive 60-day period
immediately prior to final maturity of the Subordinated Notes), but no more than an aggregate of 120 days during any 365-day period,
upon (a) the happening of any event or the discovery of any fact referred to in Section 3(e)(vi), or (b) if
the Company determines in good faith that effecting or maintaining the availability of the registration would materially and adversely
affect an offering of securities of the Company or if the Company is in possession of material non-public information the disclosure
of which would not be in the best interests of the Company, in each case subject to compliance by the Company with its obligations
under the last paragraph of Section 3.

 

(e)          Increase
in Interest Rate. In the event that:

 

(i)            the
Exchange Offer Registration Statement is not filed with the SEC on or prior to the 60th day following the Closing Date,
or

 

(ii)           the
Exchange Offer Registration Statement is not declared effective by the SEC on or prior to the 120th day following the
Closing Date, or

 

(iii)          the
Exchange Offer is not consummated on or prior to the 45th day following the effective date of the Exchange Offer Registration
Statement, or

 

(iv)          if
required, a Shelf Registration Statement is not filed with the SEC on or prior to (A) the 180th day following the
Closing Date or (B) the 60th day after the obligation to file with the SEC a Shelf Registration Statement arises,
whichever is later, or

 

    8 

     

    

 

(v)            if
required, a Shelf Registration Statement is not declared effective on or prior to (a) the 225th day following the
Closing Date or (b) the 105th day after an obligation to file with the SEC a Shelf Registration Statement arises,
whichever is later, or

 

(vi)          a
Shelf Registration Statement is declared effective by the SEC but such Shelf Registration Statement ceases to be effective or such
Shelf Registration Statement or the Prospectus included therein ceases to be usable in connection with resales of Registrable Securities
due to any act or omission of the Company and (A) the aggregate number of days in any consecutive 365-day period for which
the Shelf Registration Statement or such Prospectus shall not be effective or usable exceeds 120 days, (B) the Shelf Registration
Statement or such Prospectus shall not be effective or usable for more than two periods (regardless of duration) in any consecutive
365-day period or (C) the Shelf Registration Statement or such Prospectus shall not be effective or usable for a period of
more than 90 consecutive days, or

 

(vii)         the
Exchange Offer Registration Statement is declared effective by the SEC but, if the Exchange Offer Registration Statement is being
used in connection with the resale of Exchange Securities as contemplated by Section 3(f) of this Agreement, the
Exchange Offer Registration Statement ceases to be effective or the Exchange Offer Registration Statement or the Prospectus included
therein ceases to be usable in connection with resales of Exchange Securities due to any act or omission of the Company during
the 180-day period referred to in Section 3(f)(B) of this Agreement (as such period may be extended pursuant to
the last paragraph of Section 3 of this Agreement) and (A) the aggregate number of days in any consecutive 365-day
period for which the Exchange Offer Registration Statement or such Prospectus shall not be effective or usable exceeds 120 days,
(B) the Exchange Offer Registration Statement or such Prospectus shall not be effective or usable for more than two periods
(regardless of duration) in any consecutive 365-day period or (C) the Exchange Offer Registration Statement or the Prospectus
shall not be effective or usable for a period of more than 90 consecutive days,

 

(each of the events referred to in clauses
(i) through (vii) above being hereinafter called a “Registration Default”), the per annum interest
rate borne by the Registrable Securities shall be increased (“Additional Interest”) by one-quarter of one percent
(0.25%) per annum immediately following such 60-day period in the case of clause (i) above, immediately following such 120-day
period in the case of clause (ii) above, immediately following such 45-day period in the case of clause (iii) above,
immediately following any such 180-day period or 60-day period, whichever ends later, in the case of clause (iv) above, immediately
following any such 225-day period or 105-day period, as applicable, in the case of clause (v) above, immediately following
the 120th day in any consecutive 365-day period, as of the first day of the third period in any consecutive 365-day
period or immediately following the 90th consecutive day, whichever occurs first, that a Shelf Registration Statement shall not
be effective or a Shelf Registration Statement or the Prospectus included therein shall not be usable as contemplated by clause
(vi) above, or immediately following the 120th day in any consecutive 365-day period, as of the first day of the
third period in any consecutive 365-day period or immediately following the 90th consecutive day, whichever occurs first,
that the Exchange Offer Registration Statement shall not be effective or the Exchange Offer Registration Statement or the Prospectus
included therein shall not be usable as contemplated by clause (vii) above, which rate will be increased by an additional
one-quarter of one percent (0.25%) per annum immediately following each 90-day period that any Additional Interest continues to
accrue under any circumstances; provided that, if at any time more than one Registration Default has occurred and is continuing,
then, until the next date that there is no Registration Default, the increase in interest rate provided for by this paragraph shall
apply as if there occurred a single Registration Default that begins on the date that the earliest such Registration Default occurred
and ends on such date that there is no Registration Default; provided further, that the aggregate increase in such annual
interest rate may in no event exceed one-half of one percent (0.50%) per annum. Upon the filing of the Exchange Offer Registration
Statement after the 60-day period described in clause (i) above, the effectiveness of the Exchange Offer Registration Statement
after the 120-day period described in clause (ii) above, the consummation of the Exchange Offer after the 45-day period described
in clause (iii) above, the filing of the Shelf Registration Statement after the 180-day period or 60-day period, as the case
may be, described in clause (iv) above, the effectiveness of a Shelf Registration Statement after the 225-day period or 105-day
period, as applicable, described in clause (v) above, or the Shelf Registration Statement once again being effective or the
Shelf Registration Statement and the Prospectus included therein becoming usable in connection with resales of Registrable Securities,
as the case may be, in the case of clause (vi) above, or the Exchange Offer Registration Statement once again becoming effective
or the Exchange Offer Registration Statement and the Prospectus included therein becoming usable in connection with resales of
Exchange Securities, as the case may be, in the case of clause (vii) thereof, the interest rate borne by the Subordinated
Notes from the date of such filing, effectiveness, consummation or resumption of effectiveness or usability, as the case may be,
shall be reduced to the original interest rate so long as no other Registration Default shall have occurred and shall be continuing
at such time and the Company is otherwise in compliance with this paragraph; provided, however, that, if after any
such reduction in interest rate, one or more Registration Defaults shall again occur, the interest rate shall again be increased
pursuant to the foregoing provisions (as if it were the original Registration Default). Notwithstanding anything in this Agreement
to the contrary, the Company will not be obligated to pay any Additional Interest in the case of a Shelf Registration Statement
with respect to any Holder of Registrable Securities who fails to timely provide all information with respect to Holder that is
reasonably requested by the Company to enable it to timely comply with its obligations under Section 2(b).

 

    9 

     

    

 

The Company shall notify
the Trustee within three business days after each and every date on which an event occurs in respect of which Additional Interest
is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee,
in trust, for the benefit of the Holders of Registrable Securities, on or before the applicable interest payment date, immediately
available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each
interest payment date to the record Holder of Registrable Securities entitled to receive the interest payment to be paid on such
date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the
day following the applicable Event Date.

 

Anything herein to
the contrary notwithstanding, any Holder who was, at the time the Exchange Offer was pending and consummated, eligible to exchange,
and did not validly tender, its Subordinated Notes for Exchange Securities in the Exchange Offer will not be entitled to receive
any Additional Interest.

 

(f)          Specific
Enforcement. Without limiting the remedies available to the Holders or any Participating Broker-Dealer, the Company acknowledges
that any failure by the Company to comply with its obligations under 2(a) and 2(b) hereof may result in
material irreparable injury to the Holders or the Participating Broker-Dealers for which there is no adequate remedy at law, that
it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, any Holder and
any Participating Broker-Dealer may obtain such relief as may be required to specifically enforce the Company’s obligations
under 2(a) and 2(b).

 

		3.	Registration Procedures. In connection with the obligations of the Company with respect to the Registration Statements
pursuant to 2(a) and 2(b) hereof, the Company shall:

 

(a)          prepare
and file with the SEC a Registration Statement or, if required, Registration Statements, within the time periods specified in Section 2,
on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case
of a Shelf Registration Statement, be available for the sale of the Registrable Securities by the selling Holders thereof and (iii) shall
comply as to form in all material respects with the requirements of the applicable form and include or incorporate by reference
all financial statements required by the SEC to be filed therewith or incorporated by reference therein, and use its commercially
reasonable efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance
with Section 1 hereof;

 

    10 

     

    

 

(b)          prepare
and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary under applicable
law to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof; cause
each Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424
under the 1933 Act; and comply with the provisions of the 1933 Act and the 1934 Act with respect to the disposition of all Registrable
Securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods
of distribution by the selling Holders thereof;

 

(c)          in
the case of a Shelf Registration, (i) notify each Holder of Registrable Securities, at least ten business days prior to filing,
that a Shelf Registration Statement with respect to the Registrable Securities is being filed and advising such Holders that the
distribution of Registrable Securities will be made in accordance with the method elected by the Majority Holders; (ii) furnish
to each Holder of Registrable Securities and counsel for the Holders, without charge, as many copies of each Prospectus, including
each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder or counsel may reasonably
request, including financial statements and schedules and, if such Holder or counsel so requests, all exhibits (including those
incorporated by reference) in order to facilitate the public sale or other disposition of the Registrable Securities; and (iii) subject
to the penultimate paragraph of this Section 3, the Company hereby consents to the use of the Prospectus, including
each preliminary Prospectus, or any amendment or supplement thereto by each of the Holders of Registrable Securities in accordance
with applicable law in connection with the offering and sale of the Registrable Securities covered by and in the manner described
in any Prospectus or any amendment or supplement thereto;

