Document:

Exhibit

Exhibit 4.5

CHUY’S HOLDINGS, INC.,
Issuer
AND
[TRUSTEE],
Trustee
	
					
	INDENTURE

	 

	Dated as of [●], 20[●]

	 

Senior Debt Securities

Table of Contents

	
						
	 
	 
	  
	 
	Page

	ARTICLE 1         DEFINITIONS
	1
	

	 
	 
	 
	 
	 

	 
	Section 1.01
	  
	Definitions of Terms
	1
	

	 
	 
	 
	 
	 

	ARTICLE 2         ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES
	3
	

	 
	 
	 
	 
	 

	 
	Section 2.01
	  
	Designation and Terms of Securities
	3
	

	 
	Section 2.02
	  
	Form of Securities and Trustee’s Certificate
	5
	

	 
	Section 2.03
	  
	Denominations: Provisions for Payment
	5
	

	 
	Section 2.04
	  
	Execution and Authentications
	6
	

	 
	Section 2.05
	  
	Registration of Transfer and Exchange
	6
	

	 
	Section 2.06
	  
	Temporary Securities
	7
	

	 
	Section 2.07
	  
	Mutilated, Destroyed, Lost or Stolen Securities
	7
	

	 
	Section 2.08
	  
	Cancellation
	7
	

	 
	Section 2.09
	  
	Benefits of Indenture
	8
	

	 
	Section 2.10
	  
	Authenticating Agent
	8
	

	 
	Section 2.11
	  
	Global Securities
	8
	

	 
	 
	 
	 
	 

	ARTICLE 3        REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	9
	

	 
	 
	 
	 
	 

	 
	Section 3.01
	  
	Redemption
	9
	

	 
	Section 3.02
	  
	Notice of Redemption
	9
	

	 
	Section 3.03
	  
	Payment Upon Redemption
	9
	

	 
	Section 3.04
	  
	Sinking Fund
	10
	

	 
	Section 3.05
	  
	Satisfaction of Sinking Fund Payments with Securities
	10
	

	 
	Section 3.06
	  
	Redemption of Securities for Sinking Fund
	10
	

	 
	 
	 
	 
	 

	ARTICLE 4        COVENANTS
	10
	

	 
	 
	 
	 
	 

	 
	Section 4.01
	  
	Payment of Principal, Premium and Interest
	10
	

	 
	Section 4.02
	  
	Maintenance of Office or Agency
	10
	

	 
	Section 4.03
	  
	Paying Agents
	11
	

	 
	Section 4.04
	  
	Appointment to Fill Vacancy in Office of Trustee
	11
	

	 
	Section 4.05
	  
	Compliance with Consolidation Provisions
	11
	

	 
	 
	 
	 
	 

	ARTICLE 5        SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	11
	

	 
	 
	 
	 
	 

	 
	Section 5.01
	  
	Company to Furnish Trustee Names and Addresses of Securityholders
	11
	

	 
	Section 5.02
	  
	Preservation Of Information; Communications With Securityholders
	12
	

	 
	Section 5.03
	  
	Reports by the Company
	12
	

	 
	Section 5.04
	  
	Reports by the Trustee
	12
	

	 
	 
	 
	 
	 

	ARTICLE 6        REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	12
	

	 
	 
	 
	 
	 

	 
	Section 6.01
	  
	Events of Default
	12
	

	 
	Section 6.02
	  
	Collection of Indebtedness and Suits for Enforcement by Trustee
	13
	

	 
	Section 6.03
	  
	Application of Moneys Collected
	14
	

	 
	Section 6.04
	  
	Limitation on Suits
	14
	

i

Table of Contents
(continued)

	
						
	 
	 
	  
	 
	Page

	 
	Section 6.05
	  
	Rights and Remedies Cumulative; Delay or Omission Not Waiver
	15
	

	 
	Section 6.06
	  
	Control by Securityholders
	15
	

	 
	Section 6.07
	  
	Undertaking to Pay Costs
	15
	

	 
	 
	 
	 
	 

	ARTICLE 7        CONCERNING THE TRUSTEE
	15
	

	 
	 
	 
	 
	 

	 
	Section 7.01
	  
	Certain Duties and Responsibilities of Trustee
	15
	

	 
	Section 7.02
	  
	Certain Rights of Trustee
	16
	

	 
	Section 7.03
	  
	Trustee Not Responsible for Recitals, Indenture or Securities
	17
	

	 
	Section 7.04
	 
	May Hold Securities
	17
	

	 
	Section 7.05
	  
	Moneys Held in Trust
	17
	

	 
	Section 7.06
	  
	Compensation and Reimbursement
	17
	

	 
	Section 7.07
	 
	Reliance on Officer’s Certificate
	18
	

	 
	Section 7.08
	 
	Disqualification; Conflicting Interests
	18
	

	 
	Section 7.09
	  
	Corporate Trustee Required; Eligibility
	18
	

	 
	Section 7.10
	  
	Resignation and Removal; Appointment of Successor
	18
	

	 
	Section 7.11
	  
	Acceptance of Appointment By Successor
	19
	

	 
	Section 7.12
	  
	Merger, Conversion, Consolidation or Succession to Business
	19
	

	 
	Section 7.13
	  
	Preferential Collection of Claims Against the Company
	19
	

	 
	Section 7.14
	  
	Notice of Default
	20
	

	 
	 
	 
	 
	 

	ARTICLE 8        CONCERNING THE SECURITYHOLDERS
	20
	

	 
	 
	 
	 
	 

	 
	Section 8.01
	  
	Evidence of Action by Securityholders
	20
	

	 
	Section 8.02
	  
	Proof of Execution by Securityholders
	20
	

	 
	Section 8.03
	  
	Who May be Deemed Owners
	20
	

	 
	Section 8.04
	 
	Certain Securities Owned by Company Disregarded
	20
	

	 
	Section 8.05
	 
	Actions Binding on Future Securityholders
	21
	

	 
	 
	 
	 
	 

	ARTICLE 9        SUPPLEMENTAL INDENTURES
	21
	

	 
	 
	 
	 
	 

	 
	Section 9.01
	  
	Supplemental Indentures Without the Consent of Securityholders
	21
	

	 
	Section 9.02
	  
	Supplemental Indentures With Consent of Securityholders
	22
	

	 
	Section 9.03
	  
	Effect of Supplemental Indentures
	22
	

	 
	Section 9.04
	  
	Securities Affected by Supplemental Indentures
	22
	

	 
	Section 9.05
	 
	Execution of Supplemental Indentures
	22
	

	 
	 
	 
	 
	 

	ARTICLE 10        SUCCESSOR ENTITY
	22
	

	 
	 
	 
	 
	 

	 
	Section 10.01
	  
	Company May Consolidate, Etc.
	22
	

	 
	Section 10.02
	  
	Successor Entity Substituted
	23
	

	 
	 
	 
	 
	 

	ARTICLE 11        SATISFACTION AND DISCHARGE
	23
	

	 
	 
	 
	 
	 

	 
	Section 11.01
	 
	Satisfaction and Discharge of Indenture
	23
	

	 
	Section 11.02
	  
	Discharge of Obligations
	23
	

	 
	Section 11.03
	  
	Deposited Moneys to be Held in Trust
	24
	

	 
	Section 11.04
	  
	Payment of Moneys Held by Paying Agents
	24
	

ii

Table of Contents
(continued)

	
						
	 
	 
	  
	 
	Page

	 
	Section 11.05
	  
	Repayment to Company
	24
	

	 
	 
	 
	 
	 

	ARTICLE 12        IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	24
	

	 
	 
	 
	 
	 

	 
	Section 12.01
	  
	No Recourse
	24
	

	 
	 
	 
	 
	 

	ARTICLE 13        MISCELLANEOUS PROVISIONS
	24
	

	 
	 
	 
	 
	 

	 
	Section 13.01
	  
	Effect on Successors and Assigns
	24
	

	 
	Section 13.02
	  
	Actions by Successor
	24
	

	 
	Section 13.03
	  
	Surrender of Company Powers
	24
	

	 
	Section 13.04
	  
	Notices
	25
	

	 
	Section 13.05
	 
	Governing Law
	25
	

	 
	Section 13.06
	 
	Treatment of Securities as Debt
	25
	

	 
	Section 13.07
	  
	Certificates and Opinions as to Conditions Precedent
	25
	

	 
	Section 13.08
	  
	Payments on Business Days
	25
	

	 
	Section 13.09
	  
	Conflict with Trust Indenture Act
	25
	

	 
	Section 13.10
	  
	Counterparts
	25
	

	 
	Section 13.11
	 
	Separability
	25
	

	 
	Section 13.12
	  
	Compliance Certificates
	26
	

		
	(1)
	This Table of Contents does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

iii

INDENTURE
INDENTURE, dated as of [], 20[], among CHUY’S HOLDINGS, INC., a Delaware corporation (the “Company”), and [ TRUSTEE ], as trustee (the “Trustee”):
WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the certificate of the Trustee;
WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and
WHEREAS, all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.
NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities:
ARTICLE 1
DEFINITIONS
Section 1.01 Definitions of Terms.
The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument.
“Authenticating Agent” means an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10.
“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.
“Board of Directors” means the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized committee of such Board.
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification.
“Business Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive order or regulation to close.
“Certificate” means a certificate signed by any Officer. The Certificate need not comply with the provisions of Section 13.07.
“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.
“Company” means Chuy’s Holdings, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions of Article Ten, shall also include its successors and assigns.
“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at.
“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.
“Defaulted Interest” has the meaning set forth in Section 2.03.

1

“Depositary” means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01 or 2.11.
“Event of Default” means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated.
“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder.
“Global Security” means a Security issued to evidence all or a part of any series of Securities which is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee.
“Governmental Obligations” means securities that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity of the Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.
“herein”, “hereof” and “hereunder”, and other words of similar import, refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.
“Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities established as contemplated by Section 2.01.
“Interest Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.
“Officer” means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.
“Officer’s Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.
“Opinion of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.
“Outstanding”, when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.07.
“Person” means any individual, corporation, partnership, joint venture, joint-stock company, limited liability company, association, trust, unincorporated organization, any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.
“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

2

“Responsible Officer” when used with respect to the Trustee means any officer of the Trustee assigned by the Trustee to administer its corporate trust matters with respect to this Indenture (which, for the avoidance of doubt, includes without limitation any supplemental indenture hereto).
“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.
“Securities Act” means the Securities Act of 1933, as amended.
 “Securityholder”, “holder of Securities”, “registered holder”, or other similar term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with the terms of this Indenture.
“Security Register” and “Security Registrar” shall have the meanings as set forth in Section 2.05.
“Subsidiary” means, with respect to any Person:
(1) any corporation or company a majority of whose capital stock with voting power, under ordinary circumstances, to elect directors is, at the date of determination, directly or indirectly, owned by such Person (a “subsidiary”), by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person;
(2) a partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of such partnership; or
(3) any partnership, limited liability company or other Person in which such Person, a subsidiary of such Person or such Person and one or more subsidiaries of such Person, directly or indirectly, at the date of determination, have (x) at least a majority ownership interest or (y) the power to elect or appoint or direct the election or appointment of the managing partner or member of such Person or, if applicable, a majority of the directors or other governing body of such Person.
“Trustee” means                     , and, subject to the provisions of Article Seven, shall also include its successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.
“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.
ARTICLE 2
ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES
Section 2.01 Designation and Terms of Securities.
(a) The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto:
(1) the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);
(2) any limit upon the aggregate principal amount of the Securities of that series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series);
(3) the date or dates on which the principal of the Securities of the series is payable;
(4) if the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another security or the method by which any such portion shall be determined;
(5) the rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any;

3

(6) the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is payable on any such Interest Payment Dates or the manner of determination of such record dates;
(7) the right, if any, to extend the interest payment periods and the duration of such extension;
(8) the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, converted or exchanged, in whole or in part;
(9) the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption, or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
(10) the form of the Securities of the series including the form of the certificate of authentication for such series;
(11) if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the Securities of the series shall be issuable;
(12) any and all other terms (including terms, to the extent applicable, relating to any auction or remarketing of the Securities of that series and any security for the obligations of the Company with respect to such Securities) with respect to such series (which terms shall not be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including any terms which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series;
(13) whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Securities;
(14) whether the Securities will be convertible into or exchangeable for shares of common stock, preferred stock or other securities of the Company or any other Person and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange period;
(15) if other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;
(16) any additional or alternative events of default;
(17) additional or alternative covenants (which may include, among other restrictions, restrictions on the Company’s ability or the ability of the Company’s Subsidiaries to: incur additional indebtedness; issue additional securities; create liens; pay dividends or make distributions in respect of the capital stock of the Company or the Company’s Subsidiaries; redeem capital stock; place restrictions on the Company’s Subsidiaries’ ability to pay dividends, make distributions or transfer assets; make investments or other restricted payments; sell or otherwise dispose of assets; enter into sale-leaseback transactions; engage in transactions with stockholders or affiliates; issue or sell stock of the Company’s Subsidiaries; or effect a consolidation or merger) or financial covenants (which may include, among other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based, asset-based or other financial ratios) provided for with respect to the Securities of the series;
(18) the currency or currencies, including composite currencies, in which payment of the principal of (and premium, if any) and interest, if any, on such Securities shall be payable (if other than the currency of the United States of America), which unless otherwise specified shall be the currency of the United States of America as at the time of payment is legal tender for payment of public or private debts;
(19) if the principal of (and premium, if any) or interest, if any, on such Securities is to be payable, at the election of the Company or any Holder thereof, in a coin or currency other than that in which such Securities are stated to be payable, then the period or periods within which, and the terms and conditions upon which, such election may be made;
(20) whether interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option and the terms and conditions upon which the election may be made;
(21) the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes;
(22) additional or alternative provisions, if any, related to defeasance and discharge of the offered Securities;

4

(23) the applicability of any guarantees;
(24) any restrictions on transfer, sale or assignment of the Securities of the series; and
(25) any other terms of the series.
All Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures supplemental hereto.
If any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate of the Company setting forth the terms of the series.
Securities of any particular series may be issued at various times, with different dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different redemption dates.
Section 2.02 Form of Securities and Trustee’s Certificate.
The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage.
Section 2.03 Denominations: Provisions for Payment.
The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(11). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. Subject to Section 2.01(a)(18), the principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months.
The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03.
Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below:
(1) The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security Register (as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special record date.
(2) The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, 

5

after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.
Unless otherwise set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.
Subject to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.
Section 2.04 Execution and Authentications.
The Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile signature.
The Company may use the facsimile signature of any Person who shall have been an Officer, notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee.
A Security shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate and deliver such Securities.
In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, if requested, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Indenture.
The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee.
Section 2.05 Registration of Transfer and Exchange.
(a) Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.
(b) The Company shall keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution (the “Security Registrar”).
Upon surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like aggregate principal amount.
All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.
(c) Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, 

6

or issue of new Securities in case of partial redemption of any series, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer.
(d) The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption, other than the unredeemed portion of any such Securities being redeemed in part. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among depositary participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
Section 2.06 Temporary Securities.
Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder.
Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities.
In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.
Every replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender.
Section 2.08 Cancellation.
All Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the 

7

Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.
Section 2.09 Benefits of Indenture.
Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Securities.
Section 2.10 Authenticating Agent.
So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.
Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.
Section 2.11 Global Securities.
(a) If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”
(b) Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary.
(c) If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.

8

ARTICLE 3
REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
Section 3.01 Redemption.
The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.01 hereof.
Section 3.02 Notice of Redemption.
(a) In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction.
Each such notice of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed.
In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued.
(b) If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice (unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section.
Section 3.03 Payment Upon Redemption.
(a) If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.03).
(b) Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented.

9

Section 3.04 Sinking Fund.
The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.01 for Securities of such series.
The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.
Section 3.05 Satisfaction of Sinking Fund Payments with Securities.
The Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.
Section 3.06 Redemption of Securities for Sinking Fund.
Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.
ARTICLE 4
COVENANTS
Section 4.01 Payment of Principal, Premium and Interest.
The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date.
Section 4.02 Maintenance of Office or Agency.
So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each such series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written notice signed by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands. The Company initially appoints the Corporate Trust Office of the Trustee as its paying agent with respect to the Securities.

10

Section 4.03 Paying Agents.
(a) If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:
(1) that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto;
(2) that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;
(3) that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and
(4) that it will perform all other duties of paying agent as set forth in this Indenture.
(b) If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act.
(c) Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money.
Section 4.04 Appointment to Fill Vacancy in Office of Trustee.
The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee hereunder.
Section 4.05 Compliance with Consolidation Provisions.
The Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless the provisions of Article Ten hereof are complied with.
ARTICLE 5
SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
Section 5.01 Company to Furnish Trustee Names and Addresses of Securityholders.
The Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar.

11

Section 5.02 Preservation Of Information; Communications With Securityholders.
(a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).
(b) The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.
(c) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.
Section 5.03 Reports by the Company.
(a) The Company covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee any materials for which the Company has sought and received confidential treatment by the Commission; and provided further, that so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or Interactive Data Electronic Applications (IDEA), or any successor system, such filings shall be deemed to have been filed with the Trustee for purposes hereof without any further action required by the Company. For the avoidance of doubt, a failure by the Company to file annual reports, information and other reports with the SEC within the time period prescribed thereof by the Commission shall not be deemed a breach of this Section 5.03.
(b) Delivery of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate).
Section 5.04 Reports by the Trustee.
(a) If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act.
(b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.
(c) A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange.
ARTICLE 6
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
Section 6.01 Events of Default.
(a) Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following events that has occurred and is continuing:
(1) the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose;
(2) the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any;
(3) the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement 

12

that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time Outstanding;
(4) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or
(5) a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days.
(b) In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities.
(c) At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06.
No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.
(d) In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.
Section 6.02 Collection of Indebtedness and Suits for Enforcement by Trustee.
(a) The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.06.
(b) If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated.
(c) In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and 

13

for any additional amount that may become due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.06.
(d) All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series.
In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.
Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.
Section 6.03 Application of Moneys Collected.
Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid:
FIRST: To the payment of reasonable costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06;
SECOND: To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and
THIRD: To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto.
Section 6.04 Limitation on Suits.
No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request.
Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

14

Section 6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver.
(a) Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.
(b) No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.
Section 6.06 Control by Securityholders.
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability. Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
Section 6.07 Undertaking to Pay Costs.
All parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture.
ARTICLE 7
CONCERNING THE TRUSTEE
Section 7.01 Certain Duties and Responsibilities of Trustee.
(a) The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.
(b) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:
(i) prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect to that series that may have occurred:
(A) the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such 

15

duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and
(B) in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture;
(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;
(iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series; and
(iv) none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it.
Section 7.02 Certain Rights of Trustee.
Except as otherwise provided in Section 7.01:
(a) The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;
(b) Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed herein);
(c) The Trustee may consult with counsel and the written advice of such counsel or, if requested, any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon;
(d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs;
(e) The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;
(f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand;
(g) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;
(h) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, 

16

communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;
(i) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; and
(j) The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.
In addition, the Trustee shall not be deemed to have knowledge of any Default or Event of Default until the Trustee shall have received written notification in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge.
Section 7.03 Trustee Not Responsible for Recitals, Indenture or Securities.
(a) The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same.
(b) The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.
(c) The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee.
Section 7.04 May Hold Securities.
The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar.
Section 7.05 Moneys Held in Trust.
Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.
Section 7.06 Compensation and Reimbursement.
(a) The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance as may arise from its negligence or bad faith and except as the Company and Trustee may from time to time agree in writing. The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself against any claim of liability in the premises.
(b) The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable expenses, disbursements and advances shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities.

