Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of December 1, 2021, is by and among
PREMIER HEALTHCARE ALLIANCE, L.P., a California limited partnership, PREMIER SUPPLY CHAIN IMPROVEMENT, INC., a Delaware corporation and PREMIER HEALTHCARE SOLUTIONS, INC., a Delaware corporation (each individually, a
“Borrower” and collectively, the “Co-Borrowers”), PREMIER SERVICES, LLC, a Delaware limited liability company (“Holdings”), the other Guarantors (as
hereinafter defined) party hereto, the Lenders (as defined below) party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (the “Administrative Agent”). Capitalized terms used herein and not otherwise
defined herein shall have the meanings ascribed thereto in the Credit Agreement (as defined below). 
 W I T N E S S E T H 

WHEREAS, the Co-Borrowers, Holdings, certain Subsidiaries of Holdings party thereto (together
with Holdings, the “Guarantors”), certain banks and financial institutions (the “Lenders”) and the Administrative Agent are parties to that certain Credit Agreement dated as of November 9, 2018 (as amended,
modified, extended, restated, replaced, or supplemented from time to time prior to the date hereof, the “Credit Agreement”); 

WHEREAS, the Loan Parties intend to consummate certain reorganization transactions among the Subsidiaries of Premier, Inc. (such
transactions, collectively, the “Subsidiary Reorganization”), and in connection therewith, the Co-Borrowers have requested that the Required Lenders amend certain provisions of the Credit
Agreement; and 
 WHEREAS, the Required Lenders are willing to make such amendments to the Credit Agreement, in accordance with and
subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the agreements hereinafter set forth,
and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 AMENDMENTS TO
CREDIT AGREEMENT 
 1.1 Amendment to Credit Agreement. Effective upon the Amendment Effective Date (as hereinafter
defined), the Credit Agreement is hereby amended to reflect the conformed copy of the Credit Agreement attached hereto as Exhibit A. 

ARTICLE II 
 RELEASE

 2.1 Release of Holdings as Guarantor. In reliance on the representations and warranties of the Loan Parties set
forth herein, as of the Amendment Effective Date, Holdings is hereby released and discharged from its obligations under the Credit Agreement and the other Loan Documents and shall no longer be a Guarantor or a Loan Party under the Loan Documents.

 ARTICLE III 

CONDITIONS TO EFFECTIVENESS 

3.1 Conditions to Effectiveness. This Amendment shall become effective as of the day and year set forth above (the
“Amendment Effective Date”) upon the satisfaction of the following conditions precedent: 
 (a) The
Administrative Agent shall have received a copy of this Amendment duly executed by the Co-Borrowers, the Guarantors, the Required Lenders and the Administrative Agent. 

(b) The Administrative Agent shall have received final, executed copies of the agreements, documents and instruments entered
into in connection with the Subsidiary Reorganization as in effect on the Amendment Effective Date, all of which shall be in form reasonably satisfactory to the Administrative Agent, and the Subsidiary Reorganization shall be consummated on the
Amendment Effective Date substantially concurrently with the effectiveness of this Amendment. 
 (c) Both immediately before
and after giving effect to this Amendment, (i) the representations and warranties set forth in Section 4.2 hereof are (x) with respect to representations and warranties that contain a materiality qualification, true and correct and
(y) with respect to representations and warranties that do not contain a materiality qualification, true and correct in all material respects and (ii) no Default or Event of Default has occurred and is continuing. 

(d) The Administrative Agent shall have received a certificate signed by a Responsible Officer of the Co-Borrowers certifying as to the matters set forth in this Article III. 
 ARTICLE IV 

MISCELLANEOUS 
 4.1
Amended Terms. On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically
amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms. 

4.2 Representations and Warranties of Loan Parties. Each Loan Party represents and warrants as follows: 

(a) It has taken all necessary action to authorize the execution, delivery and performance of this Amendment. 

(b) This Amendment has been duly executed and delivered by such person and constitutes such person’s legal, valid and
binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’
rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

(c) No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental
authority or third party is required in connection with the execution, delivery or performance by such person of this Amendment, except any such consent, approval, authorization, order, filing, registration or qualification that has been obtained or
the failure of which to obtain could not reasonably be expected to have a Material Adverse Effect. 

 (d) The representations and warranties set forth in Article V of the Credit
Agreement and in any other Loan Document are (i) with respect to representations and warranties that contain a materiality qualification, true and correct and (ii) with respect to representations and warranties that do not contain a
materiality qualification, true and correct in all material respects, in each case as of the date hereof (except for those which expressly relate to an earlier date). 

(e) After giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or Event of
Default. 
 (f) The Obligations are not reduced or modified by this Amendment and are not subject to any offsets, defenses or
counterclaims. 
 (g) The financial statements of Premier, Inc. most recently delivered pursuant to Section 6.01 of the
Credit Agreement fairly present in all material respects the financial condition of the Co-Borrowers and their Subsidiaries as of the date thereof and their results of operations for the period covered thereby
in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein. 

4.3 Reaffirmation of Obligations; No Waiver. Each Loan Party as of the Amendment Effective Date hereby ratifies
the Loan Documents to which it is a party and acknowledges and reaffirms (a) that it is bound by all terms of the Loan Documents applicable to it and (b) that it is responsible for the observance and full performance of its Obligations.
Except as specifically amended by this Amendment, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.
The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a
waiver of any provision of any of the Loan Documents. 
 4.4 Loan Document. This Amendment shall constitute a
Loan Document under the terms of the Credit Agreement. 
 4.5 Expenses. The Loan Parties agree to pay all
reasonable and properly-documented actual out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this
Amendment, including the reasonable and properly-documented actual fees and expenses of legal counsel for the Administrative Agent, in each case as set forth in Section 10.04 of the Credit Agreement. 

4.6 Further Assurances. Each Loan Party agrees to promptly take such action, upon the request of the
Administrative Agent, as is reasonably necessary to carry out the intent of this Amendment. The Administrative Agent agrees to promptly take such action, upon the request of (and at the sole cost and expense of) the
Co-Borrowers, as is reasonably necessary to carry out the intent of this Amendment. 
 4.7
Entirety. This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof.

 4.8 Counterparts; Telecopy. This Amendment may be executed in
any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart to this Amendment by telecopy or other electronic means
shall be effective as an original and shall constitute a representation that an original will be delivered. The words “execution,” “signed,” “signature,” and words of like import in this Amendment shall be deemed to
include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case
may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the
Uniform Electronic Transactions Act. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent of a manually signed letter which has been converted into
electronic form (such as scanned into “.pdf” format), or an electronically signed letter converted into another format, for transmission, delivery and/or retention. 

4.9 No Actions, Claims, Etc. As of the date hereof, each Loan Party hereby acknowledges and confirms that it has
no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent or the Administrative Agent’s officers, employees, representatives,
agents, counsel or directors arising from any action by such persons, or failure of such persons to act under the Credit Agreement on or prior to the date hereof. 

4.10 GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

4.11 Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. 
 4.12 Consent to Jurisdiction; Service of Process; Waiver of Jury
Trial. The jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 10.14 and 10.15 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the
date first above written. 
  

			
	CO-BORROWERS:
	
	PREMIER HEALTHCARE ALLIANCE, L.P.
		
	By: 	 	PREMIER SERVICES, LLC, its general partner
		
	By: 	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title: 	 	Chief Financial Officer

  

			
	PREMIER SUPPLY CHAIN IMPROVEMENT, INC.
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	PREMIER HEALTHCARE SOLUTIONS, INC.
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	HOLDINGS:
	
	PREMIER SERVICES, LLC
		
	By: 	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title: 	 	Chief Financial Officer

  
 Signature Page to First
Amendment to Credit Agreement 

 
			
	GUARANTORS:
	
	ACRO PHARMACEUTICAL SERVICES LLC
		
	By: 	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title: 	 	Chief Financial Officer

  

			
	CECITY.COM, INC.
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	COMMCARE PHARMACY-FTL, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	ESSENSA VENTURES, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  
 Signature Page to First
Amendment to Credit Agreement 

 
			
	HEALTHCARE INSIGHTS, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	INNOVATIX, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	INNOVATIX NETWORK, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	INNOVATIXCARES, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	NS3 HEALTH, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  
 Signature Page to First
Amendment to Credit Agreement 

 
			
	PREMIER MARKETPLACE, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	PREMIER PHARMACY BENEFIT MANAGEMENT, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	SVS LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	THERADOC, INC.
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	PROVIDEGX, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  
 Signature Page to First
Amendment to Credit Agreement 

 
			
	PREMIER SPECIALTY PHARMACY SOLUTIONS, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	STANSON HEALTH, INC.
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	CONTIGO HEALTH, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	CONDUCTIV, INC.
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	ACURITY, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  
 Signature Page to First
Amendment to Credit Agreement 

 
			
	NEXERA, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	CONDUCTIV CONTRACTS, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	INTERSECTTA, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	PREMIER SUPPLY CHAIN HOLDINGS, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  

			
	ELEMENTS CANADA, LLC
		
	By:	 	/s/ Craig McKasson
	Name:	 	Craig McKasson
	Title:	 	Chief Financial Officer

  
 Signature Page to First
Amendment to Credit Agreement 

 
			
	PREMIER IDS, LLC
		
	By:	 	/s/ Craig McKasson
	Name: Craig McKasson
	Title: Chief Financial Officer

 Signature Page to First Amendment to Credit Agreement 

 
			
	ADMINISTRATIVE AGENT AND LENDERS:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as Swing Line Lender, as a L/C Issuer and as a Lender
		
	By:	 	/s/ Lindsey Stuckey
	Name: Lindsey Stuckey
	Title: Director

 Signature Page to First Amendment to Credit Agreement 

 
			
	BANK OF AMERICA, N.A., as a Lender and as a L/C Issuer
		
	By:	 	/s/ H. Hope Walker
	Name: H. Hope Walker
	Title: Senior Vice President

 Signature Page to First Amendment to Credit Agreement 

 
			
	 CITIBANK, N.A., as a Lender

		
	 By:
	 	 /s/ Stanislav Andreev

	 Name: Stanislav Andreev

	 Title: Vice President

 Signature Page to First Amendment to Credit Agreement 

 
			
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	/s/ Gregory T. Martin
	Name: Gregory T. Martin
	Title: Executive Director

 Signature Page to First Amendment to Credit Agreement 

			
	
	KEYBANK NATIONAL ASSOCIATION, as a
Lender
		
	By:	 	/s/ Tanille Ingle
	Name: Tanille Ingle
	Title: Vice President

 Signature Page to First Amendment to Credit Agreement 

 
			
	TRUIST BANK, as a Lender
		
	By:	 	/s/ Katie Lundin
	Name: Katie Lundin
	Title: Director

 Signature Page to First Amendment to Credit Agreement 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Tom Priedeman
	Name: Tom Priedeman
	Title: Senior Vice President

 Signature Page to First Amendment to Credit Agreement 

 
			
	DNB CAPITAL LLC, as a Lender
		
	By:	 	/s/ Devan Patel
	Name: Devan Patel
	Title: First Vice President

  

			
	DNB CAPITAL LLC, as a Lender
		
	By:	 	/s/ Dania Hinedi
	Name: Dania Hinedi
	Title: Senior Vice President

 Signature Page to First Amendment to Credit Agreement 

 
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Alan J. Alexander
	Name: Alan J. Alexander
	Title: Senior Vice President

 Signature Page to First Amendment to Credit Agreement 

 
			
	 REGIONS BANK, as a Lender

		
	 By:
	 	 /s/ Sujay Maiya

	 Name: Sujay Maiya

	 Title: Director

 Signature Page to First Amendment to Credit Agreement 

 Exhibit A 

Conformed Copy through First Amendment to Credit Agreement, dated December 1, 2021 

Deal CUSIP Number: 74050YAC3 

Revolving Credit CUSIP Number: 74050YAD1 
  

 
  

CREDIT AGREEMENT 
 Dated as
of November 9, 2018 
 among 

PREMIER HEALTHCARE ALLIANCE, L.P., 

PREMIER SUPPLY CHAIN IMPROVEMENT, INC. 

and 
 PREMIER HEALTHCARE
SOLUTIONS, INC., 
 as the Co-Borrowers, 

CERTAIN DOMESTIC SUBSIDIARIES OF THE CO-BORROWERS 

FROM TIME TO TIME PARTY HERETO, 

as Guarantors, 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent, Swing Line Lender 

and an L/C Issuer, 
 and 

The Other Lenders Party Hereto 

WELLS FARGO SECURITIES, LLC and MERRILL LYNCH, PIERCE, 

FENNER & SMITH INCORPORATED, 

as Joint Lead Arrangers and Joint Book Managers 

BANK OF AMERICA, N.A., 
 as
Syndication Agent and an L/C Issuer 
 and 

CITIBANK, N.A., 

JPMORGAN CHASE BANK, N.A., 

KEYBANK NATIONAL ASSOCIATION, 

TRUIST BANK 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Co-Documentation Agents 
  

 
  

  
 1 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I.
	  	DEFINITIONS AND ACCOUNTING TERMS	  	 	1	 
			
	 1.01
	  	Defined Terms	  	 	1	 
	 1.02
	  	Other Interpretive Provisions	  	 	32	 
	 1.03
	  	Accounting Terms	  	 	32	 
	 1.04
	  	Rounding	  	 	33	 
	 1.05
	  	Times of Day	  	 	33	 
	 1.06
	  	Letter of Credit Amounts	  	 	33	 
	 1.07
	  	Interpretation and Construction of Exceptions/Carveouts to Article VII Negative Covenants	  	 	34	 
	 1.08
	  	Divisions	  	 	34	 
			
	 ARTICLE II.
	  	THE COMMITMENTS AND CREDIT EXTENSIONS	  	 	34	 
			
	 2.01
	  	Committed Loans	  	 	34	 
	 2.02
	  	Borrowings, Conversions and Continuations of Committed Loans	  	 	35	 
	 2.03
	  	Letters of Credit	  	 	36	 
	 2.04
	  	Swing Line Loans	  	 	45	 
	 2.05
	  	Prepayments	  	 	47	 
	 2.06
	  	Termination or Reduction of Commitments	  	 	48	 
	 2.07
	  	Repayment of Loans	  	 	49	 
	 2.08
	  	Interest	  	 	49	 
	 2.09
	  	Fees	  	 	50	 
	 2.10
	  	Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate	  	 	50	 
	 2.11
	  	Evidence of Debt	  	 	51	 
	 2.12
	  	Payments Generally; Administrative Agent’s Clawback	  	 	51	 
	 2.13
	  	Sharing of Payments by Lenders	  	 	53	 
	 2.14
	  	Increase in Commitments	  	 	54	 
	 2.15
	  	Joint and Several Liability	  	 	56	 
	 2.16
	  	Cash Collateral	  	 	56	 
	 2.17
	  	Defaulting Lenders	  	 	57	 
	 2.18
	  	Extension of Maturity Date	  	 	60	 
			
	 ARTICLE III.
	  	TAXES, YIELD PROTECTION AND ILLEGALITY	  	 	62	 
			
	 3.01
	  	Taxes	  	 	62	 
	 3.02
	  	Illegality	  	 	66	 
	 3.03
	  	Inability to Determine Rates	  	 	66	 
	 3.04
	  	Increased Costs	  	 	68	 
	 3.05
	  	Compensation for Losses	  	 	70	 
	 3.06
	  	Mitigation Obligations; Replacement of Lenders	  	 	70	 
	 3.07
	  	Survival	  	 	71	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 ARTICLE IV.
	  	CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	  	 	71	 
			
	 4.01
	  	Conditions of Initial Credit Extension	  	 	71	 
	 4.02
	  	Conditions to all Credit Extensions	  	 	73	 
			
	 ARTICLE V.
	  	REPRESENTATIONS AND WARRANTIES	  	 	74	 
			
	 5.01
	  	Existence, Qualification and Power	  	 	74	 
	 5.02
	  	Authorization; No Contravention	  	 	74	 
	 5.03
	  	Governmental Authorization; Other Consents	  	 	74	 
	 5.04
	  	Binding Effect	  	 	75	 
	 5.05
	  	Financial Statements; No Material Adverse Effect	  	 	75	 
	 5.06
	  	Litigation	  	 	76	 
	 5.07
	  	No Default	  	 	76	 
	 5.08
	  	Ownership of Property; Liens	  	 	76	 
	 5.09
	  	Environmental Compliance	  	 	76	 
	 5.10
	  	Insurance	  	 	76	 
	 5.11
	  	Taxes	  	 	76	 
	 5.12
	  	ERISA Compliance	  	 	77	 
	 5.13
	  	Subsidiaries; Capital Stock	  	 	78	 
	 5.14
	  	Margin Regulations; Investment Company Act	  	 	78	 
	 5.15
	  	Disclosure	  	 	78	 
	 5.16
	  	Compliance with Laws	  	 	78	 
	 5.17
	  	Taxpayer Identification Number	  	 	79	 
	 5.18
	  	Intellectual Property; Licenses, Etc.	  	 	80	 
	 5.19
	  	Solvency	  	 	80	 
	 5.20
	  	Labor Matters	  	 	80	 
	 5.21
	  	Financial Statements	  	 	80	 
			
	 ARTICLE VI.
	  	AFFIRMATIVE COVENANTS	  	 	81	 
			
	 6.01
	  	Financial Statements	  	 	81	 
	 6.02
	  	Certificates; Other Information	  	 	82	 
	 6.03
	  	Notices	  	 	84	 
	 6.04
	  	Payment of Obligations	  	 	85	 
	 6.05
	  	Preservation of Existence, Etc.	  	 	85	 
	 6.06
	  	Maintenance of Properties	  	 	85	 
	 6.07
	  	Maintenance of Insurance	  	 	85	 
	 6.08
	  	Compliance with Laws	  	 	86	 
	 6.09
	  	Books and Records	  	 	86	 
	 6.10
	  	Inspection Rights	  	 	86	 
	 6.11
	  	Use of Proceeds	  	 	86	 
	 6.12
	  	Additional Guarantors	  	 	87	 
	 6.13
	  	Pari Passu Status	  	 	87	 
	 6.14
	  	Further Assurances	  	 	87	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE VII.
	  	NEGATIVE COVENANTS	  	  
	 87
	  

			
	 7.01
	  	Liens	  	 	87	 
	 7.02
	  	Indebtedness	  	 	90	 
	 7.03
	  	Fundamental Changes	  	 	91	 
	 7.04
	  	Dispositions	  	 	92	 
	 7.05
	  	Change in Nature of Business	  	 	93	 
	 7.06
	  	Transactions with Affiliates	  	 	93	 
	 7.07
	  	Use of Proceeds	  	 	94	 
	 7.08
	  	Financial Covenants	  	 	94	 
	 7.09
	  	Restricted Payments	  	 	94	 
	 7.10
	  	Sales and Leasebacks	  	 	94	 
	 7.11
	  	Reserved	  	 	95	 
	 7.12
	  	Accounting Changes	  	 	95	 
	 7.13
	  	Investments	  	 	95	 
	 7.14
	  	Limitation on Restricted Actions	  	 	96	 
	 7.15
	  	[Reserved]	  	 	96	 
			
	 ARTICLE VIII.
	  	EVENTS OF DEFAULT AND REMEDIES	  	 	96	 
			
	 8.01
	  	Events of Default	  	 	96	 
	 8.02
	  	Remedies Upon Event of Default	  	 	98	 
	 8.03
	  	Application of Funds	  	 	99	 
			
	 ARTICLE IX.
	  	ADMINISTRATIVE AGENT	  	 	100	 
			
	 9.01
	  	Appointment and Authority	  	 	100	 
	 9.02
	  	Rights as a Lender	  	 	100	 
	 9.03
	  	Exculpatory Provisions	  	 	100	 
	 9.04
	  	Reliance by Administrative Agent	  	 	101	 
	 9.05
	  	Delegation of Duties	  	 	101	 
	 9.06
	  	Resignation of Administrative Agent	  	 	102	 
	 9.07
	  	Non-Reliance on Administrative Agent and Other Lenders	  	 	103	 
	 9.08
	  	No Other Duties, Etc.	  	 	103	 
	 9.09
	  	Administrative Agent May File Proofs of Claim	  	 	103	 
	 9.10
	  	Collateral and Loan Party Guaranty Matters	  	 	104	 
	 9.11
	  	Certain ERISA Matters	  	 	105	 
	 9.12
	  	Erroneous Payments	  	 	106	 
			
	 ARTICLE X.
	  	MISCELLANEOUS	  	 	108	 
			
	 10.01
	  	Amendments, Etc.	  	 	108	 
	 10.02
	  	Notices; Effectiveness; Electronic Communication	  	 	110	 
	 10.03
	  	No Waiver; Cumulative Remedies; Enforcement	  	 	112	 
	 10.04
	  	Expenses; Indemnity; Damage Waiver	  	 	113	 
	 10.05
	  	Payments Set Aside	  	 	115	 
	 10.06
	  	Successors and Assigns	  	 	115	 
	 10.07
	  	Treatment of Certain Information; Confidentiality	  	 	120	 

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 10.08
	  	Right of Setoff	  	 	121	 
	 10.09
	  	Interest Rate Limitation	  	 	122	 
	 10.10
	  	Counterparts; Integration; Effectiveness	  	 	122	 
	 10.11
	  	Survival of Representations and Warranties	  	 	122	 
	 10.12
	  	Severability	  	 	123	 
	 10.13
	  	Replacement of Lenders	  	 	123	 
	 10.14
	  	Governing Law; Jurisdiction; Etc.	  	 	124	 
	 10.15
	  	Waiver of Jury Trial	  	 	125	 
	 10.16
	  	No Advisory or Fiduciary Responsibility	  	 	125	 
	 10.17
	  	Electronic Execution of Assignments and Certain Other Documents	  	 	126	 
	 10.18
	  	USA PATRIOT Act	  	 	126	 
	 10.19
	  	Time of the Essence	  	 	126	 
	 10.20
	  	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	126	 
	 10.21
	  	Acknowledgement Regarding Any Supported QFCs	  	 	127	 
			
	 ARTICLE XI.
	  	LOAN PARTY GUARANTY	  	 	128	 
			
	 11.01
	  	The Guaranty	  	 	128	 
	 11.02
	  	Bankruptcy	  	 	128	 
	 11.03
	  	Nature of Liability	  	 	129	 
	 11.04
	  	Independent Obligation	  	 	129	 
	 11.05
	  	Authorization	  	 	129	 
	 11.06
	  	Reliance	  	 	130	 
	 11.07
	  	Waiver	  	 	130	 
	 11.08
	  	Limitation on Enforcement	  	 	131	 
	 11.09
	  	Confirmation of Payment	  	 	131	 
	 11.10
	  	Eligible Contract Participant	  	 	131	 
	 11.11
	  	Keepwell	  	 	131	 

  
 -iv- 

 SCHEDULES 
  

			
	 1.01(a)
	  	Non-Wholly Owned Subsidiaries
	 2.01
	  	Commitments and Applicable Percentages
	 5.03
	  	Other Consents
	 5.05
	  	Supplement to Interim Financial Statements
	 5.12
	  	ERISA Compliance
	 5.13
	  	Subsidiaries; Capital Stock
	 5.18
	  	Intellectual Property Matters
	 7.01
	  	Existing Liens
	 7.02
	  	Existing Indebtedness
	 7.13
	  	Existing Investments
	 10.02
	  	Administrative Agent’s Office; Certain Addresses for Notices

 EXHIBITS 
  

			
		  	Form of
		
	 A
	  	Committed Loan Notice
	 B
	  	Swing Line Loan Notice
	 C
	  	Note
	 D
	  	Compliance Certificate
	 E-1
	  	Assignment and Assumption
	 E-2
	  	Administrative Questionnaire
	 E-3
	  	Joinder
	 F
	  	Guarantor Joinder Agreement
	 G
	  	Bank Product Provider Notice
	 H-1
	  	Form of U.S. Tax Compliance Certificate – Foreign Lenders (Not Partnerships)
	 H-2
	  	Form of U.S. Tax Compliance Certificate – Non-U.S. Participants (Not Partnerships)
	 H-3
	  	Form of U.S. Tax Compliance Certificate – Non-U.S. Participants (Partnerships)
	 H-4
	  	Form of U.S. Tax Compliance Certificate – Foreign Lenders (Partnerships)

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (hereinafter, as it may be from time to time amended, modified, extended, renewed, substituted, and/or
supplemented, referred to as this “Agreement”) is entered into as of November 9, 2018, by and among PREMIER HEALTHCARE ALLIANCE, L.P., a California limited partnership, PREMIER SUPPLY CHAIN IMPROVEMENT,
INC., a Delaware corporation and PREMIER HEALTHCARE SOLUTIONS, INC., a Delaware corporation (collectively, the “Co-Borrowers”), the Guarantors (as defined herein), each lender from
time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Swing Line Lender and an L/C Issuer. 

WHEREAS, the Loan Parties (as hereinafter defined) have requested that the Lenders make loans and other financial accommodations to the
Loan Parties in an aggregate amount of up to $1,000,000,000, as more particularly described herein; and 
 WHEREAS, the Lenders have
agreed to make such loans and other financial accommodations to the Loan Parties on the terms and conditions contained herein. 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, such parties hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS
AND ACCOUNTING TERMS 
 1.01 Defined Terms. 

As used in this Agreement, the following terms shall have the meanings set forth below: 

“Accepting Lenders” has the meaning set forth in Section 10.01. 

“Act” has the meaning set forth in Section 10.18. 

“Additional Commitment Lender” has the meaning specified in Section 2.18(d). 

“Administrative Agent” means Wells Fargo Bank in its capacity as administrative agent under any of the Loan Documents, or any
successor administrative agent. 
 “Administrative Agent’s Office” means the Administrative Agent’s address and,
as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify to the Co-Borrowers and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit “E-2” attached hereto and made a part hereof or any other form approved by the Administrative Agent. 

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 

  
 S - 1 

 “Affiliate” means, with respect to any Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Aggregate Commitments” means the Commitments of all the Lenders. 

“Agreement” or “Credit Agreement” means this Credit Agreement, as it may be from time to time amended,
modified, extended, renewed, substituted, and/or supplemented. 
 “Anti-Corruption Laws” means the United States Foreign
Corrupt Practices Act of 1977 and all other laws, rules, and regulations of any jurisdiction applicable to any Co-Borrower or its Subsidiaries from time to time, the primary purpose of which is to prohibit
bribery or corruption. 
 “Anniversary Date” has the meaning specified in Section 2.18(a). 

“Applicable Percentage” means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place)
of the Aggregate Commitments represented by such Lender’s Commitment at such time, subject to adjustment as provided in Section 2.17. If the commitment of each Lender to make Loans and the obligation of each L/C Issuer
to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage
of such Lender most recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant
to which such Lender becomes a party hereto, as applicable. 
 “Applicable Rate” means, from time to time, the following
percentages per annum, based upon the Consolidated Total Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(b): 

Applicable Rate 
  

											
	 Level
	  	 Consolidated Total Net Leverage Ratio
	  	Eurodollar
Rate
Margin	  	Base
Rate
Margin	  	Commitment
Fee	  	Letter of
Credit Fee
	 I
	  	Less than or equal to 1.00 to 1.00	  	1.000%	  	0.000%	  	0.100%	  	1.000%
	 II
	  	Greater than 1.00 to 1.00 but less than or equal to 1.50 to 1.00	  	1.125%	  	0.125%	  	0.125%	  	1.125%
	 III
	  	Greater than 1.50 to 1.00 but less than or equal to 2.00 to 1.00	  	1.250%	  	0.250%	  	0.150%	  	1.250%
	 IV
	  	Greater than 2.00 to 1.00 but less than or equal to 3.00 to 1.00	  	1.375%	  	0.375%	  	0.175%	  	1.375%
	 V
	  	Greater than 3.00 to 1.00	  	1.500%	  	0.500%	  	0.200%	  	1.500%

  
 2 

 Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated
Total Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b); provided, however, that if a
Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Pricing Level V shall apply as of the first Business Day after the date on which such Compliance Certificate was
required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered. The Applicable Rate in effect from the Closing Date through the date on which the Administrative Agent receives the Co-Borrower’s Compliance Certificate and related financial statements for its fiscal quarter ended September 30, 2018 shall be determined based upon Pricing Level I. 

For the purposes of calculating the Consolidated Total Net Leverage Ratio in connection with this definition only, and for no other purpose,
to the extent that any Co-Borrower or any direct or indirect Subsidiary thereof acquires a Person, the Administrative Agent shall include in its calculation of Consolidated EBITDA the pro forma effect of such
acquisition as if such acquisition shall have occurred on the first date of the applicable test period. 
 Notwithstanding anything to the
contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b). 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or
(c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Arrangers” means Wells Fargo
Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, in their capacities as joint lead arrangers and joint book managers. 

“Assets” means, at any time, the total assets of the Co-Borrowers and their direct
and indirect Subsidiaries on a Consolidated basis which would be shown as assets on a Consolidated balance sheet of PHSI and its Consolidated Subsidiaries as of such time prepared in accordance with GAAP, after eliminating all amounts properly
attributable to minority interests, if any, in the stock and surplus of Subsidiaries. 
 “Assignee Group” means two or more
Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit “E-1” attached hereto and
made a part hereof or any other form approved by the Administrative Agent. 

  
 3 

 “Attributable Indebtedness” means, on any date, (a) in respect of any
Capital Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of
the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease. 

“Audited Financial Statements” means the audited consolidated balance sheet of Premier, Inc. and its direct and indirect
Subsidiaries for the fiscal years ended June 30, 2018, June 30, 2017 and June 30, 2016 and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of Premier, Inc. and
its direct and indirect Subsidiaries, including the notes thereto. 
 “Auto-Extension Letter of Credit” has the meaning
specified in Section 2.03(b). 
 “Availability Period” means the period from and including the
Closing Date to the earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender to
make Loans and of the obligation of each L/C Issuer to make L/C Credit Extensions pursuant to Section 8.02. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

“Bank of America Fee Letter” means the letter agreement, dated October 15, 2018, among the Co-Borrowers, Bank of America, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated. 

“Bank Product” shall mean any of the following products, services or facilities extended to any Loan Party or any Subsidiary
by any Bank Product Provider: (a) Cash Management Services; (b) products under any Hedging Agreement; and (c) commercial credit card, purchase card and merchant card services; provided, however, that for any of the
foregoing to be included as “Obligations” for purposes of a distribution under Section 8.03, the applicable Bank Product Provider must have previously provided a Bank Product Provider Notice to the Administrative
Agent which shall provide the following information: (i) the existence of such Bank Product, (ii) the maximum dollar amount (if reasonably capable of being determined) of obligations arising thereunder (the “Bank Product
Amount”), and (iii) the methodology to be used by the Loan Parties and the Administrative Agent in determining the obligations under such Bank Product from time to time. The Bank Product Amount may be changed from time to time upon

  
 4 

 
prior written notice to the Administrative Agent and Borrowers by the Bank Product Provider. Any Bank Product established from and after the time that the Lenders have received written notice
from the Co-Borrowers or the Administrative Agent that an Event of Default exists, until such Event of Default has been waived in accordance with Section 10.01, shall not be included
as “Obligations” for purposes of a distribution under Section 8.03. 
 “Bank Product
Amount” shall have the meaning set forth in the definition of Bank Product. 
 “Bank Product Debt” shall mean the
Indebtedness and other obligations of any Loan Party or Subsidiary relating to Bank Products. 
 “Bank Product Provider”
shall mean any Person that provides Bank Products to a Loan Party or any Subsidiary to the extent that (a) such Person is a Lender, an Affiliate of a Lender or any other Person that was a Lender (or an Affiliate of a Lender) at the time it
entered into the Bank Product but has ceased to be a Lender (or whose Affiliate has ceased to be a Lender) under the Credit Agreement or (b) such Person is a Lender or an Affiliate of a Lender on the Closing Date and the Bank Product was
entered into on or prior to the Closing Date (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender). 

“Bank Product Provider Notice” shall mean a notice substantially in the form of Exhibit G. 

“Base Rate” means for any day a fluctuating rate per annum equal to the
highest of (a) the Prime Rate for such day, (b) the sum of the Federal Funds Rate for such day plus fifty basis points (0.50%), (c) except during any Eurodollar Unavailability Period, the Eurodollar Rate for a one month Interest Period
beginning on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus one percent (1.0%) and (d) 0%. 

“Base Rate Committed Loan” means a Committed Loan that is a Base Rate Loan. 

“Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial
Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 CFR § 1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of
the Code) the assets of any such “employee benefit plan” or “plan”. 
 “Borrower Materials” has the
meaning specified in Section 6.02. 
 “Borrowing” means a Committed Borrowing or a Swing Line
Borrowing, as the context may require. 

  
 5 

 “Business Day” means any day other than a Saturday, Sunday or other day on
which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day on which dealings
in Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 
 “Capital Expenditures”
means, with respect to any Person for any period, any expenditure in respect of the purchase or other acquisition of any fixed or capital asset (excluding normal replacements and maintenance which are properly charged to current operations). For
purposes of this definition, the purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment or with insurance or condemnation proceeds shall be included in Capital
Expenditures only to the extent of the gross amount by which such purchase price exceeds the credit granted by the seller of such equipment for the equipment being traded in at such time or the amount of such insurance or condemnation proceeds, as
the case may be. 
 “Capital Lease” means, as applied to any Person, any lease of any Property (whether real, personal or
mixed) by that Person as lessee which, in accordance with GAAP, is required to be accounted for as a capital lease or a finance lease on the balance sheet of that Person. 

“Capital Lease Obligations” shall mean the capitalized lease obligations relating to a Capital Lease determined in accordance
with GAAP. 
 “Capital Stock” means (a) in the case of a corporation, capital stock, (b) in the case of an
association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general or limited), (d) in the
case of a limited liability company, membership interests (regardless of class), and (e) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the
issuing Person. 
 “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the
benefit of the Administrative Agent, the applicable L/C Issuer or Swing Line Lender (as applicable) and the Lenders, as collateral for L/C Obligations, Obligations in respect of Swing Line Loans, or obligations of Lenders to fund participations in
respect of either thereof (as the context may require), cash or deposit account balances or, if the applicable L/C Issuer or Swing Line Lender benefitting from such collateral shall agree in its reasonable discretion, other credit support, in each
case pursuant to documentation in form and substance reasonably satisfactory to (a) the Administrative Agent and (b) the applicable L/C Issuer or the Swing Line Lender (as applicable). 

“Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral
and other credit support. 
 “Cash Equivalents” means, as at any date, (a) securities issued or directly and fully
guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than twelve months from the date of
acquisition, (b) Dollar denominated time 

  
 6 

 
deposits and certificates of deposit of (i) the Lender, (ii) any domestic commercial bank of recognized standing or any U.S. branch of a foreign bank having capital and surplus in
excess of $250,000,000 or (iii) any bank whose short-term commercial paper rating from S&P is at least A-1 or the equivalent thereof or from Moody’s is at least
P-1 or the equivalent thereof (any such bank being an “Approved Bank”), in each case with maturities of not more than 360 days from the date of acquisition, (c) commercial paper and variable or
fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by, any domestic corporation rated A-1 (or the equivalent thereof) or better
by S&P or P-1 (or the equivalent thereof) or better by Moody’s and maturing within 12 months of the date of acquisition, (d) repurchase agreements with a term of not more than thirty
(30) days entered into by any Person with a bank or trust company (including the Lender) or recognized securities dealer having capital and surplus in excess of $250,000,000 for direct obligations issued by or fully guaranteed by the United
States in which such Person shall have a perfected first priority security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair market value of at least 100% of the amount of the repurchase obligations,
(e) securities that have stated maturities beyond three months but are priced and traded as short-term investments due to the liquidity provided through the interest rate reset mechanism of seven (7) to thirty-five (35) days, (f)
Investments, classified in accordance with GAAP as current assets, in money market investment programs registered under the Investment Company Act of 1940, as amended, which are administered by one or more reputable financial institutions having
capital of at least $250,000,000 and the portfolios of which are limited to Investments of the character described in the foregoing subdivisions (a) through (f), and (g) in the case of any Foreign Subsidiary, high quality, short term,
liquid investments made by such Foreign Subsidiary in the ordinary course of managing its surplus cash positions in investments of at least comparable quality as those described in clauses (a) through (f) above. 

“Cash Management Services” shall mean any services provided from time to time to any Loan Party or Subsidiary in connection
with operating, collections, payroll, trust, or other depository or disbursement accounts, including automatic clearinghouse, controlled disbursement, depository, electronic funds transfer, information reporting, lockbox, stop payment, overdraft
and/or wire transfer services and all other treasury and cash management services. 
 “Change in Law” means the occurrence,
after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that
notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules,
guidelines or directives promulgated by the Bank for International settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall
in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. 

  
 7 

 “Change of Control” means at any time the occurrence of any of the
following events: (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any
employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, of more than 35% of the aggregate issued and outstanding Voting Stock
of Premier, Inc.; (b) Premier, Inc. shall fail to own, directly or indirectly, beneficially or of record, 75% of the aggregate issued and outstanding Capital Stock of PHSI; (c) PHSI shall (i) cease to be a general partner of PHA or
(ii) fail to own, directly or indirectly, beneficially or of record, 75% of the aggregate general partner voting interests of PHA; (d) PHA shall fail to own, directly or indirectly, beneficially or of record, more than 50% of the aggregate
issued and outstanding Voting Stock of PSCI; and (e) during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of Premier, Inc. cease to be composed of individuals
(i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above
constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred
to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body. 

“Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or
waived in accordance with Section 10.01. 
 “Closing Date Transactions” means collectively, the
Refinancing and the initial borrowings and other extensions of credit under this Agreement and the payment of fees, commissions and expenses in connection with each of the foregoing. 

“Co-Borrower” and
“Co-Borrowers” have the meanings specified in the introductory paragraph hereto. 

“Code” means the Internal Revenue Code of 1986. 

“Commitment” means, as to each Lender, its obligation to (a) make Committed Loans to the
Co-Borrowers pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at
any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may
be adjusted from time to time in accordance with this Agreement. 
 “Commitment Letter” means the commitment letter with
respect to the Facility, dated October 15, 2018, among the Co-Borrowers, Wells Fargo Bank, Bank of America, N.A. and the Arrangers. 

  
 8 

 “Committed Borrowing” means a borrowing consisting of simultaneous
Committed Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01. 

“Committed Loan” has the meaning specified in Section 2.01. 

“Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion of Committed Loans from one
Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit “A” attached
hereto and made a part hereof. 
 “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et
seq.). 
 “Compliance Certificate” means a certificate substantially in the form of Exhibit “D”. 

“Consolidated” shall mean, when used with reference to financial statements or financial statement items of the Co-Borrowers and their Subsidiaries, PHSI and its Subsidiaries or any other Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP. 

“Consolidated EBITDA” means, as of any date of determination for the Four-Quarter Period ending on such date, without
duplication, (a) Consolidated Net Income of the Loan Parties and their Subsidiaries for such period plus (b) the sum of the following to the extent deducted in calculating Consolidated Net Income for such period:
(i) Consolidated Interest Expense of the Loan Parties and their Subsidiaries for such period; (ii) the provision for Federal, state, local and foreign income taxes payable by the Loan Parties and their Subsidiaries for such period
on a Consolidated basis; (iii) depreciation and amortization expense of the Loan Parties and their Subsidiaries for such period on a Consolidated basis (including amortization of intangibles (including, but not limited to, goodwill) and
organization costs); (iv) other non-cash charges, non-cash expenses and non-cash items reducing Consolidated Net Income for
such period, including (A) charges against goodwill, (B) the amount of any non-cash loss that is recognized pursuant to SFAS 141(R) in connection with the recognition or re-measurement of any earnout payment liability, (C) the amount of any non-cash loss associated with foreign exchange contracts, (D) the amount of any amortization
of customer contracts, non-compete agreements or other intangible assets, and (E) the impact of acquisition accounting or similar adjustments required or permitted by GAAP in connection with any Permitted
Acquisition; provided, that cash payments made in such period or in any future period in respect of such non-cash charges, expenses or losses (excluding any such charge, expense or loss incurred in the
ordinary course of business that constitutes an accrual of or a reserve for cash charges for any future period) shall be subtracted from Consolidated Net Income in calculating Consolidated EBITDA in the period when such payments are made;
(v) following any Permitted Acquisition, for each quarter during the four consecutive fiscal quarter period preceding the date of any such Permitted Acquisition, such amounts of trailing twelve month EBITDA for the target business acquired by
any Loan Party in such Permitted Acquisition as the Loan Parties and the Agent shall agree to in writing; (vi) non-cash stock option and other equity-based compensation; and
(vii) non-recurring cash charges of up to $15,000,000 for any 12-month period, minus (c) non-cash charges
previously added back to Consolidated Net Income in determining Consolidated EBITDA to the extent such non-cash charges have become cash charges during such period minus (d) any other non-recurring cash or non-cash gains during such period. 

  
 9 

 “Consolidated Interest Expense” means, as of any date of determination for
the Four-Quarter Period ending on such date, all interest expense (excluding amortization of debt discount and premium, but including the interest component under Capital Leases and synthetic leases, tax retention operating leases, off-balance sheet loans and similar off-balance sheet financing products) for such period of the Loan Parties and their Subsidiaries on a Consolidated basis. 

“Consolidated Interest Coverage Ratio” means as of any date of determination for the Four-Quarter Period ending on such date
with respect to the Loan Parties and their Subsidiaries on a Consolidated basis, the ratio of (a) Consolidated EBITDA to (b) Consolidated Interest Expense paid or payable in cash. 

“Consolidated Net Income” means for any period, on a Consolidated basis in accordance with GAAP with respect to the Loan
Parties and their Subsidiaries, the income of such Person for such period, after deducting therefrom all operating expenses, provisions for all taxes and reserves and all other proper deductions, all determined in accordance with GAAP;
provided, that in calculating Consolidated Net Income of the Loan Parties and their Subsidiaries for any period, the net income (or loss) of any Person in which any Loan Party or any of its Subsidiaries has a joint interest with a third party
shall be excluded, except to the extent such net income is actually paid in cash to any Loan Party or any of its Subsidiaries by dividend or other distribution during such period. 

“Consolidated Total Net Leverage Ratio” means as of any date of determination for the Four-Quarter Period ending on such
date, the ratio of (a) Funded Debt of the Loan Parties and their Subsidiaries on the last day of such period on a Consolidated basis minus unrestricted cash and Cash Equivalents of the Loans Parties and their Subsidiaries in an amount
not to exceed $300,000,000 to (b) Consolidated EBITDA of the Loan Parties and their Subsidiaries for such period. For the purposes of calculating the Consolidated Total Net Leverage Ratio in connection with determining compliance with the
financial covenant set forth and contained in Section 7.08(b) of this Agreement only, and for no other purpose, to the extent that any Co-Borrower or any direct or indirect Subsidiary
thereof acquires a Person, the Administrative Agent shall include in its calculation of Consolidated EBITDA the pro forma effect of such acquisition as if such acquisition shall have occurred on the first date of the applicable test period. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement,
instrument or other undertaking to which such Person is a party or by which it or any of its Property is bound. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Covered Party” has the meaning specified in Section 10.21. 

  
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 “Credit Extension” means each of the following: (a) a Borrowing and
(b) an L/C Credit Extension. 
 “Customary Permitted Liens” means the following: 

(a) Liens (other than Environmental Liens and any Lien imposed under ERISA) for taxes, assessments or charges of any Governmental Authority or
claims not yet due or which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained to the extent required by GAAP; 

(b) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other like Liens (other than any Lien imposed
under ERISA) imposed by Laws, including, Liens in favor of any Governmental Authority securing progress payments made under government contracts created in the ordinary course of business and for amounts not yet due or which are being contested in
good faith by appropriate proceedings which are sufficient to prevent imminent foreclosure of such Liens, are promptly instituted and diligently conducted and with respect to which adequate reserves or other appropriate provision are being
maintained to the extent required by GAAP; 
 (c) Liens (other than any Lien imposed under ERISA) incurred or deposits made in the ordinary
course of business (including surety bonds and appeal bonds) in connection with workers’ compensation, unemployment insurance and other types of social security benefits or to secure the performance of tenders, bids, leases, contracts,
statutory obligations and other similar obligations or arising as a result of progress payments or deposits under government contracts (including foreign government contracts); provided that in each such case such Liens (i) were
not incurred or made in connection with the incurrence or maintenance of Indebtedness, the borrowing of money, the obtaining of advances or credit and (ii) do not in the aggregate materially detract from the value of the Property so encumbered
or materially impair the use thereof in the operation of any Co-Borrower or its direct and indirect Consolidated Subsidiaries’ respective businesses; 

(d) easements (including reciprocal easement agreements and utility agreements), rights-of-way, covenants, consents, reservations, encroachments, variations and other restrictions, charges or encumbrances (whether or not recorded) affecting the use of real property or impairing the use
thereof which are imposed by law or arise in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the
Person owning such Property; 
 (e) Liens arising out of and with respect to customer deposits made in the ordinary course of the Co-Borrowers’ respective businesses; 
 (f) Liens arising as a result of the filing of any financing
statement under any applicable state uniform commercial code or comparable Laws of any jurisdiction covering consigned or leased goods which do not constitute assets of the Co-Borrowers and which is not
intended as security; and 

  
 11 

 (g) extensions, renewals or replacements of any Lien referred to in clauses
(a) through (f) above; provided that (i) in the case of clauses (a) through (f) above, the principal amount of the obligation secured thereby is not increased and (ii) any such
extension, renewal or replacement is limited to the Property originally encumbered thereby. 
 “Debtor Relief Laws” means
the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect. 
 “Default” means any event or condition that
constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 

“Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal
to (i) the Base Rate plus (ii) the Applicable Rate applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest
rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum. 

“Defaulting Lender” means, subject to Section 2.17, any Lender that (a) has failed to
(i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Co-Borrowers in
writing that such failure is the result of such Lender’s reasonable determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in
such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any L/C Issuer, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters
of Credit or Swing Line Loans) within two Business Days of the date when due, (b) has notified the Co-Borrowers, the Administrative Agent, any L/C Issuer or any Swing Line Lender in writing that it does
not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is
based on such Lender’s reasonable determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),
(c) has failed, within three Business Days after written request by the Administrative Agent or the Co-Borrowers, to confirm in writing to the Administrative Agent and the
Co-Borrowers that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt
of such written confirmation by the Administrative Agent and the Co-Borrowers), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any
Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the
Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not
be a Defaulting Lender solely by virtue of the ownership or acquisition of any Capital Stock in that 

  
 12 

 
Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements
made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and
binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(b)) as of the date established therefor by the Administrative Agent in a written notice of such
determination, which shall be delivered by the Administrative Agent to the Co-Borrowers, each L/C Issuer, the Swing Line Lender and each other Lender promptly following such determination. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale
and leaseback transaction) of any Property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith; provided, that
the term “Disposition” shall exclude any issuance of Capital Stock by any Loan Party to any Person. 
 “Dollar”
and “$” mean lawful money of the United States. 
 “Domestic Subsidiary” means any Subsidiary that is
organized under the laws of any political subdivision of the United States. 
 “EEA Financial Institution” means
(a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution
described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to
consolidated supervision with its parent. 
 “EEA Member Country” means any of the member states of the European Union,
Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative authority or any Person
entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any credit institution or investment firm established in any EEA Member Country. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 10.06(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)). 

“Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules,
judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the Release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 

  
 13 

 “Environmental Liability” means any liability, contingent or otherwise
(including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of any Co-Borrower, any other Loan Party or any of their respective Subsidiaries directly or
indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials,
(d) the Release or threatened Release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 “Environmental Lien” means a Lien in favor of any Governmental Authority for (a) any liability under any
Environmental Laws or (b) damages arising from, or costs incurred by such Governmental Authority in response to a Release or threatened Release of any Hazardous Materials into the environment. 

“ERISA” means the Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Co-Borrowers within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Co-Borrowers or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” (as such term is defined in
Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Co-Borrowers or any
ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or
4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Pension Plan or Multiemployer Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430,
431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Co-Borrowers or any ERISA Affiliate. 
 “Erroneous Payment” has the meaning specified in
Section 9.12. 
 “Erroneous Payment Deficiency Assignment” has the meaning specified in
Section 9.12. 
 “Erroneous Payment Return Deficiency” has the meaning specified in
Section 9.12. 

  
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 “EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurodollar Rate” means for any Eurodollar Rate Loan for any Interest Period therefor, the rate per annum (rounded upwards,
if necessary, to the nearest 1/100 of 1%) equal to the London Interbank Offered Rate (“LIBOR”) for the corresponding deposits of Dollars at approximately 11:00 A.M. (London time) two (2) Business Days prior to the first day of
such Interest Period for a term comparable to such Interest Period. If for any reason such rate is not available, then “LIBOR” shall mean the rate per annum at which, as determined by the Administrative Agent in accordance with its
customary practices, Dollars in an amount comparable to the Loans then requested are being offered to leading banks at approximately 11:00 A.M. London time, two (2) Business Days prior to the commencement of the applicable Interest Period for
settlement in immediately available funds by leading banks in the London interbank market for a period equal to the Interest Period selected. Notwithstanding the foregoing, if the Eurodollar Rate shall be less than zero, such rate shall be deemed
zero for purposes of this Agreement. 
 “Eurodollar Rate Loan” means a Committed Loan that bears interest at a rate based
on the Eurodollar Rate. 
 “Eurodollar Unavailability Period” means any period of time during which a notice delivered to
the Co-Borrowers in accordance with Section 3.03(a) remains in full force and effect. 

“Event of Default” has the meaning specified in Section 8.01. 

“Excluded Subsidiaries” means (a) Premier Insurance Management Services, Inc., (b) any Immaterial Domestic Subsidiary,
and (c) Non-Wholly Owned Subsidiary. 
 “Excluded Swap Obligation” means, with
respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Loan Party Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Loan Party
Guaranty thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s
failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the Loan Party Guaranty of such Guarantor or the grant of such security interest
becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which
such Loan Party Guaranty or security interest is or becomes illegal. 
 “Excluded Taxes” means any of the following Taxes
imposed on or with respect to any Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending Office located in, 

  
 15 

 
the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on
amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than
pursuant to an assignment request by the Co-Borrowers under Section 3.06(b)) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to
Section 3.01, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its Lending Office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 3.01(g) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Existing Credit Agreement” means that certain Credit Agreement dated as of June 24, 2014, by and among the Co-Borrowers, the lenders party thereto and Wells Fargo Bank, as administrative agent. 

“Existing Maturity Date” means the Maturity Date in effect immediately after the receipt by the Administrative Agent of an
Extension Letter but prior to the Extension so requested in such Extension Letter taking effect. 
 “Extending Lender” has
the meaning specified in Section 2.18(e). 
 “Extension” has the meaning specified in
Section 2.18(a). 
 “Extension Effective Date” has the meaning specified in
Section 2.18(e). 
 “Extension Letter” has the meaning specified in
Section 2.18(a). 
 “Facility” has the meaning specified in the introductory paragraph hereto.

 “FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing. 

“FDIC” means the Federal Deposit Insurance Corporation. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that
(a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the preceding 

  
 16 

 
Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be
the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Wells Fargo Bank on such day on such transactions as determined by the Administrative Agent. Notwithstanding the foregoing, if the Federal Funds Rate
shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “Fee Letters” shall mean a
collective reference to the Bank of America Fee Letter and the Wells Fargo Fee Letter. 
 “fiscal quarter” means, unless
otherwise specified, the fiscal quarter of each Co-Borrower. 
 “fiscal year”
means, unless otherwise specified, the fiscal year of each Co-Borrower. 
 “Foreign
Lender” means any Lender that is organized under the Laws of a jurisdiction other than that in which the Co-Borrowers are resident for tax purposes (including such a Lender when acting in the capacity
of an L/C Issuer). For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

“Four-Quarter Period” means the rolling, prior four consecutive fiscal quarters ending on the date of any computation of any
ratio or other provision contained herein (including the quarter ending on the date as of which such computation is made). 

“FRB” means the Board of Governors of the Federal Reserve System of the United States. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any L/C Issuer, such Defaulting
Lender’s Applicable Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such L/C Issuer other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to
other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage of Swing Line Loans other than Swing Line Loans as to which such
Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 
 “Funded
Debt” means, with respect to any Person, without duplication, all Indebtedness of such Person (other than Indebtedness set forth in clauses (d), (e) and (i) of such definition. 

  
 17 

 “GAAP” means generally accepted accounting principles in the United States
applied on a consistent basis and subject to the terms of the Loan Documents. Notwithstanding anything to the contrary in this Agreement, any obligations of a Person under a lease (whether now existing or entered into in the future) that is not (or
would not be) a Capital Lease Obligation under GAAP as in effect on the Closing Date, shall not be treated as a Capital Lease Obligation solely as a result of the adoption of changes in GAAP. 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government (including any supra-national bodies such as the European Union or the European Central Bank). 
 “GPO Participation
Agreements” means the GPO Participation Agreements entered into between PHA and customers of the group purchasing programs conducted by PHA and its Affiliates, pursuant to which the limited partners are entitled to purchase products and
services under the terms of program contracts negotiated with certain vendors. 
 “Guarantee” means, with respect to any
Person, without duplication, any obligations of such Person (other than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any Indebtedness of any other Person
in any manner, whether direct or indirect, and including any obligation, whether or not contingent, (a) to purchase any such Indebtedness or any Property constituting security therefor, (b) to advance or provide funds or other support for
the payment or purchase of any such Indebtedness or to maintain working capital, solvency or other balance sheet condition of such other Person (including keep well agreements, maintenance agreements, comfort letters or similar agreements or
arrangements) for the benefit of any holder of Indebtedness of such other Person, (c) to lease or purchase Property, securities or services primarily for the purpose of assuring the holder of such Indebtedness, or (d) to otherwise assure
or hold harmless the holder of such Indebtedness against loss in respect thereof. The amount of any Guarantee hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount (or
maximum principal amount available to be advanced, if larger) of the Indebtedness in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the
guaranteeing Person in good faith. 
 “Guarantors” means, collectively, the Domestic Subsidiaries of the Co-Borrowers (other than any other Co-Borrower) as are, or may from time to time become parties to this Agreement. 

“Guarantor Joinder Agreement” shall mean a Guarantor Joinder Agreement in substantially the form of Exhibit F,
executed and delivered by a Person in accordance with the provisions of Section 6.12. 
 “Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated
biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 

  
 18 

 “Hedging Agreement” means, with respect to any Person, any agreement
entered into to protect such Person against fluctuations in interest rates, or currency or raw materials values, including any interest rate swap, cap or collar agreement or similar arrangement between such Person and one or more counterparties, any
foreign currency exchange agreement, currency protection agreements, commodity purchase or option agreements or other interest or exchange rate hedging agreements. 

