Document:

EX-10.9

 Exhibit 10.9 

CARETRUST REIT, INC. 

AND CTR PARTNERSHIP, L.P. 

INCENTIVE AWARD PLAN 

ARTICLE I 
 PURPOSE

 The CareTrust REIT, Inc. and CTR Partnership, L.P. Incentive Award Plan (as it may be amended, the “Plan”) was adopted
by the Board of Directors of the Company, subject to approval by the shareholders of the Company. The purposes of the Plan are to provide long-term incentives to those persons with significant responsibility for the success and growth of the
Company, the Partnership and any other subsidiaries, divisions and affiliated businesses, to associate the interests of such persons with those of the Company’s shareholders, and to assist the Company in recruiting, retaining and motivating
qualified employees on a competitive basis and to ensure a pay for performance linkage for such employees. 
 ARTICLE II 

DEFINITIONS AND CONSTRUCTION 

Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates
otherwise. The singular pronoun shall include the plural where the context so indicates. 
 2.1 “Administrator” shall mean
the entity that conducts the general administration of the Plan as provided in Article XII hereof, which shall initially be the Compensation Committee of the Board. With reference to the duties of the Committee under the Plan which have been
delegated to one or more persons pursuant to Section 12.6 hereof, or which the Board has assumed, the term “Administrator” shall refer to such person(s) unless the Committee or the Board has revoked such delegation or the Board has
terminated the assumption of such duties. 
 2.2 “Affiliate” shall mean (i) any Parent or Subsidiary; (ii) any
entity that, directly or through one or more intermediaries, is controlled by Company, including the Partnership; or (iii) any entity in which the Company has a significant equity interest, in each case as determined by the Committee. 

2.3 “Applicable Accounting Standards” shall mean Generally Accepted Accounting Principles in the United States, International
Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time. 

 2.4 “Award” shall mean an Option, a Restricted Stock award, a Restricted Stock
Unit award, a Performance Award (which includes, but is not limited to, cash bonuses as set forth in Section 9.1), a Dividend Equivalent award, a Deferred Stock award, a Stock Payment award, an award of Stock Appreciation Rights, an Other
Incentive Award (which includes, but is not limited to, an LTIP Unit award) or a Performance Share Award, which may be awarded or granted under the Plan. 

2.5 “Award Agreement” shall mean any written notice, agreement, contract or other instrument or document evidencing an Award,
including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine, consistent with the Plan. 

2.6 “Board” shall mean the Board of Directors of the Company. 

2.7 “Cause” shall mean, with respect to any Participant, “Cause” as defined in such Participant’s employment
agreement with any Affiliate if such an agreement exists and contains a definition of Cause or, if no such agreement exists or such agreement does not contain a definition of Cause, then Cause shall mean (a) the Participant’s substantial
and continued failure to perform material duties in a satisfactory manner where such failure causes or is reasonably expected to cause material harm to the Company or any Affiliate (other than a failure resulting from death or disability (as defined
in Section 22(e)(3) of the Code) for thirty (30) days after written notice thereof from the Company describing the failure to perform such duties; (b) the Participant’s engaging in any material act of dishonesty, fraud,
embezzlement or misrepresentation that was or is likely to be materially injurious to the Company or any Affiliate; (c) the Participant’s knowing violation of any federal or state law or regulation applicable to the Company’s (or any
Affiliate’s) business that was or is likely to be materially injurious to the Company; (d) the Participant’s material breach of any confidentiality agreement or invention assignment agreement or any other material agreement between
the Participant and the Company or any Affiliate; (e) the Participant’s conviction of, or plea of nolo contendere to, any felony or crime of moral turpitude; (f) repeated and knowing material failure by the Participant to comply with
the Company’s or any Affiliate’s written policies or rules, after written notice of such failure; or (g) gross negligence or willful misconduct that does or reasonably could be expected to cause material harm to the Company or any
Affiliate. 
 2.8 A “Change in Control” shall be deemed to have occurred (unless otherwise determined by the Administrator)
on the date upon which: 
 (a) there occurs a merger or consolidation of the Company or any direct or indirect subsidiary of the Company
with any other corporation, other than (1) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 50% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately
after such merger or consolidation, or (2) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person (as such term is defined in Section 13(d)(3) and 14(d)(2) of the
Exchange Act), corporation or other entity is or becomes the “beneficial 

  
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owner” (as such term is defined in Rule 13d-3 under the Exchange Act) directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the
Company’s then outstanding securities; 
 (b) there occurs any sale, lease, exchange, or other transfer (in one transaction or a series
of related transactions) of all, or substantially all, of the assets of the Company, or (C) the adoption of any plan or proposal for the liquidation or dissolution of the Company; 

(c) there is an adoption of any plan or proposal for the liquidation or dissolution of the Company; 

(d) any person (as such term is defined in Section 13(d)(3) and 14(d)(2) of the Exchange Act), corporation, or other entity purchases any
Common Stock of the Company (or securities convertible into the Common Stock) for cash, securities or any other consideration pursuant to a tender offer or exchange offer, without the prior consent of the Board; 

(e) any person (as such term is defined in Section 13(d)(3) and 14(d)(2) of the Exchange Act), corporation or other entity (other than
the Company or any benefit plan sponsored by the Company or any subsidiary) becomes the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
50% or more of the combined voting power of the then outstanding securities of the Company ordinarily (and apart from rights accruing under special circumstances) having the right to vote in the election of directors (calculated as provided in
paragraph (d) of such Rule 13d-3 in the case of rights to acquire the Company’s securities); or 
 (f) during any period of two
consecutive years, the individuals who at the beginning of such period constituted the entire Board cease, for any reason, to constitute a majority thereof, unless the election, or the nomination for election by the Company’s shareholders, of
each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period. 

Notwithstanding the foregoing, if a Change in Control constitutes a payment event with respect to any Award which provides for the deferral of
compensation that is subject to Section 409A of the Code, to the extent required to avoid the imposition of additional taxes under Section 409A of the Code, the transaction or event described in subsection (a), (b), (c) or
(d) with respect to such Award shall only constitute a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a “change in control event,” as defined in Treasury Regulation
Section 1.409A-3(i)(5). Consistent with the terms of this Section 2.8, the Administrator shall have full and final authority to determine conclusively whether a Change in Control of the Company has occurred pursuant to the above
definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto. 
 2.9 “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, together with the regulations and official guidance promulgated thereunder, whether issued prior or subsequent to the grant of any Award. 

  
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 2.10 “Committee” shall mean the Compensation Committee of the Board, or another
committee or subcommittee of the Board described in Article XII hereof. 
 2.11 “Common Stock” shall mean the common stock
of the Company, par value $0.01 per share. 
 2.12 “Company” shall mean CareTrust REIT, Inc., a Maryland corporation, and
any successor corporation. 
 2.13 “Consultant” shall mean any consultant or adviser engaged to provide services to the
Company or any Affiliate that qualifies as a consultant under the applicable rules of the Securities and Exchange Commission for registration of shares on a Form S-8 Registration Statement or any successor Form thereto. 

2.14 “Covered Employee” shall mean any Employee who is a “covered employee” within the meaning of
Section 162(m) of the Code. 
 2.15 “Deferred Stock” shall mean a right to receive Shares awarded under
Section 9.4 hereof. 
 2.16 “Director” shall mean a member of the Board, as constituted from time to time. 

2.17 “Disability” shall mean a condition such that an individual would be considered disabled for the purposes of
Section 409(A) of the Code. 
 2.18 “Dividend Equivalent” shall mean a right to receive the equivalent value (in cash
or Shares) of dividends paid on Shares, awarded under Section 9.2 hereof. 
 2.19 “DRO” shall mean a “domestic
relations order” as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time, or the rules thereunder. 

2.20 “Effective Date” shall mean June 1, 2014. 

2.21 “Eligible Individual” shall mean any natural person who is an Employee, a Consultant or a Non-Employee Director, as
determined by the Administrator. 
 2.22 “Employee” shall mean any officer or other employee (as determined in accordance
with Section 3401(c) of the Code) of the Company or any Affiliate. 
 2.23 “Equity Restructuring” shall mean a
nonreciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the number or kind of Shares (or other
securities of the Company or the Partnership) or the share price of Common Stock (or other securities) and causes a change in the per share value of the Common Stock underlying outstanding stock-based Awards. 

  
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 2.24 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended
from time to time. 
 2.25 “Fair Market Value” shall mean, as of any given date, the value of a Share determined as
follows: 
 (a) if the Common Stock is (i) listed on any established securities exchange (such as the New York Stock Exchange, the
NASDAQ Global Market and the NASDAQ Global Select Market), (ii) listed on any national market system or (iii) listed, quoted or traded on any automated quotation system, its Fair Market Value shall be the closing sales price for a Share as
quoted on such exchange or system for such date or, if there is no closing sales price for a Share on the date in question, the closing sales price for a Share on the last preceding date for which such quotation exists, as reported in The Wall
Street Journal or such other source as the Administrator deems reliable; 
 (b) if the Common Stock is traded only otherwise than on a
securities exchange and is not quoted on the NASDAQ, the closing quoted selling price of the Common Stock on such date as quoted in “pink sheets” published by the National Daily Quotation Bureau. 

(c) if the Common Stock is not listed on an established securities exchange, national market system or automated quotation system, but the
Common Stock is regularly quoted by a recognized securities dealer, its Fair Market Value shall be the mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a Share on such date, the high bid
and low asked prices for a Share on the last preceding date for which such information exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 

(d) if the Common Stock is neither listed on an established securities exchange, national market system or automated quotation system nor
regularly quoted by a recognized securities dealer, its Fair Market Value shall be established by the Committee in good faith on the date awarded. 

2.26 “Greater Than 10% Shareholder” shall mean an individual then-owning (within the meaning of Section 424(d) of the
Code) more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any “parent corporation” or “subsidiary corporation” (as defined in Sections 424(e) and 424(f) of the Code,
respectively). 
 2.27 “Incentive Stock Option” shall mean an Option that is intended to qualify as an incentive stock
option and conforms to the applicable provisions of Section 422 of the Code. 
 2.28 “Individual Award Limit” shall
mean the cash and share limits applicable to Awards granted under the Plan, as set forth in Section 3.3 hereof. 
 2.29 “LTIP
Limit” shall have the meaning provided in Section 3.1(a) hereof. 
 2.30 “LTIP Unit” shall mean, to the
extent authorized by the Partnership Agreement (as either a “Profits Interest Unit” or an “LTIP Unit”), a unit of the Partnership that is granted pursuant to Section 9.7 and is intended to constitute a “profits
interest” within the meaning of the Code. 

  
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 2.31 “Non-Employee Director” shall mean a Director of the Company who is not an
Employee. 
 2.32 “Non-Qualified Stock Option” shall mean an Option that is not an Incentive Stock Option or which is
designated as an Incentive Stock Option but does not meet the applicable requirements of the Code. 
 2.33 “Officer” shall
mean a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 

2.34 “Option” shall mean a right to purchase Shares at a specified exercise price, granted under Article VI hereof. An Option
shall be either a Non-Qualified Stock Option or an Incentive Stock Option; provided, however, that Options granted to Non-Employee Directors and Consultants shall only be Non-Qualified Stock Options. 

2.35 “Other Incentive Award” shall mean an Award denominated in, linked to or derived from Shares or value metrics related to
Shares, granted pursuant to Section 9.7 hereof. 
 2.36 “Parent” shall mean any entity (other than the Company),
whether domestic or foreign, in an unbroken chain of entities ending with the Company if each of the entities other than the Company beneficially owns, at the time of the determination, securities or interests representing more than fifty percent
(50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain. 
 2.37
“Participant” shall mean an Eligible Individual who has been granted an Award. 
 2.38 “Partnership” shall
mean CTR Partnership, L.P., a Delaware limited partnership. 
 2.39 “Partnership Agreement” shall mean the Amended and
Restated Agreement of Limited Partnership by and between the Company and CareTrust GP, LLC, a Delaware limited liability company, as amended from time to time. 

2.40 “Performance Award” shall mean an Award that is granted under Section 9.1 hereof. 

2.41 “Performance-Based Compensation” shall mean any compensation that is intended to qualify as “performance-based
compensation” as described in Section 162(m)(4)(C) of the Code. 

  
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 2.42 “Performance Criteria” shall mean the criteria (and adjustments) that the
Committee selects for an Award for purposes of establishing the Performance Goal or Performance Goals for a Performance Period, determined as follows: 

The Performance Criteria that shall be used to establish Performance Goals are limited to the following: (i) net earnings (either before or after one or
more of the following: (A) interest, (B) taxes, (C) depreciation, (D) amortization and (E) non-cash equity-based compensation expense); (ii) gross or net sales or revenue; (iii) net income (either before or after
taxes); (iv) adjusted net income; (v) operating earnings or profit; (vi) cash flow (including, but not limited to, operating cash flow and free cash flow); (vii) return on assets; (viii) return on capital; (ix) return
on shareholders’ equity; (x) total shareholder return; (xi) return on sales; (xii) gross or net profit or operating margin; (xiii) costs; (xiv) funds from operations; (xv) expenses; (xvi) working capital;
(xvii) earnings per share; (xviii) adjusted earnings per Share; (xix) price per Share; (xx) regulatory body approval for commercialization of a product; (xxi) implementation or completion of critical projects;
(xxii) market share; (xxiii) economic value; (xxiv) debt levels or reduction; (xxv) customer retention; (xxvi) sales-related goals; (xxvii) comparisons with other stock market indices; (xxviii) operating
efficiency; (xxix) customer satisfaction and/or growth; (xxx) employee satisfaction; (xxxi) research and development achievements; (xxxii) financing and other capital raising transactions; (xxxiii) recruiting and maintaining
personnel; (xxxiv) year-end cash, (xxxv) inventory, (xxxvi) inventory turns, (xxxvii) net inventory turns, (xxxviii) new store openings, (xxxix) new store performance, (xl) average transaction size,
(xli) customer traffic, (xlii) accounts payable to inventory ratio, (xliii) employee retention, (xliv) comparable store sales; (xlv) capital expenditures; (xlvi) average occupancy; (xlvii) year-end occupancy;
(xlviii) property operating expense savings; (xlix) leasing goals, any of which may be measured either in absolute terms for the Company or any operating unit of the Company or as compared to any incremental increase or decrease or as
compared to results of a peer group or to market performance indicators or indices. 
 The Administrator may, in its sole discretion, provide that one or
more objectively determinable adjustments shall be made to one or more of the Performance Goals. Such adjustments may include, but are not limited to, one or more of the following: (i) items related to a change in accounting principle;
(ii) items relating to financing activities; (iii) expenses for restructuring or productivity initiatives; (iv) other non-operating items; (v) items related to acquisitions; (vi) items attributable to the business operations
of any entity acquired by the Company during the Performance Period; (vii) items related to the disposal or sale of a business or segment of a business; (viii) items related to discontinued operations that do not qualify as a segment of a
business under Applicable Accounting Standards; (ix) items attributable to any stock dividend, stock split, combination or exchange of stock occurring during the Performance Period; (x) any other items of significant income or expense
which are determined to be appropriate adjustments; (xi) items relating to unusual or extraordinary corporate transactions, events or developments, (xii) items related to amortization of acquired intangible assets; (xiii) items that
are outside the scope of the Company’s core, on-going business activities; (xiv) items related to acquired in-process research and development; (xv) items relating to changes in tax laws; (xvi) items relating to major licensing
or partnership arrangements; (xvii) items relating to asset impairment charges; (xviii) items relating to gains or losses for litigation, arbitration and contractual settlements; or (xix) items relating to any other unusual or
nonrecurring events or changes in applicable laws, accounting principles or business conditions. For all Awards intended to qualify as Performance-Based Compensation, such determinations shall be made within the time prescribed by, and otherwise in
compliance with, Section 162(m) of the Code. 

  
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 To the extent permitted under Section 162(m) of the Code (including, without limitation, compliance with and
any requirements for shareholder approval), the Committee may designate additional Performance Criteria on which Performance Goals may be based, and may adjust, modify, or amend Performance Criteria. 

2.43 “Performance Goals” shall mean, with respect to a Performance Period, one or more goals established in writing by the
Committee for the Performance Period based upon one or more Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be expressed in terms of overall Company performance or the
performance of an Affiliate, a division or business unit, or one or more individuals. In addition, such performance goals may be based upon the attainment of specified levels of performance under one or more of the measures described above relative
to the performance of other corporations. The achievement of each Performance Goal shall be determined in accordance with Applicable Accounting Standards, to the extent applicable. 

2.44 “Performance Period” shall mean one or more periods of time, which may be of varying and overlapping durations, as the
Administrator may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance Award. 

2.45 “Performance Share Award” shall mean a contractual right awarded under Section 9.6 hereof to receive a number of
Shares based on the attainment of specified Performance Goals or other criteria determined by the Administrator. 
 2.46
“Person” shall mean any individual or entity, including a corporation, partnership, limited liability company, association, joint venture or trust. 

2.47 “Permitted Transferee” shall mean, with respect to a Participant, any “family member” of the Participant, as
defined under the instructions to use of the Form S-8 Registration Statement under the Securities Act, or any other transferee specifically approved by the Administrator after taking into account any state, federal, local or foreign tax and
securities laws applicable to transferable Awards. In addition, the Administrator, in its sole discretion, may permit a Participant to transfer an Incentive Stock Option to a trust that constitutes a Permitted Transferee if, under Section 671
of the Code and applicable state law, the Participant is considered the sole beneficial owner of the Incentive Stock Option while it is held in the trust. 

2.48 “Plan” shall have the meaning set forth in Article I. 

2.49 “Program” shall mean any program adopted by the Administrator pursuant to the Plan containing the terms and conditions
intended to govern a specified type of Award granted under the Plan and pursuant to which such type of Award may be granted under the Plan. 

2.50 “Restricted Stock” shall mean an award of Shares made under Article VIII hereof that is subject to certain restrictions
and may be subject to risk of forfeiture or repurchase. 
 2.51 “Restricted Stock Unit” shall mean a contractual right
awarded under Section 9.5 hereof to receive in the future a Share or the Fair Market Value of a Share in cash. 

  
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 2.52 “Retirement” shall mean retirement in accordance with the terms of a
retirement plan of the Company or one of its subsidiaries. 
 2.53 “Securities Act” shall mean the Securities Act of 1933,
as amended. 
 2.54 “Share Limit” shall have the meaning provided in Section 3.1(a) hereof. 

2.55 “Shares” shall mean shares of Common Stock. 

2.56 “Stock Appreciation Right” shall mean a stock appreciation right granted under Article X hereof. 

2.57 “Stock Payment” shall mean a payment in the form of Shares awarded under Section 9.3 hereof. 

2.58 “Subsidiary” shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of
entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total
combined voting power of all classes of securities or interests in one of the other entities in such chain. 
 2.59 “Substitute
Award” shall mean an Award granted under the Plan in connection with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or stock, in any case, upon the assumption of, or in substitution for, an
outstanding equity award previously granted by a company or other entity; provided, however, that in no event shall the term “Substitute Award” be construed to refer to an award made in connection with the cancellation and repricing of an
Option or Stock Appreciation Right. 
 2.60 “Termination of Service” shall mean: 

(a) As to a Consultant, the time when the engagement of a Participant as a Consultant to the Company and its Affiliates is terminated for any
reason, with or without Cause, including, without limitation, by resignation, discharge, death or retirement, but excluding terminations where the Consultant simultaneously commences or remains in employment and/or service as an Employee and/or
Director with the Company or any Affiliate. 
 (b) As to a Non-Employee Director, the time when a Participant who is a Non-Employee Director
ceases to be a Director for any reason, including, without limitation, a termination by resignation, failure to be elected, death or retirement, but excluding terminations where the Participant simultaneously commences or remains in employment or
service as an Employee and/or Consultant with the Company or any Affiliate. 
 (c) As to an Employee, the time when the employee-employer
relationship between a Participant and the Company and its Affiliates is terminated for any reason, including, without limitation, a termination by resignation, discharge, death, disability or retirement, but excluding terminations where the
Participant simultaneously commences or remains in service with the Company or any Affiliate as a Consultant and/or Director. 

  
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 The Administrator, in its sole discretion, shall determine the effect of all matters and questions relating to
Terminations of Service, including without limitation, whether a Termination of Service has occurred, whether any Termination of Service resulted from a discharge for Cause and whether any particular leave of absence constitutes a Termination of
Service. For purposes of the Plan, a Participant’s employee-employer relationship or consultancy relationship shall be deemed to be terminated in the event that the Affiliate employing or contracting with such Participant ceases to remain an
Affiliate following any merger, sale of stock or other corporate transaction or event (including, without limitation, a spin-off). 

ARTICLE III 
 SHARES
SUBJECT TO THE PLAN 
 3.1 Number of Shares. 

(a) Subject to Sections 3.1(c) and 13.2 hereof, the maximum aggregate number of (i) Shares available for issuance under the Plan (the
“Share Limit”) shall be 5,000,000, and (ii) LTIP Units available for issuance under the Plan (the “LTIP Limit”) shall be 5,000,000. Notwithstanding the generality of the foregoing, subject to Sections 3.1(c) and 13.2 hereof,
the maximum number of Shares available for issuance under the Plan with respect to Incentive Stock Options shall be 5,000,000. 
 (b) For
purposes of this Section 3.1, if an Award entitled the holder thereof to receive or purchase Shares or LTIP Units, the number of Shares or LTIP Units covered by such Award or to which such Award relates shall be counted on the date of grant of
such Award against the aggregate number of Shares or LTIP Units available for granting Awards under the Plan. Shares or LTIP Units that are subject to or underlie Awards which expire or for any reason are cancelled, terminated, forfeited, fail to
vest, or for any other reason are not paid or delivered under the Plan shall again be available for issuance in connection with future Awards granted under the Plan. To the extent Shares or LTIP Units are not delivered because they are used to
satisfy the applicable tax withholding obligation, such Shares or LTIP Units will be deemed to have been delivered for purposes of determining the maximum number of Shares or LTIP Units available for delivery under the Plan and will not be available
for future issuance under the Plan. Moreover, Shares purchased on the open market with cash proceeds generated by the exercise of an Option will not increase or replenish the number of Shares available for grant. In the event that Shares or LTIP
Units are delivered in respect of an Award, all of the Shares or LTIP Units subject to the Award (and not only the actual number of Shares or LTIP Units actually issued to Participants) shall be considered in calculating the maximum number of Shares
or LTIP Units available for delivery under the Plan. Shares or LTIP Units surrendered or withheld as payment of either the exercise price of an Award and/or withholding taxes in respect of such an Award shall be counted against the share limits of
this Plan and shall not again be available for issuance in connection with future Awards. If any Shares have been pledged as collateral for indebtedness incurred by a Participant in connection with the exercise of an Award

  
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and such Shares are returned to the Company in satisfaction of such indebtedness, such Shares shall not again be available for issuance. The foregoing adjustments to the Share and LTIP Unit
limits are subject to any applicable limitations under Section 162(m) with respect to Awards intended as performance-based compensation thereunder. 

(c) Substitute Awards shall not reduce the Shares or LTIP Units authorized for grant under the Plan. Additionally, in the event that a company
acquired by the Company or any Affiliate, or with which the Company or any Affiliate combines, has shares available under a pre-existing plan approved by its shareholders and not adopted in contemplation of such acquisition or combination, the
shares or units available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to
determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan in the Board’s discretion at the time of such acquisition or combination, as
applicable, and shall not reduce the Shares or LTIP Units authorized for grant under the Plan; provided, however, that Awards using such available shares or units shall not be made after the date awards or grants could have been made under the terms
of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employed by or providing services to the Company or its Affiliates immediately prior to such acquisition or combination. 

3.2 Stock Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Common
Stock, treasury Common Stock or Common Stock purchased on the open market. 
 3.3 Individual Award Limits. Notwithstanding any
provision in the Plan to the contrary, and subject to Section 13.2 hereof, to the extent required to comply with Section 162(m): 

(a) the aggregate number of Shares subject to Options and Stock Appreciation Rights awarded to any one Participant during any calendar year
may not exceed 1,000,000 Shares; 
 (b) the aggregate number of Shares and LTIP Units subject to Awards other than Options and Stock
Appreciation Rights (excluding Awards referenced in Section 3.3(c) below) awarded to any one Participant during any calendar year may not exceed 1,000,000 Shares and 1,000,000 LTIP Units, respectively; and 

(c) the aggregate amount of compensation to be paid to any one Participant in respect to all Awards that are intended to constitute
Performance-Based Compensation denominated in cash in any calendar year is $5,000,000. 
 ARTICLE IV 

GRANTING OF AWARDS 

4.1 Participation. The Committee may, from time to time, select from among all Eligible Individuals, those to whom one or more Awards
shall be granted and shall determine 

  
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the nature and amount of each Award, which shall not be inconsistent with the requirements of the Plan. Except as provided in any applicable Program, no Eligible Individual shall have any right
to be granted an Award pursuant to the Plan. Awards that are intended to qualify as Performance-Based Compensation shall be subject to the provisions of Article V of this Plan. 