17

Section 7.07 Reliance on Officer’s Certificate.
Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.
Section 7.08 Disqualification; Conflicting Interests.
If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.
Section 7.09 Corporate Trustee Required; Eligibility.
There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority.
If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.
Section 7.10 Resignation and Removal; Appointment of Successor.
(a) The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.
(b) In case at any time any one of the following shall occur:
(i) the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or
(ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder; or
(iii) the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;
then, in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.
(c) The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company.

18

(d) Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.
(e) Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.
Section 7.11 Acceptance of Appointment By Successor.
(a) In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money held by such retiring Trustee hereunder.
(b) In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee relates.
(c) Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be.
(d) No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this Article.
(e) Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.
Section 7.12 Merger, Conversion, Consolidation or Succession to Business.
Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Trustee, including the administration of the trust created by this Indenture, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.
Section 7.13 Preferential Collection of Claims Against the Company.
The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

19

Section 7.14 Notice of Default.
If any Event of Default occurs and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible Officer of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Securityholders.
ARTICLE 8
CONCERNING THE SECURITYHOLDERS
Section 8.01 Evidence of Action by Securityholders.
Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed in writing.
If the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date.
Section 8.02 Proof of Execution by Securityholders.
Subject to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:
(a) The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.
(b) The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.
The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.
Section 8.03 Who May be Deemed Owners.
Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.
Section 8.04 Certain Securities Owned by Company Disregarded.
In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in 

20

good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.
Section 8.05 Actions Binding on Future Securityholders.
At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series.
ARTICLE 9
SUPPLEMENTAL INDENTURES
Section 9.01 Supplemental Indentures Without the Consent of Securityholders.
In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes:
(a) to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;
(b) to comply with Article Ten;
(c) to provide for uncertificated Securities in addition to or in place of certificated Securities;
(d) to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company;
(e) to add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein set forth;
(f) to make any change that does not adversely affect the rights of any Securityholder in any material respect;
(g) to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities;
(h) to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or
(i) to comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the Trust Indenture Act.
The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.
Any supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

21

Section 9.02 Supplemental Indentures With Consent of Securityholders.
With the consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture.
It shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.
Section 9.03 Effect of Supplemental Indentures.
Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.
Section 9.04 Securities Affected by Supplemental Indentures.
Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.
Section 9.05 Execution of Supplemental Indentures.
Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.01, shall receive an Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this Article and that all conditions precedent to the execution of the supplemental indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof.
Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall (or shall direct the Trustee to) transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security Register. Any failure of the Company to mail, or cause the mailing of, such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.
ARTICLE 10
SUCCESSOR ENTITY
Section 10.01 Company May Consolidate, Etc.
Nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, (a) the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and 

22

punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property and (b) in the event that the Securities of any series then Outstanding are convertible into or exchangeable for shares of common stock or other securities of the Company, such entity shall, by such supplemental indenture, make provision so that the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities or property to which a holder of the number of shares of common stock or other securities of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation, merger, sale, conveyance, transfer or other disposition.
Section 10.02 Successor Entity Substituted.
(a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.
(b) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.
(c) Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company).
ARTICLE 11
SATISFACTION AND DISCHARGE
Section 11.01 Satisfaction and Discharge of Indenture.
If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series.
Section 11.02 Discharge of Obligations.
If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be paid.
Thereafter, Sections 7.06 and 11.05 shall survive.

23

Section 11.03 Deposited Moneys to be Held in Trust.
All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.
Section 11.04 Payment of Moneys Held by Paying Agents.
In connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations.
Section 11.05 Repayment to Company.
Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.
ARTICLE 12
IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
Section 12.01 No Recourse.
No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.
ARTICLE 13
MISCELLANEOUS PROVISIONS
Section 13.01 Effect on Successors and Assigns.
All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not.
Section 13.02 Actions by Successor.
Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company.
Section 13.03 Surrender of Company Powers.
The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

24

Section 13.04 Notices.
Except as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows: Chuy’s Holdings, Inc., 1623 Toomey Road, Austin, Texas 78704, Attention: Chief Financial Officer. Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.
Section 13.05 Governing Law.
This Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable.
Section 13.06 Treatment of Securities as Debt.
It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this intention.
Section 13.07 Certificates and Opinions as to Conditions Precedent.
(a) Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other than the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been complied with and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.
(b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.
Section 13.08 Payments on Business Days.
Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal date.
Section 13.09 Conflict with Trust Indenture Act.
If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.
Section 13.10 Counterparts.
This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.
Section 13.11 Separability.
In case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

25

Section 13.12 Compliance Certificates.
The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the officer of the Company signing such certificate has knowledge of such an Event of Default, the certificate shall describe any such Event of Default and its status.

26

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as of the day and year first above written.
	
		
	CHUY’S HOLDINGS, INC.

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

	 

	[TRUSTEE], as Trustee

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

27

CROSS-REFERENCE TABLE (1)
	
		
	Section of Trust Indenture Act of 1939, as Amended
	Section of Indenture

	310(a)
	7.09

	310(b)
	7.08

	 
	7.10

	310(c)
	Inapplicable

	311(a)
	7.13

	311(b)
	7.13

	311(c)
	Inapplicable

	312(a)
	5.01

	 
	5.02(a)

	312(b)
	5.02(c)

	312(c)
	5.02(c)

	313(a)
	5.04(a)

	313(b)
	5.04(b)

	313(c)
	5.04(a)

	 
	5.04(b)

	313(d)
	5.04(c)

	314(a)
	5.03

	 
	13.12

	314(b)
	Inapplicable

	314(c)
	13.07(a)

	314(d)
	Inapplicable

	314(e)
	13.07(b)

	314(f)
	Inapplicable

	315(a)
	7.01(a)

	 
	7.01(b)

	315(b)
	7.14

	315(c)
	7.01

	315(d)
	7.01(b)

	315(e)
	6.07

	316(a)
	6.06

	 
	8.04

	316(b)
	6.04

	316(c)
	8.01

	317(a)
	6.02

	317(b)
	4.03

	318(a)
	13.09

		
	(1)
	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

28Document

Exhibit 10.1

Certain information marked as [***] has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

CETP III Ivory S.à r.l.
(as the Seller)
and
mertus 602. GmbH
(as the Purchaser)
as well as
Align Technology, Inc.
(as the Guarantor)

Sale and Purchase Agreement
regarding
all Shares in
exocad Global Holdings GmbH

									
			

CONTENTS
						
	1. Definitions	5

	2. Current Status
	5

	3. Sale and Transfer of the Sold Shares and the Shareholder Loan Receivable
	7

	4. Purchase Price
	8

	5. Preliminary Purchase Price
	9

	6. 2019 Financial Statements and Share Purchase Price Determination
	10

	7. Repayment of Bank Debt
	14

	8. Payments and Default
	14

	9. Closing Condition
	15

	10. Closing Date; Closing; Closing Actions
	16

	11. Seller’s Guarantees
	18

	12. Seller’s Covenants
	23

	13. Remedies
	26

	14. Limitation of the Seller’s Liability
	31

	15. Tax Warranties and Tax Indemnity
	35

	16. Purchaser's and Guarantor's Representations and Warranties
	41

	17. Purchaser’s Covenants
	42

	18. Purchaser’s Indemnity
	43

	19. Seller’s Remedies
	45

	20. Guarantor’s Undertaking
	45

	21. Exit Bonuses
	45

	22. Confidentiality
	46

	23. Miscellaneous
	47

	24. Governing Law and Place of Jurisdiction
	50

	25. Severability
	50

	Exhibit 1 Definitions
	51

1

Index of Exhibits
						
	Exhibit 1
	Definitions
	Exhibit 2.1(d)
	Subsidiaries
	Exhibit 2.2(a)
	Facilities Agreement
	Exhibit 2.2(b)
	Financing Collateral
	Exhibit 2.3(a)
	Shareholder Loan
	Exhibit 2.4-1
	Advisory Board Resignation Letter
	Exhibit 2.4-2
	Shareholders’ Resolution exocad Group GmbH
	Exhibit 2.5(a)
	International Managers
	Exhibit 2.5(b)-1
	Shareholders’ Resolutions Company
	Exhibit 2.5(b)-2
	Shareholders’ Resolutions Subsidiaries
	Exhibit 2.6
	Related Party Agreements
	Exhibit 3.2(b)
	Shareholder Loan Termination Agreement
	Exhibit 3.3
	Certain Seller’s Shareholders’ Consent
	Exhibit 4.1(b)-1
	Effective Date Cash

	Exhibit 4.1(b)-2
	Effective Date Debt

	Exhibit 4.1(b)-3
	Effective Date Working Capital
	Exhibit 5
	Sample Purchase Price Calculation
	Exhibit 6.2
	Form of Adjusted Purchase Price Statement
	Exhibit 6.3
	Accounting Standards
	Exhibit 10.2(c)
	Closing Disclosure Letter
	Exhibit 10.3
	Closing Confirmation
	Exhibit 11.6
	Further Seller’s Guarantees

	Exhibit 11.7
	List of Knowledge Bearers
	Exhibit 12.1-1
	Conduct of Business
	Exhibit 12.1-(a)
	Shareholders’ Resolution regarding Conduct of Business - Company
	Exhibit 12.1-(b)
	Shareholders’ Resolution regarding Conduct of Business - Group Companies
	Exhibit 12.2(b)
	Permitted Leakage: Arms’ Length Consideration
	Exhibit 12.2(e)
	Permitted Leakage: Service / Advisory Agreements
	Exhibit 12.2(f)
	Permitted Leakage: Otherwise Disclosed
	Exhibit 12.3
	Related Party Agreements
	Exhibit 14.7
	Copy of executed W&I insurance
	Exhibit 18.2(b)
	Waiver

2

Index of Schedules
						
	Schedule 15.2
	Tax Disclosures
	Schedule 2-1 to the Exhibit 11.6
	2018 Financial Statements
	Schedule 2-2 to the Exhibit 11.6
	2018 Holding Financial Statements
	Schedule 3 to the Exhibit 11.6
	Material Agreements
	Schedule 4 to the Exhibit 11.6
	Leased Real Estate
	Schedule 5(a) to the Exhibit 11.6
	Key Employees
	Schedule 5(d) to the Exhibit 11.6
	Pensions
	Schedule 5(g) to the Exhibit 11.6
	Freelancer
	Schedule 6(a) to the Exhibit 11.6
	Owned IP Right(s)
	Schedule 6(b) to the Exhibit 11.6
	Disclosure regarding Other IP Rights
	Schedule 6(f)to the Exhibit 11.6
	Distributed Main Products
	Schedule 6(g)(ii) to the Exhibit 11.6
	Fraunhofer Licenses
	Schedule 6(g)(iv) to the Exhibit 11.6
	Black Duck Report
	Schedule 6(l) to the Exhibit 11.6
	Judgements, Challenges regarding IP Rights
	Schedule 6(m) to the Exhibit 11.6
	Employee Inventions
	Schedule 7(a) to the Exhibit 11.6
	Insurances
	Schedule 8 to the Exhibit 11.6
	Litigation
	Schedule 9(a) to the Exhibit 11.6
	Permits
	Schedule 9(b) to the Exhibit 11.6
	Disclosure regarding Administrative Proceedings
	Schedule 11 to the Exhibit 11.6
	Disclosure regarding Conduct of Business since Effective Date

3

Sale and Purchase Agreement
by and between
(1)CETP III Ivory S.à r.l., a limited liability company (société à responsabilité limitée) under the laws of Luxembourg, having its registered address at 2 Avenue Charles de Gaulle, 1653 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg trade and companies register (registre de commerce et des sociétés) under registration number B208374,
– “Seller” – 
(2)mertus 602. GmbH, a limited liability company under the laws of the Federal Republic of Germany, having its registered office at c/o Hogan Lovells International LLP, Untermainanlage 1, 60329 Frankfurt am Main, registered with the commercial register of the local court (Amtsgericht) of Frankfurt am Main under number HRB 118007,
– “Purchaser” –
and
(3)Align Technology, Inc., a stock corporation under the laws of Delaware, USA, having its registered office at 2820 Orchard Parkway, San Jose, California 95134, USA,
– “Guarantor” – 
(the Seller, the Purchaser and the Guarantor are together referred to as the “Parties”, and each of them as a “Party”).
RECITALS
(A)The Seller is the sole shareholder of exocad Global Holdings GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung) organized under the laws of Germany, with its seat in Darmstadt, Germany, and registered with the commercial register (Handelsregister) at the local court (Amtsgericht) in Darmstadt under registration number HRB 99230 (the “Company”). 
(B)The Group (as defined below) is engaged in the development and marketing of software for the computer-based construction and manufacturing (CAD/CAM) as well as related activities, in particular in the dental market. The Group’s business, taken as a whole, as presently conducted, disregarding the transactions contemplated by this sale and purchase agreement (the “Agreement”) shall hereinafter be referred to as the “Business”.
(C)By entering into this Agreement, the Seller wishes to sell and transfer to the Purchaser, and the Purchaser, having carried out a due diligence review of the Group and its Business usual in the context of an auction process, wishes to acquire from the Seller, all shares in the Company as well as a certain receivable under an existing shareholder loan (the “Transaction”). 
(D)The Guarantor is the ultimate parent company of the Purchaser.
(E)By entering into this Agreement, the Guarantor wishes to accede to all of the Purchaser’s obligations and liabilities under or in connection with this Agreement (Schuldbeitritt) so as to 
4

guarantee the due and full performance or fulfillment, respectively, of all such obligations and liabilities of the Purchaser.
(F)The Parties confirm that they have freely discussed and negotiated all and any Sections of this Agreement.
1.Definitions
The definitions used in this Agreement shall have the meaning set out in Exhibit 1, unless otherwise specified herein.
2.Current Status
a.The Company 
(i)The Company is incorporated and registered as specified in Recital (A).
(ii)The entire registered share capital of the Company (the “Share Capital”) amounts to EUR 45,905 (in words: Euro forty five thousand nine hundred five).
(iii)The entire Share Capital is held by the Seller and is divided into 45,455 ordinary shares recorded under the consecutive numbers 1 through 45,455 in the current shareholder's list (the “Ordinary Shares”) and 450 preferred shares recorded under the consecutive numbers 45,456 through 45,905 in the current shareholder's list (the “Preferred Shares” and together with the Ordinary Shares and any other shares in the Company existing, the “Sold Shares” and each a “Sold Share”).
(iv)The Company holds directly or indirectly shares in the entities as set out in more detail in Exhibit 2.1(d) (each a “Subsidiary” and collectively the “Subsidiaries” and together with the Company, the “Group” or the “Group Companies”, and each individually a “Group Company”). 
b.Current Financing Status
(i)Certain Group Companies are parties as borrowers and/or guarantors to the facilities agreements as set forth in Exhibit 2.2(a) (collectively the “Facilities Agreement”) together with the related security documents, fee and syndication letters, hedging agreements, accession letters, collectively referred to as the “Finance Documents”).
(ii)The debt under the Facilities Agreements is secured by certain security interests as set forth in Exhibit 2.2(b) (collectively with any other collateral granted to the lenders under or in connection with the Finance Documents, the “Financing Collateral”).
(iii)As at the Effective Date, an amount of [***] (including accrued but unpaid interest) was outstanding under the Finance Documents.
c.Shareholder Loan 
(i)On 26 September 2016, the Seller (as lender) has granted to exocad Holding GmbH (as borrower) a certain shareholder loan as set out in Exhibit 2.3(a) (as amended from time to time, the “Shareholder Loan”) under a shareholder loan agreement (the “Shareholder Loan Agreement”).
5

(ii)As at the Effective Date, an amount of EUR 41,380,771 (in words: Euro forty one million three hundred eighty thousand seven hundred seventy one) (including accrued but unpaid interest) was outstanding under the Shareholder Loan. 
d.Advisory Board 
(i)An advisory board exists at the level of exocad Group GmbH (the “Advisory Board”), which currently has four members. As of the date of this Agreement (“Signing Date”), the members of the Advisory Board are [***]. 
(ii)On the Scheduled Closing Date, the Seller will deliver to the Purchaser a resignation letter, including a waiver of claims, for each member of the Advisory Board substantially in the form as attached in Exhibit 2.4-1 (an “Advisory Board Resignation Letter”), to become effective upon Closing. 
(iii)On the Scheduled Closing Date, pursuant to Section 10.2(f), the Purchaser will cause exocad Holding GmbH to adopt a shareholder's resolution of exocad Group GmbH in the form as attached in Exhibit 2.4-2, (i) granting discharge (Entlastung) to each member of the Advisory Board that has resigned, and (ii) waiving any claims against such members, except for fraud (Arglist) and willful misconduct (Vorsatz), including bribery and/or corruption (“Shareholders’ Resolution exocad Group GmbH”).
e.Managers of the Company and certain Group Companies
(i)As of the Signing Date, Mr. Tillmann Steinbrecher and Mr. Maik Gerth (“Managers”) are the managing directors of the Company, exocad Holding GmbH, exocad Group GmbH and exocad GmbH. The (managing) directors of the other Group Companies (the “International Managers” and together with the Managers, the “Group Managers”) are listed in Exhibit 2.5(a). 
(ii)On the Scheduled Closing Date, pursuant to Sections 10.2(g) and 10.2(h), the Purchaser 
(1)shall adopt a shareholder's resolution as shareholder of the Company, substantially in the form as attached in Exhibit 2.5(b)-1, (a) granting discharge (Entlastung) to each of the Managers and (b) waiving any claims against each of the Managers, except for fraud (Arglist) and willful misconduct (Vorsatz), including bribery and/or corruption (the “Shareholders’ Resolutions Company”); and 
(2)shall procure that the Group Companies as shareholders of their respective Subsidiaries adopt shareholder's resolutions, substantially in the form as attached in Exhibit 2.5(b)-2, (a) granting discharge (Entlastung) to each of the respective Group Managers and (b) waiving any claims against each of the respective Group Managers, except for fraud (Arglist) and willful misconduct (Vorsatz), including bribery and/or corruption (the “Shareholders’ Resolutions Subsidiaries”).
f.Related Party Agreements
The Group Companies have entered into the agreements as set forth in Exhibit 2.6 with or for the benefit of the Seller and/or the Seller's Affiliates (collectively “Related Party Agreements”).
6