 

(d)          use
its commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or
“blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall
reasonably request, to cooperate with the Holders of any Registrable Securities in connection with any filings required to be made
with FINRA, to keep each such registration or qualification effective during the period such Registration Statement is required
to be effective and do any and all other acts and things which may be reasonably necessary or advisable to enable such Holder to
consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however,
that the Company shall not be required to (i) qualify as a foreign corporation or entity or as a dealer in securities in any
jurisdiction where it would not otherwise be required to qualify but for this Section 3(d) or (ii) take any
action which would subject it to general service of process or taxation in any such jurisdiction if it is not then so subject;

 

(e)          in
the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for such Holders promptly and, if requested
by such Holder or counsel, confirm such advice in writing promptly

 

(i)           when
a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective,

 

(ii)          of
any request by the SEC or any state securities authority for post-effective amendments or supplements to a Registration Statement
or Prospectus or for additional information after a Registration Statement has become effective (other than comments to 1934 Act
reports incorporated therein by reference),

 

    11 

     

    

 

(iii)         of
the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement
or the initiation of any proceedings for that purpose,

 

(iv)         [reserved],

 

(v)          of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose,

 

(vi)          of
the happening of any event or the discovery of any facts during the period a Shelf Registration Statement is effective which is
contemplated in Section 2(d)(i) or which makes any statement made in such Shelf Registration Statement or the
related Prospectus untrue in any material respect or which constitutes an omission to state a material fact in such Shelf Registration
Statement or Prospectus and

 

(vii)         of
any determination by the Company that a post-effective amendment to a Registration Statement would be appropriate. Without limitation
to any other provisions of this Agreement, the Company agrees that this Section 3(e) shall also be applicable, mutatis
mutandis, with respect to the Exchange Offer Registration Statement and the Prospectus included therein to the extent that such
Prospectus is being used by Participating Broker-Dealers as contemplated by Section 3(f);

 

(f)            (A)    
in the case of an Exchange Offer, (i) include in the Exchange Offer Registration Statement (1) a “Plan of Distribution”
section covering the use of the Prospectus included in the Exchange Offer Registration Statement by broker-dealers who have exchanged
their Registrable Securities for Exchange Securities for the resale of such Exchange Securities and (2) a statement to the
effect that any such broker-dealers who wish to use the related Prospectus in connection with the resale of Exchange Securities
acquired as a result of market-making or other trading activities will be required to notify the Company to that effect, together
with instructions for giving such notice (which instructions shall include a provision for giving such notice by checking a box
or making another appropriate notation on the related letter of transmittal) (each such broker-dealer who gives notice to the Company
as aforesaid being hereinafter called a “Notifying Broker-Dealer”), (ii) furnish to each Notifying Broker-Dealer
who desires to participate in the Exchange Offer, without charge, as many copies of each Prospectus included in the Exchange Offer
Registration Statement, including any preliminary prospectus, and any amendment or supplement thereto, as such broker-dealer may
reasonably request, (iii) include in the Exchange Offer Registration Statement a statement that any broker-dealer who holds
Registrable Securities acquired for its own account as a result of market-making activities or other trading activities (a “Participating
Broker-Dealer”), and who receives Exchange Securities for Registrable Securities pursuant to the Exchange Offer, may
be a statutory underwriter and must deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale
of such Exchange Securities, (iv) subject to the penultimate paragraph of this Section 3, the Company hereby consents
to the use of the Prospectus forming part of the Exchange Offer Registration Statement or any amendment or supplement thereto by
any Notifying Broker-Dealer in accordance with applicable law in connection with the sale or transfer of Exchange Securities, and
(v) include in the transmittal letter or similar documentation to be executed by an exchange offeree in order to participate
in the Exchange Offer the following provision:

 

“If the undersigned is not
a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable
Securities, it represents that the Registrable Securities to be exchanged for Exchange Securities were acquired by it as a result
of market-making activities or other trading activities and acknowledges that it will deliver a prospectus meeting the requirements
of the 1933 Act in connection with any resale of such Exchange Securities pursuant to the Exchange Offer; however, by so acknowledging
and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the
meaning of the 1933 Act;”

 

    12 

     

    

 

(B)            to
the extent any Notifying Broker-Dealer participates in the Exchange Offer, (i) the Company shall use its commercially reasonable
efforts to maintain the effectiveness of the Exchange Offer Registration Statement for a period of 180 days (subject to extension
pursuant to the last paragraph of this Section 3) following the last date on which exchanges are accepted pursuant
to the Exchange Offer, and (ii) the Company will comply, insofar as relates to the Exchange Offer Registration Statement,
the Prospectus included therein and the offering and sale of Exchange Securities pursuant thereto, with its obligations under Section 2(b)(D),
the last paragraph of Section 2(b), Section 3(c), 3(d), 3(e), 3(g), 3(i), 3(j),
3(k), 3(o), 3(p), 3(q), 3(r) and 3(s), and the last three paragraphs of this Section 3
as if all references therein to a Shelf Registration Statement, the Prospectus included therein and the Holders of Registrable
Securities referred, mutatis mutandis, to the Exchange Offer Registration Statement, the Prospectus included therein and the applicable
Notifying Broker-Dealers and, for purposes of this Section 3(f), all references in any such paragraphs or sections
to the “Majority Holders” shall be deemed to mean, solely insofar as relates to this Section 3(f),
the Notifying Broker-Dealers who are the Holders of the majority in aggregate principal amount of the Exchange Securities which
are Registrable Securities; and

 

(C)            the
Company shall not be required to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement as would
otherwise be contemplated by Section 3(b) or 3(k) hereof, or take any other action as a result of
this Section 3(f), for a period exceeding 180 days (subject to extension pursuant to the last paragraph of this Section 3)
after the last date on which exchanges are accepted pursuant to the Exchange Offer and Notifying Broker-Dealers shall not be authorized
by the Company to, and shall not, deliver such Prospectus after such period in connection with resales contemplated by this Section 3;

 

(g)          in
the case of a Shelf Registration, furnish counsel for the Holders of Registrable Securities copies of any request by the SEC or
any state securities authority for amendments or supplements to a Registration Statement or Prospectus or for additional information
(other than comments to 1934 Act reports incorporated therein by reference);

 

(h)          use
its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement
as soon as practicable and provide prompt notice to each Holder of the withdrawal of any such order;

 

(i)            in
the case of a Shelf Registration, upon request furnish to each Holder of Registrable Securities, without charge, at least one conformed
copy of each Registration Statement and any post-effective amendments thereto (without documents incorporated or deemed to be incorporated
therein by reference or exhibits thereto, unless requested);

 

(j)            in
the case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and cause
such Registrable Securities to be in such denominations (consistent with the provisions of the Indenture) and in a form eligible
for deposit with the Depositary and registered in such names as the selling Holders may reasonably request in writing at least
two business days prior to the closing of any sale of Registrable Securities;

 

    13 

     

    

 

(k)            in
the case of a Shelf Registration, upon the occurrence of any event or the discovery of any facts as contemplated by Section 3(e)(vi) hereof,
use its commercially reasonable efforts to prepare a supplement or post-effective amendment to a Registration Statement or 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 Securities, such Prospectus will not contain at the time
of such delivery any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. The Company agrees to notify each Holder to
suspend use of the Prospectus as promptly as practicable after the occurrence of such an event, and each Holder hereby agrees to
suspend use of the Prospectus until the Company has amended or supplemented the Prospectus to correct such misstatement or omission.
At such time as such public disclosure is otherwise made or the Company determines that such disclosure is not necessary, in each
case to correct any misstatement of a material fact or to include any omitted material fact, the Company agrees promptly to notify
each Holder of such determination and to furnish each Holder such number of copies of the Prospectus, as amended or supplemented,
as such Holder may reasonably request;

 

(l)            obtain
CUSIP and ISIN numbers for all Exchange Securities or Registrable Securities, as the case may be, not later than the effective
date of a Registration Statement, and provide the Trustee with printed or word-processed certificates for the Exchange Securities
or Registrable Securities, as the case may be, in a form eligible for deposit with the Depositary;

 

(m)          (i) cause
the Indenture to be qualified under the TIA in connection with the registration of the Exchange Securities or Registrable Securities,
as the case may be, (ii) cooperate with the Trustee and the Holders to effect such changes, if any, to the Indenture as may
be required for the Indenture to be so qualified in accordance with the terms of the TIA and (iii) execute, and use its commercially
reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes, if any, and all other
forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner;

 

(n)            in
the case of a Shelf Registration, upon request make available for inspection, at reasonable times and in reasonable manner, by
representatives of the Holders of the Registrable Securities participating in any disposition pursuant to a Shelf Registration
Statement and one counsel or accountant retained by such Holders (with such inspection to occur at such time as mutually agreed
between the Company and such Persons), all financial statements and other records, documents and properties of the Company reasonably
requested by any such Persons, and cause the respective officers, directors, employees, and any other agents of the Company to
supply all information reasonably requested by any such Persons in connection with a Shelf Registration Statement; provided, that
any such Persons shall be required to execute a customary confidentiality agreement;

 

(o)            in
the case of a Shelf Registration, a reasonable time prior to filing any Shelf Registration Statement, any Prospectus forming a
part thereof, any amendment to such Shelf Registration Statement or amendment or supplement to such Prospectus, provide copies
of such document to the Holders of Registrable Securities and to counsel for any such Holders, and make such changes in any such
document prior to the filing thereof as the Holders of Registrable Securities, or any of their counsel may reasonably request,
and cause the representatives of the Company to be available for discussion of such documents, at reasonable times and in reasonable
manner, as shall be reasonably requested by the Holders of Registrable Securities and shall not at any time make any filing of
any such document of which such Holders or their counsel shall not have previously been advised and furnished a copy or to which
such Holders or their counsel shall reasonably object within a reasonable time period;

 

    14 

     

    

 

(p)            in
the case of a Shelf Registration, use its commercially reasonable efforts to cause all Registrable Securities to be listed on any
securities exchange on which similar debt securities issued by the Company are then listed if requested by the Majority Holders;

 

(q)            in
the case of a Shelf Registration, use its commercially reasonable efforts to cause the Registrable Securities to be rated by the
same rating agency that initially rated the Subordinated Notes, if so requested by the Majority Holders of Registrable Securities,
unless the Registrable Securities are already so rated;

 

(r)            otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC and, with respect to
each Registration Statement and each post-effective amendment, if any, thereto and each filing by the Company of an Annual Report
on Form 10-K, make available to its security holders, as soon as reasonably practicable, an earnings statement covering at
least twelve months which shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder;
and

 

(s)            cooperate
and assist in any filings required to be made with FINRA.