4.2 Award Agreement. Each Award shall be evidenced by an Award Agreement stating the terms and conditions applicable to such Award,
consistent with the requirements of the Plan and any applicable Program. Any Award Agreement evidencing Awards intended to qualify as Performance-Based Compensation shall contain such terms and conditions as may be necessary to meet the applicable
provisions of Section 162(m) of the Code. Award Agreements evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to meet the applicable provisions of Section 422 of the Code. 

4.3 Limitations Applicable to Section 16 Persons. Notwithstanding anything contained herein to the contrary, with respect to any
Award granted or awarded to any individual who is then subject to Section 16 of the Exchange Act, the Plan, any applicable Program and the applicable Award Agreement shall be subject to any additional limitations set forth in any applicable
exemptive rule under Section 16 of the Exchange Act (including Rule 16b-3 of the Exchange Act and any amendments thereto) that are requirements for the application of such exemptive rule, and such additional limitations shall be deemed to be
incorporated by reference into such Award to the extent permitted by applicable law. 
 4.4 At-Will Service. Nothing in the Plan or
in any Program or Award Agreement hereunder shall confer upon any Participant any right to continue as an Employee, Director or Consultant of the Company or any Affiliate, or shall interfere with or restrict in any way the rights of the Company or
any Affiliate, which rights are hereby expressly reserved, to discharge any Participant at any time for any reason whatsoever, with or without cause, and with or without notice, or to terminate or change all other terms and conditions of any
Participant’s employment or engagement, except to the extent expressly provided otherwise in a written agreement between the Participant and the Company or any Affiliate. 

4.5 Foreign Participants. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other
countries in which the Company and its Affiliates operate or have Employees, Non-Employee Directors or Consultants, or in order to comply with the requirements of any foreign securities exchange, the Administrator, in its sole discretion, shall have
the power and authority to: (a) determine which Affiliates shall be covered by the Plan; (b) determine which Eligible Individuals outside the United States are eligible to participate in the Plan; (c) modify the terms and conditions
of any Award granted to Eligible Individuals outside the United States to comply with applicable foreign laws or listing requirements of any such foreign securities exchange; (d) establish subplans and modify exercise procedures and other terms
and procedures, to the extent such actions may be necessary or advisable (and any such subplans and/or modifications shall be attached to the Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the Share
Limit, LTIP Limit or Individual Award Limits contained in Sections 3.1 and 3.3 hereof, respectively; and (e) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local
governmental regulatory exemptions or approvals or listing requirements of any such foreign securities exchange. Notwithstanding the 

  
 12 

 
foregoing, the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate the Code, the Exchange Act, the Securities Act, the rules of the securities
exchange or automated quotation system on which the Shares are listed, quoted or traded or any other applicable law. 
 4.6 Stand-Alone
and Tandem Awards. Awards granted pursuant to the Plan may, in the sole discretion of the Administrator, be granted either alone, in addition to or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in
tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards. 
 ARTICLE
V  
 PROVISIONS APPLICABLE TO AWARDS INTENDED TO QUALIFY AS PERFORMANCE-BASED COMPENSATION 

5.1 Purpose. The Committee, in its sole discretion, may determine whether any Award is intended to qualify as Performance-Based
Compensation. If the Committee, in its sole discretion, decides to grant an Award to an Eligible Individual that is intended to qualify as Performance-Based Compensation, then the provisions of this Article V shall control over any contrary
provision contained in the Plan. The Administrator may in its sole discretion grant Awards to Eligible Individuals that are based on Performance Criteria or Performance Goals but that do not satisfy the requirements of this Article V and that are
not intended to qualify as Performance-Based Compensation. Unless otherwise specified by the Committee at the time of grant, the Performance Criteria with respect to an Award intended to be Performance-Based Compensation payable to a Covered
Employee shall be determined on the basis of Applicable Accounting Standards. 
 5.2 Applicability. The grant of an Award to an
Eligible Individual for a particular Performance Period shall not require the grant of an Award to such Eligible Individual in any subsequent Performance Period and the grant of an Award to any one Eligible Individual shall not require the grant of
an Award to any other Eligible Individual in such period or in any other period. 
 5.3 Procedures with Respect to Performance-Based
Awards. To the extent necessary to comply with the requirements of Section 162(m)(4)(C) of the Code, with respect to any Award which is intended to qualify as Performance-Based Compensation, no later than ninety (90) days following the
commencement of any Performance Period or any designated fiscal period or period of service (or such earlier time as may be required under Section 162(m) of the Code), the Committee shall, in writing, (a) designate one or more Eligible
Individuals, (b) select the Performance Criteria applicable to the Performance Period, (c) establish the Performance Goals and amounts of such Awards, as applicable, which may be earned for such Performance Period based on the Performance
Goals, and (d) specify the relationship between the Performance Criteria and the Performance Goals and the amounts of such Awards, as applicable, to be earned by each Covered Employee for such Performance Period. Following the completion of
each Performance Period, the Committee shall certify in writing whether and the extent to which the applicable Performance Goals have been achieved for such Performance 

  
 13 

 
Period. In determining the amount earned under such Awards, unless otherwise provided in an applicable Program or Award Agreement, the Committee shall have the right to reduce or eliminate (but
not to increase) the amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant, including the assessment of individual or corporate performance for the Performance Period. 

5.4 Payment of Performance-Based Awards. Unless otherwise provided in the applicable Program or Award Agreement (and only to the extent
otherwise permitted by Section 162(m)(4)(C) of the Code), the holder of an Award that is intended to qualify as Performance-Based Compensation must be employed by the Company or an Affiliate throughout the applicable Performance Period.
Performance Awards shall be paid, unless otherwise determined by the Committee, no later than 2  1⁄2 months after the tax year in which the Performance Award
vests, consistent with the requirements of Section 409A of the Code. Unless otherwise provided in the applicable Performance Goals, Program or Award Agreement, a Participant shall be eligible to receive payment pursuant to such Awards for a
Performance Period only if and to the extent the Performance Goals for such applicable Performance Period are achieved. 
 5.5 Additional
Limitations. Notwithstanding any other provision of the Plan and except as otherwise determined by the Administrator, any Award which is granted to an Eligible Individual and is intended to qualify as Performance-Based Compensation shall be
subject to any additional limitations imposed under Section 162(m) of the Code that are requirements for qualification as Performance-Based Compensation, and the Plan, the Program and the Award Agreement shall be deemed amended to the extent
necessary to conform to such requirements. 
 ARTICLE VI 

GRANTING OF OPTIONS 

6.1 Granting of Options to Eligible Individuals. The Committee is authorized to grant Options to Eligible Individuals from time to
time, in its sole discretion, on such terms and conditions as it may determine which shall not be inconsistent with the Plan. 
 6.2
Qualification of Incentive Stock Options. No Incentive Stock Option shall be granted to any person who is not an Employee of the Company or any “parent corporation” or “subsidiary corporation” of the Company (as defined in
Sections 424(e) and 424(f) of the Code, respectively). No person who qualifies as a Greater Than 10% Shareholder may be granted an Incentive Stock Option unless such Incentive Stock Option conforms to the applicable provisions of Section 422 of
the Code. Any Incentive Stock Option granted under the Plan may be modified by the Administrator, with the consent of the Participant, to disqualify such Option from treatment as an “incentive stock option” under Section 422 of the
Code. To the extent that the aggregate fair market value of stock with respect to which “incentive stock options” (within the meaning of Section 422 of the Code, but without regard to Section 422(d) of the Code) are exercisable
for the first time by a Participant during any calendar year under the Plan and all other plans of the Company and any Affiliate corporation thereof exceeds $100,000, the Options shall be treated as Non-Qualified Stock Options to the extent required
by Section 422 of the Code. The rule set forth in the preceding sentence shall be applied by taking Options and other 

  
 14 

 
“incentive stock options” into account in the order in which they were granted and the Fair Market Value of stock shall be determined as of the time the respective options were granted.
In addition, to the extent that any Options otherwise fail to qualify as Incentive Stock Options, such Options shall be treated as Nonqualified Stock Options. 

6.3 Option Exercise Price. Except as provided in Section 6.6 hereof, the exercise price per Share subject to each Option shall be
set by the Administrator, but shall not be less than one hundred percent (100%) of the Fair Market Value of a Share on the date the Option is granted (or, as to Incentive Stock Options, on the date the Option is modified, extended or renewed
for purposes of Section 424(h) of the Code). In addition, in the case of Incentive Stock Options granted to a Greater Than 10% Shareholder, such price shall not be less than one hundred ten percent (110%) of the Fair Market Value of a
Share on the date the Option is granted (or the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code). 

6.4 Option Term. The term of each Option shall be set by the Committee in its sole discretion; provided, however, that the term shall
not be more than ten (10) years from the date the Option is granted, or five (5) years from the date an Incentive Stock Option is granted to a Greater Than 10% Shareholder. The Administrator shall determine the time period, including the
time period following a Termination of Service, during which the Participant has the right to exercise the vested Options, which time period may not extend beyond the stated term of the Option. Except as limited by the requirements of
Section 409A or Section 422 of the Code, the Committee may extend the term of any outstanding Option, and may extend the time period during which vested Options may be exercised, in connection with any Termination of Service of the
Participant, and, subject to Section 13.1 hereof, may amend any other term or condition of such Option relating to such a Termination of Service. 

6.5 Option Vesting. 
 (a)
The terms and conditions pursuant to which an Option vests in the Participant and becomes exercisable shall be determined by the Committee and set forth in the applicable Award Agreement. Such vesting may be based on service with the Company or any
Affiliate, any of the Performance Criteria, or any other criteria selected by the Committee. At any time after the grant of an Option, the Committee may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the
vesting of the Option, including following a Termination of Service; provided, that in no event shall an Option become exercisable following its expiration, termination or forfeiture. 

(b) No portion of an Option which is unexercisable at a Participant’s Termination of Service shall thereafter become exercisable, except
as may be otherwise provided by the Committee either in an applicable Program, the applicable Award Agreement or by action of the Administrator following the grant of the Option. 

6.6 Substitute Awards. Notwithstanding the foregoing provisions of this Article VI to the contrary, in the case of an Option that is a
Substitute Award, the price per Share of the Shares subject to such Option may be less than the Fair Market Value per share on the date of grant, provided, however, that the exercise price of any Substitute Award shall be determined in accordance
with the applicable requirements of Sections 424 and 409A of the Code. 

  
 15 

 6.7 Substitution of Stock Appreciation Rights. The Committee may, in its sole discretion,
substitute an Award of Stock Appreciation Rights for an outstanding Option at any time prior to or upon exercise of such Option; provided, however, that such Stock Appreciation Rights shall be exercisable with respect to the same number of Shares
for which such substituted Option would have been exercisable, and shall also have the same exercise price and remaining term as the substituted Option. 

ARTICLE VII 

EXERCISE OF OPTIONS 

7.1 Partial Exercise. An exercisable Option may be exercised in whole or in part. However, an Option shall not be exercisable with
respect to fractional shares and the Administrator may require that, by the terms of the Option, a partial exercise must be with respect to a minimum number of Shares. 

7.2 Manner of Exercise. All or a portion of an exercisable Option shall be deemed exercised upon delivery of all of the following to
the Secretary of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable: 

(a) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Option, or a portion
thereof, is exercised. The notice shall be signed by the Participant or other person then entitled to exercise the Option or such portion of the Option; 

(b) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with
all applicable provisions of the Securities Act, the Exchange Act, any other federal, state or foreign securities laws or regulations, the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or
traded or any other applicable law. The Administrator may, in its sole discretion, also take such additional actions as it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing
stop-transfer notices to agents and registrars; 
 (c) In the event that the Option shall be exercised pursuant to Section 11.3 hereof
by any person or persons other than the Participant, appropriate proof of the right of such person or persons to exercise the Option, as determined in the sole discretion of the Administrator; and 

(d) Full payment of the exercise price and applicable withholding taxes to the stock administrator of the Company for the Shares with respect
to which the Option, or portion thereof, is exercised, in a manner permitted by the Administrator in accordance with Sections 11.1 and 11.2 hereof. 

  
 16 

 7.3 Notification Regarding Disposition. The Participant shall give the Company prompt
written or electronic notice of any disposition of Shares acquired by exercise of an Incentive Stock Option which occurs within (a) two (2) years from the date of granting (including the date the Option is modified, extended or renewed for
purposes of Section 424(h) of the Code) such Option to such Participant, or (b) one (1) year after the transfer of such Shares to such Participant. 

ARTICLE VIII 

RESTRICTED STOCK 

8.1 Award of Restricted Stock. 

(a) The Administrator is authorized to grant Restricted Stock to Eligible Individuals, and shall determine the terms and conditions, including
the restrictions, applicable to each award of Restricted Stock, which terms and conditions shall not be inconsistent with the Plan, and may impose such conditions on the issuance of such Restricted Stock as it deems appropriate. 

(b) The Administrator shall establish the purchase price, if any, and form of payment for Restricted Stock; provided, however, that if a
purchase price is charged, such purchase price shall be no less than the par value of the Shares to be purchased, unless otherwise permitted by applicable law. In all cases, legal consideration shall be required for each issuance of Restricted Stock
to the extent required by applicable law. 
 8.2 Rights as Shareholders. Subject to Section 8.4 hereof, upon issuance of
Restricted Stock, the Participant shall have, unless otherwise provided by the Administrator, all the rights of a shareholder with respect to said shares, subject to the restrictions in an applicable Program or in the applicable Award Agreement.
This includes, but is not limited to, the right to vote shares of Restricted Stock as the record owner thereof, and, unless otherwise determined by the Administrator, the right to receive dividends and other distributions payable to an Eligible
Individual during the Restriction Period if and when the restrictions imposed on the applicable Restricted Stock lapse. Provided, however, that, in the sole discretion of the Administrator, any extraordinary distributions with respect to the shares
shall be subject to the restrictions set forth in Section 8.3 hereof. 
 8.3 Restrictions. All shares of Restricted Stock
(including any shares received by Participants thereof with respect to shares of Restricted Stock as a result of stock dividends, stock splits or any other form of recapitalization) shall, in the terms of an applicable Program or the applicable
Award Agreement, be subject to such restrictions and vesting requirements as the Administrator shall provide. Such restrictions may include, without limitation, restrictions concerning voting rights and transferability and such restrictions may
lapse separately or in combination at such times and pursuant to such circumstances or based on such criteria as selected by the Administrator, including, without limitation, criteria based on the Participant’s duration of employment,
directorship or consultancy with the Company, the Performance Criteria, Company or Affiliate performance, individual performance or other criteria selected by the Administrator. Restricted Stock may not be sold or encumbered until all restrictions
are terminated or expire. 

  
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 8.4 Repurchase or Forfeiture of Restricted Stock. If no price was paid by the Participant
for the Restricted Stock, upon a Termination of Service, the Participant’s rights in unvested Restricted Stock then subject to restrictions shall lapse, and such Restricted Stock shall be surrendered to the Company and cancelled without
consideration. If a price was paid by the Participant for the Restricted Stock, upon a Termination of Service, the Company shall have the right to repurchase from the Participant the unvested Restricted Stock then-subject to restrictions at a cash
price per share equal to the price paid by the Participant for such Restricted Stock or such other amount as may be specified in an applicable Program or the applicable Award Agreement. The Administrator in its sole discretion may provide that, upon
certain events, including, without limitation, a Change in Control, the Participant’s death, retirement or disability, any other specified Termination of Service or any other event, the Participant’s rights in unvested Restricted Stock
shall not lapse, such Restricted Stock shall vest and cease to be forfeitable and, if applicable, the Company shall cease to have a right of repurchase. 

8.5 Certificates for Restricted Stock. Restricted Stock granted pursuant to the Plan may be evidenced in such manner as the
Administrator shall determine. Certificates or book entries evidencing shares of Restricted Stock must include an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock, and the Company may, in
its sole discretion, retain physical possession of any stock certificate until such time as all applicable restrictions lapse. 
 8.6
Section 83(b) Election. If a Participant makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted Stock as of the date of transfer of the Restricted Stock rather than as of the date or dates upon
which the Participant would otherwise be taxable under Section 83(a) of the Code, the Participant shall be required to deliver a copy of such election to the Company promptly after filing such election with the Internal Revenue Service. 

ARTICLE IX 

PERFORMANCE AWARDS, DIVIDEND EQUIVALENTS, STOCK PAYMENTS, DEFERRED STOCK, RESTRICTED STOCK UNITS, PERFORMANCE SHARE AWARDS, OTHER
INCENTIVE AWARDS 
 9.1 Performance Awards. 

(a) The Administrator is authorized to grant Performance Awards to any Eligible Individual and to determine whether such Performance Awards
shall be Performance-Based Compensation per Article V of this Plan. The value of Performance Awards may be linked to any one or more of the Performance Criteria or other specific criteria determined by the Administrator, in each case on a specified
date or dates or over any period or periods determined by the Administrator. Performance Awards may be paid in cash, Shares or a combination of both, as determined by the Administrator. 

  
 18 

 (b) Without limiting Section 9.1(a) hereof, the Administrator may grant Performance Awards
to any Eligible Individual in the form of a cash bonus payable upon the attainment of objective Performance Goals, or such other criteria, whether or not objective, which are established by the Administrator, in each case on a specified date or
dates or over any period or periods determined by the Administrator. Any such bonuses paid to a Participant which are intended to be Performance-Based Compensation shall be based upon objectively determinable bonus formulas established in accordance
with the provisions of Article V hereof. 
 9.2 Dividend Equivalents. 

(a) Subject to Section 9.2(b) hereof, Dividend Equivalents may be granted by the Administrator, either alone or in tandem with another
Award, based on dividends declared on the Common Stock, to be credited as of dividend payment dates during the period between the date the Dividend Equivalents are granted to a Participant and the date such Dividend Equivalents terminate or expire,
as determined by the Administrator. Such Dividend Equivalents shall be converted to cash or additional Shares by such formula, at such time and subject to such limitations as may be determined by the Administrator. In addition, the Administrator may
provide that Dividend Equivalents with respect to Shares covered by an Award shall only be paid out to the Participant at the same time or times and to the same extent that the vesting conditions, if any, are subsequently satisfied and the Award
vests with respect to such Shares. 
 (b) Notwithstanding the foregoing, no Dividend Equivalents shall be payable with respect to Options or
Stock Appreciation Rights, unless otherwise determined by the Administrator. 
 9.3 Stock Payments. The Administrator is authorized
to make one or more Stock Payments to any Eligible Individual. The number or value of Shares of any Stock Payment shall be determined by the Administrator and may be based upon one or more Performance Criteria or any other specific criteria,
including service to the Company or any Affiliate, determined by the Administrator. Stock Payments may, but are not required to, be made in lieu of base salary, bonus, fees or other cash compensation otherwise payable to such Eligible Individual.

 9.4 Deferred Stock. The Administrator is authorized to grant Deferred Stock to any Eligible Individual. The number of shares of
Deferred Stock shall be determined by the Administrator and may be based on one or more Performance Criteria or other specific criteria, including service to the Company or any Affiliate, as the Administrator determines, in each case on a specified
date or dates or over any period or periods determined by the Administrator, subject to compliance with Section 409A of the Code or an exemption therefrom. Shares underlying a Deferred Stock Award which is subject to a vesting schedule or other
conditions or criteria set by the Administrator will not be issued until such vesting requirements or other conditions or criteria, as applicable, have been satisfied. Unless otherwise provided by the Administrator, a holder of Deferred Stock shall
have no rights as a Company shareholder with respect to such Deferred Stock until such time as the Award has vested and the Shares underlying the Award have been issued to the Participant. 

  
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 9.5 Restricted Stock Units. The Administrator is authorized to grant Restricted Stock
Units to any Eligible Individual. The number and terms and conditions of Restricted Stock Units shall be determined by the Administrator. The Administrator shall specify the date or dates on which the Restricted Stock Units shall become fully vested
and nonforfeitable, and may specify such conditions to vesting as it deems appropriate, including conditions based on one or more Performance Criteria or other specific criteria, including service to the Company or any Affiliate, in each case, on a
specified date or dates or over any period or periods, as determined by the Administrator. The Administrator shall specify, or permit the Participant to elect, the conditions and dates upon which the Shares underlying the Restricted Stock Units
shall be issued, which dates shall not be earlier than the date as of which the Restricted Stock Units vest and become nonforfeitable and which conditions and dates shall be set in accordance with the applicable provisions of Section 409A of
the Code or an exemption therefrom. On the distribution dates, the Company shall issue to the Participant one unrestricted, fully transferable Share (or the Fair Market Value of one such Share in cash) for each vested and nonforfeitable Restricted
Stock Unit. 
 9.6 Performance Share Awards. Any Eligible Individual selected by the Administrator may be granted one or more
Performance Share Awards which shall be denominated in a number of Shares and the vesting of which may be linked to any one or more of the Performance Criteria, other specific performance criteria (in each case on a specified date or dates or over
any period or periods determined by the Administrator) and/or time-vesting or other criteria, as determined by the Administrator. 
 9.7
Other Incentive Awards. The Administrator is authorized to grant Other Incentive Awards to any Eligible Individual, which Awards may cover Shares or the right to purchase Shares or have a value derived from the value of, or an exercise or
conversion privilege at a price related to, or that are otherwise payable in or based on, Shares, shareholder value or shareholder return, in each case, on a specified date or dates or over any period or periods determined by the Administrator.
Other Incentive Awards may be linked to any one or more of the Performance Criteria or other specific performance criteria determined appropriate by the Administrator and may be payable in cash or shares. In addition, and without limiting the
generality of the foregoing, the Administrator is also authorized to grant LTIP Units in such amount and subject to such terms and conditions as may be determined by the Administrator; provided, however, that LTIP Units may only be issued to an
Eligible Individual for the performance of services to or for the benefit of the Partnership (i) in the Eligible Individual’s capacity as a partner of the Partnership, (ii) in anticipation of the Eligible Individual becoming a partner
of the Partnership, or (iii) as otherwise determined by the Administrator, provided that the LTIP Units are intended to constitute “profits interests” within the meaning of the Code, including, to the extent applicable, Revenue
Procedure 93-27, 1993-2 C.B. 343 and Revenue Procedure 2001-43, 2001-2 C.B. 191. The Administrator shall specify the conditions and dates upon which the LTIP Units shall vest and become nonforfeitable. LTIP Units shall be subject to the terms and
conditions of the Partnership Agreement and such other restrictions, including restrictions on transferability, as the Administrator may impose. These restrictions may lapse separately or in combination at such times, pursuant to such circumstances,
in such installments, or otherwise, as the Administrator determines at the time of the grant of the award or thereafter. 

  
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 9.8 Other Terms and Conditions. All applicable terms and conditions of each Award
described in this Article IX, including without limitation, as applicable, the term, vesting conditions and exercise/purchase price applicable to the Award, shall be set by the Administrator in its sole discretion, provided, however, that the value
of the consideration paid by a Participant for an Award shall not be less than the par value of a Share, unless otherwise permitted by applicable law. 

9.9 Exercise upon Termination of Service. Awards described in this Article IX are exercisable or distributable, as applicable, only
while the Participant is an Employee, Director or Consultant, as applicable. The Administrator, however, in its sole discretion, may provide that such an Award may be exercised or distributed subsequent to a Termination of Service as provided under
an applicable Program, Award Agreement, payment deferral election and/or upon certain events, including, without limitation, a Change in Control, the Participant’s death, retirement or disability or any other specified Termination of Service.

 ARTICLE X 

STOCK APPRECIATION RIGHTS 

10.1 Grant of Stock Appreciation Rights. 

(a) The Administrator is authorized to grant Awards of Stock Appreciation Rights to Eligible Individuals from time to time, in its sole
discretion, on such terms and conditions as it may determine consistent with the Plan. 
 (b) Each Award of Stock Appreciation Rights shall
entitle the Participant (or other person entitled to exercise the Award of Stock Appreciation Rights pursuant to the Plan) to exercise all or a specified portion of the Award of Stock Appreciation Rights (to the extent then exercisable pursuant to
its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the exercise price per Share of the Stock Appreciation Rights from the Fair Market Value on the date of exercise of the Stock
Appreciation Right by the number of Stock Appreciation Rights that shall have been exercised, subject to any limitations the Administrator may impose. Except as described in Section 10.1(c) hereof, the exercise price per Share subject to each
Award of Stock Appreciation Rights shall be set by the Administrator, but shall not be less than one hundred percent (100%) of the Fair Market Value on the date the Stock Appreciation Rights are granted. 

(c) Notwithstanding the provisions of Section 10.1(b) hereof to the contrary, in the case of an Award of Stock Appreciation Rights that
is a Substitute Award, the price per Share of the Shares subject to such Stock Appreciation Rights may be less than the Fair Market Value per Share on the date of grant; provided, however, that the exercise price of any Substitute Award shall be
determined in accordance with the applicable requirements of Sections 424 and 409A of the Code. 
 10.2 Stock Appreciation Right
Vesting. 
 (a) The Administrator shall determine the period during which a Participant shall vest in an Award of Stock Appreciation
Rights and have the right to exercise 

  
 21 

 
such Stock Appreciation Rights (subject to Section 10.4 hereof) in whole or in part. Such vesting may be based on service with the Company or any Affiliate, any of the Performance Criteria
or any other criteria selected by the Administrator. At any time after grant of an Award of Stock Appreciation Rights, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period
during which the Stock Appreciation Rights vests 
 (b) No portion of an Award of Stock Appreciation Rights which is unexercisable at
Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in an applicable Program or Award Agreement or by action of the Administrator following the grant of the Stock Appreciation
Rights, including following a Termination of Service; provided, that in no event shall an Award of Stock Appreciation Rights become exercisable following its expiration, termination or forfeiture. 