“Hedging Agreement Termination Value” means, in respect of any one or more Hedging Agreements, after taking into account the
effect of any legally enforceable netting agreement relating to such Hedging Agreements, (a) for any date on or after the date such Hedging Agreements have been closed out and termination value(s) determined in accordance therewith, such
termination value(s), and (b) for any date prior to the date referenced in the foregoing clause (a), the amount(s) determined as the mark-to-market
value(s) for such Hedging Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedging Agreements (which may include a
Lender or any Affiliate of a Lender). 
 “HIPAA” means the (a) Health Insurance Portability and Accountability Act of
1996; (b) the Health Information Technology for Economic and Clinical Health Act (Title XIII of the American Recovery and Reinvestment Act of 2009); and (c) any state and local laws applicable to the Loan Parties regulating the privacy and/or
security of individually identifiable health information, including state laws providing for notification of breach of privacy or security of individually identifiable health information, in each case with respect to the laws described in clauses
(a), (b) and (c) of this definition, as the same may be amended, modified or supplemented from time to time, any successor statutes thereto, any and all rules or regulations promulgated from time to time thereunder. 

“Holdings” means Premier Services, LLC, a Delaware limited liability company. 

“Immaterial Domestic Subsidiary” means any Domestic Subsidiary of a Co-Borrower who
(a) generates less than 5% of Consolidated EBITDA on a pro forma basis for the four (4) fiscal quarter period most recently ended or (b) owns less than 5% of the Assets as of the last day of the most recently ended fiscal quarter.

 “Incremental Loan Commitments” has the meaning assigned thereto in Section 2.14(a). 

“Incremental Loans” has the meaning assigned thereto in Section 2.14(a). 

“Incremental Revolving Credit Commitment” has the meaning assigned thereto in Section 2.14(a). 

“Incremental Revolving Credit Increase” has the meaning assigned thereto in Section 2.14(a). 

“Incremental Term Loan” has the meaning assigned thereto in Section 2.14(a). 

“Incremental Term Loan Commitment” has the meaning assigned thereto in Section 2.14(a). 

  
 19 

 “Indebtedness” means, with respect to any Person, without duplication,
(a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, (c) all obligations of such
Person under conditional sale or other title retention agreements relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of
business), (d) all obligations (including earnout obligations) of such Person incurred, issued or assumed as the deferred purchase price of property or services purchased by such Person (other than (i) trade debt incurred in the ordinary
course of business and due within six months of the incurrence thereof and (ii) accounts payable incurred in the ordinary course of business) which would appear as liabilities on a balance sheet of such Person, (e) all obligations of such
Person under take-or-pay or similar arrangements or under commodities agreements, (f) all Indebtedness of others secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (g) all Guarantees of such Person with
respect to Indebtedness of another Person, (h) the principal portion of all Capital Lease Obligations plus any accrued interest thereon, (i) all net obligations of such Person under Hedging Agreements, (j) the maximum amount of
all letters of credit issued or bankers’ acceptances facilities created for the account of such Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed), (k) all preferred Capital Stock issued by such
Person and which by the terms thereof could be (at the request of the holders thereof or otherwise) subject to mandatory sinking fund payments, redemption or other acceleration, (l) the principal balance outstanding under any synthetic lease,
tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product plus any accrued interest thereon and (m) all
obligations of the foregoing types of any partnership in which such Person is a general partner; provided, that the following shall not constitute “Indebtedness”: (A) obligations to any former owners of Capital Stock of any Loan
Party or any of its Subsidiaries relating to the redemption of such Person’s equity in such Loan Party or Subsidiary and in accordance with past practice; (B) amounts due under the terms of the GPO Participation Agreements in effect from
time to time among PHA and its customers; and (C) amounts owed with respect to Tax Distributions. 
 “Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a),
Other Taxes. 
 “Indemnitees” has the meaning specified in Section 10.04(b). 

“Information” has the meaning specified in Section 10.07. 

“Initial L/C Issuer” means each of Wells Fargo Bank and Bank of America, N.A. 

“Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period
applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest
Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each March, June, September and December and the Maturity Date. 

  
 20 

 “Interest Period” means, as to each Eurodollar Rate Loan, the period
commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter (in each case, subject to availability), as selected by the Co-Borrowers in a Committed Loan Notice (or twelve months if requested by the Co-Borrowers and consented to by all the Lenders); provided that: 

(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day
unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the preceding Business Day; 
 (b)
any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the
calendar month at the end of such Interest Period; and 
 (c) no Interest Period shall extend beyond the Maturity Date. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of
(a) the purchase or other acquisition of Capital Stock or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity
participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor Guarantees Indebtedness of such other Person, or (c) the purchase or other
acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment. 
 “Investment Guidelines” means the “Investment
Policies and Guidelines of Premier, Inc. and Related Companies” provided to the Administrative Agent prior to the Closing Date, and any material amendments, supplements and modifications thereto after the Closing Date to the extent consented to
by the Administrative Agent in its reasonable discretion. 
 “IP Rights” has the meaning specified in
Section 5.18. 
 “IRS” means the United States Internal Revenue Service. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document,
agreement and instrument entered into by the applicable L/C Issuer and the Co-Borrowers (or any Subsidiaries thereof) or in favor of the applicable L/C Issuer and relating to such Letter of Credit. 

  
 21 

 “Joinder” means a joinder entered into by an Eligible Assignee (with the
consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit “E-3” attached
hereto and made a part hereof or any other form approved by the Administrative Agent. 
 “Laws” means, collectively, all
international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental
Authority, in each case whether or not having the force of law. 
 “L/C Advance” means, with respect to each Lender, such
Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage. 
 “L/C
Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Committed Borrowing. 

“L/C Commitment” means, as to any L/C Issuer, the obligation of such L/C Issuer to issue Letters of Credit for the account of
any Co-Borrower or one or more of its Subsidiaries from time to time in an aggregate amount equal to (a) for each of the Initial L/C Issuers, the amount set forth opposite the name of each such Initial
L/C Issuer on Schedule 2.01, and (b) for any other L/C Issuer becoming an L/C Issuer after the Closing Date, such amount as separately agreed to in a written agreement between the
Co-Borrowers and such L/C Issuer (which such agreement shall be promptly delivered to the Administrative Agent upon execution). In each case of clauses (a) and (b) above, any such amount may be changed
after the Closing Date in a written agreement between the Co-Borrowers and such L/C Issuer (which such agreement shall be promptly delivered to the Administrative Agent upon execution); provided that
the L/C Commitment with respect to any Person that ceases to be an L/C Issuer for any reason pursuant to the terms hereof shall be $0 (subject to the Letters of Credit of such Person remaining outstanding in accordance with the provisions hereof).

 “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date
thereof, or the increase of the amount thereof. 
 “L/C Issuer” means (a) the Initial L/C Issuers and (b) any
other Lender to the extent it has agreed in its sole discretion to act as an “L/C Issuer” hereunder and that has been approved in writing by the Co-Borrowers and the Administrative Agent (such
approval by the Administrative Agent not to be unreasonably delayed, conditioned or withheld). 
 “L/C Obligations” means,
as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available
to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has
expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

  
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 “Lender” has the meaning specified in the introductory paragraph hereto
and, as the context requires, includes the Swing Line Lender. 
 “Lending Office” means, as to any Lender, the office or
offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Co-Borrowers and the Administrative
Agent. 
 “Letter of Credit” means any standby letter of credit issued hereunder. A Letter of Credit may not be a
commercial letter of credit. 
 “Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer. 
 “Letter of Credit Expiration
Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the preceding Business Day). 

“Letter of Credit Fee” has the meaning specified in Section 2.03(h). 

“Letter of Credit Sublimit” means an amount equal to $50,000,000.00. The Letter of Credit Sublimit is part of, and not in
addition to, the Aggregate Commitments. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, security interest, encumbrance, lien (statutory or otherwise), preference, priority or charge of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in
the nature thereof). 
 “Loan” means an extension of credit by a Lender to the
Co-Borrowers under Article II in the form of a Committed Loan or a Swing Line Loan. 

“Loan Documents” means this Agreement, each Note, each Issuer Document, any Guarantor Joinder Agreement, any agreement
creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.16, and the Fee Letters. 

“Loan Modification Agreement” has the meaning set forth in Section 10.01. 

“Loan Modification Offer” has the meaning set forth in Section 10.01. 

“Loan Parties” means, collectively, the Co-Borrowers and each Guarantor. 

“Loan Party Guaranty” means the guaranty of the Guarantors set forth in Article XI. 

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London
interbank eurodollar market. 

  
 23 

 “Material Adverse Effect” means a material adverse effect upon (a) the
operations, business, assets, liabilities (actual or contingent) or financial condition of the Loan Parties and their Subsidiaries, taken as a whole, (b) the ability of the Loan Parties, taken as a whole, to perform their obligations under the
Loan Documents, or (c) the rights and remedies of the Administrative Agent and the Lenders under this Agreement or any of the other Loan Documents. 

“Maturity Date” means the later of November 9, 2023 and (b) if maturity is extended pursuant to
Section 2.18, such extended maturity date as determined pursuant to such Section; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the preceding Business
Day. 
 “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to
which any Co-Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver or
amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 10.01 and (ii) has been approved by the Required Lenders. 

“Non-Extending Lender” has the meaning specified in
Section 2.18(b). 
 “Non-Extension Notice Date” has the
meaning specified in Section 2.03(b). 
 “Non-Wholly Owned
Subsidiary” means, to the extent listed on Schedule 1.01(a) as of the Closing Date or hereafter designated as a Non-Wholly Owned Subsidiary in writing by the Co-Borrowers to the Administrative Agent, any Subsidiary that is not, directly or indirectly, a Wholly Owned Subsidiary of PHA. 

“Note” means a promissory note made by the Co-Borrowers, on a joint and several
basis, in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit “C” attached hereto and made a part hereof. 

“Notice Date” has the meaning specified in Section 2.18(b). 

“Obligations” means (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party
arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such
interest and fees are allowed claims in such proceeding and (b) for purposes of the Loan Party Guaranty, all Bank Product Debt, but excluding all Excluded Swap Obligations. Without limiting the foregoing, the Obligations include the obligation
of the Loan Parties to reimburse any amount in respect of any of the foregoing that the Administrative Agent or any Lender, in each case in its sole discretion, may elect to pay or advance on behalf of the Loan Parties. 

  
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 “OFAC” has the meaning specified in Section 5.16.

 “Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation
and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or
organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity. 
 “Other Connection Taxes” means, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06). 

“Outstanding Amount” means (a) with respect to Committed Loans and Swing Line Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Committed Loans and Swing Line Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any
date, the amount of the aggregate outstanding amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date,
including as a result of any reimbursements by the Co-Borrowers of Unreimbursed Amounts. 

“Participant” has the meaning specified in Section 10.06(d). 

“Participant Register” has the meaning specified in Section 10.06(d). 

“Payment Recipient” has the meaning specified in Section 9.12. 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the Pension Protection Act of 2006. 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any
installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act
and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 

  
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 “Pension Plan” means any employee pension benefit plan (including a
Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by any Co-Borrower or any ERISA Affiliate or with respect to which any
Co-Borrower or any ERISA Affiliate has any liability and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code. 

“Permitted Acquisition” means any merger, consolidation, or acquisition with or of any Person which complies with each of the
following terms and conditions: 
 (a) said Person must be (i) in the healthcare line of business, or (ii) in any related line of
business, or a line of business that is reasonably complimentary, ancillary or incidental to those engaged in by the Co-Borrowers or any of their respective Subsidiaries, which determination shall be made, at
Administrative Agent’s request, by any Responsible Officer of the Loan Party that is acquiring such Person; and 
 (b) no Default or
Event of Default shall exist at the time of, or shall result or be caused by, such merger, consolidation, or acquisition; 
 (c) (i) all of
the financial covenants set forth in Section 7.08 of this Agreement must be complied with on a pro forma combined basis for the then current period and (ii) if the aggregate consideration with respect to any such
acquisition is equal to or greater than $150,000,000, then as evidence of such compliance, the Co-Borrowers shall have first delivered to the Administrative Agent a written certificate signed by a Responsible
Officer showing, in reasonable detail, the calculation of the pro-forma Consolidated Total Net Leverage Ratio, after giving effect to such merger, consolidation, or acquisition; and 

(d) in the event a Co-Borrower (other than PHA, which shall be the surviving Person in any Permitted
Acquisition it is a party to) is not the surviving Person, the surviving Person (the “Successor Borrower”) shall be a domestic Person that expressly assumes, by a written agreement reasonably satisfactory in form and substance to
the Administrative Agent (which agreement may require, in connection with such assumption, the delivery of such opinions of counsel (who may be in-house counsel) as the Administrative Agent may reasonably
require (it being understood that Administrative Agent shall not require that such opinions of counsel be delivered by outside counsel)), the obligations of the acquired Co-Borrower(s) under the Loan
Documents, including all covenants contained therein, and such Successor Borrower shall succeed to and be substituted for said Co-Borrower(s) with the same effect as if it had been named herein as a party
hereto, provided, however, that PHA shall provide not less than five Business Days’ notice of any merger, consolidation or acquisition of a Co-Borrower, and PHA shall, promptly upon the request of
the Administrative Agent or any Lender, supply any documentation and other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative Agent or such Lender to carry out and be satisfied it has
complied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations. 

  
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 “Permitted Amendment” shall have the meaning set forth in
Section 10.01. 
 “Permitted Refinancing” means, with respect to any Person, any modification,
refinancing, refunding, renewal or extension of any Indebtedness of such Person; provided, that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable)
of the Indebtedness so modified, refinanced, refunded, renewed or extended except by an amount equal to (i) unpaid accrued interest and premiums thereon (including tender premiums) plus fees and expenses (including upfront fees and original
issue discount) reasonably incurred, in connection with such modification, refinancing, refunding, renewal or extension, plus (ii) any existing commitments unutilized thereunder, (b) such modification, refinancing, refunding, renewal or
extension has a final maturity date equal to or later than the final maturity date of the Indebtedness being modified, refinanced, refunded, renewed or extended, (c) immediately before and after giving effect thereto, no Event of Default shall
have occurred and be continuing, and (d) the direct and contingent obligors with respect to such Indebtedness are not changed unless any such change is consented to by Administrative Agent in its reasonable discretion. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “PHA” means Premier Healthcare Alliance, L.P., a California limited
partnership. 
 “PHSI” means Premier Healthcare Solutions, Inc., a Delaware corporation. 

“Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan),
maintained for employees of the Co-Borrowers or any ERISA Affiliate or any such Plan to which any Co-Borrower or any ERISA Affiliate is required to contribute on behalf
of any of its employees. 
 “Platform” has the meaning specified in Section 6.02. 

“Prime Rate” means the rate of interest in effect for such day as publicly announced from time to time by Wells Fargo Bank as
its “prime rate.” The “prime rate” is a rate set by Wells Fargo Bank based upon various factors including Wells Fargo Bank’s costs and desired return, general economic conditions and other factors, and is used as a reference
point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Wells Fargo Bank shall take effect at the opening of business on the day specified in the public announcement of such
change. 
 “Priority Indebtedness” means any Indebtedness of the Loan Parties and their Subsidiaries that has a maturity
date (or is subject to amortization or prepayment) prior to the Maturity Date. 
 “Property” means any interest in any kind
of property or asset, whether real, personal or mixed, or tangible or intangible. 
 “PSCI” means Premier Supply Chain
Improvement, Inc., a Delaware corporation. 

  
 27 

 “PTE” means a prohibited transaction class exemption issued by the U.S.
Department of Labor, as any such exemption may be amended from time to time. 
 “Public Lender” has the meaning specified
in Section 6.02. 
 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan
Party that has total assets exceeding $10,000,000 at the time the relevant Loan Party Guaranty or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible
contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 “Recipient” means the Administrative Agent, any Lender, any
L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder. 

“Refinancing” has the meaning specified in Section 6.11. 

“Register” has the meaning specified in Section 10.06(c). 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 
 “Release” shall mean
release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration into the indoor or outdoor environment or into or out of any Property, including the movement of Hazardous Materials through or in
the air, soil, surface water, groundwater or real property. 
 “Replacement Rate” has the meaning specified in
Section 3.03(c). 
 “Reportable Event” means any of the events set forth in Section 4043(c)
of ERISA, other than events for which the 30 day notice period has been waived. 
 “Request for Credit Extension” means
(a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing
Line Loan Notice. 
 “Required Lenders” means, as of any date of determination, Lenders having more than 50% of the
Aggregate Commitments or, if the commitment of each Lender to make Loans and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Lenders holding in the aggregate
more than 50% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this
definition); provided that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

  
 28 

 “Resolution Authority” means an EEA Resolution Authority or, with respect
to any UK Financial Institution, a UK Resolution Authority. 
 “Responsible Officer” means the chief executive officer,
president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable Loan Party so designated by any
of the foregoing officers in a notice to the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to
any Capital Stock or other equity interest of any Co-Borrower, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any such Capital Stock or other equity interest, or on account of any return of capital to any Co-Borrower’s stockholders, partners or
members (or the equivalent Person thereof). 
 “Sanctions” means economic or financial sanctions or trade embargoes
imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State. 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions. 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled by any such
Person. 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its
principal functions. 
 “Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company
or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of
the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person; provided, however, Excluded Subsidiaries
shall not be considered Subsidiaries hereunder. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of any
Co-Borrower. 

  
 29 

 “Swap Obligations” means, with respect to any Guarantor, an obligation to
pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of § 1a(47) of the Commodity Exchange Act. 

“Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04. 

“Swing Line Lender” means Wells Fargo Bank in its capacity as provider of Swing Line Loans, or any successor swing line
lender hereunder. 
 “Swing Line Loan” has the meaning specified in Section 2.04(a). 

“Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b),
which, if in writing, shall be substantially in the form of Exhibit “B”. 
 “Swing Line Sublimit” means an
amount equal to the lesser of (a) $100,000,000.00 and (b) the Aggregate Commitments. The Swing Line Sublimit is part of, and not in addition to, the Aggregate Commitments. 

“Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on
the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment). 

“Tax Distributions” means an aggregate amount of cash that PHA shall distribute to all partners of PHA prior to the 60th day
after the end of each calendar quarter equal to a percentage of the allocations of taxable income made or expected to be made each quarter equal to the effective combined federal, state and local income tax rate then payable by Premier, Inc. taking
into account the benefit of deducting state and local income taxes for federal income tax purposes and any benefit of the dividends received deduction but not taking into account the effect of any increase in basis under Sections 743 or 734 of the
Code, with such changes that do not adversely affect the Co-Borrowers or the Lenders in any material respect. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations. 

“Type” means, with respect to a Committed Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes
certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

  
 30 

 “UK Resolution Authority” means the Bank of England or any other public
administrative authority having responsibility for the resolution of any UK Financial Institution. 
 “United States” and
“U.S.” mean the United States of America. 
 “Unreimbursed Amount” has the meaning specified in
Section 2.03(c)(i). 
 “U.S. Person” means any Person that is a “United States Person”
as defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning specified in
Section 3.01(g)(ii)(B). 
 “Voting Stock” means, with respect to any Person, Capital Stock issued
by such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors, managers or persons performing similar governance functions of such Person, even though the right so to vote may be
or have been suspended by the happening of such a contingency. 
 “Wells Fargo Bank” means Wells Fargo Bank, National
Association and its successors. 
 “Wells Fargo Fee Letter” means the letter agreement, dated October 15, 2018, among
the Co-Borrowers, the Administrative Agent and Wells Fargo Securities, LLC. 
 “Wholly Owned
Subsidiary” and “Wholly Owned Subsidiaries” shall mean any Subsidiary or Subsidiaries of any Co-Borrower all of the Capital Stock (other than directors’ qualifying shares but not
in excess of the minimum number of shares necessary to satisfy local ownership legal requirements) of which is/are, at the time as of which any such determination is being made, owned by any Co-Borrower,
either directly or through any other Wholly Owned Subsidiary or Wholly Owned Subsidiaries. 
 “Withholding Agent” means the
Co-Borrowers and the Administrative Agent. 
 “Write-Down and Conversion Powers”
means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member
Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the
Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

  
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 1.02 Other Interpretive Provisions. 

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 

(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement,
instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words
“hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not
to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such
references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified,
refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 (b) In the computation of
periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but
excluding;” and the word “through” means “to and including.” 
 (c) Section headings herein and
in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 

1.03 Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, except
as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Loan Parties and their
Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded. 

  
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 (b) Whenever the phrase “to Co-Borrowers or any
Loan Party’s knowledge” or words of similar import relating to the knowledge or the awareness of Co-Borrowers or Loan Parties are used in this Agreement or other Loan Documents, such phrase shall
mean and refer to (i) the actual knowledge of a Responsible Officer of Co-Borrowers or such Loan Party or (ii) the knowledge that a Responsible Officer of
Co-Borrowers or such Loan Party would reasonably be expected to have obtained during the normal course performance of his or her duties. 

(c) Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and either the Co-Borrowers or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Co-Borrowers shall negotiate in
good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or
requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Co-Borrowers shall provide to the Administrative Agent and the Lenders financial statements and
other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Notwithstanding any other
provision contained herein, any lease that is treated as an operating lease for purposes of GAAP as of the Closing Date shall continue to be treated as an operating lease (and any future lease, if it were in effect on the Closing Date, that would
have been treated as an operating lease for purposes of GAAP as of the Closing Date shall be treated as an operating lease), in each case for purposes of this Agreement, notwithstanding any change in GAAP after the Closing Date. 

(d) Consolidation of Variable Interest Entities. All references herein to Consolidated financial statements of PHSI and its direct and
indirect Subsidiaries or to the determination of any amount for PHSI and its direct and indirect Subsidiaries, or the Co-Borrowers and their direct or indirect Subsidiaries, on a Consolidated basis or any
similar reference shall, in each case, be deemed to include each variable interest entity that PHSI is required to consolidate pursuant to FASB Interpretation No. 46 – Consolidation of Variable Interest Entities: an interpretation of ARB
No. 51 (January 2003) as if such variable interest entity were a Subsidiary as defined herein. 
 1.04 Rounding. Any
financial ratios required to be maintained by the Co-Borrowers pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more
than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time
(daylight or standard, as applicable). 
 1.06 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a
Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document
related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases,
whether or not such maximum stated amount is in effect at such time. 

  
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 1.07 Interpretation and Construction of Exceptions/Carveouts to Article
VII Negative Covenants. 
 In connection with the exceptions/carveouts to the negative covenants set forth and
described in Article VII of this Agreement, each such exception/carveout shall be available as described therein independent of, and separate, distinct, and apart from, any other such exceptions/carveouts, including any other
exceptions/carveouts expressly set forth and described within the same section of said Article VII. Any and all such exceptions/carveouts which make reference to an aggregate dollar amount (i.e., a “basket”) shall be deemed to refer
to the aggregate dollar amount which the Lenders will permit the Co-Borrowers and their Subsidiaries to incur or to have incurred and to permit to remain outstanding subsequent to the Closing Date, however,
such aggregate dollar amount (i.e., a “basket”) shall be deemed to be inclusive of, and not in addition to, the aggregate dollar amount of each such exception/carve out which may have been previously incurred and which
is currently outstanding as of the Closing Date. 
 1.08 Divisions. For all purposes under the Loan Documents, in connection
with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a
different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of
its existence by the holders of its Capital Stock at such time. 
 ARTICLE II. 

THE COMMITMENTS AND CREDIT EXTENSIONS 

2.01 Committed Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans in
Dollars (hereinafter each such loan shall be referred to as a “Committed Loan”) to the Co-Borrowers from time to time, on any Business Day during the Availability Period, in an aggregate
amount not to exceed at any time outstanding the amount of such Lender’s Commitment; provided, however, that after giving effect to any Committed Borrowing, (i) the Total Outstandings shall not exceed the Aggregate
Commitments, and (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable
Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions hereof, the
Co-Borrowers may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Committed Loans
may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

  
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 2.02 Borrowings, Conversions and Continuations of Committed Loans. 

(a) Each Committed Borrowing, each conversion of Committed Loans from one Type to the other, and each continuation of Eurodollar Rate Loans
shall be made upon the Co- Borrowers’ irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to
the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Committed Loans, and (ii) on the requested date of any Borrowing of Base Rate Committed
Loans. Not later than 11:00 a.m., three Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Co-Borrowers (which notice may be by
telephone) whether or not the requested Interest Period has been consented to by all the Lenders. Each telephonic notice by the Co-Borrowers pursuant to this Section 2.02(a) must be
confirmed promptly by delivery to the Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a Responsible Officer of the Co-Borrowers. Each Borrowing of, conversion to
or continuation of Eurodollar Rate Loans shall be in a principal amount of $2,500,000.00 or a whole multiple of $500,000.00 in excess thereof. Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or
conversion to Base Rate Committed Loans shall be in a principal amount of $500,000.00 or a whole multiple of $100,000.00 in excess thereof. Each Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Co-Borrowers are requesting a Committed Borrowing, a conversion of Committed Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or
continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Committed Loans to be borrowed, converted or continued, (iv) the Type of Committed Loans to be borrowed or to which existing Committed Loans are to
be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Co-Borrowers fail to specify a Type of Committed Loan in a Committed Loan Notice or if the Co-Borrowers fail to give a timely notice requesting a conversion or continuation, then the applicable Committed Loans shall be made as, or converted to, Eurodollar Rate Loans with an Interest Period of one month.
Any such automatic conversion shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Co-Borrowers request a Borrowing of,
conversion to, or continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. The Committed Loans made on the Closing Date or
any of the three (3) Business Days following the Closing Date may only consist of Base Rate Loans unless the Co-Borrowers deliver a funding indemnity letter in form and substance reasonably acceptable to
the Administrative Agent not less than three (3) Business Days prior to the Closing Date. 
 (b) Following receipt of a Committed Loan
Notice, the Administrative Agent shall promptly notify (but in any event on the same Business Day the Administrative Agent receives such Committed Loan Notice) each Lender of the amount of its Applicable Percentage of the applicable Committed Loans,
and if no timely notice of a conversion or continuation is provided by the Co-Borrowers, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Eurodollar Rate Loans
with an Interest Period of one month described in Section 2.02(a). In the case of a Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the Administrative Agent in immediately available
funds at the Administrative Agent’s Office not later than 1:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and,
if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the Co-Borrowers in like

  
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funds as received by the Administrative Agent either by (i) crediting the account of the Co-Borrowers on the books of Wells Fargo Bank with the amount
of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative Agent by the Co-Borrowers; provided,
however, that if, on the date the Committed Loan Notice with respect to such Borrowing is given by the Co-Borrowers, there are L/C Borrowings outstanding, then the proceeds of such Borrowing,
first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Co-Borrowers as provided above. 

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for
such Eurodollar Rate Loan. During the existence of a Default or Event of Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders. 

(d) The Administrative Agent shall promptly notify the Co-Borrowers and the Lenders of the interest
rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the
Co-Borrowers and the Lenders of any change in the Prime Rate promptly following the public announcement of such change. 

(e) After giving effect to all Committed Borrowings, all conversions of Committed Loans from one Type to the other, and all continuations of
Committed Loans as the same Type, there shall not be more than 15 Interest Periods in effect with respect to Committed Loans. 
 2.03
Letters of Credit. 
 (a) The Letter of Credit Commitment. 

(i) Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of
the Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit, denominated in
Dollars, in an aggregate amount not to exceed its L/C Commitment for the account of the Co-Borrowers or their Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with
Section 2.03(b), and (2) to honor drawings under the Letters of Credit issued by it hereunder; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Co-Borrowers or their Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Outstandings shall
not exceed the Aggregate Commitments, (y) the aggregate Outstanding Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such
Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each
request by the Co-Borrowers for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Co-Borrowers that the L/C Credit Extension
so requested complies with the conditions set 

  
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forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Co-Borrowers’ ability
to obtain Letters of Credit shall be fully revolving, and accordingly the Co-Borrowers may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have
been drawn upon and reimbursed. 
 (ii) No L/C Issuer shall issue any Letter of Credit, if: 

(A) subject to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur
more than twelve months after the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or 

(B) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the
Lenders have approved such expiry date. 
 (iii) No L/C Issuer shall be under any obligation to issue any Letter of Credit
if: 
 (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or
restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall
prohibit, or request that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital
requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such
L/C Issuer in good faith deems material to it; 
 (B) the issuance of such Letter of Credit would violate one or more
policies of such L/C Issuer applicable to letters of credit generally; 
 (C) except as otherwise agreed by the
Administrative Agent and such L/C Issuer, such Letter of Credit is in an initial stated amount less than $10,000.00; 
 (D)
such Letter of Credit is to be denominated in a currency other than Dollars; 
 (E) such Letter of Credit contains any
provisions for automatic reinstatement of the stated amount after any drawing thereunder; or 

  
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 (F) any Lender is at that time a Defaulting Lender, unless such L/C Issuer
has entered into arrangements, including the delivery of Cash Collateral, reasonably satisfactory to such L/C Issuer (in its reasonable discretion) with the Co-Borrowers or such Lender to eliminate such L/C
Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.17(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of
Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its reasonable discretion. 

(iv) No L/C Issuer shall amend any Letter of Credit issued by it if such L/C Issuer would not be permitted at such time to
issue such Letter of Credit in its amended form under the terms hereof. 
 (v) No L/C Issuer shall be under any obligation to
amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed
amendment to such Letter of Credit. 
 (vi) Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of
Credit issued by it and the documents associated therewith, and each L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article IX with respect to any acts taken or omissions suffered by
such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article IX included
such L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to any L/C Issuer. 
 (b)
Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 
 (i) Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the Co-Borrowers delivered to applicable L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of
Credit Application, appropriately completed and signed by a Responsible Officer of the Co-Borrowers. Such Letter of Credit Application must be received by the applicable L/C Issuer and the Administrative Agent
not later than 11:00 a.m. at least two Business Days (or such later date and time as the Administrative Agent and such L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment,
as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the applicable L/C Issuer: (A) the proposed issuance date
of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case
of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit; and (H) such other matters as such
L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably 

  
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satisfactory to the applicable L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the
proposed amendment; and (D) such other matters as such L/C Issuer may require. Additionally, the Co-Borrowers shall furnish to the applicable L/C Issuer and the Administrative Agent such other documents
and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the applicable L/C Issuer or the Administrative Agent may reasonably require. 

(ii) Promptly after receipt of any Letter of Credit Application, the applicable L/C Issuer will confirm with the Administrative
Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Co-Borrowers and, if not, such L/C Issuer will provide the Administrative
Agent with a copy thereof. Unless the applicable L/C Issuer has received written notice from any Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable
Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the
account of a Co-Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with such L/C Issuer’s usual and customary business
practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the applicable L/C Issuer a risk participation in such Letter of Credit in an
amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of Credit. 

(iii) If the Co-Borrowers so request in any applicable Letter of Credit Application,
the applicable L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (hereinafter each referred to as an “Auto-Extension Letter of Credit”); provided
that any such Auto-Extension Letter of Credit must permit the applicable L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the
beneficiary thereof not later than a day (hereinafter referred to as the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is
issued. Unless otherwise directed by the applicable L/C Issuer, the Co-Borrowers shall not be required to make a specific request to such L/C Issuer for any such extension. Once an Auto-Extension Letter of
Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration
Date; provided, however, that the applicable L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of
Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which may
be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit
such extension or (2) from the Administrative Agent, any Lender or the Co- Borrowers that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing such
L/C Issuer not to permit such extension. 

  
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 (iv) Promptly after its delivery of any Letter of Credit or any amendment to
a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable L/C Issuer will also deliver to the Co-Borrowers and the Administrative Agent a true and complete copy
of such Letter of Credit or amendment. 
 (c) Drawings and Reimbursements; Funding of Participations. 

(i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the
applicable L/C Issuer shall notify the Co-Borrowers and the Administrative Agent thereof. Not later than 11:00 a.m. on the first Business Day after any payment by the applicable L/C Issuer under a Letter of
(each such date, an “Honor Date”), the Co-Borrowers shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the Co-Borrowers fail to so reimburse the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (hereinafter referred to
as the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof. In such event, the Co-Borrowers shall be deemed to have requested a Committed Borrowing of
Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject
to the amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by any L/C Issuer or the
Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or
binding effect of such notice. 
 (ii) Each Lender shall upon any notice pursuant to
Section 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable L/C Issuer, in Dollars, at the Administrative Agent’s Office
for Dollar-denominated payments in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of
Section 2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan to the Co-Borrowers in such amount. The Administrative Agent
shall remit the funds so received to the applicable L/C Issuer in Dollars. 
 (iii) With respect to any Unreimbursed Amount
that is not fully refinanced by a Committed Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Co-Borrowers
shall be deemed to have incurred from the applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and 

  
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payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of such L/C Issuer
pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this
Section 2.03. 
 (iv) Until each Lender funds its Committed Loan or L/C Advance pursuant to this
Section 2.03(c) to reimburse the applicable L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the account of such
L/C Issuer. 
 (v) Each Lender’s obligation to make Committed Loans or L/C Advances to reimburse the respective L/C
Issuers for amounts drawn under Letters of Credit issued by such L/C Issuer, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any
setoff, counterclaim, recoupment, defense or other right which such Lender may have against such L/C Issuer, the Co-Borrowers or any other Person for any reason whatsoever; (B) the occurrence or
continuance of a Default or Event of Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans (but, for
avoidance of doubt, not its obligation to make L/C Advances) pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Co-Borrowers of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Co-Borrowers to reimburse an L/C Issuer for
the amount of any payment made by such L/C Issuer under any Letter of Credit issued by it, together with interest as provided herein. 

(vi) If any Lender fails to make available to the Administrative Agent for the account of the applicable L/C Issuer any amount
required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), such L/C Issuer shall be entitled to recover from such
Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum
equal to the Federal Funds Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as
aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of an L/C Issuer submitted to
any Lender (through the Administrative Agent) with respect to any amounts owing under this Section 2.03(c)(vi) shall be conclusive absent manifest error. 

  
 41 

 (d) Repayment of Participations. 

(i) At any time after an L/C Issuer has made a payment under any Letter of Credit issued by it and has received from any Lender
such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount
or interest thereon (whether directly from the Co-Borrowers or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such
Lender its Applicable Percentage thereof in Dollars and in the same funds as those received by the Administrative Agent. 

(ii) If any payment received by the Administrative Agent for the account of an L/C Issuer pursuant to
Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by such L/C Issuer in its discretion),
each Lender shall pay to the Administrative Agent for the account of such L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by
such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under this Section 2.03(d)(ii) shall survive the payment in full of the Obligations and the
termination of this Agreement. 
 (e) Obligations Absolute. The obligation of the
Co-Borrowers to reimburse the respective L/C Issuers for each drawing under each Letter of Credit issued by such L/C Issuer and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and
shall be performed strictly in accordance with the terms of this Agreement under all circumstances, including the following: 

(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document; 

(ii) the existence of any claim, counterclaim, setoff, defense or other right that any
Co-Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), such
L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; 

(iv) any payment by such L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not
strictly comply with the terms of such Letter of Credit; or any payment made by such L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such
Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 

  
 42 

 (v) any other circumstance or happening whatsoever, whether or not similar
to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Co-Borrower or any Subsidiary; 

The Co-Borrowers shall promptly examine a copy of each Letter of Credit and each amendment thereto
that is delivered to it and, in the event of any claim of noncompliance with the Co-Borrowers’ instructions or other irregularity, the Co-Borrowers will immediately
notify the applicable L/C Issuer. The Co-Borrowers shall be conclusively deemed to have waived any such claim against such L/C Issuer and its correspondents unless such notice is given as aforesaid. 

(f) Role of L/C Issuer. Each Lender and the Co-Borrowers agree that, in paying any drawing
under a Letter of Credit, the applicable L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the
validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the L/C Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or
assignee of any L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted
in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The
Co-Borrowers hereby assume all risks of the acts or omissions of any beneficiary or transferee with respect to their use of any Letter of Credit; provided, however, that this assumption is not
intended to, and shall not, preclude the Co-Borrowers’ pursuing such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the L/C
Issuers, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of any L/C Issuer shall be liable or responsible for any of the matters described in Section 2.03(e);
provided, however, that anything in such clauses to the contrary notwithstanding, the Co-Borrowers may have a claim against an L/C Issuer, and an L/C Issuer may be liable to the Co-Borrowers, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Co-Borrowers which the Co-Borrowers prove were caused by such L/C Issuer’s willful misconduct, bad faith or gross negligence or such L/C Issuer’s willful failure to pay under any Letter of Credit issued by it after the
presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of such Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuers may accept documents that
appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuers shall not be responsible for the validity or sufficiency of any instrument
transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 

(g) Applicability of ISP. Unless otherwise expressly agreed by the applicable L/C Issuer and the
Co-Borrowers when a Letter of Credit is issued the rules of the ISP shall apply to each standby Letter of Credit. 

  
 43 

 (h) Letter of Credit Fees. The Co-Borrowers
shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage a Letter of Credit fee (hereinafter referred to as the “Letter of Credit Fee”) for each Letter of Credit equal to the
Applicable Rate for Letter of Credit Fee times the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of
Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the
first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any
quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to
the contrary contained herein, upon the request of the Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. 

(i) Issuance Fee and Documentary and Processing Charges Payable to L/C Issuer. The Co-Borrowers
shall pay directly to each L/C Issuer for its own account an issuance fee with respect to each Letter of Credit issued by such L/C Issuer, at the rate per annum specified in the Fee Letter executed by such L/C Issuer, computed on the daily amount
available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such issuance fee shall be due and payable on the first Business Day after the end of each March, June, September and December in respect of the most recently-ended
quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of
computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the
Co-Borrowers shall pay directly to the each L/C Issuer for its own account, in Dollars, the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such
L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. 

(j) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the
terms hereof shall control. 
 (k) Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or
outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Co-Borrowers shall be obligated to reimburse the applicable L/C Issuer hereunder for any and all drawings
under such Letter of Credit. The Co-Borrowers hereby acknowledge that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the
Co-Borrowers, and that the Co-Borrowers’ business derives substantial benefits from the businesses of such Subsidiaries. 

  
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 2.04 Swing Line Loans. 

(a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender agrees, such agreement being made in
reliance upon the agreements of the other Lenders set forth in this Section 2.04, in its sole discretion, to make loans (hereinafter each such loan shall be referred to as a “Swing Line Loan”) to the Co-Borrowers (in Dollars only) from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding
the fact that such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Committed Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Commitment;
provided, however, that after giving effect to any Swing Line Loan, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s
Commitment, and provided, further, that the Co-Borrowers shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject
to the other terms and conditions hereof, the Co-Borrowers may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this
Section 2.04. Each Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing
Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swing Line Loan. 

(b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Co-Borrowers’
irrevocable notice to the Swing Line Lender and the Administrative Agent, which notice may be given by telephone. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 3:00 p.m. on the requested
borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $1,000,000.00, and (ii) the requested borrowing date, which shall be a Business Day. Each such telephonic notice must be confirmed promptly by
delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of the Co-Borrowers. Promptly after receipt by
the Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not,
the Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of
any Lender) prior to 3:30 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to the first sentence of
Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not later than
4:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Co-Borrowers. 

  
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 (c) Refinancing of Swing Line Loans. 

(i) The Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Co-Borrowers (which hereby irrevocably authorize the Swing Line Lender to so request on their behalf), that each Lender make a Base Rate Committed Loan in an amount equal to such Lender’s Applicable Percentage
of the amount of Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with the requirements of
Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Aggregate Commitments and the conditions set forth in
Section 4.02. The Swing Line Lender shall furnish the Co-Borrowers with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Administrative
Agent. Each Lender shall make an amount equal to its Applicable Percentage of the amount specified in such Committed Loan Notice available to the Administrative Agent in immediately available funds (and the Administrative Agent may apply Cash
Collateral available with respect to the applicable Swing Line Loan) for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject
to Section 2.04(c)(ii), each Lender that so makes funds available shall be deemed to have made a Base Rate Committed Loan to the Co-Borrowers in such amount. The Administrative Agent
shall remit the funds so received to the Swing Line Lender. 
 (ii) If for any reason any Swing Line Loan cannot be
refinanced by such a Committed Borrowing in accordance with Section 2.04(c)(i), the request for Base Rate Committed Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing
Line Lender that each of the Lenders fund its risk participation in the relevant Swing Line Loan and each Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to
Section 2.04(c)(i) shall be deemed payment in respect of such participation. 
 (iii) If any Lender
fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified
in Section 2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is
required to the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules
on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid
shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any Lender (through the
Administrative Agent) with respect to any amounts owing under this Section 2.04(c)(iii) shall be conclusive absent manifest error. 

  
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 (iv) Each Lender’s obligation to make Committed Loans or to purchase
and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment,
defense or other right which such Lender may have against the Swing Line Lender, the Co-Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of
Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Committed Loans pursuant to this
Section 2.04(c) is subject to the conditions set forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the
Co-Borrowers to repay Swing Line Loans, together with interest as provided herein. 
 (d)
Repayment of Participations. 
 (i) At any time after any Lender has purchased and funded a risk participation in a
Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Swing Line Lender.

 (ii) If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is
required to be returned by the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Lender shall
pay to the Swing Line Lender its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The
Administrative Agent will make such demand upon the request of the Swing Line Lender. The obligations of the Lenders under this Section 2.04(d)(ii) shall survive the payment in full of the Obligations and the termination of
this Agreement. 
 (e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be responsible for invoicing the Co-Borrowers for interest on the Swing Line Loans. Until each Lender funds its Base Rate Committed Loan or risk participation pursuant to this Section 2.04 to refinance such Lender’s
Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Swing Line Lender. 

(f) Payments Directly to Swing Line Lender. The Co-Borrowers shall make all payments of
principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender. 
 2.05 Prepayments. 

(a) Optional. 

(i) The Co-Borrowers may, upon notice to the Administrative Agent, at any time or from
time to time voluntarily prepay Committed Loans in whole or in part without premium or penalty; provided that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m. (1) three Business Days
prior to any date 

  
 47 

 
of prepayment of Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Committed Loans; (B) any prepayment of Eurodollar Rate Loans shall be in a principal amount of
$2,500,000.00 or a whole multiple of $500,000.00 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding; and (C) any prepayment of Base Rate Committed Loans shall be in a principal amount
of $500,000.00 or a whole multiple of $100,000.00 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s)
of Committed Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such
Lender’s Applicable Percentage of such prepayment. If such notice is given by the Co-Borrowers, the Co-Borrowers shall make such prepayment and the payment amount
specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to
Section 3.05. Subject to Section 2.17, each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with their respective Applicable Percentages. 

(ii) The Co-Borrowers may, upon notice to the Swing Line Lender (with a copy to the
Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (A) such notice must be received by the Swing Line Lender and the
Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (B) any such prepayment shall be in a minimum principal amount of $100,000.00. Each such notice shall specify the date and amount of such prepayment. If such
notice is given by the Co-Borrowers, the Co-Borrowers shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date
specified therein. 
 (b) Mandatory. If for any reason the Total Outstandings at any time exceed the Aggregate Commitments then in
effect, the Co-Borrowers shall immediately prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Co-Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b) unless after the prepayment in full of the Loans the Total Outstandings exceed
the Aggregate Commitments then in effect. 
 2.06 Termination or Reduction of Commitments. The
Co-Borrowers may, upon notice to the Administrative Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (i) any such notice
shall be received by the Administrative Agent not later than 11:00 a.m. three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000.00 or any whole
multiple of $1,000,000.00 in excess thereof, (iii) the Co-Borrowers shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments
hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the
Aggregate Commitments, such Sublimit shall be automatically reduced by the amount of 

  
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such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments
shall be applied to the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination. A notice of
termination delivered by Co-Borrowers may state that such notice is conditioned upon the effectiveness of other credit facilities in which case such notice may be revoked by
Co-Borrowers (by notice to Administrative Agent on or prior to the specified effective date) if such condition is not satisfied and so long as Co-Borrowers shall have
paid any amounts required to be paid to Administrative Agent, any L/C Issuer or any Lender pursuant to this Agreement in connection with such notice of prepayment. 

2.07 Repayment of Loans. 

(a) The Co-Borrowers shall repay to the Lenders on the Maturity Date the aggregate principal amount of
Committed Loans outstanding on such date. 
 (b) The Co-Borrowers shall repay each Swing Line Loan
on the earlier to occur of (i) the date which is ten (10) Business Days after such Loan is made and (ii) the Maturity Date. 

2.08 Interest. 

(a) Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan shall bear interest on the
outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Committed Loan shall bear interest on the outstanding
principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the
applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. 
 (b) Default Rate. 

(i) Upon the occurrence and during the continuance of an Event of Default specified in
Section 8.01(a) or 8.01(f), the principal of and interest on the Loans and other amounts owing hereunder shall automatically thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws. 
 (ii) Accrued and unpaid interest on past due amounts
(including interest on past due interest) shall be due and payable upon demand. 
 (c) Interest on each Loan shall be due and payable in
arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the
commencement of any proceeding under any Debtor Relief Law. 

  
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 2.09 Fees. In addition to certain fees described in
Section 2.03(i) and (j): 
 (a) Commitment Fee. The
Co-Borrowers shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, a commitment fee equal to the Applicable Rate for Commitment Fee times the
actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding Amount of Committed Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in
Section 2.16. The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable
quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The commitment fee shall be calculated
quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was
in effect. For purposes of computing the commitment fee, Swing Line Loans shall not be counted towards or considered to be usage of the Aggregate Commitments. 

(b) Other Fees. The Co-Borrowers shall pay to the Arrangers and the Administrative Agent for
their own respective accounts fees in the amounts and at the times specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

2.10 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate. 

(a) All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate) shall be made
on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which
results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a
Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.12(a), bear interest for one
day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 

(b) If, as a result of any restatement of or other adjustment to the financial statements of the
Co-Borrowers or for any other reason, the Co-Borrowers or the Lenders determine that (i) the Consolidated Total Net Leverage Ratio as calculated by the Co-Borrowers as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Total Net Leverage Ratio would have resulted in higher pricing for such period, the Co-Borrowers shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the applicable L/C Issuer, as the case may be, promptly on demand by the
Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Co-Borrowers under the Bankruptcy Code of the United States, automatically and without
further action by the Administrative Agent, any Lender or any L/C 

  
 50 

 
Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period.
Conversely, if, as a result of any such restatement or other adjustment which is made and delivered to the Agent within sixty (60) days of the date said financial statements were originally delivered to the Agent, a proper calculation of
Consolidated Total Net Leverage Ratio would have resulted in lower pricing for such period, the Co-Borrowers shall be entitled to a prompt refund of the amount of the overpayment of interest and fees for such
period. This paragraph shall not limit the rights of the Administrative Agent, any Lender or any L/C Issuer, as the case may be, under Section 2.03(c)(iii),
2.03(h) or 2.08(b) or under Article VIII or elsewhere under this Agreement. The Co-Borrowers’ obligations under this paragraph shall survive the termination of the Aggregate
Commitments and the repayment of all other Obligations hereunder. 
 2.11 Evidence of Debt. 

(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the
Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the Co-Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Co-Borrowers hereunder to pay any amount
owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the
Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Co-Borrowers shall execute and deliver to such Lender (through the
Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans
and payments with respect thereto. 
 (b) In addition to the accounts and records referred to in Section 2.11(a),
each Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line Loans. In the event of any
conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest
error. 
 2.12 Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by the Co-Borrowers shall be made without condition or
deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Co-Borrowers hereunder shall be made to the Administrative Agent, for the
account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly
distribute to 

  
 51 

 
each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments
received by the Administrative Agent after 2:00 p.m. on any Business Day shall be deemed to have been received on the next succeeding Business Day. If any payment to be made by the Co-Borrowers shall come due
on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. 

(b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Committed Borrowing of Eurodollar Rate Loans (or, in the case of any Committed Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Committed Borrowing) that such Lender will not make
available to the Administrative Agent such Lender’s share of such Committed Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02
(or, in the case of a Committed Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make
available to the Co-Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Committed Borrowing available to the Administrative Agent, then the applicable
Lender and the Co-Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and
including the date such amount is made available to the Co-Borrowers to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the
greater of Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, and (B) in the case of a payment to be made by the
Co-Borrowers, the interest rate applicable to Base Rate Loans. If the Co-Borrowers and such Lender shall pay such interest to the Administrative Agent for the same or an
overlapping period, the Administrative Agent shall promptly remit to the Co-Borrowers the amount of such interest paid by the Co-Borrowers for such period. If such
Lender pays its share of the applicable Committed Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Committed Loan included in such Committed Borrowing. Any payment by the Co-Borrowers shall be without prejudice to any claim the Co-Borrowers may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii) Payments by Co-Borrowers; Presumptions by Administrative Agent. Unless the
Administrative Agent shall have received notice from the Co-Borrowers’ prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or any L/C Issuer hereunder
that the Co-Borrowers will not make such payment, the Administrative Agent may assume that the Co-Borrowers have made such payment on such date in accordance herewith
and may, in reliance upon such assumption, distribute to the Lenders or the applicable L/C Issuer, as the case may be, the amount due. In such event, if the Co-Borrowers has not in fact made such payment, then
each of the Lenders or the applicable L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such L/C Issuer, in immediately available funds with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation. 

  
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 A notice of the Administrative Agent to any Lender or the
Co-Borrowers with respect to any amount owing under this Section 2.12(b) shall be conclusive, absent manifest error. 

(c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by
such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Co-Borrowers by the Administrative Agent because the conditions to the applicable
Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received from such Lender) to such Lender, without interest.

 (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Committed Loans, to fund participations in
Letters of Credit and Swing Line Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Committed Loan, to fund any such participation or to make any
payment under Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender
to so make its Committed Loan, to purchase its participation or to make its payment under Section 10.04(c). 
 (e)
Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any
Loan in any particular place or manner. 
 2.13 Sharing of Payments by Lenders. If any Lender shall, by exercising any right
of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Committed Loans made by it, or the participations in L/C Obligations or in Swing Line Loans held by it resulting in such Lender’s
receiving payment of a proportion of the aggregate amount of such Committed Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater
proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Committed Loans and subparticipations in L/C Obligations and Swing Line Loans of the other Lenders, or make
such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Committed Loans and other
amounts owing them, provided that: 
 (i) if any such participations or subparticipations are purchased and all
or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

  
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 (ii) the provisions of this Section 2.13 shall not
be construed to apply to (x) any payment made by or on behalf of the Co-Borrowers pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from
the existence of a Defaulting Lender), (y) the application of Cash Collateral provided for in Section 2.16, or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in
any of its Committed Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than to any Co-Borrower or any Subsidiary thereof (as to which the provisions of
this Section 2.13 shall apply). 
 Each Loan Party consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such
Lender were a direct creditor of such Loan Party in the amount of such participation. 
 Notwithstanding any term, condition or provision of
this Section 2.13 or any other provision of this Agreement to the contrary, any payment or other amount received by any L/C Issuer or the Swing Line Lender, respectively, from cash or deposit account balances used to Cash
Collateralize obligations of a Lender to (A) such L/C Issuer, in accordance with the terms, conditions, and provisions of Section 2.03(a)(iii)(F), or (B) the Swing Line Lender, in accordance with the terms,
conditions, and provisions of Section 2.04(c)(i), shall be for the sole benefit of such L/C Issuer and the Swing Line Lender, respectively, and shall not be subject to the sharing provisions of this
Section 2.13. 
 2.14 Increase in Commitments. 

(a) Request for Increase. Provided there exists no Default or Event of Default, upon prior express written notice to the Administrative
Agent (which shall promptly notify the Lenders), the Co-Borrowers may, from time to time, request (i) one or more incremental term loan commitments (any such incremental term loan commitment, an
“Incremental Term Loan Commitment”) to make one or more additional term loans (any such additional term loan, an “Incremental Term Loan”) or (ii) one or more increases in the revolving Commitments (any such
increase, an “Incremental Revolving Credit Commitment” and, together with the Incremental Term Loan Commitments, the “Incremental Loan Commitments”) to make revolving credit loans under the Facility (any such
increase, an “Incremental Revolving Credit Increase” and, together with the Incremental Term Loans, the “Incremental Loans”), in an aggregate amount (for all such requests) not exceeding $350,000,000.00 (i.e., the
amount which would increase the principal amount of the Aggregate Commitments to $1,350,000,000.00 in the aggregate); provided that (x) any such request for an increase shall be in a minimum amount of $10,000,000.00, and (y) the
Co-Borrowers may make a maximum of eight (8) such requests. At the time of sending such notice, the Co-Borrowers (in consultation with the Administrative Agent) shall specify the time period within which
each Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to the Lenders). 

  
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 (b) Lender Elections to Increase. Each Lender shall notify the Administrative Agent
within such 10 Business Day time period whether or not it agrees to provide such Incremental Loan Commitment, and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of such requested Incremental Loan
Commitment. Any Lender not responding within such time period shall be deemed to have declined to provide an Incremental Loan Commitment. No Lender shall be obligated to provide an Incremental Loan Commitment in connection with any request by the Co-Borrowers pursuant to this Section 2.14. 
 (c) Notification by
Administrative Agent; Additional Lenders. The Administrative Agent shall notify the Co-Borrowers and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of
a requested Incremental Loan Commitment, and subject to the approval of the Administrative Agent, the L/C Issuers and the Swing Line Lender (which approvals shall not be unreasonably withheld), the
Co-Borrowers may also invite additional Eligible Assignees to become Lenders pursuant to a Joinder in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

(d) Effective Date and Allocations. If the Facility is increased in accordance with this Section 2.14, the
Administrative Agent and the Co-Borrowers shall determine the effective date (hereinafter referred to as the “Increase Effective Date”) and the final allocation of such Incremental Loan
Commitment. The Administrative Agent shall promptly notify the Co-Borrowers and the Lenders of the final allocation of such Incremental Loan Commitment and the Increase Effective Date. 

(e) Conditions to Effectiveness of Increase. Any Incremental Loan Commitment shall become effective as of such Increase Effective Date;
provided that each of the following conditions has been satisfied or waived as of such Increase Effective Date: (i) the Co-Borrowers shall deliver to the Administrative Agent a certificate of each
Loan Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such
increase, (B) certifying that, before and after giving effect to such increase, (1) the representations and warranties contained in Article V and the other Loan Documents are (x) with respect to representations and warranties
that contain a materiality qualification, true and correct on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of
such earlier date, and (y) with respect to representations and warranties that do not contain a materiality qualification, true and correct in all material respects on and as of the Increase Effective Date, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and in each case except that for purposes of this Section 2.14,
the representations and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b),
respectively, (2) no Default or Event of Default exists and (3) the Co-Borrowers are in compliance, after giving effect to the incurrence or issuance of such increase on a pro forma basis, with the
financial covenants set forth in Section 7.08, (ii) each Incremental Revolving Credit Increase or Incremental Term Loan Commitment (and the Incremental Loans made thereunder) shall constitute Obligations of the Co-Borrowers and shall be guaranteed with the other Credit Extensions on a pari passu basis, (iii) in the case of each Incremental Term Loan, such Incremental Term Loan shall be subject to such terms as shall
be determined by the Co-Borrowers and the applicable Lenders, provided that (A) such Incremental Term Loan will not mature prior to the Maturity Date (but may have

  
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straight-line amortization prior to such date) and (B) the terms applicable to such Incremental Term Loan shall be substantially the same as (and in any event, no more favorable than) those
applicable to the Committed Loans; provided further, that the terms and conditions applicable to any Incremental Term Loan maturing after the Maturity Date may provide for material additional or different financial or other covenants or
prepayment requirements applicable only during periods after the Maturity Date, and (v) in the case of each Incremental Revolving Credit Increase, the terms and conditions applicable to such Incremental Revolving Credit Increase shall be
identical to the terms and conditions applicable to the Committed Loans. The Co-Borrowers shall prepay any Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to
Section 3.05) to the extent necessary to keep the outstanding Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Commitments under this Section 2.14.
The proceeds of any such increase shall be used for the purposes set forth in Section 6.11. 
 (f) Conflicting
Provisions. This Section 2.14 shall supersede any provisions in Sections 2.13 or 10.01 to the contrary. 