 

In the case of a Shelf
Registration Statement, the Company may (as a condition to such Holder’s participation in the Shelf Registration) require
each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed distribution
by such Holder of such Registrable Securities as the Company may from time to time reasonably request in writing and require such
Holder to agree in writing to be bound by all provisions of this Agreement applicable to such Holder.

 

In the case of a Shelf
Registration Statement, each Holder agrees and, in the event that any Participating Broker-Dealer is using the Prospectus included
in the Exchange Offer Registration Statement in connection with the sale of Exchange Securities pursuant to Section 3(f),
each such Participating Broker-Dealer agrees that, upon receipt of any notice from the Company of the happening of any event or
the discovery of any facts of the kind described in Section 3(e)(ii), 3(e)(iii) or 3(e)(v) through
3(e)(vii) hereof, such Holder or Participating Broker-Dealer, as the case may be, will forthwith discontinue disposition
of Registrable Securities pursuant to a Registration Statement until receipt by such Holder or Participating Broker-Dealer, as
the case may be, of (i) the copies of the supplemented or amended Prospectus contemplated by Section 3(k) hereof
or (ii) written notice from the Company that the Shelf Registration Statement or the Exchange Offer Registration Statement,
respectively, are once again effective or that no supplement or amendment is required. If so directed by the Company, such Holder
or Participating Broker-Dealer, as the case may be, will deliver to the Company (at the Company’s expense) all copies in
its possession, other than permanent file copies then in its possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice. Nothing in this paragraph shall prevent the accrual of Additional Interest on any
Registrable Securities.

 

If the Company shall
give any such notice to suspend the disposition of Registrable Securities pursuant to the immediately preceding paragraph, the
Company shall be deemed to have used its commercially reasonable efforts to keep the Shelf Registration Statement or, in the case
of Section 3(f), the Exchange Offer Registration Statement, as the case may be, effective during such period of suspension;
provided that (i) such period of suspension shall not exceed the time periods provided in Section 2(d)(iii) hereof
and (ii) the Company shall use its commercially reasonable efforts to file and have declared effective (if an amendment) as
soon as practicable thereafter an amendment or supplement to the Shelf Registration Statement or the Exchange Offer Registration
Statement or both, as the case may be, or the Prospectus included therein and shall extend the period during which the Shelf Registration
Statement or the Exchange Offer Registration Statement or both, as the case may be, shall be maintained effective pursuant to this
Agreement (and, if applicable, the period during which Participating Broker-Dealers may use the Prospectus included in the Exchange
Offer Registration Statement pursuant to Section 3(f) hereof) by the number of days during the period from and
including the date of the giving of such notice to and including the earlier of the date when the Holders or Participating Broker-Dealers,
respectively, shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions and the
effective date of written notice from the Company to the Holders or Participating Broker-Dealers, respectively, that the Shelf
Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective or that no supplement
or amendment is required.

 

    15 

     

    

 

		4.	Indemnification and Contribution.

 

(a)          The
Company agrees to indemnify and hold harmless each Holder, each Participating Broker-Dealer and each Person, if any, who controls
any Holder or Participating Broker-Dealer within the meaning of either Section 15 of the 1933 Act or Section 20 of the
1934 Act, as follows:

 

(i)            against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) pursuant to which Exchange
Securities or Registrable Securities were registered under the 1933 Act, including all documents incorporated therein by reference,
or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact contained in any
preliminary prospectus or Prospectus (or any amendment or supplement thereto) or any omission or alleged omission therefrom of
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading;

 

(ii)            against
any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement
of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph
(i) above; provided that any such settlement is effected with the prior written consent of the Company; and

 

(iii)          against
any and all expense whatsoever, as incurred (including, subject to Section 4(c) below, the fees and disbursements
of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation,
or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon
any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above,
to the extent that any such expense is not paid under subparagraph (i) or (ii) above;

 

provided, however, that this
indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement
or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished
to the Company by any Holder or Participating Broker-Dealer with respect to such Holder, Participating Broker-Dealer, as the case
may be, expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement
thereto).

 

    16 

     

    

 

(b)          Each
Holder, severally but not jointly, agrees to indemnify and hold harmless the Company, each director of the Company, each officer
of the Company who signed the Registration Statement, each Participating Broker-Dealer and each other selling Holder and each Person,
if any, who controls the Company, any Participating Broker-Dealer or any other selling Holder within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act against any and all loss, liability, claim, damage and expense described in
the indemnity contained in Section 4(a) hereof, as incurred, but only with respect to untrue statements or omissions,
or alleged untrue statements or omissions, made in the Shelf Registration Statement (or any amendment thereto) or any Prospectus
included therein (or any amendment or supplement thereto) in reliance upon and in conformity with written information with respect
to such Holder furnished to the Company by such Holder expressly for use in the Shelf Registration Statement (or any amendment
thereto) or such Prospectus (or any amendment or supplement thereto); provided, however, that no such Holder shall
be liable for any claims hereunder in excess of the amount of net proceeds received by such Holder from the sale of Registrable
Securities pursuant to such Shelf Registration Statement.

 

(c)          Each
indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against
it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such
indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event
shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. Counsel to the
respective indemnified parties shall be selected as follows: (i) counsel to the Company, its directors, each of its officers
who signed the Registration Statement and all Persons, if any, who control the Company within the meaning of Section 15 of
the 1933 Act or Section 20 of the 1934 Act shall be selected by the Company; (ii) counsel to the Holders (other than
Participating Broker-Dealers) and all Persons, if any, who control any Holders (other than any Participating Broker-Dealers) within
the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Holders who held or
hold, as the case may be, a majority in aggregate principal amount of the Registrable Securities held by all such Holders; and
(iii) counsel to the Participating Broker-Dealers and all Persons, if any, who control any such Participating Broker-Dealer
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Participating
Broker-Dealers who held or hold, as the case may be, a majority in aggregate principal amount of the Exchange Securities referred
to in Section 3(f) hereof held by all such Participating Broker-Dealers. In no event shall the indemnifying party
or parties be liable for (A) the fees and expenses of more than one counsel separate from the indemnifying parties’
own counsel for the Company and all other Persons referred to in clause (i) of this paragraph, (B) the fees and expenses
of more than one counsel separate from the indemnifying parties’ own counsel for all Holders (other than Participating Broker-Dealers)
and all other Persons referred to in clause (ii) of this paragraph, and (C) the fees and expenses of more than one counsel
separate from the indemnifying parties’ own counsel for all Participating Broker-Dealers and all other Persons referred to
in clause (iv) of this paragraph, in each case in connection with any one action or separate but similar or related actions
in the same jurisdiction arising out of the same general allegations or circumstances. The indemnifying party shall be entitled
to participate therein and, to the extent that it shall elect, jointly with any other indemnifying party similarly notified, to
assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, provided, however, if the defendants
in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably
concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in conducting the
defense of any such action or that there may be legal defenses available to it and/or other indemnified parties which are different
from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select
separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified
party or parties. After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof,
the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel
or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other
than reasonable costs of investigation unless (A) the indemnified party shall have employed separate counsel in accordance
with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the
expenses of more than one separate counsel, approved by the indemnifying party) or (B) the indemnifying party shall not have
employed counsel reasonably satisfactory to the indemnified party within a reasonable time after notice of commencement of the
action, in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party. No indemnifying
party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 4 (whether
or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes
an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding
or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf
of any indemnified party.

 

    17 

     

    

 

(d)          If
the indemnification provided for in this Section 4 is for any reason unavailable to or insufficient to hold harmless
an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified
party, as incurred, in such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on
the one hand and of the indemnified party or parties on the other hand in connection with the statements or omissions that resulted
in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. The relative
fault of such indemnifying party or parties on the one hand and the indemnified party or parties on the other hand shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission
to state a material fact relates to information supplied by such indemnifying party or parties or such indemnified party or parties,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission.

 

(e)          The
Company and the Holders agree that it would not be just or equitable if contribution pursuant to this Section 4 were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in paragraph (d) above. The aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an indemnified party and referred to above in this Section 4 shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in investigating, preparing for, or defending against any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or
alleged untrue statement or omission or alleged omission.