10.3 Manner of Exercise. All or a portion of an Award of exercisable Stock Appreciation Rights shall be deemed exercised upon delivery
of all of the following to the stock administrator of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable: 

(a) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Stock Appreciation
Rights, or a portion thereof, is exercised. The notice shall be signed by the Participant or other person then-entitled to exercise the Stock Appreciation Rights or such portion of the Stock Appreciation Rights; 

(b) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with
all applicable provisions of the Securities Act and any other federal, state or foreign securities laws or regulations. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such
compliance; 
 (c) In the event that Stock Appreciation Rights are exercised pursuant to this Section 10.3 by any person or persons
other than the Participant, appropriate proof of the right of such person or persons to exercise the Stock Appreciation Rights; and 
 (d)
Full payment of the applicable withholding taxes to the stock administrator of the Company for the Shares with respect to which the Stock Appreciation Rights, or portion thereof, are exercised, in a manner permitted by Sections 11.1 and 11.2 hereof.

 10.4 Stock Appreciation Right Term. The term of each Award of Stock Appreciation Rights shall be set by the Administrator in its
sole discretion; provided, however, that the term shall not be more than ten (10) years from the date the Stock Appreciation Rights are granted. The Administrator shall determine the time period, including any time period following a
Termination of Service, during which the Participant has the right to exercise any vested Stock Appreciation Rights, which time period may not extend beyond the expiration date of the Award term. Except as limited by the requirements of
Section 409A of the Code, the Administrator may extend the term of any outstanding Stock Appreciation Rights, and may extend the time period during which vested Stock Appreciation Rights may be exercised in

  
 22 

 
connection with any Termination of Service of the Participant, and, subject to Section 13.1 hereof, may amend any other term or condition of such Stock Appreciation Rights relating to such a
Termination of Service. 
 ARTICLE XI 

ADDITIONAL TERMS OF AWARDS 

11.1 Payment. The Administrator shall determine the methods by which payments by any Participant with respect to any Awards granted
under the Plan shall be made, including, without limitation: (a) cash or check, (b) in the discretion of the Administrator, Shares (including, in the case of payment of the exercise price of an Award, Shares issuable pursuant to the
exercise of the Award) held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences, in each case, having a Fair Market Value on the date of delivery equal to the aggregate payments required,
(c) delivery of a written or electronic notice that the Participant has placed a market sell order with a broker with respect to Shares then-issuable upon exercise or vesting of an Award, and that the broker has been directed to pay a
sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate payments required; provided, however, that payment of such proceeds is then made to the Company upon settlement of such sale or (d) other form of
legal consideration acceptable to the Administrator. The Administrator shall also determine the methods by which Shares shall be delivered or deemed to be delivered to Participants. Notwithstanding any other provision of the Plan to the contrary, no
Participant who is a Director or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to make payment with respect to any Awards granted under the Plan, or continue any
extension of credit with respect to such payment with a loan from the Company or a loan arranged by the Company in violation of Section 13(k) of the Exchange Act. 

11.2 Tax Withholding. The Company and its Affiliates shall have the authority and the right to deduct or withhold, or require a
Participant to remit to the Company or an Affiliate, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s social security, Medicare and any other employment tax obligation) required by law to be
withheld with respect to any taxable event concerning a Participant arising in connection with any Award. The Administrator may in its sole discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company
or an Affiliate withhold Shares otherwise issuable under an Award (or allow the surrender of Shares). Unless determined otherwise by the Administrator, the number of Shares which may be so withheld or surrendered shall be limited to the number of
Shares which have a Fair Market Value on the date of withholding or repurchase no greater than the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll tax
purposes that are applicable to such supplemental taxable income. The Administrator shall determine the fair market value of the Shares, consistent with applicable provisions of the Code, for tax withholding obligations due in connection with a
broker-assisted cashless Option or Stock Appreciation Right exercise involving the sale of Shares to pay the Option or Stock Appreciation Right exercise price or any tax withholding obligation. 

  
 23 

 11.3 Transferability of Awards. 

(a) Except as otherwise provided in Section 11.3(b) or (c) hereof: 

(i) No Award under the Plan may be sold, pledged, assigned or transferred in any manner other than by will or the laws of
descent and distribution or, subject to the consent of the Administrator, pursuant to a DRO, unless and until such Award has been exercised, or the Shares underlying such Award have been issued, and all restrictions applicable to such Shares have
lapsed; 
 (ii) No Award or interest or right therein shall be liable for the debts, contracts or engagements of the
Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by
operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy) unless and until such Award has been exercised, or the Shares underlying such Award have been issued, and all restrictions
applicable to such Shares have lapsed, and any attempted disposition of an Award prior to the satisfaction of these conditions shall be null and void and of no effect, except to the extent that such disposition is permitted by clause (i) of
this provision; and 
 (iii) During the lifetime of the Participant, only the Participant may exercise an Award (or any
portion thereof) granted to him or her under the Plan, unless it has been disposed of pursuant to a DRO; after the death of the Participant, any exercisable portion of an Award may, prior to the time when such portion becomes unexercisable under the
Plan or the applicable Program or Award Agreement, be exercised by his personal representative or by any person empowered to do so under the deceased Participant’s will or under the then-applicable laws of descent and distribution. 

(b) Notwithstanding Section 11.3(a) hereof, the Administrator, in its sole discretion, may determine to permit a Participant or a
Permitted Transferee of such Participant to transfer an Award other than an Incentive Stock Option (unless such Incentive Stock Option is to become a Non-Qualified Stock Option) to any one or more Permitted Transferees of such Participant, subject
to the following terms and conditions: (i) an Award transferred to a Permitted Transferee shall not be assignable or transferable by the Permitted Transferee (other than to another Permitted Transferee of the applicable Participant) other than
by will or the laws of descent and distribution; (ii) an Award transferred to a Permitted Transferee shall continue to be subject to all the terms and conditions of the Award as applicable to the original Participant (other than the ability to
further transfer the Award); and (iii) the Participant (or transferring Permitted Transferee) and the Permitted Transferee shall execute any and all documents requested by the Administrator, including without limitation, documents to
(A) confirm the status of the transferee as a Permitted Transferee, (B) satisfy any requirements for an exemption for the transfer under applicable federal, state and foreign securities laws and (C) evidence the transfer. 

  
 24 

 (c) Notwithstanding Section 11.3(a) hereof, a Participant may, in the manner determined by
the Administrator, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person
claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Program or Award Agreement applicable to the Participant, except to the extent the Plan, the Program and the Award Agreement otherwise provide, and
to any additional restrictions deemed necessary or appropriate by the Administrator. If the Participant is married or a domestic partner in a domestic partnership qualified under applicable law and resides in a “community property” state,
a designation of a person other than the Participant’s spouse or domestic partner, as applicable, as his or her beneficiary with respect to more than fifty percent (50%) of the Participant’s interest in the Award shall not be
effective without the prior written or electronic consent of the Participant’s spouse or domestic partner. If no beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the
Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation is delivered to the Administrator prior to
the Participant’s death. 
 11.4 Conditions to Issuance of Shares. 

(a) Notwithstanding anything herein to the contrary, neither the Company nor its Affiliates shall be required to issue or deliver any
certificates or make any book entries evidencing Shares pursuant to the exercise of any Award, unless and until the Administrator has determined, with advice of counsel, that the issuance of such Shares is in compliance with all applicable laws,
regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares are listed or traded, and the Shares are covered by an effective registration statement or applicable exemption from registration. In
addition to the terms and conditions provided herein, the Administrator may require that a Participant make such reasonable covenants, agreements, and representations as the Administrator, in its discretion, deems advisable in order to comply with
any such laws, regulations, or requirements. 
 (b) All Share certificates delivered pursuant to the Plan and all Shares issued pursuant to
book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with federal, state, or foreign securities or other laws, rules and regulations and the rules of any
securities exchange or automated quotation system on which the Shares are listed, quoted, or traded. The Administrator may place legends on any Share certificate or book entry to reference restrictions applicable to the Shares. 

(c) The Administrator shall have the right to require any Participant to comply with any timing or other restrictions with respect to the
settlement, distribution or exercise of any Award, including a window-period limitation, as may be imposed in the sole discretion of the Administrator. 

  
 25 

 (d) No fractional Shares shall be issued and the Administrator shall determine, in its sole
discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding down. 

(e) Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by any applicable law, rule
or regulation, the Company and/or its Affiliates may, in lieu of delivering to any Participant certificates evidencing Shares issued in connection with any Award, record the issuance of Shares in the books of the Company (or, as applicable, its
transfer agent or stock plan administrator). 
 11.5 Forfeiture Provisions. Pursuant to its general authority to determine the terms
and conditions applicable to Awards under the Plan, the Administrator shall have the right to provide, in the terms of Awards made under the Plan, or to require a Participant to agree by separate written or electronic instrument, that: (a)(i) any
proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt or exercise of the Award, or upon the receipt or resale of any Shares underlying the Award, must be paid to the Company, and
(ii) the Award shall terminate and any unexercised portion of the Award (whether or not vested) shall be forfeited, if (b)(i) a Termination of Service occurs prior to a specified date, or within a specified time period following receipt or
exercise of the Award, or (ii) the Participant at any time, or during a specified time period, engages in any activity in competition with the Company, or which is inimical, contrary or harmful to the interests of the Company, as further
defined by the Administrator or (iii) the Participant incurs a Termination of Service for Cause. 
 11.6 Prohibition on
Repricing. Subject to limitations imposed by Section 409A of the Code or other applicable law and the limitations contained in Section 13.1 below, the Administrator shall have the authority, but only with the approval of the
shareholders of the Company, to amend any outstanding Award, in whole or in part, to increase or reduce the price per Share or to cancel and replace an Award, in whole or in part, with cash and/or another Award, including without limitation, another
Option or Stock Appreciation Right having a price per Share that is less than, greater than or equal to the price per Share of the original Award. 

11.7 Cash Settlement. Without limiting the generality of any other provision of the Plan, the Administrator may provide, in an Award
Agreement or subsequent to the grant of an Award, in its discretion, that any Award may be settled in cash, Shares or a combination thereof. 

11.8 Leave of Absence. Unless the Administrator provides otherwise, vesting of Awards granted hereunder shall be suspended during any
unpaid leave of absence. A Participant shall not cease to be considered an Employee, Non-Employee Director or Consultant, as applicable, in the case of any (a) leave of absence approved by the Company, or (b) transfer between locations of
the Company or between the Company and any of its Affiliates or any successor thereof; or (c) change in status (Employee to Director, Employee to Consultant, etc.), provided that such change does not affect the specific terms applying to the
Participant’s Award. 
 11.9 Terms May Vary Between Awards. The terms and conditions of each Award shall be determined by the
Administrator in its sole discretion and the Administrator shall 

  
 26 

 
have complete flexibility to provide for varied terms and conditions as between any Awards, whether of the same or different Award type and/or whether granted to the same or different
Participants (in all cases, subject to the terms and conditions of the Plan). discretion. 
 ARTICLE XII 

ADMINISTRATION 

12.1 Administrator. The Committee (or another committee or a subcommittee of the Board assuming the functions of the Committee under
the Plan) shall administer the Plan (except as otherwise permitted herein) and, unless otherwise determined by the Board, shall consist solely of two or more Non-Employee Directors appointed by and holding office at the pleasure of the Board, each
of whom is intended to qualify as a “non-employee director” as defined by Rule 16b-3 of the Exchange Act, an “outside director” for purposes of Section 162(m) of the Code and an “independent director” under the
rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded, in each case, to the extent required under such provision; provided, however, that any action taken by the Committee shall be valid and
effective, whether or not members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership set forth in this Section 13.l or otherwise provided in any charter of the Committee.
Except as may otherwise be provided in any charter of the Committee, appointment of Committee members shall be effective upon acceptance of appointment. Committee members may resign at any time by delivering written or electronic notice to the
Board. Vacancies in the Committee may only be filled by the Board. Notwithstanding the foregoing, (a) the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to Awards
granted to Non-Employee Directors and (b) the Board or Committee may delegate its authority hereunder to the extent permitted by Section 12.6 hereof. 

12.2 Duties and Powers of Administrator. It shall be the duty of the Administrator to conduct the general administration of the Plan in
accordance with its provisions. The Administrator shall have the power to interpret the Plan and all Programs and Award Agreements, and to adopt such rules for the administration, interpretation and application of the Plan and any Program as are not
inconsistent with the Plan, to interpret, amend or revoke any such rules and to amend any Program or Award Agreement, provided that the rights or obligations of the holder of the Award that is the subject of any such Program or Award Agreement are
not affected adversely by such amendment unless the consent of the Participant is obtained or such amendment is otherwise permitted under Section 13.1 hereof. Any such grant or award under the Plan need not be the same with respect to each
Participant. Any such interpretations and rules with respect to Incentive Stock Options shall be consistent with the provisions of Section 422 of the Code. In its sole discretion, the Board may at any time and from time to time exercise any and
all rights and duties of the Committee under the Plan except with respect to matters which under Rule 16b-3 under the Exchange Act, Section 162(m) of the Code, or the rules of any securities exchange or automated quotation system on which the
Shares are listed, quoted or traded are required to be determined in the sole discretion of the Committee. 
 12.3 Action by the
Committee. Unless otherwise established by the Board or in any charter of the Committee, a majority of the Committee shall constitute a quorum and the acts 

  
 27 

 
of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of
the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Affiliate, the Company’s independent
certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

12.4 Authority of Administrator. Subject to any specific designation in the Plan, the Administrator has the exclusive power, authority
and sole discretion to: 
 (a) Designate Eligible Individuals to receive Awards; 

(b) Determine the type or types of Awards to be granted to each Eligible Individual; 

(c) Determine the number of Awards to be granted and the number of Shares to which an Award will relate; 

(d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant
price, or purchase price, any performance criteria, any restrictions or limitations on the Award, any schedule for vesting, lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, and
any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Administrator in its sole discretion determines; 

(e) Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be
paid in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 
 (f) Prescribe the form of
each Award Agreement, which need not be identical for each Participant; 
 (g) Decide all other matters that must be determined in
connection with an Award; 
 (h) Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer
the Plan; 
 (i) Interpret the terms of, and any matter arising pursuant to, the Plan, any Program or any Award Agreement; and 

(j) Make all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable
to administer the Plan. 
 12.5 Decisions Binding. The Administrator’s interpretation of the Plan, any Awards granted pursuant
to the Plan, any Program, any Award Agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties. 

  
 28 

 12.6 Delegation of Authority. To the extent permitted by applicable law or the rules of
any securities exchange or automated quotation system on which the Shares are listed, quoted or traded, the Board or Committee may from time to time delegate to a committee of one or more members of the Board or, with respect to Options or other
rights with respect to Shares (but not Shares themselves), one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to this Article XIII; provided, however, that in no event shall an
officer of the Company be delegated the authority to grant Awards to, or amend Awards held by, the following individuals: (a) individuals who are subject to Section 16 of the Exchange Act, (b) Covered Employees with respect to Awards
intended to constitute Performance-Based Compensation, or (c) officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder; provided further, that any delegation of administrative authority
shall only be permitted to the extent it is permissible under Section 162(m) of the Code and applicable securities laws or the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded. Any
delegation hereunder shall be subject to the restrictions and limits that the Board or Committee specifies at the time of such delegation, and the Board may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the
delegatee appointed under this Section 12.6 shall serve in such capacity at the pleasure of the Board and the Committee. 
 ARTICLE
XIII 
 MISCELLANEOUS PROVISIONS 

13.1 Amendment, Suspension or Termination of the Plan. Except as otherwise provided in this Section 13.1, the Plan may be wholly
or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Board. However, without approval of the Company’s shareholders given within twelve (12) months before or after the action by the
Administrator, no action of the Administrator may, except as provided in Section 13.2 hereof, increase the Share Limit. Except as provided in Section 13.10 hereof, no amendment, suspension or termination of the Plan shall, without the
consent of the Participant, impair any rights or obligations under any Award theretofore granted or awarded, unless the Award itself otherwise expressly so provides. No Awards may be granted or awarded during any period of suspension or after
termination of the Plan. 
 13.2 Adjustments to Awards. 

(a) In the event of any stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other
than normal cash dividends) of Company assets to shareholders, or any other change affecting the shares of the Company’s stock or the share price of the Company’s stock other than an Equity Restructuring, the Administrator shall make
equitable adjustments, if any, to reflect such change with respect to (i) the aggregate number and kind of shares and other property that may be issued under the Plan (including, but not limited to, adjustments of the Share Limit, the LTIP
Limit and Individual Award Limits); (ii) the number and kind of Shares and LTIP Units (or other securities or 

  
 29 

 
property) subject to outstanding Awards; (iii) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect
thereto); and/or (iv) the grant or exercise price per share for any outstanding Awards under the Plan. Any adjustment affecting an Award intended as Performance-Based Compensation shall be made consistent with the requirements of
Section 162(m) of the Code unless otherwise determined by the Administrator. 
 (b) In the event of any transaction or event described
in Section 13.2(a) hereof or any unusual or nonrecurring transactions or events affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or of changes in applicable laws, regulations or accounting
principles, the Administrator, in its sole discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event and either automatically or
upon the Participant’s request, is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan or with respect to any Award under the Plan, to facilitate such transactions or events or to give effect to such changes in laws, regulations or principles: 

(i) to provide for either (A) termination of any such Award in exchange for an amount of cash, if any, equal to the amount
that would have been attained upon the exercise of such Award or realization of the Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction or event described in this Section 13.2, the
Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment) or (B) the
replacement of such Award with other rights or property selected by the Administrator in its sole discretion having an aggregate value not exceeding the amount that could have been attained upon the exercise of such Award or realization of the
Participant’s rights had such Award been currently exercisable or payable or fully vested; 
 (ii) to provide that such
Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary
thereof, with appropriate adjustments as to the number and kind of shares and prices; 
 (iii) to make adjustments in the
number and type of securities subject to outstanding Awards and Awards which may be granted in the future and/or in the terms, conditions and criteria included in such Awards (including the grant or exercise price, as applicable); 

(iv) to provide that such Award shall be exercisable or payable or fully vested with respect to all securities covered thereby,
notwithstanding anything to the contrary in the Plan or an applicable Program or Award Agreement; and 
 (v) to provide that
the Award cannot be exercised after such event. 

  
 30 

 (c) In connection with the occurrence of any Equity Restructuring, and notwithstanding anything
to the contrary in Sections 13.2(a) and 13.2(b) hereof: 
 (i) The number and type of securities subject to each outstanding
Award and/or the exercise price or grant price thereof, if applicable, shall be equitably adjusted. The adjustment provided under this Section 13.2(c)(i) shall be nondiscretionary and shall be final and binding on the affected Participant and
the Company. 
 (ii) The Administrator shall make such equitable adjustments, if any, as the Administrator in its discretion
may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments to the Share Limit, LTIP Limit and the Individual Award
Limits). The adjustments provided under this Section 13.2(c) shall be nondiscretionary and shall be final and binding on the affected Participant and the Company. 

(d) Notwithstanding any other provisions of this Plan to the contrary, effective as of the occurrence of a Change in Control: 

(i) all outstanding and unvested Options and Stock Appreciation Rights granted under the plan shall immediately vest and become
exercisable, and all Options and Stock Appreciation Rights then outstanding under the Plan shall remain outstanding in accordance with their terms; 

(ii) all Restricted Stock, Restricted Stock Units and other Awards (other than Awards referenced in subsections (i) above
and (iii) below) shall immediately vest and be distributed to Participants, subject to compliance with Section 409A of the Code, if applicable; and 

(iii) each Performance Award shall immediately vest and the holder of such Performance Award shall be entitled to an immediate
lump sum cash payment equal to the amount of such Performance Award otherwise payable at the end of the Performance Period as if 100% of the Performance Goals have been achieved. 

Any amount required to be paid pursuant to this Section 13.2 shall be paid as soon as practical after the date such amount becomes payable (but in no
event later than 2  1⁄2 months following the year in which such amount becomes payable), subject to Section 409A where applicable. 

  
 31 

 (e) The Administrator may, in its sole discretion, include such further provisions and
limitations in any Award, agreement or certificate, as it may deem equitable and in the best interests of the Company that are not inconsistent with the provisions of the Plan. 

(f) With respect to Awards which are granted to Covered Employees and are intended to qualify as Performance-Based Compensation, no adjustment
or action described in this Section 13.2 or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause such Award to fail to so qualify as Performance-Based Compensation, unless the
Administrator determines that the Award should not so qualify. No adjustment or action described in this Section 13.2 or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause the Plan to
violate Section 422(b)(1) of the Code. Furthermore, no such adjustment or action shall be authorized with respect to any Award to the extent such adjustment or action would result in short-swing profits liability under Section 16 of the
Exchange Act or violate the exemptive conditions of Rule 16b-3 of the Exchange Act unless the Administrator determines that the Award is not to comply with such exemptive conditions. 

(g) The existence of the Plan, any Program, any Award Agreement and/or any Award granted hereunder shall not affect or restrict in any way the
right or power of the Company or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the
Company, any issue of stock or units or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are
convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or
otherwise. 
 (h) No action shall be taken under this Section 13.2 which shall cause an Award to fail to comply with Section 409A
of the Code or an exemption therefrom, in either case, to the extent applicable to such Award, unless the Administrator determines any such adjustments to be appropriate. 

13.3 Approval of Plan by Shareholders. The Plan will be submitted for the approval of the Company’s shareholders within twelve
(12) months following the date of the Board’s initial adoption of the Plan. Awards may be granted or awarded prior to such shareholder approval; provided, that such Awards shall not be exercisable, shall not vest and the restrictions
thereon shall not lapse and no Shares shall be issued pursuant thereto, prior to the time when the Plan is approved by the Company’s shareholders; provided further that if such approval has not been obtained at the end of such twelve (12)-month
period, all Awards previously granted or awarded under the Plan shall thereupon be canceled and become null and void. 
 13.4 No
Shareholders Rights. Except as otherwise provided herein or in an applicable Program or Award Agreement, a Participant shall have none of the rights of a shareholder with respect to Shares covered by any Award until the Participant becomes the
record owner of such Shares. 

  
 32 

 13.5 Paperless Administration. In the event that the Company establishes, for itself or
using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of
Awards by a Participant may be permitted through the use of such an automated system. 
 13.6 Effect of Plan upon Other Compensation
Plans. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for the Company or any Affiliate. Nothing in the Plan shall be construed to limit the right of the Company or any Affiliate: (a) to
establish any other forms of incentives or compensation for Employees, Directors or Consultants of the Company or any Affiliate or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any
proper corporate purpose, including, without limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation, or otherwise, of the business, stock, or assets of any corporation,
partnership, limited liability company, firm, or association. 
 13.7 Compliance with Laws. The Plan, the granting and vesting of
Awards under the Plan and the issuance and delivery of Shares and the payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all applicable federal, state, local and foreign laws, rules, and
regulations (including but not limited to state, federal and foreign securities law and margin requirements) and the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted, or traded, and to such
approvals by any listing, regulatory, or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions and
the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the
extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 

13.8 Titles and Headings, References to Sections of the Code or Exchange Act. The titles and headings of the sections in the Plan are
for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. References to sections of the Code or the Exchange Act shall include any amendment or successor thereto.

 13.9 Governing Law. The Plan and any programs and agreements hereunder shall be administered, interpreted and enforced under the
internal laws of the State of Delaware without regard to its principles regarding conflicts of laws. 
 13.10 Section 409A. To
the extent that the Administrator determines that any Award granted under the Plan is subject to Section 409A of the Code, the Plan, any applicable Program and the Award Agreement covering such Award shall be interpreted in accordance with
Section 409A of the Code. Notwithstanding any provision of the Plan to the contrary, in the event that, following the Effective Date, the Administrator determines that any Award may be subject to Section 409A of the Code, the Administrator
may adopt such amendments to the Plan, 

  
 33 

 
any applicable Program and the Award Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the
Administrator determines are necessary or appropriate to avoid the imposition of taxes on the Award under Section 409A of the Code, either through compliance with the requirements of Section 409A of the Code or with an available exemption
therefrom. 
 13.11 No Rights to Awards. No Eligible Individual or other person shall have any claim to be granted any Award pursuant
to the Plan, and neither the Company nor the Administrator is obligated to treat Eligible Individuals, Participants or any other persons uniformly. 

13.12 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to
any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Program or Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the Company or any Affiliate.