2.15 Joint and Several Liability. The Co-Borrowers hereby acknowledge, covenant and
agree that all Obligations, liabilities and covenants made, incurred and undertaken by them under this Agreement and the other Loan Documents are on a joint and several basis, including all obligations to pay principal, interest, fees, costs, and
expenses. Each of the Co-Borrowers hereby agrees it will not exercise any rights of subrogation which it may at any time otherwise have as a result of this Agreement (whether contractual, under
Section 509 of the U.S. Bankruptcy Code, or otherwise) to the claims of the Lenders or any Bank Product Provider against the Co-Borrowers, any Guarantor or any other guarantor of the Obligations of the Co-Borrowers owing to the Lenders or such Bank Product Provider (collectively, the “Other Parties”) and all contractual, statutory or common law rights of reimbursement, contribution or
indemnity from any Other Party which it may at any time otherwise have as a result of this Agreement until such time as the Obligations (other than contingent indemnification obligations) shall have been paid in full and the Commitments have been
terminated. Each of the Co-Borrowers hereby further agrees not to exercise any right to enforce any other remedy which the Administrative Agent, the Lenders or any Bank Product Provider now have or may
hereafter have against any Other Party, any endorser or any other guarantor of all or any part of the Obligations of the Co-Borrowers or the Guarantors and any benefit of, and any right to participate in, any
security or collateral given to or for the benefit of the Lenders and/or the Bank Product Providers to secure payment of the Obligations of the Co-Borrowers and the Guarantors until such time as the
Obligations (other than contingent indemnification obligations) shall have been paid in full and the Commitments have been terminated. 

2.16 Cash Collateral. 

(a) Certain Credit Support Events. Upon the request of the Administrative Agent or any L/C Issuer (i) if such L/C Issuer has
honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation owing to such L/C Issuer for any reason remains
outstanding, the Co-Borrowers shall, in each case, immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations owing to such L/C Issuer. At any time that there

  
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shall exist a Defaulting Lender, promptly upon the request of the Administrative Agent, any L/C Issuer or the Swing Line Lender, the Co-Borrowers shall
deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.17(a)(iv) and any Cash Collateral provided by the Defaulting Lender). 

(b) Grant of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be
maintained in blocked, non-interest bearing deposit accounts at Wells Fargo Bank. The Co-Borrowers, and to the extent provided by any Lender, such Lender, hereby grant
to (and subject to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuers and the Lenders (including the Swing Line Lender), and agrees to maintain, a first priority security interest in all such Cash
Collateral, and in all proceeds thereof, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.16(c). If at any time the Administrative Agent determines that Cash Collateral
is subject to any right or claim of any Person other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Co-Borrowers or the relevant Defaulting Lender will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such
deficiency. 
 (c) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under
any of this Section 2.16 or Sections 2.03, 2.04, 2.05, 2.17 or 8.02 in respect of Letters of Credit or Swing Line Loans shall be held and applied to the satisfaction of the specific
L/C Obligations, Swing Line Loans, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so
provided, prior to any other application of such property as may be provided for herein. 
 (d) Release. Cash Collateral (or the
appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the
termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 10.06(b)(vii)) or (ii) the Administrative Agent’s good faith determination that
there exists excess Cash Collateral; provided, however, (x) that Cash Collateral furnished by or on behalf of a Loan Party shall not be released during the continuance of a Default or Event of Default (and following application as
provided in this Section 2.16 may be otherwise applied in accordance with Section 8.03), and (y) the Person providing Cash Collateral and the applicable L/C Issuer or Swing Line Lender, as
applicable, may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations. 

2.17 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender,
then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 
 (i)
Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and
Section 10.01. 

  
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 (ii) Defaulting Lender Waterfall. Any payment of principal,
interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent by
such Defaulting Lender pursuant to Section 10.08, shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any L/C Issuer or Swing Line Lender hereunder; third, to Cash Collateralize the LC Issuers’
Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.16; fourth, as the Co-Borrowers may request (so long as no Default or Event of Default
exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative
Agent and the Co-Borrowers, to be held in a non-interest bearing deposit account and released pro rata in order to (x) satisfy potential future funding
obligations of such Defaulting Lender to fund Loans under this Agreement and (y) Cash Collateralize the L/C Issuers’ future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this
Agreement in accordance with Section 2.16; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuers or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by
any Lender, any L/C Issuer or Swing Line Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the
payment of any amounts owing to the Co-Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Co-Borrowers against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set
forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata basis
prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and Swing Line Loans are held by the Lenders pro rata in
accordance with the Commitments hereunder without giving effect to Section 2.17(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed
by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.17(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees.

  
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 (A) No Defaulting Lender shall be entitled to receive any commitment fee
pursuant to Section 2.09(a) for any period during which that Lender is a Defaulting Lender (and the Co-Borrowers shall not be required to pay any such fee that otherwise would have
been required to have been paid to that Defaulting Lender). 
 (B) Each Defaulting Lender shall be entitled to receive Letter
of Credit fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to
Section 2.16. 
 (C) With respect to any Letter of Credit Fee not required to be paid to any
Defaulting Lender pursuant to clause (B) above, the Co-Borrowers shall (x) pay to each non-Defaulting Lender that portion of any such fee otherwise payable to
such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations or Swing Line Loans that has been reallocated to such non-Defaulting Lender pursuant to clause
(iv) below, (y) pay to each L/C Issuer and the Swing Line Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s or such Swing Line Lender’s Fronting
Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 
 (iv)
Reallocation of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each
non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.03 and 2.04, the “Applicable Percentage” of
each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided, that, each such reallocation shall be given effect only to the extent that, at
the date the applicable Lender becomes a Defaulting Lender, the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall
not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Committed Loans of that Lender. 

(v) Cash Collateral, Repayment of Swing Line Loans. If the reallocation described in
Section 2.17(a)(iv) above cannot, or can only partially, be effected, the Co-Borrowers shall, without prejudice to any right or remedy available to it hereunder or under applicable
Law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lender’s Fronting Exposure and (y) second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in
Section 2.16. 
 (b) Defaulting Lender Cure. If the
Co-Borrowers, the Administrative Agent, Swing Line Lender and the L/C Issuers agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the
Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash

  
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Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be
necessary to cause the Committed Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to
Section 2.17(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Co-Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender
to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

(c) New Swing Line Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be
required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no L/C Issuer shall be required to issue, extend, increase, reinstate or renew any Letter
of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.  
 2.18 Extension of
Maturity Date. 
 (a) Requests for Extension. The Co-Borrowers may, by written notice (an
“Extension Letter”) to the Administrative Agent (who shall promptly notify the Lenders) not earlier than 60 days and not later than 30 days prior to the first and/or the second anniversary of the Closing Date (each an
“Anniversary Date”) and thereafter, at any time, request that each Lender extend such Lender’s Maturity Date for a period of one (1) year from the Existing Maturity Date (each such request being referred to herein as an
“Extension”). The Maturity Date may be extended pursuant to this Section 2.18 on up to two occasions; provided that, in no event shall the Maturity Date extend beyond the five-year anniversary of any
Extension Effective Date. 
 (b) Lender Elections to Extend. Each Lender, acting in its sole and individual discretion, shall, by
notice to the Administrative Agent given not later than the date (the “Notice Date”) that is 10 Business Days after the receipt of any applicable Extension Letter by the Administrative Agent, advise the Administrative Agent whether
or not such Lender agrees to such Extension (and each Lender that determines not to so extend its Maturity Date (a “Non-Extending Lender”) shall notify the Administrative Agent of such fact
promptly after such determination (but in any event no later than the Notice Date)) and any Lender that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a
Non-Extending Lender. The election of any Lender to agree to such Extension shall not obligate any other Lender to so agree. 

(c) Notification by Administrative Agent. The Administrative Agent shall notify the
Co-Borrowers of each Lender’s determination under this Section 2.18 no later than the date that is 2 Business Days after the applicable Notice Date. 

  
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 (d) Additional Commitment Lenders. The
Co-Borrowers shall have the right to replace each Non-Extending Lender with, and add as “Lenders” under this Agreement in place thereof, one or more Eligible
Assignees (each, an “Additional Commitment Lender”) as provided in Section 10.13; provided that each of such Additional Commitment Lenders shall enter into an Assignment and Assumption pursuant to
which such Additional Commitment Lender shall, effective as of the Extension Effective Date, undertake a Commitment (and, if any such Additional Commitment Lender is already a Lender, its Commitment shall be in addition to such Lender’s
Commitment hereunder on such date). 
 (e) Minimum Extension Requirement. If (and only if) the total of the Commitments of the
Lenders that have agreed to extend their Maturity Date (each, an “Extending Lender”) and the additional Commitments of the Additional Commitment Lenders shall be more than 50% of the aggregate amount of the Commitments in effect as
of the applicable Notice Date, then, effective as of the next Anniversary Date succeeding the date of the applicable Extension Letter, or if the Extension Letter is delivered to the Administrative Agent after the second anniversary of the Closing
Date, the effective date agreed to by the Co-Borrowers and the Administrative Agent (in each case, the “Extension Effective Date”), the Maturity Date of each Extending Lender and of each
Additional Commitment Lender shall be extended to the date falling one (1) year after the Existing Maturity Date (except that, if such date is not a Business Day, such Maturity Date as so extended shall be the next preceding Business Day) and
each Additional Commitment Lender shall thereupon become a “Lender” for all purposes of this Agreement. 
 (f) Conditions to
Effectiveness of Extensions. As a condition precedent to such Extension, the Co-Borrowers shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Extension Effective Date
(in sufficient copies for each Extending Lender and each Additional Commitment Lender) signed by a Responsible Officer of such Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such
Extension and (ii) in the case of the Co-Borrowers, certifying that, before and after giving effect to such Extension, (A) the representations and warranties contained in Article V and the
other Loan Documents (x) with respect to representations and warranties that contain a materiality qualification, are true and correct on and as of the Extension Effective Date, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and (y) with respect to representations and warranties that do not contain a materiality qualification, are true and correct in all material
respects on and as of the Extension Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and in
each case except that for purposes of this Section 2.18, the representations and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant
to Sections 6.01(a) and (b), respectively, and (B) no Default exists or would result therefrom. In addition, on the Maturity Date of each Non-Extending Lender, the Co-Borrowers shall prepay any Committed Loans outstanding on such date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep outstanding
Committed Loans ratable with any revised Applicable Percentages of the respective Lenders effective as of such date. 
 (g) Amendment;
Sharing of Payments. In connection with any Extension, the Co-Borrowers, the Administrative Agent and each extending Lender may make such amendments to this Agreement as the Administrative Agent determines
to be reasonably necessary to evidence the Extension. This Section 2.14 shall supersede any provisions in Section 2.13 or 10.01 to the contrary. 

  
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 ARTICLE III. 

TAXES, YIELD PROTECTION AND ILLEGALITY 

3.01 Taxes. 
 (a)
Defined Terms. For purposes of this Section, the term “Lender” includes any L/C Issuer and the term “Applicable Law” includes FATCA. 

(b) Payments Free of Taxes. Any and all payments by or on account of any obligation of the
Co-Borrowers under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of an
applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full
amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Co-Borrowers shall be increased as
necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 3.01) the applicable Recipient receives an amount equal to the sum it would
have received had no such deduction or withholding been made. 
 (c) Payment of Other Taxes by the
Co-Borrowers. The Co-Borrowers shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative
Agent timely reimburse it for the payment of, any Other Taxes. 
 (d) Indemnification by
Co-Borrowers. The Co-Borrowers shall, jointly and severally, indemnify each Recipient, within 10 days after demand therefor, for the full amount of any
Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to
the Co-Borrowers by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(e) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Co-Borrowers have not already indemnified the Administrative Agent for such Indemnified Taxes
and without limiting the obligation of the Co-Borrowers to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.06(d)
relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the
Administrative Agent shall 

  
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be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or
otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this Section 3.01(e). 

(f) Evidence of Payments. As soon as practicable after any payment of Taxes by any Co-Borrower
to a Governmental Authority as provided in this Section 3.01, the Co-Borrowers shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(g) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to the Co-Borrowers and the Administrative Agent, at the time or times reasonably requested by the Co-Borrowers or the Administrative Agent,
such properly completed and executed documentation reasonably requested by the Co-Borrowers or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by the Co-Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the
Co-Borrowers or the Administrative Agent as will enable the Co-Borrowers or the Administrative Agent to determine whether or not such Lender is subject to backup
withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections
3.01(g)(ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of the
foregoing, 
 (A) any Lender that is a U.S. Person shall deliver to the
Co-Borrowers and the Administrative Agent on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Co-Borrowers or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
Co-Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from
time to time thereafter upon the reasonable request of the Co-Borrowers or the Administrative Agent), whichever of the following is applicable: 

  
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 (1) in the case of a Foreign Lender claiming the benefits of an income tax
treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other
applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or
reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(2) executed copies of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the
Code, a “10 percent shareholder” of any Co-Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to any Co-Borrower as described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS
Form W-8BEN or IRS Form W-8BEN-E; or 

(4) to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS
Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership
and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-4 on behalf of each such direct and indirect partner; 
 (C) any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to the Co-Borrowers and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which
such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Co-Borrowers or the Administrative Agent), executed copies of any other form
prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Co-Borrowers or the Administrative Agent to determine the withholding or deduction required to be made; and 

  
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 (D) if a payment made to a Lender under any Loan Document would be subject
to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Co-Borrowers and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Co-Borrowers or the
Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the
Co-Borrowers or the Administrative Agent as may be necessary for the Co-Borrowers and the Administrative Agent to comply with their obligations under FATCA and to
determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification it previously delivered
expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Co-Borrowers and the Administrative Agent in writing of its legal inability to do so.

 (h) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the
extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this Section 3.01(h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to
such Governmental Authority. Notwithstanding anything to the contrary in this Section 3.01(h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this
Section 3.01(h) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to
indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require
any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(i) Survival. Each party’s obligations under this Section shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

  
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 3.02 Illegality. If any Lender determines that any Law has made it unlawful,
or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest
rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by
such Lender to the Co-Borrowers through the Administrative Agent, (a) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Committed Loans to Eurodollar Rate
Loans shall be suspended and (b) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest
rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the
Administrative Agent and the Co-Borrowers that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (i) the
Co-Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on
which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period
therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (ii) if such notice asserts the illegality of
such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component
thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Co-Borrowers shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 3.05. 

3.03 Inability to Determine Rates. 

(a) Circumstances Affecting Eurodollar Availability. Unless and until a Replacement Rate is implemented in accordance with
Section 3.03(c) below, in connection with any request for a Eurodollar Loan or a conversion to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent shall determine (which determination
shall be conclusive and binding absent manifest error) that Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Loan, (ii) the Administrative Agent shall
determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining the Eurodollar Rate for such Interest Period with respect to a proposed Eurodollar Loan or
(iii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that the Eurodollar Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans
during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the Co-Borrowers. Thereafter, until the Administrative Agent notifies the
Co-Borrowers that such circumstances no longer exist, the 

  
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obligation of the Lenders to make Eurodollar Loans and the right of the Co-Borrowers to convert any Loan to or continue any Loan as a Eurodollar Loan shall
be suspended, and the Co-Borrowers shall either (A) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such Eurodollar Loan together with accrued interest thereon
(subject to Section 10.09), on the last day of the then current Interest Period applicable to such Eurodollar Loan; or (B) convert the then outstanding principal amount of each such Eurodollar Loan to a Base Rate Loan as of the last day of
such Interest Period. 
 (b) Laws Affecting Eurodollar Availability. If, after the date hereof, the introduction of, or any change
in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any of the Lenders (or
any of their respective Lending Offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any of the Lenders (or
any of their respective Lending Offices) to honor its obligations hereunder to make or maintain any Eurodollar Loan, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice
to the Co-Borrowers and the other Lenders. Thereafter, until the Administrative Agent notifies the Co-Borrowers that such circumstances no longer exist, (i) the
obligations of the Lenders to make Eurodollar Loans, and the right of the Co-Borrowers to convert any Loan to a Eurodollar Loan or continue any Loan as a Eurodollar Loan shall be suspended and thereafter the Co-Borrowers may select only Base Rate Loans and (ii) if any of the Lenders may not lawfully continue to maintain a Eurodollar Loan to the end of the then current Interest Period applicable thereto, the
applicable Loan shall immediately be converted to a Base Rate Loan for the remainder of such Interest Period. 
 (c) Alternative Rate of
Interest. Notwithstanding anything to the contrary in Section 3.03(a) above, if the Administrative Agent has made the reasonable determination (such determination to be conclusive absent manifest error) that
(i) the circumstances described in Section 3.03(a)(i) or (a)(ii) have arisen and that such circumstances are unlikely to be temporary, (ii) any applicable interest rate specified herein is no longer a
widely recognized benchmark rate for newly originated loans in the U.S. syndicated loan market in the applicable currency or (iii) the applicable supervisor or administrator (if any) of any applicable interest rate specified herein or any
Governmental Authority having, or purporting to have, jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which any applicable interest rate specified herein shall no longer be used for
determining interest rates for loans in the U.S. syndicated loan market in the applicable currency, then the Administrative Agent and the Co-Borrowers may, to the extent practicable, establish a replacement
interest rate (the “Replacement Rate”) giving due consideration to any evolving or then existing convention for similar Dollar denominated syndicated credit facilities for such alternative benchmark interest rates, in which case,
the Replacement Rate shall, subject to the next two sentences, replace such applicable interest rate for all purposes under the Loan Documents unless and until (A) an event described in Section 3.03(a)(i),
(a)(ii), (c)(i), (c)(ii) or (c)(iii) occurs with respect to the Replacement Rate or (B) the Required Lenders (directly, or through the Administrative Agent) notify the
Co-Borrowers that the Replacement Rate does not adequately and fairly reflect the cost to the Lenders of funding the Loans bearing interest at the Replacement Rate. In connection with the establishment and
application of the Replacement Rate, this Agreement and 

  
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the other Loan Documents shall be amended solely with the consent of the Administrative Agent and the Co-Borrowers, as may be necessary or appropriate, in
the opinion of the Administrative Agent, to effect the provisions of this Section 3.03(c). Notwithstanding anything to the contrary in this Agreement or the other Loan Documents (including
Section 10.01), such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business
Days of the delivery of such amendment to the Lenders, written notices from such Lenders that in the aggregate constitute Required Lenders, with each such notice stating that such Lender objects to such amendment. To the extent the Replacement Rate
is approved by the Administrative Agent and the Co-Borrowers in connection with this Section 3.03(c), the Replacement Rate shall be applied in a manner consistent with market
practice; provided that, in each case, to the extent such market practice is not administratively feasible for the Administrative Agent, such Replacement Rate shall be applied as otherwise reasonably determined by the Administrative Agent (it
being understood that any such modification by the Administrative Agent shall not require the consent of, or consultation with, any of the Lenders). Notwithstanding anything else herein, any definition of the Replacement Rate shall provide that in
no event shall such Replacement Rate be less than zero for purposes of this Agreement. 
 3.04 Increased Costs. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)) or any L/C Issuer; 

(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto; or 
 (iii) impose on any Lender or any L/C Issuer or the London interbank market any other condition, cost or
expense (other than Taxes) affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 
 and
the result of any of the foregoing shall be to increase the cost to such Lender of making, continuing, converting to or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or such L/C
Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or such L/C
Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or such L/C Issuer, the Co-Borrowers will pay to such Lender or such L/C Issuer, as the case may be, such
additional amount or amounts as will compensate such Lender or such L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered. 

  
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 (b) Capital Requirements. If any Lender or any L/C Issuer determines that any Change
in Law affecting such Lender or such L/C Issuer or any Lending Office of such Lender or such Lender’s or such L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the
rate of return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by,
or participations in Letters of Credit or Swing Line Loans held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a level below that which such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to capital adequacy
or liquidity), then from time to time the Co-Borrowers will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer or
such Lender’s or such L/C Issuer’s holding company for any such reduction suffered. 
 (c) Certificates for Reimbursement.
A certificate of a Lender or L/C Issuer setting forth in reasonable detail the amount or amounts necessary to compensate such Lender or such L/C Issuer or its holding company, as the case may be, as specified in Sections 3.04(a) or
(b) and delivered to the Co-Borrowers shall be conclusive absent manifest error. The Co-Borrowers shall pay such Lender or such L/C Issuer, as the case may
be, the amount shown as due on any such certificate within 10 days after receipt thereof. 
 (d) Delay in Requests. Failure or delay
on the part of any Lender or any L/C Issuer to demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or such L/C Issuer’s right to demand such
compensation, provided that the Co-Borrowers shall not be required to compensate a Lender or L/C Issuer pursuant to the foregoing provisions of this Section 3.04 for any
increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or such L/C Issuer, as the case may be, notifies the Co-Borrowers of the Change in Law giving rise to
such increased costs or reductions and of such Lender’s or such L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month
period referred to above shall be extended to include the period of retroactive effect thereof). 
 (e) Reserves on Eurodollar Rate
Loans. The Co-Borrowers shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or
deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by
such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Co-Borrowers shall have received
at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest shall be due
and payable 10 days from receipt of such notice. 

  
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 3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the
Administrative Agent) from time to time, the Co-Borrowers shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 
 (b) any failure by the Co-Borrowers (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Co-Borrowers; or 
 (c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the
Interest Period therefor as a result of a request by the Co-Borrowers pursuant to Section 10.13; 

including any loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan
or from fees payable to terminate the deposits from which such funds were obtained. The Co-Borrowers shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

 For purposes of calculating amounts payable by the Co-Borrowers to the Lenders under this
Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a
comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. 
 3.06 Mitigation
Obligations; Replacement of Lenders. 
 (a) Designation of a Different Lending Office. If any Lender requests compensation under
Section 3.04, or the Co-Borrowers are required to pay any Indemnified Taxes or additional amounts to any Lender, any L/C Issuer, or any Governmental Authority for the account of any
Lender or any L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then at the request of the Co-Borrowers such
Lender or such L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or
affiliates, if, in the judgment of such Lender or such L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the
future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or such L/C Issuer, as the case may be, to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender or such L/C Issuer, as the case may be. The Co-Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender or any L/C Issuer in
connection with any such designation or assignment. 

  
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 (b) Replacement of Lenders. If any Lender is a Defaulting Lender or requests
compensation under Section 3.04, or if the Co-Borrowers are required to pay any Indemnified Taxes or additional amount to any Lender or any Governmental Authority for the account of
any Lender pursuant to Section 3.01, the Co-Borrowers may replace such Lender in accordance with Section 10.13. 

3.07 Survival. All of the Co-Borrowers’ obligations under this Article III
shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent. 

ARTICLE IV. 
 CONDITIONS
PRECEDENT TO CREDIT EXTENSIONS 
 4.01 Conditions of Initial Credit Extension. The obligation of each L/C Issuer and each
Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent on the Closing Date: 

(a) The Administrative Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals)
unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form
and substance reasonably satisfactory to the Administrative Agent and each of the Lenders: 
 (i) executed counterparts of
this Agreement; 
 (ii) a Note executed by the Co-Borrowers in favor of each Lender
requesting a Note; 
 (iii) such certificates of resolutions or other action, incumbency certificates and/or other
certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this
Agreement and the other Loan Documents to which such Loan Party is a party; 
 (iv) such documents and certifications as the
Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, validly existing, in good standing and qualified to engage in business in its state of incorporation and in each jurisdiction where its
ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; 

(v) a favorable opinion of (A) McDermott Will & Emery LLP, special counsel to the Loan Parties and (B) the
General Counsel of the Loan Parties, each addressed to the Administrative Agent and each Lender, as to matters concerning the Loan Parties and the Loan Documents as the Administrative Agent may reasonably request; 

  
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 (vi) a certificate of a Responsible Officer of each Loan Party either
(A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it is a party, and such
consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required; 

(vii) a certificate signed by a Responsible Officer of the Co-Borrowers certifying
(A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) except as set forth in any filings with the Securities & Exchange Commission by Premier, Inc. prior to the Closing
Date (but excluding any risk factors, forward-looking disclosures and any other disclosures that are cautionary, predictive or forward-looking in nature other than any specific, historic factual information contained therein), there has been no
event or circumstance that has occurred since June 30, 2018 that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect and (C) a calculation of the Consolidated Total Net
Leverage Ratio as of the last day of the fiscal year of the Co-Borrowers ended on June 30, 2018; 

(viii) a certificate signed by a Responsible Officer of the Co-Borrowers certifying
that there is no action, suit, investigation or proceeding pending or, to the knowledge of the Co-Borrowers, threatened in any court or before any arbitrator or governmental authority that could reasonably be
expected to have a Material Adverse Effect; 
 (ix) an officer’s certificate prepared by the chief financial officer or
other Responsible Officer approved by the Administrative Agent of Holdings as to the financial condition, solvency and related matters of the Loan Parties and their Subsidiaries, on a Consolidated Basis, after giving effect to the transactions and
the initial borrowings under the Loan Documents. 
 (x) evidence reasonably establishing that all insurance required to be
maintained pursuant to the Loan Documents has been obtained and is in effect; 
 (xi) copies of the financial statements
referred to in Section 5.05; 
 (xii) evidence reasonably establishing that Indebtedness for
borrowed money of the Loan Parties and their Subsidiaries existing pursuant to the Existing Credit Agreement shall be repaid in full and all security interests, if any, and guarantees related thereto shall be terminated on or prior to the Closing
Date; and 
 (xiii) such other assurances, certificates, documents, consents or opinions as the Administrative Agent, any L/C
Issuer, the Swing Line Lender or the Required Lenders reasonably may require. 
 (b) Any fees required to be paid on or before the Closing
Date shall have been paid. 

  
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 (c) Unless waived by the Administrative Agent, the
Co-Borrowers shall have paid (a) all reasonable actual fees, charges and disbursements of Robinson, Bradshaw & Hinson, P.A., counsel to the Administrative Agent and Wells Fargo Securities, LLC
(directly to such counsel if requested by the Administrative Agent), to the extent invoiced on or prior to the Closing Date and (b) all reasonable actual due diligence expenses incurred by the Administrator Agent and the Arrangers, in
connection with the syndication of the credit facilities provided for herein and the preparation, negotiation, execution, and delivery of the Loan Documents; provided, however, the fees paid to counsel to the Administrative Agent and
the Arrangers shall in no event exceed the amount set forth in the Fee Letter. 
 (d) (i) Upon the reasonable request of any Lender made at
least ten days prior to the Closing Date, the Co-Borrowers shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in
connection with applicable “know your customer” and anti-money-laundering rules and regulations, including the PATRIOT Act, in each case at least five days prior to the Closing Date and (ii) at least five days prior to the Closing
Date, any Loan Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation shall have delivered, to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party. 

Without limiting the generality of the provisions of the last paragraph of Section 9.03, for purposes of determining
compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter
required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a
Committed Loan Notice requesting only a conversion of Committed Loans to the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent: 

(a) The representations and warranties of the Co-Borrowers and each other Loan Party contained in
Article V (other than those set forth and contained in Sections 5.05(c) and 5.06) or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith,
(i) with respect to representations and warranties that contain a materiality qualification, shall be true and correct on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct as of such earlier date and (ii) with respect to representations and warranties that do not contain a materiality qualification shall be true and correct in all material
respects on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier
date, and in each case except that for purposes of this Section 4.02, the representations and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent
statements furnished pursuant to Sections 6.01(a) and (b), respectively. 

  
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 (b) No Default or Event of Default shall exist, or would result from such proposed Credit
Extension or from the application of the proceeds thereof. 
 (c) The Administrative Agent and, if applicable, the applicable L/C Issuer or
the Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof. 
 Each Request for
Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the Co-Borrowers shall be deemed
to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension. 

ARTICLE V. 

REPRESENTATIONS AND WARRANTIES 

Each of the Loan Parties represents and warrants to the Administrative Agent and the Lenders that: 

5.01 Existence, Qualification and Power. Each Loan Party (a) is duly organized or formed, validly existing and, as
applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite corporate, partnership or limited liability company power and authority and all requisite governmental licenses,
authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is
licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in
clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. No Loan Party nor any Subsidiary thereof is an Affected Financial Institution or a Covered Party. 

5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which
such Person is party, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in
any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any material Contractual Obligation to which such Person is a party or (ii) any order, injunction, writ or decree of any
Governmental Authority or any arbitral award to which such Person or its Property is subject, in each case of clauses (i) and (ii), in any material respects; or (c) violate any Law in any material respect. 

5.03 Governmental Authorization; Other Consents. Except as has been obtained or effected, as the case may be, no approval,
consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority is necessary or required in connection with the execution, delivery or performance by any Loan Party of this Agreement or any other Loan
Document and, except as set forth on Schedule 5.03, no consent of any other Person is required in connection with the execution, delivery or performance by any Loan Party of this Agreement or any other Loan Document except any such
consent has been obtained or the failure of which to obtain could not reasonably be expected to have a Material Adverse Effect. 

  
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 5.04 Binding Effect. This Agreement has been, and each other Loan Document,
when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such
Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting creditors’ rights generally and subject to
general principals of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 5.05
Financial Statements; No Material Adverse Effect. 
 (a) The Audited Financial Statements (i) were prepared in accordance with
GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present in all material respects the financial condition of Holdings and its Subsidiaries as of the date thereof and their
results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other
liabilities, direct or contingent, of Holdings and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 

(b) The unaudited Consolidated balance sheets of Premier, Inc. and its direct and indirect Subsidiaries on a Consolidated basis dated
September 30, 2018 and the related Consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present in all material respects the financial condition of Holdings and its direct and indirect Subsidiaries on a consolidated basis as of the
date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit
adjustments. Schedule 5.05 sets forth, as of the Closing Date, all material indebtedness and other liabilities, direct or contingent, of Holdings and its Consolidated Subsidiaries as of the date of such financial statements, including
liabilities for taxes, material commitments and Indebtedness. 
 (c) Except as disclosed in the filings made by Premier, Inc. with the SEC
prior to the Closing Date (but excluding any risk factors, forward-looking disclosures and any other disclosures that are cautionary, predictive or forward-looking in nature other than any specific, historic factual information contained therein),
since the date of the Audited Financial Statements, there has been no event or circumstance that has occurred, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect. 

(d) The three-year projections of Premier, Inc. and its Subsidiaries delivered to the Lenders on or prior to the Closing Date have been
prepared in good faith based upon reasonable assumptions. 

  
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 5.06 Litigation. There are no actions, suits, proceedings, claims or disputes
pending or, to the knowledge of the Co-Borrowers, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the
Co-Borrowers or any of their Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions
contemplated hereby, or (b) either individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material Adverse Effect. 

5.07 No Default. Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to any Contractual
Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing or would result from the consummation of the transactions
contemplated by this Agreement or any other Loan Document. 
 5.08 Ownership of Property; Liens. Each Co-Borrower and each Subsidiary has good record and marketable title in fee simple to, or valid leasehold interests in, all Property necessary or used in the ordinary conduct of its business, except for such defects
in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Property of the Co-Borrowers and their respective Subsidiaries is subject to no Liens,
other than Liens permitted by Section 7.01. 
 5.09 Environmental Compliance. Each Co-Borrower and its Subsidiaries conduct in the ordinary course of business a review of the effect of reasonably applicable Environmental Laws and claims alleging potential liability or responsibility for violation
of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Co-Borrowers have reasonably concluded that such Environmental Laws and claims could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 5.10 Insurance. The properties
of each Co-Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the Co-Borrowers, in such amounts (after
giving effect to any self-insurance compatible with the following standards), with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in localities where any Co-Borrowers or the applicable Subsidiary operates. 
 5.11 Taxes. Each Co-Borrower and its Subsidiaries have filed all Federal, state and other material tax returns and reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other
governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves
have been provided in accordance with GAAP. There is no proposed tax assessment against any Co-Borrower or any Subsidiary that would, if made, have a Material Adverse Effect. Neither any Loan Party nor any
Subsidiary thereof is party to any tax sharing agreement. 

  
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 5.12 ERISA Compliance. 

(a) Except as has not resulted or could reasonably be expected to result in a Material Adverse Effect, each Plan is in compliance with the
applicable provisions of ERISA, the Code and other Federal or state laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service
to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code,
or an application for such a letter is currently being processed by the Internal Revenue Service. To the knowledge of the Co-Borrowers, nothing has occurred that would prevent or cause the loss of such tax-qualified status. 
 (b) There are no pending or, to the knowledge of the Co-Borrowers, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no
prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect. 

(c) During the five year period prior to which this representation is made, (i) no ERISA Event has occurred, and neither the Co-Borrowers nor any ERISA Affiliate is aware of any fact, event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) the Co-Borrowers and each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding
Rules has been applied for or obtained; (iii) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither the Co-Borrowers nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent
valuation date; (iv) neither the Co-Borrowers nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due
that are unpaid; (v) neither the Co-Borrowers nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension
Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any
Pension Plan. 
 (d) Neither the Co-Borrowers nor any ERISA Affiliate maintains or contributes to,
or has any unsatisfied obligation to contribute to, or liability under, any active or terminated Pension Plan other than (i) on the Closing Date, those listed on Schedule 5.12 attached hereto and (ii) thereafter, Pension
Plans not otherwise prohibited by this Agreement. 
 (e) Each Co-Borrower represents and warrants as
of the Closing Date that such Co-Borrower is not and will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by
Section 3(42) of ERISA or otherwise) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments. 

  
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 5.13 Subsidiaries; Capital Stock. No
Co-Borrower has any Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.13, and all of the outstanding Capital Stock in such Subsidiaries have been validly issued,
are fully paid and nonassessable and are owned by a Loan Party in the amounts specified on Part (a) of Schedule 5.13 and free and clear of all Liens other than Liens permitted by Section 7.01. No Co-Borrower has any equity investments in any other corporation or entity other than those specifically disclosed in Part (b) of Schedule 5.13. All of the outstanding Capital Stock of the Co-Borrowers have been validly issued and are fully paid and nonassessable. The Loan Parties may update or supplement Schedule 5.13 from time to time in connection with any Credit Extension or
Guarantor Joinder Agreement. 
 5.14 Margin Regulations; Investment Company Act. 

(a) No Loan Party is engaged nor will engage, principally or as one of their important activities, in the business of purchasing or carrying
margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

(b) None of the Co-Borrowers, any Person Controlling the
Co-Borrowers, or any Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act of 1940. 

5.15 Disclosure. 

(a) The Loan Parties have disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other
restrictions to which they or any of their Subsidiaries is subject, and all other matters known to them, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No report, financial statement or
certificate furnished in writing by any Loan Party to the Administrative Agent or any Lender delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by other information so furnished) contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information,
the Loan Parties represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being recognized that projections to future events are not to be viewed as facts and that the actual
results during the period or periods covered by any projections may materially differ from the projected results). 
 (b) As of the Closing
Date, the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects. 
 5.16
Compliance with Laws. 
 (a) Each Loan Party and each Subsidiary thereof is in compliance in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (i) such requirement of Law or order, writ, injunction or decree is being contested in good faith
by appropriate proceedings diligently conducted or (ii) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

  
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 (b) To the extent applicable, each Co-Borrower and
its Subsidiaries is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as
amended) and any other enabling legislation or executive order relating thereto and (ii) the Act. No part of the proceeds of the Loans will be used, directly or indirectly, by any Loan Party or any Subsidiary for any payments to any
governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in
violation of any Anti-Corruption Laws. 
 (c) Each Co-Borrower has implemented and maintains in
effect policies and procedures reasonably designed to ensure compliance by such Co-Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and
applicable Sanctions, and each Co-Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of such Co-Borrower its directors and
agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Co-Borrowers, any Subsidiary or any of their respective directors, officers or
employees, or (b) to the knowledge of any Co-Borrower, any agent of any Co-Borrower or any Subsidiary that will act in any capacity in connection with or benefit
from the credit facility established hereby, is a Sanctioned Person. No Loan or Letter of Credit, use of proceeds or other transaction contemplated by the Credit Agreement will violate Anti-Corruption Laws or applicable Sanctions. 

(d) Each Loan Party and each of their respective Subsidiaries is in compliance in all material respects with HIPAA, except for such
noncompliance which, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. Further, in each contractual arrangement that is subject to HIPAA, each Loan Party which is a party to such contractual
arrangement and each of their respective Subsidiaries which is a party to such contractual arrangement has: (i) to the extent required by HIPAA entered into a written business associate agreement (as such term is defined under the HIPAA
regulations) that substantially meets the requirements of HIPAA; (ii) at all times complied in all material respects with such business associate agreements in respect of the HIPAA privacy and security standards; and (iii) at no time
experienced or had a material unauthorized use or disclosure of Protected Health Information (as such term is defined under the HIPAA regulations) or privacy or security breach or other privacy or security incident within the meaning of HIPAA,
except, in each case, for such failure to enter into agreements, such noncompliance with the terms of agreements in respect of the HIPAA privacy and security standards, and such unauthorized uses or disclosures, privacy or security breaches or other
privacy or security incidents which, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

5.17 Taxpayer Identification Number. Each Loan Party’s true and correct U.S. taxpayer identification numbers are set forth
on Schedule 10.02. 

  
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 5.18 Intellectual Property; Licenses, Etc. Each
Co-Borrower and its Subsidiaries own, or possess the right to use, such trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights
(hereinafter collectively referred to as the “IP Rights”) that are reasonably necessary for the operation of their respective businesses, except where the failure to own or possess the right to use such IP Rights, either
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Loan Parties, no slogan or other advertising device, product, process or method now employed by any Co-Borrower or any Subsidiary infringes upon any valid and enforceable rights held by any other Person except where such infringement, either individually or in the aggregate, could not reasonably be expected to
have a Material Adverse Effect. Except as specifically disclosed in Schedule 5.18, no litigation regarding any of the foregoing is pending or, to the knowledge of the Loan Parties, threatened in writing, which, either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. 
 5.19 Solvency. The Loan Parties, taken as whole,
are solvent and are able to pay their debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, and the fair saleable value of the Loan Parties’ assets, measured on a going
concern basis, exceeds all probable liabilities, including those to be incurred pursuant to this Agreement. The Loan Parties, taken as a whole, do not have unreasonably small capital in relation to the business in which they are or propose to be
engaged. The Loan Parties have not incurred, and do not believe that they will incur, debts beyond their ability to pay such debts as they become due. In executing the Loan Documents and consummating the Transactions, none of the Loan Parties
intends to hinder, delay or defraud either present or future creditors or other Persons to which one or more of the Loan Parties is or will become indebted. On the Closing Date, the foregoing representations and warranties shall be made both before
and after giving effect to the transactions contemplated hereby. 
 5.20 Labor Matters. There are no collective bargaining
agreements or Multiemployer Plans covering the employees of the Loan Parties or any of their Subsidiaries as of the Closing Date and none of the Loan Parties or their Subsidiaries (a) has suffered any strikes, walkouts, work stoppages or other
material labor difficulty within the last three years or (b) has knowledge of any potential or pending strike, walkout or work stoppage. No unfair labor practice complaint is pending against any Loan Party or any of its Subsidiaries which, if
determined adversely, could reasonably be expected to have a Material Adverse Effect. There are no strikes, walkouts, work stoppages or other material labor difficulty pending or, to the knowledge of the Loan Parties, threatened against any Loan
Party. 
 5.21 Financial Statements. The information contained in the financial statements of Premier, Inc. delivered to the
Administrative Agent pursuant to Section 6.01 for the most recently ended fiscal period is not materially different than the financial information of the Co-Borrowers and its
Subsidiaries on a Consolidated basis. 

  
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 ARTICLE VI. 

AFFIRMATIVE COVENANTS 
 So
long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than contingent indemnification obligations) hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, each Loan Party
shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, and 6.03) cause each Subsidiary to: 

6.01 Financial Statements. Deliver to the Administrative Agent and each Lender, in form and detail reasonably satisfactory to the
Administrative Agent and the Required Lenders: 
 (a) as soon as available, but in any event within 90 days after the end of each fiscal year
(commencing with the fiscal year ended June 30, 2019), a Consolidated balance sheet of PHSI and its direct and indirect Subsidiaries on a Consolidated basis as of the end of such fiscal year, and the related Consolidated statements of income or
operations, changes in shareholders’ equity, and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such
Consolidated statements to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared
in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; 

(b) as soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year
(commencing with the fiscal quarter ended September 30, 2018), a Consolidated balance sheet of PHSI and its direct and indirect Subsidiaries on a Consolidated basis as of the end of such fiscal quarter, the related Consolidated statements of
income or operations for such fiscal quarter and for the portion of the fiscal year then ended, and the related Consolidated statements of changes in shareholders’ equity, and cash flows for the portion of the fiscal year then ended, in each
case (i) setting forth in comparative form, as applicable, the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, such Consolidated
statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of PHSI, as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of PHSI and its direct
and indirect Subsidiaries on a Consolidated basis in accordance with GAAP, subject only to normal year-end audit adjustments and (ii) including management discussion and analysis of operating results
inclusive of operating metrics in comparative form; and 
 (c) as soon as available, but in any event within thirty (30) days after the
end of each fiscal year (including the fiscal year ending June 30, 2019), a copy of the detailed annual operating budget or plan including cash flow projections of PHSI and its Subsidiaries for the next four fiscal quarter period
prepared on a quarterly basis, in form and detail reasonably acceptable to the Administrative Agent and the Lenders, together with a summary of the material assumptions made in the preparation of such annual budget or plan. 

  
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 As to any information contained in materials furnished pursuant to
Section 6.02(d), the Co-Borrowers shall not be separately required to furnish such information under Sections 6.01(a) or (b), but the foregoing shall not
be in derogation of the obligation of the Co-Borrowers to furnish the information and materials described in Sections 6.01(a) and (b) at the times specified therein. 

Notwithstanding anything to the contrary in this Agreement, the Loan Parties may satisfy their obligations to deliver any financial
information under this Section 6.01 by furnishing financial information of Premier, Inc. and its Consolidated Subsidiaries to the extent there are no material differences as determined by PHSI in its reasonable discretion;
provided that in the event that PHSI determines that there are material differences, then upon request by the Administrative Agent and (x) within 45 days after the date of such request with respect to quarterly financial statements or
(y) within 60 days after the date of such request with respect to annual financial statements, PHSI shall deliver (i) calculations made in good faith by a Responsible Officer of PHSI to eliminate the effect of such differences on a pro
forma basis or (ii) separate such financial statements of PHSI and its Consolidated Subsidiaries. For any period for which the Loan Parties have delivered financial statements of Premier, Inc. and its Consolidated Subsidiaries in accordance
with the preceding sentence, upon the reasonable request of the Administrative Agent, the Loan Parties shall provide unaudited unconsolidated financial information with respect to Premier, Inc. 

6.02 Certificates; Other Information. Deliver to the Administrative Agent and each Lender, in form and detail reasonably
satisfactory to the Administrative Agent and the Required Lenders: 
 (a) promptly upon adoption thereof, any material amendments,
supplements and modifications to the Investment Guidelines; 
 (b) concurrently with the delivery of the financial statements referred to in
Sections 6.01(a) and (b) (commencing with the delivery of the financial statements for the fiscal quarter ended September 30, 2018), a duly completed Compliance Certificate signed by the chief executive officer,
chief financial officer, treasurer, assistant treasurer or controller of PHSI; 
 (c) promptly after any request by the Administrative Agent
or any Lender, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of the Co-Borrowers by
independent accountants in connection with the accounts or books of the Co-Borrowers or any Subsidiary, or any audit of any of them; 

(d) promptly after the same are available, copies of each report, proxy statement or financial statement or other report or communication sent
to the stockholders or bondholders of the Co-Borrowers, and copies of all annual, regular, periodic and special reports and registration statements which the
Co-Borrowers may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934 and the Securities Act of 1933, and not otherwise required to be delivered to the
Administrative Agent pursuant hereto; 

  
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 (e) promptly after the furnishing thereof, copies of any statement or report furnished to
any holder of debt securities of any Loan Party or any Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to
Section 6.01 or any other clause of this Section 6.02; 
 (f) promptly, and in any event
within ten Business Days after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S.
jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Loan Party or any Subsidiary thereof, excluding routine comment letters from the SEC
regarding (i) registration statements that the Co-Borrowers have previously filed or may file with the SEC under the Securities Act of 1933 and (ii) periodic and other filings or proxy or information
statements that the Co-Borrowers may file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934; 

(g) promptly upon receipt thereof, a copy or summary of any other report, or “management letter” or similar report submitted by
independent accountants to any Loan Party or any of their Subsidiaries in connection with any annual, interim or special audit of the books of such Person; 

(h) promptly following any request therefor, provide information and documentation reasonably requested by the Administrative Agent or any
Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including the PATRIOT Act and the Beneficial Ownership Regulation; and 

(i) promptly, such additional information regarding the business, financial or corporate affairs of any
Co-Borrower or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request. 

Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(d) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on
which the Co-Borrowers post or file such documents, or provides a link thereto on the Co-Borrowers’ website on the Internet at the website address listed on Schedule 10.02 or become publicly
available on any website maintained by the SEC; or (ii) on which such documents are posted on the Co-Borrowers’ behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a
commercial, third-party website or whether sponsored by the Administrative Agent); provided that the Co-Borrowers shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and
provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the Co-Borrowers shall be required to provide paper or
electronic (PDF) copies of the Compliance Certificates required by Section 6.02(b) to the Administrative Agent. Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the
delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Co-Borrowers with any such request for delivery, and each Lender shall be solely responsible for requesting
delivery to it or maintaining its copies of such documents. 

  
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 Each Co-Borrower hereby acknowledges that
(a) the Administrative Agent and the Arrangers will make available to the Lenders and the L/C Issuers materials and/or information provided by or on behalf of the Co-Borrowers hereunder (hereinafter collectively referred to as “Borrower
Materials”) by posting the Co-Borrowers Materials on IntraLinks or another similar electronic system (hereinafter referred to as the “Platform”) and (b) certain of the Lenders
(hereinafter each referred to as a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Co-Borrowers or their Affiliates, or the
respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. Each of the Co-Borrowers hereby agrees
that, so long as said Co-Borrower is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such
securities, (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the
first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Co-Borrowers shall be deemed to have authorized the Administrative Agent, the Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials as not
containing any material non-public information with respect to the Co-Borrowers or their securities for purposes of United States Federal and state securities laws (provided, however, that to the
extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the
Platform designated “Public Side Information;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion
of the Platform that is not designated “Public Side Information.” Notwithstanding the foregoing to the contrary, the Co-Borrowers shall be under no obligation to mark any Borrower Materials “PUBLIC.” 

6.03 Notices. Promptly following a Responsible Officer’s having knowledge thereof, notify the Administrative Agent (who, in
turn, will notify each other Lender): 
 (a) of the occurrence of any Default or Event of Default; 

(b) of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation of any Co-Borrower or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or
suspension between any Co-Borrower or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material adverse development in, any litigation or proceeding affecting any Co-Borrower or any Subsidiary, including pursuant to any applicable Environmental Laws; 
 (c) of the
occurrence of any ERISA Event that has resulted or would reasonably be expected to result in liability of any Co-Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an
aggregate amount in excess of $10,000,000; and 

  
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 (d) of any material change in accounting policies or financial reporting practices by any Co-Borrower or any Subsidiary, including any determination by any Co-Borrower referred to in Section 2.10(b). 

Each notice pursuant to this Section 6.03 (other than any notice pursuant to
Section 6.03(d)) shall be accompanied by a statement of a Responsible Officer of the Co-Borrowers setting forth in reasonable detail of the occurrence referred to therein and if requested by Administrative Agent, a
statement of what action the Co-Borrowers have taken and propose to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all
provisions of this Agreement and any other Loan Document that have been breached. 
 6.04 Payment of Obligations. Pay and
discharge as the same shall become due and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets; (b) all lawful claims which, if
unpaid, would by law become a Lien upon its Property; and (c) all Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness, except where, in
regard to the matters described in clauses (a), (b) and (c) above, the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being
maintained by such Co-Borrower or such Subsidiary, or the failure to make payment could not reasonably be expected to have a Material Adverse Effect. 

6.05 Preservation of Existence, Etc. Preserve, renew and maintain in full force and effect each
Co-Borrower and each Subsidiary’s legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.03 or
Section 7.04; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so
could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could
reasonably be expected to have a Material Adverse Effect. 
 6.06 Maintenance of Properties. Maintain, preserve and protect
all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear, casualty and condemnation excepted in the reasonable judgment of the
Co-Borrowers; and (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

6.07 Maintenance of Insurance. Maintain with financially sound and reputable insurance companies, insurance with respect to its
properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance compatible with the following
standards) as are customarily carried under similar circumstances by such other Persons. 

  
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 6.08 Compliance with Laws. 

(a) Comply in all material respects with the requirements of all Laws (including HIPAA) and all orders, writs, injunctions and decrees
applicable to them or to their business or Property, except in such instances in which (i) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or
(ii) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
 (b) Maintain in effect and
enforce policies and procedures reasonably designed to ensure compliance in all material respects by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

 6.09 Books and Records. Maintain proper books of record and account, in which full, true and correct entries in material
conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of such Co-Borrower or such Subsidiary, as the case may be; and
(b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over such Co-Borrower or such Subsidiary,
as the case may be. 
 6.10 Inspection Rights. Permit representatives and independent contractors of the Administrative Agent
and each Lender to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers,
and independent public accountants, all at the expense of the Administrative Agent and Lenders so long as no Event of Default exists, and at such reasonable times during normal business hours and as often as may be reasonably desired, upon
reasonable advance notice to the Co-Borrowers; provided, however, that (a) the Administrative Agent and the Lenders shall not exercise such rights more often than one time during any calendar year absent the existence of an Event
of Default and (b) when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Co-Borrowers at any time during
normal business hours and with reasonable advance notice. 
 6.11 Use of Proceeds. Use the proceeds of the Credit Extensions
(a) to refinance the existing indebtedness, if any, of the Co-Borrowers and its Subsidiaries under the Existing Credit Agreement (the “Refinancing”), (b) to pay fees, commissions and
expenses in connection with the Closing Date Transactions and (c) to finance ongoing working capital requirements, including permitted acquisitions, other general corporate purposes not in contravention of any Law or of any Loan Document and
associated costs and expenses and other general corporate purposes of the Co-Borrowers and their Subsidiaries. 

  
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 6.12 Additional Guarantors. 

(a) Notify the Administrative Agent at the time that any Person becomes a Domestic Subsidiary, and promptly thereafter (and in any event
within 30 days following the last day of the fiscal quarter in which such Person becomes a Domestic Subsidiary or such later date as is reasonably acceptable to the Administrative Agent), cause such Person to (i) become a Guarantor by executing
and delivering to the Administrative Agent a Joinder Agreement or such other document as the Administrative Agent shall reasonably deem appropriate for such purpose and (ii) deliver to the Administrative Agent documents of the types referred to
in Sections 4.01(a)(iii) and (iv) and favorable opinions of counsel (who may be in-house counsel) to such Person (which shall cover, among other things, the legality, validity,
binding effect and enforceability of the documentation referred to in the foregoing clause (i)), all in form, content and scope reasonably satisfactory to the Administrative Agent; provided, that, with respect to any such Person
that becomes a Domestic Subsidiary on or within three (3) days prior to the Closing Date, any failure to identify such Person as a Domestic Subsidiary, a Guarantor, or in any other provision of this Agreement applicable to a Domestic Subsidiary
or Guarantor as of the Closing Date, shall not be a breach of any provision hereof. 
 Excluded Subsidiaries shall not be considered
Subsidiaries hereunder and therefore shall not be required to become Guarantors pursuant to Section 6.12(a), provided, that if all such Excluded Subsidiaries (i) generate more than 25% of Consolidated EBITDA on
a pro forma basis or (ii) own more than 25% of the Assets, in each case, as of the last day of the most recently ended fiscal quarter, then the Co-Borrowers shall, and shall cause their respective
Subsidiaries to, cause such number of Excluded Subsidiaries to become Guarantors, within 30 days following the last day of such fiscal quarter, in accordance with Section 6.12(a) as is necessary to cause the matters
described in this proviso to cease to be true after giving effect to any such Excluded Subsidiaries becoming a Guarantor. 
 (b) Any
Excluded Subsidiary that becomes a Guarantor hereunder in accordance with the provisions contained in this Section 6.12 shall, immediately upon becoming a Guarantor, be deemed to be a Subsidiary (and shall cease to be an
Excluded Subsidiary) for all purposes under this Credit Agreement and the other Loan Documents. 
 6.13 Pari Passu
Status. Cause the Obligations to rank at least pari passu in right of payment with all other present and future unsecured Indebtedness of such Co-Borrower and its Subsidiaries. 

6.14 Further Assurances. The Loan Parties shall provide such information regarding the operations, business affairs and
financial condition of Premier, Inc., the Loan Parties and their Subsidiaries as the Administrative Agent or any Lender may reasonably request. 