For purposes of this Agreement, “Affiliate” means any affiliated company (verbundenes Unternehmen), irrespective whether German or foreign, within the meaning of sections 15 et seqq. of the German Stock Corporation Act (Aktiengesetz), and shall have an equivalent meaning if the entity is subject to a foreign jurisdiction as well as any corporation, company or other entity or partnership which Controls, or is Controlled, or is under common Control, directly or through one or more intermediaries, as long as such Control exists. 
“Control” and “Controlling” means the power to influence (beherrschen), direct or cause the direction of the management and policies of a person, whether (i) by means of the holding of shares, or the possession of voting power, in or in relation to that or any other corporate body, or (ii) by virtue of any powers conferred by the constitutional or corporate documents, or any other document, regulating that or any other corporate body.
3.Sale and transfer of the Sold Shares and the shareholder loan receivable
a.Sale and purchase of the Sold Shares
The Seller hereby sells, and subject to the condition precedent (aufschiebende Bedingungen) that (i) the Closing Condition (as defined in Section 9.1) has been fulfilled or duly waived in accordance with this Agreement and (ii) the Closing Action pursuant to Section 10.2(a) has been performed or duly waived in accordance with this Agreement, transfers (überträgt) to the Purchaser the Sold Shares, and the Purchaser hereby accepts such sale and transfer of the Sold Shares with effect as of the Closing Date (as defined below).
b.Sale and purchase of Shareholder Loan Receivable 
(i)The Seller hereby sells, and subject to the condition precedent (aufschiebende Bedingungen) that (i) the Closing Condition (as defined in Section 9.1) has been fulfilled or duly waived in accordance with this Agreement and (ii) the Closing Action pursuant to Section 10.2(a) has been performed or duly waived in accordance with this Agreement, assigns (tritt ab) to the Purchaser the claim for repayment of the outstanding principal amount under the Shareholder Loan and the claim for payment of unpaid interest accrued on the Shareholder Loan until and including / as of the Closing Date (collectively, the “Shareholder Loan Receivable”), and the Purchaser hereby accepts such sale and assignment of the Shareholder Loan Receivable as of the Closing Date (as defined below).
(ii)The Seller shall terminate on or prior to the Scheduled Closing Date, but only with effect upon the transfer of the Shareholder Loan Receivable, the Shareholder Loan Agreement and cancel and waive all claims and obligations thereunder, if any, except for the Shareholder Loan Receivable, which is sold and will be assigned to the Purchaser pursuant to Section 3.2(a) above, with effect as of the Closing Date by means of and in accordance with the terms and conditions of a separate termination and waiver agreement, substantially in the form attached hereto as Exhibit 3.2(b) (the “Shareholder Loan Termination Agreement”). 
(iii)At the latest on the fifth (5th) Business Day prior to the Scheduled Closing Date, the Seller shall deliver to the Purchaser a notice (the “Shareholder Loan Notice”) stating with binding effect (but for obvious clerical errors (Schreibfehler)) for purposes of Section 4.2 the as of the date of the notification applicable total amount of the Shareholder Loan Receivable (the total amount of the Shareholder Loan Receivable as notified by the Seller to the Purchaser in the Shareholder Loan Notice accordance with this Section 3.2(c), the “Shareholder Loan Notice Amount”). The Seller shall 
7

ensure that the Shareholder Loan Notice Amount shall be the final amount of Shareholder Loan as of the Scheduled Closing Date, that no repayments of this amount shall be made until and including the Scheduled Closing Date and that the principal amount under the Shareholder Loan will not be increased until and including the Scheduled Closing Date.
c.Certain Consents
Copies of the spousal consents of [***], the originals of which are in certified form, as shareholders of the Seller, in accordance with, and to the extent required by, section 1365 of the German Civil Code (Bürgerliches Gesetzbuch – “BGB”) are attached as Exhibit 3.3. 
d.Economic Effect; Transfer of Risk
The Sold Shares are sold to the Purchaser with economic effect (mit wirtschaftlicher Wirkung) as of 31 December 2019, 24:00 hrs. (CET) (the “Effective Date”), including the right to receive all profits for the Company’s current fiscal year as well as all profits for previous fiscal years of the Company, not yet distributed. As of the Effective Date, subject to Section 11, all risks and burdens pertaining to the Sold Shares, the Company, the other Group Companies and the Business shall pass to the Purchaser within the meaning of Section 446 BGB.
4.Purchase Price
a.Share Purchase Price
(i)The total purchase price owed by the Purchaser for the sale and transfer of the Sold Shares from the Seller to the Purchaser (the “Share Purchase Price”) shall be the aggregate of 
(1)the Base Amount;
plus 
(2)the Effective Date Cash
minus 
(3)the Effective Date Debt
plus 
(4)the amount, if any, by which the Effective Date Working Capital exceeds the Target Working Capital or minus the amount, if any, by which the Effective Date Working Capital falls short of the Target Working Capital.
(ii)For purposes of this Agreement:
“Base Amount” shall be equal to a cash amount of EUR 390,000,000 (in words: Euro three hundred ninety million). The Parties agree and confirm that the calculation and determination of the Base Amount has been unanimously made by and among the Parties and the Parties therefore irrevocably mutually waive any rights they may have to challenge or rescind or otherwise modify the calculation of the Base Amount irrespective of the legal and/or factual basis.
8

“Effective Date Cash” shall be defined as shown in Exhibit 4.1(b)-1;
“Effective Date Debt” shall be defined as shown in Exhibit 4.1(b)-2;
“Effective Date Working Capital” shall be defined as shown in Exhibit 4.1(b)-3. 
“Target Working Capital” shall be EUR [***].
b.Shareholder Loan Purchase Price 
The purchase price for the Shareholder Loan Receivable (the “Shareholder Loan Purchase Price”) shall be an amount equal to the Shareholder Loan Notice Amount (plus applicable interest, for and under the Shareholder Loan Agreement, for each calendar day by which the Closing is delayed beyond the Scheduled Closing Date as of which the Shareholder Loan Notice Amount was calculated).
c.Aggregate Purchase Price
The aggregate amounts of the Share Purchase Price and the Shareholder Loan Purchase Price is hereinafter referred to as the “Purchase Price”.
d.VAT
The Parties assume that the sale and transfer of the Sold Shares and the Shareholder Loan Receivable is exempt from VAT, and no Party shall waive with respect to any of transactions hereunder any exemption from VAT. To the extent that VAT becomes chargeable on any of such transaction, the Purchaser shall pay to the Seller in cash an amount equal to such VAT in addition to the Purchase Price or other amount payable under this Agreement, as applicable, if and to the extent the Seller is liable vis-à-vis the Tax Authorities with regard to such VAT, and the Seller shall issue an invoice complying with applicable VAT law in all material respects.
5.Preliminary Purchase PRice
Based on the information available to the Parties on the date of this Agreement and assuming that Closing will take place on 1 April 2020, the Parties estimate the Purchase Price to be EUR 376,033,682 (in words: three hundred seventy six million thirty three thousand six hundred eighty two Euro) (the “Preliminary Purchase Price”).
A sample calculation of the Purchase Price consisting of (i) a sample calculation of the Share Purchase Price and (ii) a sample calculation of the Shareholder Loan Purchase Price is attached hereto as Exhibit 5 (the “Sample Purchase Price Calculation”), provided, however that the calculation of the Share Purchase Price shall be based on the consolidated account frame (Kontenrahmen) at the level of the Company for the Group in which each line item of current assets and deferred tax each item of liabilities other than equity and deferred tax liability items shall be allocated to either Effective Date Cash, Effective Date Debt or Effective Date Working Capital. In case of discrepancies between the provisions of Sections 4 and the Sample Purchase Price Calculation, the provisions of Section 4 shall prevail.
6.2019 Financial Statements and Share Purchase Price Determination 
a.After the Signing Date, the Seller shall cause the Company to (i) prepare by no later than March 15, 2020 the consolidated financial statements (Jahresabschluss) of the Group consisting of a balance sheet (Bilanz) and a profit and loss statement (Gewinn- und 
9

Verlustrechnung) (the “2019 Financial Statements”) and (ii) procure that the 2019 Financial Statements will be audited by Ernst & Young. 
b.The Seller shall cause that the audit is completed by 1 June 2020. The Parties agree that in case the audit is not completed by Ernst & Young due to or as a result of circumstances being outside of the control of the Seller and/or any of the Group Companies, any delay in completion of the audit shall not constitute or be deemed to be a breach of the Seller’s obligation under this Section 6.2. Within twenty (20) Business Days of the completion of the audit of the 2019 Financial Statements, the Seller shall provide to the Purchaser (i) a copy of the audited 2019 Financial Statements and (ii) a written statement in the form as attached hereto as Exhibit 6.2 (the “Adjusted Purchase Price Statement”) setting forth: 
(i)the Effective Date Cash;
(ii)the Effective Date Debt; 
(iii)the Effective Date Working Capital;
(iv)the Purchase Price calculated in accordance with Section 4 above; and
(v)the Adjustment Amount (as defined below), if any. 
c.Accounting Standards 
The 2019 Financial Statements shall be prepared 
(i)in accordance with the accounting principles set forth in Exhibit 6.3, 
(ii)complying with the principle of accounting and valuation consistency (Bilanzierungs- und Bewertungskontinuität), in particular by applying the same valuation criteria (Bewertungskriterien), depreciation principles (Abschreibungsgrundsätze), foreign exchange calculation principles and election rights (Wahlrechte) as applied in the respective consolidated 2017 and/or 2018 financial statements for exocad GmbH, in each case to the extent applicable, and
(iii)applying German general accounting principles (Grundsätze ordnungsgemäßer Buchführung) pursuant to the German Commercial Code, 
whereas lit. (a) shall prevail over lit. (b) and lit. (c), and lit. (b) shall prevail over lit. (c) should it be impossible to comply with lit. (a) through lit. (c) concurrently, unless the prevalence of lit. (b) over lit. (c) would result in an audit qualification in which case lit. (c) shall prevail over lit. (b).
d.Cooperation
After Closing, the Purchaser shall, in case the Closing occurs prior to the final determination of the Purchase Price, and shall cause the Group Companies to, provide the Seller and its (managing) directors, advisors, accountants or other representatives (collectively together with the Seller’s Affiliates (excluding the Group Companies) the “Seller’s Representatives”) with all relevant documents, information and assistance which are in the opinion of the Seller relevant for the preparation of the 2019 Financial Statements and the Adjusted Purchase Price Statement. This shall include the right of the Seller and the Seller’s Representatives to visit and inspect all properties, assets and premises of the Group Companies during normal business hours, the right to examine, copy (at their own cost) or photograph any assets, 
10

documents, records and accounts and to discuss with the management of the Group Companies all matters which are in the opinion of the Seller relevant for the preparation of the 2019 Financial Statements and the Adjusted Purchase Price Statement, provided, however, that the business interruption for the Group Companies and their respective management and employees shall be kept at a minimum.
e.Objections by the Purchaser
The Purchaser shall raise its objections against the 2019 Financial Statements and the Adjusted Purchase Price Statement, if any, by providing the Seller within forty five (45) Business Days (dispatch (Absendung)) after receipt of the 2019 Financial Statements and the Adjusted Purchase Price Statement or if the Purchaser receives the 2019 Financial Statements and the Adjusted Purchase Price Statement prior to Closing, within forty five (45) Business Days (dispatch (Absendung)) after the Closing Date, as the case may be, with 
(i)a written statement of objections (the “Notice of Objections”) specifying to the extent reasonable possible and practicable (in particular in the given time) which items therein are disputed by the Purchaser (the “Disputed Items”) and 
(ii)a revised version of the Adjusted Purchase Price Statement (the “Revised Adjusted Purchase Price Statement”) taking both the Purchaser’s and the Seller’s position on the Disputed Items into account. 
If and to the extent that the Purchaser does not at all, or not timely, provide the Notice of Objections and the Revised Adjusted Purchase Price Statement, the Purchaser shall be deemed to have agreed to the 2019 Financial Statements and the Adjusted Purchase Price Statement provided by the Seller and the 2019 Financial Statements and the Adjusted Purchase Price Statement shall become final and binding upon the Parties.
f.Resolving of Disputed Items
If the Purchaser has timely delivered a Notice of Objections and a Revised Adjusted Purchase Price Statement in accordance with Section 6.5, the Parties shall discuss the Disputed Items in good faith in order to reach an agreement on such Disputed Items and any adjustments (if any) to be made to the 2019 Financial Statements and/or Adjusted Purchase Price Statement. To the extent that the Seller and the Purchaser reach an agreement on the Disputed Items, the 2019 Financial Statements and the Adjusted Purchase Price Statement shall become final and binding regarding such positions.
g.Neutral Expert
If and to the extent the Parties are unable to reach such agreement within twenty (20) Business Days after the Purchaser has provided the Notice of Objections and the Revised Adjusted Purchase Price Statement, the Disputed Items still unresolved between the Parties shall, upon request of the Purchaser or the Seller be decided by PwC as a neutral expert (the “Neutral Expert“), with an individual to lead such process, who has to be an equity partner within his/her organization and has to have at least ten (10) years of respective professional experience as transaction finance advisor. If PwC refuses to act as a Neutral Expert, another person shall be appointed as Neutral Expert by the German Institute of Public Accountants (Institut der Wirtschaftsprüfer in Deutschland e.V.) upon written request of either Party. The following shall apply with respect to the Neutral Expert: 
11

(i)Either Party has the right to retain the Neutral Expert to decide the unresolved Disputed Items in accordance with the provisions set forth in this Agreement. The retaining Party shall immediately notify the other Party that it has retained the Neutral Expert.
(ii)The Neutral Expert shall act as an expert (Schiedsgutachter), not as an arbitrator (Schiedsrichter). 
(iii)The Purchaser and the Seller shall cooperate with and assist, and shall cause their respective professional advisors and accountants to cooperate with and assist, and the Purchaser shall cause the Group Companies to cooperate with and assist the Neutral Expert in conducting its review. This shall include providing the Neutral Expert with the 2019 Financial Statements, the Adjusted Purchase Price Statement, the Notice of Objections, the Revised Adjusted Purchase Price Statement and all other documents and information reasonably required by the Neutral Expert for the preparation of its decision (including the working papers of Ernst & Young). The Neutral Expert shall immediately submit copies of all documents and other data made available by a Party to the respective other Party.
(iv)The Neutral Expert shall give the Purchaser and the Seller adequate opportunity to present their point of view in writing and at least one (1) oral hearing is to be held in the presence of the Purchaser, the Seller and their respective professional advisors and accountants. The retaining Party shall instruct the Neutral Expert to use its best efforts to deliver its written opinion with reasons for the decisions to the Parties by registered mail as soon as reasonably practical, but not later than thirty (30) Business Days after the issues in dispute have been referred to the Neutral Expert.
(v)The Neutral Expert’s decision and the 2019 Financial Statements and Adjusted Purchase Price Statement as determined by the Neutral Expert shall be final and binding on the Parties (except for intentional malfeasance, calculation errors or other obvious mistakes (section 319 para. 1 sentence 1 BGB)) for the purpose of determining the Purchase Price. 
h.Costs in Connection with the 2019 Financial Statements
The costs of the Group in connection with the preparation and audit of the 2019 Financial Statements and the Adjusted Purchase Price Statement shall be borne by the Company, provided, however, that the audit shall, in aggregate, not cost more than EUR [***] (net of VAT); any excess shall be borne by the Seller . The Seller shall bear its costs in connection with the preparation of the 2019 Financial Statements and the Adjusted Purchase Price Statement. The Purchaser shall bear the costs and expenses of its review of the 2019 Financial Statements and the Adjusted Purchase Price Statement and of the preparation of the Notice of Objections and Revised Adjusted Purchase Price Statement, if any. The costs and expenses of the Neutral Expert shall be allocated between the Purchaser and the Seller in the decision of the Neutral Expert by applying the principles of sections 91 et seq. of the German Code of Civil Procedure (Zivilprozessordnung). Any advance payments requested by the Neutral Expert shall (i) be borne in equal shares by the Purchaser and the Seller and (ii) be settled among them against the respective final payment obligation pursuant to this Section 6.8.
i.Final 2019 Financial Statements
The 2019 Financial Statements and the Adjusted Purchase Price Statement shall be final and binding if and to the extent,
12

(i)the Purchaser has not provided a Notice of Objections regarding the 2019 Financial Statements and/or has not provided a Revised Adjusted Purchase Price Statement with regard to the Adjusted Purchase Price Statements in accordance with Section 6.5;
(ii)the Seller and the Purchaser have reached an agreement concerning the Disputed Items (if any) in accordance with Section 6.6; or
(iii)the Neutral Expert has decided about the unresolved Disputed Items pursuant to Section 6.7.
The final and binding 2019 Financial Statements and Adjusted Purchase Price Statement determined in accordance with this Section 6.9 are referred to herein as the “Final Purchase Price Statement”. 
j.Adjustment Amount
If (i) the Purchase Price determined in the Final Purchase Price Statement exceeds the Preliminary Purchase Price, the Purchaser shall pay to the Seller an amount equal to such excess, or (ii) the Purchase Price determined in the Final Purchase Price Statement falls short of the Preliminary Purchase Price, the Seller shall pay to the Purchaser an amount equal to such shortfall (any such amount to be paid by the Purchaser or the Seller, the “Adjustment Amount”). 
k.Due Date of Adjustment Amount
The Adjustment Amount becomes due on the tenth (10th) Business Day after 2019 Financial Statements have become final and binding upon the Parties in accordance with Section 6.9. For the avoidance of doubt, any undisputed adjustment amounts, i.e. amounts which are not subject to any Notice of Objections, shall become due on the tenth (10th) Business Day following the lapse of the thirty (30) Business Day period set forth in Section 6.5.
7.Repayment of Bank Debt
a.On the Scheduled Closing Date, the Purchaser shall discharge all liabilities under the Finance Documents outstanding as of the Scheduled Closing Date on behalf of the relevant Group Companies by (re)paying all out-standing amounts (including accrued and unpaid interest as well as break costs, fees, prepayment and all other charges and costs relating to the Finance Documents) (the aforementioned outstanding liabilities, the “Bank Repayment Amount”).
b.The estimated Bank Repayment Amount shall be notified by the Seller to the Purchaser on the fifth (5th) Business Day prior to the Scheduled Closing Date and the final Bank Repayment Amount shall be notified by the Seller to the Purchaser on the second (2nd) Business Day prior to the Scheduled Closing Date on the basis of a written notice provided by the lenders under the Finance Documents (“Finance Parties”) or the relevant facilities agents on their behalf. 
c.The Seller shall, in form and substance as agreed with the Purchaser prior to execution thereof, deliver to the Purchaser no later than two (2) Business Day prior to the Scheduled Closing Date a pdf-copy of the executed letter from or an executed agreement with the Finance Parties and/or the security agent under the Finance Documents (such letter or agreement, the “Release Letter”) releasing and/or retransferring at Closing automatically with receipt of the Bank Repayment Amount, as the case may be, all Financing Collateral or, if and to the extent such release and/or retransfer is legally or technically not possible at Closing, as soon as it is legally and technically possible thereafter, subject only to payment of 
13

the Bank Repayment Amount to one or more bank accounts as designated by the Financing Parties (or the relevant agents or security agents on behalf of the Finance Parties) in the Release Letter (together “Finance Parties’ Bank Account”). 
8.Payments and Default
a.Modes of Payment
Any payments by the Parties under or in connection with this Agreement shall be made in Euros and shall be made by irrevocable wire transfer of immediately available funds, free and clear of any costs, fees, taxes and other charges (other than costs, fees, taxes or other charges of the recipient’s bank). Any such payment shall be deemed to be made only upon the irrevocable and unconditional crediting of the amount payable (without deduction of any costs, fees, taxes or other charges other than those of the recipient’s bank) to the relevant bank account of the respective Party. 
b.Seller’s Bank Account
Any payments due and payable to the Seller under this Agreement shall be made into the following bank account, or such other bank account within the European Union as the Seller may notify to the Purchaser by a written notice (including e-mail) no later than five (5) Business Days prior to the due date of the respective payment (the “Seller’s Bank Account”):
[***]
Please note that “EUR” is part of the 20 digit IBAN number and so needs to be included when wiring the funds-
c.Purchaser’s Bank Account 
Any payments due and payable to the Purchaser under this Agreement shall be made into the bank account within the European Union as the Purchaser has to notify to the Seller by a written notice (including e-mail) no later than five (5) Business Days prior to the due date of the respective payment (the “Purchaser’s Bank Account”):
d.Default Interest
Any failure by a Party to make any payment hereunder on the date when it is due in accordance with this Agreement shall result in such Party’s immediate default, without any reminder being required, unless the respective Party provides reasonable evidence to the receiving Party that it has wired the respective payment on the due date and such amount is received at the respective recipient’s account (which is to be notified without undue delay by the receiving Party) within one (1) Business Day after the due date. Without prejudice to any other contractual or statutory rights of the other Party, in order to compensate the other Party for the damages incurred in case of default, the amount due shall bear default interest from and including the date that is one (1) Business Day after the date it became due until and excluding the date of actual receipt by the other Party at an interest rate of [***]. 
e.No Set Off; No Right of Retention
Except as expressly provided otherwise herein, neither Party shall be entitled (i) to set off (aufrechnen) any rights or claims it may have against any rights or claims the respective other Party may have under or in connection with this Agreement or (ii) to refuse to perform any obligation it may have under or in connection with this Agreement on the grounds that it has a 
14