 

Notwithstanding the
provisions of this Section 4, other than in the case of intentional misrepresentation or omission of a material fact,
no Holder or Participating Broker-Dealer shall be required to contribute any amount in excess of the amount by which the total
price at which Registrable Securities sold by it were offered exceeds the amount of any damages that such Holder or Participating
Broker-Dealer has otherwise been required to pay by reason of any 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 1933 Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation.

 

For purposes of this
Section 4, each Person, if any, who controls a Holder or Participating Broker-Dealer within the meaning of Section 15
of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such Holder or Participating Broker-Dealer,
as the case may be, and each director of the Company, each officer of the Company who signed the Registration Statement and each
Person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
shall have the same rights to contribution as the Company.

 

    18 

     

    

 

The respective obligations
of the Holders and Participating Broker-Dealers to contribute pursuant to this Section 4 are several in proportion
to the principal amount of Subordinated Notes purchased by them and not joint.

 

The indemnity and contribution
provisions contained in this Section 4 shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of any Holder or Participating Broker-Dealer or
any Person controlling any Holder or Participating Broker-Dealer, or by or on behalf of the Company, its officers or directors
or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable
Securities or Exchange Securities pursuant to a Shelf Registration Statement.

 

		5.	Miscellaneous.

 

(a)          Rule 144
and Rule 144A. For so long as the Company is subject to the reporting requirements of Section 13 or 15 of the 1934
Act, the Company covenants that it will file all reports required to be filed by it under Section 13(a) or 15(d) of
the 1934 Act and the rules and regulations adopted by the SEC thereunder, that if it ceases to be so required to file such
reports, it will upon the request of any Holder or beneficial owner of Registrable Securities (i) make publicly available
such information (including, without limitation, the information specified in Rule 144(c)(2) under the 1933 Act) as is
necessary to permit sales pursuant to Rule 144 under the 1933 Act, (ii) deliver or cause to be delivered, promptly following
a request by any Holder or beneficial owner of Registrable Securities or any prospective purchaser or transferee designated by
such Holder or beneficial owner, such information (including, without limitation, the information specified in Rule 144A(d)(4) under
the 1933 Act) as is necessary to permit sales pursuant to Rule 144A under the 1933 Act, and (iii) take such further action
that is reasonable in the circumstances, in each case to the extent required from time to time to enable such Holder to sell its
Registrable Securities without registration under the 1933 Act within the limitation of the exemptions provided by (x) Rule 144
under the 1933 Act, as such Rule may be amended from time to time, (y) Rule 144A under the 1933 Act, as such Rule may
be amended from time to time, or (z) any similar rules or regulations hereafter adopted by the SEC. Upon the request
of any Holder or beneficial owner of Registrable Securities, the Company will deliver to such Holder a written statement as to
whether it has complied with such requirements.

 

(b)         No
Inconsistent Agreements. The Company has not entered into nor will the Company on or after the date of this Agreement enter
into any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or
otherwise conflicts with the provisions hereof; provided that the Company will not be precluded from entering into any agreement
after the date hereof which may or does result, directly or indirectly, in the payment of Additional Interest. The rights granted
to the Holders hereunder do not and will not in any way conflict in any material respects with and are not and will not be inconsistent
in any material respects with the rights granted to the holders of any of the Company’s other issued and outstanding securities
under any other agreements entered into by the Company or any of its subsidiaries.

 

(c)         Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written
consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such
amendment, modification, supplement, waiver or departure.

 

    19 

     

    

 

(d)         Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, electronic mail, or any courier guaranteeing overnight delivery (i) if to a Holder or Participating Broker-Dealer
at the most current address set forth on the records of the registrar under the Indenture, and (ii) if to the Company, initially
at the address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance
with the provisions of this Section 5(d).

 

All such notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five business days
after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent via electronic mail; and on
the next business day if timely delivered to an air courier guaranteeing overnight delivery.

 

Copies of all such
notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address
specified in the Indenture.

 

(e)         Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each
of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided
that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation
of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities,
in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms
of this Agreement, and by taking and holding such Registrable Securities, such Person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth
in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the benefits hereof.

 

(f)          Third
Party Beneficiary. Each Holder and Participating Broker-Dealer shall be a third party beneficiary of the agreements made hereunder
and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to
protect its rights or the rights of other Holders hereunder. Each Holder, by its acquisition of Subordinated Notes, shall be deemed
to have agreed to the provisions of Section 5(b) hereof.

 

(g)         Counterparts;
Electronic Transmission. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Any facsimile or electronically transmitted copies hereof or signature hereon will, for all purposes,
be deemed originals. Unless otherwise provided herein or in any other related document, the words “execute”, “execution”,
“signed”, and “signature” and words of similar import used in this Agreement shall be deemed to include
electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity
or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the
fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the Maryland State Uniform Electronic Transactions Act, and any other similar state laws based on the Uniform Electronic Transactions
Act, provided that, notwithstanding anything herein to the contrary, the Company is not under any obligation to agree to accept
electronic signatures in any form or in any format unless expressly agreed to by the Company pursuant to procedures approved by
the Company.

 

(h)         Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

    20 

     

    

 

(i)          Restriction
on Resales. If the Company or any of its subsidiaries or affiliates (as defined in Rule 144 under the 1933 Act) shall
redeem, purchase or otherwise acquire any Registrable Security or any Exchange Security which is a “restricted security”
within the meaning of Rule 144 under the 1933 Act, the Company will deliver or cause to be delivered such Registrable Security
or Exchange Security, as the case may be, to the Trustee for cancellation and neither the Company nor any of its subsidiaries or
affiliates will hold or resell such Registrable Security or Exchange Security or issue any new Security or Exchange Security to
replace the same.

 

(j)          GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND.

 

(k)         Entire
Agreement; Severability. This Agreement contains the entire agreement between the parties relating to the subject matter hereof
and supersedes all oral statements and prior writings with respect hereto. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality
and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected
or impaired thereby.

 

[SIGNATURE PAGES FOLLOW]

 

    21 

     

    

 

IN WITNESS WHEREOF,
Company has caused this Registration Rights Agreement to be executed by its duly authorized representative as of the date first
above written.

 

	 	COMPANY:
	 	 
	 	shore bancshares, inc.
	 	 
	 	By:	 
	 	 	Name: Lloyd L. Beatty, Jr.
	 	 	Title:   President and CEO

 

    

     

    

 

IN WITNESS WHEREOF,
the Purchaser has caused this Registration Agreement to be executed by its duly authorized representative as of the date first
above written.

 

	 	PURCHASER:
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:EX-10.1

 Exhibit 10.1 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT dated August 19, 2020 (this “Agreement”) is entered into by and among Lamar Media
Corp., a Delaware corporation (the “Company”), the guarantors listed in Schedule 1 hereto (the “Guarantors”), and J.P. Morgan Securities LLC, as representative for the other initial purchasers listed on Schedule 1
of the Purchase Agreement referred to below (collectively, the “Initial Purchasers”). 
 The Company, the Guarantors and
the Initial Purchasers are parties to the Purchase Agreement dated August 17, 2020 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $150,000,000 aggregate principal amount of
its 4.000% Senior Notes due 2030 (the “Securities”), which will be guaranteed on an unsecured senior basis by each of the Guarantors. As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company and
the Guarantors have agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the
Purchase Agreement. 
 In consideration of the foregoing, the parties hereto agree as follows: 

1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Affiliate” shall mean with respect to any Person, any other Person directly or indirectly controlling, controlled by, or
under common control with such Person; for purposes of this definition, “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through
the ownership of voting securities, by contract or otherwise. 
 “Agreement” shall have the meaning set forth in the
preamble. 
 “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New
York City are authorized or required by law to remain closed. 
 “Closing Date” shall mean the Closing Date as defined in
the Purchase Agreement. 
 “Company” shall have the meaning set forth in the preamble and shall also include the
Company’s successors. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 “Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof. 

“Exchange Offer” shall mean the exchange offer by the Company and the Guarantors of Exchange Securities for Registrable
Securities pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a registration under the
Securities Act effected pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration Statement” shall mean an
exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus
contained therein, all exhibits thereto and any document incorporated by reference therein. 

 “Exchange Securities” shall mean senior notes issued by the Company and
guaranteed by the Guarantors under the Indenture containing terms identical to the Securities (except that the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with
this Agreement) and to be offered to Holders of Securities in exchange for Securities pursuant to the Exchange Offer. 
 “Existing
Securities” shall mean the Company’s $400,000,000 4.000% Senior Notes due 2030. 
 “Guarantors” shall have
the meaning set forth in the preamble and shall also include any Guarantor’s successors. 
 “Holders” shall mean the
Initial Purchasers, for so long as they own any Registrable Securities, and each of their successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture; provided, however, that
for purposes of Sections 4 and 5 of this Agreement, the term “Holders” shall include Participating Broker-Dealers. 

“Indemnified Person” shall have the meaning set forth in Section 5(c) hereof. 

“Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof. 

“Indenture” shall mean the Indenture dated as of February 6, 2020 by and among the Company, the Guarantors and The Bank
of New York Mellon Trust Company, N.A., as trustee, and as the same may be amended or supplemented from time to time in accordance with the terms thereof. 

“Initial Purchasers” shall have the meaning set forth in the preamble. 

“Inspector” shall have the meaning set forth in Section 3(m) hereof. 

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of outstanding Registrable
Securities; provided, however, that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities owned directly or indirectly by the Company or any of its
Affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount. 

“Participating Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof. 

“Person” shall mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization,
or a government or agency or political subdivision thereof. 
 “Prospectus” shall mean the prospectus included in a
Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including any document incorporated by reference therein. 