ARTICLE VII. 
 NEGATIVE
COVENANTS 
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than contingent
indemnification obligations) hereunder shall remain unpaid or unsatisfied, or any Letter of Credit shall remain outstanding, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly: 

7.01 Liens. Create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or
hereafter acquired, other than the following: 
 (a) Customary Permitted Liens; 

  
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 (b) Liens in existence on the date hereof as set forth on Schedule 7.01
attached hereto and made a part hereof and any extensions, renewals, or replacements thereof, provided that (i) the aggregate principal amount of the Indebtedness secured by such Lien(s) immediately prior to such extension,
renewal, or replacement is not increased or the maturity thereof changed and (ii) such Lien(s) is not extended to any other Property in violation of this Agreement; 

(c) Liens incidental to the conduct of its business or the ownership of its Property which were not incurred in connection with the borrowing
of money or the obtaining of advances of credit and which in the aggregate do not materially detract from the use or value of its Property or materially impair the use thereof in the operation of its business; 

(d) Liens in favor of any Co-Borrower or any Wholly Owned Subsidiary on Property of a Subsidiary to
secure obligations of such Subsidiary to a Co-Borrower or to a Wholly Owned Subsidiary; 
 (e) Liens
arising out of judgments for the payment of money to the extent not constituting an Event of Default; 
 (f) Liens on Property of any Person
securing purchase money Indebtedness (including Capital Leases) of such Person permitted under Section 7.02(c), provided that any such Lien attaches to such Property concurrently with or within one hundred and twenty
(120) days after the acquisition thereof or any Permitted Refinancing thereof, and provided, further, that no such Lien shall at any time be extended to or cover any Property other than Property acquired with such purchase money Indebtedness or
subject to such Capital Lease (or Property replacing such Property) and the proceeds thereof; 
 (g) Liens provided for in equipment leases
(including financing statements and undertakings to file the same), provided that such Liens are limited to the equipment subject to such leases, accessions thereto and the proceeds thereof; 

(h) Liens in favor of AmerisourceBergen Drug Corporation and McKesson Corporation securing Indebtedness permitted pursuant to
Section 7.02(o); 
 (i) Liens securing Indebtedness or other obligations to any counterparty under repurchase or
securities loan agreements; 
 (j) Liens existing solely with respect to cash or deposit account balances used to Cash Collateralize
obligations of a Lender to (i) any L/C Issuer, in accordance with the terms, conditions, and provisions of Section 2.03(a)(iii)(F) or (ii) the Swing Line Lender, in accordance with the terms, conditions, and
provisions of Section 2.04(c)(i); 
 (k) Liens created by this Agreement or any other Loan Document; 

(l) Liens securing Indebtedness permitted under Section 7.02(p); provided that such Liens do not secure
Indebtedness owing by any Co-Borrower or any of its Subsidiaries in respect of (i) any private placement or note purchase facility or facilities or (ii) any senior credit facility or facilities
(including the Facility); 

  
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 (m) Normal and customary rights of setoff upon deposits of cash in favor of banks or other
depository institutions; 
 (n) Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the
course of collection; 
 (o) Any Lien existing on any Property or asset prior to the acquisition thereof by a Loan Party or existing on any
Property or asset of any Person that becomes a Subsidiary or is merged with and into a Loan Party after the date hereof prior to the time such Person becomes a Subsidiary or is merged with and into any
Co-Borrower or any Subsidiary or any Permitted Refinancing thereof; provided that such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person
becomes a Subsidiary or is merged with and into a Loan Party, as the case may be, or any Permitted Refinancing thereof; 
 (p) Liens that
are contractual rights of set-off relating to (i) the establishment of depository relations with banks or other financial institutions not given in connection with the issuance or incurrence of
Indebtedness or (ii) pooled deposit, automatic clearing house or sweep accounts of a Loan Party to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of a Loan Party; 

(q) Non-exclusive licenses, sublicenses, leases or subleases granted to others (i) not
interfering in any material respect with the business of the Loan Parties, taken as a whole, and (ii) not securing any Indebtedness; 

(r) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto, which Indebtedness is
permitted to be incurred pursuant to Section 7.02(l); 
 (s) Pledges or deposits of cash and Permitted Investments
(i) securing deductibles, self-insurance, co-payment, co-insurance, retentions, indemnification and similar obligations to providers of insurance or
(ii) related to workers compensation, unemployment insurance and social security laws or regulations, in each case, not securing Indebtedness and in the ordinary course of business; 

(t) Deposits to secure performance bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other
similar obligations, in each case in the ordinary course of business; 
 (u) Liens solely on any cash earnest money deposits or deposits in
connection with the indemnity obligations made by a Loan Party in connection with any letter of intent or purchase agreement with respect to any Permitted Acquisition; and 

(v) Liens so long as neither (i) the aggregate outstanding principal amount of the obligations secured thereby nor (ii) the
aggregate Fair Market Value (determined by senior management of the applicable Loan Party as of the date such Lien is incurred) of the assets subject thereto exceeds (as to all Loan Parties) $10,000,000 at any one time. 

  
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 7.02 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness
except, without duplication: 
 (a) Indebtedness arising under this Agreement; 

(b) Indebtedness of the Loan Parties and their Subsidiaries existing as of the Closing Date set forth in Schedule 7.02 and
Permitted Refinancings thereof; 
 (c) Purchase money Indebtedness hereafter incurred by the Loan Parties and their Subsidiaries to finance
the purchase of fixed assets (including through Capital Leases), provided that (i) the total of all such Indebtedness shall not exceed an aggregate principal amount of $50,000,000 at any one time outstanding; (ii) such Indebtedness
when incurred shall not exceed the purchase price of the asset(s) acquired; (iii) no such Indebtedness shall be refinanced other than by a Permitted Refinancing thereof, and (iv) any such Indebtedness is incurred prior to or within ninety
(90) days after such acquisition of the fixed asset or in connection with a Permitted Refinancing thereof; 
 (d) Obligations of any
Loan Party or any Subsidiary in respect of Bank Products; 
 (e) Indebtedness for taxes, assessments or charges of any Governmental
Authority or claims not at the time due and payable or which are being actively contested in good faith by appropriate proceedings and against which reserves (to the extent required) in accordance with GAAP have been established by such Loan Party
or Subsidiary, but only if the non-payment of such taxes being contested does not result in a Lien upon any property of any Loan Party or Subsidiary that has priority over the Lender’s Lien on the
Property; 
 (f) Contingent liabilities arising out of the endorsement of negotiable instruments in the ordinary course of collection or
similar transactions in the ordinary course of business; 
 (g) Unsecured intercompany Indebtedness among the Loan Parties; 

(h) Guaranties by a Loan Party or any Subsidiary of a Loan Party’s obligations of the types listed in this
Section 7.02; 
 (i) Indebtedness of PHA to its limited partners arising pursuant to its partnership agreement or
any other Co-Borrower to its respective stockholders arising pursuant to its stockholders agreement; 

(j) Indebtedness of any Person that becomes a Subsidiary or is merged with and into a Borrower, in each case, after the date hereof, or any
Permitted Refinancing thereof; provided, that (i) such Indebtedness exists at the time such Person becomes a Subsidiary or is merged with and into a Borrower and is not created in contemplation of or in connection with such Person becoming a
Subsidiary or being merged with and into a Borrower or is a Permitted Refinancing thereof and (ii) the aggregate principal amount of Indebtedness permitted by this Section 7.02(j) shall not exceed $50,000,000 at any
time outstanding; 
 (k) Indebtedness owed to any Person providing workers’ compensation, health, disability or other employee benefits
(including contractual and statutory benefits) or property, casualty, liability or credit insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the ordinary course of business; 

  
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 (l) Indebtedness consisting of the financing of insurance premiums; 

(m) Indebtedness of a Loan Party (including letters of credit) in respect of workers’ compensation claims, performance bonds, bid bonds,
surety and appeal bonds, performance and completion guarantees and similar obligations, payment obligations in connection with self-insurance or similar obligations, in the ordinary course of business; 

(n) Other unsecured Indebtedness (other than Priority Indebtedness) of the Loan Parties; provided that the Loan Parties are in pro
forma compliance with each of the financial covenants set forth in Section 7.08; 
 (o) Indebtedness of a Loan
Party to either AmerisourceBergen Drug Corporation or McKesson Corporation in an aggregate amount not to exceed $3,000,000 at any time outstanding; and 

(p) Other Indebtedness (including Priority Indebtedness) of the Loan Parties and their Subsidiaries; provided, that the aggregate
amount of such Indebtedness shall not exceed an aggregate amount equal to 15% of Assets at any time. 
 7.03 Fundamental
Changes. Merge, dissolve, liquidate, wind-up, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets
(whether now owned or hereafter acquired) to or in favor of any Person or, with respect to a Co-Borrower, change its structure as a corporation, except that, so long as no Default or Event of Default exists or
would result therefrom, 
 (a) any Co-Borrower or any Subsidiary may consummate Permitted
Acquisitions; 
 (b) any Subsidiary may merge with (i) a Co-Borrower, provided
that such Co-Borrower shall be the continuing or surviving Person, or (ii) any one or more other Subsidiaries, provided that when any Guarantor is merging with another Subsidiary, the
Guarantor shall be the continuing or surviving Person; 
 (c) any Subsidiary may Dispose of all or substantially all of its assets (upon
voluntary liquidation or otherwise) to a Co-Borrower or to another Subsidiary; provided that if the transferor in such a transaction is a Guarantor, then the transferee must either be a Co-Borrower or a Guarantor; 
 (d) any Subsidiary that is not a Loan Party may merge or consolidate with
or into, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of its assets or all or substantially all of the Capital Stock of any of its Subsidiaries to, any Subsidiary that
is not a Loan Party so long as such transaction could not reasonably be expected to have a Material Adverse Effect; 

  
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 (e) any Subsidiary of any Co-Borrower may merge or
consolidate with or into, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of its assets or all or substantially all of the Capital Stock of any of its Subsidiaries to, any
Person so long as such transaction is otherwise permitted under Section 7.13, and if such Subsidiary was a Loan Party immediately prior to effecting any such transaction, the surviving entity is a Loan Party; and 

(f) any Subsidiary (other than a Co-Borrower) may liquidate or dissolve if (i) Co-Borrowers determine in good faith that such action is in the interest of the Co-Borrowers and its Subsidiaries, (ii) such transaction is not disadvantageous
in any material respect to the rights or interest of the Administrative Agent or the Lenders and (iii) the assets of such Subsidiary are transferred to a Loan Party. 

7.04 Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except: 

(a) (i) any Loan Party or any Subsidiary may Dispose of assets to a Loan Party, (ii) any Subsidiary that is not a Loan Party may Dispose
of assets to a Loan Party and (iii) any Subsidiary that is not a Loan Party may Dispose of assets to any other Subsidiary that is not a Loan Party; 

(b) any Co-Borrower or any Subsidiary may Dispose of inventory in the ordinary course of its business
(including the Disposition of obsolete inventory); 
 (c) any Co-Borrower or any Subsidiary may
Dispose of assets that, in its good faith judgment, do not have any material useful or productive capacity, are fully used or depreciated, are obsolete or are no longer necessary or productive in the ordinary course of its business; 

(d) any Co-Borrower or any Subsidiary may Dispose of assets other than as set forth in each other
subsection of this Section 7.04; provided that (i) such assets sold in any calendar year shall not, in the aggregate, account for more than twenty-five percent (25%) of Consolidated EBITDA or more than
twenty-five percent (25%) of the total revenues of the Co-Borrowers and their direct and indirect Subsidiaries, on a Consolidated basis, for the prior calendar year, and (ii) as of any date of
determination, such assets sold during the term of this Agreement shall not, in the aggregate, account for more than fifty percent (50%) of Consolidated EBITDA or more than fifty percent (50%) of the total revenues of the Co-Borrowers and their direct and indirect Subsidiaries, on a Consolidated basis, in each case on a cumulative basis from June 30, 2018 through the most recently completed fiscal quarter for which financial
statements are available; 
 (e) each Co-Borrower and its Subsidiaries may enter into and consummate
transactions permitted by Section 7.03; 
 (f) any Co-Borrower or any
Subsidiary may grant non-exclusive licenses or sublicenses of rights or interests in intellectual property to third parties in the ordinary course of its business; 

(g) any Co-Borrower or any Subsidiary may lease and sublease Property to other Persons in the ordinary
course of its business; 

  
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 (h) the sale, lease, license or transfer of assets in connection with the closing of any
Loan Party’s leased locations to the extent such leased locations are no longer used or useful in the conduct of such Loan Party’s business, 

(i) any loss of, damage to or destruction of, or any condemnation or other taking for public use of, any Property of any Loan Party; 

(j) intellectual property that is, in the good faith judgment of the Loan Parties, no longer economically practicable to maintain or useful in
the conduct of the business of the Loan Parties, taken as a whole, 
 (k) assignments, licenses, sublicenses, leases or subleases
(including, of intellectual property) granted to others not interfering in any material respect with the business of the Loan Parties, taken as a whole, 

(l) any sale or discount without recourse of accounts receivable or notes receivable or similar obligations arising in the exercise of the
good faith judgment of senior management of the Co-Borrowers or the applicable Subsidiary in connection with the compromise, settlement or collection thereof, and 

(m) any transfer of cash and any sale or liquidation of Investments permitted under Section 7.13, in each case, for
cash at Fair Market Value (as determined by senior management of such Loan Party). 
 7.05 Change in Nature of Business.
Engage in any material line of business substantially different from those lines of business conducted by the Co-Borrowers and their respective Subsidiaries on the date hereof or any business substantially
related, reasonably complimentary, ancillary or incidental thereto. No Loan Party will, nor will it permit any of its Subsidiaries to, (a) amend, modify or change its articles of incorporation, certificate of designation (or corporate charter
or other similar organizational document) operating agreement or bylaws (or other similar document) in any respect materially adverse to the interests of the Lenders or (b) change its accounting method (except in accordance with GAAP) in any
manner materially adverse to the interests of the Lenders. 
 7.06 Transactions with Affiliates. Enter into any transaction of
any kind with any Affiliate of a Co-Borrower, whether or not in the ordinary course of business, other than (a) on fair and reasonable terms substantially as favorable to such Co-Borrower or such Subsidiary as would be obtainable by such Co-Borrower or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than
an Affiliate, (b) normal compensation, fees and advances to and reimbursement of expenses of and indemnities provided for the benefit of officers and directors, (c) pursuant to agreements in existence on the date hereof,
(d) Investments permitted pursuant to Section 7.13, (e) transactions and payments otherwise permitted by this Article VII, and (f) transactions and payments made pursuant to the terms of the GPO
Participation Agreements in effect from time to time among PHA and its customers. 

  
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 7.07 Use of Proceeds. Use the proceeds of any Credit Extension, whether
directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to
refund indebtedness originally incurred for such purpose. The Co-Borrowers will not request any Loan or Letter of Credit, and the Co-Borrowers shall not use, and shall
procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the
payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person,
or in any Sanctioned Country, or (c) in any manner that would result in the violation of any Sanctions applicable to any Loan Party. 

7.08 Financial Covenants. 

(a) Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter to be
less than 2.50 to 1.00. 
 (b) Consolidated Total Net Leverage Ratio. Permit the Consolidated Total Net Leverage Ratio at any time
during any period of four fiscal quarters to be greater than 3.75 to 1.00, provided that, in connection with any Permitted Acquisition for which the aggregate consideration exceeds $250,000,000 (a “Qualified Acquisition”),
the maximum Consolidated Total Net Leverage Ratio, at the election of the Co-Borrowers (which election may be made no more than three (3) times during the term of this Agreement), with prior notice to the
Administrative Agent not later than 10 Business Days after the date of consummation of the Qualified Acquisition, shall increase to 4.25 to 1.00 for the four (4) consecutive fiscal quarter period beginning with the fiscal quarter in which such
Qualified Acquisition is consummated and, unless increased in accordance with this Section 7.08(b) in respect of a subsequent Qualified Acquisition, shall be 3.75 to 1.00 as of the end of each subsequent fiscal quarter.

 7.09 Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to declare or make any Restricted Payment other than (a) Tax Distributions, (b) dividends payable solely in the Capital Stock of such Person, (c) dividends or other distributions payable to the Loan Parties
and (d) so long as (i) no Default or Event of Default has occurred or is continuing or would result therefrom and (ii) after giving effect to such Restricted Payment on a pro forma basis, the Loan Parties are in compliance with each
of the financial covenants set forth in Section 7.08. 
 7.10 Sales and Leasebacks. Enter into any
arrangement with any lender or investor or to which such lender or investor is a party providing for the leasing by any Co-Borrower or any Subsidiary of real or personal property which has been or is to be
Disposed of by such Co-Borrower or such Subsidiary to such lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such property or
rental obligations of the Co-Borrowers or such Subsidiary, in any case in excess at any time of an amount equal to ten percent (10%) of Assets at such time, unless (a) the assets so Disposed of are
subject to, and may be Disposed of in compliance with, Section 7.04 and (b) such lease obligations are Capital Leases and, immediately after giving effect to such transaction, no Default or Event of Default exists or
would exist after giving effect to such transaction, including any Default or Event of Default with respect to the financial covenants set forth in Section 7.08. 

  
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 7.11 Reserved. 

7.12 Accounting Changes. Make any change in its (a) accounting policies or reporting practices, except (i) as required
or permitted by GAAP or (ii) otherwise, if not a material change, or (b) fiscal year if such change is made for the purposes of, amongst others, avoiding the occurrence of an Event of Default. 

7.13 Investments. Make any Investments, except for: 

(a) Investments consisting of cash and Cash Equivalents including amounts held in any Loan Party’s deposit accounts or investment
accounts; 
 (b) Investments consisting of accounts receivable created, acquired or made by any a Loan Party or any Subsidiary in the
ordinary course of business and payable or dischargeable in accordance with customary trade terms; 
 (c) Investments consisting of Capital
Stock, obligations, securities or other property received by any Loan Party or any Subsidiary in settlement of accounts receivable (created in the ordinary course of business) (i) from bankrupt or insolvent obligors or (ii) arising from
any litigation, arbitration or other dispute; 
 (d) Investments existing as of the Closing Date and set forth on Schedule
7.13; 
 (e) Investments in the form of one or more Permitted Acquisitions; 

(f) Loans to and other Investments in any Loan Party (including in the form of guaranties); 

(g) guarantees by any Loan Party of leases (other than Capital Leases) or of other obligations that do not constitute Indebtedness, in each
case entered into in the ordinary course of business; 
 (h) Investments in connection with Hedging Agreements; 

(i) Investments in prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance
and other similar deposits provided to third parties in the ordinary course of business; 
 (j) Investments with respect to performance
bonds, bankers’ acceptances, workers’ compensation claims, surety and appeal bond payments, obligations in connection with self-insurance or similar obligations and bank overdrafts; 

(k) Investments made in accordance with the Investment Guidelines; and 

(l) other Investments by the Loan Parties; provided that the Loan Parties are in pro forma compliance with each of the financial
covenants set forth in Section 7.08. 

  
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 7.14 Limitation on Restricted Actions. Except as otherwise provided for in
this Loan Agreement, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any such Person to (a) pay dividends or make any other distributions to any Loan Party on its Capital Stock
or with respect to any other interest or participation in, or measured by, its profits, (b) pay any Indebtedness or other obligation owed to any Loan Party, (c) make loans or advances to any Loan Party, (d) sell, lease or transfer any
of its properties or assets to any Loan Party, or (e) act as a Guarantor except (in respect of any of the matters referred to in clauses (a) through (d) above) for such encumbrances or restrictions existing under or by reason of
(i) this Agreement and the other Loan Documents, (ii) applicable law, (iii) any document or instrument governing Indebtedness incurred pursuant to Section 7.02; provided that any such restriction
contained therein relates only to the asset or assets constructed or acquired in connection therewith, or (iv) any Lien permitted pursuant to Section 7.01 or any document or instrument governing any such Lien;
provided, that any such restriction contained therein relates only to the asset or assets subject to such Lien. 
 7.15
[Reserved]. 
 ARTICLE VIII. 

EVENTS OF DEFAULT AND REMEDIES 

8.01 Events of Default. Any of the following shall constitute an Event of Default: 

(a) Non-Payment. Any Co-Borrower or any other Loan Party
fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) within five days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due
hereunder, or (iii) within five Business Days following the Administrative Agent’s demand for such reimbursement or payment for such amounts, any other amount payable hereunder or under any other Loan Document; or 

(b) Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in (i) any of
Sections 6.05, 6.10, 6.11, or Article VII or (ii) Sections 6.01, 6.02 or 6.12 and such failure continues for 10 Business Days; or 

(c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in
Section 8.01(a) or (b)) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days following the earlier to occur of (i) knowledge by a Responsible Officer of
any Loan Party or (ii) receipt by any Loan Party of notice thereof from the Administrative Agent; or 
 (d) Representations and
Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of such Co-Borrower or any other Loan Party herein, in any other Loan Document, or in any
document delivered in connection herewith or therewith shall be incorrect or misleading in any substantial and material respect when made or deemed made; or 

  
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 (e) Cross-Default. (i) Any Co-Borrower
or any Loan Party (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise and after the giving of any required notice and the running of any applicable grace or cure
periods) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Hedging Agreements) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to
all creditors under any combined or syndicated credit arrangement) of more than $75,000,000.00, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee having an aggregate principal
amount of more than $75,000,000.00 or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event (but only after the giving of any required notice, the
expiration of any permitted grace period or both) is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or
beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem
such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Hedging Agreement an Early Termination Date (as defined in such
Hedging Agreement) resulting from (A) any event of default under such Hedging Agreement as to which the Co-Borrowers or any Loan Party is the Defaulting Party (as defined in such Hedging Agreement) or
(B) any Termination Event (as so defined) under such Hedging Agreement as to which a Co-Borrower or any Loan Party is an Affected Party (as so defined) and, in either event, the Hedging Agreement
Termination Value owed by such Co-Borrower or such Loan Party as a result thereof is greater than $75,000,000.00; or 

(f) Insolvency Proceedings, Etc. Any Loan Party institutes or consents to the institution of any proceeding under any Debtor Relief
Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its
respective Property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar
days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its Property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order
for relief is entered in any such proceeding; or 
 (g) Inability to Pay Debts; Attachment. (i) Any Loan Party becomes unable or
admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against any Property of any such Person in an aggregate
principal amount of more than $50,000,000.00 and is not released, vacated or fully bonded within 30 days after its issue or levy; or 
 (h)
Judgments. There is entered against any Loan Party (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding $50,000,000.00 (to the extent not covered by
independent third-party insurance as to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement
of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

  
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 (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or
Multiemployer Plan which, when taken together with all other ERISA Events that have occurred, has resulted or would reasonably be expected to result in liability of any Co-Borrower under Title IV of ERISA
to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $50,000,000, or (ii) any Co-Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any
applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $50,000,000; or 

(j) Invalidity of Loan Documents. Any material provision of any Loan Document, at any time after its execution and delivery and for any
reason other than (i) as expressly permitted hereunder or thereunder, (ii) to the extent arising from the action or inaction of the Administrative Agent that does not result from a breach by any Loan Party or any Subsidiary thereof under
the Loan Documents or (iii) satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person acting on behalf of a Loan Party contests in any manner the validity or enforceability of any
provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; or 

(k) Change of Control. There occurs any Change of Control. 

8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall, at the
request of, or may, with the consent of, the Required Lenders, take any or all of the following actions: 
 (a) declare the commitment of
each Lender to make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated; 

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or
payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Co-Borrowers; 

(c) require that the Co-Borrowers Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and 

(d) exercise on behalf of itself, the Lenders and the L/C Issuers all rights and remedies available to it, the Lenders and the L/C Issuers
under the Loan Documents; 
 provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to
the Co-Borrowers under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all
outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Co-Borrowers to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each
case without further act of the Administrative Agent or any Lender. 

  
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 8.03 Application of Funds. After the exercise of remedies provided for in
Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to
Section 8.02), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order: 

First, to payment of that portion of the Obligations constituting fees, indemnities and expenses (including fees, charges and
disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and expenses (other than principal, interest and
Letter of Credit Fees) payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuers and amounts payable under Article III), ratably among them in proportion to
the respective amounts described in this clause Second payable to them; 
 Third, to payment of that portion of the
Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause
Third payable to them; 
 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans and
L/C Borrowings and amounts due and payable in respect of Bank Products (other than Excluded Swap Obligations), ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause Fourth held by them;

 Fifth, to the Administrative Agent for the account of the L/C Issuers, to Cash Collateralize that portion of L/C Obligations
comprised of the aggregate undrawn amount of Letters of Credit to the extent not otherwise Cash Collateralized by the Co-Borrowers pursuant to Sections 2.03 and 2.16; 

Sixth, to all other Obligations and other obligations which shall have become due and payable under the Loan Documents or otherwise and
not repaid pursuant to clauses “First” through “Fifth” above; and 
 Last, the balance, if any, after all of the
Obligations have been indefeasibly paid in full, to the Co-Borrowers or as otherwise required by Law. 
 Subject to
Section 2.03(c) and Section 2.16, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings
under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the
order set forth above. 

  
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 ARTICLE IX. 

ADMINISTRATIVE AGENT 

9.01 Appointment and Authority. Each of the Lenders and each L/C Issuer hereby irrevocably appoints Wells Fargo Bank to act on
its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms
hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article IX are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuers, and none of the
Co-Borrowers or any other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term)
with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead such term is used as a matter of market custom, and is
intended to create or reflect only an administrative relationship between contracting parties. 
 9.02 Rights as a Lender. The
Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or
“Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits
from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with Co-Borrowers or any Subsidiary or other Affiliate
thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth
herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is
continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be
expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or
that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of
property of a Defaulting Lender in violation of any Debtor Relief Law; and 

  
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 (c) shall not, except as expressly set forth herein and in the other Loan Documents, have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Co-Borrowers or any of their Affiliates that is communicated to or obtained by the Person serving as
the Administrative Agent or any of its Affiliates in any capacity. 
 The Administrative Agent shall not be liable for any action taken or
not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence of its own gross negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The
Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given in writing to the Administrative Agent by the
Co-Borrowers, a Lender or a L/C Issuer. 
 The Administrative Agent shall not be responsible for or
have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of
Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 9.04
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
(including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon
any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the
issuance of a Letter of Credit, that by its terms must be fulfilled to the reasonable satisfaction of a Lender or L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless the
Administrative Agent shall have received notice to the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be
counsel for the Co-Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers
hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and 

  
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powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related
Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities
as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final
and non appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

9.06 Resignation of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the
Lenders, the L/C Issuers and the Co-Borrowers. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Co-Borrowers, to appoint a successor, which shall be a bank with an office in the
United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the qualifications set forth above; provided that
if the Administrative Agent shall notify the Co-Borrowers and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuers
under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and each L/C Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this
Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative
Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the
Co-Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Co-Borrowers and such successor. After the retiring Administrative Agent’s resignation hereunder and
under the other Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

Any resignation by Wells Fargo Bank as Administrative Agent pursuant to this Section shall also constitute its resignation as an L/C Issuer
and Swing Line Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C
Issuer and Swing Line Lender, (b) the retiring L/C Issuer and Swing Line Lender 

  
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shall be discharged from all of its or their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in
substitution for the Letters of Credit issued by the retiring L/C Issuer, if any, outstanding at the time of such succession or make other arrangements reasonably satisfactory to the retiring L/C Issuer to effectively assume the obligations of the
retiring L/C Issuer with respect to such Letters of Credit. 
 If the Person serving as Administrative Agent is a Defaulting Lender pursuant
to clause (d) of the definition of “Defaulting Lender”, the Required Lenders may, to the extent permitted by applicable laws, by notice in writing to the Co-Borrowers and such
Person, remove such Person as Administrative Agent and, in consultation with the Co-Borrowers, appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank
with an office in the United States; provided that, without the consent of the Co-Borrowers (such consent not to be unreasonably withheld), the Required Lenders shall not be permitted to select a
successor that is not a U.S. financial institution described in Treasury Regulation Section 1.1441-1(b)(2)(ii) or a U.S. branch of a foreign bank described in Treasury Regulation Section 1.1441-1(b)(2)(iv)(A). If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days (or such earlier day as shall be
agreed by the Required Lenders) (hereinafter referred to as the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and each L/C
Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on
such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document
furnished hereunder or thereunder. 
 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the
Bookrunners, Arrangers, syndications agents, or co-documentation agents, if any, listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan
Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an L/C Issuer hereunder. 
 9.09
Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal
of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the
Co-Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

  
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 (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers and the Administrative
Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C
Issuers and the Administrative Agent under Sections 2.03(h) and (i), 2.09 and 10.04) allowed in such judicial proceeding; and 

(b) to collect and receive any monies or other Property payable or deliverable on any such claims and to distribute the same; 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Lender and each L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuers, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and
10.04. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or
adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any L/C Issuer to authorize the Administrative Agent to vote in respect of
the claim of any Lender or any L/C Issuer in any such proceeding. 
 9.10 Collateral and Loan Party Guaranty Matters. The
Lenders and the L/C Issuers irrevocably authorize the Administrative Agent, at its option and in its discretion, 
 (a) to release any Lien
on any Property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the
expiration or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements reasonably satisfactory to the Administrative Agent and the applicable L/C Issuer shall have been made), (ii) that is sold or to be sold
as part of or in connection with any sale permitted hereunder or under any other Loan Document, or (iii) subject to Section 10.01, if approved, authorized or ratified in writing by the Required Lenders; and 

(b) to release any Guarantor from its obligations under the Loan Party Guaranty if such Person ceases to be a Subsidiary as a result of a
transaction permitted hereunder. 
 Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the
Administrative Agent’s authority to release or subordinate its interest in particular types or items of Property, or to release any Guarantor from its obligations under the Loan Party Guaranty pursuant to this
Section 9.10. In furtherance of clause (b) of this Section 9.10, Administrative Agent shall release any Guarantor from its obligations under the Loan Party Guaranty if such Person ceases to be
a Subsidiary as a result of a transaction permitted hereunder. 

  
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 9.11 Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of any Co-Borrower or any other Loan Party, that at least one of the following is and will be true: 

(i) such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or
more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement, 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a
class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions
involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect
to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of
Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 
 (b) In addition, unless either (1) sub-clause (i) in the
immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date

  
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such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of any
Co-Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents
related hereto or thereto). 
 9.12 Erroneous Payments. 

(a) Each Lender and each L/C Issuer hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall
be conclusive absent manifest error) such Lender or L/C Issuer or any other Person that has received funds from the Administrative Agent or any of its Affiliates, either for its own account or on behalf of a Lender or L/C Issuer (each such
recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion that any funds received by such Payment Recipient were erroneously transmitted to, or otherwise erroneously or mistakenly received
by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a
different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, (y) that was not preceded or
accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes
aware was transmitted or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have been made (any such amounts specified in clauses (i) or (ii) of this
Section 9.12(a), whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and collectively, an “Erroneous Payment”), then, in each
case, such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment; provided that nothing in this Section shall require the Administrative Agent to provide any of the notices specified
in clauses (i) or (ii) above. Each Payment Recipient agrees that it shall not assert any right or claim to any Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or
recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine.
For the avoidance of doubt, no Co-Borrower nor any other Loan Party shall constitute a “Payment Recipient”. 

(b) Without limiting the immediately preceding Section 9.12(a), each Payment Recipient agrees that, in the case of
clause (ii) of Section 9.12(a), it shall promptly notify the Administrative Agent in writing of such occurrence. 

(c) In the case of either clause (i) or (ii) of Section 9.12(a), such Erroneous Payment shall at all times
remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand from the Administrative Agent such Payment Recipient shall (or, shall
cause any Person who received any portion of an Erroneous Payment on its behalf to), promptly, but in all events 

  
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no later than one Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds
and in the currency so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the
Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. 

(d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand
therefor by the Administrative Agent in accordance with immediately preceding clause (c), from any Lender that is a Payment Recipient or an Affiliate of a Payment Recipient (such unrecovered amount as to such Lender, an “Erroneous Payment
Return Deficiency”), then at the sole discretion of the Administrative Agent and upon the Administrative Agent’s written notice to such Lender (i) such Lender shall be deemed to have made a cashless assignment of the full face
amount of the portion of its Loans (but not its Commitments) to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent’s applicable lending affiliate in an amount that is equal to the Erroneous Payment
Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments), the “Erroneous Payment Deficiency Assignment”) plus any accrued and unpaid interest on such
assigned amount, without further consent or approval of any party hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee of such Erroneous Payment Deficiency Assignment. The parties hereto
acknowledge and agree that (1) any assignment contemplated in this Section 9.12(d) shall be made without any requirement for any payment or other consideration paid by the applicable assignee or received by the
assignor, (2) the provisions of this Section 9.12(d) shall govern in the event of any conflict with the terms and conditions of Section 10.06 and (3) the Administrative Agent may reflect
such assignments in the Register without further consent or action by any other Person. 
 (e) Each party hereto hereby agrees that
(x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to all
the rights of such Payment Recipient with respect to such amount (provided that the Loan Parties’ Obligations under the Loan Documents in respect of such subrogation rights shall not be duplicative of such Obligations in respect of Loans
that have been assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment) and (2) is authorized to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Loan Document, or
otherwise payable or distributable by the Administrative Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under this Section 9.12 or under the indemnification provisions of
this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by any Co-Borrower or any other Loan Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the
Administrative Agent from any Co-Borrower or any other Loan Party for the purpose of making a payment on the Obligations, provided that this Section 9.12 shall not be interpreted to increase (or
accelerate the due date for), or have the effect of 

  
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increasing (or accelerating the due date for), the Obligations of the Co-Borrowers relative to the amount (and/or timing for payment) of the Obligations
that would have been payable had such Erroneous Payment not been made by the Administrative Agent and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the
Obligations or any part thereof that were so credited, and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received. 

(f) Each party’s obligations under this Section 9.12 shall survive the resignation or replacement of the
Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

 (g) Nothing in this Section 9.12 will constitute a waiver or release of any claim of the Administrative Agent
hereunder arising from any Payment Recipient’s receipt of an Erroneous Payment. 
 ARTICLE X. 

MISCELLANEOUS 

10.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to
any departure by the Co-Borrowers or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Co-Borrowers or the applicable Loan Party, as the case may be, and acknowledged by the Administrative
Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall: 

(a) waive any condition set forth in Section 4.01(a) without the prior express written consent of each Lender; 

(b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 8.02) without the prior express written consent of such Lender; 
 (c) postpone any date fixed by this
Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each
Lender directly adversely affected thereby; 
 (d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C
Borrowing, or (subject to clause (iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document without the prior express written consent of
each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the Co-Borrowers to pay interest or Letter of Credit Fees at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to
reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder; 

  
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 (e) change Section 2.13 or Section 8.03
in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender directly adversely affected thereby; 

(f) change any provision of this Section 10.01 or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder without the written consent of each Lender directly adversely
affected thereby; or 
 (g) release all or substantially all of the value of the Loan Party Guaranty without the prior express written
consent of each Lender, except to the extent the release of any Guarantor is permitted pursuant to Section 9.10 (in which case such release may be made by the Administrative Agent acting alone); 

and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuers in
addition to the Lenders required above, affect the rights or duties of a L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in
writing and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the
Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (iv) the Fee Letters may be amended, or rights or privileges thereunder
waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, (and any amendment, waiver or
consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be
increased or extended or the maturity of any of its Loans may not be extended, the rate of interest on any of its Loans may not be reduced and the principal amount of any of its Loans may not be forgiven, in each case without the consent of such
Defaulting Lender and (y) any waiver, amendment, consent or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely relative to other affected Lenders shall
require the consent of such Defaulting Lender. 
 In addition, notwithstanding anything to the contrary herein, the Co-Borrowers may, by written notice to the Administrative Agent from time to time, make one or more offers (each, a “Loan Modification Offer”) to all of the Lenders of any class to make one or more
amendments or modifications to (a) allow the maturity and scheduled amortization of the Loans and/or Commitments of the Accepting Lenders (as defined below) to be extended and (b) increase the Applicable Rate, the Commitment Fees and/or
the Letter of Credit Fees set forth in the Applicable Rate payable with respect to the Loans and Commitments of the Accepting Lenders, (“Permitted Amendments”) pursuant to procedures reasonably specified by the Administrative Agent
and reasonably acceptable to the Co-Borrowers. Such notice shall set forth (i) the terms and conditions of the requested Permitted Amendment and (ii) the date on which such Permitted Amendment is
requested to become effective. Permitted Amendments shall become effective 

  
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only with respect to the Loans and/or Commitments of the Lenders that accept the applicable Loan Modification Offer (such Lenders, the “Accepting Lenders”) and, in the case of
any Accepting Lender, only with respect to such Lender’s Loans and/or Commitments as to which such Lender’s acceptance has been made. Each Loan Party and each Accepting Lender shall execute and deliver to the Administrative Agent an
agreement containing the terms of the Permitted Amendments (a “Loan Modification Agreement”) and such other documentation as the Administrative Agent shall reasonably specify to evidence the acceptance of the Permitted Amendments
and the terms and conditions thereof. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Loan Modification Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Loan
Modification Agreement, this Credit Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Permitted Amendment evidenced thereby and only with respect to the Loans and Commitments
of the Accepting Lenders as to which such Lenders’ acceptance has been made. 
 Notwithstanding any provision herein to the contrary,
if the Administrative Agent and the Co-Borrowers acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document
(including the schedules and exhibits thereto), then the Administrative Agent and the Co-Borrowers shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake,
typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement if the same is not objected to in writing by the Required Lenders to the Administrative Agent
within five Business Days following receipt of notice thereof. 
 10.02 Notices; Effectiveness; Electronic Communication. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in Section 10.02(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
facsimile or electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to the Co-Borrowers, the Administrative Agent, any L/C Issuer or the Swing Line Lender, to the address, facsimile
number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and 
 (ii) if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire. 

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have
been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in Section 10.02(b), shall be effective as provided in
Section 10.02(b). 

  
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 (b) Electronic Communications. Notices and other communications to the Lenders and
the L/C Issuers hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender or the L/C Issuers pursuant to Article II if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of
receiving notices under such Article by electronic communication. The Administrative Agent or the Co-Borrowers may, in their respective discretion, agree to accept notices and other communications to them hereunder by electronic communications
pursuant to procedures approved by them, provided that approval of such procedures may be limited to particular notices or communications. 

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an
e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to
have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its
e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT
WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH
THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (hereinafter collectively referred to as the “Agent Parties”) have any liability to the Co-Borrowers, any Lender, any
L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Co-Borrowers’ or the Administrative Agent’s
transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from
the gross negligence, bad faith or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Co-Borrowers, any Lender, any L/C Issuer or any other Person for indirect,
special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

  
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 (d) Change of Address, Etc. Each of the
Co-Borrowers, the Administrative Agent, the L/C Issuers and the Swing Line Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other
parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the Co-Borrowers, the Administrative Agent, the L/C Issuers and the Swing Line Lender. In addition,
each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which
notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the
“Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable
Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Co-Borrowers or their securities for purposes of United States Federal or state securities laws. 

(e) Reliance by Administrative Agent, L/C Issuers and Lenders. The Administrative Agent, the L/C Issuers and the Lenders shall be
entitled to rely and act upon any notices (including telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given by or on behalf of the Co-Borrowers even if (i) such notices were not made in a manner specified herein, were
incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Co-Borrowers shall indemnify the Administrative
Agent, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Co-Borrowers. All
telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording. 

10.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, any L/C Issuer or the Administrative Agent to
exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by
law. 
 Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and
remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively
by, the Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuers; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent
from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan 

  
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Documents, (b) any L/C Issuer or the Swing Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as an L/C Issuer or Swing Line Lender, as the
case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.13), or (d) any
Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no
Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and
(ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders,
enforce any rights and remedies available to it and as authorized by the Required Lenders. 
 10.04 Expenses; Indemnity; Damage Waiver.

 (a) Costs and Expenses. The Co-Borrowers shall pay (i) all reasonable and properly documented actual out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable and properly documented actual fees, charges and disbursements of
counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated and promptly following written demand therefor), (ii) all reasonable and properly
documented actual out-of-pocket expenses incurred by each L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit issued by
it or any demand for payment thereunder and (iii) all reasonable and properly documented actual out-of-pocket expenses incurred by the Administrative Agent, any
Lender or any L/C Issuer (including the reasonable and properly documented actual fees, charges and disbursements of any counsel for the Administrative Agent, any Lender or any L/C Issuer in connection with the enforcement or protection of its
rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. The Co-Borrowers shall have no obligation to
pay, or reimburse any Person for, the fees and time charges of attorneys who are employees of the Administrative Agent, any Lender or any L/C Issuer. 

(b) Indemnification by the Co-Borrowers. The Co-Borrowers shall indemnify the Administrative
Agent (and any sub-agent thereof), each Lender and each L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold
each Indemnitee harmless from, any and all liabilities, damages, claims, costs and expenses (including the reasonable and properly documented actual fees, charges and disbursements of one external counsel and one external local counsel in each
applicable jurisdiction if required and as selected by the Administrative Agent (and to the extent an Indemnitee determines, after consultation with legal counsel, that an actual or potential conflict may require use of separate counsel by such
Indemnitee, separate legal counsel for such Indemnitee)), incurred by any Indemnitee or asserted against any Indemnitee by any third party 

  
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or by the Co-Borrowers or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement
or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative
Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in
Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the applicable L/C Issuer to honor a demand for payment under a Letter of Credit if the
documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any Property owned or operated by the
Co-Borrowers or any of their Subsidiaries, or any Environmental Liability related in any way to the Co-Borrowers or any of their Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of
the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Co-Borrowers or any other Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (w) have resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee;
(x) result from a claim brought by the Co-Borrowers or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document;
(y) the material breach of the this Agreement or the other Loan Documents by an Indemnitee; or (z) any dispute solely among Indemnitees, solely to the extent that the underlying dispute does not (A) arise as a result of any action,
inaction or representation of, or information provided by or on behalf of, the Co-Borrowers or any of their subsidiaries or affiliates or (B) relate to claims against any indemnified party in its capacity
or in fulfilling its role as an Administrative Agent or arranger or any similar role under this Agreement or the other Loan Documents (in the case of each of the preceding clauses (w) through (z), as determined by a court of competent
jurisdiction in a final non-appealable judgment). This Section 10.04(b) shall not apply with respect to Taxes other than any Taxes that represent liabilities, damages, claims, costs
and expenses arising from any non-Tax claim. 
 (c) Reimbursement by Lenders. To the extent
that the Co-Borrowers for any reason fail to indefeasibly pay any amount required under Section 10.04(a) or (b) to be paid by them to the Administrative Agent (or any
sub-agent thereof), any L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent),
such L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided
that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent)
or any L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or such L/C Issuer in connection with such capacity.
The obligations of the Lenders under this Section 10.04(c) are subject to the provisions of Section 2.12(d). 

  
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 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable law, the Co-Borrowers shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No
Indemnitee referred to in Section 10.04(b) shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee
through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from
the gross negligence, bad faith or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

(e) Payments. All amounts due under this Section shall be payable not later than twenty (20) Business Days after demand therefor.

 (f) Survival. The agreements in this Section and the indemnity provisions of Section 10.02(e) shall
survive the resignation of the Administrative Agent, any L/C Issuer and the Swing Line Lender, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Co-Borrowers is made to the Administrative
Agent, any L/C Issuer or any Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent
or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not
been made or such setoff had not occurred, and (b) each Lender and each L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the
Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and the L/C Issuers under
clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 

10.06 Successors and Assigns. 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that none of the Co-Borrowers or any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior express written consent
of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in 

  
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accordance with the provisions of Section 10.06(b), (ii) by way of participation in accordance with the provisions of Section 10.06(d),
or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 10.06(f) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in
Section 10.06(d) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuers and the Lenders) any legal or equitable right, remedy or claim under or by reason
of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this Section 10.06(b), participations in L/C Obligations and in Swing Line Loans) at the
time owing to it); provided that any such assignment shall be subject to the following conditions: 
 (i)
Minimum Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment
and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in Section 10.06(b)(i)(A), the aggregate amount of the
Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date
the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000.00
unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Co-Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed); provided, however, that
concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment
for purposes of determining whether such minimum amount has been met. 
 (ii) Proportionate Amounts. Each partial
assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this
Section 10.06(b)(ii) shall not apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans; 

  
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 (iii) Required Consents. No consent shall be required for any
assignment except to the extent required by Section 10.06(b)(i)(B) and, in addition: 
 (A)
the consent of the Co-Borrowers (such consent not to be unreasonably withheld, conditioned or delayed) shall be required unless (1) an Event of Default under Section 8.01(a) or (f) has occurred and is
continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Co-Borrowers shall be deemed to have consented to
any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed) shall be
required if such assignment is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender; 

(C) the consent of each L/C Issuer (such consent not to be unreasonably withheld, conditioned or delayed) shall be required for
any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and 

(D) the consent of the Swing Line Lender (such consent not to be unreasonably withheld, conditioned or delayed) shall be
required for any assignment. 
 (iv) Assignment and Assumption. The parties to each assignment shall execute and
deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500.00; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive
such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(v) No Assignment to Co-Borrower or Related Parties. No such assignment shall be
made to the Co-Borrowers, any Guarantor, or any of the Co-Borrowers respective Affiliates or Subsidiaries. 

(vi) No Assignment to Natural Persons. No such assignment shall be made to a natural person. 

(vii) Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender
hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount
sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Co-Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby
irrevocably consent), to (x) pay and satisfy in 

  
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full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any
Defaulting Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until
such compliance occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to
Section 10.06(c), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections
3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Co-Borrowers (at their reasonable expense) shall execute and deliver a
Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.06(b) shall be treated for purposes of this Agreement as a sale by
such Lender of a participation in such rights and obligations in accordance with Section 10.06(d). 
 (c)
Register. The Administrative Agent, acting solely for this purpose as an agent of the Co-Borrowers (and such agency being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and
Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to
time (hereinafter referred to as the “Register”). The entries in the Register shall be conclusive, and the Co-Borrowers, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of
designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Co-Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Participations. Any Lender may at any time, without the consent of, or notice to, the
Co-Borrowers, the Administrative Agent, the L/C Issuers or the Swing Line Lender, sell participations to any Person (other than a natural person, a Defaulting Lender or the Co-Borrowers or any Guarantor or any
of the Co-Borrowers’ respective Affiliates or Subsidiaries) (hereinafter each shall be referred to as a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) 

  
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owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii) the Co-Borrowers, the Administrative Agent, the Lenders and the L/C Issuers shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 10.04(c) without regard to the existence of any participation. 

Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. Subject to Section 10.06(e), the Co-Borrowers agree
that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
Section 10.06(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided such Participant agrees
to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Co-Borrowers, maintain a
register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any
commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in
registered form under Section 5f.103 1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Credit Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have
no responsibility for maintaining a Participant Register. 
 (e) Limitations upon Participant Rights. A Participant shall not be
entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of
the participation to such Participant is made with the Co-Borrowers’ prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless
the Co-Borrowers are notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Co-Borrowers, to comply with Section 3.01 as though it were a Lender. 

(f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from
any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

  
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 (g) Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding
anything to the contrary contained herein, if at any time Wells Fargo Bank assigns all of its Commitment and Loans pursuant to Section 10.06(b), Wells Fargo Bank may, (i) upon 30 days’ notice to the Co-Borrowers
and the Lenders, resign as an L/C Issuer and/or (ii) upon 30 days’ notice to the Co-Borrowers, resign as Swing Line Lender. In the event of any such resignation as an L/C Issuer or Swing Line Lender, the Co-Borrowers shall be entitled to
appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Co-Borrowers to appoint any such successor shall affect the resignation of Wells Fargo Bank as an L/C
Issuer or Swing Line Lender, as the case may be. If Wells Fargo Bank resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit issued by it that are
outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in Unreimbursed Amounts
pursuant to Section 2.03(c)). If Wells Fargo Bank resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as
of the effective date of such resignation, including the right to require the Lenders to make Base Rate Committed Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c). Upon the
appointment of a successor L/C Issuer and/or Swing Line Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and
(b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit issued by the retiring L/C Issuer, if any, outstanding at the time of such succession or make other arrangements reasonably satisfactory to
Wells Fargo Bank to effectively assume the obligations of Wells Fargo Bank with respect to such Letters of Credit. 
 10.07
Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the L/C Issuers agrees to maintain the confidentiality of the “Information” (as such term is defined below), except that
Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of
Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any
other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to
Section 2.14 or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Co-Borrowers and their obligations or payments
hereunder, (g) with the consent of the Co-Borrowers, (h) on a confidential basis to the CUSIP Service Bureau or any similar agency 

  
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in connection with the application, issuance, publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder or (i) to the
extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a
nonconfidential basis from a source other than the Co-Borrowers. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to
market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments. 

For purposes of this Section, “Information” means all information received from any
Co-Borrower or any Subsidiary relating to any Co-Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to
the Administrative Agent, any Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by such Co-Borrower or such Subsidiary, provided that, in the case of information received from a Co-Borrower or a Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in
this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 Each of the Administrative Agent, the Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public information concerning a Co-Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities
Laws. 
 10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each L/C Issuer and
each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at
any time held and other obligations at any time owing by such Lender, such L/C Issuer or any such Affiliate to or for the credit or the account of a Co-Borrower or any other Loan Party against any and all of
the obligations of a Co-Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender or such L/C Issuer, irrespective of whether or not such Lender or
such L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of a Co-Borrower or such Loan Party may be contingent or unmatured or are owed to
a branch or office of such Lender or such L/C Issuer different from the branch or office holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff,
(a) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.17 and, pending such payment, shall be segregated by such
Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (b) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable
detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. 

  
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The rights of each Lender, each L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender,
such L/C Issuer or their respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify the Co-Borrowers and the Administrative Agent promptly after any such setoff and application, provided that the failure to give
such notice shall not affect the validity of such setoff and application. 
 10.09 Interest Rate Limitation. Notwithstanding
anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law
(hereinafter referred to as the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if
it exceeds such unpaid principal, refunded to the Co-Borrowers. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by
applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in
equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 
 10.10
Counterparts; Integration; Effectiveness. 
 (a) This Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. 

(b) This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and
supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof (including the credit facilities and letters of credit referenced in paragraphs of this Section 10.10.

 (c) Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed
by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement. 

10.11 Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan
Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the
Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default
or Event of Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 

  
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 10.12 Severability. If any provision of this Agreement or the other Loan
Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the
parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.
The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to
the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, any L/C Issuer or the Swing Line Lender, as
applicable, then such provisions shall be deemed to be in effect only to the extent not so limited. 
 10.13 Replacement of
Lenders. If any Lender requests compensation under Section 3.04, or if the Co-Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.01, or if any Lender is a Defaulting Lender or a Non-Consenting Lender, or if any other circumstance exists hereunder that gives the Co-Borrowers the right to replace a
Lender as a party hereto, then the Co-Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which
assignee may be another Lender, if a Lender accepts such assignment), provided that: 
 (a) the Co-Borrowers shall have paid
to the Administrative Agent the assignment fee specified in Section 10.06(b); 
 (b) such Lender shall have
received payment of an amount equal to one hundred percent (100%) of the outstanding principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents
(including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Co-Borrowers (in the case of all other amounts); 

(c) in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments
required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; 

(d) in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the
applicable assignee shall have consented to the applicable amendment, waiver or consent; and 
 (e) such assignment does not conflict with
applicable Laws. 

  
 123 

 A Lender shall not be required to make any such assignment or delegation if, prior thereto,
as a result of a waiver by such Lender or otherwise, the circumstances entitling the Co-Borrowers to require such assignment and delegation cease to apply. 

10.14 Governing Law; Jurisdiction; Etc. 

(a) GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN
CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) SUBMISSION TO JURISDICTION. EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST ANY OTHER PARTY HERETO,
OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE
UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN
RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN
ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 

(c) WAIVER OF VENUE. EACH LOAN PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN
SECTION 10.14(b). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING
IN ANY SUCH COURT. 
 (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

  
 124 

 10.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Loan Party hereby acknowledges and agrees, and acknowledges its Affiliates’ understanding,
that: (a) (i) the arranging and other services regarding this Agreement provided by the Administrative Agent, the Arrangers and the Lenders are arm’s-length commercial transactions between the Co-Borrowers, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the Lenders, on the other hand, (ii) each of the Co-Borrowers and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) the
Co-Borrowers and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents;
(b) (i) the Administrative Agent, the Arrangers and the Lenders each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor,
agent or fiduciary for the Co-Borrowers, any other Loan Party or any of their respective Affiliates, or any other Person and (ii) neither the Administrative Agent, any Arranger nor any Lender has any
obligation to the Co-Borrowers, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the
other Loan Documents; and (c) the Administrative Agent, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Co-Borrowers, the other Loan Parties and their respective Affiliates, and neither the Administrative Agent nor any Arranger has any obligation to disclose any of such interests to the
Co-Borrowers, any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each Loan Party hereby waives and releases any claims that it may have against the
Administrative Agent, the Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

  
 125 

 10.17 Electronic Execution of Assignments and Certain Other Documents. The
words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic
signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act. 
 10.18 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Co-Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)) (hereinafter referred to as the “Act”), it is required to obtain, verify and record information that identifies the Co-Borrowers, which
information includes the name and address of the Co-Borrowers and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Co-Borrowers in accordance with the Act. The Co-Borrowers shall, promptly
following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your
customer” and anti-money-laundering rules and regulations, including the Act and the Beneficial Ownership Regulation. 
 10.19
Time of the Essence. Time is of the essence of the Loan Documents. 
 10.20 Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by the
applicable Resolution Authority to any such liabilities arising hereunder that may be payable to it by any party hereto that is an Affected Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 

  
 126 

 (iii) the variation of the terms of such liability in connection with the
exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 
 10.21 Acknowledgement Regarding Any
Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any agreement or instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC, a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the
regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC
may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

(a) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such
interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such
Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is
understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

(b) As used in this Section 10.21, the following terms have the following meanings: 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted
in accordance with, 12 U.S.C. 1841(k)) of such party. 
 “Covered Entity” means any of the following: 

(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b);
or 
 (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 

  
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 “Default Right” has the meaning assigned to that term in,
and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be
interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 ARTICLE XI. 

LOAN PARTY GUARANTY 

11.01 The Guaranty. In order to induce the Lenders to enter into this Agreement and any Bank Product Provider to enter into any
Bank Product and to extend credit hereunder and thereunder and in recognition of the direct benefits to be received by the Guarantors from the extensions of credit hereunder and any Bank Product, each of the Guarantors hereby agrees with the
Administrative Agent, the Lenders and the Bank Product Provider as follows: each Guarantor hereby unconditionally and irrevocably jointly and severally guarantees as primary obligor and not merely as surety the full and prompt payment when due,
whether upon maturity, by acceleration or otherwise, of any and all Obligations. If any or all of the indebtedness becomes due and payable hereunder or under any Bank Product, each Guarantor unconditionally promises to pay such indebtedness to the
Administrative Agent, the Lenders, the Bank Product Providers, or their respective order, on demand, together with any and all reasonable expenses which may be incurred by the Administrative Agent or the Lenders in collecting any of the Obligations.
The Loan Party Guaranty set forth in this Article XI is a guaranty of timely payment and not of collection. The word “indebtedness” is used in this Article XI in its most comprehensive sense and includes any and all advances,
debts, obligations and liabilities of the Co-Borrowers, including specifically all Obligations, arising in connection with this Agreement, the other Loan Documents or any Bank Product, in each case,
heretofore, now, or hereafter made, incurred or created, whether voluntarily or involuntarily, absolute or contingent, liquidated or unliquidated, determined or undetermined, whether or not such indebtedness is from time to time reduced, or
extinguished and thereafter increased or incurred, whether the Co-Borrowers may be liable individually or jointly with others, whether or not recovery upon such indebtedness may be or hereafter become barred
by any statute of limitations, and whether or not such indebtedness may be or hereafter become otherwise unenforceable. This Guaranty is a continuing guaranty and shall be binding upon each Guarantor and its successors and assigns, and each
Guarantor irrevocably waives any right to revoke this Guaranty as to future transactions giving rise to any Obligations. 
 Notwithstanding
any provision to the contrary contained herein or in any other of the Loan Documents, to the extent the obligations of a Guarantor shall be adjudicated to be invalid or unenforceable for any reason (including because of any applicable state or
federal law relating to fraudulent conveyances or transfers) then the obligations of each such Guarantor hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including the Bankruptcy
Code). 
 11.02 Bankruptcy. Additionally, each of the Guarantors unconditionally and irrevocably guarantees jointly and
severally the payment of any and all Obligations of the Co-Borrowers to the Lenders and any Bank Product Provider whether or not due or payable by the Co-Borrowers upon
the occurrence of any Bankruptcy Event and unconditionally promises to 

  
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pay such Obligations to the Administrative Agent for the account of the Lenders and to any such Bank Product Provider, or order, on demand, in lawful money of the United States. Each of the
Guarantors further agrees that to the extent that the Co-Borrowers or a Guarantor shall make a payment or a transfer of an interest in any property to the Administrative Agent, any Lender or any Bank Product Provider, which payment or transfer or
any part thereof is subsequently invalidated, declared to be fraudulent or preferential, or otherwise is avoided, and/or required to be repaid to the Co-Borrowers or a Guarantor, the estate of the Co-Borrowers or a Guarantor, a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such avoidance or repayment, the obligation or
part thereof intended to be satisfied shall be revived and continued in full force and effect as if said payment had not been made. 