 13.13 Indemnification. To the extent allowable pursuant to applicable law, each member of the Board and any officer or other
employee to whom authority to administer any component of the Plan is delegated shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in
connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts
paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided, however, that he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes
to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Certificate of Incorporation
or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 13.14
Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare, or other benefit plan of the Company or
any Affiliate except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder. 
 13.15
Expenses. The expenses of administering the Plan shall be borne by the Company and its Affiliates. 
 13.16 REIT Status. The
Plan shall be interpreted and construed in a manner consistent with the Company’s status as a REIT. No award shall be granted or awarded, and with respect to any award granted under the Plan, such award shall not vest, be exercisable or be
settled: (a) to the extent that the grant, vesting, exercise or settlement of such award could cause the Participant or any other person to be in violation of any provision of the Company’s charter; or (b) if, in the discretion of the
Committee, the grant, vesting, exercise or settlement of such award could impair the Company’s status as a REIT. 
 [signature page
follows] 

  
 34 

 I hereby certify that the foregoing Plan was duly adopted by the Board on May 12, 2014. 

I hereby certify that the foregoing Plan was approved by the shareholders of the Company on May 12, 2014. 

Executed on this 12th day of May, 2014. 

 

	
	 /s/ William M.Wagner

	William M.Wagner
	Chief Financial Officer,Treasurer
	and Secretary

  
 35EX-10.29

 Exhibit 10.29 
  

 
  

STOCKHOLDERS’ AGREEMENT 

dated as of March 22, 2013 

among 
 GEORGIA
HOLDINGS, INC., 
 AP GEORGIA HOLDINGS, LP, 

APOLLO OVERSEAS CO-INVESTORS (MHE), L.P. 

and 
 CERTAIN OTHER
STOCKHOLDERS OF GEORGIA HOLDINGS, INC. 
  
  

 

 TABLE OF CONTENTS 

 

							
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	Section 1	 	Definitions	  	 	1	  
			
	Section 2	 	Restriction on Transfers	  	 	11	  
			
	Section 3	 	Approved Sale; Tag Along Transaction	  	 	13	  
			
	Section 4	 	Repurchase Right; Involuntary Transfers; Repurchase Disability	  	 	17	  
			
	Section 5	 	Board of Directors	  	 	22	  
			
	Section 6	 	Representations and Warranties	  	 	24	  
			
	Section 7	 	Information Rights; Covenants	  	 	24	  
			
	Section 8	 	Registration Rights	  	 	26	  
			
	Section 9	 	Non-Solicitation; Non-Hire; Non-Compete; Non-Disparagement; Confidentiality	  	 	37	  
			
	Section 10	 	Termination	  	 	39	  
			
	Section 11	 	Limited Preemptive Rights	  	 	39	  
			
	Section 12	 	Miscellaneous	  	 	41	  
			
	Schedule	 		  			
			
	Schedule I	 	Stockholders’ names, shares owned, and address for notices	  			
			
	Exhibit	 		  			
			
	Exhibit A	 	Form of Joinder to Stockholders’ Agreement	  	 	A - 1	  

  
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 STOCKHOLDERS’ AGREEMENT dated as of March 22, 2013 (this
“Agreement”), by and among GEORGIA HOLDINGS, INC., a Delaware corporation (the “Company”), AP GEORGIA HOLDINGS, LP, a Delaware limited partnership (“Apollo”), APOLLO OVERSEAS CO-INVESTORS (MHE),
L.P., a Delaware limited partnership (“AOC (MHE)”) and the other Stockholders of the Company set forth on Schedule I that are signatories hereto, including those that, from time to time after the date hereof, become a party
hereto by executing a Joinder (collectively with AOC (MHE), the “Non-Apollo Holders”). 
 WHEREAS, pursuant to that
certain Purchase and Sale Agreement, dated as of November 25, 2012 (as amended from time to time, the “Purchase and Sale Agreement”), by and among The McGraw-Hill Companies, Inc., a New York corporation
(“Parent”), the entities set forth in Schedule I thereto (collectively with Parent, “Sellers”), McGraw-Hill Education LLC, a Delaware limited liability company (n/k/a McGraw-Hill Global Education, LLC), and
MHE Acquisition, LLC, a Delaware limited liability company (“Purchaser”), Purchaser will acquire the education business of Parent through the purchase of the equity interests of certain Subsidiaries of Parent from Sellers (the
“Acquisition”); 
 WHEREAS, in connection with the Acquisition, each Stockholder will purchase Equity Securities in
an amount set forth opposite their respective names on Schedule I hereto; and 
 WHEREAS, the Company, Apollo and the
Non-Apollo Holders desire to enter into this Agreement to provide for the stability of the business and policies of the Company and its Subsidiaries and to set forth the rights and restrictions concerning each Stockholder’s relationship with
and investment in the Company following the Closing. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

SECTION 1 

DEFINITIONS 
 As
used in this Agreement, the following terms shall have the meanings indicated below: 
 “Accountants” has the meaning set
forth in Section 7.1(c)(3). 
 “Acquisition” has the meaning set forth in the recitals. 

“Affiliate” means: (i) with respect to any individual, (A) a spouse or descendant of such individual and
(B) any trust or family partnership or other entity whose beneficiaries shall solely be such individual and/or such individual’s spouse and/or any Person related by blood or adoption to such individual or such individual’s spouse, and
(ii) with respect to any Person that is not an individual, any other Person which directly or indirectly (through one or more intermediaries) controls, or is under common control with, or is controlled by, such Person. As used in this
definition, “control” (including, with its correlative meanings, “controlled by” 

 
and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person (whether
through ownership of securities or partnership or other ownership interests, by contract or otherwise). 
 “Affiliated
Fund” means any investment fund, account or client that is sponsored, managed or advised by the general partner or manager (or one or more of their respective Affiliates) of AIF VII. 

“Agreement” has the meaning set forth in the preamble. 

“AIF VII” means Apollo Investment Fund VII, L.P., a Delaware limited partnership. 

“AOC (MHE)” has the meaning set forth in the preamble. 

“Apollo” has the meaning set forth in the preamble. 

“Apollo Clients” means any: (i) investment fund, partnership (including AOC (MHE)), limited liability company,
corporation or similar investment vehicle, (ii) client or the assets or investments for the account of any client, and/or (iii) separate account for which, in each case, the general partner of Apollo, the manager of Apollo or one or more
of their respective Affiliates acts as general partner, manager, managing member, investment adviser, sponsor or in a similar capacity. 

“Apollo Directors” has the meaning set forth in Section 5.1(b). 

“Apollo Nominee” has the meaning set forth in Section 3.1(i). 

“Apollo Transfer” has the meaning set forth in the definition of “Tag Along Transaction”. 

“Approved Sale” has the meaning set forth in Section 3.1(a). 

“Approved Sale Notice” has the meaning set forth in Section 3.1(a). 

“Authorized Recipient” has the meaning set forth in Section 12.17. 

“Board” means the Board of Directors of the Company. 

“Business Combination” has the meaning set forth in the definition of “Sale of the Company”. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in the City of New York, New
York are authorized or required by law to close. 
 “Bylaws” means the Bylaws of the Company, as may be amended, restated,
supplemented or otherwise modified from time to time. 

  
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 “Cause” means, in each case with respect to Non-Apollo Holders other than AOC
(MHE): (i) for a Non-Apollo Holder party to an Option Agreement (or any other agreement) in effect at any time prior to the date of such Non-Apollo Holder’s termination of employment or other professional relationship with the Company or
any of its Subsidiaries, as the case may be, “Cause” (or term of similar import) as defined in such Option Agreement (or other agreement), and (ii) for each other Non-Apollo Holder, a termination of employment or other professional
relationship with the Company or any of its Subsidiaries after the occurrence of any of the following on the part of such Non-Apollo Holder: (A) commission of a felony; (B) intentional violation of law (excluding moving violations or by
reason of vicarious liability) or intentional undertaking of any activity toward another employee or service provider of the Company or any of its Subsidiaries that is punishable by civil penalty; (C) dishonesty, bad faith, gross negligence,
willful misconduct, fraud or willful or reckless disregard of duties in connection with the performance of any services on behalf of the Company or any of its Subsidiaries; (D) intentional failure to comply with any reasonable directive by a
supervisor in connection with the performance of any services on behalf of the Company or any of its Subsidiaries following written notice that failure to comply therewith would constitute cause for termination; (E) intentional breach of any
material provision of any agreement with the Company or any of its Subsidiaries; (F) intentional violation of any lawful and reasonable material written policy adopted by the Company or any of its Subsidiaries governing the conduct of persons
performing services on behalf of the Company or such Subsidiary; or (G) the taking of or omission to take any action that has caused or contributed to a material deterioration in the business or reputation of the Company or any of its
Subsidiaries, or that was otherwise materially disruptive of its or their business or affairs, other than actions taken or omitted in good faith consistent with the best interests of the Company and its Subsidiaries. 

“CEO Director” has the meaning set forth in Section 5.1(c). 

“Certificate” means the amended and restated certificate of incorporation of the Company, as may be further amended,
restated, supplemented or otherwise modified from time to time. 
 “Closing” means the closing of the transactions
contemplated by the Purchase and Sale Agreement. 
 “Closing Date” means the date on which the Closing occurs. 

“Code” means the Internal Revenue Code of 1986. 

“Commission” means the Securities and Exchange Commission or any other Governmental Authority at the time administering the
Securities Act. 
 “Common Stock” means the common stock of the Company, par value $0.01 per share. 

“Company” has the meaning set forth in the preamble. 

“Competitive Business” has the meaning set forth in Section 9.2. 

  
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 “Confidential Information” has the meaning set forth in
Section 12.17. 
 “Demand Notice” has the meaning set forth in Section 8.1. 

“Demand Party” has the meaning set forth in Section 8.1. 

“Demand Registration” has the meaning set forth in Section 8.1. 

“Disability” means, in each case with respect to Non-Apollo Holders other than AOC (MHE): (i) for a Non-Apollo Holder
party to an Option Agreement (or any other agreement) in effect at any time prior to the date of such Non-Apollo Holder’s termination of employment or other professional relationship with the Company or any of its Subsidiaries, as the case may
be, “Disability” (or term of similar import) as defined in such Option Agreement (or other agreement), and (ii) for each other Non-Apollo Holder, “Disability” as defined in Section 22(e)(3) of the Code. 

“Disability Notice” has the meaning set forth in Section 4.3(b). 

“Effective Period” has the meaning set forth in Section 8.9(a). 

“Electing Stockholders” has the meaning set forth in Section 11.2. 

“Equity Incentive Plan” means any plan or agreement approved by the Board for the purposes of issuing equity-linked
Securities to any employee, officer, consultant or director of the Company or any of its Subsidiaries as incentive or bonus compensation. 

“Equity Securities” means: (i) any equity Securities of the Company (including Common Stock, but excluding any option,
warrant, or similar equity-linked Security of the Company) purchased or otherwise acquired by any Stockholder, and (ii) any Securities issued or issuable directly or indirectly with respect to the Securities referred to in clause (i) above
by way of conversion or exchange, stock dividend or stock split or in connection with a combination of shares, recapitalization, reclassification, merger, consolidation, reorganization or other similar event. 

“Excess Interested Stockholders” has the meaning set forth in Section 11.2(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute and the Rules and
Regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Excluded Stock” means:
(i) shares of Common Stock at any time issuable, or reserved for issuance, upon the exercise of options granted to directors, officers, bona fide consultants and employees of the Company pursuant to any Board-approved stock option, stock
purchase, stock bonus or incentive plan or similar compensatory plans or agreements approved by the Board, (ii) shares of Common Stock issuable upon the conversion or exchange of any convertible or exchangeable shares of capital stock of the
Company, (iii) shares of Common Stock issued in connection with any acquisition by the Company (whether by merger, consolidation or other business combination) approved by the Board, and (iv) shares of Common Stock offered, issued or sold
to directors, officers, or employees of the Company within ninety (90) days following the date of this Agreement. 

  
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 “Family Group” means, with respect to any natural Person, such natural
Person’s spouse and/or lineal descendants (whether by blood relationship or adoption), and any other Person as to which such natural Person is a lineal descendant (whether by blood relationship or adoption), and any trust or other entity solely
for the benefit of such Person and/or any of the foregoing. 
 “Good Reason” means, with respect to any Non-Apollo Holder
(other than AOC (MHE)) that is a party to an Option Agreement (or any other agreement) at any time prior to the date of such Non-Apollo Holder’s termination of employment or other professional relationship with the Company or any of its
Subsidiaries, as the case may be, “Good Reason” (or term of similar import) as defined in such Option Agreement (or other agreement); provided, however, that the termination of employment or other professional relationship
with the Company or any of its Subsidiaries by a Non-Apollo Holder (other than AOC (MHE)) not a party to such an Option Agreement (or other agreement) shall be deemed to be a termination without Good Reason. 

“Governmental Authority” means any U.S. or non-U.S., federal, territorial, state or local governmental entity,
quasi-governmental entity, court, tribunal, judicial or arbitral body, commission, board, bureau, agency or instrumentality, or any regulatory, administrative or other department, agency, or any political or other subdivision, department or branch
of any of the foregoing. 
 “Information” has the meaning set forth in Section 8.9(k). 

“Initial Debt Issuance” means the first issuance following the Closing of debt Securities by the Company or any Subsidiary of
the Company, as applicable. 
 “Initial Issuance” means any Initial Subsidiary Equity Issuance or Initial Debt Issuance.

 “Initial Purchasers” has the meaning set forth in Section 11.1(d). 

“Initial Subsidiary Equity Issuance” means the first issuance following the Closing of equity Securities by any Subsidiary of
the Company. 
 “Inspectors” has the meaning set forth in Section 8.9(k). 

“Involuntary Repurchase Period” has the meaning set forth in Section 4.2(b). 

“Involuntary Transfer” has the meaning set forth in Section 4.2(a). 

“Involuntary Transfer Notice” has the meaning set forth in Section 4.2(a). 

“Involuntary Transfer Repurchase Notice” has the meaning set forth in Section 4.2(b). 

  
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 “Involuntary Transfer Repurchase Price” has the meaning set forth in
Section 4.2(b). 
 “Involuntary Transfer Repurchase Right” has the meaning set forth in
Section 4.2(b). 
 “Involuntary Transfer Shares” has the meaning set forth in Section 4.2(b). 

“Involuntary Transferee” has the meaning set forth in Section 4.2(a). 

“Issuer Free Writing Prospectus” means each “free writing prospectus” (as defined in Rule 405) prepared by or on
behalf of the Company or used or referred to by the Company in any offering of Restricted Shares pursuant to Section 8. 

“Joinder” has the meaning set forth in Section 2.3. 

“Limited Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of AOC (MHE), dated as
March 22, 2013, as amended. 
 “Maximum Number” has the meaning set forth in Section 8.5. 

“National Securities Exchange” means a securities exchange registered with the Commission under Section 6 of the
Exchange Act. 
 “New Securities” means: (i) any equity or debt Securities (including common stock, but excluding any
option, warrant, or similar equity-linked Security granted to directors, officers, bona fide consultants and employees of the Company or any Subsidiary pursuant to any stock option, stock purchase, stock bonus or incentive plan or similar
compensatory plans or agreements approved by the Board or any other applicable board of directors or managers), and (ii) any Securities issued or issuable directly or indirectly with respect to the Securities referred to in clause
(i) above by way of conversion or exchange, stock dividend or stock split or in connection with a combination of shares, recapitalization, reclassification, merger, consolidation, reorganization or other similar event, in the case of either
clause (i) or (ii), other than Excluded Stock. 
 “Non-Apollo Holder” has the meaning set forth in the preamble. 

“Non-Compete Period” has the meaning set forth in Section 9.2. 

“Observer” has the meaning set forth in Section 5.1(e). 

“Option Agreement” means, with respect to any Person, such Person’s agreement with the Company evidencing any option
granted under the Company’s Management Option Plan. 
 “Order” means, with respect to any Person, all judgments,
injunctions, orders and decrees of all Governmental Authorities in any legal, administrative or arbitration action, suit, complaint, charge, hearing, mediation, inquiry, investigation or proceeding in which such Person is a party or by which any of
its properties or assets are bound. 

  
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 “Outstanding Company Voting Securities” has the meaning set forth in the
definition of “Sale of the Company”. 
 “Parent” has the meaning set forth in the recitals. 

“Permitted Issuer Information” means any “issuer information” (as defined in Rule 433) used with the prior written
consent of the Company in any offering of Restricted Shares pursuant to Section 8. 
 “Person” shall be
construed broadly and shall include a natural person, a partnership (including a general partnership, a limited partnership, a limited liability partnership and a limited liability limited partnership), a limited liability company, a corporation, a
company, an association, a joint stock corporation, a trust, a joint venture, an unincorporated organization and a Governmental Authority. 

“Preemptive Offer” has the meaning set forth in Section 11.1(a) 

“Preemptive Offer Number” has the meaning set forth in Section 11.2. 

“Preemptive Offer Period” has the meaning set forth in Section 11.1(c). 

“Preliminary Prospectus” means any preliminary prospectus relating to an offering of Restricted Shares pursuant to
Section 8. 
 “Proportionate Percentage” means with respect to Apollo and each other Stockholder in respect of
Restricted Shares, a fraction (expressed as a percentage) the numerator of which is the number of Restricted Shares held by Apollo or such other Stockholder, as the case may be, and the denominator of which is: (i) if the Proportionate
Percentage is being calculated with respect to all Stockholders, the total number of Restricted Shares then outstanding, or (ii) if the Proportionate Percentage is being calculated with respect to a particular group of Stockholders, the total
number of Restricted Shares then held by the members of such group of Stockholders. 
 “Prospectus” means the final
prospectus relating to any offering of Restricted Shares pursuant to Section 8, including any prospectus amendment or supplement thereto, as filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations. 

“Public Sale” means any sale of Equity Securities to the public pursuant to an offering registered under the Securities Act
or to the public effected through a broker, dealer or market maker pursuant to the provisions of Rule 144 (or, if such rule is no longer in effect, then under any similar rule(s) then in effect) under the Securities Act. 

“Purchase and Sale Agreement” has the meaning set forth in the recitals. 

“Purchase Notice” has the meaning set forth in Section 11.2. 

  
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 “Purchaser” has the meaning set forth in the recitals. 

“Qualified Public Offering” means an underwritten public offering of Equity Securities, pursuant to an effective registration
statement filed by the Company with the Commission (other than on Forms S-4 or S-8 or successors to such forms) under the Securities Act representing, in the aggregate, at least 20% of such outstanding Equity Securities that results in the listing
of such Equity Securities on an internationally recognized securities exchange, including, the New York Stock Exchange or NASDAQ. 

“Records” has the meaning set forth in Section 8.9(k). 

The terms “register,” “registered” and “registration” refer to a registration effected by
preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement by the Commission. 

“Registration Expenses” has the meaning set forth in Section 8.10. 

“Reinstatement Notice” has the meaning set forth in Section 4.3(b). 

“Repurchase Date” has the meaning set forth in Section 4.1(a). 

“Repurchase Disability” has the meaning set forth in Section 4.3(a). 

“Repurchase Event” means, with respect to any Non-Apollo Holder (other than AOC (MHE)), the termination of such Non-Apollo
Holder’s employment or other professional relationship with the Company and its Subsidiaries for any reason (including upon death or Disability). 

“Repurchase Notice” has the meaning set forth in Section 4.1(a). 

“Repurchase Price” has the meaning set forth in Section 4.1(a). 

“Repurchase Right” has the meaning set forth in Section 4.1(a). 

“Repurchased Shares” has the meaning set forth in Section 4.1(a). 

“Restricted Shares” means at any time, with respect to Apollo or any Non-Apollo Holder, the shares of Common Stock held by
Apollo or such Non-Apollo Holder; provided, however, that: (i) any Common Stock that is sold in a public offering pursuant to an effective registration statement under the Securities Act, or a sale made in reliance on and in
accordance with Rule 144, shall not be considered Restricted Shares for purposes of Section 8, and (ii) any Person who holds any Common Stock, all of which can be sold pursuant to Rule 144 in a single transaction without regard to
the volume limitations set forth in such rule, shall not be deemed to hold any Restricted Shares for purposes of Section 8 and shall have no rights to effect the registration of such securities under Section 8. 

“Road Show Material” has the meaning set forth in Section 8.1. 

  
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 “Rule 144” means Rule 144 of the Rules and Regulations or any successor rule
thereto or any complementary rule thereto. 
 “Rule 405” means Rule 405 of the Rules and Regulations or any successor rule
thereto or any complementary rule thereto. 
 “Rule 433” means Rule 433 of the Rules and Regulations or any successor rule
thereto or any complementary rule thereto. 
 “Rules and Regulations” means the rules and regulations of the Commission, as
the same shall be in effect from time to time. 
 “Sale Notice” has the meaning set forth in Section 3.2(a).

 “Sale of the Company” means: 

(i) approval by the stockholders (or, if no stockholder approval is required, by the Board alone) of the complete dissolution or liquidation
of the Company, other than in the context of a Business Combination (as defined below) that does not constitute a Sale of the Company under paragraph (iii) below; 

(ii) the acquisition by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or
more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors of the Company (the “Outstanding Company Voting Securities”); provided,
however, that, for purposes of this paragraph (ii), the following acquisitions shall not constitute a “Sale of the Company”: (A) any acquisition directly from the Company or any of its Subsidiaries, (B) any acquisition by
the Company or any of its Subsidiaries, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its Affiliates or a successor, (D) any acquisition by any Person pursuant to a
Business Combination (as described in clause (iii) below), (E) any acquisition by a Person who is the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the Outstanding Company Voting
Securities on the Closing Date (or any Affiliate, heir or descendant of such Person) or (F) any acquisition by Apollo or one of its Affiliated Funds; or 

(iii) consummation of a combination of shares, recapitalization, reclassification, merger, consolidation, reorganization or similar corporate
transaction involving the Company or any of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, or the acquisition of assets or stock of another entity by the
Company or any of its Subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own (within the meaning of Rule 13d-3 promulgated under the Exchange Act) more
than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the Person resulting from such Business Combination (including a Person that,

  
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as a result of such Business Combination, owns the Company or all or substantially all of the Company’s assets directly or through one or more Subsidiaries of the Company), and (B) no
Person (excluding any Person described in clauses (C), (E) or (F) of paragraph (ii) above) beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) more than 50% of the combined voting power of the then
outstanding voting securities of such Person following the Business Combination, except to the extent that the ownership in excess of 50% existed prior to the Business Combination; 

provided, however, that an underwritten public offering of the Securities of the Company or any of its Subsidiaries shall in no event constitute
a Sale of the Company for purposes of this Agreement. 
 “Securities” means “securities” as defined in
Section 2(1) of the Securities Act, and includes capital stock or other equity interests or any options, warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for, capital stock or other
equity interests. Whenever a reference herein to Securities is referring to any derivative Securities, the rights of a holder shall apply to such derivative Securities and all underlying Securities directly or indirectly issuable upon conversion,
exchange or exercise of such derivative Securities. 
 “Securities Act” means the Securities Act of 1933, as amended, or
any successor federal statute, and the Rules and Regulations promulgated thereunder, all as the same shall be in effect from time to time. 

“Sellers” has the meaning set forth in the recitals. 

“Sellers’ Counsel” has the meaning set forth in Section 8.9(b). 

“Stockholder” means Apollo, each Person listed on Schedule I and on the signature pages hereto and any other Person
from time to time, after the date hereof, that executes a Joinder and holds Equity Securities acquired in accordance with the terms of this Agreement. 

“Subsequent Debt Issuance” means any issuance by the Company or any Subsidiary of the Company, as applicable, subsequent to
its respective Initial Debt Issuance, of debt Securities of the same type that were issued in its Initial Debt Issuance. 

“Subsequent Issuance” means any Subsequent Debt Issuance or Subsequent Subsidiary Equity Issuance. 

“Subsequent Subsidiary Equity Issuance” means any issuance of equity Securities by any Subsidiary of the Company subsequent
to its respective Initial Subsidiary Equity Issuance. 
 “Subsidiary” means, with respect to any Person, any other Person
of which 50% or more of the voting power of the equity securities or equity interests sufficient to elect at least a majority of its Board of Directors or comparable governing body (or, if there is no such voting power, 50% or more of the equity
securities or equity interests) is owned, directly or indirectly, by such Person. 