right of retention (Zurückbehaltungsrecht), unless the rights or claims to be set off or the right of retention (Zurückbehaltungsrecht) have been expressly and specifically acknowledged (ausdrücklich anerkannt) in writing by the respective other Party or have been established by a final decision (rechtskräftig festgestellt) of a competent court (Gericht) or arbitral tribunal (Schiedsgericht).
9.Closing Condition
a.Closing Condition
The respective obligations of the Seller and the Purchaser to take the Closing Actions and to effect the Closing (as defined in Section 10.1 below) are subject to the satisfaction of the condition precedent (aufschiebende Bedingung) (the “Closing Condition”) that neither [***] has given or threatened in writing to give or has been given notice of termination of their respective employment/service agreement with exocad Group GmbH both dated 12 February 2010 (as amended from time to time) prior to and including 31 March 2020.
b.No Interference
The Purchaser and the Guarantor undertake not to, and shall procure (steht dafür ein) that their Affiliates will not, take any action, enter into any transaction or into any agreement to effect any transaction (including any merger or acquisition), that might result in a merger control filing obligation for a Party in relation to the Transaction or might otherwise reasonably be expected to make it more difficult to consummate, or otherwise prevent, delay or interfere with the consummation of the transactions contemplated under this Agreement.
c.Waiver
The Purchaser may waive the fulfillment of the Closing Condition set forth in Section 9.1, in whole or in part, by written notice to the Seller. The effect of any waiver of the Closing Condition (in whole or in part) shall be limited to eliminating the need that the Closing Condition be satisfied and, unless otherwise agreed, shall not limit or prejudice any claims that the either Party may have against the respective other Party with respect to any circumstances relating to the respective Closing Condition.
10.Closing Date; Closing; Closing Actions
a.Place and Time of Closing
The consummation of the Transaction (the “Closing”) shall occur at 10:00 hrs. CEST, on 1 April 2020, provided that none of the events set forth in Section 9.1 have occurred before that date, at the offices of Latham & Watkins LLP in Maximilianstraße 13, 80539 Munich, Germany, or at any other time, date or place mutually agreed upon in writing by the Seller and the Purchaser (the “Scheduled Closing Date”). The date on which the Closing actually occurs and on which the last of the Closing Action has taken place or has been duly waived shall be referred to as the “Closing Date”. “Business Day” means any day, other than Saturdays and Sundays, on which banks are open for general business in Frankfurt am Main (Germany), Munich (Germany), London (United Kingdom) and Luxembourg (Grand Duchy of Luxembourg) as well as in San José, California (USA).
b.Closing Actions
On the Scheduled Closing Date, the Seller and the Purchaser (as the case may be) shall, in prompt succession, take, or cause to be taken, the following actions as set forth in 
15

Section 10.2(a) to 10.2(h) simultaneously (Zug um Zug) in the sequence as set out below (the “Closing Actions”), provided that the documents to be exchanged in fulfillment of the Closing Actions are physically available to the legal advisors of the Parties on the Scheduled Closing Date at the place at which the Closing shall take place and those documents, of which agreed form versions are attached to this Agreement, are substantially in the form as attached hereto: 
(i)The Purchaser shall pay an amount equal to the Preliminary Purchase Price into the Seller’s Bank Account and such amount shall be finally credited to the Seller’s Bank Account;
(ii)The Purchaser shall pay the Bank Repayment Amount on behalf of the relevant Group Companies into the Finance Parties’ Bank Account and the Bank Repayment Amount shall be finally credited to the Finance Parties’ Account; 
(iii)The Seller and the Purchaser shall execute the Closing Disclosure Letter, substantially in the form as attached in Exhibit 10.2(c);
(iv)The Seller shall deliver the Shareholder Loan Termination Agreement to the Purchaser; 
(v)The Seller shall deliver to the Purchaser duly executed Advisory Board Resignation Letters for each of [***]; 
(vi)The Purchaser shall procure that the Shareholders’ Resolution exocad Group GmbH is passed; 
(vii)The Purchaser shall pass the Shareholders’ Resolution Company; and 
(viii)The Purchaser shall, and shall cause the respective Group Companies to, pass the Shareholders’ Resolutions Subsidiaries.
c.Closing Confirmation
Following the performance (or valid waiver in accordance with Section 10.4) of the Closing Actions, the Seller and the Purchaser shall execute a closing confirmation substantially in the form as attached in Exhibit 10.3 (the “Closing Confirmation”) confirming the due fulfillment and/or waiver, as the case may be, of the Closing Condition and the due performance and/or waiver, as the case may be, of the Closing Actions. The legal effect of the Closing Confirmation shall be to serve as prima facie evidence that the Closing Condition has been fulfilled and/or duly waived and that the Closing Actions have been performed and/or duly waived. However, the execution of the Closing Confirmation shall not limit or prejudice any rights of the Parties arising under or in connection with this Agreement or under applicable law. 
d.Waiver of Closing Actions
The Seller and the Purchaser may waive the performance of any of the Closing Actions (or parts thereof) by way of written agreement, provided that (i) each of the Closing Actions pursuant to Sections 10.2(a), 10.2(b), 10.2(f), 10.2(g) and 10.2(h) may be unilaterally waived in writing by the Seller, and (ii) each of the Closing Actions pursuant to Sections 10.2(c), 10.2(d) and 10.2(e) may be unilaterally waived in writing by the Purchaser. Any such waiver shall not prejudice any rights or remedies which may be available to the waiving Party under or in connection with this Agreement and may include a requirement that the relevant Closing 
16

Action (or parts thereof) shall be fulfilled as soon as possible, and the waiving Party shall be entitled to request such due performance after the Closing Date.
e.Consequences of Non-Satisfaction of the Closing Condition or Non-Performance of Closing Actions
(i)Termination Rights
The Seller shall be entitled to terminate this Agreement by way of rescission (Rücktritt) with effect for all Parties by giving written notice (including fax or e-mail) thereof to the Purchaser if either:
(1)Closing has not taken place by 30 April 2020 (the “Long Stop Date”) at the latest, although the Closing Condition is fulfilled; or 
(2)the actual payment of the Preliminary Purchase Price by the Purchaser under this Agreement to be made on the Scheduled Closing Date pursuant to Section 10.2(a) is not made and the final receipt of such payment on the Seller’s Bank Account as set forth under Section 10.2(a) above has not occurred in full at the latest on the second (2nd) Business Day following the day when it was due in accordance with the terms of this Agreement.
(ii)Consequences of Termination
In the event of a termination of this Agreement in accordance with and except as otherwise provided in this Section 10.5, the Parties shall have no claims and liability against each other under this Agreement except that, unless the failure by the Seller to perform any of its obligations relevant for the Closing to occur under this Agreement at or prior to such date shall have resulted in the Closing not to occur:
(1)the Purchaser shall pay to the Seller on the fifth (5th) Business Day after the rescission a lump-sum amount of EUR [***]to compensate the Seller for any damages, costs and expenses incurred in connection with the transactions contemplated under this Agreement; 
(2)notwithstanding and in addition to the Seller’s claim under sub-paragraph (i) above, the Purchaser shall remain liable to the Seller for any damages (within the meaning of sections 249 et seq. BGB) incurred by the Seller and/or the Group as a result of the termination of this Agreement and/or the non-occurrence of Closing whereas the amount of the Lump-Sum Compensation paid to the Seller shall be set off against any such damages (Anrechnung des pauschalisierten Schadensersatzes); and
(3)Sections 10.5(b) (Consequences of Termination), 19 (Seller’s Remedies), 20 (Guarantor’s Undertaking), 22 (Confidentiality), 23 (Miscellaneous), 24 (Governing Law and Place of Jurisdiction) and 25 (Severability) of this Agreement shall also survive and remain in full force and effect after a termination of this Agreement.
11.Seller’s Guarantees
a.The Parties have intensively discussed and negotiated if and to what extent the Seller shall be liable for defects relating to the Sold Shares, the Shareholder Loan Receivable, the Group and the Business and have decided to depart from the statutory warranties regarding a sale 
17

(gesetzliche Kaufgewährleistung). Instead, they have agreed to replace the statutory system and provide for an independent catalogue of specific rights of the Purchaser individually agreed between the Parties as set forth in Sections 11, 12, 13, 14 and 15. Subject to the limitations of liabilities and the explicit restrictions and exclusions of certain legal rights agreed in this Agreement, the Seller represents and warrants to the Purchaser by way of an independent promise of guarantee (selbständiges Garantieversprechen) pursuant to section 311 paragraph 1 BGB that the statements set out in Sections 11.2 to 11.5 and in 11.6 and Exhibit 11.6 (each a “Seller’s Guarantee” and together the “Seller’s Guarantees” and the Seller’s Guarantees pursuant to Sections 11.2 through 11.5 the “Fundamental Guarantees”) are true and correct as at the Signing Date and the Fundamental Guarantees also as of the Closing Date, unless a different date is set out in the relevant Seller’s Guarantee, whereby it is understood and agreed by the Parties that:
(i)the Seller’s Guarantees and the Tax Warranties shall be the sole and exclusive guarantees (i.e. there shall be no other guarantees, confirmations or assurances) by the Seller under or in connection with this Agreement;
(ii)the Seller’s Guarantees and the Tax Warranties are given on the grounds (Geschäftsgrundlage) that for the purpose of giving the Seller’s Guarantees and the Tax Warranties (i) the Seller may not have first-hand knowledge with respect to the subject matters of the Seller’s Guarantees set forth in Exhibit 11.6 or the Tax Warranties and, except as explicitly and specifically set out in Section 11.7, neither the Seller nor any of its managers (gérant), employees or advisors have independently examined or verified the underlying facts, matters, circumstances or statements made in such Seller’s Guarantees set forth in Exhibit 11.6 or the Tax Warranties or the Exhibits or the Schedules as prepared by the Company or any other Group Company and their management, but had rather to rely on documentation and information made available by the management and employees of the Group Companies as well as the reasonable assurances given by the management and employees of the Group Companies in the inquiry as set out in Section 11.7(b) and the related disclosures, provided that all of the foregoing shall not in any way change any liability of the Seller which it explicitly has under the provisions of this Agreement, and (ii) nothing in this Agreement shall imply a duty of the Seller (including its managers (gérant), employees or advisors) to make specific or other enquiries or researches of whatever nature, in particular beyond the inquiry as set out in Section 11.7(b) and (iii) the lack of (x) such first-hand knowledge, (y) the ability to independently verify such Seller’s Guarantees and such Tax Warranties, and (z) such examinations or verifications of the Seller, or the need to rely on reasonable assurances made by the management and employees of the Group Companies shall as such in no event be regarded as acting in a fraudulent manner (keine Arglist aufgrund von Angaben “ins Blaue hinein” wegen unterbliebener Untersuchungen oder Überprüfungen des Verkäufers), and the Purchaser waives any rights and/or claims against the Seller based on such legal grounds - other than for other intent or wilful misconduct of the Seller - to the largest extent legally permissible.
b.Power and Authority
(i)On the Signing Date and on the Closing Date,
(1)the Seller has the full corporate and legal authority to enter into this Agreement and to carry out the Transaction. This Agreement has been duly 
18

executed by or on behalf of the Seller and constitutes its binding obligation; and
(2)There is, to the Seller’s Knowledge, no action, suit, investigation or proceeding pending or threatened against the Seller before any Governmental Authority which challenges or seeks to prevent the Transaction.
“Governmental Authority” means for the purposes of this Agreement (i) any government, governmental or quasi-governmental authority, entity, ministry, department, commission, board, agency or instrumentality; (ii) any court, tribunal, or judicial or arbitral body, whether federal, state, provincial, local or foreign; and (iii) anybody exercising or entitled to exercise any administrative, executive, judicial, legislative, regulatory or taxing authority or power of any nature.
(ii)On the Signing Date and on the Closing Date, no insolvency or similar proceedings have been, or to the Seller’s Knowledge have been threatened to be, opened over the assets of the Seller. The Seller is not illiquid (zahlungsunfähig) or over-indebted (überschuldet) within the meaning of sections 16 et seqq. German Insolvency Code (Insolvenzordnung – “InsO”) or any other comparable applicable insolvency laws of other applicable jurisdictions, in particular the Grand Duchy of Luxembourg.
c.Title to Sold Shares and others
On the Signing Date and on the Closing Date:
(i)The Company has been duly established and is validly existing under the laws of Germany. 
(ii)The Seller is the sole legal and beneficial owner of the Sold Shares as set out in Section 2.1(c) and the Sold Shares are free from any third party rights and clear of any encumbrances (Belastungen) for the benefit of any third party, are validly issued and the contributions thereon (Einlagen) are fully paid up and have not been repaid or returned in whole or in part in any breach of Section 30 of the German Limited Liability Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung); there is no additional contribution obligation (Nachschusspflicht). Neither the Sold Shares nor any shares in any of the Subsidiaries are subject to any (i) trust arrangement (Treuhandverhältnis), sub-participation (Unterbeteiligung) or similar arrangement, (ii) pending transfer or other disposition (Verfügung), (iii) sale, contribution or other contractual arrangement creating an obligation to transfer or encumber or (iv) shareholder's resolution on the redemption (Einziehung) of such shares.
(iii)The information in Preamble (A) and in Section 2.1 is complete and correct.
(iv)The Sold Shares constitute the entire share capital of the Company, and the shares in the Subsidiaries as referred to in Exhibit 2.1(d) constitute the entire share or other equity capital of the Group Companies, all as set forth therein. Neither the Seller, nor any Seller's Affiliate nor any other third party has, with respect to any Sold Shares or such shares in Subsidiaries, any pre-emptive right (Vorkaufsrecht), right of first refusal (Vorerwerbsrecht), subscription right (Bezugsrecht), option right (Optionsrecht), conversion right (Wandlungsrecht) or similar right, or is party to an agreement that may result in any such rights. There are no agreements which require 
19

the allotment, issue or transfer of any debentures in, or securities of, the Group Companies.
(v)No Group Company is a party to any written and binding agreement relating to the acquisition or sale of, or a similar transaction involving, any interests in other legal entities or any business (Betrieb) or parts thereof (Betriebsteile), other than agreements which have already been fully performed by all parties thereto.
(vi)Regarding any of the Group Companies there are no silent partnerships (stille Beteiligung), stock-appreciation rights, stock-based performance units, “phantom” stock rights or other agreements, arrangements or commitments of any character (contingent or otherwise) pursuant to which any person is or may be entitled to receive any payment or other value based on the revenues, earnings or financial performance, stock price performance or other similar attribute of any Group Company.
d.Subsidiaries
On the Signing Date and on the Closing Date,
(i)the Subsidiaries have been duly established and are validly existing under the laws of their respective jurisdiction or formation; and
(ii)except under the Finance Documents, the shares in the Subsidiaries as set out in Exhibit 2.1(d) are free from any third party rights and clear of any encumbrances (Belastungen), are validly issued and the contributions thereon (Einlagen) are fully paid up and have not been repaid; there is no additional contribution obligation (Nachschusspflicht); and 
(iii)there are no agreements with or commitments towards third parties outside the Group, providing for the issuance of additional shares in any of the Subsidiaries.
e.Ownership of the Shareholder Loans Receivable
On the Signing Date and on the Closing Date, 
(i)the information in Section 2.3 is complete and correct;
(ii)the Seller is the sole and unrestricted owner of the Shareholder Loan Receivable; and
(iii)the Shareholder Loan Receivable is free and clear of any third party rights.
f.Operational Guarantees
Exhibit 11.6 sets out further Seller’s Guarantees. 
g.Seller’s Knowledge 
(i)For the purpose of and in connection with this Agreement, “Seller’s Knowledge” means exclusively the actual and individual knowledge (positive Kenntnis) of the Seller’s managers (gérant) as set forth in Exhibit 11.7 or another natural person managing director of the Seller at the relevant point in time (each a “Knowledge Bearer”) at the Signing Date (and for purposes of the Closing Disclosure Letter, at the date of the Closing Disclosure Letter) after the written (including by e-mail) 
20

inquiry pursuant to Section 11.7(b). Whenever there is a reference to “subject to Seller’s Knowledge” this shall be read and understood as “to Seller’s Knowledge”.
Seller’s Knowledge shall be determined 
(1)for each Knowledge Bearer separately, i.e., there shall be no attribution of knowledge between the Knowledge Bearers; and 
(2)without the attribution of any actual knowledge of any person, other than in the course of the inquiry as provided to [***] – or another natural person managing director of the Seller – as one of the Knowledge Bearers by an Inquired Individual pursuant to Section 11.7(b); and 
(3)without the attribution of any deemed knowledge of any person.
Any liability of the Seller with regard to constructive knowledge or with regard to information available in any files, documents or correspondence of the Group or the Seller or any of the Knowledge Bearers, but not actually known by the respective Knowledge Bearer (aktenmäßig verfügbar, aber nicht positiv bekannt), shall be excluded and waived and therefore do not form part of Seller’s Knowledge. 
(ii)No earlier than one (1) calendar day prior to the Signing Date and one (1) calendar day prior to the Closing Date for purposes of the preparation and issuance of the Closing Disclosure Letter, [***] – or another natural person managing director of the Seller – as one of the Knowledge Bearers discussed (in case of the Closing Disclosure Letter, will discuss) the Seller’s Guarantees and the Tax Warranties with each of [***] (each an “Inquired Individual”) and inquired them, on the basis of a (written) document providing the Seller’s Guarantees and the Tax Warranties and the Exhibits and Schedules thereto, whether to the individual actual knowledge of each of the Inquired Individuals at the time of their inquiry by [***] – or another natural person managing director of the Seller – there are any facts or circumstances that would render the Seller’s Guarantees and the Tax Warranties which are qualified “to the Seller’s Knowledge” or “subject to Seller’s Knowledge” as being not true or incorrect as at the respective date of such inquiry. Notwithstanding the provisions set forth in Section 14.9, the Parties agree that the information explicitly provided by the Inquired Individuals to [***]– or another natural person managing director of the Seller – during such inquiry shall be attributable to the Knowledge Bearers’ actual knowledge as at the relevant date as set forth above.
“Closing Disclosure Letter” shall mean a disclosure letter substantially in the form as attached in Exhibit 10.2(c), according to which the Seller warrants to the Purchaser by way of an independent promise of guarantee irrespective of fault (selbständiges, verschuldensunabhängiges Garantieversprechen) in accordance with section 311 para. 1 BGB that, to the Seller’s Knowledge, the statements set forth in Sections 11.2 through 11.5, Section 15.2 and in Exhibit 11.6 are correct as of the date of the Closing Disclosure Letter, with the understanding that the Seller shall disclose any facts and circumstances which have occurred between the Signing Date (excluding) and (including) the date of the Closing Disclosure Letter and which had resulted in a breach of the Tax Warranties in Section 15.2 and/or the Seller’s Guarantees in Sections 11.2 through 11.5 and/or in Exhibit 11.6 had they been given as at the Closing Date. For the avoidance of doubt, the Closing Disclosure Letter shall not establish any rights of the Purchaser to rescind or challenge or contest or nullify this Agreement and shall not extent the liability of the Seller towards the Purchaser under 
21

this Agreement beyond what has been explicitly agreed between the Parties in this Agreement.
h.The Seller does not make any representations, warranties or guarantees regarding the Sold Shares, the Shareholder Loan Receivable, the Group Companies and/or the Business other than the Seller’s Guarantees and the Tax Warranties as set forth and based on the terms of this Agreement. The Purchaser hereby expressly confirms and agrees to acquire the Sold Shares, the Shareholder Loan Receivable, the Group Companies and the Business based upon Purchaser’s own inspection, examination and evaluation/assessment with respect thereto, including the due diligence investigation with assistance of the Purchaser’s Representatives as was usual in the context of an auction process (as defined below) (the “Due Diligence”), without reliance upon any express or implied representations, warranties or guarantees of any nature made by the Seller except for the Seller’s Guarantees and the Tax Warranties. Without limiting the generality of the foregoing, the Purchaser acknowledges that the Seller gives no representation, warranty or guarantee with respect to:
(i)any projections, estimates or budgets delivered or made available to the Purchaser or its Affiliates or any of their respective (managing) directors, employees, agents, advisors or other representatives (“Purchaser’s Representatives”) of future revenues, future results of operations (or any component thereof), future cash flows or future financial condition (or any component thereof) or the future business operations of the Group Companies; or
(ii)any other information or documents made available to the Purchaser’s Representatives with respect to the past, current or future business or the Group, except as expressly set forth in the Seller’s Guarantees and the Tax Warranties.
12.Seller’s Covenants
a.Conduct of Business
During the period from the Signing Date until the Closing, except for the transactions disclosed and described in reasonable detail in Exhibit 12.1-1 or for any transactions contemplated by or any facts or events explicitly disclosed in this Agreement, the Seller shall 
(i)in its capacity as shareholder of the Company, if and to the extent permitted by mandatory law, instruct the Company by passing a shareholder's resolution of the Company, substantially in the form as attached hereto as Exhibit 12.1(a),
(ii)with respect to the Subsidiaries, if and to the extent permitted by mandatory law, exercise its rights as shareholder of the Company to instruct the Subsidiaries by causing the Company in its capacity as direct shareholder of exocad Holding GmbH to pass a shareholder's resolution of exocad Holding GmbH, substantially in the form as attached hereto as Exhibit 12.1(b), 
not to take any of the following actions without the Purchaser’s prior consent (e-mail sufficient), which shall not be unreasonably withheld, conditioned or delayed, and deemed to be granted if the Purchaser does not object to the proposed action within five (5) Business Days after having received a duly substantiated written (e-mail sufficient) request by the Seller describing the relevant facts and circumstances: 
1.adopt any domination, profit and loss transfer or any other enterprise agreements (Unternehmensverträge) within the meaning of sections 291 and 292 of the German 
22