11.03 Nature of Liability. The liability of each Guarantor hereunder is exclusive and independent of any security for or other
guaranty of the Obligations of the Co-Borrowers whether executed by any such Guarantor, any other guarantor or by any other party, and no Guarantor’s liability hereunder shall be affected or impaired by
(a) any direction as to application of payment by the Co-Borrowers or by any other party, or (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any
other party as to the Obligations of the Co-Borrowers, or (c) any payment on or in reduction of any such other guaranty or undertaking, or (d) any dissolution, termination or increase, decrease or
change in personnel by the Co-Borrowers, or (e) any payment made to the Administrative Agent, the Lenders or any Bank Product Provider on the Obligations which the Administrative Agent, such
Lenders or such Bank Product Provider the Co-Borrowers pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each of the Guarantors
waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding. 
 11.04
Independent Obligation. The obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor or the Co-Borrowers, and a separate action or actions may be brought and
prosecuted against each Guarantor whether or not action is brought against any other Guarantor or the Co-Borrowers and whether or not any other Guarantor or any
Co-Borrower is joined in any such action or actions. 
 11.05 Authorization. Each of
the Guarantors authorizes the Administrative Agent, each Lender and each Bank Product Provider without notice or demand (except as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability
hereunder, from time to time to (a) renew, compromise, extend, increase, accelerate or otherwise change the time for payment of, or otherwise change the terms of the Obligations or any part thereof in accordance with this Agreement and any Bank
Product, as applicable, including any increase or decrease of the rate of interest thereon, (b) take and hold security from any Guarantor or any other party for the payment of this Loan Party Guaranty or the Obligations and exchange, enforce
waive and release any such security, (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent and the Lenders in their discretion may determine, (d) release or substitute any one or more endorsers,
Guarantors, the Co-Borrowers or other obligors and (e) to the extent otherwise permitted herein, release or substitute any Collateral. 

  
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 11.06 Reliance. It is not necessary for the Administrative Agent, the Lenders
or any Bank Product Provider to inquire into the capacity or powers of the Co-Borrowers or the officers, directors, members, partners or agents acting or purporting to act on its behalf, and any Obligations
made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder. 
 11.07 Waiver. 

(a) Each of the Guarantors waives any right (except as shall be required by applicable statute and cannot be waived) to require the
Administrative Agent, any Lender or any Bank Product Provider to (i) proceed against the Co-Borrowers, any other guarantor or any other party, (ii) proceed against or exhaust any security held
from the Co-Borrowers, any other guarantor or any other party, or (iii) pursue any other remedy in the Administrative Agent’s, any Lender’s or any Bank Product Provider’s whatsoever.
Each of the Guarantors waives any defense based on or arising out of any defense of the Co-Borrowers, any other guarantor or any other party other than payment in full of the Obligations (other than contingent
indemnification obligations for which no claim has been made or cannot be reasonably identified by an Indemnitee based on the then-known facts and circumstances), including any defense based on or arising out of the disability of the Co-Borrowers, any other guarantor or any other party, or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Co-Borrowers other than payment in full of the Obligations. The Administrative Agent may, at its election, foreclose on any security held by the Administrative Agent or a Lender by one or more judicial or
nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Administrative Agent or any Lender may have against the Co-Borrowers or any other party, or any security, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Obligations have been paid in full and the Commitments
have been terminated. Each of the Guarantors waives any defense arising out of any such election by the Administrative Agent or any of the Lenders, even though such election operates to impair or extinguish any right of reimbursement or subrogation
or other right or remedy of the Guarantors against the Co-Borrowers or any other party or any security. 

(b) Each of the Guarantors waives all presentments, demands for performance, protests and notices, including notices of nonperformance, notice
of protest, notices of dishonor, notices of acceptance of this Loan Party Guaranty, and notices of the existence, creation or incurring of new or additional Obligations. Each Guarantor assumes all responsibility for being and keeping itself informed
of the Co-Borrowers’ financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks which such
Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any Lender shall have any duty to advise such Guarantor of information known to it regarding such circumstances or risks. 

(c) Each of the Guarantors hereby agrees it will not exercise any rights of subrogation which it may at any time otherwise have as a result of
this Loan Party Guaranty (whether contractual, under Section 509 of the U.S. Bankruptcy Code, or otherwise) to the claims of the Lenders or any Bank Product Provider against the Co-Borrowers or any other
guarantor of the Obligations of the Co-Borrowers owing to the Lenders or such Bank Product Provider  

  
 130 

 
(collectively, the “Other Parties”) and all contractual, statutory or common law rights of reimbursement, contribution or indemnity from any Other Party which it may at any time
otherwise have as a result of this Loan Party Guaranty until such time as the Obligations shall have been paid in full and the Commitments have been terminated. Each of the Guarantors hereby further agrees not to exercise any right to enforce any
other remedy which the Administrative Agent, the Lenders or any Bank Product Provider now have or may hereafter have against any Other Party, any endorser or any other guarantor of all or any part of the Obligations of the Co-Borrowers and any benefit of, and any right to participate in, any security or collateral given to or for the benefit of the Lenders and/or the Bank Product Providers to secure payment of the Obligations of the Co-Borrowers until such time as the Obligations (other than contingent indemnification obligations) shall have been paid in full and the Commitments have been terminated. 

11.08 Limitation on Enforcement. The Lenders and the Bank Product Providers agree that this Loan Party Guaranty may be enforced
only by the action of the Administrative Agent acting upon the instructions of the Required Lenders or such Bank Product Provider (only with respect to obligations under the applicable Bank Product) and that no Lender or Bank Product Provider shall
have any right individually to seek to enforce or to enforce this Loan Party Guaranty, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent for the benefit of the Lenders under the terms of this
Agreement and for the benefit of any Bank Product Provider under any Bank Product. 
 11.09 Confirmation of Payment. The
Administrative Agent and the Lenders will, upon request after payment of the Obligations which are the subject of this Loan Party Guaranty and termination of the Commitments relating thereto, confirm to the
Co-Borrowers, the Guarantors or any other Person that such indebtedness and obligations have been paid and the Commitments relating thereto terminated, subject to the provisions of
Section 11.02. 
 11.10 Eligible Contract Participant. Notwithstanding anything to the contrary in
any Loan Document, no Guarantor shall be deemed under this Article XI to be a guarantor of any Swap Obligations if such Guarantor was not an “eligible contract participant” as defined in § 1a(18) of the Commodity Exchange
Act, at the time the guarantee under this Article XI becomes effective with respect to such Swap Obligation and to the extent that the providing of such guarantee by such Guarantor would violate the Commodity Exchange Act; provided
however that in determining whether any Guarantor is an “eligible contract participant” under the Commodity Exchange Act, the guarantee of the Obligations of such Guarantor under this Article XI by a Guarantor that is also a
Qualified ECP Guarantor shall be taken into account. 
 11.11 Keepwell. Without limiting anything in this Article XI,
each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time to each Guarantor that is not an “eligible contract
participant” under the Commodity Exchange Act at the time the guarantee under this Article XI becomes effective with respect to any Swap Obligation, to honor all of the Obligations of such Guarantor under this Article XI in
respect of such Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 11.11 for the maximum amount of such liability that can be hereby incurred without rendering its
undertaking under this Section 11.11, or otherwise under this Article XI, voidable 

  
 131 

 
under applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The undertaking of each Qualified ECP Guarantor under this
Section 11.11 shall remain in full force and effect until termination of the Commitments and payment in full of all Loans and other Obligations. Each Qualified ECP Guarantor intends that this
Section 11.11 constitute, and this Section 11.11 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each Guarantor that would otherwise not
constitute an “eligible contract participant” under the Commodity Exchange Act. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;
SIGNATURE PAGES OMITTED] 

  
 132EX-4.1

 Exhibit 4.1 
  

 
  

SECOND SUPPLEMENTAL INDENTURE 

by and among 
 DIRTT
ENVIRONMENTAL SOLUTIONS LTD. 
 and 

COMPUTERSHARE TRUST COMPANY OF CANADA 

as Canadian Trustee 

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION 

as U.S. Trustee 
 Dated
as of December 1, 2021 
 Supplementing the Indenture for Debt Securities 

Dated as of January 25, 2021 

6.25% Convertible Unsecured Subordinated Debentures due 2026 
  

 
  

 
  

							
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	SECTION 1.01	  	SCOPE OF SUPPLEMENTAL INDENTURE	  	 	2	 
	SECTION 1.02	  	DEFINITIONS	  	 	2	 
		
	ARTICLE II ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF 6.25% DEBENTURES	  	 	8	 
			
	SECTION 2.01	  	DESIGNATION AND AMOUNT; GENERAL TERMS; RANKING	  	 	8	 
	SECTION 2.02	  	FORM OF 6.25% DEBENTURES	  	 	9	 
	SECTION 2.03	  	DATE AND DENOMINATION OF 6.25% DEBENTURES; PAYMENTS	  	 	10	 
	SECTION 2.04	  	CUSIP NUMBERS	  	 	10	 
	SECTION 2.05	  	ADDITIONAL 6.25% DEBENTURES; REPURCHASES	  	 	10	 
	SECTION 2.06	  	PURCHASE OF 6.25% DEBENTURES BY THE COMPANY	  	 	11	 
	SECTION 2.07	  	DEPOSIT OF MONIES OR COMMON SHARES ON MATURITY	  	 	11	 
	SECTION 2.08	  	WITHDRAWALS	  	 	11	 
		
	ARTICLE III REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP	  	 	11	 
			
	SECTION 3.01	  	FULLY REGISTERED 6.25% DEBENTURES	  	 	11	 
	SECTION 3.02	  	GLOBAL DEBENTURES OR BOOK BASED ONLY DEBENTURES	  	 	12	 
	SECTION 3.03	  	TRANSFEREE ENTITLED TO REGISTRATION	  	 	14	 
	SECTION 3.04	  	EXCHANGE AND REGISTRATION OF TRANSFER OF 6.25% DEBENTURES; DEPOSITARY	  	 	14	 
	SECTION 3.05	  	NO NOTICE OF TRUSTS	  	 	15	 
	SECTION 3.06	  	REGISTERS OPEN FOR INSPECTION	  	 	15	 
	SECTION 3.07	  	EXCHANGES OF 6.25% DEBENTURES	  	 	15	 
	SECTION 3.08	  	CLOSING OF REGISTERS	  	 	15	 
	SECTION 3.09	  	CHARGES FOR REGISTRATION, TRANSFER AND EXCHANGE	  	 	16	 
	SECTION 3.10	  	OWNERSHIP OF 6.25% DEBENTURES	  	 	16	 
	SECTION 3.11	  	REFERENCES TO 6.25% DEBENTURES	  	 	17	 
		
	ARTICLE IV PARTICULAR COVENANTS OF THE COMPANY	  	 	17	 
			
	SECTION 4.01	  	RESTRICTIONS OF SHARE REDEMPTION RIGHT AND SHARE REPAYMENT RIGHT	  	 	17	 
	SECTION 4.02	  	PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST	  	 	17	 
	SECTION 4.03	  	MAINTENANCE OF OFFICE OR AGENCY	  	 	17	 
	SECTION 4.04	  	STAY, EXTENSION AND USURY LAWS	  	 	18	 
	SECTION 4.05	  	COMPLIANCE CERTIFICATE; STATEMENTS AS TO DEFAULT	  	 	18	 
	SECTION 4.06	  	THE COMPANY SHALL DELIVER TO THE TRUSTEES AN OFFICER’S
CERTIFICATE IN COMPLIANCE WITH SECTION 4.05 OF THE ORIGINAL INDENTURE.	  	 	18	 
	SECTION 4.07	  	MAINTAIN LISTING	  	 	18	 
	SECTION 4.08	  	FURTHER INSTRUMENTS AND ACTS	  	 	18	 
	SECTION 4.09	  	PERFORMANCE OF COVENANTS BY TRUSTEES	  	 	18	 
	SECTION 4.10	  	ISSUANCE OF COMMON SHARES	  	 	18	 
	SECTION 4.11	  	REGISTRATION OF COMMON SHARES	  	 	18	 
	SECTION 4.12	  	COMPLIANCE WITH EXCHANGE RULES	  	 	19	 
		
	ARTICLE V DEFAULTS AND REMEDIES	  	 	19	 
			
	SECTION 5.01	  	ADDITIONAL EVENTS OF DEFAULT; MODIFICATIONS	  	 	19	 
		
	ARTICLE VI MEETINGS OF 6.25% DEBENTUREHOLDERS	  	 	19	 
			
	SECTION 6.01	  	6.25% DEBENTUREHOLDERS MEETING	  	 	19	 
	SECTION 6.02	  	POWERS EXERCISABLE BY RESOLUTION	  	 	19	 
	SECTION 6.03	  	POWERS CUMULATIVE	  	 	20	 
	SECTION 6.04	  	INSTRUMENTS IN WRITING	  	 	20	 
	SECTION 6.05	  	BINDING EFFECT OF RESOLUTION	  	 	20	 
	SECTION 6.06	  	EVIDENCE OF RIGHTS OF 6.25% DEBENTUREHOLDERS	  	 	20	 

							
	ARTICLE VII CHANGE OF CONTROL	  	 	21	 
			
	SECTION 7.01	  	CHANGE OF CONTROL OBLIGATIONS	  	 	21	 
	SECTION 7.02	  	MAKE-WHOLE AMOUNT	  	 	23	 
		
	ARTICLE VIII MODIFICATIONS AND AMENDMENTS	  	 	24	 
			
	SECTION 8.01	  	MODIFICATIONS AND AMENDMENTS WITHOUT CONSENT OF 6.25% DEBENTUREHOLDERS	  	 	24	 
	SECTION 8.02	  	EXCHANGE APPROVAL	  	 	25	 
	SECTION 8.03	  	MODIFICATIONS AND AMENDMENTS WITH CONSENT OF 6.25% DEBENTUREHOLDERS	  	 	25	 
		
	ARTICLE IX CONVERSION OF 6.25% DEBENTURES	  	 	25	 
			
	SECTION 9.01	  	APPLICABILITY OF ARTICLE	  	 	25	 
	SECTION 9.02	  	EXPIRY OF CONVERSION PRIVILEGE	  	 	25	 
	SECTION 9.03	  	REVIVAL OF RIGHT TO CONVERT	  	 	25	 
	SECTION 9.04	  	MANNER OF EXERCISE OF RIGHT TO CONVERT	  	 	26	 
	SECTION 9.05	  	ADJUSTMENT OF CONVERSION PRICE	  	 	27	 
	SECTION 9.06	  	NO REQUIREMENT TO ISSUE FRACTIONAL COMMON SHARES	  	 	31	 
	SECTION 9.07	  	COMPANY TO RESERVE COMMON SHARES	  	 	31	 
	SECTION 9.08	  	CANCELLATION OF CONVERTED 6.25% DEBENTURES	  	 	31	 
	SECTION 9.09	  	CERTIFICATE AS TO ADJUSTMENT	  	 	31	 
	SECTION 9.10	  	NOTICE OF SPECIAL MATTERS	  	 	31	 
	SECTION 9.11	  	PROTECTION OF TRUSTEES	  	 	32	 
	SECTION 9.12	  	CONTRACTUAL RIGHT OF RESCISSION	  	 	32	 
		
	ARTICLE X OPTIONAL REDEMPTION OF THE 6.25% DEBENTURES BY THE COMPANY	  	 	32	 
			
	SECTION 10.01	  	APPLICABILITY OF ARTICLE	  	 	32	 
	SECTION 10.02	  	PARTIAL REDEMPTION	  	 	33	 
	SECTION 10.03	  	NOTICE OF REDEMPTION	  	 	33	 
	SECTION 10.04	  	6.25% DEBENTURES DUE ON REDEMPTION DATES	  	 	33	 
	SECTION 10.05	  	DEPOSIT OF REDEMPTION MONIES OR COMMON SHARES	  	 	34	 
	SECTION 10.06	  	RIGHT TO REPAY REDEMPTION PRICE IN COMMON SHARES	  	 	34	 
	SECTION 10.07	  	FAILURE TO SURRENDER 6.25% DEBENTURES CALLED FOR REDEMPTION	  	 	36	 
	SECTION 10.08	  	CANCELLATION OF 6.25% DEBENTURES REDEEMED	  	 	36	 
		
	ARTICLE XI COMMON SHARE PAYMENT RIGHTS	  	 	36	 
			
	SECTION 11.01	  	COMMON SHARE INTEREST PAYMENT ELECTION	  	 	36	 
	SECTION 11.02	  	RIGHT TO REPAY PRINCIPAL AMOUNT AND ACCRUED INTEREST THEREON AT
MATURITY IN COMMON SHARES	  	 	38	 
		
	ARTICLE XII COMPULSORY ACQUISITION	  	 	40	 
			
	SECTION 12.01	  	DEFINITIONS, IN THIS ARTICLE:	  	 	40	 
	SECTION 12.02	  	OFFER FOR 6.25% DEBENTURES	  	 	41	 
	SECTION 12.03	  	OFFEROR’S NOTICE TO DISSENTING 6.25% DEBENTUREHOLDERS	  	 	41	 
	SECTION 12.04	  	DELIVERY OF 6.25% DEBENTURE CERTIFICATES	  	 	42	 
	SECTION 12.05	  	PAYMENT OF CONSIDERATION TO CANADIAN TRUSTEE	  	 	42	 
	SECTION 12.06	  	CONSIDERATION TO BE HELD IN TRUST	  	 	42	 
	SECTION 12.07	  	COMPLETION OF TRANSFER OF 6.25% DEBENTURES TO OFFEROR	  	 	42	 
	SECTION 12.08	  	COMMUNICATION OF OFFER TO TRUST	  	 	42	 
		
	ARTICLE XIII SUBORDINATION	  	 	42	 
			
	SECTION 13.01	  	APPLICABILITY OF ARTICLE	  	 	42	 
	SECTION 13.02	  	ORDER OF PAYMENT	  	 	43	 
	SECTION 13.03	  	SUBROGATION TO RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS	  	 	44	 
	SECTION 13.04	  	OBLIGATION TO PAY NOT IMPAIRED	  	 	44	 
	SECTION 13.05	  	NO PAYMENT IF SENIOR INDEBTEDNESS IN DEFAULT	  	 	44	 
	SECTION 13.06	  	PAYMENT ON 6.25% DEBENTURES PERMITTED	  	 	45	 

							
	SECTION 13.07	  	CONFIRMATION OF SUBORDINATION	  	 	45	 
	SECTION 13.08	  	KNOWLEDGE OF TRUSTEES	  	 	45	 
	SECTION 13.09	  	TRUSTEES MAY HOLD SENIOR INDEBTEDNESS	  	 	45	 
	SECTION 13.10	  	RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS NOT IMPAIRED	  	 	45	 
	SECTION 13.11	  	ALTERING THE SENIOR INDEBTEDNESS	  	 	45	 
	SECTION 13.12	  	ADDITIONAL INDEBTEDNESS	  	 	46	 
	SECTION 13.13	  	RIGHT OF 6.25% DEBENTUREHOLDER TO RECEIVE COMMON SHARES NOT IMPAIRED	  	 	46	 
	SECTION 13.14	  	INVALIDATED PAYMENTS	  	 	46	 
	SECTION 13.15	  	CONTESTING SECURITY	  	 	46	 
		
	ARTICLE XIV MISCELLANEOUS	  	 	46	 
			
	SECTION 14.01	  	RATIFICATION AND INCORPORATION OF ORIGINAL INDENTURE	  	 	46	 
	SECTION 14.02	  	GOVERNING LAW	  	 	46	 
	SECTION 14.03	  	IMMUNITY OF DIRECTORS, OFFICERS AND OTHERS	  	 	46	 
	SECTION 14.04	  	PAYMENTS ON BUSINESS DAYS	  	 	46	 
	SECTION 14.05	  	NO SECURITY INTEREST CREATED	  	 	46	 
	SECTION 14.06	  	TRUST INDENTURE ACT	  	 	46	 
	SECTION 14.07	  	CONFLICT WITH ORIGINAL INDENTURE	  	 	47	 
	SECTION 14.08	  	BENEFITS OF INDENTURE	  	 	47	 
	SECTION 14.09	  	CALCULATIONS	  	 	47	 
	SECTION 14.10	  	TABLE OF CONTENTS, HEADINGS, ETC.	  	 	47	 
	SECTION 14.11	  	EXECUTION IN COUNTERPARTS	  	 	47	 
	SECTION 14.12	  	SEVERABILITY	  	 	47	 
	SECTION 14.13	  	THE TRUSTEES	  	 	47	 

 EXHIBITS 
  

			
	EXHIBIT A	  	Form of 6.25% Debenture
	EXHIBIT B	  	Form of Notice of Conversion
	EXHIBIT C	  	Form of Redemption Notice
	EXHIBIT D	  	Form of Offeror’s Notice to Dissenting 6.25% Debentureholders
	EXHIBIT E	  	Form of Change of Control Notice
	EXHIBIT F	  	Form of Maturity Notice

 SECOND SUPPLEMENTAL INDENTURE 

THIS SECOND SUPPLEMENTAL INDENTURE dated as of December 1, 2021 (this “Supplemental Indenture”), is entered into among
DIRTT Environmental Solutions Ltd., an Alberta corporation (the “Company”), Computershare Trust Company of Canada, a trust company organized under the laws of Canada (the “Canadian Trustee”), and Computershare Trust
Company, National Association, a national banking association organized under the laws of the United States (the “U.S. Trustee”). Capitalized terms used herein and not otherwise defined have the meanings set forth in the Indenture
for Debt Securities dated as of January 25, 2021, by and among the Company, the Canadian Trustee and the U.S. Trustee (the “Original Indenture”). 

RECITALS 
 A. The Company and the
Trustees entered into the Original Indenture, pursuant to which the Company may from time to time issue its debentures, notes, bonds or other evidences of indebtedness (collectively, the “Debt Securities”). 

B. Pursuant to a first supplemental indenture to the Original Indenture, dated as of January 25, 2021, the Company issued $40,250.00
principal amount of 6.00% Convertible Unsecured, Subordinated Debentures due 2026 (the “6.00% Debentures”). 
 C. Section
10.01 of the Original Indenture provides that the Company, when authorized by a resolution of the Board of Directors, and the Trustees may, without the consent of the holders of the Debt Securities, enter into a supplemental indenture to establish
the form or terms of Debt Securities as permitted by Sections 2.01 and 2.03 of the Original Indenture. 
 D. The Company has duly
authorized the issue of 6.25% Convertible Unsecured Subordinated Debentures due 2026 (as they may be issued from time to time under this Supplemental Indenture, including any Additional 6.25% Debentures, collectively the “6.25%
Debentures”), initially in an aggregate principal amount not to exceed $35,000,000 plus an additional $5,250,000 issuable pursuant to an overallotment option and in connection therewith, the Company has duly determined to make,
execute and deliver this Supplemental Indenture to set forth the terms and provisions of the 6.25% Debentures as required by the Original Indenture. 

E. The Company has delivered to the Trustees an Opinion of Counsel and Officers’ Certificate stating that this Supplemental Indenture is
authorized or permitted by the Original Indenture and that all conditions precedent provided for in the Original Indenture to the execution and delivery of this Supplemental Indenture have been complied with. 

F. The Form of 6.25% Debenture, the Trustees’ certificate of authentication to be borne by each 6.25% Debenture, the Form of Notice of
Conversion, the Form of Redemption Notice, Form of Offeror’s Notice to Dissenting 6.25% Debentureholders, the Form of Change of Control Notice and the Form of Maturity Notice to be borne by the 6.25% Debentures are to be substantially in the
forms hereinafter provided for. 
 G. All things necessary to make the 6.25% Debentures the valid and legally binding obligations of the
Company, when executed by the Company and authenticated and delivered by the Canadian Trustee or a duly authorized authenticating agent, as provided for in the Original Indenture, have been done. 

H. All things necessary to make this Supplemental Indenture a valid and legally binding indenture and agreement according to its terms, and a
valid and legally binding amendment of, and supplement to, the Original Indenture have been done. 

 NOW, THEREFORE, in consideration of the mutual agreements and covenants set forth herein,
the parties hereto agree, subject to the terms and conditions hereinafter set forth, as follows for the benefit of the Trustees and the 6.25% Debentureholders: 

ARTICLE I 
 DEFINITIONS 

Section 1.01 Scope of Supplemental Indenture. The changes, modifications and supplements to the Original Indenture affected by
this Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, the 6.25% Debentures, which shall be limited initially to $35,000,000 aggregate principal amount, except as otherwise provided herein, and
which may be issued from time to time, and shall not apply to any other Debt Securities that may be issued under the Original Indenture unless a supplemental indenture with respect to such other Debt Securities specifically incorporates such
changes, modifications and supplements. The provisions of this Supplemental Indenture shall supersede any corresponding or inconsistent provisions in the Original Indenture. 

Section 1.02 Definitions. The terms defined in this Section 1.02 (except as herein otherwise expressly provided or unless the
context otherwise requires) for all purposes of this Supplemental Indenture and for purposes of the Original Indenture as it relates to the 6.25% Debentures shall have the respective meanings specified in this Section 1.02. Except as otherwise
provided in this Supplemental Indenture, all words, terms and phrases defined in the Original Indenture (but not otherwise defined herein) shall have the same meaning herein, including the recitals hereto, as in the Original Indenture. All other
terms used in this Supplemental Indenture that are defined in the Trust Indenture Act or that are by reference therein defined in the U.S. Securities Act (except as herein 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 U.S. Securities Act as in force at the date of the execution of this Supplemental Indenture. The words “herein,” “hereof,” “hereunder,”
and words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural as well as the singular. 

“6.25% Debentures” means the 6.25% debentures of the Company issued and certified hereunder, or deemed to be issued and
certified hereunder, including any Additional 6.25% Debentures, and for the time being outstanding, whether in definitive or interim form. 

“6.25% Debentureholder” or “holder,” as applied to any 6.25% Debenture, or other similar terms (but
excluding the term “beneficial holder”), shall mean any person in whose name at the time a particular 6.25% Debenture is registered on the 6.25% Debenture Register. 

“6.25% Debenture Register” has the meaning ascribed thereto in Section 3.01(a). 

“90% Redemption Right” has the meaning ascribed thereto in Section 7.01(b). 

“Additional 6.25% Debentures” means the additional 6.25% Debentures issued pursuant to Section 2.05. 

“Applicable Period” means any period announced by the Board of Directors as a period of time for which a cash dividend or
distribution will be declared and paid by the Company to the holders of all or substantially all of the outstanding Common Shares. 

“Auditors” or “Auditors of the Company” means an independent firm of chartered accountants duly appointed as
auditors of the Company. 
 “Base Shares” has the meaning ascribed thereto in Section 7.02(d). 

“Beneficial Holder” means any person who holds a beneficial interest in a Global Debenture or Book Based Only Debenture as
shown on the books of the Depositary or a Depositary Participant. 

  
 2 

 “Book Based Only Debentures” means 6.25% Debentures issued under this
Supplemental Indenture in non-certificated form which are held only by way of book based (electronic) register maintained by the Canadian Trustee. 

“Business Day” means any day other than a Saturday, Sunday or a statutory holiday in Calgary, Alberta, or Toronto, Ontario.

 “Cash Change of Control” means a Change of Control in which 10% or more of the consideration for the Common Shares in
the transaction or transactions constituting a Change of Control consists of: (i) cash, other than cash payments for fractional Common Shares and cash payments made in respect of dissenter’s appraisal rights; (ii) equity securities
that are not traded or intended to be traded immediately following such transactions on a recognized stock exchange; or (iii) other property that is not traded or intended to be traded immediately following such transactions on a recognized
stock exchange. 
 “Cash Change of Control Conversion Period” has the meaning ascribed thereto in Section 7.02(a).

 “Change of Control” means (i) the acquisition by any Person, or group of Persons acting jointly or in concert
(within the meaning of MI 62-104), of voting control or direction of an aggregate of 662/3% or more
of the then outstanding Common Shares, or (ii) the sale or other transfer of all or substantially all of the Company’s consolidated assets, but shall not include a sale, merger, reorganization, arrangement, combination or other similar
transaction if the previous holders of Common Shares hold at least 662/3% of the voting control or direction in such merged, reorganized,
arranged, combined or other continuing entity immediately following completion of such transaction (and in the case of a sale of all or substantially all of the consolidated assets, in the entity which has acquired such assets). 

“Change of Control Notice” has the meaning ascribed thereto in Section 7.01(a). 

“Change of Control Purchase Date” has the meaning ascribed thereto in Section 7.01(a). 

“Change of Control Purchase Offer” has the meaning ascribed thereto in Section 7.01(a). 

“close of business” means 4:30 p.m. (Calgary time). 

“Common Shares” means common shares in the capital of the Company, as such common shares are constituted on the date of
execution and delivery of this Supplemental Indenture; provided that in the event of a change or a subdivision, revision, reduction, combination or consolidation thereof, any reclassification, capital reorganization, consolidation, amalgamation,
arrangement, merger, sale or conveyance or liquidation, dissolution or winding-up, or such successive changes, subdivisions, redivisions, reductions, combinations or consolidations, reclassifications, capital
reorganizations, consolidations, amalgamations, arrangements, mergers, sales or conveyances or liquidations, dissolutions or windings-up, then, subject to adjustments, if any, having been made in accordance
with the provisions of Section 9.05, “Common Shares” shall mean the shares or other securities or property resulting from such change, subdivision, redivision, reduction, combination or consolidation, reclassification, capital
reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance or liquidation, dissolution or winding-up. 

“Common Share Bid Request” means a request for bids to purchase Common Shares (to be issued by the Company on the Common
Share Delivery Date) made by the Canadian Trustee in accordance with the Common Share Interest Payment Election Notice and which shall make the acceptance of any bid conditional upon the acceptance of sufficient bids to result in aggregate proceeds
from such issue and sale of Common Shares which, together with the cash payments by the Company in lieu of fractional Common Shares, if any, equal the Interest Obligation. 

“Common Share Delivery Date” means a date, not more than 90 days and not less than one Business Day prior to the applicable
payment date, upon which Common Shares are issued by the Company and delivered to the Canadian Trustee for sale pursuant to Common Share Purchase Agreements. 

  
 3 

 “Common Share Interest Payment Election” means an election to satisfy all
of part of an Interest Obligation on the applicable payment date in the manner described in the Common Share Interest Payment Election Notice. 

“Common Share Interest Payment Election Amount” means the aggregate amount of the Interest Obligation in respect of which the
Common Share Interest Payment Election Notice was delivered. 
 “Common Share Interest Payment Election Notice” means a
written notice made by the Company to the Canadian Trustee specifying: 
 (a) the Interest Obligation to which the election relates; 

(b) the Common Share Interest Payment Election Amount; 

(c) the investment banks, brokers or dealers through which the Canadian Trustee shall seek bids to purchase the Common Shares and the
conditions of such bids, which may include the minimum number of Common Shares, minimum price per Common Share, timing for closing for bids and such other matters as the Company may specify; and 

(d) that the Canadian Trustee shall accept through the investment banks, brokers or dealers selected by the Company only those bids which
comply with such notice. 
 “Common Share Proceeds Investment” has the meaning ascribed thereto in Section 11.01(h).

 “Common Share Purchase Agreement” means an agreement in customary form among the Company, the Canadian Trustee and the
Persons making acceptable bids pursuant to a Common Share Bid Request, which complies with all applicable laws, including the Canadian Securities Legislation, U.S. Securities Laws, and the rules and regulations of any stock exchange on which the
6.25% Debentures or Common Shares are then listed. 
 “Common Share Redemption Right” has the meaning ascribed thereto in
Section 10.06(a). 
 “Common Share Repayment Right” has the meaning ascribed thereto in Section 11.02(a). 

“Company” means DIRTT Environmental Solutions Ltd., an Alberta corporation, and subject to the provisions of Article XI of
the Original Indenture, shall include its successors and assigns. 
 “Conversion Agent” has the meaning ascribed thereto in
Section 4.03. 
 “Conversion Price” means the dollar amount for which each Common Share may be issued from time to
time upon the conversion of 6.25% Debentures, being initially $4.20 per Common Share and subject to adjustment pursuant to Section 9.05 hereof. 

“Conversion Rate” means the number of Freely Tradeable Common Shares issuable on Conversion of $1,000 of 6.25% Debentures in
accordance with Article VII, and includes, for certainty, any Make-Whole Additional Shares. 
 “Credit Facility” means the
senior secured revolving credit facility provided by the Royal Bank of Canada pursuant to the credit agreement dated February 12, 2021, between the Company and DIRTT Environmental Solutions, Inc., as borrowers, and Royal Bank of Canada, as
lender, as amended, restated, modified, renewed, refunded, replaced in any manner (whether upon or after termination or otherwise) or refinanced in whole or in part from time to time with one or more loans or facilities for which either the
administrative agent is a commercial bank or a majority of the loan commitments are provided by one or more commercial banks. 

“Custodian” means the Canadian Trustee, as custodian for the Depositary, with respect to the 6.25% Debentures in global form,
or any successor entity thereto. 

  
 4 

 “Current Market Price” means the VWAP for the 20 consecutive Trading Days
ending on the fifth Trading Day preceding the applicable date. 
 “Date of Conversion” has the meaning ascribed thereto in
Section 9.04(b). 
 “Debenture Liabilities” has the meaning ascribed thereto in Section 13.01. 

“Debenture Registrar” has the meaning ascribed thereto in Section 3.01(a). 

“Depositary” means, with respect to the 6.25% Debentures issuable or issued in the form of one or more Global Debentures or
the Book Based Only Debentures, the person designated as depositary by the Company pursuant to this Supplemental Indenture, which, as of the date hereof, shall be CDS Clearing and Depository Services Inc. until a successor depositary shall have
become such pursuant to the applicable provisions of this Supplemental Indenture, and thereafter “Depositary” shall mean each person who is then a depositary hereunder, and if at any time there is more than one such person,
“Depositary” as used with respect to the 6.25% Debentures shall mean each depositary with respect to the Global Debentures or the Book Based Only Debentures. 

“Depositary Participant” means a broker, dealer, bank, other financial institution or other person for whom, from time to
time, a Depositary effects book entry for a Global Debenture or a Book Based Only Debenture deposited with the Depositary. 

“Distributed Securities” has the meaning ascribed thereto in Section 9.05(e). 

“Effective Date” has the meaning ascribed thereto in Section 7.02(a). 

“Event of Default” has the meaning ascribed thereto in Section 6.01 of the Original Indenture and in
Section 5.01. 
 “Expiration Date” has the meaning ascribed thereto in Section 9.05(f). 

“Expiration Time” has the meaning ascribed thereto in Section 9.05(f). 

“Freely Tradeable” means, in respect of shares of capital of any class of any corporation, shares that: (i) are issuable
without the necessity of filing a registration statement, a prospectus or any other similar offering document (other than such prospectus or similar offering document that has already been filed) under Canadian Securities Legislation or U.S.
Securities Laws; and (ii) can be traded by the holder thereof without any restriction under Canadian Securities Legislation and U.S. Securities Laws, such as hold periods, except in the case of a transaction by a control person. 

“Fully Registered 6.25% Debentures” means 6.25% Debentures registered in the 6.25% Debenture Register as to both principal
and interest. 
 “Global Debenture” means a 6.25% Debenture in global form. 

“Indenture” means the Original Indenture, as amended and supplemented by this Supplemental Indenture and, if further amended
or supplemented as herein provided, as so amended or supplemented. 
 “interest” means, when used with reference to the
6.25% Debentures, any interest payable under the terms of the 6.25% Debentures, including (unless context otherwise requires) Defaulted Interest, if any. 

“Interest Account” has the meaning ascribed thereto in Section 11.01(h). 

“Interest Obligation” means the obligation of the Company to pay interest on the 6.25% Debentures, as and when the same
becomes due. 

  
 5 

 “Interest Payment Date” means each June 30 and December 31 of
each year, beginning on June 30, 2022. 
 “Interest Record Date” with respect to any Interest Payment Date, shall mean
the June 15 or December 15 (whether or not such day is a Business Day) immediately preceding the applicable June 30 or December 31 Interest Payment Date, respectively. 

“Leasing Facilities” means all leasing arrangements for equipment or other fixed assets entered into by the Company or its
Subsidiaries. 
 “Make-Whole Additional Shares” has the meaning ascribed thereto in Section 7.02(b). 

“Make-Whole Premium” has the meaning ascribed thereto in Section 7.02. 

“Maturity Date” means December 31, 2026. 

“Maturity Notice” shall be in the form set forth in Exhibit F. 

“MI 62-104” means Multilateral Instrument
62-104 – Take-Over Bids and Issuer Bids. 
 “National Securities Exchange”
means an exchange registered as a national securities exchange under Section 6(a) of the Exchange Act. 
 “Notice of
Conversion” shall be in the form set forth in Exhibit B. 
 “Offer Price” has the meaning ascribed thereto in
Section 7.01(a). 
 “Offeror’s Notice to Dissenting 6.25% Debentureholders” has the meaning ascribed thereto in
Section 12.03 
 “Original Indenture” has the meaning ascribed thereto in the recitals. 

“Paying Agent” has the meaning ascribed thereto in Section 4.03. 

“Prospectus” has the meaning ascribed thereto in Section 9.12. 

“Purchased Common Shares” has the meaning ascribed thereto in Section 9.05(f). 

“Redemption Date” has the meaning ascribed thereto in Section 10.03. 

“Redemption Notice” has the meaning ascribed thereto in Section 10.03. 

“Redemption Price” means, in respect of a 6.25% Debenture, the principal amount thereof, plus accrued and unpaid interest up
to, but excluding, the Redemption Date fixed for such 6.25% Debenture, payable on the Redemption Date, which all or a portion of such amount may be payable by the issuance of Freely Tradeable Common Shares as provided for in Section 10.06. 

“Senior Creditor” means a holder or holders of Senior Indebtedness and includes any representative or representatives, agent
or agents or trustee or trustees of any such holder or holders. 
 “Senior Indebtedness” means all obligations, liabilities
and indebtedness of the Company and its Subsidiaries which would, in accordance with GAAP, be classified upon a consolidated balance sheet of the Company as liabilities of the Company or its Subsidiaries and, whether or not so classified, shall
include (without duplication): (a) indebtedness of the Company or its Subsidiaries for borrowed money, including the Credit Facility; (b) obligations 

  
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of the Company or its Subsidiaries evidenced by bonds, debentures, notes or other similar instruments; (c) obligations of the Company or its Subsidiaries arising pursuant or in relation to
bankers’ acceptances, letters of credit and letters of guarantee (including payment and reimbursement obligations in respect thereof) or indemnities issued in connection therewith; (d) obligations of the Company or its Subsidiaries under
any swap, hedging or other similar contracts or arrangements; (e) obligations of the Company or its Subsidiaries under guarantees, indemnities, assurances, legally binding comfort letters or other contingent obligations relating to the Senior
Indebtedness or other obligations of any other person which would otherwise constitute Senior Indebtedness within the meaning of this definition; (f) all indebtedness of the Company or its Subsidiaries representing the deferred purchase price
of any property including, without limitation, purchase money mortgages; (g) all leases of any kind and for any purpose, including equipment leases and equipment leasing facilities, including the Leasing Facilities, (h) accounts payable to
trade creditors; (i) all renewals, extensions and refinancing of any of the foregoing; and (j) all costs and expenses incurred by or on behalf of the holder of any Senior Indebtedness in enforcing payment or collection of any such Senior
Indebtedness, including enforcing any security interest securing the same. “Senior Indebtedness” shall not include any indebtedness evidenced by the 6.25% Debentures, the 6.00% Debentures and all other existing and future
indebtedness or other instruments which, by their terms create or evidence indebtedness, that would otherwise be Senior Indebtedness if it is expressly stated to be subordinate in right of payment to or rank pari passu with the 6.25%
Debentures. 
 “Senior Security” means all mortgages, liens, pledges, charges (whether fixed or floating), security
interests or other encumbrances of any kind, contingent or absolute, held by or on behalf of any Senior Creditor and in any manner securing any Senior Indebtedness. 

“Spinoff Securities” has the meaning ascribed thereto in Section 9.05(e). 

“Spinoff Valuation Period” has the meaning ascribed thereto in Section 9.05(e). 

“Time of Expiry” means the time of expiry of certain rights with respect to the conversion of the 6.25% Debentures under
Article IX and Section 2.01. 
 “Total Offer Price” has the meaning ascribed thereto in Section 7.01(a). 

“Trading Day” means a day during which trading in the Common Shares generally occurs on the principal Canadian national or
regional securities exchange or quotation system on which the Common Shares are listed for trading and during which there is no market disruption event; provided that if the Common Shares are not listed for trading on a Canadian national or
regional securities exchange or quotation system, then it means a day during which trading in the Common Shares generally occurs on the principal National Securities Exchange on which the Common Shares are listed for trading, and otherwise,
“Trading Day” will mean a Business Day. 
 “Trustees” means the Persons named as the “Canadian
Trustee” and the “U.S. Trustee” in the first paragraph of this Supplemental Indenture until a successor Trustee, as applicable, shall have become such pursuant to the applicable provisions of this Supplemental Indenture,
and thereafter “Trustees” shall mean or include each Person who is then a Trustee hereunder and “Trustee” shall mean any of the Trustees. 

“Unclaimed Funds Return Date” has the meaning ascribed thereto in Section 7.01(g). 

“U.S. Securities Laws” means applicable securities laws (including rules and regulations) in the United States and each of
its states, districts and territories, including the U.S. Securities Act, the Exchange Act, and the Trust Indenture Act. 
 “Written
Direction of the Company” means an instrument in writing signed by any one officer or director of the Company. 

“VWAP” means the volume weighted average trading price of the Common Shares for the applicable period (which must be
calculated utilizing days in which the Common Shares actually trade) on the Toronto Stock Exchange 

  
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(or if the Common Shares are no longer traded on the Toronto Stock Exchange, on such other exchange as the Common Shares are then traded) or if no such prices are available for such applicable
period, “VWAP” shall be the fair value per Common Share as reasonably determined by a nationally recognized independent investment banking firm retained for this purpose by the Company. “VWAP” shall be determined
without regard to after-hours trading or any other trading outside of the regulation trading session trading hours. 
 ARTICLE II 

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION 

AND EXCHANGE OF 6.25% DEBENTURES 

Section 2.01 Designation and Amount; General Terms; Ranking. The 6.25% Debentures shall be designated as the “6.25%
Convertible Unsecured Subordinated Debentures due 2026”. The aggregate principal amount of 6.25% Debentures that may be authenticated and delivered under this Supplemental Indenture is initially limited to an aggregate issuance not to
exceed $40,250,000, subject to Section 2.05 and except for 6.25% Debentures authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other 6.25% Debentures pursuant to the terms of this Supplemental
Indenture and Section 2.09 of the Original Indenture. The 6.25% Debentures will be direct unsecured obligations of the Company. Each 6.25% Debenture will rank pari passu with the 6.00% Debentures and each other 6.25% Debenture
(regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other present and future subordinated and unsecured indebtedness of the Company, other than Senior Indebtedness. The 6.25% Debentures shall
be issued in denominations of $1,000 and integral multiples of $1,000. The 6.25% Debentures will be redeemable by the Company in accordance with the terms of Article X. 

The 6.25% Debentures will bear interest at a rate of 6.25% per annum (based on a year of 365 days) payable semi-annually in arrears on
June 30 and December 31 in each year commencing on June 30, 2022 and continuing up to but excluding the Maturity Date. All 6.25% Debentures issued hereunder, whether originally or upon exchange or in substitution for previously issued
6.25% Debentures, shall bear interest (i) from and including their issue date, or (ii) from and including the last Interest Payment Date to which interest shall have been paid or made available for payment on the outstanding 6.25%
Debentures, whichever shall be the later, to and excluding the next Interest Payment Date. The first interest payment will represent accrued interest for the period from the Closing Date up to but excluding June 30, 2022, which will be equal to
$36.13 for each $1,000 principal amount of the 6.25% Debentures. Interest on the 6.25% Debentures will be payable in lawful money of Canada. 

Upon and subject to the provisions of Article XI, the Company may elect, from time to time, to satisfy its Interest Obligation on the 6.25%
Debentures on any payment date (including, for greater certainty, following conversion or upon maturity or redemption): (i) in cash; (ii) by delivering sufficient Common Shares to the Canadian Trustee for sale, to satisfy the Interest
Obligation, in which event holders of the 6.25% Debentures will be entitled to receive a cash payment equal to the interest payable from the proceeds of the sale of such Common Shares; or (iii) any combination of (i) and (ii) above. 

Principal on the 6.25% Debentures will be payable in lawful money of Canada or, at the option of the Company, subject to applicable regulatory
approvals, and provided that no Event of Default has occurred and is continuing, subject to compliance with Section 11.02, by delivery of Freely Tradeable Common Shares pursuant to the Common Share Repayment Right to satisfy, in whole or in
part, the Company’s obligation to repay principal and accrued interest, if any, under the 6.25% Debentures. All payments made in respect of the 6.25% Debentures will be made net of any applicable taxes or other required withholdings. 

Upon and subject to the provisions and conditions of Article X and Section 3.08, the holder of each 6.25% Debenture shall have the right
at such holder’s option, prior to the close of business on the earlier of (i) the last Business Day immediately preceding the Maturity Date; or (ii) if the 6.25% Debentures are called for redemption, on the last Business Day
immediately preceding the Redemption Date (the earlier of which will be the “Time of Expiry” for the purposes of Article X in respect of the 6.25% Debentures), to convert any part, being $1,000 or an integral multiple thereof, of
the principal amount of a 6.25% Debenture into Common Shares at the Conversion Price in effect 

  
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on the Date of Conversion. To the extent a redemption is a redemption in part only of the 6.25% Debentures, such right to convert, if not exercised prior to the applicable Time of Expiry, shall
survive as to any 6.25% Debentures not redeemed or converted and be applicable to the next succeeding Time of Expiry. 
 The Conversion
Price in effect on the date hereof for each Common Share to be issued upon the conversion of 6.25% Debentures is equal to $4.20 such that approximately 238.0952 Common Shares shall be issued for each $1,000 principal amount of 6.25% Debentures so
converted. No fractional Common Shares will be issued, and holders will receive a cash payment in satisfaction of any fractional interest in accordance with Article IX. The Conversion Price applicable to and the Common Shares, securities or other
property receivable on the conversion of the 6.25% Debentures is subject to adjustment pursuant to the provisions of Section 9.05 and in the circumstances in Section 7.02. The Conversion Price will not be adjusted for accrued interest.

 Subject to Article IX, holders converting their 6.25% Debentures will receive, in addition to the applicable number of Common Shares,
accrued and unpaid interest in cash (less any taxes required to be deducted) in respect of the 6.25% Debentures surrendered for conversion up to but excluding the Date of Conversion from, and including, the most recent Interest Payment Date in
accordance with Section 9.04(e). Notwithstanding the foregoing, if 6.25% Debentures are surrendered for conversion during the period from the close of business on any Interest Record Date to the opening of business on the next succeeding
Interest Payment Date, the 6.25% Debentureholder on the Interest Record Date will receive the full semi-annual interest payable on such 6.25% Debentures on the corresponding Interest Payment Date. 

On redemption of the 6.25% Debentures, the Company may, at its option and subject to the provisions of Section 10.06, and subject to
regulatory approval, elect to satisfy its obligation to pay all or a portion of the aggregate principal amount of the 6.25% Debentures due on redemption, together with all accrued but unpaid interest thereon, by issuing and delivering to such 6.25%
Debentureholder’s Freely Tradeable Common Shares. 
 The Canadian Trustee is the “Appropriate Trustee” for the 6.25%
Debentures 
 The 6.25% Debentures shall be initially issued as Book Based Only Debentures in accordance with Article III and shall be
registered in the name of the Depositary which, as of the date hereof, shall be CDS Clearing and Depository Services Inc. (or any nominee of the Depositary). No beneficial holder will receive definitive certificates representing its interest in
6.25% Debentures except as provided in Section 3.01(b). A Global Debenture or Book Based Only Debenture may be exchanged for 6.25% Debentures in registered form that are not Global Debentures or Book Based Only Debentures, or transferred to and
registered in the name of a person other than the Depositary for such Global Debentures or Book Based Only Debentures or a nominee thereof, as provided in Section 3.02. 

Subject to Article XIII, payment of the 6.25% Debentures is subordinate to the payment of Senior Indebtedness. 

Further to Section 2.17(a)(i) of the Original Indenture, the Canadian Trustee shall promptly notify the Company and any exchange on which
such 6.25% Debentures are listed of any special record date with respect to Defaulted Interest 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 pre-paid, to each Holder thereof at its address as it appears in the Security Register, not less than 10 days prior to such special record date. The Company shall, on
request of the Canadian Trustee, confirm the exchanges, if any, on which the 6.25% Debentures are listed. 
 Section 2.02 Form of
6.25% Debentures. The 6.25% Debentures and the Canadian Trustee’s Certificate of Authentication to be borne by such 6.25% Debentures shall be substantially in the respective forms set forth in Section 2.02 of the Original Indenture and
in Exhibit A, which are incorporated in and made a part of this Supplemental Indenture. 
 Any of the 6.25% Debentures may have such
letters, numbers or other marks of identification and such notations, legends or endorsements as the officers executing the same may approve (execution thereof to be 

  
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conclusive evidence of such approval) and as are not inconsistent with the provisions of this Supplemental 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 or automated quotation system on which the 6.25% Debentures may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or
restrictions to which any particular 6.25% Debentures are subject. 
 Any Global Debenture shall represent such principal amount of the
outstanding 6.25% Debentures as shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding 6.25% Debentures from time to time endorsed thereon and that the aggregate principal amount of
outstanding 6.25% Debentures represented thereby may from time to time be increased or reduced to reflect Additional 6.25% Debentures repurchases, redemptions, conversions, transfers or exchanges permitted hereby. Any endorsement of the Global
Debenture to reflect the amount of any increase or decrease in the amount of outstanding 6.25% Debentures represented thereby shall be made by the Canadian Trustee or the Custodian, at the direction of the Canadian Trustee, in such manner and upon
instructions given by the holder of such 6.25% Debentures in accordance with this Supplemental Indenture. Payment of principal, accrued and unpaid interest and premium, if any (including any Redemption Price), on the Global Debenture shall be made
to the holder of such 6.25% Debenture on the date of payment, unless a record date or other means of determining holders eligible to receive payment is provided for herein. 

Section 2.03 Date and Denomination of 6.25% Debentures; Payments. The 6.25% Debentures shall be issuable in registered form
without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each 6.25% Debenture shall be dated the date of its authentication and shall bear interest from the date specified on the face of the 6.25% Debenture. 

The Person in whose name any 6.25% Debenture (or its predecessor security) is registered on the 6.25% Debenture Register at the close of
business on any Interest Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. Interest shall be payable at the office or agency of the Company maintained by the
Company for such purposes in Canada, which shall initially be the office of the Paying Agent. The Company shall pay interest (a) on any 6.25% Debentures in certificated form by cheque mailed three days prior to the applicable Interest Payment
Date to the address of the Person entitled thereto as it appears in the 6.25% Debenture Register (or upon written application by such Person to the Canadian Trustee and Paying Agent (if different from the Canadian Trustee) not later than the
relevant Interest Record Date, by wire transfer in immediately available funds to such Person’s account within Canada or the United States, if such Person is entitled to interest on an aggregate principal in excess of $1,000,000, which
application shall remain in effect until the 6.25% Debentureholder notifies the Canadian Trustee and Paying Agent to the contrary) or (b) on any Global Debenture by wire transfer of immediately available funds to the account of the applicable
Depositary or its nominee. 
 Section 2.04 CUSIP Numbers. The Company in issuing the 6.25% Debentures may use “CUSIP”
numbers (if then generally in use), and, if so, the Canadian Trustee shall use “CUSIP” numbers in all notices issued to 6.25% Debentureholders as a convenience to holders of the 6.25% Debentures; provided, that any such notice may state
that no representation is made as to the correctness of such numbers either as printed on the 6.25% Debentures or on such notice and that reliance may be placed only on the other identification numbers printed on the 6.25% Debentures. The Company
will promptly notify the Canadian Trustee in writing of any change in the “CUSIP” numbers. 
 Section 2.05 Additional
6.25% Debentures; Repurchases. The Company may, without the consent of the 6.25% Debentureholders and notwithstanding Section 2.01, reopen this Supplemental Indenture and issue Additional 6.25% Debentures hereunder with the same terms and
with the same CUSIP number as the 6.25% Debentures initially issued hereunder in an unlimited aggregate principal amount, which will form the same series with the 6.25% Debentures initially issued hereunder; provided that no such Additional 6.25%
Debentures will be treated as part of the same series as the 6.25% Debentures unless such Additional 6.25% Debentures are fungible with the 6.25% Debentures initially issued hereunder for U.S. federal income tax purposes and U.S. Securities Laws.
Prior to the issuance of any such Additional 6.25% Debentures, the Company shall deliver to the Trustees a Company Order, an Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and Opinion of Counsel to cover such

  
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matters, in addition to those required by Section 13.05 of the Original Indenture, as the Trustees shall reasonably request. 

Section 2.06 Purchase of 6.25% Debentures by the Company. The Company may, to the extent permitted by law (including the
requirements of Canadian Securities Legislation and U.S. Securities Laws), and directly or indirectly (regardless of whether such 6.25% Debentures are surrendered to the Company), and provided it is not at the time in Default under the Indenture at
any time and from time to time repurchase 6.25% Debentures in the open market (which shall include purchases from or through an investment dealer or a firm holding membership on a recognized stock exchange) or otherwise, whether by the Company or
its Subsidiaries or through a privately negotiated transaction or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives, in each case at any price and without prior
notice to 6.25% Debentureholders. All 6.25% Debentures so purchased will be delivered to the Canadian Trustee and shall be cancelled and no 6.25% Debentures shall be issued in substitution therefor. 