  
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 “Tag-Along Transaction” means a Transfer by Apollo of any of the Restricted
Shares held by Apollo, or a Transfer of the limited partnership interests in Apollo, in each case following the Closing Date, to one or more Persons who are not Affiliates of Apollo; provided, however, that a “Tag-Along
Transaction” shall not include, and none of the rights of the Non-Apollo Holders set forth in Section 3.2 shall be triggered by a Transfer by Apollo to any: (i) limited partnership or other Person which has directly or
indirectly invested in, or otherwise has ownership, equity or profits interests in, AIF VII or one of its Affiliated Funds, as part of any distribution made on a pro rata basis to any or all such limited partnership(s) or Person(s), or
(ii) Apollo Clients (either of clauses (i) or (ii) an “Apollo Transfer”). 
 “Transfer”
means, with respect to any Equity Security, any direct or indirect transfer, assignment, sale, gift, pledge, hypothecation, encumbrance or other disposition, or any interest therein whatsoever, or any other transfer of beneficial ownership, whether
voluntary or involuntary, including (i) as a part of any liquidation of assets or (ii) as a part of any reorganization pursuant to United States or other bankruptcy law or other similar debtor relief laws; but excluding any transfer of
Equity Securities by employees of the Company or its Subsidiaries upon a termination of employment. 
 “Transferee” means
any Person acquiring or intending to acquire Equity Securities through a Transfer. 
 “Underwritten Offering” means a sale
of Equity Securities to an underwriter for reoffering to the public. 
 SECTION 2 

RESTRICTION ON TRANSFERS 

2.1 Except as permitted pursuant to this Section 2, the Non-Apollo Holders shall not at any time, voluntarily or involuntarily,
Transfer any Equity Securities. Any purported Transfer in violation of the provisions of this Section 2 shall be null and void ab initio, shall have no force or effect and shall transfer no right, title or interest in or to
such Equity Securities to the purported Transferee. For the avoidance of doubt, any Transfer by Apollo of any of its Equity Securities shall be consummated in accordance with the applicable terms and conditions of this Agreement (including the
obligations in respect of a Tag Along Transaction pursuant to Section 3.2). 
 2.2 The restrictions on the Transfer of the
Equity Securities of any Non-Apollo Holder contained in this Section 2 shall not apply with respect to any Transfer of Equity Securities: (i) to the Company, Apollo or any of their respective Affiliates (it being understood that the
term “Affiliate”, for purposes of this Section 2.2, shall not include any other Stockholder or any Affiliates of such Stockholder other than the Company, Apollo and any Apollo Client), (ii) in the case of any Stockholder
who is a natural person, pursuant to applicable laws of descent, or, upon such Stockholder’s death, to such deceased Stockholder’s executors, 

  
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administrators, testamentary legatees and beneficiaries, or to any member of such Non-Apollo Holder’s Family Group, (iii) indirectly, in the form of a Transfer by any limited partner in
AOC (MHE) of any or all of its interests in AOC (MHE) in accordance with the terms and conditions of the Limited Partnership Agreement (it being understood that such terms and conditions require the prior consent, not to be unreasonably withheld, of
the general partner of AOC (MHE) to such Transfer), or (iv) duly authorized, in writing, by the Board. 
 2.3 Each Non-Apollo Holder
(and Apollo, solely with respect to any Apollo Transfer) agrees that, as a condition precedent to any Transfer permitted under Section 2.2, or in the event of any liquidation, dissolution or winding up of the affairs of AOC (MHE)
pursuant to which any distribution of Equity Securities is made to any Person in connection therewith, each such Transferee of such Equity Securities shall have executed a joinder agreement (“Joinder”) substantially in the form of
Exhibit A, pursuant to which such Transferee agrees: (A) to become party hereto as a Non-Apollo Holder (provided, however, that in the sole discretion of Apollo, any or all of the rights, restrictions, obligations and
duties that are otherwise applicable or available to AOC (MHE) hereunder may be granted to such Non-Apollo Holder pursuant to such Joinder), (B) to be bound by the terms and conditions of this Agreement, and (C) have their Equity
Securities subject to the terms of this Agreement. Any failure by a Non-Apollo Holder (and Apollo, solely with respect to any Apollo Transfer) to obtain a Joinder from the Transferee as required under this Section 2.3 shall render such
Transfer null and void; provided, however, that in the case of a Transfer upon a Stockholder’s death or Disability (pursuant to clause (iii) of Section 2.2): (i) the Transferee shall be deemed to have
executed, and shall be deemed to be bound by, a Joinder as of the date of such Stockholder’s death or Disability, and (ii) the Transferee shall be given a reasonable period of time (not to exceed ninety (90) days from the date of such
Stockholder’s death or Disability) to execute such Joinder. 
 2.4 (a) Each certificate representing any portion of the Equity
Securities owned by the Stockholders shall be stamped or otherwise imprinted with a legend in the following form (in addition to any legend required under applicable securities laws): 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, ANY STATE SECURITIES OR “BLUE SKY” LAWS OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT
OR LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO A STOCKHOLDERS AGREEMENT DATED AS OF MARCH 22, 2013 BY AND AMONG GEORGIA HOLDINGS, INC. (THE “COMPANY”) AND THE OTHER PARTIES NAMED THEREIN. THE SECURITIES
REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, EXCHANGED OR OTHERWISE TRANSFERRED OR DISPOSED OF EXCEPT IN COMPLIANCE WITH THE TERMS AND PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT. A COPY OF SUCH STOCKHOLDERS AGREEMENT WILL BE FURNISHED WITHOUT
CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 (b) Subject to Section 2.5, any holder of
Restricted Shares registered pursuant to the Securities Act and qualified under any applicable securities laws, may exchange any certificate or other evidence of ownership of such Restricted Shares for a certificate or other evidence of ownership
with respect to the Common Stock so registered that shall not bear the legend set forth in Section 2.4(a). 

  
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 2.5 Compliance with Securities Laws. Upon any proposed Transfer of Restricted Shares, the
Company shall not be obligated to register the Transfer of such Restricted Shares on the stock transfer books of the Company until the Company shall have received: (i) to the extent required to ensure compliance with the Securities Act and any
other applicable laws, an opinion of counsel reasonably satisfactory to the Company, to the effect that the proposed Transfer of Restricted Shares may be effected without registration under the Securities Act or any such other applicable laws
and/or, (ii) representation letters in form and substance reasonably satisfactory to the Company to ensure compliance with the provisions of the Securities Act and any other applicable laws. Each certificate evidencing Restricted Shares that
have been duly Transferred in accordance with this Section 2 shall bear the legend set forth in Section 2.4(a), except that such certificate shall not bear such legend if neither such legend nor the restrictions on Transfer
in Section 2.4 and Section 2.5 are required in order to ensure compliance with the provisions of the Securities Act or any other applicable laws. 

2.6 This Section 2 shall not apply to an Approved Sale under Section 3 or a Transfer under 4.1. 

SECTION 3 

APPROVED SALE; TAG ALONG TRANSACTION 

3.1 Approved Sale; Sale of the Company. 

(a) If, at any time prior to the consummation of a Qualified Public Offering (subject to Section 3.1(k)), Apollo proposes to
Transfer any of its Restricted Shares, Apollo shall be entitled to deliver notice (an “Approved Sale Notice”) to the Company and the Non-Apollo Holders requiring the Non-Apollo Holders to Transfer an aggregate number of their
Restricted Shares equal to the portion of Apollo’s Restricted Shares that Apollo proposes to Transfer in such Approved Sale Notice (an “Approved Sale”); provided, however, that if the proposed Transferee desires
to purchase a number of Restricted Shares that is less than the aggregate number of Restricted Shares that Apollo and the Non-Apollo Holders are seeking to Transfer in the Approved Sale, then, at Apollo’s election: (i) Apollo may cancel
such Approved Sale, or (ii) each of Apollo and the Non-Apollo Holders shall sell, respectively, in the Approved Sale, only that number of Restricted Shares equal to the product of (A) the total number of Restricted Shares such proposed
Transferee desires to purchase and (B) such Stockholder’s Proportionate Percentage. Any such Approved Sale Notice shall include: (x) the name of the parties to the proposed Approved Sale, (y) a summary of the material terms and
conditions of the proposed Approved Sale, and (z) the proposed amount and form of consideration and the terms and conditions of payment contemplated by the proposed Approved Sale. 

  
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 (b) Upon receipt of an Approved Sale Notice, each Non-Apollo Holder and the Company shall consent
to and raise no objections to the Approved Sale, and if the Approved Sale is lawful and is structured as: (i) a merger or consolidation of the Company or any of its Subsidiaries, or a sale of all or substantially all of the assets of the
Company and its Subsidiaries taken as a whole, each Non-Apollo Holder shall, and hereby does (A) irrevocably and unconditionally, waive (and agrees to cause to be waived and to prevent the exercise of) any dissenter’s rights, appraisal
rights or similar rights in connection with such transaction, (B) instruct the Board to vote in favor of such Approved Sale and to submit such Approved Sale, if required by law, to a vote of the stockholders of the Company or request a written
consent thereto as promptly as possible, and (C) agree to vote in favor of such Approved Sale at any annual or special meeting of the stockholders of the Company or to execute a written consent approving such Approved Sale (or to cause each of
its Affiliates to vote or act by written consent to approve such Approved Sale, as the case may be), or (ii) a sale of Restricted Shares, each Non-Apollo Holder shall, and hereby does agree to, sell such number of their Restricted Shares as is
contemplated by Section 3.1(a) on the terms and conditions approved by Apollo; provided, in the case of each of the foregoing clauses (i) and (ii), that the terms and conditions upon which each Non-Apollo Holder’s
Restricted Shares are sold are the same terms and conditions in all material respects that apply to Apollo. 
 (c) Subject to
Section 3.1(g), all Non-Apollo Holders and the Company shall cooperate in and take all actions that Apollo deems reasonably necessary or desirable in connection with the consummation of the Approved Sale, including the execution of such
agreements and instruments and other actions reasonably necessary to: (i) make or provide the same representations, warranties, indemnities, covenants, conditions, escrow agreements and other provisions and agreements relating to such Approved
Sale that Apollo has agreed to make or provide (except that in the case of representations and warranties pertaining specifically to Apollo, a Non-Apollo Holder shall make the comparable representations and warranties pertaining specifically to
itself), and (ii) allocate and distribute the aggregate consideration payable upon the consummation of the Approved Sale. At the closing of any Approved Sale pursuant to this Section 3.1, each Non-Apollo Holder shall deliver at such
closing, against payment of the purchase price therefor, certificates representing their Restricted Shares to be sold, duly endorsed for Transfer or accompanied by duly endorsed stock powers, evidence of good title to the Restricted Shares to be
sold and absence of liens, encumbrances and adverse claims with respect thereto, and such other documents as are deemed reasonably necessary by the Company for the proper Transfer of such Restricted Shares on the books of the Company. 

(d) Apollo shall deliver any Approved Sale Notice to the Company and the Non-Apollo Holders at least fifteen (15) days prior to the
consummation of the Approved Sale. 
 (e) If any Stockholder is given an option as to the form and amount of consideration to be received
for their Restricted Shares in an Approved Sale, all Stockholders shall be given the same option. 
 (f) No Non-Apollo Holder shall be
obligated to pay more than their respective Proportionate Percentage of the fees and expenses incurred in connection with a consummated Approved Sale to the extent such expenses are incurred for the benefit of all Stockholders and are not otherwise
paid by the Company or the acquiring party. 

  
 14 

 (g) No Stockholder shall be required to make any representations, warranties, covenants or
indemnities that are joint or joint and several or that pertain to matters other than: (i) title to the Restricted Shares held by such Stockholder, (ii) such Stockholder’s capacity, authority or power to consummate the Approved Sale,
(iii) conflicts with laws, conflicts with contracts, organizational documents and Orders applicable to such Stockholder, or (iv) broker and similar fees payable by such Stockholder. 

(h) Any indemnification obligations for breaches of representations, warranties, covenants or agreements made by the Company and its
Subsidiaries (other than those made by or on behalf of any Stockholder individually) shall be shared pro rata among the Stockholders based on the aggregate consideration (including any holdbacks, earn-outs or amounts in escrow) payable to
each Stockholder for their Restricted Shares Transferred in an Approved Sale; provided, however, that in no event shall any individual Stockholder be required to incur indemnification or contribution obligations with respect to such
breaches that are joint or joint and several or exceed the aggregate consideration (including any holdbacks, earn-outs or amounts in escrow) payable to such Stockholder for their Restricted Shares Transferred in the Approved Sale. 

(i) Each Non-Apollo Holder (other than AOC (MHE) or any other Apollo Client) and the Company hereby grants an irrevocable proxy and power of
attorney which, it is agreed, is given as a condition to this Agreement and coupled with an interest, to any nominee of Apollo (the “Apollo Nominee”) to take all necessary actions and execute and deliver all documents deemed
necessary and appropriate by such Apollo Nominee to consummate any Approved Sale. To the extent a Non-Apollo Holder fails to comply with the provisions of this Section 3.1, such Non-Apollo Holder hereby, to the fullest extent permitted
by law, indemnifies, defends and holds the Apollo Nominee, its officers, directors, employees, counsel, representatives, agents and partners harmless severally (and not jointly or jointly and severally), in accordance with the respective pro
rata share of the aggregate consideration (including any holdbacks, earn-outs or amounts in escrow) payable to such Non-Apollo Holder in any such Approved Sale, against all claims, liability, loss or
damage (or actions in respect thereof), together with all reasonable costs and expenses (including reasonable legal fees and expenses, costs of investigation, and expenses incurred in settlement of any litigation commenced or threatened), relating
to or arising from its exercise of such proxy and power of attorney granted hereby. 
 (j) The Non-Apollo Holders shall not be required to
comply with, and shall have no obligations under, Section 2 in connection with any Approved Sale. 
 (k) Solely with respect to
AOC (MHE), the provisions of this Section 3.1 shall survive the consummation of a Qualified Public Offering to the extent that the Limited Partnership Agreement is in force and effect and has not been terminated. 

  
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 3.2 Tag-Along Transaction. 

(a) Subject to Section 3.1 and Section 3.2(d), if, at any time prior to the consummation of a Qualified Public
Offering, Apollo desires to effect a Tag-Along Transaction, Apollo shall give written notice to the Non-Apollo Holders offering such Non-Apollo Holders the option to participate in such Tag-Along Transaction (a “Sale Notice”) on the
terms and conditions set forth in the Sale Notice. In connection with the proposed Tag-Along Transaction, the Sale Notice shall include: (i) the identity of the parties, (ii) a summary of the material terms and conditions of such
transaction, including the aggregate number of Restricted Shares the proposed Transferee has offered to purchase, and (iii) the proposed amount and form of consideration and the terms and conditions of payment. Subject to
Section 3.2(b), each Non-Apollo Holder may, by written notice to Apollo delivered within ten (10) days of the date of the Sale Notice, irrevocably elect to participate in such Tag-Along Transaction, on the terms and conditions
approved by Apollo and consistent with those set forth in the Sale Notice; provided, however, that if the proposed Transferee has offered to purchase an aggregate number of Restricted Shares that is less than the aggregate number of
Restricted Shares proposed to be Transferred by Apollo and the Non-Apollo Holders in the Tag-Along Transaction, then at the election of Apollo: (A) Apollo may cancel such Tag-Along Transaction, or (B) each of Apollo and the Non-Apollo
Holders shall be permitted to sell only that number of Restricted Shares equal to the product of (x) the aggregate number of Restricted Shares such proposed Transferee has offered to purchase in such Tag-Along Transaction and (y) such
Stockholder’s Proportionate Percentage. No Transfer permitted under this Section 3.2 shall be subject to the requirements of Section 2. 

(b) In order to exercise its election to participate in the proposed Tag-Along Transaction pursuant to
this Section 3.2, a Non-Apollo Holder must agree to make or provide the same representations, warranties, covenants, indemnities and agreements as Apollo agrees to make in connection with the proposed Transfer (except that in the case of
representations and warranties pertaining specifically to Apollo, a Non-Apollo Holder shall make the comparable representations and warranties pertaining specifically to itself); provided, however, that Apollo and each
Non-Apollo Holder shall be severally (but not jointly or jointly and severally) liable for breaches of representations, warranties, covenants and agreements of, or pertaining to, the Company and its Subsidiaries, as the case may be, and for
indemnification obligations arising out of or relating to any such breach or otherwise pertaining to the Company and its Subsidiaries, on a pro rata basis (in accordance with such Stockholder’s share of the aggregate consideration
payable in such Tag-Along Transaction (including holdbacks, earn-outs or amounts in escrow)), such liability of each such Stockholder not to exceed the aggregate consideration (including any holdbacks,
earn-outs or amounts in escrow) payable to such Stockholder for their Restricted Shares in the proposed Tag-Along Transaction. 

(c) Each Non-Apollo Holder shall take all actions as may be reasonably necessary or desirable to consummate the Tag-Along Transaction,
including entering into agreements and delivering instruments, in each case consistent with the agreements being entered into and the instruments being delivered by Apollo. Upon the closing of the sale of any Restricted Shares pursuant to this
Section 3.2, each Non-Apollo Holder shall deliver at such closing, against payment of the purchase price therefor, certificates representing their Restricted Shares to be sold, duly endorsed for Transfer or accompanied by duly endorsed
stock powers, evidence of good title to the Restricted Shares to be sold and the absence of liens, encumbrances and adverse claims with respect thereto, and such other documents as are deemed reasonably necessary by the Company for the proper
Transfer of such Restricted Shares on the books of the Company. 
 (d) Solely with respect to AOC (MHE), the provisions of this
Section 3.2 shall survive the consummation of a Qualified Public Offering to the extent that the Limited Partnership Agreement is in force and effect and has not been terminated. 

  
 16 

 SECTION 4 

REPURCHASE RIGHT; INVOLUNTARY TRANSFERS; REPURCHASE DISABILITY 

The provisions of this Section 4 shall not apply to AOC (MHE) (it being understood that, for purposes of this
Section 4, that AOC (MHE) shall not constitute a “Non-Apollo Holder”). 
 4.1 Repurchase Right 

(a) Subject to Section 4.1(b), and subject further to any provisions to the contrary contained in the Option Agreement (or any
other agreement) of any Non-Apollo Holder, from and after a Repurchase Event, the Company shall have the right, but not the obligation, to repurchase all or any portion of the Equity Securities held by such Non-Apollo Holder (including any Equity
Securities received upon a distribution from any deferred compensation plan or other Equity Incentive Plan or any Equity Securities issuable upon exercise of any option, warrant or similar equity-linked Security of the Company held by such
Non-Apollo Holder) (the “Repurchased Shares”) in accordance with this Section 4.1 (the “Repurchase Right”), in each case, at a price (the “Repurchase Price”) equal to “fair market
value” (as determined in accordance with Section 4.1(e)). The Company may exercise its Repurchase Right by written notice (a “Repurchase Notice”) delivered to such Non-Apollo Holder within six (6) months after
the Repurchase Event; provided, however, that with respect to any Repurchased Shares acquired by a Non-Apollo Holder after such Repurchase Event (whether by exercise of any option, warrant or similar equity-linked Security of the
Company, or distribution of shares from any deferred compensation plan, other Equity Incentive Plan or otherwise), the Company may exercise its Repurchase Right by delivering a Repurchase Notice to such Non-Apollo Holder within six (6) months
after its acquisition of such Repurchased Shares (each date on which any such purchase of the Repurchased Shares is consummated, the “Repurchase Date”). The determination date for purposes of determining the fair market value of the
Repurchased Shares shall be the Repurchase Date. Subject to Section 4.3, the Repurchase Date with respect to any sale and repurchase of Repurchased Shares shall take place on the later of: (i) the date specified by the Company,
which shall in no event be later than thirty (30) days following the date of the Repurchase Notice, and (ii) ten (10) days following the receipt by the Company of all necessary governmental and other approvals. 

(b) Notwithstanding anything contained herein to the contrary, unless otherwise provided in the applicable Option Agreement (or other
agreement) of a Non-Apollo Holder, in the event a Non-Apollo Holder’s employment or consulting relationship with the Company or any of its Subsidiaries is terminated: (A) for Cause by the Company then the Company may exercise its
Repurchase Right by delivering a Repurchase Notice to such 

  
 17 

 
Non-Apollo Holder within the time periods set forth in Section 4.1(a) at a price equal to the lesser of: (i) the original acquisition cost to such Non-Apollo Holder of such
shares of Common Stock, and (ii) the fair market value of such Repurchased Shares delivered as of the Repurchase Date or any such Subsidiary or by the Non-Apollo Holder, or (B) without Good Reason, then the Company may exercise its
Repurchase Right by delivering a Repurchase Notice to such Non-Apollo Holder within the time periods set forth in Section 4.1(a) at a price equal to the fair market value of such Repurchased Shares delivered as of the Repurchase Date.

 (c) The Company shall provide prompt written notice to Apollo stating whether it has elected to exercise its Repurchase Rights pursuant
to Section 4.1(a) or Section 4.1(b). If the Company elects not to exercise its Repurchase Rights for all or any portion of the Repurchased Shares, Apollo (or its designee) shall have the right (exercisable by delivery of
written notice to such Non-Apollo Holder on or before the later of: (i) the 30th day following the receipt by Apollo of such notice of election from the Company, or (ii) six
(6) months after the Repurchase Event) to purchase, on the same terms and conditions as those applicable to the Company that are set forth in Section 4.1(a) or Section 4.1(b), any or all such Repurchased Shares not
purchased by the Company. 
 (d) The Repurchase Date shall take place on a date designated by the Company or Apollo, as applicable, in
accordance with Section 4.1(a) or Section 4.1(c), respectively; provided, however, that the Repurchase Date may be deferred to a date designated by the Company or Apollo, as applicable, or, to the extent
required to avoid liability under applicable securities laws, by the Non-Apollo Holder, until such time as the subject Non-Apollo Holder has held the Repurchased Shares for a period of at least six (6) months and one (1) day. The Company
or Apollo, as applicable, may effect such purchase of the Repurchased Shares and the Company shall record such Transfer on its books whether or not such Non-Apollo Holder attends such closing or delivers certificates representing such Repurchased
Shares to the Company or Apollo (as the case may be). Each Non-Apollo Holder hereby grants an irrevocable proxy and power of attorney which, it is agreed, is given as a condition to this Agreement and is coupled with an interest, to any nominee of
the Company or Apollo, as applicable, to take all necessary actions and execute and deliver all documents deemed necessary and appropriate by such nominee to effect the sale and purchase of such Repurchased Shares in accordance with this
Section 4.1. Any Non-Apollo Holder who fails to comply with the provisions of this Section 4.1 shall, to the fullest extent permitted by law, indemnify, defend and hold harmless such nominee, its officers, directors,
employees, counsel, representatives, agents and partners against all claims, liability, loss or damage (or actions in respect thereof), together with all reasonable costs and expenses (including reasonable legal fees and expenses, and expenses
incurred in settlement of any litigation commenced or threatened), relating to or arising from such nominee’s exercise of the proxy and power of attorney granted hereby. In addition, any such Non-Apollo Holder shall immediately lose all rights
such holder may have under Section 5 following the consummation of any purchase pursuant to this Section 4.1. 

  
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 (e) For purposes of this Section 4, the “fair market value” of any Equity
Securities (including the Repurchased Shares and Involuntary Transfer Shares) shall be determined as follows: 
 (1) if the
Equity Securities are listed on one or more National Securities Exchanges, each share shall be valued at the volume-weighted average closing price per share on the principal exchange on which such shares are then trading for the ten
(10) trading days immediately preceding the Repurchase Date; 
 (2) if the Equity Securities are not traded on a
National Securities Exchange, but are traded on the over-the-counter market, each share shall be valued at the average of its closing bid and asked prices for the ten (10) trading days immediately preceding the Repurchase Date; or 

(3) if the Equity Securities are not listed on a National Securities Exchange or if no such bid and asked prices have been
quoted during such ten (10) trading day period, the fair market value shall be determined by the Board based on its good faith determination of the fair market value of the Company and its Subsidiaries, taken as a whole, without regard to the
percentage of the Company’s then outstanding Equity Securities that are represented by the Equity Securities subject to such determination or any illiquidity or minority discount or control premium. 

If a Person whose Equity Securities are being valued pursuant to Section 4.1(e)(3) above disagrees with the valuation determined
by the Board, such Person may elect, within fifteen (15) Business Days of being advised of the determination of the Board, to have the fair market value determined by an independent appraiser, the selection of which shall be subject to the
mutual agreement of the Company and such Person (it being understood that any such determination by the independent appraiser shall be made without regard to the percentage of the Company’s then outstanding Equity Securities that are
represented by the Equity Securities subject to such determination or any illiquidity or minority discount or control premium); provided, however, that such Person shall have no right under this Agreement to seek such an independent
appraisal if the Board has based its good faith determination of the fair market valuation of such Equity Securities, made in accordance with Section 4.1(e)(3), on a valuation provided by an independent financial advisor or appraisal
firm to the Board in the six (6) months preceding the date on which the Board has made such determination. The fees and expenses of any such independent appraiser shall be borne equally by the Company and the Person whose Equity Securities are
being valued hereunder; provided, however, that if the valuation of the Equity Securities furnished by such independent appraiser is greater than 120% of the respective determination of such fair market value made by the Board pursuant
to Section 4.1(e)(3), then the Company shall bear 100% of the reasonable, documented fees and expenses of such independent appraiser. The determination by the independent appraiser selected in accordance with this
Section 4.1(e) shall be final, binding and non-appealable. 
 4.2 Involuntary Transfers. 

(a) In the case of any Transfer of title or beneficial ownership of any Equity Securities of a Non-Apollo Holder upon default, foreclosure,
forfeit, divorce, court order or otherwise, other than by a voluntary decision on the part of a Non-Apollo Holder (each, an “Involuntary Transfer”), the Non-Apollo Holder shall promptly (but in no event later than two (2) days
after such Involuntary Transfer) furnish written notice to the Company (the “Involuntary 

  
 19 

 
Transfer Notice”) indicating that an Involuntary Transfer has occurred, specifying the name of the Person to whom the Equity Securities were Transferred (the “Involuntary
Transferee”), and providing a detailed description of the circumstances giving rise to, and stating the legal basis for, the Involuntary Transfer. 