“Purchase Agreement” shall have the meaning set forth in the preamble. 

“Registrable Securities” shall mean the Securities; provided, however, that the Securities shall cease to be
Registrable Securities (i) when a Registration Statement with respect to such Securities has been declared effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such Registration Statement,
(ii) the second anniversary of the Closing Date, (iii) when such Securities cease to be outstanding or (iv) when the Exchange Offer has been completed (except with respect to Securities held by the Initial Purchasers that were not
eligible to be exchanged pursuant to the Exchange Offer). 

 “Registration Expenses” shall mean any and all expenses incident to
performance of or compliance by the Company and the Guarantors with this Agreement, including, without limitation, (i) all SEC, stock exchange or Financial Industry Regulatory Authority registration and filing fees, (ii) all fees and
expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or
Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus and any amendments or supplements thereto, any underwriting
agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the
qualification of the Indenture under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the Company and the Guarantors and, in the case of a Shelf
Registration Statement, the fees and disbursements of one counsel for the Holders (which counsel shall be selected by the Majority Holders and which counsel may also be counsel for the Initial Purchasers) and (viii) the fees and disbursements
of the independent public accountants of the Company and the Guarantors, including the expenses of any special audits or “comfort” letters required by or incident to the performance of and compliance with this Agreement, but excluding fees
and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of Registrable
Securities by a Holder. 
 “Registration Statement” shall mean any registration statement of the Company and the Guarantors
that covers any of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and any document incorporated by reference therein. 
 “SEC” shall mean
the Securities and Exchange Commission. 
 “Securities” shall have the meaning set forth in the preamble. 

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

“Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company and the Guarantors that
covers all the Registrable Securities (but no other securities unless approved by the Holders whose Registrable Securities are to be covered by such Shelf Registration Statement) on an appropriate form under Rule 415 under the Securities Act, or any
similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and any document
incorporated by reference therein. 
 “Target Registration Date” shall have meaning set forth in Section 2(d) hereof.

 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time. 

 “Trustee” shall mean the trustee with respect to the Securities under the
Indenture. 
 “Underwriters” shall have the meaning set forth in Section 3 hereof. 

“Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to
the public. 
 2. Registration Under the Securities Act. 

(a) To the extent not prohibited by any applicable law or applicable interpretations of the Staff of the SEC, the Company and the Guarantors
shall use their reasonable best efforts to (i) cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders to exchange all the Registrable Securities for Exchange Securities and (ii) have such Registration
Statement remain effective until the lesser of 180 days after the closing of the Exchange Offer and the date on which all Participating Broker-Dealers have sold all Exchange Securities held by them. The Company and the Guarantors shall commence the
Exchange Offer as promptly as practicable after the Exchange Offer Registration Statement is declared effective by the SEC and use their reasonable best efforts to complete the Exchange Offer not later than 60 days after such effective date. 

The Company and the Guarantors shall commence the Exchange Offer by delivering the related Prospectus, appropriate letters of transmittal and
other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law, 

(i) that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and
not properly withdrawn will be accepted for exchange; 
 (ii) the dates of acceptance for exchange (which shall be a period
of at least 20 Business Days from the date such notice is delivered) (the “Exchange Dates”); 
 (iii) that
any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement; 

(iv) that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to
surrender such Registrable Security, together with the appropriate letters of transmittal, to the institution and at the address (located in the Borough of Manhattan, The City of New York) and in the manner specified in the notice, prior to the
close of business on the last Exchange Date; and 
 (v) that any Holder will be entitled to withdraw its election, not later
than the close of business on the last Exchange Date, by sending to the institution and at the address (located in the Borough of Manhattan, The City of New York) specified in the notice, a telegram, telex, facsimile transmission or letter setting
forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such Holder is withdrawing its election to have such Securities exchanged. 

As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company and the Guarantors that
(i) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer it has no arrangement or understanding with any Person to participate in
the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (iii) it is not an Affiliate of the Company or any Guarantor and (iv) if such Holder is a
broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will deliver a Prospectus in connection with
any resale of such Exchange Securities. 

 As soon as practicable after the last Exchange Date, the Company and the Guarantors shall:

 (i) accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to
the Exchange Offer; and 
 (ii) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities
or portions thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities
surrendered by such Holder. 
 The Company and the Guarantors shall use their reasonable best efforts to complete the Exchange Offer as
provided above and shall comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be subject to any conditions,
other than that the Exchange Offer does not violate any applicable law or applicable interpretations of the Staff of the SEC. 
 (b) In the
event that (i) the Company and the Guarantors determine that the Exchange Offer Registration provided for in Section 2(a) above is not available or may not be completed as soon as practicable after the last Exchange Date because it would
violate any applicable law or applicable interpretations of the Staff of the SEC, (ii) the Exchange Offer is not for any other reason completed on or before the date that is 270 days after February 6, 2020 or (iii) upon completion of
the Exchange Offer any Initial Purchaser shall so request in connection with any offering or sale of Registrable Securities not eligible to be exchanged for Exchange Securities in the Exchange Offer and held by it following the consummation of the
Exchange Offer, the Company and the Guarantors shall use their reasonable best efforts to cause to be filed as soon as practicable after such determination, date or request, as the case may be, a Shelf Registration Statement providing for the sale
of all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement declared effective by the SEC. 
 In
the event that the Company and the Guarantors are required to file a Shelf Registration Statement pursuant to clause (iii) of the preceding sentence, the Company and the Guarantors shall use their reasonable best efforts to file and have
declared effective by the SEC both an Exchange Offer Registration Statement pursuant to Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange
Offer Registration Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchasers after completion of the Exchange Offer. Notwithstanding the foregoing, the Company and the Guarantors may delay filing a Shelf
Registration Statement, and any amendment thereto, and may withhold efforts to cause such Shelf Registration Statement, and any such amendment thereto, to become effective for a period of up to 60 days, if the Company determines in good faith that
such Shelf Registration Statement, and any such amendment thereto, might interfere with or affect the negotiation or completion of any transaction that is being contemplated by the Company (whether or not a final decision has been made to undertake
such transaction) at the time the right to delay is exercised; provided, however, that the Company may not exercise such right of delay or withholding of efforts more frequently than two times in any
12-month period and the aggregate period of any such delays or withholdings shall not exceed 60 days in any such 12-month period. 

 The Company and the Guarantors agree to use their reasonable best efforts to keep the Shelf
Registration Statement continuously effective until the second anniversary of the Closing Date or such shorter period that will terminate when all the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the
Shelf Registration Statement (the “Shelf Effectiveness Period”). The Company and the Guarantors further agree to supplement or amend the Shelf Registration Statement and the related Prospectus if required by the rules, regulations
or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder for shelf registration or if reasonably requested by a Holder of
Registrable Securities with respect to information relating to such Holder, and to use their reasonable best efforts to cause any such amendment to become effective and such Shelf Registration Statement and Prospectus to become usable as soon as
thereafter practicable. The Company and the Guarantors agree to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being used or filed with the SEC. 

(c) The Company and the Guarantors shall pay all Registration Expenses in connection with the registration pursuant to Section 2(a) and
Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Exchange Offer Registration
Statement or the Shelf Registration Statement. 
 (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a
Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC. 

In the event that either the Exchange Offer is not completed or the Shelf Registration Statement, if required hereby, is not declared
effective on or prior to the date that is 270 days after the Closing Date (the “Target Registration Date”), the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period immediately following the Target Registration Date and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, in each case until
the Exchange Offer is completed or the Shelf Registration Statement, if required hereby, is declared effective by the SEC or the Securities cease to be Registrable Securities, up to a maximum of 1.00% per annum of additional interest. If the Shelf
Registration Statement has been declared effective and thereafter either ceases to be effective or the Prospectus contained therein ceases to be usable at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable
exists for more than 30 days (whether or not consecutive) in any 12-month period, then the interest rate on the Registrable Securities will be increased by 1.00% per annum commencing on the 31st day in such 12-month period and ending on such date that the Shelf Registration Statement has again been declared effective or the Prospectus again becomes
usable. 
 (e) Without limiting the remedies available to the Initial Purchasers and the Holders, the Company and the Guarantors acknowledge
that any failure by the Company or the Guarantors to comply with their obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate
remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the
Company’s and the Guarantors’ obligations under Section 2(a) and Section 2(b) hereof. 
 (f) The Company represents,
warrants and covenants that it (including its agents and representatives) will not prepare, make, use, authorize, approve or refer to any “free-writing prospectus” (as defined in Rule 405 under the Securities Act), other than any
communication pursuant to Rule 134 under the Securities Act or any document constituting an offer to sell or solicitation of an offer to buy the Securities or the Exchange Securities that falls within the exception from the definition of prospectus
in Section 2(a)(10)(a) of the Securities Act. 