If, upon an invitation for tenders, more 6.25% Debentures are tendered at the same lowest price that the Company is prepared to accept, the
6.25% Debentures to be purchased by the Company shall be selected by the Canadian Trustee on a pro rata basis or in such other manner consented to by the Toronto Stock Exchange or such other exchange on which the 6.25% Debentures are then
listed which the Canadian Trustee considers appropriate, from the 6.25% Debentures tendered by each tendering 6.25% Debentureholder who tendered at such lowest price. For this purpose the Canadian Trustee may make, and from time to time amend,
regulations with respect to the manner in which 6.25% Debentures may be so selected, and regulations so made shall be valid and binding upon all 6.25% Debentureholders, notwithstanding the fact that as a result thereof one or more of such 6.25%
Debentures become subject to purchase in part only. The holder of a 6.25% Debenture of which a part only is purchased, upon surrender of such 6.25% Debenture for payment, shall be entitled to receive, without expense to such holder, one or more new
6.25% Debentures for the unpurchased part so surrendered, and the Canadian Trustee shall certify and deliver such new 6.25% Debenture or 6.25% Debentures upon receipt of the 6.25% Debenture so surrendered or, with respect to a Global Debenture, the
Depositary shall make notations on the Global Debenture of the principal amount thereof so purchased. 
 Section 2.07 Deposit of
Monies or Common Shares on Maturity. Repayment of 6.25% Debentures shall be provided for by the Company depositing with the Canadian Trustee or any paying agent to the order of the Canadian Trustee in accordance with Section 7.17 of
the Original Indenture, and on or before 11:00 a.m. (Calgary time) on the Business Day immediately prior to the Maturity Date, such sums of money, or Common Shares, or both as the case may be, as may be sufficient to pay the principal and any
accrued interest on the Maturity Date, provided the Company may elect to satisfy this requirement by providing the Canadian Trustee with a certified cheque or wire transfer for such amounts post-dated to the Maturity Date. The Company shall also
deposit with the Canadian Trustee a sum of money sufficient to pay any charges or expenses which may be incurred by the Canadian Trustee in connection with such payment. Every such deposit shall be irrevocable. From the sums so deposited, or Common
Shares so deposited, or both, the Canadian Trustee shall pay or cause to be paid, or issue or cause to be issued, to the holders of such 6.25% Debentures, upon surrender of such 6.25% Debentures, the principal and interest (if any) to which they are
respectively entitled on maturity. 
 Section 2.08 Withdrawals. A 6.25% Debentureholder may withdraw any Notice of Conversion or
acceptance of a Change of Control Purchase Offer by delivering to the Company (if the Company is acting as its own Paying Agent), or to a Paying Agent designated by the Company in the Notice of Conversion, a written notice of withdrawal prior to the
close of business on the Business Day immediately prior to the Conversion Date or the Change of Control Purchase Date. If such 6.25% Debentures are held in book-entry form through the Depositary, any notice of withdrawal shall comply with applicable
procedures of the Depositary. 
 ARTICLE III 

REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP 

Section 3.01 Fully Registered 6.25% Debentures. 

  
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 (a) The 6.25% Debentures are issuable as Fully Registered 6.25% Debentures. The Company
shall cause to be kept at the corporate trust office of the Canadian Trustee a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section 4.03 being herein sometimes
collectively referred to as the “6.25% Debenture Register,” which 6.25% Debenture Register shall constitute a Debt Security Register (as such term is defined in the Original Indenture)) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration of 6.25% Debentures and of transfers of 6.25% Debentures. Such register shall be in written form or in any form capable of being converted into written form within a
reasonable period of time. The Canadian Trustee is hereby appointed a “Debenture Registrar” and shall constitute a Registrar (as such term is defined in the Original Indenture) for the purpose of registering Debentures and transfers
of Debentures as herein provided. The Company may appoint one or more co-registrars in accordance with Section 4.03. 

(b) No transfer of a Fully Registered 6.25% Debenture shall be valid unless made on such 6.25% Debenture Register by the registered holder or
such holder’s executors, administrators or other legal representatives or an attorney duly appointed by an instrument in writing in form and executed in a manner satisfactory to the Canadian Trustee or other registrar upon surrender of the
6.25% Debentures together with a duly executed form of transfer acceptable to the Canadian Trustee and upon compliance with such other reasonable requirements as the Canadian Trustee or other registrar may prescribe, or unless the name of the
transferee shall have been noted on the 6.25% Debenture by the Canadian Trustee or other registrar. The 6.25% Debenture Register shall be maintained at all times in order to ensure that the 6.25% Debentures are in registered form for purposes of
Section 163(f) of the Internal Revenue Code of 1986. 
 Section 3.02 Global Debentures or Book Based Only
Debentures. 
 (a) 6.25% Debentures shall initially be represented as Book Based Only Debentures registered in the name of a Depositary
or the nominee of the Depositary. The transfer and exchange of beneficial interests in a Global Debenture or Book Based Only Debenture that does not involve the issuance of a definitive 6.25% Debenture, shall be effected through the Depositary (but
not the Canadian Trustee or the Custodian) in accordance with this Supplemental Indenture and the procedures of the Depositary therefor. The Company shall cause to be kept by and at the principal offices of the Canadian Trustee in Calgary, Alberta
and Toronto, Ontario or such other registrar as the Company, with the approval of the Canadian Trustee, may appoint at such other place or places, if any, as the Company may designate with the approval of the Canadian Trustee, a register in which
shall be entered the name and address of the holder of each such Global Debenture or Book Based Only Debenture (being the Depositary, or its nominee, for such Global Debenture or Book Based Only Debenture) as holder thereof and particulars of the
Global Debenture or Book Based Only Debenture held by it, and of all transfers thereof. If any 6.25% Debentures are at any time not Global Debentures or Book Based Only Debentures, the provisions of Section 3.01 shall govern with respect to
registrations and transfers of such 6.25% Debentures. 
 (b) Notwithstanding any other provision of this Supplemental Indenture, a Global
Debenture or Book Based Only Debenture may not be transferred by the registered holder thereof and accordingly, no definitive certificates shall be issued to Beneficial Holders except in the following circumstances or as otherwise specified in a
resolution of the Canadian Trustee, a resolution of the Board of Directors, Officers’ Certificate or supplemental indenture relating to any Additional 6.25% Debentures: 

(i) Global Debentures or Book Based Only Debentures may be transferred by a Depositary to a nominee of such Depositary or by a
nominee of a Depositary to such Depositary or to another nominee of such Depositary or by a Depositary or its nominee to a successor Depositary or its nominee; 

(ii) Global Debentures or Book Based Only Debentures may be transferred at any time after the Depositary for such Global
Debentures or Book Based Only Debentures (i) has notified the Canadian Trustee, or the Company has notified the Canadian Trustee, that it is unwilling or unable to continue as Depositary for such Global Debentures or Book Based Only Debentures,
or (ii) ceases to be eligible to be a Depositary, provided that at the time of such transfer the Company has not appointed a successor Depositary for such Global Debentures or Book Based Only Debentures; 

(iii) Global Debentures or Book Based Only Debentures may be transferred at any time after the Company has determined, in its
sole discretion, to terminate the book-entry only registration system or book 

  
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based entry, as the case may be, in respect of such Global Debentures or Book Based Only Debentures and has communicated such determination to the Canadian Trustee in writing; 

(iv) Global Debentures or Book Based Only Debentures may be transferred at any time after the Canadian Trustee has determined
that an Event of Default has occurred and is continuing with respect to the 6.25% Debentures issued as a Global Debenture or Book Based Only Debenture, provided that Beneficial Holders representing, in the aggregate, not less than 25% of the
aggregate principal amount of the 6.25% Debentures advise the Depositary in writing, through the Depositary Participants, that the continuation of the book-entry only registration system or book based entry, as applicable, for the 6.25% Debentures
is no longer in their best interest and also provided that at the time of such transfer the Canadian Trustee has not waived the Event of Default pursuant to Section 6.01 of the Original Indenture; 

(v) Global Debentures or Book Based Only Debentures may be transferred and definitive certificate(s) may be issued to
Beneficial Holders if required by applicable law; 
 (vi) Global Debentures or Book Based Only Debentures may be transferred
if the book-entry only registration system or book based entry, as applicable, ceases to exist; and 
 (vii) Global
Debentures or Book Based Only Debentures may be transferred and definitive certificate(s) may be issued to Beneficial Holders if requested, in writing, by a Beneficial Holder through the Depositary Participant through whom the beneficial interest in
the 6.25% Debentures are held at the time of the request and in accordance with the agreements and policies between the Depositary and Depositary Participants. 

(c) With respect to the Global Debentures or Book Based Only Debentures, unless and until definitive certificates have been issued to
Beneficial Holders pursuant to Section 3.02(b): 
 (i) the Company and the Canadian Trustee may deal with the applicable
Depositary for all purposes (including paying interest on the 6.25% Debentures) as the sole holder of the 6.25% Debentures and the authorized representative of the Beneficial Holders; 

(ii) the rights of the Beneficial Holders shall be exercised only through the Depositary and shall be limited to those
established by law and agreements between such Beneficial Holders and the Depositary or the Depositary Participants; 
 (iii)
the Depositary will make book-entry or book based, as applicable, transfers among the Depositary Participants; and 
 (iv)
whenever this Supplemental Indenture requires or permits actions to be taken based upon instruction or directions of 6.25% Debentureholders evidencing a specified percentage of the outstanding 6.25% Debentures, the Depositary shall be deemed to be
counted in that percentage only to the extent that it has received instructions to such effect from the Beneficial Holders or the Depositary Participant, and has delivered such instructions to the Canadian Trustee. 

(d) Whenever a notice or other communication is required to be provided to 6.25% Debentureholders, unless and until definitive certificate(s)
have been issued to Beneficial Holders pursuant to this Section 3.02, the Canadian Trustee shall provide all such notices and communications to the Depositary and the Depositary shall deliver such notices and communications to such Beneficial
Holders in accordance with Canadian Securities Legislation and U.S. Securities Laws. Upon the termination of the book-entry only registration system or book based entry, as applicable, on the occurrence of one of the conditions specified in
Section 3.02(b) with respect to the 6.25% Debentures issued hereunder, the Canadian Trustee shall notify all applicable Depositary Participants and Beneficial Holders, through the Depositary, of the availability of definitive 6.25% Debenture
certificates. Upon surrender by the Depositary of the certificate(s) representing the Global Debentures and receipt of new registration instructions from the Depositary, the Canadian Trustee shall deliver the definitive 6.25% Debenture certificates
for such 6.25% Debentures to the holders thereof in accordance with the new registration instructions and thereafter, the registration and transfer of such 6.25% Debentures will be governed by Section 3.01 and the remaining Sections of this
Article III. 
 (e) In the establishment and maintenance of a Book Based Only Debenture issue, the Canadian Trustee shall maintain such
a record on its 6.25% Debenture Register in book based form only. Transfers of 6.25% 

  
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Debentures appearing on the register of the Depository shall otherwise occur as provided for in this Supplemental Indenture. The parties hereto further recognize that, notwithstanding the
issuance of Book Based Only Debentures, conversions of 6.25% Debentures shall occur as contemplated by the terms of this Supplemental Indenture but the Canadian Trustee is permitted to employ whatever reasonable means it may from time to time
require in order to guarantee the unhindered (but subject to the terms and conditions hereof) conversion of such 6.25% Debentures appearing on the register for 6.25% Debentures in book based only form by making whatever arrangements are deemed
necessary by it with the Depository. 
 (f) At such time as all interests in a Global Debenture or Book Based Only Debenture have been
converted, canceled, redeemed, repurchased or transferred, such Global Debenture or Book Based Only Debenture shall be, upon receipt thereof, canceled by the Canadian Trustee in accordance with standing procedures and instructions existing between
the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Debenture or Book Based Only Debenture is exchanged for definitive 6.25% Debentures, converted, canceled, repurchased or transferred to a
transferee who receives definitive 6.25% Debentures therefor or any definitive 6.25% Debenture is exchanged or transferred for part of such Global Debenture or Book Based Only Debenture, the principal amount of such Global Debenture or Book Based
Only Debenture shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Debenture
or Book Based Only Debenture, by the Canadian Trustee or the Custodian, at the direction of the Canadian Trustee, to reflect such reduction or increase. 

Section 3.03 Transferee Entitled to Registration. The transferee of a 6.25% Debenture shall be entitled, after the appropriate
form of transfer is lodged with the Canadian Trustee or other registrar and upon compliance with all other conditions required by this Supplemental Indenture or by law, to be entered on the register as the owner of such 6.25% Debenture free from all
equities or rights of set-off or counterclaim between the Company and the transferor or any previous holder of such 6.25% Debenture, save in respect of equities of which the Company is required to take notice
by statute or by order of a court of competent jurisdiction. 
 Section 3.04 Exchange and Registration of Transfer of 6.25%
Debentures; Depositary. 6.25% Debentures may be exchanged for other 6.25% Debentures of any authorized denominations and of a like aggregate principal amount, upon surrender of the 6.25% Debentures to be exchanged at any such office or agency
maintained by the Company pursuant to Section 4.03. Whenever any 6.25% Debentures are so surrendered for exchange, the Company shall execute, and the Canadian Trustee shall authenticate and deliver, the 6.25% Debentures that the 6.25%
Debentureholder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. 
 None of the
Company, the Canadian Trustee, the Debenture Registrar or any co-registrar shall be required to exchange or register a transfer of (i) any 6.25% Debentures surrendered for conversion or, if a portion of
any 6.25% Debenture is surrendered for conversion, such portion thereof surrendered for conversion or (ii) any 6.25% Debentures, or a portion of any 6.25% Debenture, surrendered for redemption (and not withdrawn) in accordance with Article X
hereof. 
 All 6.25% Debentures issued upon any registration of transfer or exchange of 6.25% Debentures in accordance with this
Supplemental Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Supplemental Indenture as the 6.25% Debentures surrendered upon such registration of transfer or exchange.

 The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints CDS Clearing and Depository
Services Inc. to act as Depositary with respect to the Book Based Only Debentures and any Global Debenture. Initially, Book Based Only Debentures shall be issued to the Depositary, registered in the names of CDS & Co., as the nominee of the
Depositary, and deposited with the Canadian Trustee as Custodian for the Depositary. 
 If (i) a Depositary notifies the Company at any
time that the Depositary is unwilling or unable to continue as depositary for the Global Debentures or Book Based Only Debentures and a successor depositary is not appointed 

  
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within 90 calendar days, (ii) a Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 calendar days or
(iii) an Event of Default in respect of the 6.25% Debentures has occurred and is continuing, and any 6.25% Debentureholder has requested that the 6.25% Debentures be issued in definitive form in exchange for a Global Debenture or Book Based
Only Debenture, the Company will execute, and the Canadian Trustee, upon receipt of an Officers’ Certificate and a Company Order for the authentication and delivery of 6.25% Debentures, will authenticate and deliver 6.25% Debentures in
definitive form to each person that the applicable Depositary identifies as a beneficial owner of the related 6.25% Debentures (or a portion thereof) in an aggregate principal amount equal to the principal amount of such Global Debenture or Book
Based Only Debenture, in exchange for such Global Debenture or Book Based Only Debenture, and upon delivery of any Global Debenture to the Canadian Trustee such Global Debenture shall be canceled. 

None of the Company, the Canadian Trustee, nor any agent of the Company or the Canadian Trustee will have any responsibility or liability for
any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Debenture or Book Based Only Debenture or maintaining, supervising or reviewing any records relating to such beneficial ownership
interests. 
 Section 3.05 No Notice of Trusts. None of the Company, the Canadian Trustee or any registrar shall be bound to
take notice of or see to the execution of any trust (other than that created by this Supplemental Indenture) whether express, implied or constructive, in respect of any 6.25% Debenture, and may transfer the same on the direction of the person
registered as the holder thereof, whether named as trustee or otherwise, as though that person were the beneficial owner thereof. 

Section 3.06 Registers Open for Inspection. The registers referred to in Section 3.01 shall at all reasonable times be open
for inspection by the Company, the Canadian Trustee or any 6.25% Debentureholder. Every registrar, including the Canadian Trustee, shall from time to time when requested so to do by the Company or by a Trustee, in writing, furnish the Company or the
Canadian Trustee, as the case may be, with a list of names and addresses of holders of registered 6.25% Debentures entered on the register kept by them and showing the principal amount and serial numbers of the 6.25% Debentures held by each such
holder, provided the Canadian Trustee shall be entitled to charge a reasonable fee to provide such a list. 
 Section 3.07 Exchanges
of 6.25% Debentures. 
 (a) Subject to Section 3.08, 6.25% Debentures in any authorized form or denomination, other than Global
Debentures, may be exchanged for 6.25% Debentures in any other authorized form or denomination, of the same series and date of maturity, bearing the same interest rate and of the same aggregate principal amount as the 6.25% Debentures so exchanged.

 (b) In respect of exchanges of 6.25% Debentures permitted by Section 3.07(a), the 6.25% Debentures may be exchanged only at the
principal offices of the Canadian Trustee in the cities of Calgary, Alberta and Toronto, Ontario, and at such other place or places as may from time to time be designated by the Company with the approval of the Canadian Trustee. Any 6.25% Debentures
tendered for exchange shall be surrendered to the Canadian Trustee. The Company shall execute and the Canadian Trustee shall certify all 6.25% Debentures necessary to carry out exchanges as aforesaid. All 6.25% Debentures surrendered for exchange
shall be cancelled. 
 (c) 6.25% Debentures issued in exchange for 6.25% Debentures which at the time of such issue have been selected or
called for redemption at a later date shall be deemed to have been selected or called for redemption in the same manner and shall have noted thereon a statement to that effect. 

Section 3.08 Closing of Registers. 

(a) Neither the Company nor any Trustee nor any registrar shall be required to: 

(i) make transfers or exchanges or convert any Fully Registered 6.25% Debentures on any Interest Payment Date for such 6.25%
Debentures or during the period beginning on the Interest Record Date and ending on the Interest Payment Date; 

  
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 (ii) make transfers or exchanges of, or convert any 6.25% Debentures on the
day of any selection by the Canadian Trustee of 6.25% Debentures to be redeemed or during the five preceding Business Days; or 

(iii) make exchanges of any 6.25% Debentures which will have been selected or called for redemption unless upon due
presentation thereof for redemption such 6.25% Debentures shall not be redeemed. 
 (b) Subject to any restriction herein provided, the
Company with the approval of the Canadian Trustee may at any time close any register for the 6.25% Debentures, other than those kept at the principal offices of the Canadian Trustee in Calgary, Alberta and Toronto, Ontario, and transfer the
registration of any 6.25% Debentures registered thereon to another register (which may be an existing register) and thereafter such 6.25% Debentures shall be deemed to be registered on such other register. Notice of such transfer shall be given to
the holders of such 6.25% Debentures. 
 Section 3.09 Charges for Registration, Transfer and Exchange. For each 6.25% Debenture
exchanged, registered, transferred or discharged from registration, the Canadian Trustee or other registrar, except as otherwise herein provided, may make a reasonable charge for its services and in addition may charge a reasonable sum for each new
6.25% Debenture issued (such amounts to be agreed upon from time to time by the Canadian Trustee and the Company), and payment of such charges and reimbursement of the Canadian Trustee or other registrar for any stamp taxes or governmental or other
charges required to be paid shall be made by the party requesting such exchange, registration, transfer or discharge from registration as a condition precedent thereto. Notwithstanding the foregoing provisions, no charge shall be made to a 6.25%
Debentureholder hereunder: 
 (a) for any exchange, registration, transfer or discharge from registration of any 6.25% Debenture applied for
within a period of two months from the date of the first delivery of 6.25% Debentures or, with respect to Additional 6.25% Debentures, within a period of two months from the date of delivery of any such Additional 6.25% Debentures; 

(b) for any exchange of any interim or temporary 6.25% Debenture or interim certificate that has been issued for a definitive 6.25% Debenture;

 (c) for any exchange of a Global Debenture or Book Based Only Debenture as contemplated in Section 3.02; 

(d) for any exchange of any 6.25% Debenture resulting from a partial redemption under Section 10.02; or 

(e) for any exchange of any 6.25% Debenture resulting from a conversion under Article IX. 

Section 3.10 Ownership of 6.25% Debentures. 

(a) Unless otherwise required by law, the person in whose name any registered 6.25% Debenture is registered shall for all the purposes of this
Supplemental Indenture be and be deemed to be the owner thereof and payment of or on account of the principal of and premium, if any, on such 6.25% Debenture and interest thereon shall be made to such registered holder. 

(b) The registered holder for the time being of any registered 6.25% Debenture shall be entitled to the principal, premium, if any, and/or
interest evidenced by such instruments, respectively, free from all equities or rights of set-off or counterclaim between the Company and the original or any intermediate holder thereof and all persons may act
accordingly and the receipt of any such registered holder for any such principal, premium or interest shall be a good discharge to the Canadian Trustee, any registrar and to the Company for the same and none shall be bound to inquire into the title
of any such registered holder. 
 (c) Where 6.25% Debentures are registered in more than one name, the principal, premium, if any, and
interest from time to time payable in respect thereof may be paid to the order of all such holders, failing written instructions from them to the contrary, and the receipt of any one of such holders therefor shall be a valid discharge, to the
Canadian Trustee, any registrar and to the Company. 

  
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 (d) In the case of the death of one or more joint holders of any 6.25% Debenture the
principal, premium, if any, and interest from time to time payable thereon may be paid to the order of the survivor or survivors of such registered holders and the receipt of any such survivor or survivors therefor shall be a valid discharge to the
Canadian Trustee and any registrar and to the Company. 
 Section 3.11 References to 6.25% Debentures. Any reference in this
Supplemental Indenture (excluding this Article III) to “Global Debentures”, “Book Based Only Debentures”, “Fully Registered 6.25% Debentures”, debentures which are “certificated” or “certificates” in
respect of the 6.25% Debentures shall in all cases be deemed to be a reference to the applicable type(s) of 6.25% Debentures which are issued and outstanding, from time to time, as applicable, pursuant to this Article III, notwithstanding the
reference to another form of 6.25% Debenture. 
 ARTICLE IV 

PARTICULAR COVENANTS OF THE COMPANY 

In addition to those covenants set forth in Article IV of the Original Indenture, the Company makes the following covenants and agreements for
the benefit of the 6.25% Debentureholders: 
 Section 4.01 Restrictions of Share Redemption Right and Share Repayment Right. The
Company shall not, directly or indirectly (through a Subsidiary or otherwise) undertake or announce any rights offering, issuance of securities, subdivision of the Common Shares, dividend or other distribution on the Common Shares or any other
securities, capital reorganization, reclassification or any similar type of transaction in which: (i) the number of securities to be issued, (ii) the price at which the securities are to be issued, converted or exchanged, or (iii) any
property or cash that is to be distributed or allocated, is in whole or in part based upon, determined in reference to, related to or a function of, directly or indirectly: (A) the exercise or potential exercise of the right to issue Common
Shares on redemption or maturity of the 6.25% Debentures; or (B) the Current Market Price determined in connection with the exercise or potential exercise of the Company’s right to issue Common Shares on redemption or maturity of the 6.25%
Debentures. 
 Section 4.02 Payment of Principal, Premium and Interest. The Company covenants and agrees that it will cause to
be paid the principal of and premium, if any (including the Redemption Price), and accrued and unpaid interest on each of the 6.25% Debentures at the places, at the respective times and in the manner provided herein and in the 6.25% Debentures. Each
installment of interest on the 6.25% Debentures, may be paid by mailing cheques for the amount payable to 6.25% Debentureholders entitled thereto as they shall appear on the registry books of the Company; provided that, with respect to any 6.25%
Debentureholder with an aggregate principal amount in excess of $1,000,000, at the application of such holder in writing to the Canadian Trustee and Paying Agent (if different from the Canadian Trustee) not later than 15 days prior to the relevant
Interest Record Date, interest on such holder’s 6.25% Debentures shall be paid by wire transfer in immediately available funds to such holder’s account in the United States, which application shall remain in effect until the 6.25%
Debentureholder notifies the Canadian Trustee and Paying Agent to the contrary; provided further that payment of interest made to the Depositary shall be paid by wire transfer in immediately available funds in accordance with such wire transfer
instructions and other procedures provided by the Depositary from time to time. 
 Section 4.03 Maintenance of Office or Agency.
The Company will maintain in Canada, an office or agency where the 6.25% Debentures may be surrendered for registration of transfer or exchange or for presentation for payment, repurchase or redemption (“Paying Agent”) or for
conversion (“Conversion Agent”) and where notices and demands to or upon the Company in respect of the 6.25% Debentures and the Indenture may be served. The Company will give prompt written notice to the Canadian Trustee of the
location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Canadian Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the corporate trust office or the office or agency of the Canadian Trustee, and the Company hereby appoints the Canadian Trustee as its agent to receive all presentations, surrenders, notices
and demands. 
 The Company may also from time to time designate as co-registrars one or more other
offices or agencies where the 6.25% Debentures may be presented or surrendered for any or all such purposes and may from time to time 

  
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rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the United States,
for such purposes. The Company will give prompt written notice to the Canadian Trustee of any such designation or rescission and of any change in the location of any such other office or agency. The terms “Paying Agent” and
“Conversion Agent” include any such additional or other offices or agencies, as applicable. 
 The Company hereby initially
designates the Canadian Trustee as Paying Agent, Debenture Registrar, Custodian, bid solicitation agent under Article XI, and Conversion Agent and the corporate trust office and the office or agency of the Canadian Trustee each shall be considered
as one such office or agency of the Company for each of the aforesaid purposes. 
 Section 4.04 Stay, Extension and Usury Laws.
The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would
prohibit or forgive the Company from paying all or any portion of the principal of or interest on the 6.25% Debentures as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the
performance of the Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of
any power herein granted to the Trustees, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 4.05 Compliance Certificate; Statements as to Default. The Company shall deliver to the Trustees an Officer’s
Certificate in compliance with Section 4.05 of the Original Indenture. 
 In addition, the Company shall deliver to the Trustees, as
soon as practicable, after the Company becomes aware of the occurrence of any Event of Default or Default that is continuing, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the action that
the Company proposes to take with respect thereto. 
 Section 4.07 Maintain Listing. The Company will use reasonable commercial
efforts to maintain the listing of the Common Shares and the 6.25% Debentures on the Toronto Stock Exchange, and to maintain the Company’s status as a “reporting issuer” not in default of the requirements of the Canadian Securities
Legislation; provided that the foregoing covenant shall not prevent or restrict the Company from carrying out a transaction to which Article XII applies if carried out in compliance with Article XII even if as a result of such transaction the
Company ceases to be a “reporting issuer” in all or any of the provinces of Canada or the Common Shares or 6.25% Debentures cease to be listed on the Toronto Stock Exchange or any other stock exchange. 

Section 4.08 Further Instruments and Acts. Upon request of any of the Trustees, the Company will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Supplemental Indenture. 

Section 4.09 Performance of Covenants by Trustees. If the Company shall fail to perform any of its covenants contained in this
Supplemental Indenture, the Trustees may notify the 6.25% Debentureholders of such failure on the part of the Company or may itself perform any of the covenants capable of being performed by it, but shall be under no obligation to do so or to notify
the 6.25% Debentureholders. All sums so expended or advanced by the Trustees shall be repayable as provided in Section 7.06 of the Original Indenture. No such performance, expenditure or advance by the Trustees shall be deemed to relieve the
Company of any default hereunder. 
 Section 4.10 Issuance of Common Shares. The Company covenants that all Common Shares issued
upon conversion or redemption of 6.25% Debentures will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof. 

Section 4.11 Registration of Common Shares. The Company covenants that, if any Common Shares to be provided for the purpose of
conversion of 6.25% Debentures hereunder require registration with or approval of any 

  
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governmental authority under any federal, provincial or state law before such shares may be validly issued upon conversion, the Company shall, to the extent then permitted by the rules and
interpretations of the Canadian Securities Authorities or the SEC, secure such registration or approval, as the case may be. 

Section 4.12 Compliance with Exchange Rules. The Company further covenants that it shall, if permitted and required by the rules
of the Toronto Stock Exchange, list and keep listed, so long as the Common Shares shall be so listed on such exchange, any Common Shares issuable upon conversion or redemption of the 6.25% Debentures. 

ARTICLE V 
 DEFAULTS AND
REMEDIES 
 Section 5.01 Additional Events of Default; Modifications. In addition to those Events of Default set forth in
Section 6.01 of the Original Indenture, the following events shall be Events of Default with respect to the 6.25% Debentures: 
 (a)
default in the delivery, when due, of any Common Shares or other consideration, including any Make-Whole Premium, payable on conversion with respect to the 6.25% Debentures, which default continues for 15 days; 

(b) failure by the Company to issue a Change of Control Notice when such notice becomes due in accordance with Section 7.01(a); 

(c) failure by the Company to comply with its obligations to redeem or repurchase the 6.25% Debentures as required under Article VII, Article
X or Article XII or on any other repurchase date; or 
 (d) failure by the Company to comply with its obligations to redeem the 6.25%
Debentures under Article X after the Company issues a notice of redemption in accordance with Section 3.04 of the Original Indenture. 

ARTICLE VI 
 MEETINGS OF 6.25%
DEBENTUREHOLDERS 
 Section 6.01 6.25% Debentureholders Meeting. Every meeting of 6.25% Debentureholders shall be held in
the City of Calgary or at such other place as may be approved or determined by the Canadian Trustee. 
 Section 6.02 Powers
Exercisable by Resolution. In addition to the powers conferred upon them by any other provisions of the Original Indenture or this Supplemental Indenture or by law, but subject to any different vote required by the Trust Indenture Act, this
Article VI and Section 10.02 of the Original Indenture, a meeting of the 6.25% Debentureholders shall have the following powers exercisable from time to time by a resolution of: 

(a) 662/3% of the 6.25%
Debentureholders present in person or by proxy at the meeting, subject to Section 9.04 of the Original Indenture in respect to a quorum of such meeting, subject in the case of the matters in paragraphs (i), (ii) and (iii) to receipt of the
prior approval of the Toronto Stock Exchange or such other exchange on which the 6.25% Debentures are then listed: 
 (i)
power to sanction any modification, abrogation, alteration, compromise or arrangement of the rights of the 6.25% Debentureholders or the Trustees against the Company, or against its property, whether such rights arise under this Indenture or the
6.25% Debentures or otherwise; 
 (ii) power to assent to any modification of or change in or addition to or omission from
the provisions contained in this Indenture or any 6.25% Debenture which shall be agreed to by the Company and to authorize the Trustees to concur in and execute any indenture supplemental hereto embodying any modification, change, addition or
omission; 
 (iii) power to sanction any scheme for the reconstruction, reorganization or recapitalization of the Company or
for the consolidation, amalgamation, arrangement, combination or merger of the Company with any 

  
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other Person or for the sale, leasing, transfer or other disposition of all or substantially all of the undertaking, property and assets of the Company or any part thereof, provided that no such
sanction shall be necessary in respect of any such transaction if the provisions of Section 11.01 of the Original Indenture shall have been complied with; 

(iv) power to direct or authorize the Trustees to exercise any power, right, remedy or authority given to it by this Indenture
in any manner specified in any such resolution or to refrain from exercising any such power, right, remedy or authority; 

(v) power to assent to any compromise or arrangement with any creditor or creditors or any class or classes of creditors,
whether secured or otherwise, and with holders of any shares or other securities of the Company; 
 (vi) power to appoint a
committee with power and authority (subject to such limitations, if any, as may be prescribed in the resolution) to exercise, and to direct the Trustees to exercise, on behalf of the 6.25% Debentureholders, such of the powers of the 6.25%
Debentureholders as are exercisable by resolution or other resolution as shall be included in the resolution appointing the committee. The resolution making such appointment may provide for payment of the expenses and disbursements of and
compensation to such committee. Such committee shall consist of such number of persons as shall be prescribed in the resolution appointing it and the members need not be themselves 6.25% Debentureholders. Every such committee may elect its chairman
and may make regulations respecting its quorum, the calling of its meetings, the filling of vacancies occurring in its number and its procedure generally. Such regulations may provide that the committee may act at a meeting at which a quorum is
present or may act by minutes signed by the number of members thereof necessary to constitute a quorum. All acts of any such committee within the authority delegated to it shall be binding upon all 6.25% Debentureholders. Neither the committee nor
any member thereof shall be liable for any loss arising from or in connection with any action taken or omitted to be taken by them in good faith; 

(vii) power to remove any Trustee from office and to appoint a new Trustee or Trustees provided that no such removal shall be
effective unless and until a new Trustee or Trustees shall have become bound by this Indenture; and 
 (viii) power to amend,
alter or repeal any resolution previously passed or sanctioned by the 6.25% Debentureholders under this Section 6.02(a) or Article IX of the Original Indenture; and 

(b) in respect to all other matters not set forth in Section 6.02(a) above, the Trust Indenture Act, this Article VI or
Section 10.02 of the Original Indenture, a majority of the 6.25% Debentureholders present in person or by proxy at the meeting, subject to Section 9.04 of the Original Indenture in respect to a quorum of such meeting. 

Section 6.03 Powers Cumulative. Any one or more of the powers in this Indenture stated to be exercisable by the 6.25%
Debentureholders by resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers from time to time shall not be deemed to exhaust the rights of the 6.25% Debentureholders to exercise the same or any
other such power or powers thereafter from time to time. 
 Section 6.04 Instruments in Writing. All actions which may be taken
and all powers that may be exercised by the 6.25% Debentureholders at a meeting held as hereinbefore in this Article provided may also be taken and exercised by the holders of the applicable principal amount of all the outstanding 6.25% Debentures,
by an instrument in writing signed in one or more counterparts and “resolution” in this Indenture shall include an instrument so signed. 

Section 6.05 Binding Effect of Resolution. Every resolution passed in accordance with the provisions of this Article at a meeting
of 6.25% Debentureholders shall be binding upon all the 6.25% Debentureholders (including for certainty all beneficial holders), whether present at or absent from such meeting, and every instrument in writing signed by the 6.25% Debentureholders
(including for certainty all beneficial holders) in accordance with Section 6.04 shall be binding upon all the 6.25% Debentureholders (including for certainty all beneficial holders), whether signatories thereto or not, and each and every
holder and the Trustees (subject to the provisions for its indemnity herein contained) shall be bound to give effect accordingly to every such resolution and instrument in writing. 

Section 6.06 Evidence of Rights Of 6.25% Debentureholders. 

  
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 (a) Any request, direction, notice, consent or other instrument which this Indenture may
require or permit to be signed or executed by the 6.25% Debentureholders may be in any number of concurrent instruments of similar tenor signed or executed by such 6.25% Debentureholders. 

(b) The Trustees may, in their discretion, require proof of execution in cases where it deems proof desirable and may accept such proof as it
shall consider proper. 
 ARTICLE VII 

CHANGE OF CONTROL 

Section 7.01 Change of Control Obligations. Within 30 days following the occurrence of a Change of Control, and subject to the
provisions and conditions of this Section 7.01, the Company shall be obligated to make a cash offer to purchase all of the 6.25% Debentures then outstanding. The terms and conditions of such obligation are set forth below: 

(a) Within 30 days following the occurrence of a Change of Control, the Company shall deliver to the Canadian Trustee, and the Canadian
Trustee shall promptly deliver to the holders of the 6.25% Debentures, a notice stating that there has been a Change of Control and specifying the date on which such Change of Control occurred and the circumstances or events giving rise to such
Change of Control (a “Change of Control Notice”) together with an offer in writing (the “Change of Control Purchase Offer”) to purchase for cash, on the Change of Control Purchase Date, all (or any portion actually
tendered pursuant to such offer) of the 6.25% Debentures then outstanding from the holders thereof made in accordance with the requirements of Canadian Securities Legislation and U.S. Securities Laws at a price per 6.25% Debenture equal to 101% of
the principal amount thereof (the “Offer Price”) plus, subject to the following proviso, accrued and unpaid interest on such 6.25% Debentures up to, but excluding, the Change of Control Purchase Date (collectively, the
“Total Offer Price”); provided that if such Change of Control Purchase Date is after a record date for the payment of interest on the 6.25% Debentures but on or prior to an Interest Payment Date, then the interest payable on such
date will be paid to the holder of record of the 6.25% Debentures on the relevant record date in respect to such Interest Payment Date. The “Change of Control Purchase Date” shall be the date that is 30 days after the date that the
Change of Control Notice and Change of Control Purchase Offer are sent to the 6.25% Debentureholders. 
 (b) If 90% or more in aggregate
principal amount of 6.25% Debentures outstanding (other than 6.25% Debentures held by or on behalf of the Offeror or Associates or Affiliates of the Offeror as such terms are defined in Section 12.01) on the date the Company provides the Change
of Control Notice and the Change of Control Purchase Offer to holders of the 6.25% Debentures have been tendered for purchase pursuant to the Change of Control Purchase Offer on the expiration thereof, the Company has the right upon written notice
provided to the Canadian Trustee within 10 days following the expiration of the Change of Control Purchase Offer, to redeem all (but not less than all) of the 6.25% Debentures remaining outstanding on the expiration of the Change of Control Purchase
Offer at the Total Offer Price in cash as at the Change of Control Purchase Date (the “90% Redemption Right”). 
 (c) Upon
receipt of notice that the Company has exercised or is exercising the 90% Redemption Right and is acquiring the remaining 6.25% Debentures, the Canadian Trustee shall promptly provide written notice to each 6.25% Debentureholder that did not
previously accept the Change of Control Purchase Offer that: 
 (i) the Company has exercised the 90% Redemption Right and is
purchasing all outstanding 6.25% Debentures for cash effective on the expiry of the Change of Control Purchase Offer at the Total Offer Price, and shall include a calculation of the amount payable to such holder as payment of the Total Offer Price
as at the Change of Control Purchase Date; 
 (ii) each such holder must transfer its 6.25% Debentures to the Canadian
Trustee on the same terms as those holders that accepted the Change of Control Purchase Offer and must send its respective 6.25% Debentures, duly endorsed for transfer, to the Canadian Trustee within 10 days after the sending of such notice; and

 (iii) the rights of such holder under the terms of the 6.25% Debentures and this Supplemental Indenture cease to have any
effect as of the date of expiry of the Change of Control Purchase Offer provided the 

  
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Company has, on or before the time of notifying the Canadian Trustee of the exercise of the 90% Redemption Right, paid the Total Offer Price to, or to the order of, the Canadian Trustee and
thereafter the 6.25% Debentures shall not be considered to be outstanding and the holder shall not have any right except to receive such holder’s Total Offer Price upon surrender and delivery of such holder’s 6.25% Debentures in accordance
with the Indenture. 
 (d) The Company shall, on or before 11:00 a.m., Calgary Time, on the Business Day immediately prior to each of the
Change of Control Purchase Date and the date of exercise of the 90% Redemption Right, as applicable, deposit with the Canadian Trustee or any paying agent to the order of the Canadian Trustee, such sums of money as may be sufficient to pay the Total
Offer Price of the 6.25% Debentures to be purchased or redeemed by the Company on the Change of Control Purchase Date or on the date of exercise of the 90% Redemption Right, as applicable, (less, in each case, any tax required by law to be deducted
in respect of accrued and unpaid interest), provided the Company may elect to satisfy this requirement by providing the Canadian Trustee with a certified cheque or wire transfer for such amounts required under this subsection (d). The Company shall
also deposit with the Canadian Trustee a sum of money sufficient to pay any charges or expenses which may be incurred by the Canadian Trustee in connection with such purchase or redemption. Every such deposit shall be irrevocable, except as provided
herein. From the sums so deposited, the Canadian Trustee shall pay or cause to be paid to the holders of such 6.25% Debentures, the Total Offer Price to which they are entitled (less any tax required by law to be deducted in respect of accrued and
unpaid interest) on the Company’s purchase or redemption. 
 (e) In the event that one or more of such 6.25% Debentures being purchased
in accordance with this Section 7.01 becomes subject to purchase in part only, upon surrender of such 6.25% Debentures for payment of the Total Offer Price, the Company shall execute and the Canadian Trustee shall certify and deliver without
charge to the holder thereof or upon the holder’s order, one or more new 6.25% Debentures for the portion of the principal amount of the 6.25% Debentures not purchased. 

(f) 6.25% Debentures for which holders have accepted the Change of Control Purchase Offer and 6.25% Debentures which the Company has elected
to exercise the 90% Redemption Right in accordance with this Section 7.01 shall become due and payable at the Total Offer Price on the Change of Control Purchase Date or on the date of exercise of the 90% Redemption Right, as applicable, and
from and after the Change of Control Purchase Date or the date of exercise of the 90% Redemption Right, as applicable, if the money necessary to purchase or redeem the 6.25% Debentures shall have been deposited as provided in this Section 7.01
and affidavits or other proofs satisfactory to the Canadian Trustee as to the sending of such notices shall have been lodged with it, interest on the 6.25% Debentures shall cease to accrue. If any question shall arise as to whether any notice has
been given as above provided and such deposit made, such question shall be decided by the Canadian Trustee, whose decision shall be final and binding upon all parties in interest. 

(g) In case the holder of any 6.25% Debenture to be purchased or redeemed in accordance with this Section 7.01 shall fail on or before
the Change of Control Purchase Date or the date of exercise of the 90% Redemption Right, as applicable, so to surrender such holder’s 6.25% Debenture or shall not within such time accept payment of the monies payable or give such receipt
therefor, if any, as the Canadian Trustee may require, such monies may be set aside in trust without interest, either in the deposit department of the Canadian Trustee or in a chartered bank, and such setting aside shall for all purposes be deemed a
payment to the 6.25% Debentureholder of the sum so set aside and the 6.25% Debentureholder shall have no other right except to receive payment of the monies so paid and deposited upon surrender and delivery up of such holder’s 6.25% Debenture.
In the event that any money required to be deposited hereunder with the Canadian Trustee or any depositary or paying agent on account of principal, premium, if any, or interest, if any, on 6.25% Debentures issued hereunder shall remain so deposited
for a period of six years from the Change of Control Purchase Date, then such monies together with any accumulated interest thereon, or any distributions paid thereon, shall at the end of such period be paid over or delivered over by the Canadian
Trustee, or such depositary or paying agent, to the Company and the Canadian Trustee shall not be responsible to 6.25% Debentureholders for any amounts owing to them. Notwithstanding the foregoing, the Canadian Trustee will pay any remaining funds
deposited hereunder on that date which is five years less one day after the Change of Control Purchase Date (the “Unclaimed Funds Return Date”) to the Company upon receipt from the Company of an unconditional letter of credit from a
Canadian chartered bank in an amount equal to or in excess of 

  
 22 

 
the amount of the remaining funds. If the remaining funds are paid to the Company prior to the Unclaimed Funds Return Date, the Company shall reimburse the Canadian Trustee for any amounts
required to be paid by the Canadian Trustee to a holder of a 6.25% Debenture pursuant to the Change of Control Purchase Offer or exercise of the 90% Redemption Right after the date of such payment of the remaining funds to the Company but prior to
the Unclaimed Funds Return Date. 
 (h) Subject to the provisions above related to 6.25% Debentures purchased in part, all 6.25% Debentures
redeemed and paid under this Section 7.01 shall forthwith be delivered to the Canadian Trustee and cancelled and no 6.25% Debentures shall be issued in substitution therefor. 

(i) A 6.25% Debenture in respect of which a holder has accepted a notice in respect of a Change of Control Purchase Offer pursuant to the
provisions of Section 7.01(a) may be surrendered for conversion only if such notice is withdrawn in accordance with this Supplemental Indenture. 

Section 7.02 Make-Whole Amount. In addition to the requirements of Section 7.01 in respect of a Change of Control that occurs
on or prior to the Maturity Date, the following provisions shall apply in respect of the occurrence of a Cash Change of Control (the “Make-Whole Premium”): 

(a) Notwithstanding anything herein to the contrary, in the event of the occurrence of a Cash Change of Control and subject to regulatory
approval, the Conversion Rate applicable to each 6.25% Debenture that is surrendered for conversion, in accordance with this Article VII, at any time during the period that begins 10 Trading Days before the anticipated effective date of the Change
of Control (the effective date of the Change of Control, referred to as the “Effective Date”) and ending at the close of business on the date that is 30 days after the date on which the Change of Control Purchase Offer in respect of
the Cash Change of Control is sent to holders of the 6.25% Debentures in accordance with Section 7.01 of this Supplemental Indenture (the “Cash Change of Control Conversion Period”) shall be increased to an amount equal to the
Conversion Rate that would, but for this Section 7.02, otherwise apply to such 6.25% Debenture pursuant to this Article VII, plus that number of Freely Tradeable Common Shares equal to the Make-Whole Additional Shares; provided,
however, that such increase to the Conversion Rate shall not apply if such Cash Change of Control is announced by the Company but not consummated. For the purposes of this Section 7.02, the “Change of Control Price”
shall mean the price to be paid per Common Share in the transaction constituting the Change of Control. 
 (b) As used herein,
“Make-Whole Additional Shares” shall mean, with respect to a Cash Change of Control, the number of additional Freely Tradeable Common Shares per $1,000 principal amount of 6.25% Debentures constituting the Make-Whole Premium,
determined by reference to the following table, which corresponds to the Effective Date and the Change of Control Price of such Cash Change of Control: 

Make Whole Premium Upon a Change of Control 

(Number of Additional Common Shares per $1,000 6.25% Debenture) 

 

																									
	 	  	Effective Date	 
	 Change of Control Price
	  	December 1,
2021	 	  	December 31,
2021	 	  	December 31,
2022	 	  	December 31,
2023	 	  	December 31,
2024	 	  	December 31,
2025	 
	 $3.12
	  	 	82.4190	 	  	 	82.4190	 	  	 	82.4190	 	  	 	82.4190	 	  	 	82.4190	 	  	 	82.4190	 
	 $3.50
	  	 	69.1829	 	  	 	69.1829	 	  	 	61.2943	 	  	 	53.8514	 	  	 	50.1686	 	  	 	48.1265	 
	 $4.00
	  	 	56.5300	 	  	 	56.5300	 	  	 	48.0375	 	  	 	38.9450	 	  	 	28.9575	 	  	 	15.4800	 
	 $4.50
	  	 	47.4489	 	  	 	47.4489	 	  	 	38.8333	 	  	 	29.1022	 	  	 	17.4489	 	  	 	2.8267	 
	 $6.00
	  	 	31.5783	 	  	 	31.5783	 	  	 	23.7883	 	  	 	14.6217	 	  	 	0.4900	 	  	 	—  	 
	 $7.00
	  	 	25.7914	 	  	 	25.7914	 	  	 	18.8129	 	  	 	10.7157	 	  	 	0.0186	 	  	 	—  	 
	 $9.00
	  	 	19.0133	 	  	 	19.0133	 	  	 	13.4567	 	  	 	7.2733	 	  	 	—  	 	  	 	—  	 

 The actual Change of Control Price and Effective Date may not be set out in the table, in which case: 

(i) if the actual Change of Control Price on the Effective Date is between two Change of Control Prices in the table or the
actual Effective Date is between two Effective Dates in the table, the Make-Whole Additional 

  
 23 

 
Shares will be determined by a straight-line interpolation between the Make-Whole Additional Shares set out for the two Change of Control Prices and the two Effective Dates in the table
based on a 365-day year, as applicable; 
 (ii) if the Change of Control Price on the
Effective Date exceeds $12.00 per Common Share, subject to adjustment as described below, the Make-Whole Additional Shares will be zero; and 

(iii) if the Change of Control Price on the Effective Date is less than $3.10 per Common Share, subject to adjustment as
described below, the Make-Whole Additional Shares will be zero. 
 (c) The Change of Control Prices set out in the table above will be
adjusted as of any date on which the Conversion Price of the 6.25% Debentures is adjusted. The adjusted Change of Control Prices will equal the Change of Control Prices applicable immediately prior to such adjustment multiplied by a fraction, the
numerator of which is the Conversion Price as so adjusted and the denominator of which is the Conversion Price immediately prior to the adjustment giving rise to the Change of Control Price adjustment. The number of Make-Whole Additional Shares set
out in the table above will be adjusted in the same manner as the Conversion Price as set out in Section 9.05, other than by operation of an adjustment to the Conversion Rate as described in Section 7.02(a). 

(d) Notwithstanding the foregoing, if the Date of Conversion of any 6.25% Debentures occurs during the period beginning 10 Trading Days before
the anticipated Effective Date and ending at the close of business on the Effective Date, the holders of such 6.25% Debentures shall, on conversion of their 6.25% Debentures, only be entitled to that number of Freely Tradeable Common Shares to which
they would otherwise have been entitled to (the “Base Shares”) at the Conversion Price that would then have been in effect but for the Cash Change of Control and will receive any Make-Whole Additional Shares on the Business Day
immediately following the Effective Date and, for greater certainty, only if the Change of Control occurs. If a Cash Change of Control does not occur, then the Base Shares shall be issued in accordance with the terms of the Indenture applicable to a
conversion of 6.25% Debentures otherwise than during the Cash Change of Control Conversion Period, including without limitation at the then applicable Conversion Price and no Make-Whole Additional Shares will be issued. 

(e) Section 7.02(d) hereof shall apply to any conversion of 6.25% Debentures for which Make-Whole Additional Shares are issuable, and, for
greater certainty, the former 6.25% Debentureholders in respect of which the Make-Whole Additional Shares are issuable shall be entitled to receive and shall accept, in lieu of the Make-Whole Additional Shares, the number of shares or other
securities or cash or other property of the Company or of the Person or other entity resulting from the transaction that constitutes the Cash Change of Control that such holders would have been entitled to receive if such holders had been the
registered holders of the applicable number of Make-Whole Additional Shares on the Effective Date. 
 (f) Except as otherwise provided in
this Section 7.02, all other provisions of this Supplemental Indenture applicable to a conversion of 6.25% Debentures shall apply to a conversion of 6.25% Debentures during the Cash Change of Control Conversion Period. 

ARTICLE VIII 
 MODIFICATIONS AND
AMENDMENTS 
 Section 8.01 Modifications and Amendments Without Consent of 6.25% Debentureholders. In addition to the
matters described in Section 10.01 of the Original Indenture, the Company and the Trustees may from time to time and at any time enter into an indenture, supplemental indenture or amendment to this Supplemental Indenture (which shall conform to
the provisions of the Trust Indenture Act as then in effect), without the consent of the 6.25% Debentureholders to make provisions with respect to the conversion of the 6.25% Debentures as required by Section 9.05, and to provide for succession
as contemplated in Article X of the Original Indenture. 
 Any indenture, supplemental indenture or amendment to this Supplemental Indenture
authorized by the provisions of this Section 8.01 may be executed by the Company and the Trustees without the consent of the 6.25% Debentureholders, notwithstanding any of the provisions of Section 8.03 or Section 10.02 of the
Original Indenture. 

  
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 Section 8.02 Exchange Approval. Any indenture, supplemental indenture or
amendment to this Supplemental Indenture pursuant to this Article VIII will be subject to the approval of the Toronto Stock Exchange. 

Section 8.03 Modifications and Amendments With Consent of 6.25% Debentureholders. With the consent (evidenced as provided in
Section 8.01 of the Original Indenture or in accordance with the procedures of the Depositary) of the holders of at least a majority of outstanding principal amount of the 6.25% Debentures (determined in accordance with Article IX of the
Original Indenture and including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, 6.25% Debentures), the Company, when authorized by a resolution of the Board of Directors and the
Trustees, at the Company’s expense, may from time to time enter into an indenture, supplemental indenture or amendment to this Supplemental Indenture or the 6.25% Debentures for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Supplemental Indenture or any supplemental indenture or modifying in any manner the rights of the holders of the 6.25% Debentures; provided, however, that in addition to the matters described in the
proviso to Section 10.02 of the Original Indenture, with respect to the 6.25% Debentures, no such amendment shall, without the consent of each 6.25% Debentureholder affected hereby: 

(a) make any change that impairs or adversely affects the conversion rights of any 6.25% Debentures; 

(b) reduce any amount payable upon redemption or repurchase of any 6.25% Debenture (including the Redemption Price) or change the time at
which or circumstances under which the 6.25% Debentures may or shall be redeemed or repurchased; or 
 (c) reduce the Redemption Price of
any 6.25% Debenture or amend or modify in any manner adverse to the holders of the 6.25% Debentures the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise.

 ARTICLE IX 
 CONVERSION OF
6.25% DEBENTURES 
 Section 9.01 Applicability of Article. The 6.25% Debentures will be convertible into Common Shares on or
prior to the close of business on the earlier of (i) the last Business Day immediately preceding the Maturity Date; or (ii) if the 6.25% Debentures are called for redemption, on the last Business Day immediately preceding the Redemption
Date. 
 Such right of conversion shall extend only to the maximum number of whole Common Shares into which the aggregate principal amount
of the 6.25% Debenture or 6.25% Debentures surrendered for conversion at any one time by the holder thereof may be converted. Fractional interests in Common Shares shall be adjusted for in the manner provided in Section 9.06. 

Section 9.02 Expiry of Conversion Privilege. In the event that the Company has specified a date for the redemption of a 6.25%
Debenture, notice of the expiry of the conversion privileges of such 6.25% Debenture shall be given to the 6.25% Debentureholders by or on behalf of the Company, not more than 60 days and not less than 30 days prior to the date fixed for the Time of
Expiry. A 6.25% Debenture in respect of which a holder has accepted a notice in respect of a Change of Control Purchase Offer pursuant to the provisions of Section 7.01(a) may be surrendered for conversion only if such notice is withdrawn in
accordance with this Supplemental Indenture. 
 Section 9.03 Revival of Right to Convert. If the redemption of any 6.25%
Debenture called for redemption by the Company is not made or the payment of the purchase price of any 6.25% Debenture which has been tendered in acceptance of an offer by the Company to purchase 6.25% Debentures for cancellation is not made, in the
case of a redemption upon due surrender of such 6.25% Debenture or in the case of a purchase on the date on which such purchase is required to be made, as the case may be, then, provided that the right to convert the 6.25% Debentures has not
terminated pursuant to Section 9.01, the right to convert such 6.25% Debentures shall revive and continue as if such 6.25% Debenture had not been called for redemption or tendered in acceptance of the Company’s offer, respectively. 

  
 25 

 Section 9.04 Manner of Exercise of Right to Convert. 

(a) The holder of a 6.25% Debenture desiring to convert such 6.25% Debenture in whole or in part into Common Shares shall surrender such 6.25%
Debenture to the Canadian Trustee at either of its principal offices in the City of Calgary, Alberta or the City of Toronto, Ontario with respect to the Canadian Trustee, together with the Notice of Conversion attached hereto as Exhibit B, in either
case duly executed by the holder or its executors or administrators or other legal representatives or its or their attorney duly appointed by an instrument in writing in form and executed in a manner reasonably satisfactory to the Canadian Trustee,
exercising its right to convert such 6.25% Debenture in accordance with the provisions of this Article; provided that with respect to a Global Debenture, the obligation to surrender a 6.25% Debenture to the Canadian Trustee shall be satisfied if the
Canadian Trustee makes notation on the Global Debenture of the principal amount thereof so converted and the Canadian Trustee is provided with all other documentation which it may reasonably request. Thereupon such 6.25% Debentureholder or, subject
to payment of all applicable stamp or security transfer taxes or other governmental charges and compliance with all reasonable requirements of the Canadian Trustee, its nominee(s) or assignee(s) shall be entitled to be entered in the books of the
Company as at the Date of Conversion (or such later date as is specified in Section 9.04(b)) as the holder of the number of Common Shares into which such 6.25% Debenture is convertible in accordance with the provisions of this Article and, as
soon as practicable thereafter, the Company shall deliver to such 6.25% Debentureholder or, subject as aforesaid, its nominee(s) or assignee(s), such Freely Tradeable Common Shares and make or cause to be made any payment of interest with respect to
such 6.25% Debentures in accordance with Section 9.04(e) hereof. 
 (b) For the purposes of this Article, a 6.25% Debenture shall be
deemed to be surrendered for conversion, and the holder converting the 6.25% Debentures will become the holder of record of Common Shares, on the date (herein called the “Date of Conversion”) on which the 6.25% Debenture is so
surrendered when the register of the Canadian Trustee is open and in accordance with the provisions of this Article or, in the case of a Global Debenture which the Canadian Trustee received notice of and all necessary documentation in respect of the
exercise of the conversion rights and, in the case of a 6.25% Debenture so surrendered by post or other means of transmission, on the date on which it is received by the Canadian Trustee at one of its offices specified in Section 9.04(a);
provided that if a 6.25% Debenture is surrendered for conversion on a day on which the register of Common Shares is closed, the person or persons entitled to receive Common Shares shall become the holder or holders of record of such Common Shares as
at the date on which such registers are next reopened. 
 (c) Any part, being $1,000 or an integral multiple thereof, of a 6.25% Debenture
in a denomination in excess of $1,000 may be converted as provided in this Article and all references in this Supplemental Indenture to conversion of 6.25% Debentures shall be deemed to include conversion of such parts. 