Stock Corporation Act (Aktiengesetz) or similar corporate agreements under the laws of other jurisdictions, in each case involving any Group Company;
2.enter into any merger, split-off, spin-off, conversion or any other restructuring, recapitalization or reorganization, in particular under the German Transformation Act (Umwandlungsgesetz) or any equivalent provision under other applicable laws, in each case involving any Group Company;
3.(i) redeem any shares in any of the Group Companies or (ii) liquidate any of the Group Companies or (iii) elect new auditors for any of the Group Companies; 
4.appoint, dismiss or execute any changes to the service or employment agreement of any (aa) (managing) director, (bb) officer or (cc) employee, in case of (bb) and (cc) with an annual gross base salary of EUR 100,000 (in words: one hundred thousand Euros) or more or an equivalent amount in a foreign currency; 
5.introduce any (new) monetary benefits for any (managing) director, officer or employee of any Group Company resulting in cost and liabilities in an aggregate amount in excess of EUR 500,000 (in words: five hundred thousand Euros) per annum; 
6.elect any auditors for any Group Company for the financial year 2020;
7.sell, transfer, create any encumbrances on or otherwise dispose of any Material IP or Proprietary Software or (i) terminate or (ii) sell any licenses, in each case of (i) and (ii) outside the ordinary course of business of the Group; 
8.incur any new financial indebtedness (i) for borrowed money in excess of EUR 100,000 (in words: one hundred thousand Euros) in the individual case and EUR 500,000 (in words: five hundred thousand Euros) in the aggregate, in each case other than (aa) among Group Companies and (bb) in the ordinary course of business consistent with past practice or (ii) with the Seller or any Seller's Affiliate; 
9.pay or otherwise discharge, or provide security for, any material liabilities (whether matured, unmatured, asserted or unasserted, contingent or otherwise), other than (i) the regular servicing of any debt under or pursuant to the Finance Documents, (ii) the discharge of trade accounts payable, both in the ordinary course of business and (iii) security granted, paid or otherwise discharged among Group Companies; 
10.terminate any Material Agreement, except for cause in case of a material breach by a party of a Material Agreement other than a Group Company;
11.enter into any sale, assignment, lease or other form of disposal, in each case outside the ordinary course of business, of any fixed assets (Anlagevermögen) other than transactions among Group Companies, for a value exceeding EUR 50,000 (in words: fifty thousand Euros) in the individual case and EUR 100,000 (in words: one hundred thousand Euros) in the aggregate; 
12.cancel, settle or waive any claim or pending or threatened litigation or arbitration involving the Group Company exceeding EUR 250,000 (in words: two hundred and fifty thousand Euros) in the individual case and EUR 500,000 (in words: five hundred thousand Euros) in the aggregate; or
13.enter into any written binding agreement to do any of the foregoing.
23

b.No Leakage
During the period from the beginning of the calendar day following the Effective Date until the Closing, the Seller shall procure and is responsible that no Leakage, other than Permitted Leakage, occurs. 
“Leakage” shall mean any of the following actions or matters carried out or existing or agreed to be carried out (in each case up to Closing) in any particular case to or for the benefit or account of (i) the Seller, or (ii) an Affiliate of the Seller, (iii) any individual person, who is a relative (Angehöriger) within the meaning of Section 15 of the German Tax Code (Abgabenordnung – AO) of any shareholder of the Seller, (iv) any individual person, who is a relative (Angehöriger) or related legal entity, in each case within the meaning of section 138 German Insolvency Code (Insolvenzordnung) of any shareholder of the Seller or (v) any entity under Control of any person pursuant to (iii) or (iv), or (vi) any entity acting as manager or investment advisor of any of the foregoing persons (in each case excluding the Group Companies) (collectively the “Seller’s Affiliates”): 
14.any dividend or similar distribution (whether in cash or in kind) declared, paid or made by any Group Company;
15.any cost, expense, bonus, fees or commissions to any advisor, broker or finder, or any transaction or exit bonuses to any (managing) director or employee of the Group Companies in connection with the Transaction or the execution of this Agreement, in each case, paid or reimbursed by a Group Company;
16.any return of capital (whether by reduction of capital or redemption or purchase of shares or otherwise) by any Group Company or any amount payable on the repurchase, redemption or reduction of any share capital in any Group Company;
17.any assumption, fulfilment or issuance of any guarantees or securities for any obligation of or for a liability legally or commercially owed by a Seller and/or Seller’s Affiliate;
18.any asset transfer, purchase or disposal between a Group Company and the Seller or any of the Seller's Affiliates other than in the ordinary course of a trading activity and at arm's length terms;
19.any lending or borrowing between a Group Company and the Seller or any of the Seller's Affiliates and any increase or reduction thereof; and
20.any binding agreement to do any of the foregoing, and
21.any taxes arising out of or in connection with any of the above,
provided that, for the avoidance of doubt, (i) any Permitted Leakage and (ii) actions or matters under (a) through (h) above to or for the benefit of a Group Company and/or any third party which is not a Seller or a Seller’s Affiliate shall not constitute Leakage and shall not be prohibited.
“Permitted Leakage” shall mean any distribution, payment, cost, action, matter or transaction 
1.specifically and explicitly provided for in this Agreement, such as, e.g. the Shareholder Loan Receivable and its repayment;
24

2.in relation to which the Group Companies have received an arm’s-length consideration, benefit or service or the Group Companies have otherwise been adequately compensated or reimbursed for and all of which are exclusively and finally listed in Exhibit 12.2(b);
3.resulting in or qualifying as internal administration or overhead costs of the Group Companies incurred in connection with the preparation of the Transaction;
4.approved by the Purchaser in writing after the date hereof (including fax or e-mail); 
5.made in fulfilment of management service or employment agreements entered into by the Group Companies and/or made towards directors, managers or managing directors of the Group Companies and/or the members of the Advisory Board or any other corporate body under the relevant agreements (advisory/service/employment) existing as of the date hereof and exclusively and finally listed in Exhibit 12.2(e); or 
6.disclosed in Exhibit 12.2(f). 
In case of a breach of the Seller’s Covenant pursuant to this Section 12.2, following Closing, the Seller shall pay to the relevant Group Companies or, at the Purchaser's election, the Purchaser on a Euro-for-Euro basis a sum equal to the amount of Leakage received by the Seller or any of the Seller’s Affiliates. 
c.Related Party Agreements
Except as otherwise set forth on Exhibit 12.3, prior to the Closing, the Sellers shall cause all Related Party Agreements to be terminated and settled and all liabilities of the Group Companies thereunder to be fully discharged at the expense of the Seller as of no later than immediately prior to the Closing.
d.No Other Seller’s Covenants
The Seller’s obligations under Section 12.1 through 12.3 (collectively the “Seller’s Covenants”) shall lapse (erlöschen) as of the Closing. The Seller’s Covenants shall be the sole and exclusive covenants for the respective period of time (i.e. there shall be no other covenants) by the Seller under or in connection with this Agreement.
13.Remedies
a.Self-Contained Regime
The Parties hereby expressly exclude the application of sections 434 through 453 BGB as well as any and all statutory warranty claims thereunder and hereby agree that the Seller’s Guarantees in particular do not qualify as guarantees (Beschaffenheitsgarantien) within the meaning of sections 443 and 444 BGB, and that the consequences of any breach of the Seller’s Guarantees, the Seller’s Covenants and of any other obligations, covenants, agreements, undertaking by or claim against the Seller under or in connection with this Agreement shall exclusively be governed by the terms and conditions of this Agreement. Furthermore, the Parties confirm that the limitations to the Seller’s Guarantees and Seller’s Covenants as specified in this Section 13 or otherwise in this Agreement shall form an integral part of the Seller’s Guarantees and the Seller’s Covenants, and that the Seller’s Guarantees and the Seller’s Covenants are only given subject to such provisions and limitations.
25

b.Administration of Purchaser Claims
7.The Purchaser undertakes to notify the Seller as to any potential breach of any of the Seller’s Guarantees or Seller’s Covenants or any other obligation, covenant, agreement, undertaking by or claim against the Seller under or in connection with this Agreement (the “Purchaser Claim”) without undue delay, but in any event within a period of three (3) weeks as from the Purchaser’s or the Purchaser’s Representatives’ respective actual knowledge of the relevant facts or circumstances relating to a Purchaser Claim in order to preserve any rights and claims under this Agreement, provided, however, that any failure to duly notify the Seller shall not forfeit the Purchaser's Claim, but the Purchaser shall only be forfeited from making a claim for an increase in damages caused by such non-compliance; provided that such notice (the “Claim Notice”) shall state the nature of the Purchaser Claim in reasonable detail, including the amount involved to the extent such amount can already be reasonably determined at the time when such notice is given.
8.In case of any Purchaser Claim, the Seller may attempt to remedy the notified potential breach (alleged to give rise to the Purchaser Claim). If the Seller fails to remedy the potential breach within a period not to exceed one (1) calendar month after the Seller has received a Claim Notice or the potential breach cannot be remedied or the Seller has finally refused towards the Purchaser in writing to remedy the breach, the Purchaser shall be entitled to claim from the Seller compensation of any Losses suffered by the Purchaser or the Group Companies in accordance with this Agreement.
9.Without prejudice to the validity of the Purchaser Claim, the Purchaser shall allow, and shall procure (steht dafür ein) that the Group Companies allow, the Seller and its Seller’s Representatives to investigate the matter and circumstances alleged to give rise to such Purchaser Claim, and whether and to what extent any amount is payable in respect of such Purchaser Claim, and, for such purpose, the Purchaser shall give, and shall procure (steht dafür ein) that the Group Companies give, in each case at their own cost such reasonably requested information and assistance, including reasonable access to the Purchaser’s and the Group Companies’ premises and personnel during normal business hours and including the right to examine and copy or photograph any assets, accounts, documents and records as the Seller and its Seller’s Representatives may reasonably request. This provision shall also apply in case of court or arbitration proceedings pending among the Parties in connection with this Agreement, provided, however, that in such case the Seller shall have to bear the Group Companies' costs and expenses for any such assistance and access.
c.Calculation of Damages
[***].
d.Consideration of Advantages
10.Any liability of the Seller for a Purchaser Claim shall be excluded if and to the extent:
i.the amount of the Purchaser Claim is actually recovered under insurance policies or claims against third parties (with the Purchaser hereby undertaking to pursue any such insurance claim or claim against third parties with the care of a prudent business man and to the extent legally possible, but always being permitted to take the interest of the Business, in particular customer and 
26

supplier relations, into account) or would have been recovered if the insurance policies of the Group Companies in effect prior to the Closing Date had been maintained after the Closing; 
ii.the Purchaser Claim arises, or the amount of the Purchaser Claim is increased, as a result of changes in circumstances or changes in the legal position (including changes in law, statute, ordinance, rule, regulation, general accounting policies or administrative practice of Governmental Authorities) which occurred after the Signing Date; 
iii.the Purchaser Claim is based on the same circumstances or facts that have already been considered or claimed in relation to any other claim of the Purchaser against the Seller under this Agreement (no double dip); 
iv.the matter to which the Purchaser Claim relates has explicitly been taken into account in the 2019 Financial Statements as a write-off (Abschreibung), value adjustment (Wertberichtigung), liability (Verbindlichkeit) or provision (Rückstellung), not including however, general adjustments or provisions made for the relevant risk category (e.g. Pauschalwertberichtigungen, Pauschalrückstellungen); 
v.either the Purchaser or any of the Purchaser’s Representatives, or (following the Closing Date) any of the Group Companies or any of their respective (managing) directors, employees or other representatives have aggravated (erhöht) such Purchaser Claim or any Losses resulting therefrom or failed to mitigate Losses pursuant to section 254 BGB; or
vi.in case of Purchaser Claims other than Exempted Claims, the Purchaser has failed to comply with any of its covenants, obligations and other commitments under Section 13.2 or Section 13.6 or Section 17.1, in which case, however, only such increase of Loss or similar shall be forfeited which is actually caused by such non-compliance. 
11.Any payments actually made by the Seller in order to discharge a liability, which is or becomes excluded or reduced under this Section 13.4, shall be refunded by the Purchaser to the Seller without undue delay upon the notification of the Purchaser by the Seller thereof.
e.Effects of Knowledge
12.A Purchaser Claim cannot be raised against the Seller, and the Seller’s liability shall be excluded if and to the extent the facts or circumstances giving rise to a Purchaser Claim are known on the Signing Date by the Purchaser or any of the Purchaser’s Representatives based on the standard of a person that is aware of the legal framework, laws and regulations applicable to the Business and the Group Companies and that has performed a professional due diligence exercise customary for transactions of the size and kind as the Transaction.
13.The Purchaser shall, other than with respect to Tax Warranties pursuant to Section 15, be deemed to have positive knowledge of all matters explicitly set out in this Agreement, including its Exhibits and Schedules, as well as all matters Fairly Disclosed in:
27

vii.other than with respect to Exempted Claims, the written statements (including in e-mails) made, and written answers given (including in e-mails), to the Purchaser and/or the Purchaser’s Representatives during the question & answer (Q&A) process instituted with respect to the Due Diligence and written correspondence (including in e-mails) with any of (A) the Group’s representatives (including the Subsidiaries’ (managing) directors, employees, advisors and counsel) and/or (B) the Seller and/or the Seller’s Representatives, including in the course of the negotiation of this Agreement; or 
viii.other than with respect to Exempted Claims, in the electronic data room [***] The contents of the Data Room has been set aside in electronic form on a USB memory stick (the “USB Stick DR”). One (1) copy of the USB Stick DR have been handed over to the Seller, two (2) copies of the USB Stick DR has been handed over to the Purchaser and two (2) copies of the USB Stick DR have been handed over to the acting notary on the Signing Date, in each case together with a freeze letter from the provider of the Data Room, provided, however, that this Section 13.5(b)(ii) shall not apply to Exempted Claims. The Parties hereby instruct the acting notary to keep these USB Sticks in custody for a period of five (5) years after the Closing and grant each Party access to these USB Sticks, unless the Seller and the Purchaser jointly instruct the acting notary otherwise in writing. The acting notary shall only release the USB Sticks in his custody to the Parties (one USB Stick to the Purchaser and one USB Stick to the Seller) upon the joint written request of the Seller and the Purchaser or upon expiry of the aforementioned custody period, but each Party may at its own cost request at any time prior thereto a copy of such USB Stick. The notary bears no obligations for proper storage and readability of the USB Sticks. 
For the purposes of this Agreement, “Fairly Disclosed” shall mean disclosed in a manner/description and at a place in the Data Room that is not misleading and in such reasonable detail that the relevant circumstances, facts and/or risks could be identified by an experienced and professional (A) purchaser and/or (B) advisor, in each case by applying the standard of care of a prudent businessman (ordentlicher Geschäftsmann) that has been advised by appropriately experienced professional advisers for a transaction of the size and kind of the Transaction.
f.Cooperation regarding Third Party Claims
14.In case of circumstances that may give rise to a Purchaser Claim and which relate to court rulings, awards or decisions of any arbitral tribunals or public orders issued or third party claims raised against the Purchaser or any of the Group Companies (collectively the “Third Party Claim”), any liability of the Seller shall be subject to the Purchaser’s full and strict compliance with the obligation to procure (steht dafür ein) that, in each case to the extent legally permitted and permissible for the Purchaser pursuant to the terms of the W&I Insurance,
ix.the Seller shall without undue delay be properly informed and provided with all relevant documentation and assistance by the Purchaser regarding any judgment, ruling, decision, order, claim or proceeding which may give rise to a Third Party Claim (including copies of those documents that relate to or trigger a certain time limit (fristbezogene Dokumente));
28

x.the Seller shall be given the opportunity to comment on, participate in and review any reports, audits, meetings and other measures or actions taken in respect of a Third Party Claim, provided, however, that the Seller has to comply with the Purchase’s reasonable timing suggestions in any such respect;
xi.no admission of liability, disposal, settlement, compromise or binding declaration shall be made by or on behalf of the Purchaser or any Group Companies vis-à-vis any court, arbitral tribunal, public authority or third party regarding a Third Party Claim without the prior written instruction or written consent (including fax and e-mail) of the Seller;
xii.such measures or actions (not including, however, the selection of the advisors to be retained) shall be taken or omitted as the Seller may instruct to avoid, defend, dispute, appeal, resist, contest, compromise, settle or otherwise administer such Third Party Claim; 
xiii.if legally permitted and requested by the Seller, the Group Companies give the Seller the opportunity to defend or settle the Third Party Claim at the Seller’s sole discretion, provided, however, that the Seller shall be obliged to take the interest of the Business, in particular customer and supplier relations, into account. The Seller shall insofar be entitled to participate in and direct all negotiations and correspondence with the relevant third party and to appoint and instruct legal counsel to act on behalf and as representative of the Group Companies (and the Purchaser shall procure (steht dafür ein) that the Group Companies issue any power of attorney as may be required for such purpose). 
15.If the Seller is not in breach of a Seller’s Guarantee or Seller’s Covenant or any other obligation, covenant, agreement, undertaking or claim under or in connection with this Agreement relating to a Third Party Claim based on an enforceable arbitral award in accordance with Section 24.2 below or if the respective Third Party Claim has been withdrawn by such third party, any costs and expenses reasonably incurred by such Seller in connection with the defense of such alleged Third Party Claim shall be borne by the Purchaser as set forth in the enforceable arbitral award. The failure of the Purchaser to fully comply with its obligations under this Section 13.6 shall release the Seller from its obligations and liabilities with regard to any Purchaser Claim in respect of such Third Party Claim, if and to the extent such non-compliance has caused the Third Party Claim or increased the amount under or pursuant to the Third Party Claim.
16.This Section 13.6 shall not apply if the Third Party Claim results in a claim of the Purchaser under the W&I Insurance taken out by the Purchaser, and the Insurer under Purchaser’s W&I Insurance decides to take over the defense against such Third Party Claim. The preceding sentence shall not apply with regard to Third Party Claims that might reasonably result in a breach of a Fundamental Guarantee; provided that in case the Purchaser receives conflicting instructions from the Seller and the Insurer, the Seller and the Insurer shall endeavour to come to a joint position as to the relevant instruction and if they fail to do so, the Seller or the Insurer shall have the final instruction right, whoever has the greater liability exposure from the respective Third Party Claim. The Purchaser, if and to the extent exercising its discretion, shall act as prudent businessmen (ordentlicher Geschäftsmann) using reasonable commercial efforts to avoid and mitigate damages; in such case, the Purchaser shall be obliged, 
29