 3. Registration Procedures. In connection with their obligations pursuant to
Section 2(a) and Section 2(b) hereof, the Company and the Guarantors shall as expeditiously as possible: 
 (a) prepare and file
with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (x) shall be selected by the Company and the Guarantors, (y) shall, in the case of a Shelf Registration, be available for the sale of the
Registrable Securities by the selling Holders thereof and (z) shall comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith; and use
their reasonable best efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section 2 hereof; 

(b) subject to the second sentence of the second paragraph of Section 2(b), prepare and file with the SEC such amendments and
post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented by any
required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act and keep each Prospectus current during the period described in Section 4(3) of and Rule 174 under the Securities Act that is
applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities; 
 (c) in the case of a
Shelf Registration, furnish to each Holder of Registrable Securities, to counsel for the Initial Purchasers, to counsel for such Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many
copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto, in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and the Company and the Guarantors consent to
the use of such Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the selling Holders of Registrable Securities and any such Underwriters in connection with the offering and sale of the Registrable
Securities covered by and in the manner described in such Prospectus or any amendment or supplement thereto in accordance with applicable law; 

(d) use their reasonable best efforts to register or qualify the Registrable Securities under all applicable state securities or blue sky laws
of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request in writing by the time the applicable Registration Statement is declared effective by the SEC; cooperate with the Holders in
connection with any filings required to be made with the Financial Industry Regulatory Authority; and do any and all other acts and things that may be reasonably necessary or advisable to enable each Holder to complete the disposition in each such
jurisdiction of the Registrable Securities owned by such Holder; provided, however, that neither the Company nor any Guarantor shall be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities
in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not so
subject; 
 (e) in the case of a Shelf Registration, notify each Holder of Registrable Securities, counsel for such Holders and counsel for
the Initial Purchasers promptly and, if requested by any such Holder or counsel, confirm such advice in writing (i) when a Registration Statement has become effective and when any post-effective amendment thereto has been filed and becomes
effective, (ii) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement and Prospectus or for additional information after the Registration Statement has become effective,
(iii) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iv) if, between the effective date of a
Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company or any Guarantor contained in any underwriting agreement, securities sales agreement or other similar
agreement, 

 
if any, relating to an offering of such Registrable Securities cease to be true and correct in all material respects or if the Company or any Guarantor receives any notification with respect to
the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (v) of the happening of any event during the period a Shelf Registration Statement is effective
that makes any statement made in such Registration Statement or the related Prospectus untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus in order to make the statements therein not
misleading and (vi) of any determination by the Company or any Guarantor that a post-effective amendment to a Registration Statement would be appropriate; 

(f) use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement at the
earliest possible moment and provide immediate notice to each Holder of the withdrawal of any such order; 
 (g) in the case of a Shelf
Registration, furnish to each Holder of Registrable Securities, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits
thereto, unless requested); 
 (h) in the case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such
names (consistent with the provisions of the Indenture) as the selling Holders may reasonably request at least one Business Day prior to the closing of any sale of Registrable Securities; 

(i) subject to the second sentence of the second paragraph of Section 2(b), in the case of a Shelf Registration, upon the occurrence of
any event contemplated by Section 3(e)(v) hereof, use their reasonable best efforts to prepare and file with the SEC a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Company and the Guarantors shall notify the Holders of Registrable Securities to suspend use of the Prospectus as
promptly as practicable after the occurrence of such an event, and such Holders hereby agree to suspend use of the Prospectus until the Company and the Guarantors have amended or supplemented the Prospectus to correct such misstatement or omission;

 (j) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration Statement or
amendment or supplement to a Prospectus or of any document that is to be incorporated by reference into a Registration Statement or a Prospectus after initial filing of a Registration Statement, provide copies of such document to the Initial
Purchasers and their counsel (and, in the case of a Shelf Registration Statement, to the Holders of Registrable Securities and their counsel) and make such of the representatives of the Company and the Guarantors as shall be reasonably requested by
the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities or their counsel) available for discussion of such document; and the Company and the Guarantors shall not, at any time
after initial filing of a Registration Statement, file any Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus, or any document that is to be incorporated by reference into a Registration Statement or a Prospectus,
of which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities and their counsel) shall not have previously been advised and furnished a copy or to which the Initial
Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities or their counsel) shall reasonably object; 

 (k) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case
may be, not later than the effective date of a Registration Statement; 
 (l) cause the Indenture to be qualified under the Trust Indenture
Act in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to be so
qualified in accordance with the terms of the Trust Indenture Act; and execute, and use their reasonable best efforts to cause the 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 SEC to enable the Indenture to be so qualified in a timely manner; 
 (m) in the case of a Shelf Registration, make
available for inspection by a representative of the Holders of the Registrable Securities (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, and attorneys and
accountants designated by the Holders, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of the Company and the Guarantors, and cause the respective officers, directors and employees
of the Company and the Guarantors to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement to the same extent that any financial or other records,
documents and properties and all other information was provided to the Initial Purchasers in connection with the initial issuance of the Notes; provided, however, that if any such information is identified by the Company or any
Guarantor as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality of such information to the extent such action is otherwise not inconsistent
with, an impairment of or in derogation of the rights and interests of any Inspector, Holder or Underwriter; 
 (n) in the case of a Shelf
Registration, use their reasonable best efforts to cause all Registrable Securities to be listed on any securities exchange or any automated quotation system on which similar securities issued or guaranteed by the Company or any Guarantor are then
listed if requested by the Majority Holders, to the extent such Registrable Securities satisfy applicable listing requirements; 
 (o) if
reasonably requested by any Holder of Registrable Securities covered by a Registration Statement, promptly incorporate in a Prospectus supplement or post-effective amendment such information with respect to such Holder as such Holder reasonably
requests to be included therein and make all required filings of such Prospectus supplement or such post-effective amendment as soon as the Company has received notification of the matters to be incorporated in such filing; and 

(p) in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith
(including those requested by the Holders of a majority in principal amount of the Registrable Securities being sold) in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten
Offering and in such connection, (i) to the extent possible, make such representations and warranties to the Holders and any Underwriters of such Registrable Securities with respect to the business of the Company and its subsidiaries, the
Registration Statement, Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and
confirm the same if and when requested, (ii) obtain opinions of counsel to the Company and the Guarantors (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Holders and such Underwriters and their
respective counsel) addressed to each selling Holder and Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (iii) obtain “comfort” letters from the
independent certified public accountants of the Company and the Guarantors (and, if necessary, any other certified public accountant of any subsidiary of the Company or any Guarantor, or of any business acquired by the Company or any Guarantor for
which financial 

 
statements and financial data are or are required to be included in the Registration Statement) addressed to each selling Holder and Underwriter of Registrable Securities, such letters to be in
customary form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings and (iv) deliver such documents and certificates as may be reasonably requested by the Holders of a
majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Company and the
Guarantors made pursuant to clause (i) above and to evidence compliance with any customary conditions contained in an underwriting agreement. 

In the case of a Shelf Registration Statement, the Company may require each Holder of Registrable Securities to furnish to the Company such
information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Company and the Guarantors may from time to time reasonably request in writing and the Company may exclude from such registration the
Registrable Securities of any Holder that fails to furnish such information within a reasonable time after receiving such request. 
 In the
case of a Shelf Registration Statement, each Holder of Registrable Securities agrees that, upon receipt of any notice from the Company and the Guarantors of the happening of any event of the kind described in Section 3(e)(iii) or 3(e)(v)
hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to a Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(i)
hereof and, if so directed by the Company and the Guarantors, such Holder will deliver to the Company and the Guarantors all copies in its possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering
such Registrable Securities that is current at the time of receipt of such notice. 
 If the Company and the Guarantors shall give any such
notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Company and the Guarantors shall extend the period during which the Registration Statement shall be maintained effective pursuant to this Agreement
by the number of days during the period from and including the date of the giving of such notice to and including the date when the Holders shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions.
The Company and the Guarantors may give any such notice only twice during any 365-day period and any such suspensions shall not exceed 30 days for each suspension and there shall not be more than two
suspensions in effect during any 365-day period. 
 The Holders of Registrable Securities covered by
a Shelf Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker or investment bankers and manager or managers (the
“Underwriters”) that will administer the offering will be selected by the Majority Holders of the Registrable Securities included in such offering. 

4. Participation of Broker-Dealers in Exchange Offer. (a) The Staff of the SEC has taken the position that any broker-dealer that
receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities (a “Participating Broker-Dealer”)
may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Securities. 

The Company and the Guarantors understand that it is the Staff’s position that if the Prospectus contained in the Exchange Offer
Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying
the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligation under the Securities Act in connection with resales of Exchange Securities for their
own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

 (b) In light of the above, and notwithstanding the other provisions of this Agreement, the
Company and the Guarantors agree to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement, as would otherwise be contemplated by Section 3(i), for a period of up to 180 days after the last Exchange Date (as
such period may be extended pursuant to the penultimate paragraph of Section 3 of this Agreement), if requested by the Initial Purchasers or by one or more Participating Broker-Dealers, in order to expedite or facilitate the disposition of any
Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above. The Company and the Guarantors further agree that Participating Broker-Dealers shall be authorized to deliver such
Prospectus during such period in connection with the resales contemplated by this Section 4. 
 (c) The Initial Purchasers shall have no
liability to the Company, any Guarantor or any Holder with respect to any request that they may make pursuant to Section 4(b) above. 