(b) For sixty (60) days following the receipt of the Involuntary Transfer Notice (the “Involuntary Repurchase Period”),
the Company shall have the right to repurchase (the “Involuntary Transfer Repurchase Right”), and the Involuntary Transferee shall be obliged to sell, all (but not less than all) of the Equity Securities acquired by the Involuntary
Transferee (the “Involuntary Transfer Shares”) at a repurchase price equal to the “fair market value” (as determined in accordance with Section 4.1(e)) of such Involuntary Transfer Shares as of the date of the
Involuntary Transfer (the “Involuntary Transfer Repurchase Price”). The Involuntary Transfer Repurchase Right shall be exercised by written notice (the “Involuntary Transfer Repurchase Notice”) delivered by the
Company to the Involuntary Transferee on or prior to the expiry of the Involuntary Repurchase Period. 
 (c) Subject to
Section 4.3, the repurchase of the Involuntary Transfer Shares by the Company, pursuant to the exercise of its Involuntary Transfer Repurchase Right, shall take place on a date specified by the Company, but in no event following the
later of: (i) the expiry of the Involuntary Repurchase Period, or (ii) the 10th day following the receipt by the Company of all necessary governmental or other approvals. At such
closing, the Involuntary Transferee shall transfer the Involuntary Transfer Shares to the Company, free and clear of all liens, encumbrances and adverse claims, by delivering to the Company the share certificates representing the Involuntary
Transfer Shares, duly endorsed for transfer to the Company or accompanied by a stock power duly executed in blank, in exchange for the Involuntary Transfer Repurchase Price. The Involuntary Transferee and the Non-Apollo Holder shall assist the
Company in expediting the exercise of its Involuntary Transfer Repurchase Right, including executing and delivering such other documents and taking such other actions to give effect to the foregoing. If the Involuntary Transferee does not transfer
the Involuntary Transfer Shares to the Company in accordance with this Section 4.2, the Company will cancel such Involuntary Transfer Shares and deposit the Involuntary Transfer Repurchase Price in a non-interest bearing account and make
payment of the Involuntary Transfer Repurchase Price upon delivery of the Involuntary Transfer Shares. 
 4.3 Repurchase Disability.

 (a) Notwithstanding anything to the contrary herein, except as otherwise provided by Section 4.3(b), the Company shall not be
permitted to purchase any Repurchased Shares or Involuntary Transfer Shares held by any Non-Apollo Holder or Involuntary Transferee, respectively, upon exercise of the Repurchase Right or the Involuntary Transfer Repurchase Right (a
“Repurchase Disability”), if the Board, in its good faith judgment, reasonably determines that: 
 (1) such
purchase would render the Company or its Subsidiaries unable to meet their obligations in the ordinary course of business at any time during the one (1) year period commencing on the date on which such purchase would be required, taking into
account any pending or proposed 

  
 20 

 
transactions, capital expenditures or other budgeted cash outlays by the Company or any of its Subsidiaries which are reasonably likely to be consummated or paid, as the case may be, within such
one (1) year period, including any corporate reorganization or proposed acquisition of any other Person by the Company or any of its Subsidiaries which is reasonably likely to be consummated within such one (1) year period; 

(2) the Company is prohibited from such purchase by applicable law restricting the purchase by a corporation of its own shares;
or 
 (3) such purchase would (with or without notice or lapse of time) constitute a breach of, default or event of default
under, or is otherwise prohibited by, the terms of any loan agreement or other agreement or instrument representing indebtedness to which the Company or any of its Subsidiaries is a party, or the Company or its applicable Subsidiaries is not able to
obtain the requisite consent of any of its senior lenders for such purchase. 
 (b) In the event of a Repurchase Disability, the Company
shall furnish written notification specifying the nature of the Repurchase Disability to the Non-Apollo Holder or Involuntary Transferee with respect to whom the Repurchase Right or the Involuntary Transfer Repurchase Right has been exercised (a
“Disability Notice”). The Company shall thereafter repurchase the Repurchased Shares or Involuntary Transfer Shares (as the case may be) as soon as reasonably practicable after all Repurchase Disabilities cease to exist (or the
Company may elect, but shall have no obligation, to cause its nominee to repurchase the Repurchased Shares or the Involuntary Transfer Shares, as the case may be, while any Repurchase Disabilities continue to exist); provided, however,
that if some, but not all of the Repurchased Shares or Involuntary Transfer Shares can be so repurchased without creating a Repurchase Disability, then the Company shall consummate such repurchase to the fullest extent it is able without causing a
Repurchase Disability in accordance with the terms of this Agreement (without giving effect to this Section 4.3) and applicable law. If the Company has suspended its obligations to repurchase the Repurchased Shares or Involuntary
Transfer Shares (as the case may be) until its Repurchase Disability has ceased to exist then: (i) the Company shall provide written notice to each applicable Non-Apollo Holder or Involuntary Transferee as soon as practicable after all
Repurchase Disabilities cease to exist (the “Reinstatement Notice”), (ii) the fair market value of the Repurchased Shares or Involuntary Transfer Shares shall be equal to the greater of their fair market value (as determined in
accordance with Section 4.1(e)) as of the date of the Repurchase Notice or the Involuntary Transfer Repurchase Notice, as the case may be, and the fair market value (as determined in accordance with Section 4.1(e)) calculated
as of the date of the Reinstatement Notice, and (iii) such repurchase shall occur on a date specified by the Company within ten (10) days following the determination of the fair market value of the Repurchased Shares or Involuntary
Transfer Shares as provided in clause (ii) above. 

  
 21 

 SECTION 5 

BOARD OF DIRECTORS 

5.1 Number of Directors; Nomination; Removal; Committees. 

(a) Subject to Section 5.3, the Company and the Stockholders shall take all such corporate actions as may be required to ensure
that: (i) the number of directors constituting the Board is five (5), and (ii) the presence of three (3) directors (including a majority of Apollo Directors (as defined below)) is required to constitute a quorum of the Board. 

(b) For so long as Apollo owns any shares of Common Stock (or equity-linked Securities convertible or exchangeable into shares of Common
Stock), Apollo shall have the right to nominate four (4) Persons to serve as directors on the Board and propose the removal of such nominees for any reason (the “Apollo Directors”). Each such nomination or proposal for removal
shall be made by Apollo by the delivery of a written notice to the Company. As promptly as practicable, but in any event within five (5) days after delivery of such notice, the parties hereto shall take or cause to be taken such corporate
actions as may be reasonably required to cause the election or removal of the Apollo Director(s) proposed in such notice. Such corporate actions may include calling a meeting or soliciting a written consent of the Board, or calling a special or
annual meeting of stockholders or soliciting a written consent of the Stockholders of the Company, and the Stockholders hereby agree to vote or act by written consent (and use their best efforts to cause each of their Affiliates to vote or act by
written consent, if applicable) to cause the proposed election or removal of such Apollo Directors. The Apollo Directors initially shall be Laurence Berg, Damian Giangiacomo, Antoine Munfakh and Ronald Schlosser. 

(c) The Chief Executive Officer of the Company shall be nominated for election to the Board by the Stockholders at any annual or special
meeting of the Company’s stockholders at which directors are elected, and such director (the “CEO Director”) shall serve as a director until his successor is elected and qualified; the CEO Director shall initially be Lloyd G.
Waterhouse. 
 (d) The Board may designate one (1) or more committees in accordance with the Bylaws, and the majority of the members of
each committee created by the Board shall be Apollo Directors. Each Stockholder shall vote their Equity Securities at any meeting of the Stockholders, however called, and in any written action by consent of the Stockholders, and the Company and the
Stockholders shall take such corporate actions as may be required, to effectuate and further the intent of the provisions of this Section 5.1(d). 

(e) AOC (MHE), acting on behalf of any of its limited partners in accordance with the provisions of the Limited Partnership Agreement and/or
any letter agreements related thereto, shall be entitled to designate one (or more) individual(s) to serve as a non-participating observer (the “Observer”) at all meetings of the Board and of the board of directors (or comparable
governing body) of any Subsidiary of the Company, and all committees thereof, and any annual or semi-annual presentations by management on the performance of the Company or any of its Subsidiaries, from and after the date hereof for so long as AOC
(MHE) continues to own not less than 50% of the Common Stock acquired by it on the date hereof. The Company shall give the Observer the same notice and information in connection with such meetings and presentations as shall be given to the attendees
of such meeting or presentation. Notwithstanding the foregoing, the Observer shall not be entitled to attend or otherwise participate in any such meeting or presentation or to receive information related thereto, to the extent that: (i) the
Board determines in good faith, upon the advice of counsel, that such 

  
 22 

 
attendance or information would jeopardize attorney-client privilege, (ii) information is expected to be discussed, or was discussed, involving the Company’s strategy, negotiating
position or similar adverse matters relating to the limited partner of AOC (MHE) on behalf of whom such Observer is acting, or (iii) the limited partner of AOC (MHE), on behalf of whom such Observer is acting, is entitled to designate a
representative or observer to the board of directors (or comparable governing body) of any other Person that could, in the good faith opinion of the Board, be deemed to be a competitor of the Company. 

5.2 Meetings; Expenses; Compensation. 

(a) The Company agrees to cause the Bylaws to provide, at all times from and after the date hereof, that meetings of the Board or any
committee thereof may be conducted by video conference, teleconference or other similar communications equipment by which all participants can hear and be heard, and that any action required or permitted to be taken at any meeting of the Board or
any committee thereof may be taken by unanimous written consent of all directors or members of such committee (as the case may be). 
 (b)
The Company shall convene regular meetings of the Board at least once every three (3) months, and upon any failure by the Company to convene any such regular meeting, an Apollo Director shall be empowered to convene such meeting. In addition to
such regular meetings, special meetings of the Board may be called by any Apollo Director upon three (3) days prior written notice of the time and place of the meeting. 

(c) The Company shall reimburse each director and Observer for his or her reasonable out-of-pocket fees, charges and expenses (including
travel and related expenses) incurred in connection with: (i) attending the meetings of the Board and all committees thereof, and (ii) conducting any other Company business requested by the Company. The Company shall maintain directors and
officers indemnity insurance coverage reasonably satisfactory to Apollo, and the Certificate and Bylaws shall provide for indemnification and exculpation of directors to the fullest extent permitted under applicable law. 

5.3 Increase of Number of Directors. If, and at such time as, the number of directors constituting the Board is increased to more than
five (5), Apollo shall have the right (for so long as Apollo owns any shares of Common Stock (or equity-linked Securities exchangeable or convertible into shares of Common Stock)) to nominate additional directors such that the majority of the
directors comprising the Board shall be Apollo Directors, and the Company and each other Stockholder shall take all corporate actions (including the execution and delivery, or causing to be executed and delivered, such additional consents and other
instruments) as may be required to ensure that: (i) nominees of Apollo constitute a majority of the directors of the Board, and (ii) the presence of a majority of directors (including a majority of directors appointed by Apollo) is
required to constitute a quorum of the Board. 
 5.4 Inconsistency; Termination. 

(a) The Company covenants that it will act, and each Stockholder agrees to use its best efforts to cause the Company to act, in accordance
with its Certificate, 

  
 23 

 
Bylaws, and this Agreement; provided, however, that in the event that any provision of the Bylaws or Certificate conflicts with or is inconsistent with any provision of this
Section 5, the Stockholders shall take such action as may be necessary to amend any such provision in the Bylaws or Certificate to reflect the terms and provisions of this Section 5. 

(b) The provisions of this Section 5 shall terminate automatically and be of no further force and effect upon the consummation of
a Qualified Public Offering. 
 SECTION 6 

REPRESENTATIONS AND WARRANTIES 

Each Stockholder, severally (and not jointly or jointly and severally), represents and warrants that: (i) effective as of the Closing,
such Stockholder is the record owner, free and clear of any encumbrances or restrictions, of the number and type of Equity Securities set forth opposite their respective name on Schedule I, (ii) this Agreement has been duly and validly
authorized, executed and delivered by such Stockholder and constitutes the valid and binding obligation of such Stockholder, enforceable in accordance with its terms except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceeding in equity or at law), and (iii) such Stockholder has not
granted and is not a party, and covenants not to grant or become party, to any proxy, voting trust or other agreement which is inconsistent with or conflicts with the provisions of this Agreement or otherwise take any action with respect to their
Equity Securities that would in any way restrict, limit or interfere with the performance of such Stockholder’s obligations hereunder or the transaction contemplated hereby. 

SECTION 7 

INFORMATION RIGHTS; COVENANTS 

7.1 For so long as Apollo owns any Equity Securities, it shall be entitled, upon request made to the Company, to receive regular and suitable
business (e.g. sales, marketing and technology), financial and other information reasonably appropriate to monitor and manage its ownership interests, and such other information as it may reasonably request from time to time, including (as may be
applicable): 
 (a) Access to Records. The Company shall, and shall cause each of its Subsidiaries to, afford to Apollo and its
officers, employees, advisors, counsel and other authorized representatives, during normal business hours, reasonable access, upon reasonable advance notice, to all of the books, records, offices, plants and properties of the Company and each such
Subsidiary, and the opportunity to consult with its officers, employees and auditors from time to time regarding the affairs, finances and accounts of the Company and each such Subsidiary. 

(b) Hiring of Advisors. In connection with any possible Sale of the Company or any transactions permitted or contemplated herein, and
subject to compliance with 

  
 24 

 
the terms of any applicable management services agreement with Apollo, upon the written request of Apollo and subject to the exercise by the Board of its fiduciary duties, the Company shall hire
any investment bank, legal advisor, financial or accounting advisor, or other such advisor(s) on terms and conditions satisfactory to Apollo. 

(c) Financial Reports. The following reports, documents or statements of the Company and/or its Subsidiaries shall be furnished:
(A) to Apollo, upon request, for so long as Apollo owns any Equity Securities, and (B) solely in the case Section 7.1(c)(2)(i) and Section 7.1(c)(3), to AOC (MHE) and Apollo: 

(1) Monthly Reports. As soon as available, but not later than thirty (30) days after the end of each fiscal month,
a consolidated balance sheet of the Company as of the end of such period and consolidated statements of income of the Company for such period, and for the period commencing at the end of the previous fiscal year and ending with the end of such
period, setting forth in each case in comparative form the corresponding figures for the corresponding period of the preceding fiscal year, and including comparisons to the budget or business plan and an analysis of the variances from the budget or
plan, all prepared in accordance with generally accepted accounting principles consistently applied (except for the absence of footnotes and year-end adjustments). 

(2) Quarterly Reports. As soon as available, but not later than forty-five (45) days after the end of each
quarterly accounting period: (i) a consolidated balance sheet of the Company as of the end of such quarter and consolidated statements of income, cash flows and changes in stockholders’ equity for such quarter and for the period commencing
at the end of the previous fiscal year and ending with the end of such quarter, setting forth in each case in comparative form the corresponding figures for the corresponding period of the preceding fiscal year, and including comparisons to the
budget or business plan and an analysis of the variances from the budget or plan, all prepared in accordance with generally accepted accounting principles consistently applied, and (ii) a report by management of the Company detailing the
operating and financial highlights of the Company and its Subsidiaries for such period, which shall include (x) a comparison between operating and financial results and budget and (y) an analysis of the operations of the Company and its
Subsidiaries for such period. 
 (3) Annual Audit. As soon as available, but not later than ninety (90) days
after the end of each fiscal year of the Company, audited consolidated financial statements of the Company, which shall include statements of income, cash flows and changes in stockholders’ equity for such fiscal year and a balance sheet as of
the last day thereof, each prepared in accordance with generally accepted accounting principles, consistently applied, and accompanied by the report of a firm of independent certified public accountants selected by the Board (the
“Accountants”). The Company and its Subsidiaries shall maintain a system of accounting sufficient to enable its Accountants to render the reports referred to in this Section 7. 

  
 25 

 (4) Miscellaneous. 

(A) copies of all financial statements, reports, press releases, notices, proxy statements and other documents sent by the
Company or its Subsidiaries to its or their stockholders generally or released to the public and copies of all regular and periodic reports, if any, filed by the Company or its Subsidiaries with the Commission or any National Securities Exchange;

 (B) notification in writing of any litigation or governmental proceeding in which the Company or any of its Subsidiaries
is involved and which might, if determined adversely, materially and adversely affect the Company or any of its Subsidiaries; 

(C) notification in writing of the existence of any default under any material agreement or instrument to which the Company or
any of its Subsidiaries is a party or by which any of their assets are bound; 
 (D) upon request, copies of all reports
prepared for or delivered to the management of the Company or its Subsidiaries by its or their Accountants; and 
 (E) upon
request, any other routinely collected financial or other information available to management of the Company or its Subsidiaries (including routinely collected statistical data). 

7.2 Notwithstanding the disclosure obligations set forth in Section 7.1, to the extent applicable to the Company, the Company
shall comply in all material respects with the applicable requirements and provisions of Regulation FD (17 C.F.R. § 243.100, as amended, modified, restated or supplemented from time to time). 

SECTION 8 

REGISTRATION RIGHTS 

8.1 Right to Demand; Demand Notices. Subject to the provisions of this Section 8, at any time and from time to time before
the Company consummates a Qualified Public Offering, Apollo (the “Demand Party”) shall have the right to make three (3) written requests in any 12-month period to the Company for registration under, and in accordance with, the
provisions of the Securities Act of all or part of its Restricted Shares (a “Demand Registration”). All requests made pursuant to this Section 8 will specify the aggregate amount of Restricted Shares to be registered,
and will also specify the intended method of Transfer thereof (a “Demand Notice”), including, if such Transfer is pursuant to an Underwritten Offering, whether such offering shall be a “firm commitment” underwriting.
Subject to Section 8.5, promptly upon receipt of any such Demand Notice, the Company will use its best efforts to effect, as soon as possible, but in any event within ninety (90) days, such registration under the

  
 26 

 
Securities Act of the Restricted Shares that the Company has been so requested to register (including the execution of an undertaking to file post-effective amendments, appropriate qualification
under blue sky or other state securities laws, and appropriate compliance with the applicable Rules and Regulations). 
 8.2
Company’s Right to Defer Registration. If the Company is requested to effect a Demand Registration and the Company furnishes to the Demand Party a copy of a resolution of the Board certified by the secretary of the Company stating that
in the good faith judgment of the Board it would be materially adverse to the Company, or otherwise materially impede, delay or otherwise interfere with any pending or contemplated material acquisition, corporate reorganization or other similar
material transaction involving the Company if such registration statement were to be filed on or before the date such filing would otherwise be required hereunder, the Company shall have the right, exercisable by written notice of postponement, to
postpone or delay such filing for a period of not more than ninety (90) days after receipt of the Demand Notice. If the Company shall so postpone or delay the filing of a registration statement and if the Demand Party within thirty
(30) days after receipt of such notice of postponement advises the Company in writing that such Demand Party has determined to withdraw its Demand Notice, then such Demand Registration shall be deemed to be withdrawn and to not have been
requested for purposes of Section 8.1. If the effective date of any registration statement filed would otherwise be at least forty-five (45) calendar days, but fewer than ninety (90) calendar days, after the end of the
Company’s fiscal year, and the Securities Act requires the Company to include therein audited financials as of the end of such fiscal year, the Company may delay the effectiveness of such registration statement for such period (up to a maximum
of forty-five (45) days) as is reasonably necessary to include therein audited financial statements for such fiscal year. 
 8.3
Registration Statement Form. Each registration statement prepared pursuant to this Section 8, pursuant to which Restricted Shares will be offered and sold, shall be on such appropriate registration form of the Commission:
(i) as shall be selected by the Company and as shall be reasonably acceptable to the Demand Party, and (ii) as shall permit the Transfer of Restricted Shares in accordance with the intended method or methods of Transfer specified in the
Demand Party’s Demand Notice. If, in connection with any registration under this Section 8 that is proposed by the Company to be on Form S-3 or any successor form, and the managing underwriter, if any, shall advise the Company in
writing that in its opinion the use of another permitted form is of material importance to the success of the offering, then such registration shall be on such other permitted form. 

8.4 Effective Registration Statement. The Company shall be deemed to have effected a Demand Registration if: (i) the registration
statement relating to such Demand Registration is declared effective by the Commission; provided, however, that no Demand Registration shall be deemed to have been requested for purposes of Section 8.1 if (A) such
registration statement, after it has become effective, is or becomes subject to any stop order, injunction or other Order of the Commission or other Governmental Authority or court by reason of an act or omission by the Company and such order,
injunction or interference is not withdrawn, lifted or cured within twenty (20) Business Days, or (B) the conditions to closing specified in the purchase agreement or underwriting agreement entered into in connection with such registration
are not satisfied because of an act or omission by the Company (other than a 

  
 27 

 
failure of the Company or any of its officers or employees to execute or deliver any closing certificate by reason of facts or circumstances existing due to actions or omissions of Apollo), or
(ii) at any time after the Demand Party delivers a Demand Notice to the Company and prior to the effectiveness of the registration statement, the preparation of such registration statement is discontinued or such registration statement is
withdrawn or abandoned at the request of the Demand Party (other than (x) as contemplated by Section 8.5, or (y) if any refusal by the Demand Party to proceed is based upon the advice of counsel relating to a matter involving
the Company or such registration statement) unless the Demand Party has elected to pay and has paid to the Company in full the Registration Expenses (as set forth in Section 8.10) in connection with such registration statement. 

8.5 Cutbacks. If the managing underwriter advises the Company that the inclusion of some or all such Restricted Shares proposed to be
included in any registration statement would adversely affect the successful marketing (including pricing) of the offering, then the Company shall include in such registration statement only such number of Restricted Shares as the Company has been
advised can be sold in such offering without such an adverse effect (the “Maximum Number”), to be allocated among the Company and the selling Stockholders in the following order of priority: 

(a) first, such number of Restricted Shares as the Company intended to be offered and sold; and 

(b) second, and to the extent that the number of Restricted Shares to be registered under Section 8.5(a) is less than the Maximum
Number, such number of Restricted Shares which all other Stockholders have requested to be included in such registration, pro rata based upon the number of Restricted Shares proposed to be sold by each such Stockholder in such registration
(up to, in aggregate, the Maximum Number). 
 8.6 Piggyback Registration. If the Company at any time proposes for any reason to
register Restricted Shares under the Securities Act (other than on Form S-4 or Form S-8, or any successor forms thereto, promulgated under the Securities Act) including pursuant to Section 8.1 or
Section 8.7, the Company shall: (i) promptly provide written notice to each Stockholder of its intention to register such Restricted Shares, and (ii) use its best efforts to cause all the Restricted Shares specified in a
written request by any Stockholder, and delivered to the Company within thirty (30) days of the Company’s initial notice, to be included in such registration on the same terms and conditions as the Restricted Shares otherwise being sold in
such registration; provided, however, that subject to Section 8.5, the Company shall include such Restricted Shares, if the registration is effected pursuant to Section 8.1 or Section 8.7, on the
same terms and conditions as the Restricted Shares otherwise being sold in such registration. 
 8.7 Registrations on Form S-3.
Notwithstanding anything contained in this Agreement to the contrary, at such time as the Company shall have qualified for the use of Form S-3 (or any successor form thereto) promulgated under the Securities Act, Apollo shall have the right to
request, in writing, an unlimited number of Demand Registrations on Form S-3 of Restricted Shares held by Apollo, which request(s) shall: (i) specify the number of Restricted Shares intended to be sold or otherwise Transferred, and
(ii) state the intended method of Transfer of such Restricted Shares. Promptly (and in any event within five (5) days) after receipt 

  
 28 

 
of any such request, the Company shall give written notice of such proposed registration to the other Stockholders and, subject to Section 8.5, shall include in such proposed
registration any Restricted Shares requested to be included by such Stockholders who respond in writing to the Company’s notice within thirty (30) days and specify the number of Restricted Shares proposed to be included in such
registration. 
 8.8 Holdback Agreement. If the Company, at any time, registers any shares of Common Stock under the Securities Act
(including any registration pursuant to Section 8.1) for sale to the public, each Stockholder agrees not to sell, make any short sale of, grant any option for the purchase of, or otherwise Transfer, any Restricted Shares (in each case,
other than as part of such public offering) without the prior written consent of the Company during a period designated in writing by the Company to each Stockholder that shall begin no more than ten (10) days prior to the effectiveness of the
registration statement under which such public offering shall be made and continuing for no more than ninety (90) days (or one hundred eighty (180) days in the case of the initial public offering) after the effective date of such
registration statement. 
 8.9 Preparation and Filing. If and whenever the Company is obliged under this Agreement to use its best
efforts to effect the registration of any Restricted Shares, the Company shall, as expeditiously as practicable: 
 (a) use its best efforts
to cause a registration statement that registers such Restricted Shares to become and remain effective for the earlier of: (i) ninety (90) days, or (ii) until such time as all of such Restricted Shares covered by the registration
statement have been Transferred (the “Effective Period”); 
 (b) (i) furnish, at least five (5) Business Days
before filing such registration statement, any Preliminary Prospectus and the Prospectus relating thereto, to one counsel, selected by Apollo, acting on behalf of all selling Stockholders (the “Sellers’ Counsel”), copies of all
such documents proposed to be filed (it being understood that such five (5) Business Day period need not apply to successive drafts of the same document proposed to be filed so long as such successive drafts are supplied to Sellers’
Counsel in advance of the proposed filing by a period of time that is customary and reasonable under the circumstances), and (ii) use its best efforts to reflect in each such document, when so filed with the Commission, such comments as the
selling Stockholders, their agents and representatives and Sellers’ Counsel may reasonably propose; 
 (c) prepare and file with the
Commission such amendments, post-effective amendments and supplements to such registration statement and Prospectus as may be necessary to keep such registration statement effective for the Effective Period and to comply with the provisions of the
Securities Act with respect to the sale or other Transfer of such Restricted Shares covered by such registration statement; 
 (d) promptly
(but in any event within two (2) Business Days) notify Apollo and the Sellers’ Counsel in writing of: (i) any comments by the Commission to such registration statement, Preliminary Prospectus, Prospectus or any Issuer Free Writing
Prospectus, or any request by the Commission or other Governmental Authority for amendments or 

  
 29 

 
supplements thereto or for additional information, (ii) the issuance by the Commission of any stop order suspending the effectiveness of such registration statement, Preliminary Prospectus,
Prospectus or Issuer Free Writing Prospectus (or any amendment or supplement thereto) or the initiation of any proceedings for that purpose, and (iii) the receipt by the Company of any notification with respect to the suspension of the
qualification of such Restricted Shares for sale in any jurisdiction or the initiation or threat of any proceeding for such purposes; 
 (e)
use its best efforts to register or qualify such Restricted Shares covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any selling Stockholder reasonably
requests and do any and all other acts and things which may be reasonably necessary or advisable to enable the selling Stockholders of such Restricted Shares (or any underwriter) to consummate the Transfer in such jurisdictions. 