before exercising its discretion, to (i) provide the Seller with the instructions received from the Insurer and (ii) take into consideration the arguments of both the Seller and the Insurer.
g.No Gross-up
The Seller shall in no event owe to the Purchaser any gross-up for Taxes falling due in connection with any compensation for any Losses received from the Seller.
h.Adjustment of Share Purchase Price
Any payment by the Seller or the Purchaser or the Guarantor under this Agreement for damages or otherwise shall be deemed to be and treated as a subsequent adjustment of the Share Purchase Price.
14.Limitation of the Seller’s Liability
a.All Purchaser Claims shall be time-barred (verjährt) [***] after the Closing Date, except for:
17.all claims arising from a breach of any of the Fundamental Guarantees which shall be time-barred (verjährt) on [***]; and
18.all claims arising as a result of a willful (vorsätzlich) or fraudulent (arglistig) breach of any of the Seller’s obligations under this Agreement, which shall be time-barred (verjährt) in accordance with the statutory provisions set forth in sections 195, 199 BGB; and
19.all claims pursuant to Section 15, which shall be time-barred (verjährt) as set forth therein,
(collectively the “Time Limitations”). 
b.Suspension of Purchaser Claims
The Time Limitations for any Purchaser Claim shall be suspended (gehemmt) pursuant to section 209 BGB only by commencing of arbitral proceedings in accordance with Section 24.2 by the Purchaser pursuant to section 204 para. 1 no. 11 BGB. Section 203 BGB shall not apply.
c.All Purchaser Claims
20.arising as a result of a willful (vorsätzlich) or fraudulent (arglistig) breach of the Seller’s obligations under this Agreement; 
21.resulting from a breach of specific performance to transfer the Sold Shares and/or the Shareholder Loan Receivable to the Purchaser under this Agreement (Erfüllungsanspruch); and
22.resulting from a breach of a Seller’s Guarantee contained in Sections 11.2 (Power and Authority) and 11.3 (Title to Sold Shares) and 11.4 (Subsidiaries) as well as 11.5 (Ownership of Shareholder Loan Receivables); and
23.resulting from a breach of the Seller’s Covenant pursuant to Section 12.1 (Conduct of Business) or Section 12.2 (No Leakage); 
30

24.resulting from a breach of the Seller’s specific obligation towards the Purchaser explicitly provided for 
xiv.pursuant to Sections 6.1, 6.2, 6.4, 6.6, 6.7(c), 6.7(d) (if Seller is the retaining Party), 6.8 and 6.10; 
xv.pursuant to Sections 7.2 and 7.3; 
xvi.pursuant to Section 8; 
xvii.pursuant to Section 10.2(c), 10.2(d) and 10.2(e); 
xviii.pursuant to Section 12.3; 
xix.pursuant to Sections 21(b) and 21(d); and
xx.pursuant to Section 22.
are collectively referred to as the “Exempted Claims”.
d.De Minimis Amount; Deductible
Subject to any other limitation or exclusion of Seller’s liability under this Agreement, the Seller shall only be liable for Losses resulting from any Purchaser Claim if and to the extent that such Losses exceed an amount of [***] in the individual case (provided that a series of claims based on similar facts or circumstances is considered to be one such claim) and the aggregate amount of all Losses resulting from individual Purchaser Claims exceeds an amount of [***], in which case only the amount of Losses exceeding the Deductible shall be recoverable (Freibetrag), subject to the other provisions of this Section 14.
The limitations of this Section 14.4 shall not apply to any Exempted Claims. 
e.Liability Cap
The Seller’s aggregate liability for any and all claims of the Purchaser under or in connection with this Agreement, including for breaches of any of the Seller’s Guarantees, Tax Warranties, or any other obligation, covenant, indemnity, agreement, undertaking or any claim under Section 15 or claim under or in connection with this Agreement, except for Purchaser Claims as a consequence of Exempted Claims and/or breaches thereof, shall not exceed an amount of EUR [***]. The Seller’s overall liability under or in connection with this Agreement, including for Exempted Claims and/or breaches resulting therein, but except for claims of the Purchaser arising as a result of fraudulent (arglistige) or willful (vorsätzliche) breaches of the Seller’s obligations under or in connection with this Agreement, shall in no event exceed an aggregate amount of 100% (in words: one hundred per cent) of the Purchase Price.
f.No other Remedies
The remedies which the Purchaser may have against any of the Seller under or in connection with this Agreement, including for breaches of any of the Seller’s Guarantees and Tax Warranties or any other claim under Section 15, Seller’s Covenants or any other obligation, covenant, agreement, undertaking or claim under or in connection with this Agreement, shall solely be governed by this Agreement and shall be the exclusive remedies available to the Purchaser. If and to the extent permitted by law, any claims and remedies other than those 
31

explicitly provided for in this Agreement, regardless of their nature, amount or legal basis, are hereby expressly excluded and waived by the Purchaser, such waiver hereby being accepted by the Seller.
g.W&I Insurance 
The Purchaser declares that it intends to take out, at its free discretion and choice, a warranty and indemnity insurance under an insurance policy on or about the date hereof (the “W&I Insurance” and the relevant insurance provider as therein identified, the “Insurer”) to obtain warranty and indemnity insurance coverage for the Seller’s Guarantees, the Tax Warranties and the Purchaser's claims under Section 15. The Purchaser irrevocable and unconditionally agrees that, notwithstanding any other provision of this Agreement and regardless of whether the Purchaser actually takes out an effective W&I Insurance the following shall apply (Exhibit 14.7 contains a copy of the executed W&I Insurance):
25.It is hereby acknowledged and agreed by the Parties that any liability of the Seller for any claims of the Purchaser against the Seller under or in connection with this Agreement, including for breaches of any of the Seller’s Guarantees, Tax Warranties or any (other) claim under Section 15 or any other indemnities, covenants, agreements or undertakings set forth in this Agreement, except for Purchaser Claims as a consequence of Exempted Claims and/or breaches by the Seller resulting therein, in excess of the Liability Cap shall be excluded and be [***]; with the clarification that this shall in no event affect a liability on the basis of a reason (Haftung dem Grunde nach) [***] (the “Liability Exclusion”). Consequently, the Purchaser’s sole recourse for any claims under or in connection with this Agreement, including for breaches of any of the Seller’s Guarantees, Tax Warranties or any claim under Section 15 or any other indemnities, covenants, agreements or undertakings set forth in this Agreement, except for Purchaser Claims as a consequence of Exempted Claims and/or breaches resulting therein, beyond the Liability Cap shall, to the extent applicable, be only against the Insurer if the Purchaser has taken out a W&I Insurance; otherwise, the Purchaser acknowledges and agrees that no further recourse is available to the Purchaser against the Seller for any claims under or in connection with this Agreement beyond the Liability Cap, except for Purchaser Claims as a consequence of Exempted Claims and/or breaches resulting therein. The Purchaser expressly acknowledges, and the other Parties agree, that the risk of non-implementation of the W&I Insurance as well as the validity and collectability risk in respect of the W&I Insurance and hence, the risk to successfully claim and/or recover from the Insurer any Losses of the Purchaser under or in connection with this Agreement, including in connection with any breaches of any of the Seller’s Guarantees, Tax Warranties or any (other) claim under Section 15 or any other indemnities, covenants, agreements or undertakings set forth in this Agreement, except for Exempted Claims and/or breaches resulting therein, shall solely and irrevocably rest with the Purchaser.
26.If and to the extent that any Purchaser Claim in connection with a breach of a Fundamental Guarantee and/or any other claim of the Purchaser which is not already covered by the Liability Exclusion as set forth in lit. (a) above is subject to a valid and collectible claim of the Purchaser against the Insurer under the W&I Insurance, any liability of any Seller for such claim shall also be excluded, provided, however, that the Purchaser has no obligation to try to recover any such claim under the W&I Insurance coverage.
32

27.The Purchaser shall procure (steht dafür ein) that under the W&I Insurance the Insurer shall not be entitled to subrogate against the Seller except if the payment under the W&I Insurance or any loss as defined in the W&I Insurance arises out of the Seller’s fraud (Arglist) or willful misconduct (Vorsatz). If the Insurer makes any claims against the Seller under or in connection with the W&I Insurance or otherwise, the Purchaser shall indemnify and hold harmless the Seller from any damages, losses and liabilities resulting therefrom, including all out-of-pocket costs and expenses, legal fees and expenses and disbursements and Taxes resulting from or arising in connection therewith, except the claim arises out of the Seller’s fraud (Arglist) or willful misconduct (Vorsatz). 
28.The Purchaser hereby undertakes and covenants to the Seller that no amendments to or waivers of, the subrogation provisions or the rights of third party provisions of the W&I Insurance will be made without the prior written consent of the Seller to the extent it would relate to the Seller or its liability.
For the avoidance of doubt, should the Purchaser decide not to take out a W&I Insurance, the Purchaser hereby confirms to the Seller that the liability regime as agreed between the Parties herein shall remain unaffected.
h.Exclusion of Statutory Liability Regime
Without limiting the generality of Section 14.6, in particular, any right of the Purchaser to lower the Purchase Price or any portion thereof (Minderung), to withdraw (Rücktritt) from this Agreement or to require the winding up of the Transaction contemplated hereunder on any other legal basis (e.g. by way of großer Schadensersatz or Schadensersatz statt der ganzen Leistung), any claims for breach of pre-contractual obligations (culpa in contrahendo) – it being clarified in particular that it is agreed that such claims may not and cannot be based on any alleged requirement of the Seller (or for any person whose knowledge is attributed, or purported to be attributed, to the Seller) under or in connection with this Agreement to undertake investigations or inquiries in respect of Seller’s Guarantees and Tax Warranties (whether qualified by Seller’s Knowledge or not) as it is understood and agreed that the Seller’s Guarantees and Tax Warranties and any Purchaser Claim shall solely be governed by the terms of this Agreement and that the Purchaser Claim shall solely entail such consequences as expressly provided for in this Agreement in respect of the Purchaser Claim, including but not limited to claims arising under sections 241 para. 2, 311 para. 2 and 3 BGB or ancillary obligations (Nebenpflichten), including but not limited to claims arising under sections 241 para. 2, 280 BGB, or based on the principles of disturbance of the fundamentals of the transaction (Störung der Geschäftsgrundlage), or ancillary obligations (positive Forderungsverletzung) are hereby expressly excluded and waived (verzichtet) by the Purchaser, such waiver hereby being accepted by the Seller. 
If and to the extent the exclusion of claims based on the principles of disturbance of the fundamentals of the transaction (Störung der Geschäftsgrundlage) is, despite the risk allocation agreed upon between the Parties in this Agreement, held invalid, such exclusion shall be construed, to the extent legally permissible, to set the thresholds for such principles to apply particularly high and to limit respective remedies to adjustment of this Agreement under exclusion of the right to withdraw (Rücktritt). Further, all remedies of the Purchaser for defects of the purchase object, including but not limited to claims arising under sections 437 through 441 BGB, and the right to rescind (anfechten) this Agreement are hereby expressly excluded and waived (verzichtet) by the Purchaser, such waiver hereby being accepted by the Seller. 
33

The limitations of this Section 14.8 as well as any other limitations and exclusions of liability pursuant to this Agreement shall not apply to any rights and remedies for fraudulent deceit (arglistige Täuschung) by the Seller or the Seller’s own willful misconduct (Vorsatz), in which case statutory law shall apply. 
The Seller’s liability for (i) fraud (Arglist) and willful misconduct (Vorsatz) by any vicarious agent (Erfüllungsgehilfe) of the Seller, if any, within the meaning of section 278 BGB, (ii) any claims based on the application (including analogous application) of section 166 BGB, (iii) claims based on any attribution of knowledge or responsibility, including in respect of vicarious agent (Erfüllungsgehilfe) or other third parties, or (iv) claims or rights based on tort or any other legal grounds is, under and in connection with this Agreement, comprehensively and for all purposes excluded to the largest extent legally permissible.
i.The Purchaser acknowledges and agrees that
29.the Purchaser has made its own evaluation of the adequacy and accuracy of any past information, forecasts, estimates, budgets or projections (including the reasonableness of the assumptions underlying the same);
30.no (managing) director, board member (including the members of the Advisory Board), employee or advisor of any of the Group Companies is or was at any time authorized to act on behalf of or as vicarious agent (Erfüllungsgehilfe) for the Seller in the performance of its duties as Seller or under or in connection with this Agreement; and
31.the Seller shall have no liability to the Purchaser whatsoever in the event any of the persons mentioned under Section 14.9(b) or any advisor or vicarious agent (Erfüllungsgehilfe) of the Seller carelessly or negligently or intentionally (fahrlässig oder vorsätzlich) failed or fails to disclose information in any respect or way to the Purchaser at any time before Closing concerning the Business or the assets, liabilities or affairs of the Group Companies.
15.Tax Warranties and Tax indemnity
a.Definitions
“Indemnification Tax Benefit” has the meaning given to it in Section 15.3(a)(vi);
“Indemnified Taxes” means (a) any Taxes imposed on a Group Company relating to the Pre-Effective Date Tax Period irrespective of whether assessed before or after the Closing Date, (b) Taxes resulting from any constructive dividends or any measures outside the ordinary course of business in the period from the Effective Date until the Closing Date, and (c) any Taxes resulting from any payments, or undertakings to pay, regarding any bonuses, costs and expenses to any person (including any managers and employees of the Group Companies);
“Non-US Entities” mean Group Companies that are not a “domestic corporation” within the meaning of Section 7701(a) of the United States Internal Revenue Code.
“Pre-Effective Date Tax Period” means any taxable period (Veranlagungszeiträume, Erhebungszeiträume, Voranmeldungszeiträume) or portions thereof ending before or on the Effective Date;
“Tax” means any tax within the meaning of section 3 paragraphs 1 through 4 of the German Fiscal Code (Abgabenordnung – AO), including but not limited to, corporate income tax, 
34

taxes withheld from wages or other employment taxes as well as any and all incidental tax charges (steuerliche Nebenleistungen), including, but not limited to interest or special charges for late payment or late performance (Verzugszinsen oder Säumniszuschläge) related to the forenamed taxes or custom duties as well as all social security charges including payments and liabilities owed as secondary liabilities (Haftungsschulden) as well as any equivalent tax under the laws of any other jurisdiction (including but not limited to US Taxes). For the avoidance of doubt, it is the common understanding that deferred taxes (latente Steuern and similar concepts) are not taxes within the meaning of this definition;
“Tax Audit” means any tax audit, inspection or similar investigation by any Tax Authority;
“Tax Authority” means any taxing or other authority competent to impose any liability in respect of Taxes or responsible for the administration and/or collection of taxation or enforcement of any law in relation to Taxes;
“Tax Indemnification Claim” has the meaning given to it in Section 15.3(a);
“Tax Proceeding” shall mean any administrative or judicial proceeding or action relating directly or indirectly, fully or in part to Indemnified Taxes (including but not limited to Tax assessments, Tax Audits, inquiries, examinations, negotiations, disputes, court proceedings or decisions, meeting with Tax Authorities, correspondence by letter, fax message or email with any Tax Authority);
“Tax Refund” has the meaning given to it in Section 15.4(a);
“Tax Return” means any return, form and other statement filed or required to be filed by a Group Company for Taxes relating to a Pre-Effective Date Tax Period;
“Tax Warranties” has the meaning given to it in Section 15.2(a).
“US Taxes” mean for U.S. taxes purposes any taxes on state, local, or non-U.S. income, gross receipts, license, payroll, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not.
b.Tax Warranties
32.Except as disclosed in Schedule 15.2, each Seller hereby warrants to the Purchaser by way of an independent guarantee undertaking (selbständiges Garantieversprechen) pursuant to section 311 (1) BGB that the statements set forth below are true and accurate as of the Signing Date (the “Tax Warranties”):
xxi.To the Seller’s Knowledge, all Group Companies have timely filed all Tax Returns (other than with respect to social security charges and US Taxes) as required under applicable laws and with the appropriate Tax Authority and have duly and timely fulfilled all other existing legal obligations in respect of applications, declarations and filings of Taxes (other than with respect to social security charges and US Taxes), in each case to the extent the Taxes relate to a Pre-Effective Date Tax Period.
xxii.To the Seller’s Knowledge, all Group Companies have (taking into account any permitted extension) timely paid all material Taxes (other than social 
35

security charges and US Taxes) shown as payable on any valid and enforceable Tax assessment notice issued by any Tax Authority or on any Tax Return filed by them, other than Taxes for which a suspension of enforcement of Tax payment obligation (Aussetzung der Vollziehung) has been granted, in each case to the extent the Taxes relate to a Pre-Effective Date Tax Period.
xxiii.To the Seller’s Knowledge, all material Tax related documents (including electronically stored data, but excluding any transfer pricing documentation) required to be maintained by the Group Companies by applicable laws have been properly maintained by the respective Group Company and are available at the respective Group Company.
xxiv.To the Seller’s Knowledge, there are no Tax audits, objections or litigation currently pending or announced in writing with respect to the Group Companies.
33.Remedies
xxv.After Closing, the Purchaser shall be obliged to notify the Seller in writing of the factual or possible breach or non-fulfilment of any of the Tax Warranties within twenty (20) Business days after it obtained actual knowledge of the breach giving a reasonably detailed description of the underlying circumstances and, if possible, the estimated amount of the claim. Section 13.2 shall apply mutatis mutandis.
xxvi.In the event of any breach or non-fulfilment of any of the Tax Warranties, the Seller shall reimburse any penalties for late filing or late payment as well as costs and expenses that are triggered by such a breach or non-fulfilment including for the avoidance of doubt any reasonable legal costs incurred by the Purchaser or any of the Group Companies in curing a breach of the Tax Warranties, but no Taxes (to which Section 15.3 shall apply), to the Purchaser or, at the election of the Purchaser, the respective Group Company.
xxvii.The Purchaser shall allow, and cause the Company and the respective Group Companies to allow, the Seller and its accountants and other professional advisors to investigate the matter or circumstance alleged to give rise to such breach and will provide all information reasonably requested by the Seller to assess the factual or potential breach.
xxviii.Any payment obligation of the Seller shall be due ten (10) Business Days after the Seller has received a written notice from the Purchaser containing reasonable details of the respective breach or non-fulfilment and the respective damage.
c.Tax Indemnity
34.The Seller shall pay at the Purchaser’s discretion either (i) to the Group Company or (ii) to the Purchaser, the amount of any Indemnified Taxes (“Tax Indemnification Claim”), but in any case only if and to the extent that:
xxix.the Indemnified Taxes have not been paid to the competent Tax Authority before the Effective Date;
36