(d) The holder of any 6.25% Debenture of which only a part is converted shall, upon the exercise of its right of conversion surrender such
6.25% Debenture to the Canadian Trustee in accordance with Section 9.04(b), and the Canadian Trustee shall cancel the same and shall without charge forthwith certify and deliver to the holder a new 6.25% Debenture or 6.25% Debentures in an
aggregate principal amount equal to the unconverted part of the principal amount of the 6.25% Debenture so surrendered or, with respect to a Global Debenture, the Depositary shall make notations on the Global Debentures of the principal amount
thereof so converted. 
 (e) The Conversion Price will not be adjusted for accrued interest. The holder of a 6.25% Debenture surrendered for
conversion in accordance with this Section 9.04 shall be entitled (subject to Section 9.04(f)) to receive accrued and unpaid interest in respect thereof, in cash, up to but excluding the Date of Conversion and the Common Shares issued upon
such conversion shall rank only in respect of distributions or dividends declared in favour of shareholders of record on and after the Date of Conversion or such later date as such holder shall become the holder of record of such Common Shares
pursuant to Section 9.04(b), from which applicable date they will for all purposes be and be deemed to be issued and outstanding as fully paid and non-assessable Common Shares. 

(f) In respect to 6.25% Debentures surrendered for conversion during the period from the close of business on any Interest Record Date to the
opening of business on the next succeeding Interest Payment Date, the 6.25% Debentureholder on the Interest Record Date will receive the semi-annual interest payable on such 6.25% Debentures on the corresponding Interest Payment Date. 

  
 26 

 (g) Notwithstanding any other provisions of this Supplemental Indenture, if a 6.25%
Debenture is surrendered for conversion on an Interest Payment Date or after the Interest Record Date but before the Interest Payment Date, the person or persons entitled to receive Common Shares in respect of the 6.25% Debenture so surrendered for
conversion shall not become the holder or holders of record of such Common Shares until the Business Day following such Interest Payment Date. 

(h) A 6.25% Debenture in respect of which a holder has accepted a notice in respect of a Change of Control Purchase Offer pursuant to the
provisions of Section 7.01(a) may be surrendered for conversion only if such notice is withdrawn in accordance with this Supplemental Indenture. 

Section 9.05 Adjustment of Conversion Price. The Conversion Price in effect at any date shall be subject to adjustment from time
to time as set forth below. 
 (a) If and whenever at any time prior to the Time of Expiry the Company shall (i) subdivide or redivide
the outstanding Common Shares into a greater number of shares, (ii) reduce, combine or consolidate the outstanding Common Shares into a smaller number of shares, or (iii) issue Common Shares to the holders of all or substantially all of
the outstanding Common Shares by way of a dividend or distribution (other than the issue of Common Shares to holders of Common Shares who have elected to receive dividends or distributions in the form of Common Shares in lieu of cash dividends or
cash distributions paid in the ordinary course on the Common Shares), the Conversion Price in effect on the effective date of such subdivision, redivision, reduction, combination or consolidation or on the record date for such issue of Common Shares
by way of a dividend or distribution, as the case may be, shall be adjusted immediately after such effective date or such record date so that it shall equal the price determined by multiplying the Conversion Price in effect on such effective date or
record date, as applicable, by a fraction, of which the numerator shall be the total number of Common Shares outstanding prior to such effective date or record as applicable date, and of which the denominator shall be the total number of Common
Shares resulting from such subdivision, redivision, reduction, combination or consolidation or issuance of Common Shares by way of a dividend or distribution, as the case may be. Such adjustment shall be made successively whenever any event referred
to in this Section 9.05(a) shall occur. Any such issue of Common Shares by way of a dividend or distribution shall be deemed to have been made on the record date for the dividend or distribution for the purpose of calculating the number of
outstanding Common Shares under subsections (c) and (d) of this Section 9.05. 
 (b) If and whenever at any time prior to the Time
of Expiry the Company shall fix a record date for the payment of a cash dividend or distribution to the holders of all or substantially all of the outstanding Common Shares in respect of any Applicable Period, the Conversion Price shall be adjusted
immediately after such record date so that it shall be equal to the price determined by multiplying the Conversion Price in effect on such record date by a fraction, of which the denominator shall be the Current Market Price per Common Share on such
record date and of which the numerator shall be the Current Market Price per Common Share on such record date minus the amount in cash per Common Share distributed to holders of Common Shares. Such adjustment shall be made successively whenever such
a record date is fixed. To the extent that any such cash dividend or distribution is not paid, the Conversion Price shall be re-adjusted to the Conversion Price which would then be in effect if such record
date had not been fixed. 
 (c) If and whenever at any time prior to the Time of Expiry the Company shall fix a record date for the issuance
of options, rights or warrants to all or substantially all the holders of its outstanding Common Shares entitling them, for a period expiring not more than 45 days after such record date, to subscribe for or purchase Common Shares (or securities
convertible into Common Shares) at a price per share (or having a conversion or exchange price per share) less than 95% of the then Current Market Price of a Common Share on such record date, the Conversion Price shall be adjusted immediately after
such record date so that it shall equal the price determined by multiplying the Conversion Price in effect on such record date by a fraction, of which the numerator shall be the total number of Common Shares outstanding on such record date plus a
number of Common Shares equal to the number arrived at by dividing the aggregate price of the total number of additional Common Shares offered for subscription or purchase (or the aggregate conversion or exchange price of the convertible securities
so offered) by such Current Market Price per Common Share, and of which the denominator shall be the total number of Common 

  
 27 

 
Shares outstanding on such record date plus the total number of additional Common Shares offered for subscription or purchase (or into which the convertible securities so offered are
convertible). Such adjustment shall be made successively whenever such a record date is fixed. To the extent that any such options, rights or warrants are not so issued or any such options, rights or warrants are not exercised prior to the
expiration thereof, the Conversion Price shall be re-adjusted to the Conversion Price which would then be in effect if such record date had not been fixed or to the Conversion Price which would then be in
effect based upon the number of Common Shares (or securities convertible into Common Shares) actually issued upon the exercise of such options, rights or warrants were included in such fraction, as the case may be. 

(d) If and whenever at any time prior to the Time of Expiry, there is a reclassification of the Common Shares or a capital reorganization of
the Company other than as described in Section 9.05(a) or a consolidation, amalgamation, arrangement, binding share exchange, merger of the Company with or into any other Person or other entity or acquisition of the Company or other combination
pursuant to which the Common Shares are converted into or acquired for cash, securities or other property; or a sale or conveyance of the property and assets of the Company as an entirety or substantially as an entirety to any other Person (other
than a direct or indirect wholly-owned subsidiary of the Company) or other entity or a liquidation, dissolution or winding-up of the Company, any holder of a 6.25% Debenture who has not exercised its right of
conversion prior to the effective date of such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, binding share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution or winding-up, upon the exercise of such right thereafter, shall be entitled to receive and shall accept, in lieu of the number of Common Shares then sought to be acquired by it, such amount of cash or the number of
shares or other securities or property of the Company or of the Person or other entity resulting from such consolidation, amalgamation, arrangement, merger, binding share exchange, acquisition or combination, or to which such sale or conveyance may
be made or which holders of Common Shares receive pursuant to such liquidation, dissolution or winding-up, as the case may be, that such holder of a 6.25% Debenture would have been entitled to receive on such
reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, binding share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution or winding-up, if,
on the record date or the effective date thereof, as the case may be, the holder had been the registered holder of the number of Common Shares sought to be acquired by it and to which it was entitled to acquire upon the exercise of the conversion
right. If determined appropriate by the Board of Directors, to give effect to or to evidence the provisions of this Section 9.05(d), the Company, its successor, or such purchasing Person or other entity, as the case may be, shall, prior to or
contemporaneously with any such reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger, binding share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution or winding-up, enter into an indenture which shall provide, to the extent possible, for the application of the provisions set forth in this Supplemental Indenture with respect to the rights and interests thereafter of
the holder of 6.25% Debentures to the end that the provisions set forth in this Supplemental Indenture shall thereafter correspondingly be made applicable, as nearly as may reasonably be, with respect to any cash, shares or other securities or
property to which a holder of 6.25% Debentures is entitled on the exercise of its acquisition rights thereafter. Any indenture entered into between the Company and the Canadian Trustee pursuant to the provisions of this Section 9.05(d) shall be
a supplemental indenture entered into pursuant to the provisions of Article VIII. Any indenture entered into between the Company, any successor to the Company or such purchasing Person or other entity and the Canadian Trustee shall provide for
adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Section 9.05(d) and which shall apply to successive reclassifications, capital reorganizations, amalgamations, consolidations, mergers,
share exchanges, acquisitions, combinations, sales or conveyances. For greater certainty, nothing in this Section 9.05(d) shall affect or reduce the requirement for any Person to make a Change of Control Purchase Offer or to pay the Make-Whole
Premium in accordance with Section 7.02, and notice of any transaction to which this Section 9.05(d) applies shall be given in accordance with Section 9.10. 

(e) If the Company shall make a distribution to all holders of Common Shares of shares in the capital of the Company, other than Common
Shares, or evidences of indebtedness or other assets of the Company, including securities (but excluding (i) any issuance of rights or warrants for which any adjustment was made pursuant to Section 9.05(c), and (ii) any dividend or
distribution paid exclusively in cash) (the “Distributed Securities”), then in each such case (unless the Company distributes such Distributed Securities to the 6.25% Debentureholders on such

  
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dividend or distribution date (as if each holder had converted such 6.25% Debenture into Common Shares immediately preceding the record date with respect to such distribution)) the Conversion
Price in effect immediately preceding the ex-distribution date fixed for the dividend or distribution shall be adjusted so that the same shall equal the price determined by multiplying the Conversion Price in
effect immediately preceding such ex-distribution date by a fraction of which the denominator shall be the 5 day VWAP for the Common Shares immediately prior to the
ex-distribution date and of which the numerator shall be the 5 day VWAP for the Common Shares for the first 5 Trading Days that occur immediately after the
ex-distribution date. Such adjustment shall be made successively whenever any such distribution is made and shall become effective 5 Business Days immediately after the
ex-distribution date. In the event that such dividend or distribution is not so paid or made, the Conversion Price shall again be adjusted to be the Conversion Price that would then be in effect if such
dividend or distribution had not been declared. 
 Notwithstanding the foregoing, if the securities distributed by the Company to all
holders of its Common Shares consist of capital stock of, or similar equity interests in, a Subsidiary or other business unit of the Company (the “Spinoff Securities”), the Conversion Price shall be adjusted, unless the Company
makes an equivalent distribution to the 6.25% Debentureholders, so that the same shall be equal to the rate determined by multiplying the Conversion Price in effect on the record date fixed for the determination of shareholders entitled to receive
such distribution by a fraction, the denominator of which shall be the sum of (i) the VWAP for the 20 consecutive Trading Day period (the “Spinoff Valuation Period”) commencing on and including the fifth Trading Day after the
date on which ex-dividend trading commences for such distribution on the Toronto Stock Exchange, or such other national or regional exchange or market on which the Common Shares are then listed or quoted and
(ii) the product of (A) the volume weighted average price (calculated in substantially the same way as the Current Market Price is calculated for the Common Shares) over the Spinoff Valuation Period of the Spinoff Securities or, if no such
prices are available, the fair market value of the Spinoff Securities as reasonably determined by the Board of Directors (which determination, subject to the TSX approval of, shall be conclusive and shall be evidenced by an Officers’
Certificate delivered to the Canadian Trustee) multiplied by (B) the number of Spinoff Securities distributed in respect of one Common Share and the numerator of which shall be the VWAP over the Spinoff Valuation Period, such adjustment to
become effective immediately preceding the opening of business on the 25th Trading Day after the date on which ex-dividend trading commences; provided, however, that the Company may in lieu of the foregoing
adjustment elect to make adequate provision so that each holder of 6.25% Debentures shall have the right to receive upon conversion thereof the amount of such Spinoff Securities that such holder of 6.25% Debentures would have received if such 6.25%
Debentures had been converted on the record date with respect to such distribution. 
 (f) If any issuer bid made by the Company or any of
its Subsidiaries for all or any portion of Common Shares shall expire, then, if the issuer bid shall require the payment to shareholders of consideration per Common Share having a fair market value (determined as provided below) that exceeds the
Current Market Price per Common Share on the last date (the “Expiration Date”) tenders could have been made pursuant to such issuer bid (as it may be amended) (the last time at which such tenders could have been made on the
Expiration Date is hereinafter sometimes called the “Expiration Time”), the Conversion Price shall be adjusted so that the same shall equal the rate determined by multiplying the Conversion Price in effect immediately preceding the
close of business on the Expiration Date by a fraction of which (i) the denominator shall be the sum of (A) the fair market value of the aggregate consideration (the fair market value as determined by the Board of Directors, whose
determination, subject the TSX approval, shall be conclusive evidence of such fair market value and which shall be evidenced by an Officers’ Certificate delivered to the Canadian Trustee) payable to shareholders based on the acceptance (up to
any maximum specified in the terms of the issuer bid) of all Common Shares validly tendered and not withdrawn as of the Expiration Time (the Common Shares deemed so accepted, up to any such maximum, being referred to as the “Purchased Common
Shares”) and (B) the product of the number of Common Shares outstanding (less any Purchased Common Shares and excluding any Common Shares held in the treasury of the Company) at the Expiration Time and the Current Market Price per
Common Share on the Expiration Date and (ii) the numerator of which shall be the product of the number of Common Shares outstanding (including Purchased Common Shares but excluding any Common Shares held in the treasury of the Company) at the
Expiration Time multiplied by the Current Market Price per Common Share on the Expiration Date, such adjustment to become effective immediately preceding the opening of business on the day following the Expiration Date. In the event that the Company
is obligated to 

  
 29 

 
purchase Common Shares pursuant to any such issuer bid, but the Company is permanently prevented by applicable law from effecting any or all such purchases or any or all such purchases are
rescinded, the Conversion Price shall again be adjusted to be the Conversion Price which would have been in effect based upon the number of Common Shares actually purchased, if any. If the application of this clause (f) of Section 9.05 to
any issuer bid would result in a decrease in the Conversion Price, no adjustment shall be made for such issuer bid under this clause (f). 

For purposes of this Section 9.05(f), the term “issuer bid” shall mean an issuer bid under Canadian Securities
Legislation (other than an issuer bid which is exempt from the requirements of Part 2 of MI 62-104) or a take-over bid (other than an take-over bid which is exempt from the requirements of Part 2 of MI 62-104) under Canadian Securities Legislation by a Subsidiary of the Company for the Common Shares and all references to “purchases” of Common Shares in issuer bids (and all similar references) shall mean
and include the purchase of Common Shares in issuer bids and all references to “tendered Common Shares” (and all similar references) shall mean and include Common Shares tendered in issuer bids. 

(g) In any case in which this Section 9.05 shall require that an adjustment shall become effective immediately after a record date
for an event referred to herein, the Company may defer, until the occurrence of such event, issuing to the holder of any 6.25% Debenture converted after such record date and before the occurrence of such event the additional Common Shares issuable
upon such conversion by reason of the adjustment required by such event before giving effect to such adjustment; provided, however, that the Company shall deliver to such holder an appropriate instrument evidencing such holder’s right to
receive such additional Common Shares upon the occurrence of the event requiring such adjustment and the right to receive any distributions made on such additional Common Shares declared in favour of holders of record of Common Shares on and after
the Date of Conversion or such later date as such holder would, but for the provisions of this Section 9.05(g), have become the holder of record of such additional Common Shares pursuant to Section 9.04(b). 

(h) The adjustments provided for in this Section 9.05 are cumulative and shall apply to successive subdivisions, redivisions, reductions,
combinations, consolidations, distributions, issues or other events resulting in any adjustment under the provisions of this Section, provided that, notwithstanding any other provision of this Section, no adjustment of the Conversion Price shall be
required unless such adjustment would require an increase or decrease of at least 1% in the Conversion Price then in effect; provided however, that any adjustments which by reason of this Section 9.05(h) are not required to be made shall be
carried forward and taken into account in any subsequent adjustment. 
 (i) For the purpose of calculating the number of Common Shares
outstanding, Common Shares owned by or for the benefit of the Company shall not be counted. 
 (j) In the event of any question arising with
respect to the adjustments provided in this Section 9.05, such question shall be conclusively determined by a firm of nationally recognized chartered accountants appointed by the Company and acceptable to the Canadian Trustee (who may be the
Auditors of the Company); such accountants shall have access to all necessary records of the Company and such determination shall be binding upon the Company, the Canadian Trustee, and the 6.25% Debentureholders. 

(k) In case the Company shall take any action affecting the Common Shares other than action described in this Section 9.05, which
in the opinion of the Board of Directors, would materially affect the rights of 6.25% Debentureholders, the Conversion Price shall be adjusted in such manner and at such time, by action of the Board of Directors, subject to the prior written consent
of the Toronto Stock Exchange or such other exchange on which the 6.25% Debentures are then listed (if required), as the Board of Directors, in its sole discretion may determine to be equitable in the circumstances. Failure of the directors to make
such an adjustment shall be conclusive evidence that they have determined that it is equitable to make no adjustment in the circumstances. 

(l) Subject to the prior written consent of the Toronto Stock Exchange or such other exchange on which the 6.25% Debentures are then listed,
if required, no adjustment in the Conversion Price shall be made in respect of any event described in Section 9.05(a), Section 9.05(b), Section 9.05(c), Section 9.05(e) or Section 9.05(f) other than the

  
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events described in Section 9.05(a)(i) or Section 9.05(a)(ii) if the holders of the 6.25% Debentures are entitled to participate in such event on the same terms mutatis mutandis
as if they had converted their 6.25% Debentures prior to the effective date or record date, as the case may be, of such event. 
 (m)
Except as stated above in this Section 9.05, no adjustment will be made in the Conversion Price for any 6.25% Debentures as a result of the issuance of Common Shares at less than the Current Market Price for such Common Shares on the date of
issuance or the then applicable Conversion Price. 
 Section 9.06 No Requirement to Issue Fractional Common Shares. The Company
shall not be required to issue fractional Common Shares upon the conversion of 6.25% Debentures pursuant to this Article. If more than one 6.25% Debenture shall be surrendered for conversion at one time by the same holder, the number of whole Common
Shares issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of such 6.25% Debentures to be converted. If any fractional interest in a Common Share would, except for the provisions of this Section, be
deliverable upon the conversion of any principal amount of 6.25% Debentures, the Company shall, in lieu of delivering any such fractional interest, make a cash payment to the holder of such 6.25% Debenture of an amount equal to the fractional
interest which would have been issuable multiplied by the Current Market Price. 
 Section 9.07 Company to Reserve Common
Shares. The Company covenants with the Canadian Trustee that it will at all times reserve and keep available out of its authorized Common Shares (if the number thereof is or becomes limited), solely for the purpose of issue upon conversion of
6.25% Debentures as in this Article provided, and conditionally allot to 6.25% Debentureholders who may exercise their conversion rights hereunder, such number of Common Shares as shall then be issuable upon the conversion of all outstanding 6.25%
Debentures. The Company covenants with the Canadian Trustee that all Common Shares which shall be so issuable shall be duly and validly issued as fully-paid and non-assessable. 

Section 9.08 Cancellation of Converted 6.25% Debentures. Subject to the provisions of Section 9.04 as to 6.25% Debentures
converted in part, all 6.25% Debentures converted in whole or in part under the provisions of this Article shall be forthwith delivered to and cancelled by the Canadian Trustee and no 6.25% Debenture shall be issued in substitution for those
converted. 
 Section 9.09 Certificate as to Adjustment. The Company shall from time to time promptly after the occurrence of
any event which requires an adjustment or readjustment as provided in Section 9.05, deliver an Officers’ Certificate to the Canadian Trustee specifying the nature of the event requiring the same and the amount of the adjustment
necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate and the amount of the adjustment specified therein shall be verified by an opinion of a firm
of nationally recognized chartered accountants appointed by the Company and acceptable to the Canadian Trustee (who may be the Auditors of the Company) and shall be conclusive and binding on all parties in interest. When so approved, the Company
shall forthwith give notice to the 6.25% Debentureholders in the manner provided in Section 13.03 of the Original Indenture specifying the event requiring such adjustment or readjustment and the results thereof, including the resulting
Conversion Price; provided that, if the Company has given notice under this Section 9.09 to the Canadian Trustee covering all the relevant facts in respect of such event and if the Canadian Trustee approves, no such notice to the 6.25%
Debentureholders need be given under this Section 9.09. 
 Section 9.10 Notice of Special Matters. The Company covenants
with the Canadian Trustee that so long as any 6.25% Debenture remains outstanding, it will give notice to the Canadian Trustee, and to the 6.25% Debentureholders in the manner provided in Section 13.03 of the Original Indenture, of its
intention to fix a record date for any event referred to in Section 9.05(a), (b), (c) or (e) (other than the subdivision, redivision, reduction, combination or consolidation of its Common Shares) which may give rise to an adjustment in the
Conversion Price, and, in each case, such notice shall specify the particulars of such event and the record date and the effective date for such event; provided that the Company shall only be required to specify in such notice such particulars of
such event as shall have been fixed and determined on the date on which such notice is given. Such notice shall be given not less than fourteen (14) days in each case prior to such applicable record date. 

In addition, the Company covenants with the Canadian Trustee that so long as any 6.25% Debenture remains outstanding, it will give notice to
the Canadian Trustee, and to the 6.25% Debentureholders in the manner 

  
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provided in the Original Indenture, at least 30 days prior to the (i) effective date of any transaction referred to in Section 9.05(d) stating the consideration into which the 6.25%
Debentures will be convertible after the effective date of such transaction, and (ii) Expiration Date of any transaction referred to in Section 9.05(f) stating the consideration paid per Common Share in such transaction. 

Section 9.11 Protection of Trustees. Subject to Section 7.01 of the Original Indenture, the Trustees: 

(a) shall not at any time be under any duty or responsibility to any 6.25% Debentureholder to determine whether any facts exist which may
require any adjustment in the Conversion Price, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed in making the same; 

(b) shall not be accountable with respect to the validity or value (or the kind or amount) of any Common Shares or of any shares or other
securities or property which may at any time be issued or delivered upon the conversion of any 6.25% Debenture; and 
 (c) shall not be
responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver Common Shares or share certificates upon the surrender of any 6.25% Debenture for the purpose of conversion, or to comply with any of the covenants
contained in this Article. 
 Section 9.12 Contractual Right of Rescission. In the event that the prospectus of the Company
qualifying the distribution of the Common Shares issuable upon the conversion of the 6.25% Debentures (including the documents incorporated by reference therein) or any amendment thereto (the “Prospectus”), contains a
misrepresentation (as defined under Canadian Securities Legislation) or was not delivered to a purchaser of 6.25% Debentures in accordance with Canadian Securities Legislation, holders of the 6.25% Debentures that have exercised the conversion
privilege described in this Article IX and converted their 6.25% Debentures into Common Shares will have a contractual right of rescission against the Company entitling them to receive from the Company, upon surrender to the Company of the Common
Shares issued upon such conversion, the amount paid for the 6.25% Debentures, provided that such right of rescission is exercised within 180 days of the date of the purchase of the 6.25% Debentures under the Prospectus. The foregoing contractual
right of rescission shall be subject to the defences described under the Securities Act (Alberta), which is incorporated herein by reference, mutatis mutandis, and any other defence or defences available to the Company under Canadian
Securities Legislation. No action shall be commenced to enforce the foregoing right of rescission more than 180 days after the date of purchase of the 6.25% Debentures under the Prospectus. The Canadian Trustee shall not be responsible for ensuring
the 6.25% Debentures are returned to the holder. In such cases, the holder shall seek a return directly from the Canadian and subsequently, the Company, upon surrender to the Company or the Canadian Trustee of any underlying Common Shares or other
securities that may have been issued, or such other procedure as agreed to by the parties hereto, shall instruct the Canadian Trustee in writing, to cancel the conversion transaction and any such underlying Common Shares or other securities on the
register, which may have already been issued upon the conversion. In the event that any payment is received from the Company by virtue of the holder being a shareholder for such Common Shares that were subsequently rescinded, such payment must be
returned to the Company by such holder. The Canadian Trustee shall not be under any duty or obligation to take any steps to ensure or enforce the return of the funds pursuant to this section, nor shall the Canadian Trustee be in any other way
responsible in the event that any payment is not delivered or received pursuant to this section. 
 ARTICLE X 

OPTIONAL REDEMPTION OF THE 6.25% DEBENTURES BY THE COMPANY 

Section 10.01 Applicability of Article. Subject to regulatory approval and Article XIII, the 6.25% Debentures will be redeemable
in accordance with the terms of this Article X, provided that the 6.25% Debentures will not be redeemable before December 31, 2024, except pursuant to Section 7.01(b). On and after December 31, 2024 and prior to December 31, 2025
provided that the Current Market Price at the time the Redemption Notice is given at least 125% of the Conversion Price, the 6.25% Debentures may be redeemed at the option of the Company in 

  
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whole or in part from time to time on notice as provided for in Section 10.03 at the Redemption Price. On and after December 31, 2025 and prior to the Maturity Date, the 6.25%
Debentures may be redeemed at the option of the Company in whole or in part from time to time on notice as provided for in Section 10.03 at the Redemption Price. The Redemption Notice for the 6.25% Debentures shall be substantially in the form
of Exhibit C. Subject to Section 10.06, in connection with the redemption of the 6.25% Debentures, the Company may, at its option, elect to satisfy its obligation to pay all or a portion of the Redemption Price of the 6.25% Debentures to be
redeemed by issuing and delivering to the holders of such 6.25% Debentures Freely Tradeable Common Shares. If the Company elects to exercise such option, it shall so specify and provide details in the Redemption Notice. 

Section 10.02 Partial Redemption. If less than all the 6.25% Debentures being outstanding are at any time to be redeemed, or if a
portion of the 6.25% Debentures being redeemed are being redeemed for cash and a portion of such 6.25% Debentures are being redeemed by the payment of Freely Tradeable Common Shares pursuant to Section 10.06, the 6.25% Debentures to be so
redeemed shall be selected by the Canadian Trustee on a pro rata basis to the nearest multiple of $1,000 in accordance with the principal amount of the 6.25% Debentures registered in the name of each holder or in such other manner as the Canadian
Trustee deems equitable, subject to the approval of the Toronto Stock Exchange or such other exchange on which the 6.25% Debentures are then listed, as may be required from time to time. No 6.25% Debenture shall be redeemed in part unless the
principal amount redeemed is $1,000 or a multiple thereof. For this purpose, the Canadian Trustee may make, and from time to time vary, regulations with respect to the manner in which such 6.25% Debentures may be drawn for redemption and regulations
so made shall be valid and binding upon all holders of such 6.25% Debentures notwithstanding that as a result thereof one or more of such 6.25% Debentures may become subject to redemption in part only or for cash only. In the event that one or more
of such 6.25% Debentures becomes subject to redemption in part only, upon surrender of any such 6.25% Debentures for payment of the Redemption Price, the Company shall execute and the Canadian Trustee shall certify and deliver without charge to the
holder thereof or upon the holder’s order one or more new 6.25% Debentures for the unredeemed part of the principal amount of the 6.25% Debenture or 6.25% Debentures so surrendered or, with respect to a Global Debenture, the Depositary shall
make notations on the Global Debenture of the principal amount thereof so redeemed. Unless the context otherwise requires, the terms “6.25% Debenture” or “6.25% Debentures” as used in this Article X shall be deemed to mean or
include any part of the principal amount of any 6.25% Debenture which in accordance with the foregoing provisions has become subject to redemption. 

Section 10.03 Notice of Redemption. Notice of redemption (the “Redemption Notice”) of any 6.25% Debentures shall
be given to the holders of the 6.25% Debentures so to be redeemed not more than 60 days nor less than 30 days prior to the date fixed for redemption (the “Redemption Date”) in the manner provided in the Original Indenture. Every
such notice shall specify the aggregate principal amount of 6.25% Debentures called for redemption, the Redemption Date, the Redemption Price and the places of payment and shall state that interest upon the principal amount of 6.25% Debentures
called for redemption shall cease to be payable from and after the Redemption Date. In addition, unless all the outstanding 6.25% Debentures are to be redeemed, the Redemption Notice shall specify: 

(a) the distinguishing letters and numbers of the registered 6.25% Debentures which are to be redeemed (or of such thereof as are registered
in the name of such 6.25% Debentureholder); and 
 (b) in the case of a Global Debenture or Book Based Only Debenture, that the redemption
will take place in such manner as may be agreed upon by the Depositary, the Canadian Trustee and the Company. 
 Section 10.04 6.25%
Debentures Due on Redemption Dates. Notice having been given as aforesaid, all the 6.25% Debentures so called for redemption shall thereupon be and become due and payable at the Redemption Price on the Redemption Date specified in such notice,
in the same manner and with the same effect as if it were the date of maturity specified in such 6.25% Debentures, anything therein or herein to the contrary notwithstanding, and from and after such Redemption Date, if the monies necessary to
redeem, or the Common Shares to be issued to redeem, such 6.25% Debentures shall have been deposited as provided in Section 10.05 and affidavits or other proof satisfactory to the Canadian Trustee as to the sending of such notices shall have
been lodged with it, interest upon the 6.25% Debentures shall cease. If any question shall arise as to whether any notice has been given as above provided and such deposit made, such question shall be decided by the Canadian Trustee, whose decision
shall be final and binding upon all parties in interest. 

  
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 Section 10.05 Deposit of Redemption Monies or Common Shares. Redemption of 6.25%
Debentures shall be provided for by the Company depositing with the Canadian Trustee or any paying agent to the order of the Canadian Trustee in accordance with Section 7.17 of the Original Indenture, on or before 11:00 a.m. (Calgary time) on
the Business Day immediately prior to the Redemption Date specified in such notice, such sums of money, or Common Shares, or both as the case may be, as may be sufficient to pay the Redemption Price of the 6.25% Debentures so called for redemption,
provided the Company may elect to satisfy this requirement by providing the Canadian Trustee with a certified cheque or wire transfer for such amounts required under this Section 10.05 post-dated to the Redemption Date. The Company shall also
deposit with the Canadian Trustee a sum of money sufficient to pay any charges or expenses which may be incurred by the Canadian Trustee in connection with such redemption. Every such deposit shall be irrevocable. From the sums so deposited, or
certificates so deposited, or both, the Canadian Trustee shall pay or cause to be paid, or issue or cause to be issued, to the holders of such 6.25% Debentures so called for redemption, upon surrender of such 6.25% Debentures, the principal, premium
(if any) and interest (if any) to which they are respectively entitled on redemption. 
 Section 10.06 Right to Repay Redemption
Price in Common Shares. 
 (a) Subject to the receipt of any required regulatory approvals, the provisions governing the 6.25%
Debentures and the other provisions of this Section 10.06, the Company may, at its option and subject to regulatory approval, in exchange for or in lieu of paying the Redemption Price in money, elect to satisfy its obligation to pay all or any
portion of the Redemption Price by issuing and delivering to holders on the Redemption Date that number of Freely Tradeable Common Shares obtained by dividing the Redemption Price (or applicable portion thereof to be satisfied by the issuance and
delivery of Freely Tradeable Common Shares) by 95% of the Current Market Price of the Common Shares on the Redemption Date (the “Common Share Redemption Right”). 

(b) The Company shall exercise the Common Share Redemption Right by so specifying in the Redemption Notice and shall also specify the
aggregate principal amount of 6.25% Debentures in respect of which it is exercising the Common Share Redemption Right in such notice. 
 (c)
The Company’s right to exercise the Common Share Redemption Right shall be conditional upon the following conditions being met on the Business Day preceding the Redemption Date: 

(i) the issuance of the Common Shares on the exercise of the Common Share Redemption Right shall be made in accordance with
Canadian Securities Legislation and U.S. Securities Laws and such Common Shares shall be issued as Freely Tradeable Common Shares; 

(ii) such additional Freely Tradeable Common Shares shall be listed on a stock exchange on which the Common Shares are then
listed, which may be the Toronto Stock Exchange or a National Securities Exchange or quoted in an inter-dealer quotation system of any registered national securities association; 

(iii) the Company shall be a reporting issuer in good standing under Canadian Securities Legislation in all jurisdictions in
which the Company is a reporting issuer on such date; 
 (iv) no Event of Default shall have occurred and be continuing; 

(v) the Trustees shall have received an Officers’ Certificate stating that conditions (i), (ii), (iii) and (iv) above
have been satisfied and setting forth the number of Common Shares to be delivered for each $1,000 principal amount of 6.25% Debentures and the Current Market Price of the Common Shares on the Redemption Date; and 

(vi) the Trustees shall have received an Opinion of Counsel to the effect that such Common Shares have been duly authorized
and, when issued and delivered pursuant to the terms of this Supplemental Indenture in payment of the Redemption Price, will be validly issued as fully paid and non-assessable, that conditions (i) and
(ii) above have been satisfied and that, relying exclusively on certificates of good standing issued by the relevant securities authorities, condition (iii) above is satisfied, except that the opinion in respect of condition (iii) need not
be expressed with respect to those provinces where certificates are not issued. 
 If the foregoing conditions are not satisfied prior to
the close of business on the Business Day preceding the Redemption Date, the Company shall pay the Redemption Price in cash in accordance with Section 2.07 unless the 

  
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6.25% Debentureholder waives the conditions which are not satisfied. The Company may not change the form of components or percentage of consideration to be paid for the 6.25% Debentures except as
described in the preceding sentence. When the Company determines the actual number of the Common Shares to be issued pursuant to the Company’s exercise of its Common Share Redemption Right, it will issue a press release on a national newswire
disclosing the Current Market Price and such actual number of Common Shares or otherwise provide notice directly to the holders of 6.25% Debentures. 

(d) In the event that the Company duly exercises its Common Share Redemption Right, the Company shall on or before 11:00 a.m. (Calgary time)
on the Business Day immediately prior to the Redemption Date make the delivery to the Canadian Trustee for delivery to and on account of the holders, of Freely Tradeable Common Shares to which such holders are entitled. 

(e) Upon presentation and surrender of the 6.25% Debentures for payment on the Redemption Date, at any place where a register is maintained
pursuant to Article III or any other place specified in the Redemption Notice, the Canadian Trustee, upon receipt of funds from the Company, shall pay the 6.25% Debentureholders the Redemption Price in cash or Freely Tradeable Shares, or a
combination thereof, as applicable. 
 (f) No fractional Freely Tradeable Common Shares shall be delivered upon the exercise of the Common
Share Redemption Right but, in lieu thereof, the Company shall pay to the Canadian Trustee for the account of the holders, the cash equivalent thereof determined on the basis of the relevant fraction of the Current Market Price of a whole Common
Share on the Redemption Date (less any tax required to be deducted, if any). 
 (g) A holder shall be treated as the shareholder of record
of the Freely Tradeable Common Shares issued on due exercise by the Company of its Common Share Redemption Right effective immediately after the close of business on the Redemption Date, and shall be entitled to all substitutions therefor, all
income earned thereon or accretions thereto and all dividends or distributions (including distributions and dividends in kind) thereon and arising thereafter, and in the event that the Canadian Trustee receives the same, it shall hold the same in
trust for the benefit of such holder. 
 (h) The Company shall at all times reserve and keep available out of its authorized Common Shares
(if the number thereof is or becomes limited), solely for the purpose of issue and delivery upon the exercise of the Company’s Common Share Redemption Right as provided herein, and shall issue to 6.25% Debentureholders to whom Freely Tradeable
Common Shares will be issued pursuant to exercise of the Common Share Redemption Right, such number of Freely Tradeable Common Shares as shall be issuable in such event. All Freely Tradeable Common Shares which shall be so issuable shall be duly and
validly issued as fully paid and non-assessable. 
 (i) The Company shall comply with all Canadian
Securities Legislation and U.S. Securities Laws regulating the issue and delivery of Freely Tradeable Common Shares upon exercise of the Common Share Redemption Right and shall cause to be listed and posted for trading such Common Shares on each
stock exchange on which the Common Shares are then listed. 
 (j) If less than all the 6.25% Debentures outstanding at any time are to be
redeemed, or if a portion of the 6.25% Debentures being redeemed are being redeemed for cash and a portion of the 6.25% Debentures being redeemed are being redeemed by the payment of Freely Tradeable Common Shares, the 6.25% Debentures to be so
redeemed will be selected by the Canadian Trustee on a pro rata basis or in such other manner as the Canadian Trustee deems equitable. 

(k) The Company shall from time to time promptly pay, or make provision satisfactory to the Trustees for the payment of, all taxes and charges
which may be imposed by the laws of Canada or any province thereof (except income tax, withholding tax or security transfer tax, if any) which shall be payable with respect to the issuance or delivery of Freely Tradeable Common Shares to holders
upon exercise of the Common Share Redemption Right pursuant to the terms of the 6.25% Debentures and of this Supplemental Indenture. 
 (l)
If the Company elects to satisfy its obligation to pay all or any portion of the Redemption Price by issuing Freely Tradeable Common Shares in accordance with this Section 10.06 and if the Redemption Price (or any

  
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portion thereof) to which a holder is entitled is subject to withholding taxes and the amount of the cash payment of the Redemption Price, if any, is insufficient to satisfy such withholding
taxes, the Canadian Trustee, on the Written Direction of the Company but for the account of the holder, shall sell, through the investment banks, brokers or dealers selected by the Company, out of the Freely Tradeable Common Shares issued by the
Company for this purpose, such number of Freely Tradeable Common Shares that together with the cash payment of the Redemption Price, if any, is sufficient to yield net proceeds (after payment of all costs) to cover the amount of taxes required to be
withheld, and shall remit same on behalf of the Company to the proper tax authorities within the period of time prescribed for this purpose under applicable laws. 

Section 10.07 Failure to Surrender 6.25% Debentures Called for Redemption. In case the holder of any 6.25% Debenture so called for
redemption shall fail on or before the Redemption Date so to surrender such holder’s 6.25% Debenture, or shall not within such time accept payment of the redemption monies payable, or take delivery of Freely Tradeable Common Shares issuable in
respect thereof, or give such receipt therefor, if any, as the Canadian Trustee may require, such redemption monies may be set aside in trust, or such Freely Tradeable Common Shares may be held in trust without interest, either in the deposit
department of the Canadian Trustee or in a chartered bank, and such setting aside shall for all purposes be deemed a payment to the 6.25% Debentureholder of the sum or Freely Tradeable Common Shares so set aside and, to that extent, the 6.25%
Debenture shall thereafter not be considered as outstanding hereunder and the 6.25% Debentureholder shall have no other right except to receive payment out of the monies so paid and deposited, or take delivery of the Freely Tradeable Common Shares
so deposited, or both, upon surrender of such holder’s 6.25% Debentures or such holder’s acceptance of the Redemption Price, as the case may be. In the event that any money, or Freely Tradeable Common Shares, required to be deposited
hereunder with the Canadian Trustee or any depositary or paying agent on account of principal, premium, if any, or interest, if any, on 6.25% Debentures issued hereunder shall remain so deposited for a period of five years less one day from the
Redemption Date, then such monies or Freely Tradeable Common Shares, together with any accumulated interest thereon or any distribution paid thereon, shall at the end of such period be paid over or delivered over by the Canadian Trustee or such
depositary or paying agent to the Company on its demand, and thereupon the Canadian Trustee shall not be responsible to 6.25% Debentureholders for any amounts owing to them and subject to applicable law, thereafter the holder of a 6.25% Debenture in
respect of which such money or shares was so repaid to the Company shall have no rights in respect thereof except to obtain payment of the money or shares due from the Company, subject to any limitation period provided by the laws of Alberta.
Notwithstanding the foregoing, the Canadian Trustee will pay any remaining funds prior to the expiry of six years after the Redemption Date to the Company upon receipt from the Company, of an unconditional letter of credit from a Canadian chartered
bank in an amount equal to or in excess of the amount of the remaining funds. If the remaining funds are paid to the Company prior to the expiry of five years less one day after the Redemption Date, the Company shall reimburse the Canadian Trustee
for any amounts required to be paid by the Canadian Trustee to a holder of a 6.25% Debenture pursuant to the redemption after the date of such payment of the remaining funds to the Company but prior to five years less one day after the redemption.

 Section 10.08 Cancellation of 6.25% Debentures Redeemed. Subject to the provisions of Section 10.02 and
Section 2.06 as to 6.25% Debentures redeemed or purchased in part, all 6.25% Debentures redeemed and paid under this Article X shall forthwith be delivered to the Canadian Trustee and cancelled and no 6.25% Debentures shall be issued in
substitution for those redeemed. 
 ARTICLE XI 

COMMON SHARE PAYMENT RIGHTS 

Section 11.01 Common Share Interest Payment Election. 

(a) Provided that the Company is not in default under the Indenture and that all applicable regulatory approvals have been obtained (including
any required approval of any stock exchange on which the 6.25% Debentures or Common Shares are then listed), the Company shall have the right, from time to time (including following conversion, at the time of redemption or at the time of maturity),
to make a Common Share Interest Payment Election in respect of all or any part of any Interest Obligation by delivering a Common Share Interest 

  
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Payment Election Notice to the Canadian Trustee no later than the earlier of (i) the date required by applicable law or the rules of any stock exchange on which the 6.25% Debentures or
Common Shares are then listed, and (ii) the day which is 15 Business Days prior to the applicable payment date to which the Common Share Interest Payment Election relates. 

(b) Upon receipt of a Common Share Interest Payment Election Notice, the Canadian Trustee shall, in accordance with this Section 11.01
and such Common Share Interest Payment Election Notice, deliver Common Share Bid Requests to the investment banks, brokers or dealers identified by the Company, in its absolute discretion, in the Common Share Interest Payment Election Notice. In
connection with the Common Share Interest Payment Election, the Canadian Trustee shall have the power to: (i) accept delivery of the Common Shares from the Company and process the Common Shares in accordance with the Common Share Interest
Payment Election Notice; (ii) accept bids with respect to, and consummate sales of, such Common Shares, each as the Company shall direct in its absolute discretion through the investment banks, brokers or dealers identified by the Company in
the Common Share Interest Payment Election Notice; (iii) invest the proceeds of such sales on the direction of the Company in Government Obligations which mature prior to an applicable payment date and use such proceeds to satisfy the Interest
Obligation in respect of which the Common Share Interest Payment Election was made; and (iv) perform any other action necessarily incidental thereto as directed by the Company in its absolute discretion. The Common Share Interest Payment
Election Notice shall direct the Canadian Trustee to solicit and accept only, and each Common Share Bid Request shall provide that the acceptance of any bid is conditional on the acceptance of, sufficient bids to result in aggregate proceeds from
such issue and sale of Common Shares which, together with the cash payments by the Company in respect to such Interest Obligations and in lieu of fractional Common Shares, if any, equal the applicable Interest Obligation on the Common Share Delivery
Date. 
 (c) The Common Share Interest Payment Election Notice shall provide for, and all bids shall be subject to, the right of the
Company, by delivering written notice to the Canadian Trustee at any time prior to the consummation of such delivery and sale of the Common Shares on the Common Share Delivery Date, to withdraw all or part of the Common Share Interest Payment
Election (which shall have the effect of withdrawing each related Common Share Bid Request), whereupon the Company shall be obliged to pay in cash the Interest Obligation in respect of the amount withdrawn from the Common Share Interest Payment
Election Notice originally delivered. 
 (d) Any sale of Common Shares pursuant to this Section 11.01 may be made to one or more
Persons whose bids are solicited, but all such sales with respect to a particular Common Share Interest Payment Election shall take place concurrently on the Common Share Delivery Date. 

(e) The amount received by a holder of a 6.25% Debenture in respect of the Interest Obligation or the entitlement thereto will not be affected
by whether or not the Company elects to satisfy all or part of the Interest Obligation pursuant to a Common Share Interest Payment Election. 

(f) The Canadian Trustee shall inform the Company promptly following receipt of any bid or bids for Common Shares solicited pursuant to the
Common Share Bid Requests. The Canadian Trustee shall accept such bid or bids as the Company, in its absolute discretion, shall direct by Written Direction of the Company, provided that the aggregate proceeds of all sales of Common Shares resulting
from the acceptance of such bids, together with the amount of any cash payments by the Company in respect to such Interest Obligations and in lieu of any fractional Common Shares, on the Common Share Delivery Date, must be equal to, subject to
(d) above, the related Common Share Interest Payment Election Amount in connection with any bids so accepted, and the Company, the Canadian Trustee (if required by the Company in its absolute discretion) and the applicable bidders shall, not
later than the Common Share Delivery Date, enter into Common Share Purchase Agreements and shall comply with all Canadian Securities Legislation and U.S. Securities Laws, including the securities rules and regulations of any stock exchange on which
the 6.25% Debentures or Common Shares are then listed. The Company shall pay all fees and expenses in connection with the Common Share Purchase Agreements including the fees and commissions charged by the investment banks, brokers and dealers and
the fees of the Trustees. 
 (g) Provided that: (i) all conditions specified in each Common Share Purchase Agreement to the closing of
all sales thereunder have been satisfied, other than the delivery of the Common Shares to be sold thereunder against 

  
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payment of the purchase price thereof; and (ii) the purchasers under each Common Share Purchase Agreement shall be ready, willing and able to perform thereunder, in each case on the Common
Share Delivery Date, the Company shall, on the Common Share Delivery Date, deliver to the Canadian Trustee the Common Shares to be sold on such date, together with the amount of any cash payments by the Company in respect to such Interest
Obligations and in lieu of any fractional Common Shares and an Officers’ Certificate to the effect that all conditions precedent to such sales, including those set forth in this Supplemental Indenture and in each Common Share Purchase
Agreement, have been satisfied. Upon such deliveries, the Canadian Trustee shall consummate such sales on such Common Share Delivery Date by the delivery of the Common Shares to such purchasers against payment to the Canadian Trustee in immediately
available funds of the purchase price therefor in an aggregate amount equal to the Common Share Interest Payment Election Amount. 
 (h) The
Canadian Trustee shall, on the Common Share Delivery Date, use the sale proceeds of the Common Shares (together with the amount of any cash payments by the Company in respect of such Interest Obligation and in lieu of any fractional Common Shares)
to purchase, on the direction of the Company in writing, Government Obligations which mature prior to the applicable payment date and which the Canadian Trustee is required to hold until maturity (the “Common Share Proceeds
Investment”) and shall, on such date, deposit the balance, if any, of such sale proceeds in an account established by the Company (and which shall be maintained by and subject to the control of the Canadian Trustee) (the “Interest
Account”) for such 6.25% Debentures. The Canadian Trustee shall hold such Common Share Proceeds Investment (but not income earned thereon) under its exclusive control in an irrevocable trust for the benefit of the holders of the 6.25%
Debentures. At least one Business Day prior to the Interest Payment Date, the Canadian Trustee shall deposit amounts from the proceeds of the Common Share Proceeds Investment in the Interest Account to bring the balance of the Interest Account to
the Interest Obligation. On the Interest Payment Date, the Canadian Trustee shall pay the funds held in the Interest Account and any interest to be paid with cash to the holders of record of the 6.25% Debentures on the Interest Payment Date (less
any tax required to be deducted, if any) and, provided that there is no Event of Default, shall remit amounts, if any, in respect of income earned on the Common Share Proceeds Investment or otherwise in excess of the Common Share Interest Payment
Election Amount to the Company. 
 (i) Neither the making of a Common Share Payment Election nor the consummation of sales of Common Shares
on a Common Share Delivery Date shall (i) result in the holders of the 6.25% Debentures not being entitled to receive on the applicable payment date cash in an aggregate amount equal to the Interest Obligation payable on such date or
(ii) entitle such holders to receive any Common Shares in satisfaction of such Interest Obligation. 
 Section 11.02 Right to
Repay Principal Amount and Accrued Interest Thereon at Maturity in Common Shares. 
 (a) Subject to the receipt of any required
regulatory approvals and the other provisions of this Section 11.02, the Company may, at its option, in exchange for or in lieu of repaying the 6.25% Debentures in money, elect to satisfy its obligation to repay the principal amount of all or
any portion of the principal amount of the 6.25% Debentures outstanding together with all accrued and unpaid interest thereon which is not paid in cash on the Maturity Date, by issuing and delivering to holders on the Maturity Date of such 6.25%
Debentures that number of Freely Tradeable Common Shares obtained by dividing the principal amount of the 6.25% Debentures (or applicable portion thereof to be satisfied by the issuance and delivery of Freely Tradeable Common Shares) together with
all accrued and unpaid interest thereon not otherwise paid in cash by 95% of the Current Market Price of the Common Shares on the Maturity Date (the “Common Share Repayment Right”). 

(b) The Company shall exercise the Common Share Repayment Right by so specifying in the Maturity Notice, which shall be delivered to the
Canadian Trustee and the 6.25% Debentureholders not more than 60 days and not less than 30 days prior to the Maturity Date, and which shall also specify the aggregate principal amount of 6.25% Debentures in respect of which it is exercising the
Common Share Repayment Right and the applicable interest to be paid pursuant to this Section 11.02 on the Maturity Date. 

  
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 (c) The Company’s right to exercise the Common Share Repayment Right shall be
conditional upon the following conditions being met on the Business Day preceding the Maturity Date: 
 (i) the issuance of
the Common Shares on the exercise of the Common Share Repayment Right shall be made in accordance with Canadian Securities Legislation and U.S. Securities Laws, and such Common Shares shall be issued as Freely Tradeable Common Shares; 

(ii) such additional Freely Tradeable Common Shares shall be listed on a stock exchange on which the Common Shares are then
listed, the Toronto Stock Exchange or a National Securities Exchange or quoted in an inter-dealer quotation system of any registered national securities association; 

(iii) the Company shall be a reporting issuer in good standing under Canadian Securities Legislation in all jurisdictions in
which the Company is a reporting issuer as of such date; 
 (iv) no Event of Default shall have occurred and be continuing;

 (v) the Trustees shall have received an Officers’ Certificate stating that conditions (i), (ii), (iii) and
(iv) above have been satisfied and setting forth the number of Common Shares to be delivered for each $1,000 principal amount of 6.25% Debentures and the Current Market Price of the Common Shares on the Maturity Date; and 

(vi) the Trustees shall have received an Opinion of Counsel to the effect that such Common Shares have been duly authorized
and, when issued and delivered pursuant to the terms of this Supplemental Indenture in payment of the principal amount of the 6.25% Debentures outstanding, together with all accrued and unpaid interest thereon, will be validly issued as fully paid
and non-assessable, that conditions (i) and (ii) above have been satisfied and that, relying exclusively on certificates of good standing issued by the relevant securities authorities, condition
(iii) above is satisfied, except that the opinion in respect of condition (iv) need not be expressed with respect to those provinces where certificates are not issued. 

If the foregoing conditions are not satisfied prior to the close of business on the Business Day preceding the Maturity Date, the Company
shall pay the principal amount of the 6.25% Debentures outstanding, together with all accrued and unpaid interest thereon, in cash in accordance with Section 2.07, unless the 6.25% Debentureholder waives the conditions which are not satisfied.
The Company may not change the form of components or percentages of consideration to be paid for the 6.25% Debentures once it has given the notice required to be given to 6.25% Debentureholders hereunder, except as described in the preceding
sentence. When the Company determines the actual number of Common Shares to be issued pursuant to the exercise of its Common Share Repayment Right, it will issue a press release on a national newswire disclosing the Current Market Price and such
actual number of Common Shares. 
 (d) In the event that the Company duly exercises its Common Share Repayment Right, upon presentation and
surrender of the 6.25% Debentures for payment on the Maturity Date, at any place where a register is maintained pursuant to Article III or any other place specified in the Maturity Notice, the Company shall on or before 11:00 a.m. (Calgary time) on
the Business Day immediately prior to the Maturity Date make the delivery to the Canadian Trustee for delivery to and on account of the holders, of Freely Tradeable Common Shares plus any interest to be paid in cash, if applicable, to which such
holders are entitled. The Company shall also deposit with the Canadian Trustee a sum of money sufficient to pay any charges or expenses which may be incurred by the Canadian Trustee in connection with the Common Share Repayment Right. Every such
deposit shall be irrevocable. From the Freely Tradeable Common Shares and cash, if applicable, so deposited, the Canadian Trustee shall pay or cause to be paid, to the holders of such 6.25% Debentures, upon surrender of such 6.25% Debentures, the
principal amount of and premium (if any) and accrued interest on the 6.25% Debentures to which they are respectively entitled on maturity and deliver to such holders the Freely Tradeable Common Shares and cash, if applicable, to which such holders
are entitled. The delivery of such Freely Tradeable Common Shares to the Canadian Trustee will satisfy and discharge the liability of the Company for the 6.25% Debentures to which the delivery of Freely Tradeable Common Shares and cash, if
applicable, relates to the extent of the amount delivered (plus the amount of any Freely Tradeable Common Shares sold to pay applicable taxes in accordance with this Section 11.02) and such 6.25% Debentures will thereafter to that extent not be
considered as outstanding under this Indenture and such holder will have no other right in regard 

  
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thereto other than to receive out of the Freely Tradeable Common Shares so delivered, the Freely Tradeable Common Shares and cash, if applicable, to which it is entitled. 

(e) No fractional Freely Tradeable Common Shares shall be delivered upon the exercise of the Common Share Repayment Right but, in lieu
thereof, the Company shall pay to the Canadian Trustee for the account of the holders, the cash equivalent thereof determined on the basis of the relevant fraction of the Current Market Price of a whole Common Share on the Maturity Date (less any
tax required to be deducted, if any). 
 (f) A holder shall be treated as the shareholder of record of the Freely Tradeable Common Shares
issued on due exercise by the Company of its Common Share Repayment Right effective immediately after the close of business on the Maturity Date, and shall be entitled to all substitutions therefor, all income earned thereon or accretions thereto
and all dividends or distributions (including distributions and dividends in kind) thereon and arising thereafter, and in the event that the Canadian Trustee receives the same, it shall hold the same in trust for the benefit of such holder. 

(g) The Company shall at all times reserve and keep available out of its authorized Common Shares (if the number thereof is or becomes
limited), solely for the purpose of issue and delivery upon the exercise of the Company’s Common Share Repayment Right as provided herein, and shall issue to 6.25% Debentureholders to whom Freely Tradeable Common Shares will be issued pursuant
to exercise of the Common Share Repayment Right, such number of Freely Tradeable Common Shares as shall be issuable in such event. All Freely Tradeable Common Shares which shall be so issuable shall be duly and validly issued as fully paid and non-assessable. 
 (h) The Company shall comply with all Canadian Securities Legislation and U.S.
Securities Laws regulating the issue and delivery of Freely Tradeable Common Shares upon exercise of the Common Share Repayment Right and shall cause to be listed and posted for trading such Freely Tradeable Common Shares on each stock exchange on
which the Common Shares are then listed. 
 (i) The Company shall from time to time promptly pay, or make provision satisfactory to the
Canadian Trustee for the payment of, all taxes and charges which may be imposed by the laws of Canada or any province thereof (except income tax, withholding tax or security transfer tax, if any) which shall be payable with respect to the issuance
or delivery of Freely Tradeable Common Shares to holders upon exercise of the Common Share Repayment Right pursuant to the terms of the 6.25% Debentures and of this Indenture. 