(f) without limiting Section 8.9(e), use its best efforts to cause such Restricted Shares to be registered with or approved by
such other Governmental Authorities as may be necessary, by virtue of the business and operations of the Company, to enable such selling Stockholders to consummate the Transfer of such Restricted Shares; 

(g) furnish to each selling Stockholder and the underwriters, if any, such number of copies of such registration statement, each amendment and
post-effective amendment thereto (including any exhibits and schedules or documents incorporated or deemed incorporated by reference therein (but only to the extent not publicly available)), the Preliminary Prospectus, any Issuer Free Writing
Prospectus and the Prospectus (each in conformity with the requirements of the Securities Act), and such other documents as such selling Stockholder or underwriters may reasonably request in order to facilitate the public offering and sale or other
Transfer of such Restricted Shares (the Company hereby consenting to the use, in accordance with all applicable laws, of each such registration statement (or amendment or post-effective amendment thereto) and each such Prospectus (or Preliminary
Prospectus or supplement thereto) by each such selling Stockholder and the underwriters, if any, in connection with the offering and sale of the Restricted Shares covered by such registration statement or Prospectus); 

(h) (i) promptly notify (but in any event within two (2) Business Days) each selling Stockholder of the existence of any fact or the
happening of any event as a result of which the Prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then existing, and (ii) as promptly as practicable, at the request of such Stockholder, prepare and furnish to such Stockholder a number of copies reasonably requested by
such Stockholder of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the offerees of such Restricted Shares, such Prospectus shall not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 

(i) prevent the issuance of an Order suspending the use or effectiveness of such registration statement or any post-effective amendment
thereto, and if such 

  
 30 

 
an Order has been issued, use its best efforts to obtain the withdrawal of any Order suspending the effectiveness of such registration statement or the lifting of any suspension of the
qualification of any Restricted Shares for sale in any jurisdiction; 
 (j) retain, in accordance with the Rules and Regulations, all Issuer
Free Writing Prospectuses not required to be filed pursuant to the Rules and Regulations; and if at any time after the date hereof any event shall have occurred as a result of which any Issuer Free Writing Prospectus, as then amended or
supplemented, would conflict with the information in the registration statement, the most recent Preliminary Prospectus or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading, or, if for any other reason it shall be necessary to amend or supplement any Issuer Free Writing Prospectus to comply with the Securities Act
and the Rules and Regulations, to notify promptly in writing the selling Stockholders and underwriters and, upon request, to file such document and to prepare and furnish without charge to each selling Stockholder and underwriter as many copies as
each such selling Stockholder and underwriter may from time to time reasonably request of an amended or supplemented Issuer Free Writing Prospectus that will correct such conflict, statement or omission or effect compliance with the Securities Act
and the Rules and Regulations; 
 (k) make available for inspection by the selling Stockholders, the Sellers’ Counsel or any
underwriter participating in any Transfer pursuant to such registration statement and any attorney, accountant or other agent retained by any such selling Stockholder or underwriter (collectively, the “Inspectors”), all pertinent
financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the
Company’s officers, managers and employees to supply all information (together with the Records, the “Information”) reasonably requested by any such Inspector in connection with such registration statement. Any of the
Information that the Company determines in good faith to be confidential, and of which determination the Inspectors are so notified, shall not be disclosed by the Inspectors unless: (i) the disclosure of such Information is necessary to avoid
or correct a misstatement or omission in the registration statement, (ii) the release of such Information is ordered pursuant to a subpoena or other Order from a Governmental Authority, or (iii) such Information has been made generally
available to the public. The selling Stockholders agree that they will, upon learning that disclosure of such Information is sought by a Governmental Authority, give prompt written notice to the Company and use their commercially reasonable efforts
to allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure of the Information deemed confidential; 

(l) in the case of an Underwritten Offering, enter into and perform its obligations under an underwriting agreement in customary form and use
its best efforts to obtain, from its Accountants (and, if necessary, any other independent certified public accountants of any Subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data is,
or is required to be, included in the registration statement), a “comfort” letter (together with any updates thereto) in customary form and covering such matters as are customarily covered by such “comfort” letters in connection
with an offering of the nature contemplated by the applicable registration statement; 

  
 31 

 (m) use its best efforts to obtain, from its counsel, an opinion or opinions (together with any
updates thereto) in customary form (which shall also be addressed to the Stockholders selling Restricted Shares in such registration) and covering such matters as are customarily covered by such opinion(s) in connection with an offering of the
nature contemplated by the applicable registration statement; 
 (n) provide and cause to be maintained a transfer agent and registrar
(which may be the same entity) for such Restricted Shares and a CUSIP number for such Restricted Shares, in each case, no later than the effective date of such registration statement; 

(o) upon the request of any underwriter, issue to any underwriter to which any selling Stockholder may sell Restricted Shares in such
offering, certificates evidencing such Restricted Shares; 
 (p) upon the request of Apollo, list such Restricted Shares covered by such
registration statement on any National Securities Exchange on which any shares of Common Stock are listed or, if no such Common Stock are listed on a National Securities Exchange, use its best efforts to qualify such Restricted Shares for inclusion
on an automated quotation system or such other National Securities Exchange as Apollo shall request; 
 (q) in connection with an
Underwritten Offering, participate, to the extent requested by the managing underwriter for the offering or Apollo, in customary efforts to sell the Restricted Shares being offered, cause such steps to be taken as to ensure the good faith
participation of senior management officers of the Company in the preparation for, and presentation of, “road shows” as is customary, and take such other actions as the underwriters or Apollo may request in order to expedite or facilitate
the Transfer of Restricted Shares; 
 (r) make available to its security holders, as soon as reasonably practicable but not later than
eighteen (18) months after the effective date of the registration statement, earnings statements (which need not be audited) covering a period of twelve (12) months beginning within three (3) months after the effective date of the
registration statement, which earnings statements shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(s) during the period when the Prospectus is required to be delivered under the Securities Act, promptly file all documents required to be
filed with the Commission, including pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act; 
 (t) use its best efforts to
comply with all applicable Rules and Regulations; and 
 (u) use its best efforts to take all other steps necessary to effect the
registration of such Restricted Shares covered by the registration statement contemplated hereby. 
 8.10 Expenses. All expenses
incident to the Company’s performance of, or compliance with, this Section 8, including: (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with any National
Securities Exchange or the Commission, (ii) all fees and expenses of compliance with state securities or “blue sky” 

  
 32 

 
laws (including fees and disbursements of counsel for the underwriters or Stockholders in connection with “blue sky” qualifications of the Restricted Shares and determination of their
eligibility for investment under the laws of such jurisdictions as the managing underwriters may designate), (iii) all printing and related messenger and delivery expenses (including expenses of printing certificates for the Restricted Shares
in a form eligible for deposit with The Depository Trust Company (or any other depositary or transfer agent/registrar) and of printing any Preliminary Prospectus, any Issuer Free Writing Prospectus and the Prospectus and any amendments thereto), all
fees and disbursements of counsel for the Company and of all Accountants (including the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (iv) Securities Act liability insurance if
the Company so desires or the underwriters so require, (v) all fees and expenses incurred in connection with the listing of the Restricted Shares on any National Securities Exchange and all rating agency fees, (vi) all fees and
disbursements of the Sellers’ Counsel to represent the selling Stockholders in connection with such registration, and (vii) reasonable fees and expenses of outside counsel and advisors retained by the Company (all such expenses being
herein called “Registration Expenses”), will be borne by the Company, regardless of whether the Registration Statement becomes effective; provided, however, that all underwriting discounts and selling commissions
applicable to the Restricted Shares shall not be borne by the Company, but shall be borne by the selling Stockholders, in proportion to the number of Restricted Shares sold by each such selling Stockholder. In addition, the Company will, in any
event, pay its internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any audit and the fees and expenses of any Person, including special experts, retained by the
Company. 
 8.11 Indemnification. 

(a) In connection with any registration of any Restricted Shares under the Securities Act pursuant to this Agreement, the Company shall
indemnify and hold harmless each seller of such Restricted Shares, each underwriter, broker or any other Person acting on behalf of such seller and each other Person, if any, who controls any of the foregoing Persons within the meaning of the
Securities Act against any losses, claims, damages or liabilities, joint or several, to which any of the foregoing Persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in: (A) any Preliminary Prospectus, the registration statement, the Prospectus or in any amendment or
supplement thereto, (B) any Issuer Free Writing Prospectus or in any amendment or supplement thereto, (C) any Permitted Issuer Information used or referred to in any “free writing prospectus” (as defined in Rule 405) used or
referred to by any underwriter, or (D) any “road show” (as defined in Rule 433) not constituting an Issuer Free Writing Prospectus, when considered together with the most recent Preliminary Prospectus (collectively, “Road Show
Material”); (ii) the omission or alleged omission to state in any Preliminary Prospectus, the registration statement, the Prospectus, any Issuer Free Writing Prospectus or in any amendment or supplement thereto or in any Permitted
Issuer Information or any Road Show Material any material fact required to be stated therein or necessary to make the statements therein (in the case of any Preliminary Prospectus, Issuer Free Writing Prospectus, Road Show Material and the
Prospectus, in the light of the circumstances under which they were made) not misleading, or any violation by the Company of the Securities Act or state securities or blue sky laws applicable to 

  
 33 

 
the Company and relating to action or inaction required of the Company in connection with such registration or qualification under such state securities or blue sky laws; and shall reimburse such
seller, such underwriter, such broker or such other Person acting on behalf of such seller and each such controlling Person for any legal or other expenses reasonably incurred by any of them in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in the Preliminary Prospectus, the registration statement, the Prospectus, any Issuer Free Writing Prospectus or in any such amendment or supplement thereto or in any Permitted Issuer
Information or any Road Show Material in reliance upon and in conformity with written information furnished to the Company through an instrument duly executed by such seller or underwriter specifically for use in the preparation thereof; and
provided, further, however, that the foregoing indemnity agreement shall not inure to the benefit of any indemnified party if: (w) such loss, claim, damage, liability or judgment arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in any Preliminary Prospectus or any amendment or supplement thereto, as the case may be, (x) the Company informed such sellers and underwriters of such untrue statement
or alleged untrue statement or omission or alleged omission prior to the confirmation of sales of the Restricted Shares, (y) such untrue statement or alleged untrue statement or omission or alleged omission was corrected in an amended or
supplemented Preliminary Prospectus (or, where permitted by law, an Issuer Free Writing Prospectus) and such corrected Preliminary Prospectus (or Issuer Free Writing Prospectus) was provided to the underwriters such that the underwriters had a
reasonably sufficient amount of time to deliver such corrected Preliminary Prospectus (or Issuer Free Writing Prospectus) to the Persons to whom the underwriters offered the Restricted Shares, and (z) the timely delivery of such amended
Preliminary Prospectus (or Issuer Free Writing Prospectus) to such Person would have constituted a complete defense to the losses, claims, damages, liabilities and judgments asserted by such Person. 

(b) In connection with any registration of Restricted Shares under the Securities Act pursuant to this Agreement, each seller of Restricted
Shares shall indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 8.11(a)) the Company, each officer of the Company who shall sign such registration statement, each underwriter, broker or other
Person acting on behalf of such seller, each Person who controls any of the foregoing Persons within the meaning of the Securities Act and each other seller of Restricted Shares under such registration statement with respect to any statement or
omission from any Preliminary Prospectus, the registration statement, the Prospectus, any Issuer Free Writing Prospectus or in any amendment or supplement thereto or in any Road Show Material, if such statement or omission was made in reliance upon
and in conformity with written information furnished to the Company or such underwriter through an instrument duly executed by such seller specifically for use in connection with the preparation of such Preliminary Prospectus, registration
statement, Prospectus, Issuer Free Writing Prospectus or in any amendment or supplement thereto or in Road Show Material; provided, however, that the maximum amount of liability in respect of such indemnification shall be limited, in
the case of each seller of Restricted Shares, to an amount equal to the net proceeds actually received by such seller from the sale of Restricted Shares effected pursuant to such registration statement. 

  
 34 

 (c) Indemnification similar to that specified in Section 8.11(a) and
Section 8.11(b) shall be given by the Company and each seller of Restricted Shares (with such modifications as may be appropriate) with respect to any required registration or other qualification of their Securities under any federal or
state law or regulation of Governmental Authority other than the Securities Act. 
 (d) Promptly after receipt by an indemnified party of
notice of the commencement of any action involving a claim referred to in Section 8.11(b) and Section 8.11(c), such indemnified party will, if a claim in respect thereof is made against an indemnifying party, give written
notice to such indemnifying party of the commencement of such action (provided, however, that an indemnified party’s failure to give such notice in a timely manner shall only relieve the indemnification obligations of an
indemnifying party to the extent such indemnifying party is materially prejudiced by such failure). In case any such action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense
thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and 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 responsible for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof; provided, however, that if any
indemnified party shall have reasonably concluded that there may be one or more legal or equitable defenses available to such indemnified party which are additional to or conflict with those available to the indemnifying party, or that such claim or
litigation involves or could have an effect upon matters beyond the scope of the indemnity agreement provided in this Section 8.11, the indemnifying party shall not have the right to assume the defense of such action on behalf of such
indemnified party and such indemnifying party shall reimburse such indemnified party, and any Person controlling such indemnified party, for that portion of the fees and expenses of any counsel retained by the indemnified party which are reasonably
related to the matters covered by the indemnity agreement provided in this Section 8.11. 
 (e) If the indemnification provided
for in this Section 8.11 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage or liability referred to herein, then the indemnifying party, in lieu of indemnifying
such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection with the statements or omissions which resulted in such loss, claim, damage or liability as well as any other relevant equitable considerations; provided,
however, that the maximum amount of liability in respect of such contribution shall be limited, in the case of each seller of Restricted Shares, to an amount equal to the net proceeds actually received by such seller from the sale of such
Restricted Shares effected pursuant to such registration statement. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of
a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. No Person guilty of fraud shall be entitled to indemnification or contribution hereunder. 
 (f) The
indemnification and contribution provided under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party and will survive the Transfer of Restricted Shares. 

  
 35 

 8.12 Underwritten Offerings. Notwithstanding anything to the contrary set forth in this
Agreement: 
 (a) to the extent that all the sellers of Restricted Shares in a proposed registration shall enter into an underwriting or
similar agreement, which agreement contains provisions covering one or more issues addressed in this Section 8, the provisions contained in this Section 8 addressing such issue or issues shall be of no force or effect with
respect to such registration. If any offering pursuant to a Demand Registration or pursuant to Section 8.7 involves an Underwritten Offering, Apollo shall have the right to select the managing underwriter or underwriters to administer
the offering, which managing underwriters shall be a firm of nationally recognized standing and reasonably satisfactory to the Company, and the Company shall enter into an agreement with such firm for the underwriting of such offering containing
terms and conditions reasonably satisfactory to Apollo and the Company; and 
 (b) no Stockholder may participate in any registration
hereunder that is underwritten unless such Stockholder agrees: (i) to sell such Stockholder’s Restricted Shares proposed to be included therein on the basis provided in any underwriting arrangement(s) acceptable to Apollo and the Company
and consistent with the terms hereof, and (ii) as expeditiously as possible, to notify the Company of the occurrence of any event concerning such Stockholder as a result of which any Preliminary Prospectus, any Issuer Free Writing Prospectus or
the Prospectus contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 8.13 Information by Holder. Each holder of Restricted Shares to be included in any registration shall furnish to the Company such
written information regarding such holder and the distribution proposed by such holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification or compliance referred to
in this Agreement. 
 8.14 Exchange Act Compliance. From and after the date a registration statement filed by the Company pursuant to
the Exchange Act relating to any class of its Securities shall have become effective, the Company shall comply with all of the reporting requirements of the Exchange Act (whether or not it shall be required to do so) and shall comply with all other
public information reporting requirements of the Commission which are conditions to the availability of Rule 144 for the sale of Restricted Shares. The Company shall cooperate with each holder of such registered Securities in supplying such
information as may be necessary for such holder to complete and file any information reporting forms presently or hereafter required by the Commission as a condition to the availability of Rule 144 or any comparable successor rules. The Company
shall furnish to any holder of Restricted Shares upon request a written statement executed by the Company as to the steps it has taken to comply with the current public information requirement of Rule 144 (or such comparable successor rules). After
the consummation of a Qualified Public Offering, subject to the limitations on Transfers imposed 

  
 36 

 
by this Agreement, the Company shall use its best efforts to facilitate and expedite transfers of Restricted Shares pursuant to Rule 144 under the Securities Act, which efforts shall include
timely notice to its transfer agent to expedite such transfers of Restricted Shares. 
 8.15 No Conflict of Rights. The Company
represents and warrants to each Stockholder that the registration rights granted in this Agreement do not conflict with any other registration rights granted by the Company. The Company shall not, after the date hereof, grant any registration rights
which conflict with or impair, or have any priority over, the registration rights granted hereby. 
 8.16 Termination. The provisions
of this Section 8 shall survive a Qualified Public Offering and the termination of this Agreement. 
 SECTION 9 

 NON-SOLICITATION; NON-HIRE; NON-COMPETE; 

NON-DISPARAGEMENT; CONFIDENTIALITY 

The following provisions shall apply to each Non-Apollo Holder (other than, where indicated, AOC (MHE)) to the extent that such Non-Apollo
Holder is not subject to any similar provisions pursuant to a separate agreement or arrangement with the Company or any of its Subsidiaries (it being understood that the provisions of such other agreement or arrangement shall prevail and be
determinative in the event of any inconsistency or conflict with the provisions of this Section 9): 
 9.1 Non-Solicitation;
Non-Hire. With respect to each Non-Apollo Holder (other than AOC (MHE)), during the period commencing on the date of this Agreement and ending on the first anniversary of the date on which such Non-Apollo Holder’s employment or other
professional relationship with the Company or any of its Subsidiaries terminates, such Non-Apollo Holder shall not and shall cause its Affiliates (other than the Company and its Subsidiaries) not to (without the prior written consent of Apollo)
directly or indirectly: (i) solicit, induce or attempt to solicit or induce any officer, director or employee of the Company or any of its Subsidiaries to terminate their relationship with or leave the employ of the Company or any such
Subsidiary, or in any way interfere with the relationship between the Company or any such Subsidiary, on the one hand, and any officer, director or employee thereof, on the other hand, (ii) hire (or other similar arrangement) any Person (in any
capacity whether as an officer, director, employee or consultant) who is or at any time was an officer, director or employee of the Company or any of its Subsidiaries until six (6) months after such individual’s relationship (whether as an
officer, director or employee) with the Company or such Subsidiary has ended, or (iii) induce or attempt to induce any customer, supplier, prospect licensee or other business relation of the Company or any of its Subsidiaries to cease doing
business with the Company or such Subsidiary, or in any way interfere with the relationship between any such customer, supplier, prospect licensee or business relation, on the one hand, and the Company or any such Subsidiary, on the other hand. 

9.2 Non-Compete. With respect to each Non-Apollo Holder (other than AOC (MHE)), during the period commencing on the date of this
Agreement and ending on the first 

  
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anniversary following the date on which such Non-Apollo Holder’s employment or other professional relationship with the Company or any of its Subsidiaries terminates (the
“Non-Compete Period”), such Non-Apollo Holder shall not and shall cause its Affiliates (other than the Company and its Subsidiaries) not to (without the prior written consent of Apollo) directly or indirectly: (i) engage in any
Competitive Business, (ii) render any services to any Competitive Business in a manner that enhances the capacity of such Competitive Business to engage in the production, sale, provision or distribution of products or services similar to those
produced, sold, distributed or provided by the Company or any of its Subsidiaries, or (iii) acquire a financial interest in any Competitive Business. For purposes of this Section 9.2: (A) the phrase “directly or
indirectly engage in” shall include any direct or indirect ownership or profit participation interest in such enterprise, whether as an owner, stockholder, member, partner, joint venturer of or otherwise, and shall include any direct or
indirect participation in such enterprise as an employee, consultant, director, officer, licensor of technology or otherwise, and (B) the term “Competitive Business” shall mean a business that engages in the production, sale,
provision or distribution of products or services similar to those produced, sold, distributed or provided by the Company or any of its Subsidiaries during the period in which such Non-Apollo Holder was employed or retained by the Company or any
Subsidiary of the Company. Notwithstanding the foregoing, nothing herein shall prohibit such Non-Apollo Holder from being a passive owner of not more than 2% of the outstanding equity securities of any class of a corporation or other entity that is
publicly traded, or not more than 2% of any non-voting equity securities or debt securities of any corporation or other entity, so long as such Non-Apollo Holder has no active participation in the business of such corporation or other entity
(including serving as a member of the board of directors or as a consultant). The obligations of each Non-Apollo Holder under this Section 9.2 shall apply to any geographic area or territory in which the Company or its Subsidiaries have
engaged in business during such Non-Apollo Holder’s Non-Compete Period. 
 9.3 Non-Disparagement. Each Non-Apollo Holder (other
than AOC (MHE)) acknowledges and agrees that during such time as such Person is employed with, or otherwise has another professional relationship with, the Company or any of its Subsidiaries and thereafter, such Person shall not, directly or
indirectly, issue or communicate any public statement, or statement likely to become public, that is disparaging of, damaging to, or could reasonably be expected to be harmful to, the Company, any of its Subsidiaries, its business reputation, any
product, practice or service thereof, or any officer, director or employee thereof, or Apollo or any of its Affiliates or any partner, officer, director or employee thereof. The foregoing shall not be violated by truthful responses to legal process
or inquiry by a Governmental Authority. 
 9.4 Each Non-Apollo Holder (other than AOC (MHE)) acknowledges and agrees that the covenants set
forth in this Section 9 are reasonable and necessary in order for the Company, Apollo, AOC (MHE) and the other Non-Apollo Holders to preserve and protect their legitimate business interests, that irreparable injury will result if such
Non-Apollo Holder breaches any of the terms of such covenants and that damages would be an inadequate remedy for any breach (as set forth in Section 12.8). Accordingly, each Non-Apollo Holder (other than AOC (MHE)) acknowledges and
agrees that in the event of a breach, or threatened breach, of any of the covenants contained in this Section 9, in addition to any other remedy that may be available at law or in equity, Apollo, AOC (MHE), the Company and its
Subsidiaries will be entitled to specific performance and injunctive relief. 

  
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 SECTION 10  

TERMINATION 

Subject to the terms of Section 3.1(k), Section 3.2(d), Section 8.16, and Section 11.8 this
Agreement shall terminate on the first to occur of: 
 10.1 the date the Company consummates a Qualified Public Offering; 

10.2 the complete liquidation of the Company and its Subsidiaries, or the sale, lease or other disposition by the Company of all or
substantially all of the assets of the Company and its Subsidiaries, taken as a whole; and 
 10.3 a unanimous written agreement, executed
by all Stockholders, terminating this Agreement. 
 SECTION 11  

LIMITED PREEMPTIVE RIGHTS 

11.1 Right Generally. 

(a) Issuances by the Company. If the Company proposes to issue New Securities to any Person (including Apollo), the Company shall,
before such issuance, deliver to each of Apollo (if the offer is not initially to Apollo) and each other Stockholder (for the avoidance of doubt, including AOC (MHE)) an offer to issue to such Stockholders such New Securities upon the terms and
conditions set forth in this Section 11 (a “Preemptive Offer”). 
 (b) Issuances by any Subsidiary. If
any Subsidiary of the Company proposes to issue New Securities to any Person (including Apollo), the Company shall, before such issuance, cause such Subsidiary to deliver to each of Apollo (if the offer is not initially to Apollo) and each other
Stockholder (for the avoidance of doubt, including AOC (MHE)) a Preemptive Offer; provided, however, that, no Preemptive Offer shall be required to the extent the issuance to the Stockholders of the New Securities proposed to be issued
would be prohibited by the terms of any financing, security or collateral documents or agreements applicable to such Subsidiary. 
 (c) Each
Preemptive Offer shall: (i) state that the Company, or a Subsidiary, as applicable, proposes to issue New Securities, (ii) specify the number of New Securities being issued and (iii) set forth all material terms and conditions
(including purchase price) of such proposed issuance. Each Preemptive Offer shall remain open and irrevocable for a period of thirty (30) days (the “Preemptive Offer Period”) from the date of its delivery (subject, in the case
of Non-Apollo Holders), to the proviso contained in the first sentence of Section 11.2(a)). 
 (d) Notwithstanding anything in
this Section 11 to the contrary, any Preemptive Offer in respect of any Subsequent Issuance shall be made to, and may be accepted by, only those Stockholders, if any, that purchased Securities in the respective Initial Issuance
(“Initial Purchasers”). 