xxx.none of the relevant Group Companies has a valid, legally enforceable and fully creditworthy claim for repayment, reimbursement or indemnification against a third party other than under the W&I Insurance and against current or past employees and managers of the Group Companies;
xxxi.the Indemnified Taxes are not the result of any change in law, rule or regulation (including subordinate legislation) on or after the Effective Date;
xxxii.the Indemnified Taxes have not been caused or increased by a failure of the Purchaser to comply with any of its covenants, obligations or any other kind of commitment under this Section 15 if the Seller demonstrates that the non-compliance caused or increased, and affected the defence against, the respective Indemnifiable Tax;
xxxiii.the Indemnified Taxes are not directly or indirectly caused or triggered by any change in the accounting and taxation principles or practices of the respective Group Company or any transaction, action, omission or other measure (including any change in the exercise of any Tax election right, termination of any Tax consolidation scheme, approval or implementation of any reorganisation measure) initiated or executed by the Purchaser or – after the Closing Date – by any of the Group Companies except that this exclusion shall not apply where such change, transaction, action, omission or other measure was (i) required by mandatory law or (ii) carried out with the prior written consent of the Seller;
xxxiv.the Purchaser and/or any relevant Group Company is not entitled to any benefit by refund, set-off or reduction of Taxes as a result of the circumstances giving rise to a Tax Indemnification Claim in which context the amount of any such benefits shall be calculated on the basis of the applicable statutory tax rates as of the Effective Date and under the assumption that the relevant entity is and will remain in a Tax paying position (an “Indemnification Tax Benefit”); in such case the Indemnification Tax Benefit shall, by applying a discount rate of [***] and an equal allocation of the reverse effect over five (5) years as from the relevant date in the case of fixed assets, and one (1) year as from the relevant date in the case of current assets and liabilities and any other accruals and, be discounted to the Effective Date and shall reduce the Tax Indemnification Claim. In particular, without limitation, this shall apply to any Indemnification Tax Benefit resulting from a lengthening of any amortization or depreciation period, higher depreciation allowances or loss carry forwards or deductions;
xxxv.the Indemnified Tax cannot or could not be avoided by offsetting taxable profits against any Tax loss carry backs or Tax loss carry forwards (or any other Tax credit, allowance, deduction or similar Tax item) that are or were available (including as a result of subsequent Tax Audits) in the Pre-Effective Date Period (excluding for the avoidance of doubt any Tax loss carry backs that stem from periods after the Effective Date); and
xxxvi.the aggregate amount of the Indemnified Taxes is reflected neither as a liability (Verbindlichkeit) nor as an accrual (Rückstellung) in the Financial Statements (for the avoidance of doubt, irrespective of the facts and circumstances underlying such liabilities or accruals), but only to the extent that the respective liabilities, accruals and provisions have actually reduced 
37

the Purchase Price, in particular with respect to Exhibit 4.1(b)-2, lit. (c) and/or Exhibit 4.1(b)-3, lit. (h). For purposes of this Section 15.3(a)(viii), only those Indemnified Taxes shall be taken into account where the respective Tax Indemnity Claim is not otherwise excluded or reduced by any of the exemptions pursuant to Sections 15.3(a)(i) through 15.3(a)(vii).
35.Any payment on the Tax Indemnification Claim shall be due and payable by the Seller on the tenth (10th) Business Day after the Seller has been notified in writing by the Purchaser about the payment obligation and the corresponding payment date and all material circumstances giving rise to the payment obligation pursuant and in accordance with this Agreement and has received a copy of the relevant Tax assessment notice (Steuerbescheid) of the competent Tax Authority, but in no case earlier than on the fifth (5th) Business Day before the Tax to be indemnified is due and payable to the Tax Authority. Upon request of the Seller, the Purchaser shall provide to the Seller any document which may enable the Seller to review the validity of the indemnification request. Upon request of the Seller the Purchaser shall, and shall procure that the relevant Group Company does, apply for a deferred payment date. It is understood that any kind of security to be granted in order to receive a deferral of payment is provided by the Seller, who will bear any interest been charged in case of an unsuccessful objection against a respective tax. If an Indemnified Tax case is not finally assessed but Taxes are due and payable any indemnification payment shall be considered as an advanced payment to the Purchaser. If subsequently the Tax for which the advanced payment has been made is reduced again by way of Tax assessment or otherwise lowered the difference between the higher advanced payment and the lower Tax liability shall be without undue delay reimbursed by the Purchaser to the Seller, including all interest related thereto.
d.Tax Refunds, Purchaser’s Obligations, Tax Benefits etc.
36.The Purchaser shall – unless the amount has already reduced the indemnification pursuant to Section 15.3(a) – pay to the Seller the amount of any refund of Taxes (other than a refund which is a Indemnification Tax Benefit) including interest thereon received by any of the Group Companies by cash payment, set-off, deduction or otherwise, relating to the Pre-Effective Date Tax Period (“Tax Refund”), after the Effective Date if and to the extent that the respective Tax Refund exceeds the amount of the respective Tax Refunds shown in the Financial Statements, but only if the Tax Refund shown in the Financial Statements has actually increased the Purchase Price. Any payment under this Section 15.4(a) shall be due and payable within ten (10) Business Days after such Tax Refund has been received by the recipient. The Purchaser shall notify the Seller in writing and without undue delay of any relevant decision by the Tax Authority or expiration of any applicable statute of limitation, as the case may be, resulting in a Tax Refund.
37.The Purchaser shall pay to the Seller any surplus of provisions for Taxes (Steuerrückstellungen) or liabilities for Taxes (sonstige Verbindlichkeiten aus Steuern) as recorded in the 2019 Financial Statements, if and to the extent the amount of non-appealable liabilities for Indemnified Taxes falls short of the amount of the provisions for Taxes or the amount of the liabilities for Taxes as recorded in the 2019 Financial Statements, but only if the respective balance sheet item in the 2019 Financial Statements has actually reduced the Purchase Price. Any amount to be paid by the Purchaser under this Section 15.4(b) shall be due and payable on the tenth 
38

(10th) Business Day after all Tax assessment notices for the Pre-Effective Date Tax Period have become non-appealable.
38.The Seller shall pay to the Purchaser an amount by which the surplus of receivables for Taxes (Steuerforderungen) as recorded in the 2019 Financial Statements, if and to the extent the amount of recovered receivables for Taxes falls short of the amount of the receivables for Taxes as recorded in the 2019 Financial Statements, if the respective balance sheet item in the 2019 Financial Statements has actually increased the Purchase Price. Section 15.4(b) shall apply mutatis mutandis.
e.Tax Covenants of the Purchaser
39.The Purchaser shall – without the Seller’s prior written approval – not take, and shall procure that after Closing no Group Company will take, any action, or omit to take any action, including the making of any Tax elections, the effect of which could give rise to any Tax liability (including any Tax Indemnification Claim pursuant to Section 15.3(a)) of the Seller or a Seller’s Affiliate, or result in any increase thereof, or in the reduction of any Indemnification Tax Benefit, Tax Refund or Tax Benefit, including any action or omission of action:
xxxvii.performed after Closing with retroactive effect to a period before the Effective Date; or
xxxviii.changing or issuance of any Tax Returns for a period prior to the Effective Date; or
xxxix.with respect to accounting and Tax accounting methods (including election rights) not consistent with past practice of the Group Companies; or,
xl.provided, however, that the Seller acknowledges that the Purchaser may make – and is therefore permitted to make – an election under section 338(g) of the United States Internal Revenue Code and corresponding elections under state or local law with respect to Non-US Entities. The Purchaser shall provide the Seller with notice of any such election as required by the Treasury Regulations under section 338 of the United States Internal Revenue Code
unless such action or omission of action, as the case may be, is required by mandatory law or carried out or effected under a legally binding obligation entered into on or before Closing by any Group Company. The Seller shall be deemed to have given its consent if the Seller did not provide any comment to Purchaser or the relevant Group Company within fifteen (15) Business Days following the receipt (Zugang) of a respective request of the Purchaser or any Group Company.
40.If the Purchaser fails to comply with any of its obligations under this Section 15.5 or Section 15.6, the Purchaser shall indemnify the Seller from and against all and any Taxes of the Seller and the Seller’s Affiliates (including, but not limited to, the reduction of current losses or loss carry forwards of the Seller or a Seller’s Affiliate), if the Seller demonstrates that the non-compliance caused or increased the respective Tax. Any amount payable pursuant to this Section 15.5 shall be due and payable on the tenth (10th) Business Day after receipt by the Purchaser of a payment notice by the Seller setting out all material circumstances giving rise to the payment obligation pursuant and in accordance with this Section 15.5(b).
39

f.Cooperation of Tax Matters
41.The Purchaser shall (and shall procure that the Group Companies do) cooperate with the Seller and its advisors in connection with any Tax Proceeding relating to a Pre-Effective Date Tax Period. The Purchaser shall (and shall procure that the Group Companies do) keep and make available to the Seller all books, records and information relating (wholly or partly) to or which may be relevant for any such period upon the Seller’s reasonable request.
42.The Purchaser shall timely (rechtzeitig) notify the Seller of any Tax Proceeding of a Group Company relating to a Pre-Effective Date Tax Period, in particular, but not limited to, the issuance of any Tax assessment notice by a Tax Authority and written requests or statements made by any competent Tax Authority with potential impact on a Pre-Effective Date Tax Period; any such notice shall be deemed to have been made timely if it is made within ten (10) Business Days after the receipt of such communication by either the Purchaser or any of the Group Companies unless an immediate response is required (e.g., in the event of tax investigations (Steuerfahndungsprüfungen). Such notice shall be reasonably detailed and shall include copies of the respective notices.
43.For all Tax Proceedings relating to a Pre-Effective Date Tax Period, the Purchaser shall reasonably involve the Seller or its counsel in such Tax Proceeding. In particular, but without limiting the generality of the foregoing, the Seller shall have the opportunity to (i) participate from the beginning until the end in a Tax Audit in relation to a Pre-Effective Date Tax Period at the cost and expense of the Seller, (ii) ask the Purchaser to procure that the Group Companies challenge and litigate any Tax assessment or other decision of any Taxing Authority or Tax court if and to the extent it is related to a Tax to be indemnified by the Seller, and (iii) comply with any instructions given by the Seller in relation to the conduct of the Tax Proceedings referred to in (i) and (ii) above, provided that these actions are legally permitted. 
g.Limitations, Miscellaneous
44.Any claims of the Purchaser against the Seller under this Section 15 shall become time-barred [***]. Any claims of the Seller against the Purchaser under this Section 15 shall become time-barred [***].
45.Claims of the Purchaser set forth in this Section 15 shall not be subject to any limitations set forth in this Agreement, except for Sections 14.1(c), 14.2, 14.5 through 14.9 of this Agreement.
46.Any payments under this Section 15 shall be treated as an adjustment to the Purchase Price.
16.PURCHASER’S AND GUARANTOR’S REPRESENTATIONS AND WARRANTIES
The Purchaser and the Guarantor hereby each guarantee to the Seller by way of an independent promise of guarantee (selbstständiges Garantieversprechen) that the statements set forth in this Section 16 are true and correct as at the Signing Date and the Closing Date (unless otherwise set forth below). The representations and warranties in Sections 16(a) to 16(j) below shall constitute separate, independent obligations of the Purchaser and the Guarantor, and the scope and content of each representation and warranty and any liability 
40

arising hereunder shall be exclusively defined by the provisions of this Section 16, which provisions form an integral part of such representations and warranties.
47.The Purchaser is a limited liability company duly organized and validly existing under the laws of the Federal Republic of Germany and the Guarantor is a stock corporation duly organized and validly existing under the laws of Delaware, USA.
48.The Purchaser and the Guarantor have the full corporate power and authority to deliver this Agreement and to carry out the Transaction, and the Transaction has been duly authorised by all necessary corporate actions on the part of the Purchaser and the Guarantor. This Agreement has been duly executed by or on behalf of the Purchaser and the Guarantor and constitutes their binding obligations.
49.There is – solely as of the Signing Date – no action, suit, investigation or proceeding pending against, or threatened against or affecting the Purchaser or its respective Affiliates or the Guarantor before any Governmental Authority or other third party which in any manner challenges or seeks to prevent or materially delay the consummation of the Transaction.
50.The execution and performance by the Purchaser or the Guarantor of this Agreement and the Transaction require no prior approval by or filing with any governmental body, public agency or official or other third party.
51.No insolvency or similar proceedings have been, or have been threatened to be, opened over the assets of the Purchaser or the Guarantor. Neither the Purchaser nor the Guarantor is illiquid (zahlungsunfähig) or over-indebted (überschuldet) within the meaning of sections 16 et seq. InsO or any other comparable applicable insolvency laws of other applicable jurisdictions.
52.As at the Signing Date, neither the Purchaser, the Guarantor nor any of Purchaser’s Representatives have knowledge of any facts or circumstances which could result in any Purchaser Claim, provided that this statement does not apply to Leakage Claims.
53.The information provided by or on behalf of the Purchaser and/or the Purchaser’s Representatives or the Guarantor to the Seller and/or its advisors prior to the Signing Date concerning the Purchaser, the Guarantor and/or their respective Affiliates with respect to the merger control filing analysis is to the best of the Purchaser’s and Guarantor’s knowledge complete, correct and not misleading. Any assessments provided by or on behalf of the Purchaser, the Guarantor or the Purchaser’s Representatives to the Seller and/or its advisors with respect to potential filing requirements have been prepared in good faith and with due care, inter alia based on the information provided by the Seller or Seller’s advisors upon request by the Purchaser or the Purchaser’s Representatives.
54.The Guarantor has ready access to and has cash sufficient to enable the Guarantor to fulfil all its obligation under and in connection with this Agreement if and when it is due and allow for the Purchaser to comply with its payment obligations under this Agreement if and when they are due.
55.The Purchaser is acquiring the Sold Shares at the Purchaser’s own account.
41

56.The Purchaser does not have any obligation or liability to pay any fees or commissions to any broker, finder, agent (Erfüllungsgehilfe) or other third party with respect to the Transaction for which the Seller could become wholly or partly liable.
17.Purchaser’s Covenants
a.Actions in connection with the Transaction; Insurance Coverage
The Parties agree to execute, or procure (steht dafür ein) to be executed, at the respective other Party’s written request, all agreements and documents and to give and take, or cause to be given and taken, respectively, all other declarations and actions necessary under applicable laws and regulations to consummate the Transaction, unless the execution of such agreements and documents or the giving of such declarations or the taking of such actions would cause an unreasonable hardship (Unzumutbarkeit) to the Party, whose action is required. The Purchaser shall procure (steht dafür ein) that any directors & officers insurance which existed up and until Closing for the benefit of any Indemnified Person (as defined below), if any, will be maintained in a way to secure that potential claims against the Indemnified Person based on acts or omissions up to and until Closing are covered to the same extent they were until Closing.
b.Preservation and Access to Books
The Purchaser hereby undertakes to procure (steht dafür ein) that as from the Closing Date the Group Companies will properly maintain and preserve, during the longer of the statutory keeping periods and a period of five (5) years as from the Closing Date, all relevant books and records (including but not limited to files, correspondence, documents, other papers and electronic data) of the Group Companies (the “Company Books”), to the extent they relate to the periods prior to and including the Closing Date. The Purchaser hereby undertakes to procure (steht dafür ein) that the Seller, its employees, professional advisors and other representatives shall be granted, upon reasonable written request, reasonable access to the Company Books (including the right to receive, at Seller's cost and expense, in reasonably due time, hard and/or electronic copies thereof) and to the personnel of the Group Companies during normal business hours, to the extent such access is reasonably requested in writing by the Seller, in each case, however, only for tax or other legitimate reasons based on the compliance with obligations pursuant to mandatory law (including but not limited to accounting or regulatory filing purposes, as well as in the context of any arbitral or judicial proceedings arising out of, or in connection with, this Agreement), and provided that such access does not unreasonably interfere with the business conduct of the Group Companies. The information made available to the Seller, its employees, professional advisors or other representatives shall be Confidential Information and as such subject to the terms of Section 22.
18.Purchaser’s Indemnity
a.No Claims by the Group Companies
The Purchaser undertakes not to bring, and shall procure (steht dafür ein) that the Guarantor, their respective Affiliates and their (managing) directors, employees or board members (including supervisory board and advisory board members) as well as, after the Closing Date, the Group Companies and their managing directors, employees or board members (including supervisory and advisory board members) (collectively the “Purchaser’s Related Parties”) will not bring any claims or initiate legal proceedings against the Seller or any of the Seller’s Affiliates (other than the Group Companies) or their respective direct or indirect shareholders, 
42

successors, officers, managing directors, board members (including supervisory and advisory board members), employees, advisors or agents or the Group Companies’ officers, managing directors, board members (including supervisory and Advisory Board members), employees, advisors or agents (each an “Indemnified Person”) on whatever legal grounds and in particular in connection with
57.the Indemnified Person’s 
xli.former direct or indirect shareholding in or contractual or legal relationship with a Group Company;
xlii.position as an officer, (managing) director, board member (including supervisory and advisory board member), employee, advisor or agent of a Group Company; or
xliii.position as a joint debtor of a Group Company;
58.the Finance Documents;
59.other than in cases of Leakage, any shareholder loans granted to or any other debt instruments issued by any of the Group Companies; 
in each case, however, except (i) for claims based on fraud (Betrug) or deceit (Arglist) or intentional behavior (vorsätzliches Verhalten), or (ii) if and to the extent the Purchaser is explicitly entitled to be compensated for such liability or obligation by the Seller under or pursuant to the terms of this Agreement or (iii) for any claims under any existing agreements between the Purchaser or any Purchaser’s Related Party and an Indemnified Person that are unrelated to this Agreement (if any), the Group or the Transaction (collectively the “Permitted Claims”).
b.Indemnification of Indemnified Persons
60.If, after Closing, an Indemnified Person is held liable by any of the Purchaser’s Related Parties for any existing or future liability or obligation on basis of any legal grounds then, unless such claim is a Permitted Claim, the Purchaser shall indemnify such Indemnified Person in respect of the relevant obligation and/or liability, together with all reasonable out-of-pocket costs and expenses relating thereto including reasonable legal fees, expenses and disbursements arising out of or in connection therewith (the “Seller’s Indemnification Claims”).
61.The Purchaser hereby waives, and shall, after Closing, procure at the written request of the Seller that all Group Companies waive, any claims they may have against any Indemnified Person unless such claim is a Permitted Claim, such waiver hereby being accepted by the Seller for the case that it so requests. The Purchaser acknowledges and agrees that, prior to the Scheduled Closing Date, a waiver by the Group Companies for any actual or contingent, known or unknown claim against the Indemnified Persons, except for Permitted Claims, shall be executed in form and substance as attached hereto as Exhibit 18.2(b) (a “Waiver”). Without undue delay following Closing, the Purchaser shall (i) pass a shareholder’s resolution at the Company confirming and approving the execution of the Waiver by the Company and (ii) procure the passing of a shareholders’ resolution at each other Group Company confirming and approving the execution of the Waiver by such Group Company.
43