5. Indemnification and Contribution. (a) The Company and each Guarantor, jointly and severally, agree to indemnify and hold
harmless each Initial Purchaser and each Holder, their respective Affiliates, directors and officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted,
as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in any Prospectus or any omission or alleged omission to state therein a
material fact required to be stated therein or necessary in order 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 arise out
of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser or any Holder furnished to the Company in writing through
J.P. Morgan Securities LLC or any selling Holder expressly for use therein. In connection with any Underwritten Offering permitted by Section 3, the Company and the Guarantors, jointly and severally, will also indemnify the Underwriters, if
any, selling brokers, dealers and similar securities industry professionals participating in the distribution, their respective Affiliates and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to
the same extent as provided above with respect to the indemnification of the Holders, if requested in connection with any Registration Statement; provided, however, that the foregoing indemnity agreement with respect to the preliminary
prospectus prepared by the Company in connection with such Underwritten Offering (the “Preliminary Prospectus”) shall not inure to the benefit of any Underwriter from whom the person asserting any such losses, claims, damages or
liabilities purchased Registrable Securities, or any person controlling such Underwriter where it shall have been determined by a court of competent jurisdiction by final and nonappealable judgment that (i) prior to the time when sales of the
Registrable Securities were first made (the “Time of Sale”), the Company and the Guarantors shall have notified such Underwriter that the Preliminary Prospectus contains an untrue statement of material fact or omits to state therein
a material fact required to be stated therein in order to make the statements therein not misleading, (ii) such untrue statement or omission of a material fact was corrected in an amended or supplemented Preliminary Prospectus or, where
permitted by law, a written communication (as defined in the Securities Act) that constitutes an offer to sell or a solicitation of an offer to buy the Securities (an “Issuer Written Communication”) (other than the Preliminary
Prospectus, any other time of sale information, and the Prospectus) and such corrected Preliminary Prospectus or Issuer Written Communication was provided to such Underwriter far enough in advance of the Time of Sale so that such corrected
Preliminary Prospectus or Issuer Written Communication could have been provided to such person prior to the Time of Sale, (iii) the Underwriter did not send or give such corrected Preliminary 

 
Prospectus or Issuer Written Communication to such person at or prior to the Time of Sale of the Registrable Securities to such person, and (iv) such loss, claim, damage or liability would
not have occurred had the Underwriter delivered the corrected Preliminary Prospectus or Issuer Written Communication to such person. 
 (b)
Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors, the Initial Purchasers and the other selling Holders, their respective Affiliates, the directors of the Company and the Guarantors, each
officer of the Company and the Guarantors who signed the Registration Statement and each Person, if any, who controls the Company, the Guarantors, any Initial Purchaser and any other selling Holder within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue
statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement and
any Prospectus. 
 (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 indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall promptly notify the Person against whom such
indemnification may be sought (the “Indemnifying Person”) in writing; provided, however, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph
(a) or (b) above except to the extent that it was otherwise unaware of such suit, action, proceeding, claim or demand and that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and
provided further, however, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such
proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the
Indemnified Person and any others entitled to indemnification pursuant to this Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred.
In any such 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 to the contrary, (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person, (iii) the Indemnified Person shall have reasonably
concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person, or (iv) the named parties in any such proceeding (including any impleaded parties) include both the
Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall
not, in connection with any proceeding or related 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 (x) for any Initial Purchaser, its Affiliates, directors and officers and any control Persons of such Initial Purchaser shall be designated in writing by J.P. Morgan
Securities LLC, (y) for any Holder, its Affiliates, directors and officers and any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing by the
Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to
indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person
reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt 

 
by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such
settlement. No Indemnifying Person shall, without the 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
indemnification 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 reasonably 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 or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 

(d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect
of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors from the offering of the Securities and the Exchange
Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company and the Guarantors on the one hand and the Holders on the other in connection with the
statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company and the Guarantors, on the one hand, and the Holders, on the other, 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 and the Guarantors or by
the Holders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e) The Company, the Guarantors and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 5
were determined by pro rata allocation (even if the Holders 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 paragraph (d) above.
The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other
expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to contribute any amount in excess of the amount by which the
total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder 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 remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be
available to any Indemnified Person at law or in equity. 
 (g) The indemnity and contribution provisions contained in this Section 5
shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder, their respective Affiliates or any Person
controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or the Guarantors, their respective Affiliates or the officers or directors of or any Person controlling the Company or the Guarantors, (iii) acceptance of any
of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement. 

 6. General. 

(a) No Inconsistent Agreements. The Company and the Guarantors represent, warrant and agree that (i) the rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company or any Guarantor under any other agreement and
(ii) neither the Company nor any Guarantor has entered into, or on or after the date of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or
otherwise conflicts with the provisions hereof. 
 (b) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantors have obtained the written consent of Holders of at
least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided, however, that no amendment, modification, supplement, waiver or
consent to any departure from the provisions of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. Any amendments, modifications, supplements, waivers or consents
pursuant to this Section 6(b) shall be by a writing executed by each of the parties hereto. 
 (c) Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given
by such Holder to the Company by means of a notice given in accordance with the provisions of this Section 6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement, (ii) if
to the Company and the Guarantors, initially at the Company’s address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c), and
(iii) to such other persons at their respective addresses as provided in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and
communications shall be deemed to have been duly given at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is
acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery. Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the
same to the Trustee, at the address specified in the Indenture. 
 (d) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided, however, that nothing herein shall be deemed
to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by
operation of law or otherwise, such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to
perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company or the
Guarantors with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement. 

(e) Purchases and Sales of Securities. The Company and the Guarantors shall not, and shall use their reasonable best efforts to cause
their Affiliates not to, purchase and then resell or otherwise transfer any Registrable Securities. 

 (f) Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the
agreements made hereunder between the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or
advisable to protect its rights or the rights of other Holders hereunder. 
 (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 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, are not a part of this Agreement 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 of New York (without giving effect to any conflict of laws principles that would require application of the laws of another jurisdiction). 

(j) Miscellaneous. This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes
all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or against public policy, the
remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. The Company, the Guarantors and the Initial Purchasers shall endeavor in
good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, void or unenforceable provisions. 

[Signature page follows] 

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

					
	LAMAR MEDIA CORP.
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	ASHBY STREET OUTDOOR LLC
	ASHBY STREET OUTDOOR CC, LLC
		
	By:	 	Ashby Street Outdoor Holdings LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	FMG OUTDOOR HOLDINGS, LLC
	LAMAR-FAIRWAY BLOCKER 1, LLC
	LAMAR-FAIRWAY BLOCKER 2, LLC
	MAGIC MEDIA/LAMAR, LLC
	FAIRWAY MEDIA GROUP, LLC
	FAIRWAY OUTDOOR ADVERTISING, LLC
	FAIRWAY OUTDOOR FUNDING HOLDINGS, LLC
	FAIRWAY OUTDOOR FUNDING, LLC
	MCC OUTDOOR, LLC
	MAGIC MEDIA REAL ESTATE, LLC
	FMO REAL ESTATE, LLC
	DOUGLAS OUTDOOR ADVERTISING OF GA., LLC
	OLYMPUS MEDIA/INDIANA, LLC
	FAIRWAY CCO INDIANA, LLC
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

 [Lamar – Signature Page to Registration Rights Agreement] 

 
					
	COLORADO LOGOS, INC. 
	KANSAS LOGOS, INC.
	LAMAR ADVERTISING OF MICHIGAN, INC.
	LAMAR ADVERTISING OF YOUNGSTOWN, INC.
	LAMAR ADVERTISING SOUTHWEST, INC.
	LAMAR AIRPORT ADVERTISING COMPANY
	LAMAR ELECTRICAL, INC.
	LAMAR OCI SOUTH CORPORATION
	LAMAR OHIO OUTDOOR HOLDING CORP.
	LAMAR PENSACOLA TRANSIT, INC.
	MICHIGAN LOGOS, INC.
	MINNESOTA LOGOS, INC.
	NEBRASKA LOGOS, INC.
	NEVADA LOGOS, INC.
	NEW MEXICO LOGOS, INC.
	OHIO LOGOS, INC.
	SOUTH CAROLINA LOGOS, INC.
	TENNESSEE LOGOS, INC.
	TLC PROPERTIES, INC.
	UTAH LOGOS, INC.
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

 [Lamar – Signature Page to Registration Rights Agreement] 

 
					
	ARIZONA LOGOS, L.L.C.
	DELAWARE LOGOS, L.L.C.
	GEORGIA LOGOS, L.L.C.
	KENTUCKY LOGOS, LLC
	LOUISIANA INTERSTATE LOGOS, L.L.C.
	MAINE LOGOS, L.L.C.
	MISSISSIPPI LOGOS, L.L.C.
	MISSOURI LOGOS, LLC
	MONTANA LOGOS, LLC
	NEW HAMPSHIRE LOGOS, L.L.C.
	NEW JERSEY LOGOS, L.L.C.
	OKLAHOMA LOGOS, L.L.C.
	VIRGINIA LOGOS, LLC
	WASHINGTON LOGOS, L.L.C.
	WISCONSIN LOGOS, LLC
		
	By:	 	Interstate Logos, L.L.C., its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	FLORIDA LOGOS, LLC
		
	By:	 	Interstate Logos TRS, LLC, its Managing Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	ASHBY STREET OUTDOOR HOLDINGS LLC
	INTERSTATE LOGOS, L.L.C.
	LAMAR CENTRAL OUTDOOR, LLC
	THE LAMAR COMPANY, L.L.C.
	LAMAR TRS HOLDINGS, LLC
		
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name:	 	Jay L. Johnson
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

 [Lamar – Signature Page to Registration Rights Agreement] 

 
			
	LAMAR ADVERTISING OF COLORADO SPRINGS, L.L.C.
	LAMAR ADVERTISING OF LOUISIANA, L.L.C.
	LAMAR ADVERTISING OF SOUTH DAKOTA, L.L.C.
	LAMAR AIR, L.L.C.
	LAMAR FLORIDA, L.L.C.
	LAMAR OCI NORTH, L.L.C.
	LAMAR TENNESSEE, L.L.C.
		