  
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 11.2 Acceptance; Allocation. 

(a) Acceptance and Limitation. Each of Apollo and the Non-Apollo Holders may accept a Preemptive Offer, in whole or in part, by
delivering to the Company or such applicable Subsidiary (in such instance, with a copy to the Company) a notice (the “Purchase Notice”) before the expiry of the Preemptive Offer Period; provided, however, that
notwithstanding anything to the contrary in this Section 11, any Preemptive Offer (including as set forth in Section 11.1(d)) shall apply to, and may be accepted by, Non-Apollo Holders only if such Preemptive Offer has been
accepted by Apollo. The Purchase Notice shall state the number (the “Preemptive Offer Number”) of New Securities such Stockholder desires to purchase, and whether such Stockholder desires the opportunity to participate in the
allocation of any New Securities remaining after such New Securities are initially allocated in accordance with Section 11.2(b) (in such capacity, “Excess Interested Stockholders”). 

(b) Allocation. If the sum of all Preemptive Offer Numbers is: (i) equal to or less than the number of New Securities proposed to
be issued, then such New Securities shall be allocated among the Stockholders that have delivered Purchase Notices (“Electing Stockholders”) in accordance with their respective Purchase Notices, and any remaining balance shall be
subject to Section 11.4, or (ii) greater than the number of New Securities proposed to be issued, then such New Securities shall be allocated among the Electing Stockholders as follows, subject to Section 11.3: 

(1) any (x) issuance of New Securities by the Company and (y) Initial Issuance shall in each case be allocated in
accordance with the lesser of (A) the Electing Stockholders’ respective Proportionate Percentages relative to all Electing Stockholders only, and (B) the amount set forth in the Purchase Notice; and 

(2) any Subsequent Issuance shall be allocated among only the respective Initial Purchasers in accordance with the lesser of
(A) such Initial Purchasers’ respective Proportionate Percentages (using the Securities issued in such Initial Issuance, rather than Restricted Securities) relative to each other, and (B) the amount set forth in the Purchase Notice.

 11.3 Re-Offer of Excess. If the number of New Securities proposed to be issued or sold exceeds the sum of all Preemptive Offer
Numbers as allocated pursuant to Section 11.2(b), then the Company shall, or shall cause its applicable Subsidiary to, re-offer such excess to the Excess Interested Stockholders, if any, on the terms and conditions of the original
Preemptive Offer (provided that the response time shall be reduced to a period of five (5) days from receipt of each such notice), subject to further allocation in accordance with Section 11.2(b), mutatis mutandis, until all
of such excess is allocated or there is no further desire by the Excess Interested Stockholders to acquire any of the remaining excess. 

  
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 11.4 Sale. The Company may, for a period of ninety (90) days thereafter, offer, issue
and sell the then remaining excess or any portion thereof, on the terms and conditions of the Preemptive Offer, to any Person. If such issuance and sale is not made to any Person within such ninety (90) day period, then the restrictions
provided for in this Section 11 shall again become effective. 
 11.5 Closing. Any issuance of New Securities, pursuant
to this Section 11, shall be made on a Business Day, as designated by the Company, not less than ten (10) and not more than thirty (30) days after expiration of the Preemptive Offer Period on those terms and conditions of the
Preemptive Offer not inconsistent with this Section 11. 
 11.6 For purposes of this Section 11: (i) each of
Apollo and AOC (MHE) may aggregate its Proportionate Percentages among other Stockholders in its respective Affiliated group to the extent that other Stockholders in its Affiliated group do not elect to purchase their respective Proportionate
Percentages, (ii) whenever AOC (MHE) has any right to exercise its preemptive rights in connection with a Preemptive Offer (as set forth in this Section 11), such right may be exercised by AOC (MHE) on a “look through” basis, as
though each of its underlying investors was AOC (MHE), in each case, in accordance with the Limited Partnership Agreement, and (iii) following any Initial Subsidiary Equity Issuance or any Initial Debt Issuance by a Subsidiary of the Company,
the provisions of Section 3.1, Section 3.2 and Section 8 shall apply mutatis mutandis to such respective equity Securities or debt Securities. 

11.7 Notwithstanding anything to the contrary set forth herein, Apollo may purchase all the New Securities being issued without complying with
the foregoing provisions of this Section 11, provided, however, that following such purchase the Non-Apollo Holders shall have the right to purchase from Apollo, in accordance with the foregoing provisions of this
Section 11, mutatis mutandis, New Securities on the same terms as Apollo purchased such New Securities. Apollo and the electing Stockholders shall use commercially reasonable efforts to effect any such sale on a tax efficient
basis relative to the result that would have been obtained had the Electing Stockholders instead acquired such New Securities directly from the Company or such Subsidiary in the Preemptive Offer. 

11.8 Solely with respect to AOC (MHE), the provisions of this Section 11 shall survive the consummation of a Qualified Public
Offering to the extent that the Limited Partnership Agreement is in force and effect and has not been terminated. 
 SECTION 12

 MISCELLANEOUS 

12.1 Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement, or the application thereof to any Person or any circumstance, is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision, or the application thereof to any other Person or any other circumstance, or any other jurisdiction, 

  
 41 

 
and such invalid, void or otherwise unenforceable provision shall be null and void. It is the intent of the parties, however, that any invalid, void or otherwise unenforceable provisions be
automatically replaced or substituted by other suitable and equitable provisions, which are as similar as possible in terms to such invalid, void or otherwise unenforceable provisions but are valid and enforceable to the fullest extent permitted by
law. 
 12.2 Entire Agreement. Except for any Option Agreements, the Certificate, the Bylaws and any other documents delivered by the
parties in connection herewith, including the exhibits, appendices and schedules thereto, this Agreement constitutes the entire agreement among the parties hereto and supersedes any other prior agreements and undertakings, whether written or oral,
that may have been made or entered into by or among any of the parties hereto relating to the subject matter hereof. 
 12.3 Successors
and Assigns. This Agreement shall bind and inure to the benefit of the Company, Apollo and Non-Apollo Holders and their respective successors and permitted assigns. Except as otherwise expressly permitted pursuant to the terms of this Agreement
(or with the prior written consent of Apollo), neither the Company nor the Non-Apollo Holders shall assign or otherwise Transfer their rights or obligations hereunder, and any attempted or purported Transfer of any such rights or obligations shall
be void. Each of Apollo and AOC (MHE) shall have the right to assign or otherwise Transfer its rights and obligations hereunder to its respective Affiliates without the consent of any other party hereto. 

12.4 Modifications; Amendments. The terms and provisions of this Agreement may not be modified, supplemented, amended or waived, except
pursuant to a writing signed by the Company and the holders of a majority of the Common Stock; provided, however, that any such modification, supplement, amendment or waiver that materially adversely affects any Stockholder and is
materially prejudicial to such Stockholder relative to all of the other Stockholders shall not be effected without the written consent of such affected Stockholder; provided, further, however, that AOC (MHE)’s rights under
Sections 3, 8 , 10 and 11 shall not be modified or amended in a manner adverse to AOC (MHE) without AOC (MHE)’s consent. 

12.5 Waiver. No course of dealing between the Company, Apollo and Non-Apollo Holders (or any of them), or any failure to or delay in
exercising any rights, powers, privileges or remedies hereunder, will operate as a waiver of any rights, powers, privileges or remedies of any party to this Agreement; and no single or partial exercise of any such right, power, privilege or remedy
shall preclude any other or further exercise thereof or of any other rights, powers, privileges or remedies. The failure of any party hereto to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such
provisions and will not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

12.6 Table of Contents and Headings. The table of contents and section headings of this Agreement are included for reference purposes
only and shall not affect the construction or interpretation of any of the provisions of this Agreement. 
 12.7 Counterparts; Facsimile
Signatures. This Agreement may be executed in any number of original or facsimile counterparts, and each such counterpart hereof when so 

  
 42 

 
executed and delivered shall be deemed to be an original instrument enforceable against the parties actually executing counterparts, and all such counterparts together shall constitute but one
agreement. 
 12.8 Remedies. 

(a) Apollo and each other Stockholder shall have all rights and remedies reserved for Apollo or such Stockholder pursuant to this Agreement,
any Option Agreement, the Certificate, the Bylaws and all other rights and remedies which Apollo or such Stockholder has been granted at any time under any other agreement or contract or has under any law or in equity. 

(b) Each party hereto acknowledges that it would be impossible to determine the amount of damages that would result from any breach of any of
the provisions of this Agreement and that the remedy at law for any breach, or threatened breach, of any of such provisions would likely be inadequate and, accordingly, agrees that any other party hereto shall, in addition to any other rights or
remedies which it may have (including monetary damages), be entitled to seek such equitable and injunctive relief as may be available from any court of competent jurisdiction to compel specific performance of, or restrain any party from violating,
any of such provisions. In connection with any action or proceeding for injunctive relief, each party hereto hereby waives the claim or defense that a remedy at law alone is adequate and agrees, to the maximum extent permitted by law, to have each
provision of this Agreement specifically enforced against it, without the necessity of posting bond or other security against it, and consents to the entry of injunctive relief against it enjoining or restraining any breach or threatened breach of
such provisions of this Agreement. 
 (c) Subject to Section 12.10, the parties hereto agree that if any parties resolve any
dispute arising under this Agreement pursuant to a legal proceeding, the prevailing party or parties to such proceeding shall be entitled to receive reasonable attorneys’ fees and expenses incurred in connection with such proceedings. 

12.9 Notices. All notices, requests, consents and other communications to be given to any party hereunder shall be deemed to be
sufficient if contained in a written instrument and shall be deemed to have been duly given when delivered in person, by telecopy, by nationally-recognized overnight courier, or by first class registered or certified mail, postage prepaid, addressed
to such party at the address set forth below or such other address as may hereafter be designated in writing by the addressee to the addressor: 
  

	 	(i)	if to the Company, to: 

 c/o Apollo Management VII, L.P. 

9 West 57th Street, 48th Floor 

New York, NY 10019 
 Facsimile:
(212) 515-3251 
 Attention: Ms. Laurie D. Medley 

  
 43 

 with a copy to: 

Paul, Weiss, Rifkind, Wharton & Garrison, LLP 

1285 Avenue of the Americas 

New York, New York 10019 

Facsimile: (212) 492-0574 

Attention: John M. Scott, Esq. 
  

	 	(ii)	if to Apollo, to: 

 AP Georgia Holdings, LP 

c/o Apollo Advisors (MHE), LLC 

1 Manhattanville Road, Suite 201 

Purchase, New York 10577 

United States of America 

Facsimile: (212) 515-3251 

Attention: Ms. Laurie D. Medley 

with a copy to: 
 Paul, Weiss,
Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 

New York, New York 10019 

Facsimile: (212) 492-0574 

Attention: John M. Scott, Esq. 
  

	 	(iii)	if to any Non-Apollo Holder, to the address set forth opposite such Non-Apollo Holder’s name on Schedule I or in the Joinder signed by such Non-Apollo Holder. 

All such notices, requests, consents and other communications shall be deemed to have been delivered in the case of personal delivery or delivery by telecopy,
on the date of such delivery, in the case of nationally-recognized overnight courier, on the next Business Day, and in the case of mailing, on the third Business Day following such mailing if sent by certified mail, return receipt requested. 

12.10 Arbitration. EXCEPT AS SET FORTH BELOW, THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF
THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICTS OF LAWS OR PRINCIPLES THEREOF THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. Except as set forth in Section 4.1(e), any dispute,
claim or controversy arising under, out of, or in connection with or in relation to this Agreement, or any breach, termination or validity thereof, shall be finally determined and settled by arbitration in New York, New York in accordance with the
applicable rules of the American Arbitration Association in effect at the time of arbitration, and judgment upon the award may be entered in any court having jurisdiction thereof or having jurisdiction over the parties or their assets. Within twenty
(20) days of the 

  
 44 

 
conclusion of the arbitration hearing, the arbitrator shall prepare written findings of fact and conclusions of law. It is mutually agreed that the written decision of the arbitrator shall be
valid, binding, final and non-appealable; provided, however, that the parties hereto agree that the arbitrator shall not be empowered to award punitive damages against any party to such arbitration. To the extent permitted by law, the
arbitrator’s fees and expenses will be borne equally by each party. In the event that an action is brought to enforce the provisions of this Agreement pursuant to this Section 12.10, each party shall pay its own attorney’s fees
and expenses regardless of whether in the opinion of the arbitrator deciding such action, or the court in which any such arbitration award is entered, there is a prevailing party. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO
TRIAL, INCLUDING TRIAL BY JURY, IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 12.11
Interpretive Matters. Unless the context otherwise requires: (i) all references to the preamble, sections, schedules or exhibits are to the Preamble, Sections, Schedules or Exhibits of, or to, this Agreement, (ii) each accounting
term not otherwise defined in this Agreement has the meaning assigned to it in accordance with GAAP, (iii) whenever the context may require, words in the singular or plural include the singular and plural, and pronouns stated in either the
masculine, feminine or neuter gender shall include the masculine, feminine and neuter, (iv) the term “including” and any variation thereof shall mean by way of example and not by way of limitation, and shall be deemed to be followed
by the words “without limitation”, (v) references herein to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted
by the provisions thereof, and (vi) references herein to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. The parties hereto have participated
jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
 12.12 Further Assurances. Each party
hereto shall do and perform, or cause to be done and performed, all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other party hereto may reasonably request in
order to carry out and further the intent of the provisions of this Agreement and the consummation of the transactions contemplated hereby. 

12.13 Third Party Beneficiaries. The covenants of the Company contained in this Agreement: (i) are being given by the Company as
an inducement to the Stockholders to enter into this Agreement (and the Company acknowledges that the Stockholders have expressly relied thereon), and (ii) are solely for the benefit of the Stockholders. Accordingly, except as expressly set
forth herein (including in Sections 3.1(i), 4.1(d), 5.2(c), and 8), no third party (including any holder of Equity Securities) or anyone acting on behalf of any thereof, other than the Stockholders and their permitted
assignees, shall be a third party or other beneficiary of such covenants and no such third party shall have any rights of contribution (or any legal or equitable right, benefit or remedy of any nature whatsoever) against the Stockholders or the
Company with respect to such covenants or any matter subject to or resulting in indemnification under this Agreement or otherwise. 

  
 45 

 12.14 Additional Parties; Additional Equity Securities. In the event any Equity
Securities are issued to a Person that is not a party hereto (including the issuance of Equity Securities upon the exercise or conversion of options, warrants or similar equity-linked Securities of the Company) at any time during the term of this
Agreement, such Equity Securities, as a condition to their issuance, shall become subject to this Agreement via the execution of a Joinder substantially in the form of Exhibit A pursuant to which such Person agrees to become party hereto as a
Non-Apollo Holder and have their Equity Securities subject to the terms of this Agreement (provided, however, that in the sole discretion of Apollo any or all of the rights, restrictions, obligations and duties that are otherwise
applicable or available to AOC (MHE) hereunder may be granted to such Non-Apollo Holder pursuant to such Joinder). If any Stockholder acquires additional Equity Securities (including via the issuance of Equity Securities upon the exercise or
conversion of options, warrants or similar equity-linked Securities of the Company), such Equity Securities shall automatically be subject to (and entitled to all the benefits of and subject to the restrictions related to) all of the terms of this
Agreement. 
 12.15 Stock Splits, Mergers, etc. If, and as often as, there are any changes in any Equity Securities, as applicable,
by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, reclassification, merger, consolidation, reorganization, or by any other means, appropriate adjustment shall be deemed to have been made to the
provisions of this Agreement, as may be required, so that the rights, privileges, duties and obligations hereunder shall continue with respect to the Equity Securities, as so changed. 

12.16 No Right to Employment. None of the provisions hereof shall create, or be construed or deemed to create, any right to employment
in favor of any Person by the Company or any of its Subsidiaries. 
 12.17 Confidential Information. Each Stockholder shall, and
shall cause its Authorized Recipients to, hold in strict confidence and not disclose any Confidential Information of the Company, any other Stockholder, or any of their respective Subsidiaries or Affiliates that is provided or made available to, or
otherwise known by or in the possession of, such Stockholder; provided, however, that the foregoing provision shall not apply to information which: (i) is or becomes generally known to the public (other than as a result of the
breach of this Section 12.17 by such Stockholder or any of its Authorized Recipients); or (ii) is or becomes available to such Stockholder or one or more of its Authorized Recipients on a non-confidential basis from a source other
than the Company or its Subsidiaries or any other Stockholder or their Authorized Recipients, or other Person otherwise restricted by law, contract or fiduciary duty. As used in this Agreement, the term “Confidential Information”
means information, whether oral or written, that is not generally known to the public and that is used, developed or obtained by the Company or any of its Subsidiaries or any Stockholder, or any of their respective Affiliates, in connection with
their respective businesses, including processes, ideas, inventions (whether patentable or not), know-how, formulae, schematics, trade secrets, trademarks, copyrights, patents, designs and all other intellectual property and proprietary information,
books, records, financial statements, customer and prospect lists, details regarding products and services, marketing plans, techniques, strategies and information, sales information and all other technical,

  
 46 

 
business, financial, customer and product development plans, forecasts, budgets, projections, analyses, compilations, strategies and information, previously, presently, or subsequently disclosed
to any Stockholder or of its Authorized Recipients. For purposes of this Section 12.17, Confidential Information may be disclosed by any Stockholder (A) to any of its Affiliates, directors, officers, managers, stockholders, members,
partners, employees, counsel, agents and authorized representatives who are, in each case, subject to a written confidentiality agreement pursuant to which such recipient of Confidential Information agrees to be bound by customary confidentiality
undertakings or is otherwise bound by a duty of confidentiality (collectively, “Authorized Recipients”); and, notwithstanding the foregoing, (B)(x) solely with respect to Confidential Information that relates to the Company and its
Subsidiaries (and not any other Stockholder) under a written confidentiality agreement pursuant to which such recipient of Confidential Information agrees to be bound by customary confidentiality undertakings; or (y) when compelled by
governmental rule or regulation, or compelled by legal process or judicial or governmental order (including any subpoena, discovery or information request), provided, however, that such Stockholder (and/or its or their Authorized
Recipients) shall provide the Company or other Stockholder (as the case may be) with prompt written notice thereof (including the circumstances relating to such obligation) and the Confidential Information to be disclosed as far in advance of its
disclosure as reasonably practicable so that the Company or other Stockholder (as the case may be) may seek an appropriate protective order or other appropriate remedy, use reasonable efforts to ensure that any Confidential Information so disclosed
is accorded confidential treatment, or waive compliance by such Stockholder. For purposes of clause (B)(y) of the preceding sentence, a Stockholder and its Authorized Recipients shall be entitled to rely conclusively on an opinion of its (or their)
nationally recognized outside counsel that such Stockholder (and/or its or their Authorized Recipients) is (or are) compelled by governmental rule or regulation, legal process or court order to disclose any such Confidential Information. 

12.18 Expenses. In the event that the Closing occurs, the Company will reimburse all reasonable and documented out-of-pocket fees and
expenses of the Stockholders incurred in the negotiation, execution and delivery of this Agreement, including, fees and expenses of lawyers, tax and accounting advisors but not financial advisors (other than any financial advisor jointly engaged by
Apollo on behalf of the Stockholders). 
 * * * * * 

  
 47 

 IN WITNESS WHEREOF, the parties hereto have executed this Stockholders’ Agreement on
the date first written above. 
  

					
	GEORGIA HOLDINGS, INC.
		
	By:	 	 /s/ Laurie D. Medley

		 	Name:	 	Laurie D. Medley
		 	Title:	 	Vice President & Assistant Secretary

  

[GEORGIA STOCKHOLDERS’ AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have executed this Stockholders’ Agreement on
the date first written above. 
  

					
	APOLLO OVERSEAS CO-INVESTORS (MHE), L.P.
		
	By:	 	Apollo Advisors (MHE), LLC,
		 	its General Partner
		
	By:	 	Apollo Advisors VII, L.P.,
		 	its Sole Member
		
	By:	 	Apollo Capital Management VII, LLC,
		 	its General Partner
		
	By:	 	 /s/ Laurie D. Medley

		 	Name:	 	Laurie D. Medley
		 	Title:	 	Vice President and Assistant Secretary

  

[GEORGIA STOCKHOLDERS’ AGREEMENT] 

					
	AP GEORGIA HOLDINGS, LP
		
	By:	 	 AP Georgia Holdings GP, LLC
 its
General Partner

		
	By:	 	 /s/ Laurie D. Medley

		 	Name:	 	Laurie D. Medley
		 	Title:	 	Authorized Person

  

[GEORGIA STOCKHOLDERS’ AGREEMENT] 

 Schedule I 

 

					
	 Stockholder
	  	 Shares

Owned
	  	 Address for Notices

			
	APOLLO OVERSEAS CO-INVESTORS (MHE), L.P.	  	2,012,250 shares of Common Stock	  	 Apollo Overseas Co-Investors (MHE), L.P.
 c/o
Apollo Advisors (MHE), LLC
 1 Manhattanville Road, Suite 201

Purchase, New York 10577
 United States of America

 
 Attention: Laurie D. Medley

Facsimile: (212) 515-3251

 Schedule I 

 

					
	 Stockholder
	  	 Shares

Owned
	  	 Address for Notices

			
	 AP GEORGIA HOLDINGS, LP
	  	7,987,750 shares of Common Stock	  	 AP Georgia Holdings LP
 c/o Apollo Advisors
(MHE), LLC
 1 Manhattanville Road, Suite 201
 Purchase, New
York 10577
 United States of America
  

Attention: Laurie D. Medley
 Facsimile: (212)
515-3251

 Exhibit A 

FORM OF JOINDER TO 

STOCKHOLDERS AGREEMENT 

THIS JOINDER (this “Joinder”) to that certain Stockholders Agreement, dated as of March 22, 2013, by and among
GEORGIA HOLDINGS, INC., a Delaware corporation (the “Company”), AP GEORGIA HOLDINGS, LP, a Delaware limited partnership (“Apollo”), APOLLO OVERSEAS CO-INVESTORS (MHE), L.P., a Delaware limited partnership
(“AOC (MHE)”), and the other Stockholders of the Company that from time to time, after the date hereof, become a party thereto (the “Agreement”), is made and entered into as of [—] by and between the Company and [Holder] (“Holder”). Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Agreement.

 WHEREAS, Holder has acquired certain shares of Common Stock, and the Agreement and the Company require Holder, as a holder of
Common Stock, to become a party to the Agreement, and Holder agrees to do so in accordance with the terms hereof. 
 NOW, THEREFORE,
in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Joinder agree as follows: 

1. Agreement to be Bound. Holder agrees that upon execution of this Joinder, [he, she or it] shall become a party to the
Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Agreement as though an original party thereto and shall be deemed a Non-Apollo Holder for all purposes thereof.1 In addition, Holder hereby agrees that all Common Stock held by Holder shall be deemed Restricted Shares for all purposes of the Agreement.2 

2. Successors and Assigns. Except as otherwise provided herein, this Joinder shall bind and inure to the benefit of and be enforceable
by the Company and its successors and assigns and Holder and any subsequent holders of Common Stock and the respective successors and assigns of each of them, so long as they hold any shares of Common Stock. 

3. Counterparts. This Joinder may be executed in separate counterparts, including by facsimile, each of which shall be an original and
all of which taken together shall constitute one and the same agreement. 
  

	1 	In the discretion of Apollo, any or all of the supplemental rights, restrictions, obligations and duties that are otherwise applicable or available to AOC (MHE) under the Agreement may be granted to such additional
Non-Apollo Holder. 

	2 	With respect to the initial group of management stockholders that execute the Agreement at Closing, or execute Joinders to the Agreement shortly after Closing, the Company shall pay for any Repurchased Shares, acquired
pursuant to Section 4.1, in cash unless otherwise agreed by such parties. 

  
 A - 1 

 4. Notices. For purposes of Section 12.9 of the Agreement, all notices,
demands or other communications to the Holder shall be directed to: 
 [Name] 

[Address] 

[Attention] 
 [Facsimile
Number] 
 5. Governing Law. EXCEPT AS SET FORTH BELOW, THIS JOINDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
DOMESTIC LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICTS OF LAWS OR PRINCIPLES THEREOF THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. 

6. Descriptive Headings. The descriptive headings of this Joinder are inserted for convenience only and do not constitute a part of
this Joinder. 
 * * * * * 

  
 A - 2 

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

					
	GEORGIA HOLDINGS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	AP GEORGIA HOLDINGS, LP
		
	By:	 	AP Georgia Holdings GP, LLC,
		 	its general partner
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	[HOLDER]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 A - 3

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