62.The agreements on the obligations of the Purchaser pursuant to Sections 18.1, 18.2 and 18.3 are a true agreement for the benefit of third parties (echter Vertrag zugunsten Dritter) within the meaning of section 328 para. 1 BGB for the benefit of each Indemnified Person.
c.No repayment of the Shareholder Loan Receivable
63.The Purchaser undertakes to ensure that, during a period of twelve (12) months and one day following the Closing Date, the Shareholder Loan Receivable is not satisfied (rückgewährt), in whole or in part, by any means, in particular is neither partially nor fully repaid to the Purchaser or to any other person or entity that acquired (whether by contractual transfer or otherwise) the Shareholder Loan Receivable; and
64.agrees to indemnify and hold harmless Seller and each Indemnified Person from and against any claims whatsoever against Seller or any Indemnified Person in respect of any portion of the Shareholder Loan Receivable (or of any receivable, if any, replacing, in whole or in part, the Shareholder Loan Receivable) resulting from a breach of the obligation under Section 18.3(a), including from any related costs and expenses reasonably incurred by the Seller and/or any Indemnified Person in connection therewith.
19.Seller’s Remedies
If and to the extent that any of the Purchaser’s and Guarantor’s guarantees or the Purchaser’s or Guarantor’s covenants or indemnities, in particular those under Sections 15.4, 16, 17 and 18, is breached or the Purchaser or the Guarantor is in breach of any other obligations or otherwise liable to the Seller, as the case may be, under or in connection with this Agreement, the Seller’s respective claims and remedies, and the Purchaser’s and/or the Guarantor’s liability vis-à-vis the Seller shall be determined in accordance with statutory law, with any specific claim or remedy provided for under this Agreement (e.g. the Seller’s Indemnification Claims pursuant to Section 18.2) remaining unaffected, provided, however, that any damages resulting from a breach of the Purchaser’s and Guarantor’s guarantees under Section 16 shall be limited to Losses.
20.GUARANTOR’S UNDERTAKING
The Guarantor hereby accedes to any obligation and liability of the Purchaser under or in connection with this Agreement, including the obligation to pay the Purchase Price, if and when due, as if it were the Guarantor’s own principal obligation or liability (Schuldbeitritt). For the avoidance of doubt, the Guarantor hereby waives, and the Seller hereby accepts such waiver, any rights which the Guarantor may have to require the Seller to proceed first against, or claim payment from, the Purchaser such that as between the Seller and the Guarantor the latter shall be liable as principal debtor as if it had entered into the undertaking to perform such obligations under or in connection with this Agreement jointly and severally with the Purchaser.
21.Exit Bonuses
With respect to the payment of any exit bonuses payable by the Seller or any of the Seller’s Affiliates (other than the Group Companies) to employees/managing directors/directors/officers of the Group Companies (“Bonus Recipients”) in connection with the transaction contemplated under this Agreement (“Seller Exit Bonuses”), the Seller and the Purchaser agree on the following procedure: 
44

65.The Seller shall pay or procure the payment by any of the Seller’s Affiliates (other than the Group Companies) of the Seller Exit Bonuses to the Bonus Recipient net of any wage tax, solidarity surcharge thereon, any and all social security contributions, church tax and any similar type of tax, withholding, contribution falling due on such payment (“Bonus Withholding Taxes”) to the extent permissible under the respective bonus agreements. 
66.The amount of the Bonus Withholding Taxes withheld by the Seller or the respective Seller’s Affiliate (other than the Group Companies) from the Seller Exit Bonuses shall be paid by the Seller, or, as the case may be, the Seller shall procure that the respective Seller's Affiliate (other than the Group Companies) pays, to the respective Group Company being the employer of the Bonus Recipients (“Employer”). 
67.The Purchaser shall ensure that the Employers (i) co-operate with the Seller or the respective Seller's Affiliate (other than the Group Companies) with respect to the calculation of the Bonus Withholding Taxes and (ii) timely pay the amount of the Bonus Withholding Taxes to the competent Tax Authorities (after receipt of the respective amounts from the Seller or the Bonus Recipients). 
68.In case the Bonus Recipient object to the deduction of the Bonus Withholding Taxes or the withholding of the Bonus Withholding Taxes is otherwise not permissible, the Seller shall in the necessary timely manner for the necessary filing inform the Purchaser on the amount of the Seller Exit Bonuses in order to enable the Purchaser and the respective Employer to file a notification to the Tax Authorities pursuant to section 38 para. 4 German Income Tax Act (Einkommensteuergesetz).
22.CONFIDENTIALITY
a.Subject to Section 22.2 each Party shall treat strictly confidential all information received or obtained as a result of entering into or performing this Agreement which relates to: 
xliv.the existence, subject matter and provisions of this Agreement or any document referred to in or entered into pursuant to this Agreement; 
xlv.the negotiations relating to this Agreement and all documents referred to in this Agreement or entered into pursuant to this Agreement; or 
xlvi.the other Parties (or their Affiliates) 
((i) through (iii) collectively the “Confidential Information”).
b.If any disclosure or announcement of Confidential Information is required by law or by any regulation, rule or any court, stock exchange or Governmental Authority requirement, such disclosure may be made by the Party which has been addressed but only upon advice of its legal counsel and to the extent legally permissible and reasonably possible after:
69.having informed the other Parties without undue delay (unverzüglich) about the existence and scope of such obligation and the circumstances under which the obligation has been imposed upon it;
70.ensuring the confidential treatment of such Confidential Information disclosed to the relevant court, stock exchange or Governmental Authority;
71.consulting with the other Parties on possible steps to avoid or limit the disclosure; and
45

72.taking into account any reasonable steps another Party may request to prevent or limit the scope or impact of such disclosure.
c.Section 22.1 does not apply to the disclosure of Confidential Information:
73.to the extent that it is generally available to the public other than as a result of a breach of any duty of confidentiality by any Party;
74.to a (managing) director, officer or employee of the Purchaser, the Guarantor, the Seller or an Affiliate of the Seller (other than the Group Companies) or the Purchaser or the Guarantor whose function requires him or her to have the Confidential Information, subject to the condition that the Party making the disclosure procures that those persons treat the Confidential Information as confidential;
75.to the extent that it is required to be disclosed by applicable law, rule of listing authority or a stock exchange or Governmental Authority with relevant powers to which the Seller or any Affiliate of the Seller or the Purchaser or the Guarantor or any Affiliate of the Purchaser or the Guarantor is subject to or submits to, whether or not the requirement or request (as applicable) has the force of law, provided that the disclosure shall so far as is practicable and lawful be made after consultation with the Purchaser or the Seller (as the case may be) regarding the content, timing and manner of that disclosure unless the wording of any such disclosure is substantially the same as any previous disclosure made in consultation with the Purchaser or the Seller (as the case may be);
76.to professional advisors, providers of third party finance to the Purchaser, shareholders of the Guarantor, or W&I broker(s) or W&I insurer(s) providing for the W&I Insurance for the Purchaser or auditors of the Purchaser, the Guarantor, the Purchaser’s or the Guarantor's Affiliates, the Seller or the Seller’s Affiliates in connection with their engagement and subject to customary confidentiality obligations;
77.by the Seller to any person being an investors or potential investors in any current or future Carlyle Entity, in each case on a confidential basis; “Carlyle Entity” means (A) Carlyle European Technology Partners III L.P. (or its successor) (“CETP III”), (B) any person which is either an Affiliate of CETP III, other than portfolio companies, (C) any person which is advised or managed by (i) CETP III or (ii) an Affiliate or successor of CETP III, other than portfolio companies, in each case from time to time; or
78.the publication of the press release agreed between the Parties in writing (including fax or e-mail).
d.The Parties shall, to the extent legally permissible and to the extent able as shareholders, ensure that their Affiliates, from time to time, comply with the obligations in this Section 22.
e.The Purchaser shall cause the Group Companies and their respective legal successors to inform the Seller in a timely manner of any inquiries, requests, notices or similar correspondence received by the Purchaser or any of the Group Companies after the Closing Date from any Tax Authority and relating to the Seller.
23.MISCELLANEOUS
46

a.Interest payable under any provision of this Agreement shall be calculated on the basis of actual days elapsed divided by three hundred and sixty five (act/365). 
b.The Purchaser shall bear all transfer taxes (including real estate transfer tax, if any, and provided that VAT is solely dealt with in Section 4.4), fees for the notarization of this Agreement, fees for a merger control and/or German foreign investment control clearance, in each case if any, registration tax and other charges and costs payable in connection with the execution and consummation of this Agreement and the consummation of the transactions provided for therein, unless otherwise explicitly agreed herein. Save as aforesaid, each Party shall bear its own costs, expenses and taxes, including the fees of its advisors and counsels, including, for the avoidance of doubt, on the Seller's side, in particular Latham & Watkins LLP and UBS.
c.This Agreement, including the Exhibits and Schedules, contains the entire agreement between the Parties with respect to the subject matter hereof and supersedes any previous agreements, save only for the obligations and liabilities of the Confidentiality Agreement which shall continue in full force and effect until the Closing has occurred, and, should this Agreement be rescinded for any reason, for a period of two years after the date of the rescission of this Agreement (Section 10.5), but subject to the occurrence of the Closing, the Seller agrees to procure and also agrees to assign and transfer or procure the assignment and transfer of all rights under or pursuant to other confidentiality agreements entered into with parties interested in the Transaction. Any supplements or amendments to or a termination of this Agreement, as well as any declarations or waiver to be made hereunder, shall be valid only if made in writing, or, if required by law, in due notarial form. This shall also apply to any change to, or cancellation of this Section 23.2.
d.Neither the Purchaser nor the Guarantor may assign, delegate or otherwise transfer any right or claim they may have (individually or jointly) under or in connection with this Agreement without the prior written consent of the Seller. However, the Purchaser may assign or pledge for security purposes rights and claims under this Agreement in connection with the financing of the Transaction (including the refinancing of existing indebtedness of the Group Companies) with legal effect after the Closing Action pursuant to Section 10.2(a) having been performed. The Purchaser shall notify the Seller of any such assignment and the assignee.
e.Unless stated explicitly otherwise in this Agreement, this Agreement shall not grant any rights to, and is not intended to operate for, the benefit of any third parties, including the Group Companies (kein echter Vertrag zugunsten Dritter).
f.Unless provided otherwise in this Agreement, all notices, requests and other communications under or in connection with this Agreement shall be made in writing in the English language and delivered by hand, courier, mail, telecopy or pdf-copy by e-mail to the person at the addresses set forth below, or such other person or address as may be designated by the respective Party in writing from time to time, provided that (i) receipt of a copy of a notice, request or other communication by a Party’s advisors shall not constitute or substitute receipt thereof by the respective Party itself, and (ii) any notice, request or other communication shall be deemed received by a Party regardless of whether a copy thereof was sent to or received by an advisor of such Party, regardless of whether the delivery of such copy was mandated by this Agreement:
To the Seller:  CETP III Ivory S.à r.l[***]
With a copy to: Latham & Watkins LLP[***]
47

To Purchaser: Align Technology, Inc.2820 Orchard ParkwaySan Jose, California 95134Attention: [***]
With a copy to: Hogan Lovells International LLP Attn: [***]
To Guarantor:  Align Technology, Inc.2820 Orchard ParkwaySan Jose, California 95134Attention: [***]
With a copy to:  Hogan Lovells International LLP Attn: [***]
Any notice, request or other communication given to the Purchaser under or in connection with this Agreement shall be considered a notice, request or other communication given to the Guarantor as well, and vice versa.
g.The Purchaser and the Guarantor each hereby appoint [***], c/o Hogan Lovells International LLP, [***]as agent for service of process (Zustellungsbevollmächtigter) for all legal proceedings and disputes involving the Purchaser or the Guarantor, respectively, under or in connection with this Agreement. Such appointment shall only terminate upon the appointment of another agent for service of process domiciled in Germany, provided that the agent for service of process is an attorney admitted to the German bar (in Deutschland zugelassener Rechtsanwalt) and his or her appointment has been notified to and approved in writing by the Seller, such approval not to be unreasonably withheld. The Purchaser and the Guarantor shall promptly after the Signing Date and upon the appointment of any new agent for service of process, as the case may be, issue to the agent for service of process a written power of attorney (Vollmachtsurkunde) and shall irrevocably instruct the agent for service of process to submit such written power of attorney (Vollmachtsurkunde) in connection with any service of process under this Agreement.
h.In this Agreement (including all Exhibits and Schedules):
79.a reference to a Recital, Section or Exhibit or Schedules means a Recital, Section or Exhibit or Schedule of or to this Agreement;
80.a reference to a company or other legal entity shall be construed so as to include any legal entity or entities into which such company may be merged by means of a statutory merger or into which it may be split-up or de-merged, by means of a statutory split-up or demerger;
81.a “director” is a reference to a member of the board of directors or equivalent body of a company, corporation or other body corporate, and includes (without limitation) a manager (gérant) or managing director (Geschäftsführer) of any such company, corporation or other body corporate, but no member of an advisory board (Beirat);
82.a reference to a “person” includes a reference to an individual, a corporate body, an association, a partnership, a government or a state body and any other legal entity and 
48

includes in each case such person’s successors to all or parts of its business and permitted assigns;
83.any German legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept shall, in respect of any jurisdiction other than Germany, be construed to include what most closely resembles in that jurisdiction to the German legal term and any reference to any German statute shall be construed so as to include equivalent or analogous laws of any other jurisdiction; 
84.whenever the words “include”, “includes” or “including” or “in particular” or similar expressions are used in this Agreement, they shall be deemed to be followed by the words “without limitation”. Whenever the words “hereof”, “herein”, “hereunder”, “hereto” or similar expressions are used in this Agreement, they refer to this Agreement as a whole and not to a specific Section of this Agreement; 
85.the disclosure of any matter in an Exhibit or a Schedule shall be deemed to be a disclosure for all purposes of this Agreement. The fact that a matter has been disclosed in this Agreement (including in an Exhibit and a Schedule) shall not be used to construe the extent to which disclosure is required pursuant to the provisions of this Agreement; and
86.the headings in this Agreement are inserted for convenience only and shall not affect the interpretation or construction of this Agreement.
24.GOVERNING LAW AND PLACE OF JURISDICTION
a.Governing Law
This Agreement shall be governed by and construed in accordance with German law, excluding the German conflict of law rules and excluding the United Nations Convention on Contracts for the International Sale of Goods (CISG). Any possible current or future obligations between the Parties which fall under the EC Regulation No 864/2007 on the Law Applicable to Non-Contractual Obligations (Rome II) are also governed by and construed in accordance with German law. 
b.Arbitration
All disputes arising out of or in connection with this contract or its validity shall be finally settled in accordance with the Arbitration Rules of the German Arbitration Institute (DIS) without recourse to the ordinary courts of law. The arbitral tribunal shall be comprised of three members. The seat of the arbitration is Munich, Germany. The language of the arbitration shall be English, provided that written evidence may also be submitted in German.
25.SEVERABILITY
If any court of competent jurisdiction holds any provision of this Agreement invalid or unenforceable, the other provisions of this Agreement shall remain in full force and effect. The invalid or unenforceable provision shall be deemed to have been replaced by a valid, enforceable and fair provision which comes as close as possible to the intentions of the Parties at the time of the conclusion of this Agreement. It is the express intent of the Parties that the validity and enforceability of all other provisions of this Agreement shall be maintained and 
49

that this Section 25 shall not result in a reversal of the burden of proof but that section 139 BGB is hereby excluded in its entirety.
50

EXHIBIT 1
DEFINITIONS
Each of the following terms shall have the meaning as ascribed to it on the respective page of this Agreement (including its Recitals) containing the respective definition.
Bonus Withholding Taxes    45
 
Distributed Main Products    6 of Exhibit 11.6
 
Employer     45
 
Finance Parties     14
 
Purchase Price     9
 
The Group Companies' Software   6 of Exhibit 11.6
 
2018 Financial Statements    1 of Exhibit 11.6
2018 Holding Financial Statements   1 of Exhibit 11.6
2019 Financial Statements    10
 
Adjusted Purchase Price Statement   10
Adjustment Amount    13
Administrative Orders    9 of Exhibit 11.6
Advisory Board     6
Advisory Board Resignation Letter   6
Affiliate      6
Agreement     4
 
Bank Repayment Amount    14
BGB      8
Bonus Recipients     45
Business      4
Business Day     16
 
Carlyle Entity     47
CETP III     47
Claim Notice     26
Closing      16
Closing Actions     16
Closing Condition    15
Closing Confirmation    17
Closing Date     16
Closing Disclosure Letter    22
Company     4
Company Books     43
Confidential Information    46
Control      7
Controlling     7
Cut-off Date     29
 
Data Room     29
De Minimis Amount    32
Deductible     32
Disputed Items     11
Due Diligence     22
 
Effective Date     8

									
			

Effective Date Cash    8
Effective Date Debt    8
Effective Date Working Capital   9
Exempted Claims     32
 
Facilities Agreement    5
Fairly Disclosed     29
Final Purchase Price Statement   13
Finance Documents    5
Finance Parties’ Bank Account   14
Financing Collateral    5
Fraunhofer License    6 of Exhibit 11.6
Fraunhofer-Gesellschaft    6 of Exhibit 11.6
Fundamental Guarantees    18
 
Governmental Authority    19
Group      5
Group Companies    5
Group Managers     6
Guarantor     4
 
HGB      1
 
Indemnification Tax Benefit   35, 38
Indemnified Person    43
Indemnified Taxes    35
InsO      19
Insurer      32
International Managers    6
 
Key Employees     5(a) of Exhibit 11.6
Knowledge Bearer    21
   
Leakage      24
Lease Agreement     4 of Exhibit 11.6
Liability Cap     32
Liability Exclusion    33
Long Stop Date     17
Losses      27
Lump-Sum Compensation    18
 
Managers     6
Material Agreements    3 of Exhibit 11.6
Material Default     3b of Exhibit 11.6
Material IP     6 of Exhibit 11.6
 
Neutral Expert     11
Non-US Entities     35
Notice of Objections    11
 
Open Source Components    6 of Exhibit 11.6
Ordinary Shares     5
 
Parties      4
Party      4
Permit      9 of Exhibit 11.6
Permitted Claims     44
Permitted Leakage    25
Pre-Effective Date Tax Period   35
52

Preferred Shares     5
Preliminary Purchase Price   9
Proprietary Software    6 of Exhibit 11.6
Purchaser     4
Purchaser Claim     26
Purchaser’s Bank Account    15
Purchaser’s Related Parties   43
Purchaser’s Representatives   22
 
Related Party Agreements    6
Release Letter     14
Revised Adjusted Purchase Price Statement  11
 
Sample Purchase Price Calculation   9
Scheduled Closing Date    16
Seller      4
Seller’s Affiliates     24
Seller’s Bank Account    14
Seller’s Covenants    26
Seller’s Guarantee    18
Seller’s Indemnification Claims   44, 45
Seller’s Knowledge    21
Seller’s Representatives    10
SensAble Platform    6 of Exhibit 11.6
Share Capital     5
Share Purchase Price    8
Shareholder Loan     5
Shareholder Loan Agreement   5
Shareholder Loan Notice    7
Shareholder Loan Notice Amount   7
Shareholder Loan Purchase Price   9
Shareholder Loan Receivable   7  
Shareholder Loan Termination Agreement  7
Shareholders’ Resolution exocad Group GmbH 6
Shareholders’ Resolutions Company  6
Shareholders’ Resolutions Subsidiaries  6
Sold Shares     5
Subsidiary     5
 
Target Working Capital    9
Tax      35
Tax Audit     35
Tax Authority     35
Tax Indemnification Claim   36, 37
Tax Proceeding     36
Tax Refund     36, 39
Tax Return     36
Tax Warranties     36
Third Party Claim    29
Time Limitations     31
Transaction     4
 
US Taxes     36
USB StickDR     29
 
W&I Insurance     32
Waiver      44

53

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}]]