	By:	 	The Lamar Company, L.L.C., its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	 Name:  Jay L. Johnson

		 	 Title:   Executive Vice President, Chief Financial Officer and
Treasurer

	
	LAMAR TEXAS LIMITED PARTNERSHIP
		
	By:	 	The Lamar Company, L.L.C., its General Partner
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	 Name:  Jay L. Johnson

		 	 Title:   Executive Vice President, Chief Financial Officer and
Treasurer

	
	TLC FARMS, L.L.C.
	TLC Properties, L.L.C.
		
	By:	 	TLC Properties, Inc., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	 Name:  Jay L. Johnson

		 	 Title:   Executive Vice President, Chief Financial Officer and
Treasurer

	
	LAMAR ADVANTAGE GP COMPANY, LLC
	LAMAR ADVANTAGE LP COMPANY, LLC
	TRIUMPH OUTDOOR HOLDINGS, LLC
		
	By:	 	Lamar Central Outdoor, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	 Name:  Jay L. Johnson

		 	 Title:   Executive Vice President, Chief Financial Officer and
Treasurer

 [Lamar – Signature Page to Registration Rights Agreement] 

 
			
	LAMAR ADVANTAGE OUTDOOR COMPANY, L.P.
		
	By:	 	Lamar Advantage GP Company, LLC, its General Partner
	By:	 	Lamar Central Outdoor, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	 Name:  Jay L. Johnson

		 	 Title:   Executive Vice President, Chief Financial Officer and
Treasurer

	
	LAMAR ADVANTAGE HOLDING COMPANY
		
	By:	 	 /s/ Jay L. Johnson

		 	 Name:  Jay L. Johnson

		 	 Title:   Executive Vice President, Chief Financial Officer and
Treasurer

	
	LAMAR INVESTMENTS, LLC
	LAMAR SERVICE COMPANY, LLC
	LAMAR TRANSIT, LLC
	INTERSTATE LOGOS TRS, LLC
		
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	 Name:  Jay L. Johnson

		 	 Title:   Executive Vice President, Chief Financial Officer and
Treasurer

	
	OUTDOOR MARKETING SYSTEMS, L.L.C.
	OUTDOOR PROMOTIONS WEST, LLC
	TRIUMPH OUTDOOR RHODE ISLAND, LLC
		
	By:	 	Lamar Transit, LLC, its Managing Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	 Name:  Jay L. Johnson

		 	 Title:   Executive Vice President, Chief Financial Officer and
Treasurer

 [Lamar – Signature Page to Registration Rights Agreement] 

 
			
	TLC PROPERTIES II, LLC
		
	By:	 	Lamar Investments, LLC, its Managing Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name: Jay L. Johnson
		 	 Title:   Executive Vice President, Chief

            Financial Officer and Treasurer

	
	LAMAR ADVERTISING OF PENN, LLC
		
	By:	 	The Lamar Company, L.L.C., its Class A Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name: Jay L. Johnson
		 	 Title:   Executive Vice President, Chief

            Financial Officer and Treasurer

		
	By:	 	Lamar Transit, LLC, its Class B Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name: Jay L. Johnson
		 	 Title:   Executive Vice President, Chief

            Financial Officer and Treasurer

	
	LAMAR OBIE COMPANY, LLC
		
	By:	 	Lamar Media Corp., its Class A Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name: Jay L. Johnson
		 	 Title:   Executive Vice President, Chief

            Financial Officer and Treasurer

		
	By:	 	Lamar Transit, LLC, its Class B Member
	By:	 	Lamar TRS Holdings, LLC, its Managing Member
	By:	 	Lamar Media Corp., its Managing Member
		
	By:	 	 /s/ Jay L. Johnson

		 	Name: Jay L. Johnson
		 	 Title:   Executive Vice President, Chief

            Financial Officer and Treasurer

 [Lamar – Signature Page to Registration Rights Agreement] 

	
	Confirmed and accepted as of the date first above written:
	J.P. MORGAN SECURITIES LLC

  

			
	 For itself and on behalf of the

several Initial Purchasers

		
	By:	 	 /s/ Vivek Lal

		 	Name: Vivek Lal
		 	Title: Managing Director

 [Lamar – Signature Page to Registration Rights Agreement] 

 Schedule 1 

GUARANTORS 
  

			
	 Subsidiary/Guarantor
	  	 Jurisdiction of Organization

	 Arizona Logos, L.L.C.
	  	 Arizona

	 Ashby Street Outdoor LLC
	  	 Delaware

	 Ashby Street Outdoor CC, LLC
	  	 Delaware

	 Ashby Street Outdoor Holdings LLC
	  	 Delaware

	 Colorado Logos, Inc.
	  	 Colorado

	 Delaware Logos, L.L.C.
	  	 Delaware

	 Douglas Outdoor Advertising of GA., LLC
	  	 Georgia

	 Fairway CCO Indiana, LLC
	  	 Delaware

	 Fairway Media Group, LLC
	  	 Delaware

	 Fairway Outdoor Advertising, LLC
	  	 Delaware

	 Fairway Outdoor Funding, LLC
	  	 Delaware

	 Fairway Outdoor Funding Holdings, LLC
	  	 Delaware

	 Florida Logos, LLC
	  	 Florida

	 FMG Outdoor Holdings, LLC
	  	 Delaware

	 FMO Real Estate, LLC
	  	 Delaware

	 Georgia Logos, L.L.C.
	  	 Georgia

	 Interstate Logos, L.L.C.
	  	 Louisiana

	 Interstate Logos TRS, LLC
	  	 Delaware

	 Kansas Logos, Inc.
	  	 Kansas

	 Kentucky Logos, LLC
	  	 Kentucky

	 Lamar Advantage GP Company, LLC
	  	 Delaware

	 Lamar Advantage Holding Company
	  	 Delaware

	 Lamar Advantage LP Company, LLC
	  	 Delaware

	 Lamar Advantage Outdoor Company, L.P.
	  	 Delaware

	 Lamar Advertising of Colorado Springs, L.L.C.
	  	 Colorado

	 Lamar Advertising of Louisiana, L.L.C.
	  	 Louisiana

	 Lamar Advertising of Michigan, Inc.
	  	 Michigan

	 Lamar Advertising of Penn, LLC
	  	 Delaware

	 Lamar Advertising of South Dakota, L.L.C.
	  	 South Dakota

	 Lamar Advertising of Youngstown, Inc.
	  	 Delaware

	 Lamar Advertising Southwest, Inc.
	  	 Nevada

	 Lamar Air, L.L.C.
	  	 Louisiana

	 Lamar Airport Advertising Company
	  	 Nevada

	 Lamar Central Outdoor, LLC
	  	 Delaware

	 Lamar Electrical, Inc.
	  	 Louisiana

	 Lamar-Fairway Blocker 1, LLC
	  	 Delaware

	 Lamar-Fairway Blocker 2, LLC
	  	 Delaware

	 Lamar Florida, L.L.C.
	  	 Florida

	 Lamar Investments, LLC
	  	 Delaware

	 Lamar Obie Company, LLC
	  	 Delaware

	 Lamar OCI North, L.L.C.
	  	 Delaware

	 Lamar OCI South Corporation
	  	 Mississippi

	 Lamar Ohio Outdoor Holding Corp.
	  	 Ohio

	 Lamar Pensacola Transit, Inc.
	  	 Florida

	 Lamar Service Company, LLC
	  	 Delaware

	 Lamar Tennessee, L.L.C.
	  	 Tennessee

	 Lamar Texas Limited Partnership
	  	 Texas

	 Lamar Transit, LLC
	  	 Delaware

	 Lamar TRS Holdings, LLC
	  	 Delaware

			
	 Louisiana Interstate Logos, L.L.C.
	  	 Louisiana

	 Magic Media/Lamar, LLC
	  	 Delaware

	 Magic Media Real Estate, LLC
	  	 Delaware

	 Maine Logos, L.L.C.
	  	 Maine

	 MCC Outdoor, LLC
	  	 Georgia

	 Michigan Logos, Inc.
	  	 Michigan

	 Minnesota Logos, Inc.
	  	 Minnesota

	 Mississippi Logos, L.L.C.
	  	 Mississippi

	 Missouri Logos, LLC
	  	 Missouri

	 Montana Logos, LLC
	  	 Montana

	 Nebraska Logos, Inc.
	  	 Nebraska

	 Nevada Logos, Inc.
	  	 Nevada

	 New Hampshire Logos, L.L.C.
	  	 New Hampshire

	 New Jersey Logos, L.L.C.
	  	 New Jersey

	 New Mexico Logos, Inc.
	  	 New Mexico

	 Ohio Logos, Inc.
	  	 Ohio

	 Oklahoma Logos, L.L.C.
	  	 Oklahoma

	 Olympus Media/Indiana, LLC
	  	 Delaware

	 Outdoor Marketing Systems, L.L.C.
	  	 Pennsylvania

	 Outdoor Promotions West, LLC
	  	 Delaware

	 South Carolina Logos, Inc.
	  	 South Carolina

	 Tennessee Logos, Inc.
	  	 Tennessee

	 The Lamar Company, L.L.C.
	  	 Louisiana

	 TLC Farms, L.L.C.
	  	 Louisiana

	 TLC Properties II, LLC
	  	 Texas

	 TLC Properties, Inc.
	  	 Louisiana

	 TLC Properties, L.L.C.
	  	 Louisiana

	 Triumph Outdoor Holdings, LLC
	  	 Delaware

	 Triumph Outdoor Rhode Island, LLC
	  	 Delaware

	 Utah Logos, Inc.
	  	 Utah

	 Virginia Logos, LLC
	  	 Virginia

	 Washington Logos, L.L.C.
	  	 Washington

	 Wisconsin Logos, LLC
	  	 Wisconsin

  
 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]