(j) If the Company elects to satisfy its obligation to pay all or any portion of the principal amount of 6.25% Debentures due on maturity
together with all accrued and unpaid interest thereon by issuing Freely Tradeable Common Shares in accordance with this Section 11.02 and if the amount (or any portion thereof) to which a holder is entitled is subject to withholding taxes and
the amount of the cash payment of the amount due on maturity, if any, is insufficient to satisfy such withholding taxes, the Canadian Trustee, on the Written Direction of the Company but for the account of the holder, shall sell, through the
investment banks, brokers or dealers selected by the Company, out of the Freely Tradeable Common Shares issued by the Company for this purpose, such number of Freely Tradeable Common Shares that together with the cash component of the amount due on
maturity is sufficient to yield net proceeds (after payment of all costs) to cover the amount of taxes required to be withheld, and shall remit same on behalf of the Company to the proper tax authorities within the period of time prescribed for this
purpose under applicable laws. 
 ARTICLE XII 

COMPULSORY ACQUISITION 

Section 12.01 Definitions, In this Article: 

(a) ”Affiliate” and “Associate” shall have their respective meanings set forth in the Securities Act
(Alberta); 

  
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 (b) ”Dissenting 6.25% Debentureholders” means a 6.25% Debentureholder who
does not accept an Offer referred to in Section 12.02 and includes any assignee of the 6.25% Debenture of a 6.25% Debentureholder to whom such an Offer is made, whether or not such assignee is recognized under this Supplemental Indenture; 

(c) ”Offer” means an offer to acquire outstanding 6.25% Debentures, which is a take-over bid for 6.25% Debentures within the
meaning ascribed thereto in MI 62-104, where, as of the date of the offer to acquire, the 6.25% Debentures that are subject to the offer to acquire, together with the Offeror’s 6.25% Debentures,
constitute in the aggregate 20% or more of the outstanding principal amount of the 6.25% Debentures; 
 (d) ”offer to
acquire” includes an acceptance of an offer to sell; 
 (e) ”Offeror” means a person, or two or more persons
acting jointly or in concert, who make an Offer to acquire 6.25% Debentures; and 
 (f) ”Offeror’s 6.25% Debentures”
means 6.25% Debentures beneficially owned, or over which control or direction is exercised, on the date of an Offer by the Offeror, any Affiliate or Associate of the Offeror or any person or company acting jointly or in concert with the Offeror.

 Section 12.02 Offer for 6.25% Debentures. If an Offer for all of the outstanding 6.25% Debentures (other than 6.25%
Debentures beneficially owned, or over which control or direction is exercised by, the Offeror or an Affiliate or Associate of the Offeror) or any person or company acting jointly or in concert with the Offeror and: 

(a) within the time provided in the Offer for its acceptance or within 120 days after the date the Offer is made, whichever period is the
shorter, the Offer is accepted by 6.25% Debentureholders representing at least 90% of the outstanding principal amount of the 6.25% Debentures, other than the Offeror’s 6.25% Debentures; 

(b) the Offeror is bound to take up and pay for, or has taken up and paid for the 6.25% Debentures of the 6.25% Debentureholders who accepted
the Offer; and 
 (c) the Offeror complies with Section 12.03 and Section 12.05, 

the Offeror is entitled to acquire, and the Dissenting 6.25% Debentureholders are required to sell to the Offeror, the 6.25% Debentures held
by the Dissenting 6.25% Debentureholder for the same consideration per 6.25% Debenture payable or paid, as the case may be, under the Offer. 

Section 12.03 Offeror’s Notice to Dissenting 6.25% Debentureholders. Where an Offeror is entitled to acquire 6.25% Debentures
held by Dissenting 6.25% Debentureholders pursuant to Section 12.02 and the Offeror wishes to exercise such right, the Offeror shall send by registered mail within 30 days after the date of termination of the Offer a notice (the
“Offeror’s Notice to Dissenting 6.25% Debentureholders”) in substantially the form of Exhibit D to each Dissenting 6.25% Debentureholder stating that: 

(a) 6.25% Debentureholders holding at least 90% of the principal amount of all outstanding 6.25% Debentures, other than Offeror’s 6.25%
Debentures, have accepted the Offer; 
 (b) the Offeror is bound to take up and pay for, or has taken up and paid for, the 6.25% Debentures
of the 6.25% Debentureholders who accepted the Offer; 
 (c) Dissenting 6.25% Debentureholders must transfer their respective 6.25%
Debentures to the Offeror on the terms on which the Offeror acquired the 6.25% Debentures of the 6.25% Debentureholders who accepted the Offer within 21 days after the date of the sending of the Offeror’s Notice to Dissenting 6.25%
Debentureholders; and 
 (d) Dissenting 6.25% Debentureholders must send their respective 6.25% Debenture certificate(s) to the Canadian
Trustee within 21 days after the date of the sending of the Offeror’s Notice to Dissenting 6.25% Debentureholders. 

  
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 Section 12.04 Delivery of 6.25% Debenture Certificates. A Dissenting 6.25%
Debentureholder to whom an Offeror’s Notice to Dissenting 6.25% Debentureholders is sent pursuant to Section 12.03 shall, within 21 days after the sending of the Offeror’s Notice to Dissenting 6.25% Debentureholders, send its 6.25%
Debenture certificate(s) to the Canadian Trustee duly endorsed for transfer. 
 Section 12.05 Payment of Consideration to Canadian
Trustee. Within 21 days after the Offeror sends an Offeror’s Notice to Dissenting 6.25% Debentureholders pursuant to Section 12.03, the Offeror shall pay or transfer to the Canadian Trustee, or to such other person as the Canadian
Trustee may direct, the cash or other consideration that is payable to Dissenting 6.25% Debentureholders pursuant to Section 12.02. The acquisition by the Offeror of all 6.25% Debentures held by all Dissenting 6.25% Debentureholders shall be
effective as of the time of such payment or transfer. 
 Section 12.06 Consideration to be held in Trust. The Canadian Trustee,
or the person directed by the Canadian Trustee, shall hold in trust for the Dissenting 6.25% Debentureholders the cash or other consideration they or it receives under Section 12.05. The Canadian Trustee, or such persons, shall deposit cash in
a separate account in a Canadian chartered bank, or other body corporate, any of whose deposits are insured by the Canada Deposit Insurance Corporation, and shall place other consideration in the custody of a Canadian chartered bank or such other
body corporate. 
 Section 12.07 Completion of Transfer of 6.25% Debentures to Offeror. Within 30 days after the date of the
sending of an Offeror’s Notice to Dissenting 6.25% Debentureholders pursuant to Section 12.03, the Canadian Trustee, if the Offeror has complied with Section 12.05, shall: 

(a) do all acts and things and execute and cause to be executed all instruments as in the Canadian Trustee’s opinion may be necessary or
desirable to cause the transfer of the 6.25% Debentures of the Dissenting 6.25% Debentureholders to the Offeror; 
 (b) send to each
Dissenting 6.25% Debentureholder who has complied with Section 12.04 the consideration to which such Dissenting 6.25% Debentureholder is entitled under this Article XII; and 

(c) send to each Dissenting 6.25% Debentureholder who has not complied with Section 12.04 a notice stating that: 

(i) its 6.25% Debentures have been transferred to the Offeror; 

(ii) the Canadian Trustee or some other person designated in such notice is holding in trust the consideration for such 6.25%
Debentures; and 
 (iii) the Canadian Trustee, or such other person, will send the consideration to such Dissenting 6.25%
Debentureholder as soon as possible after receiving such Dissenting 6.25% Debentureholder’s 6.25% Debenture certificate(s) or such other documents as the Canadian Trustee or such other person may require in lieu thereof; 

and the Canadian Trustee is hereby appointed the agent and attorney of the Dissenting 6.25% Debentureholders for the purposes of giving effect
to the foregoing provisions. 
 Section 12.08 Communication of Offer to Trust. An Offeror cannot make an Offer for 6.25%
Debentures unless, concurrent with the communication of the Offer to any 6.25% Debentureholder, a copy of the Offer is provided to the Company. 

ARTICLE XIII 
 SUBORDINATION

 Section 13.01 Applicability of Article. The indebtedness, liabilities and obligations of the Company hereunder (except as
provided in Section 7.06 of the Original Indenture) or under the 6.25% Debentures, whether on 

  
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account of principal, premium, if any, interest or otherwise, including any payment of cash in lieu of the issuance of fractional Common Shares, but excluding the issuance of Common Shares upon
any conversion pursuant to Article IX, upon any redemption pursuant to Article X, or at maturity pursuant to Article X (collectively, the “Debenture Liabilities”), shall be subordinated, and, upon the occurrence of an event of
default under the Senior Indebtedness, postponed, and subject in right of payment, to the extent and in the manner hereinafter set forth in the following Sections of this Article XIII, to the full and final payment of all Senior Indebtedness, and
each holder of any such 6.25% Debenture by its acceptance thereof agrees to and shall be bound by the provisions of this Article XIII. 

Section 13.02 Order of Payment. In the event of any insolvency or bankruptcy proceedings, or any receivership, creditor
enforcement, realization, liquidation, reorganization or other similar proceedings relative to the Company, or to its property or assets, whether voluntary or involuntary, partial or complete, or in the event of any proceedings for liquidation,
dissolution or winding-up of the Company, whether or not involving insolvency or bankruptcy and whether voluntary or involuntary, partial or complete, or any marshalling of the assets and liabilities of the
Company: 
 (a) all Senior Indebtedness shall first be paid in full, or provision made for such payment, before any payment or distribution
of any kind or character, whether in cash, property or securities, which may be payable or deliverable on account of Debenture Liabilities; 

(b) any payment or distribution of assets of the Company, whether in cash, property or securities, to which the holders of the 6.25%
Debentures or the Trustees on behalf of such holders would be entitled except for the provisions of this Article XIII, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other liquidating
agent making such payment or distribution, directly to the holders of Senior Indebtedness or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior
Indebtedness may have been issued, to the extent necessary to pay all Senior Indebtedness in full after giving effect to any concurrent payment or distribution, or provision therefor, to the holders of such Senior Indebtedness; and 

(c) the Senior Creditors or a receiver or a receiver-manager of the Company or of all or part of its assets or any other enforcement agent may
sell, mortgage, or otherwise dispose of the Company’s assets in whole or in part, free and clear of all Debenture Liabilities and without the approval of the 6.25% Debentureholders or the Trustees or any requirement to account to the Trustees
or the 6.25% Debentureholders. 
 The rights and priority of the Senior Indebtedness and the subordination pursuant hereto shall not be
affected by: 
 (i) whether or not the Senior Indebtedness is secured; 

(ii) the time, sequence or order of creating, granting, executing, delivering of, or registering, perfecting or failing to
register or perfect any security notice, caveat, financing statement or other notice in respect of the Senior Security; 

(iii) the time or order of the attachment, perfection or crystallization of any security constituted by the Senior Security;

 (iv) the taking of any collection, enforcement or realization proceedings pursuant to the Senior Security; 

(v) the date of obtaining of any judgment or order of any bankruptcy court or any court administering bankruptcy, insolvency or
similar proceedings as to the entitlement of the Senior Creditors, or any of them or the 6.25% Debentureholders or any of them to any money or property of the Company; 

(vi) the failure to exercise any power or remedy reserved to the Senior Creditors under the Senior Security or to insist upon a
strict compliance with any terms thereof; 
 (vii) whether any Senior Security is now perfected, hereafter ceases to be
perfected, is avoidable by any trustee in bankruptcy or like official or is otherwise set aside, invalidated or lapses; 

  
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 (viii) the date of giving or failing to give notice to or making demand upon
the Company; or 
 (ix) any other matter whatsoever. 

Section 13.03 Subrogation to Rights of Holders of Senior Indebtedness. Subject to the prior payment in full of all Senior
Indebtedness, the 6.25% Debentureholders shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of assets of the Company to the extent of the application thereto of such payments or other assets
which would have been received by the holders of the 6.25% Debentures but for the provisions hereof until the principal of, premium, if any, and interest on the 6.25% Debentures shall be paid in full, and no such payments or distributions to the
holders of the 6.25% Debentures of cash, property or securities, which otherwise would be payable or distributable to the holders of the Senior Indebtedness, shall, as between the Company, its creditors other than the holders of Senior Indebtedness,
and the 6.25% Debentureholders, be deemed to be a payment by the Company to the holders of the Senior Indebtedness or on account of the Senior Indebtedness, it being understood that the provisions of this Article XIII are and are intended solely for
the purpose of defining the relative rights of the 6.25% Debentureholders, on the one hand, and the holders of Senior Indebtedness, on the other hand. 

The Canadian Trustee, for itself and on behalf of each of the 6.25% Debentureholders, hereby waives any and all rights to require a Senior
Creditor to pursue or exhaust any rights or remedies with respect to the Company or any property and assets subject to any Senior Security or in any other manner to require the marshalling of property, assets or security in connection with the
exercise by the Senior Creditors of any rights, remedies or recourses available to them. 
 Section 13.04 Obligation to Pay Not
Impaired. Nothing contained in this Article XIII or elsewhere in this Supplemental Indenture or in the 6.25% Debentures is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness, and the
holders of the 6.25% Debentures, the obligation of the Company, which is absolute and unconditional, to pay to the holders of the 6.25% Debentures the principal of, premium, if any, and interest on the 6.25% Debentures, as and when the same shall
become due and payable in accordance with their terms, or affect the relative rights of the holders of the 6.25% Debentures and creditors of the Company other than the holders of the Senior Indebtedness, nor shall anything herein or therein prevent
the Trustees or the holder of any 6.25% Debenture from exercising all remedies otherwise permitted by applicable law upon default under this Supplemental Indenture, subject to the rights, if any, under this Article XIII of the holders of Senior
Indebtedness. 
 Section 13.05 No Payment if Senior Indebtedness in Default. Upon the maturity of any Senior Indebtedness by
lapse of time, acceleration or otherwise, or any other enforcement of any Senior Indebtedness, then, except as provided in Section 13.08, all such Senior Indebtedness shall first be paid in full, or shall first have been duly provided for,
before any payment is made on account of the Debenture Liabilities. 
 In case of a circumstance constituting a default or event of default
with respect to any Senior Indebtedness permitting (whether at that time or upon notice, lapse of time, or satisfaction of any other condition precedent) a Senior Creditor to demand payment or accelerate the maturity thereof where the notice of such
default or event of default has been given by or on behalf of any of the holders of any of the Senior Indebtedness to the Company or the Company otherwise has knowledge thereof, unless and until such default or event of default shall have been cured
or waived or shall have ceased to exist, no payment (by purchase of 6.25% Debentures or otherwise) shall be made by the Company with respect to the Debenture Liabilities and neither the Trustees nor the 6.25% Debentureholders shall be entitled to
demand, institute proceedings for the collection of (which shall, for certainty include proceedings related to an adjudication or declaration as to the insolvency or bankruptcy of the Company and other similar creditor proceedings), or receive any
payment or benefit (including without limitation by set-off, combination of accounts or otherwise in any manner whatsoever) on account of the 6.25% Debentures after the happening of such a default or event of
default (except as provided in Section 13.08), and unless and until such default or event of default shall have been cured or waived or shall have ceased to exist, such payments shall be held in trust for the benefit of, and, if and when
such Senior Indebtedness shall have become due and payable, shall be paid over to, the holders of the Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments
evidencing an amount of the Senior Indebtedness remaining unpaid until all such Senior 

  
 44 

 
Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness. 

The fact that any payment hereunder is prohibited by this Section 13.05 shall not prevent the failure to make such payment from being an
Event of Default hereunder. 
 Section 13.06 Payment on 6.25% Debentures Permitted. Nothing contained in this Article XIII or
elsewhere in this Supplemental Indenture, or in any of the 6.25% Debentures, shall affect the obligation of the Company to make, or prevent the Company from making, at any time except as prohibited by Section 13.02 or Section 13.05, any
payment of principal of or, premium, if any, or interest on the 6.25% Debentures. The fact that any such payment is prohibited by Section 13.02 or Section 13.05 shall not prevent the failure to make such payment from being an Event of
Default hereunder. Nothing contained in this Article XIII or elsewhere in this Supplemental Indenture, or in any of the 6.25% Debentures, shall prevent the conversion of the 6.25% Debentures or, except as prohibited by Section 13.02 or
Section 13.05, the application by the Trustees of any monies deposited with the Trustees hereunder for the purpose, to the payment of or on account of the Debenture Liabilities. 

Section 13.07 Confirmation of Subordination. Each holder of 6.25% Debentures by its acceptance thereof authorizes and directs the
Canadian Trustee on its behalf to take such action as may be necessary or appropriate to effect the subordination as provided in this Article XIII and appoints the Canadian Trustee its
attorney-in-fact for any and all such purposes. Upon request of the Company, and upon being furnished an Officers’ Certificate stating that one or more named
persons are Senior Creditors and specifying the amount and nature of the Senior Indebtedness of such Senior Creditor, the Canadian Trustee shall enter into a contractual subordination agreement or agreements with the Company and the person or
persons named in such Officers’ Certificate providing that such person or persons are entitled to all the rights and benefits of this Article XIII as a Senior Creditor and for such other matters, including those in addition to the provisions of
this Article XIII, such as an agreement not to amend the provisions of this Article XIII and the definitions herein without the consent of such Senior Creditor, as the Senior Creditor may reasonably request. Such agreement shall be conclusive
evidence that the indebtedness specified therein is Senior Indebtedness, however, nothing herein shall impair the rights of any Senior Creditor who has not entered into such an agreement. 

Section 13.08 Knowledge of Trustees. Notwithstanding the provisions of this Article XIII or any provision contained in this
Supplemental Indenture or in the 6.25% Debentures, the Trustees will not be charged with knowledge of any Senior Indebtedness or of any default in the payment thereof, or of the existence of any Event of Default or any other fact that would prohibit
the making of any payment of monies to or by any Trustee, or the taking of any other action by the Trustees, unless and until the applicable Trustee has received written notice thereof from the Company, any 6.25% Debentureholder or any Senior
Creditor. 
 Section 13.09 Trustees May Hold Senior Indebtedness. The Trustees are entitled to all the rights set forth in this
Article XIII with respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Supplemental Indenture deprives any Trustee of any of its rights as such holder. 

Section 13.10 Rights of Holders of Senior Indebtedness Not Impaired. No right of any present or future holder of any Senior
Indebtedness to enforce the subordination herein will at any time or in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any non-compliance by the Company with
the terms, provisions and covenants of this Supplemental Indenture, regardless of any knowledge thereof which any such holder may have or be otherwise charged with. 

Section 13.11 Altering the Senior Indebtedness. The holders of the Senior Indebtedness have the right to extend, renew, modify or
amend the terms of the Senior Indebtedness or any security therefor and to release, sell or exchange such security and otherwise to deal freely with the Company, all without notice to or consent of the 6.25% Debentureholders or the Trustees and
without affecting the liabilities and obligations of the parties to this Supplemental Indenture or the 6.25% Debentureholders. 

  
 45 

 Section 13.12 Additional Indebtedness. This Supplemental Indenture does not
restrict the Company from incurring additional indebtedness for borrowed money or other obligations or liabilities (including Senior Indebtedness) or mortgaging, pledging or charging its properties to secure any indebtedness or obligations or
liabilities. 
 Section 13.13 Right of 6.25% Debentureholder to Receive Common Shares Not Impaired. The subordination of the
6.25% Debentures to the Senior Indebtedness and the provisions of this Article XIII do not impair in any way the right of a 6.25% Debentureholder to receive Common Shares in respect of principal and interest upon any conversion pursuant to Article
IX, upon any redemption pursuant to Article X or at maturity pursuant to Article XI. 
 Section 13.14 Invalidated Payments. In
the event that any of the Senior Indebtedness shall be paid in full and subsequently, for whatever reason, such formerly paid or satisfied Senior Indebtedness becomes unpaid or unsatisfied, the terms and conditions of this Article XIII shall be
reinstated and the provisions of this Article XIII shall again be operative until all Senior Indebtedness is repaid in full, provided that such reinstatement shall not give the Senior Creditors any rights or recourses against the Trustees or
the 6.25% Debentureholders for amounts paid to the 6.25% Debentureholders subsequent to such payment or satisfaction in full and prior to such reinstatement. 

Section 13.15 Contesting Security. Each Trustee, for itself and on behalf of the 6.25% Debentureholders, agrees that it shall not
contest or bring into question the validity, perfection or enforceability of any of the Senior Indebtedness, the Senior Security, or the relative priority of the Senior Security. 

ARTICLE XIV 

MISCELLANEOUS 

Section 14.01 Ratification and Incorporation of Original Indenture. As amended and supplemented hereby with respect to the 6.25%
Debentures, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

Section 14.02 Governing Law. THIS SUPPLEMENTAL INDENTURE AND EACH DEBENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE PROVINCE OF ALBERTA AND THE FEDERAL LAWS OF CANADA APPLICABLE THEREIN AND SHALL BE TREATED IN ALL RESPECTS AS ALBERTA CONTRACTS; PROVIDED, THAT THE RIGHTS, PROTECTIONS, DUTIES, OBLIGATIONS AND IMMUNITIES OF THE U.S. TRUSTEE HEREUNDER
SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK. 
 Section 14.03 Immunity of Directors, Officers and
Others. The 6.25% Debentureholders and the Trustees hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any past, present or future officer, director or employee of the Company or
holder of Common Shares of the Company or of any successor for the payment of the principal of or premium or interest on any of the 6.25% Debentures or on any covenant, agreement, representation or warranty by the Company contained herein or in the
6.25% Debentures. 
 Section 14.04 Payments on Business Days. In any case where any Interest Payment Date, Maturity Date,
Redemption Date, Conversion Date or Change of Control Purchase Date is not a Business Day, then the required payment or delivery will be made on the next succeeding Business Day with the same force and effect as if made on such date, and no interest
shall accrue for the period from and after such date to that next succeeding Business Day. 
 Section 14.05 No Security Interest
Created. Nothing in this Supplemental Indenture or in the 6.25% Debentures, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code, the Personal Property Security Act (Alberta) or similar
legislation, as now or hereafter enacted and in effect, in any jurisdiction. 
 Section 14.06 Trust Indenture Act. Each of the
Company and the U.S. Trustee agrees to comply with all provisions of the Trust Indenture Act applicable to or binding upon it in connection with the Indenture and each 

  
 46 

 
6.25% Debenture. If and to the extent that any provision of the Indenture, the 6.25% Debentures or applicable law limits, qualifies or conflicts with any mandatory requirement of the Trust
Indenture Act (and notwithstanding any provisions of the Indenture or the 6.25% Debentures to the contrary), such mandatory requirement shall prevail. For greater certainty, if and to the extent that any provision of the Indenture, the 6.25%
Debentures or applicable law limits, qualifies or conflicts with the duties imposed by Sections 310 to 318, inclusive, of the Trust Indenture Act, or conflicts with any provision required by or deemed to be included in the Indenture, by operation of
such Trust Indenture Act sections (and notwithstanding any provisions of the Indenture or the 6.25% Debentures to the contrary), the Trust Indenture Act shall control. 

Section 14.07 Conflict with Original Indenture. To the extent any provision hereof conflicts with the rights, powers, protections,
immunities, and indemnities provided to the Trustees under the Original Indenture, the Original Indenture shall control. 

Section 14.08 Benefits of Indenture. Nothing in this Supplemental Indenture or in the 6.25% Debentures, expressed or implied,
shall give to any Person, other than the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Debenture Registrar and their successors hereunder or the 6.25% Debentureholders, any benefit or any legal or equitable
right, remedy or claim under this Supplemental Indenture. 
 Section 14.09 Calculations. Except as otherwise provided herein,
the Company will be responsible for making all calculations called for under this Supplemental Indenture and the 6.25% Debentures (including any determinations of the VWAP, accrued interest, the applicable Conversion Price and the Conversion Rate).
The Company shall make all such calculations in good faith and, absent manifest error; its calculations will be final and binding on 6.25% Debentureholders. The Company upon request shall provide a schedule of its calculations to each of the
Trustees and the Conversion Agent, and each of the Trustees and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Canadian Trustee shall deliver a copy of
such schedule to any 6.25% Debentureholder upon the written request of such 6.25% Debentureholder. 
 Section 14.10 Table of
Contents, Headings, Etc. The article and section headings herein and in the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 14.11 Execution in Counterparts. This Supplemental Indenture may be simultaneously executed in several counterparts, each
of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument. Delivery of an executed signature page to this Supplemental Indenture by any party hereto by facsimile
transmission, PDF or other form of electronic transmission, including through DocuSign and similar applications, shall be as effective as delivery of a manually executed copy of this Supplemental Indenture by such party. 

Section 14.12 Severability. In case any provision in this Supplemental Indenture or the 6.25% Debentures shall be invalid, illegal
or unenforceable, such provision shall be deemed to be severed herefrom or therefrom and the validity, legality and enforceability of the remaining provisions shall not in any way be affected, prejudiced or impaired thereby. 

Section 14.13 The Trustees. The Trustees shall not be responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company. The Company hereby authorizes and directs the Trustees to execute and deliver this Supplemental
Indenture. 
 [Signature Page Follows] 

  
 47 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be signed on their behalf
by their duly authorized representatives as of the date first above written. 
  

			
	DIRTT ENVIRONMENTAL SOLUTIONS LTD.
		
	By:	 	/s/ Kevin O’Meara
		 	Name:     Kevin O’Meara
		 	Title:       President and Chief Executive Officer
		
	By:	 	/s/ Geoffrey Krause
		 	Name:     Geoffrey Krause
		 	Title:       Chief Financial Officer
	
	 COMPUTERSHARE TRUST COMPANY OF CANADA,

as Canadian Trustee

		
	By:	 	/s/ Angela Fletcher
		 	Name:     Angela Fletcher
		 	Title:       Corporate Trust Officer
		
	By:	 	/s/ Hafeez Jessa
		 	Name:     Hafeez Jessa
		 	Title:       Corporate Trust Officer
	
	 COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,

as U.S. Trustee

		
	By:	 	/s/ Jerry Urbanek
		 	Name:     Jerry Urbanek
		 	Title:       Trust Officer

 EXHIBIT A 

[FORM OF GLOBAL DEBENTURE] 
 This 6.25%
Debenture is a Global Debenture within the meaning of the Indenture herein referred to and is registered in the name of a Depository or a nominee thereof. This 6.25% Debenture may not be transferred to or exchanged for 6.25% Debentures registered in
the name of any person other than the Depository or a nominee thereof and no such transfer may be registered except in the limited circumstances described in the Indenture. Every 6.25% Debenture authenticated and delivered upon registration of,
transfer of, or in exchange for, or in lieu of, this 6.25% Debenture shall be a Global Debenture subject to the foregoing, except in such limited circumstances described in the Indenture. 

Unless this certificate is presented by an authorized representative of CDS Clearing and Depository Services Inc. (“CDS”) to DIRTT Environmental
Solutions Ltd. (the “Issuer”) or its agent for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered in the name of CDS & Co., or in such other name as is requested by an
authorized representative of CDS (and any payment is made to CDS & Co. or to such other entity as is requested by an authorized representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL since the registered holder hereof, CDS & Co., has a property interest in the securities represented by this certificate herein and it is a violation of its rights for another person to hold, transfer or deal with this certificate.

 CUSIP 25490HAB2 
 ISIN
CA25490HAB20 
  

			
	No.●	  	    $●

 DIRTT ENVIRONMENTAL SOLUTIONS LTD. 

(A corporation incorporated under the laws of Alberta) 

6.25% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURE 

DUE DECEMBER 31, 2026 

DIRTT ENVIRONMENTAL SOLUTIONS LTD. (the “Company” or the “Issuer”) for value received hereby acknowledges
itself indebted and, subject to the provisions of the Indenture dated as of January 25, 2021 among the Company, Computershare Trust Company of Canada (the “Canadian Trustee”) and Computershare Trust Company, National
Association (the “US Trustee”), as supplemented pursuant to the first supplemental indenture dated January 25, 2021 among the Company, the Canadian Trustee and the US Trustee, and as further supplemented pursuant to the second
supplemental indenture dated December 1, 2021 among the Company, the Canadian Trustee and the US Trustee (collectively, the “Indenture”), promises to pay to the registered holder hereof on December 31, 2026 (the
“Maturity Date”) or on such earlier date as the principal amount hereof may become due in accordance with the provisions of the Indenture the principal sum of ● Dollars ($●) in lawful money of Canada on presentation and
surrender of this Initial 6.25% Debenture at the main branch of the Canadian Trustee in Calgary, Alberta or in Toronto, Ontario in accordance with the terms of the Indenture and, subject as hereinafter provided, to pay interest on the principal
amount hereof from the date hereof, or from the last Interest Payment Date to which interest shall have been paid or made available for payment hereon, whichever is later, at the rate of 6.25% per annum (based on a year of 365 days), in like money,
in arrears (with the exception of the first interest payment which will include interest from December 1, 2021 as set forth below) semi-annual instalments (less any tax required by law to be deducted) on June 30 and December 31 in
each year commencing on June 30, 2022 and the last payment (representing interest payable from the last Interest Payment Date to, but excluding, the Maturity Date) to fall due on the Maturity Date and, should the Company at any time make
default in the payment of any principal, premium, if any, or interest, to pay interest on the amount in default at the same rate, in like money in accordance with the terms of the Indenture. For certainty, the first interest payment will include
interest accrued from December 1, 2021 to, but excluding June 30, 2022, which will be equal to $36.13 for each $1,000 principal amount of the Initial 6.25% Debentures. 

 Interest hereon shall be payable by cheque mailed by prepaid ordinary mail or by electronic
transfer of funds to the registered holder hereof and, subject to the provisions of the Indenture, the mailing of such cheque shall, to the extent of the sum represented thereby (plus the amount of any tax withheld), satisfy and discharge all
liability for interest on this Initial 6.25% Debenture. 
 This Initial 6.25% Debenture is one of the 6.25% Convertible Unsecured
Subordinated Debentures (referred to herein as the “Initial 6.25% Debentures”) of the Company issued or issuable in one or more series under the provisions of the Indenture. The Initial 6.25% Debentures authorized for issue
immediately are limited to an aggregate principal amount of $40,250,000 in lawful money of Canada. Reference is hereby expressly made to the Indenture for a description of the terms and conditions upon which the Initial 6.25% Debentures are or are
to be issued and held and the rights and remedies of the holders of the Initial 6.25% Debentures and of the Company and of the Canadian Trustee, all to the same effect as if the provisions of the Indenture were herein set forth to all of which
provisions the holder of this Initial 6.25% Debenture by acceptance hereof assents. 
 The Initial 6.25% Debentures are issuable only in
denominations of $1,000 and integral multiples thereof. Upon compliance with the provisions of the Indenture, 6.25% Debentures of any denomination may be exchanged for an equal aggregate principal amount of 6.25% Debentures in any other authorized
denomination or denominations. 
 Any part, being $1,000 or an integral multiple thereof, of the principal of this Initial 6.25% Debenture,
provided that the principal amount of this Initial 6.25% Debenture is in a denomination in excess of $1,000, is convertible, at the option of the holder hereof, upon surrender of this Initial 6.25% Debenture at the principal office of the Canadian
Trustee in Calgary, Alberta or in Toronto, Ontario, at any time up to but not after the close of business on the last Business Day immediately preceding the Maturity Date or, if this Initial 6.25% Debenture is called for redemption on or prior to
such date, then, to the extent so called for redemption, up to but not after the close of business on the last Business Day immediately preceding the date specified for redemption of this Initial 6.25% Debenture, into Common Shares (without
adjustment for interest accrued hereon or for dividends or distributions on Common Shares issuable upon conversion) at a conversion price of $4.20 (the “Conversion Price”) per Common Share, being a rate of approximately 238.0952
Common Shares for each $1,000 principal amount of Initial 6.25% Debentures, all subject to the terms and conditions and in the manner set forth in the Indenture. No Initial 6.25% Debentures may be converted during the five Business Days preceding
and including June 30 and December 31 in each year, as the registers of the Canadian Trustee will be closed during such periods. The Indenture makes provision for the adjustment of the Conversion Price in the events therein specified. No
fractional Common Shares will be issued on any conversion but in lieu thereof, the Company will satisfy such fractional interest by a cash payment equal to the market price of such fractional interest determined in accordance with the Indenture.
Holders converting their 6.25% Debentures will receive accrued and unpaid interest thereon. Holders converting their 6.25% Debentures will become holders of record of Common Shares on the date of conversion provided that, if a 6.25% Debenture is
surrendered for conversion on a day on which the register of Common Shares is closed, the person entitled to receive Common Shares will become the holder of record of such Common Shares as at the date on which such register is next reopened. 

This Initial 6.25% Debenture may be redeemed at the option of the Company on the terms and conditions set out in the Indenture at the
redemption price therein and herein set out provided that this Initial 6.25% Debenture is not redeemable before December 31, 2024, except in the event of the satisfaction of certain conditions after a Change of Control has occurred. On and
after December 31, 2024 and prior to December 31, 2025, and provided that the Current Market Price of the Common Shares of the Company is at least 125% of the Conversion Price of the Initial 6.25% Debentures, the Initial 6.25% Debentures
are redeemable at the option of the Company at a price equal to $1,000 per Initial 6.25% Debenture plus accrued and unpaid interest and otherwise on the terms and conditions described in the Indenture. On and after December 31, 2025 and prior
to the Maturity Date, the Initial 6.25% Debentures are redeemable at the option of the Company at a price equal to $1,000 per Initial 6.25% Debenture plus accrued and unpaid interest and otherwise on the terms and conditions described in the
Indenture. The Company may, on notice as provided in the Indenture, at its option and subject to any applicable regulatory approval, elect to satisfy its obligation to pay all or any portion of the applicable Redemption Price or any portion of the
principal amount of this Initial 6.25% Debenture due on the Maturity Date, together with all or any portion of accrued and unpaid interest thereon, by the issue of that number of Common Shares obtained by dividing the applicable Redemption Price or,
in the case of 

  
 2 

 
maturity, the principal amount of this Initial 6.25% Debenture (or that portion to be paid for in Common Shares pursuant to the exercise by the Company of the Common Share Repayment Right),
together with all accrued and unpaid interest thereon (or that portion of interest to be paid for in Common Shares), by 95% of the volume weighted average trading price of the Common Shares on the Toronto Stock Exchange or such other stock exchange
on which the Initial 6.25% Debentures may be listed for the 20 consecutive trading days ending on the fifth trading day preceding the Redemption Date or the Maturity Date, as applicable. 

Within 30 days following the occurrence of a Change of Control of the Company, the Company is required to make a cash offer to purchase all of
the Initial 6.25% Debentures at a price equal to 101% of the principal amount of such Initial 6.25% Debentures plus accrued and unpaid interest (if any) up to, but excluding, the date the Initial 6.25% Debentures are so repurchased (the
“Change of Control Purchase Offer”). If 90% or more of the principal amount of all 6.25% Debentures outstanding on the date the Company provides notice of a Change of Control to the Canadian Trustee have been tendered for purchase
pursuant to the Change of Control Purchase Offer, the Company has the right to redeem all the remaining outstanding Initial 6.25% Debentures on the same date and at the same price, subject to the terms and conditions and in the manner set out in the
Indenture. 
 In addition to the requirement for the Company to make a Change of Control Purchase Offer in the event of a Change of Control,
if a Change of Control occurs in which 10% or more of the consideration for the Common Shares in the transaction or transactions constituting a Change of Control consists of: 
  

	 	(i)	 cash, other than cash payments for fractional Common Shares and cash payments made in respect of
dissenter’s appraisal rights; 

  

	 	(ii)	 equity securities that are not traded or intended to be traded immediately following such transactions on a
recognized stock exchange; or 

  

	 	(iii)	 other property that is not traded or intended to be traded immediately following such transactions on a
recognized stock exchange, 

 then subject to regulatory approvals, during the period beginning ten trading days before the anticipated
date on which the Change of Control becomes effective and ending at the close of business on the date that is 30 days after the Change of Control Purchase Offer is sent to, holders of 6.25% Debentures will be entitled to convert their 6.25%
Debentures, subject to certain limitations, and receive, in addition to the number of Common Shares they would otherwise be entitled to receive, an additional number of Common Shares per $1,000 principal amount of 6.25% Debentures calculated in
accordance with the terms of the Indenture. 
 If an offer is made for the Initial 6.25% Debentures which is a take-over bid for the Initial
6.25% Debentures within the meaning of applicable Canadian securities laws and 90% or more of the principal amount of all the Initial 6.25% Debentures (other than Initial 6.25% Debentures beneficially owned, or over which control or direction is
exercised by the Offeror, associates or affiliates of the Offeror, or anyone acting jointly or in concert with the Offeror) are taken up and paid for by the Offeror, the Offeror will be entitled to acquire the Initial 6.25% Debentures of those
holders who did not accept the offer on the same terms as the Offeror acquired the first 90% of the principal amount of the Initial 6.25% Debentures. 

The indebtedness evidenced by this Initial 6.25% Debenture, and by all other Initial 6.25% Debentures now or hereafter certified and delivered
under the Indenture, is a direct unsecured obligation of the Company, and is subordinated in right of payment, to the extent and in the manner provided in the Indenture, to the prior payment in full of all Senior Indebtedness, whether outstanding at
the date of the Indenture or thereafter created, incurred, assumed or guaranteed. 
 The principal hereof may become or be declared due and
payable before the stated maturity in the events, in the manner, with the effect and at the times provided in the Indenture. 
 The
Indenture contains provisions making binding upon all holders of 6.25% Debentures outstanding thereunder resolutions passed at meetings of such holders held in accordance with such provisions and instruments signed by the

  
 3 

 
holders of a specified percentage of the principal amount of 6.25% Debentures outstanding, which resolutions or instruments may have the effect of amending the terms of this Initial 6.25%
Debenture or the Indenture. 
 The Indenture contains provisions disclaiming any personal liability on the part of holders of Common Shares
and officers, directors and employees of the Company in respect of any obligation or claim arising out of the Indenture or this 6.25% Debenture. 

This Initial 6.25% Debenture may only be transferred, upon compliance with the conditions prescribed in the Indenture, in one of the registers
to be kept at the principal office of the Canadian Trustee in the City of Calgary or the City of Toronto and in such other place or places and/or by such other registrars (if any) as the Company with the approval of the Canadian Trustee may
designate. No transfer of this Initial 6.25% Debenture shall be valid unless made on the register by the registered holder hereof or its executors or administrators or other legal representatives, or its attorney duly appointed by an instrument in
form and substance satisfactory to the Canadian Trustee or other registrar, and upon compliance with such reasonable requirements as the Canadian Trustee and/or other registrar may prescribe and upon surrender of this Initial 6.25% Debenture for
cancellation. Thereupon a new Initial 6.25% Debenture or Initial 6.25% Debentures in the same aggregate principal amount shall be issued to the transferee in exchange hereof. 

This Initial 6.25% Debenture shall not become obligatory for any purpose until it shall have been certified by the Canadian Trustee under the
Indenture. 
 Capitalized words or expressions used in this Initial 6.25% Debenture shall, unless otherwise defined herein, have the meaning
ascribed thereto in the Indenture. 

  
 4 

 IN WITNESS WHEREOF DIRTT ENVIRONMENTAL SOLUTIONS LTD. has caused this 6.25% Debenture
to be signed by its authorized representatives as of the [●] day of [●], 202[●]. 
  

			
	DIRTT ENVIRONMENTAL SOLUTIONS LTD.
		
	By:	 	 
		
	By:	 	 

  
 5 

 (FORM OF TRUSTEE’S CERTIFICATE) 

This Initial 6.25% Debenture is one of the 6.25% Convertible Unsecured Subordinated Debentures due 2026 referred to in the Indenture within
mentioned. 
  

			
	COMPUTERSHARE TRUST COMPANY OF CANADA

			
		
	By:	 	   

		 	(Authorized Officer)

 (FORM OF REGISTRATION PANEL) 

(No writing hereon except by Trustee or other registrar) 
  

					
	 	 	 
	Date of Registration	  	In Whose Name Registered	  	Signature of Trustee or Registrar
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 

  
 6 

 FORM OF TRANSFER OR ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                    , whose address and social
insurance number, if applicable, are set forth below, this Initial 6.25% Debenture (or $                 principal amount hereof*) of DIRTT ENVIRONMENTAL
SOLUTIONS LTD. standing in the name(s) of the undersigned in the register maintained by the Company with respect to such Initial 6.25% Debenture and does hereby irrevocably authorize and direct the Canadian Trustee to transfer such Initial 6.25%
Debenture in such register, with full power of substitution in the premises. 
  

			
	  Dated:	 	    

			
		
	Address of Transferee:  	 	 

			
	(Street Address, City, Province and Postal Code)

			
		
	Social Insurance Number of Transferee, if applicable	 	    

 *If less than the full principal amount of the within Initial 6.25% Debenture is to be transferred, indicate in the space
provided the principal amount (which must be $1,000 or an integral multiple thereof, unless you hold an Initial 6.25% Debenture in a non-integral multiple of $1,000 by reason of your having exercised your
right to exchange upon the making of a Change of Control Purchase Offer, in which case such Initial 6.25% Debenture is transferable only in its entirety) to be transferred. 
  

	1.	 The signature(s) to this assignment must correspond with the name(s) as written upon the face of this Initial
6.25% Debenture in every particular without alteration or any change whatsoever. The signature(s) must be guaranteed by a Canadian chartered bank or trust company or by a member of an acceptable Medallion Guarantee Program. Notarized or witnessed
signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”. 

  

	2.	 The registered holder of this Initial 6.25% Debenture is responsible for the payment of any documentary, stamp
or other transfer taxes that may be payable in respect of the transfer of this 6.25% Debenture. 

 Signature of Guarantor: 

 

			
	      
	    	      

	Authorized Officer	    	Signature of transferring registered holder
		
	      
	    	
	Name of Institution	    	

  
 7 

 EXHIBIT “1” 

TO CDS GLOBAL DEBENTURE 

DIRTT ENVIRONMENTAL SOLUTIONS LTD. 

6.25% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES 

DUE DECEMBER 31, 2026 
  

					
	Initial Principal Amount:	  	$●	  	CUSIP 25490HAB2
ISIN CA25490HAB20

  

			
	Authorization:	 	      

 ADJUSTMENTS 
  

									
	 	 	 	 	 
	Date	  	Amount of
Increase	  	Amount of
Decrease	  	New Principal
Amount	  	Authorization
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 		 	 
	 	  	 	  		  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 		 	 
	 	  	 	  		  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 		 	 
	 	  	 	  		  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 		 	 
	 	  	 	  		  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 		 	 
	 	  	 	  		  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 		 	 
	 	  	 	  		  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 		 	 
	 	  	 	  	 	  	 	  	 
	 	 		 	 
	 	  	 	  	 	  	 	  	 

  
 8 

 FORM OF U.S. CERTIFICATED DEBENTURE 

THIS DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE
THEREOF. THIS DEBENTURE MAY NOT BE TRANSFERRED TO OR EXCHANGED FOR DEBENTURES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE. EVERY DEBENTURE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS DEBENTURE SHALL BE A GLOBAL DEBENTURE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”)
TO DIRTT ENVIRONMENTAL SOLUTIONS LTD. (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH
THIS CERTIFICATE. 
 CUSIP 25490HAB2 

ISIN CA25490HAB20 
  

			
	No. ●	 	$●

 DIRTT ENVIRONMENTAL SOLUTIONS LTD. 

(A corporation incorporated under the laws of Alberta) 

6.25% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURE 

DUE DECEMBER 31, 2026 

DIRTT ENVIRONMENTAL SOLUTIONS LTD. (the “Company” or the “Issuer”) for value received hereby acknowledges
itself indebted and, subject to the provisions of the Indenture dated as of January 25, 2021 among the Company, Computershare Trust Company of Canada (the “Canadian Trustee”) and Computershare Trust Company, National
Association (the “US Trustee”), as supplemented pursuant to the first supplemental indenture dated January 25, 2021 among the Company, the Canadian Trustee and the US Trustee, and as further supplemented pursuant to the second
supplemental indenture dated December 1, 2021 among the Company, the Canadian Trustee and the US Trustee (collectively, the “Indenture”), promises to pay to the registered holder hereof on December 31, 2026 (the
“Maturity Date”) or on such earlier date as the principal amount hereof may become due in accordance with the provisions of the Indenture the principal sum of ● Dollars ($●) in lawful money of Canada on presentation and
surrender of this Initial 6.25% Debenture at the main branch of the Canadian Trustee in Calgary, Alberta or in Toronto, Ontario in accordance with the terms of the Indenture and, subject as hereinafter provided, to pay interest on the principal
amount hereof from the date hereof, or from the last Interest Payment Date to which interest shall have been paid or made available for payment hereon, whichever is later, at the rate of 6.25% per annum (based on a year of 365 days), in like money,
in arrears (with the exception of the first interest payment which will include interest from December 1, 2021 as set forth below) semi-annual instalments (less any tax required by law to be deducted) on June 30 and December 31 in
each year commencing on June 30, 2022 and the last payment (representing interest payable from the last Interest Payment Date to, but excluding, the Maturity Date) to fall due on the Maturity Date

 
and, should the Company at any time make default in the payment of any principal, premium, if any, or interest, to pay interest on the amount in default at the same rate, in like money in
accordance with the terms of the Indenture. For certainty, the first interest payment will include interest accrued from December 1, 2021 to, but excluding June 30, 2022, which will be equal to $36.13 for each $1,000 principal amount of
the Initial 6.25% Debentures. 
 Interest hereon shall be payable by cheque mailed by prepaid ordinary mail or by electronic transfer of
funds to the registered holder hereof and, subject to the provisions of the Indenture, the mailing of such cheque shall, to the extent of the sum represented thereby (plus the amount of any tax withheld), satisfy and discharge all liability for
interest on this Initial 6.25% Debenture. 
 This Initial 6.25% Debenture is one of the 6.25% Convertible Unsecured Subordinated Debentures
(referred to herein as the “Initial 6.25% Debentures”) of the Company issued or issuable in one or more series under the provisions of the Indenture. The Initial 6.25% Debentures authorized for issue immediately are limited to an
aggregate principal amount of $40,250,000 in lawful money of Canada. Reference is hereby expressly made to the Indenture for a description of the terms and conditions upon which the Initial 6.25% Debentures are or are to be issued and held and the
rights and remedies of the holders of the Initial 6.25% Debentures and of the Company and of the Canadian Trustee, all to the same effect as if the provisions of the Indenture were herein set forth to all of which provisions the holder of this
Initial 6.25% Debenture by acceptance hereof assents. 
 The Initial 6.25% Debentures are issuable only in denominations of $1,000 and
integral multiples thereof. Upon compliance with the provisions of the Indenture, 6.25% Debentures of any denomination may be exchanged for an equal aggregate principal amount of 6.25% Debentures in any other authorized denomination or
denominations. 
 Any part, being $1,000 or an integral multiple thereof, of the principal of this Initial 6.25% Debenture, provided that
the principal amount of this Initial 6.25% Debenture is in a denomination in excess of $1,000, is convertible, at the option of the holder hereof, upon surrender of this Initial 6.25% Debenture at the principal office of the Canadian Trustee in
Calgary, Alberta or in Toronto, Ontario, at any time up to but not after the close of business on the last Business Day immediately preceding the Maturity Date or, if this Initial 6.25% Debenture is called for redemption on or prior to such date,
then, to the extent so called for redemption, up to but not after the close of business on the last Business Day immediately preceding the date specified for redemption of this Initial 6.25% Debenture, into Common Shares (without adjustment for
interest accrued hereon or for dividends or distributions on Common Shares issuable upon conversion) at a conversion price of $4.20 (the “Conversion Price”) per Common Share, being a rate of approximately 238.0952 Common Shares for
each $1,000 principal amount of Initial 6.25% Debentures, all subject to the terms and conditions and in the manner set forth in the Indenture. No Initial 6.25% Debentures may be converted during the five Business Days preceding and including
June 30 and December 31 in each year, as the registers of the Canadian Trustee will be closed during such periods. The Indenture makes provision for the adjustment of the Conversion Price in the events therein specified. No fractional
Common Shares will be issued on any conversion but in lieu thereof, the Company will satisfy such fractional interest by a cash payment equal to the market price of such fractional interest determined in accordance with the Indenture. Holders
converting their 6.25% Debentures will receive accrued and unpaid interest thereon. Holders converting their 6.25% Debentures will become holders of record of Common Shares on the date of conversion provided that, if a 6.25% Debenture is surrendered
for conversion on a day on which the register of Common Shares is closed, the person entitled to receive Common Shares will become the holder of record of such Common Shares as at the date on which such register is next reopened. 

This Initial 6.25% Debenture may be redeemed at the option of the Company on the terms and conditions set out in the Indenture at the
redemption price therein and herein set out provided that this Initial 6.25% Debenture is not redeemable before December 31, 2024, except in the event of the satisfaction of certain conditions after a Change of Control has occurred. On and
after December 31, 2024 and prior to December 31, 2025, and provided that the Current Market Price of the Common Shares of the Company is at least 125% of the Conversion Price of the Initial 6.25% Debentures, the Initial 6.25% Debentures
are redeemable at the option of the Company at a price equal to $1,000 per Initial 6.25% Debenture plus accrued and unpaid interest and otherwise on the terms and conditions described in the Indenture. On and after December 31, 2025 and prior
to the Maturity Date, the Initial 6.25% Debentures are redeemable at the option of the Company at a price equal to $1,000 per Initial 6.25% Debenture plus accrued and 

  
 2 

 
unpaid interest and otherwise on the terms and conditions described in the Indenture. The Company may, on notice as provided in the Indenture, at its option and subject to any applicable
regulatory approval, elect to satisfy its obligation to pay all or any portion of the applicable Redemption Price or any portion of the principal amount of this Initial 6.25% Debenture due on the Maturity Date, together with all or any portion of
accrued and unpaid interest thereon, by the issue of that number of Common Shares obtained by dividing the applicable Redemption Price or, in the case of maturity, the principal amount of this Initial 6.25% Debenture (or that portion to be paid for
in Common Shares pursuant to the exercise by the Company of the Common Share Repayment Right), together with all accrued and unpaid interest thereon (or that portion of interest to be paid for in Common Shares), by 95% of the volume weighted average
trading price of the Common Shares on the Toronto Stock Exchange or such other stock exchange on which the Initial 6.25% Debentures may be listed for the 20 consecutive trading days ending on the fifth trading day preceding the Redemption Date or
the Maturity Date, as applicable. 
 Within 30 days following the occurrence of a Change of Control of the Company, the Company is required
to make a cash offer to purchase all of the Initial 6.25% Debentures at a price equal to 101% of the principal amount of such Initial 6.25% Debentures plus accrued and unpaid interest (if any) up to, but excluding, the date the Initial 6.25%
Debentures are so repurchased (the “Change of Control Purchase Offer”). If 90% or more of the principal amount of all 6.25% Debentures outstanding on the date the Company provides notice of a Change of Control to the Canadian
Trustee have been tendered for purchase pursuant to the Change of Control Purchase Offer, the Company has the right to redeem all the remaining outstanding Initial 6.25% Debentures on the same date and at the same price, subject to the terms and
conditions and in the manner set out in the Indenture. 
 In addition to the requirement for the Company to make a Change of Control
Purchase Offer in the event of a Change of Control, if a Change of Control occurs in which 10% or more of the consideration for the Common Shares in the transaction or transactions constituting a Change of Control consists of: 

 

	 	(i)	 cash, other than cash payments for fractional Common Shares and cash payments made in respect of
dissenter’s appraisal rights; 

  

	 	(ii)	 equity securities that are not traded or intended to be traded immediately following such transactions on a
recognized stock exchange; or 

  

	 	(iii)	 other property that is not traded or intended to be traded immediately following such transactions on a
recognized stock exchange, 

 then subject to regulatory approvals, during the period beginning ten trading days before the anticipated
date on which the Change of Control becomes effective and ending at the close of business on the date that is 30 days after the Change of Control Purchase Offer is sent to, holders of 6.25% Debentures will be entitled to convert their 6.25%
Debentures, subject to certain limitations, and receive, in addition to the number of Common Shares they would otherwise be entitled to receive, an additional number of Common Shares per $1,000 principal amount of 6.25% Debentures calculated in
accordance with the terms of the Indenture. 
 If an offer is made for the Initial 6.25% Debentures which is a take-over bid for the Initial
6.25% Debentures within the meaning of applicable Canadian securities laws and 90% or more of the principal amount of all the Initial 6.25% Debentures (other than Initial 6.25% Debentures beneficially owned, or over which control or direction is
exercised by the Offeror, associates or affiliates of the Offeror, or anyone acting jointly or in concert with the Offeror) are taken up and paid for by the Offeror, the Offeror will be entitled to acquire the Initial 6.25% Debentures of those
holders who did not accept the offer on the same terms as the Offeror acquired the first 90% of the principal amount of the Initial 6.25% Debentures. 

The indebtedness evidenced by this Initial 6.25% Debenture, and by all other Initial 6.25% Debentures now or hereafter certified and delivered
under the Indenture, is a direct unsecured obligation of the Company, and is subordinated in right of payment, to the extent and in the manner provided in the Indenture, to the prior payment in full of all Senior Indebtedness, whether outstanding at
the date of the Indenture or thereafter created, incurred, assumed or guaranteed. 

  
 3 

 The principal hereof may become or be declared due and payable before the stated maturity in
the events, in the manner, with the effect and at the times provided in the Indenture. 
 The Indenture contains provisions making binding
upon all holders of 6.25% Debentures outstanding thereunder resolutions passed at meetings of such holders held in accordance with such provisions and instruments signed by the holders of a specified percentage of the principal amount of 6.25%
Debentures outstanding, which resolutions or instruments may have the effect of amending the terms of this Initial 6.25% Debenture or the Indenture. 

The Indenture contains provisions disclaiming any personal liability on the part of holders of Common Shares and officers, directors and
employees of the Company in respect of any obligation or claim arising out of the Indenture or this 6.25% Debenture. 
 This Initial 6.25%
Debenture may only be transferred, upon compliance with the conditions prescribed in the Indenture, in one of the registers to be kept at the principal office of the Canadian Trustee in the City of Calgary or the City of Toronto and in such other
place or places and/or by such other registrars (if any) as the Company with the approval of the Canadian Trustee may designate. No transfer of this Initial 6.25% Debenture shall be valid unless made on the register by the registered holder hereof
or its executors or administrators or other legal representatives, or its attorney duly appointed by an instrument in form and substance satisfactory to the Canadian Trustee or other registrar, and upon compliance with such reasonable requirements
as the Canadian Trustee and/or other registrar may prescribe and upon surrender of this Initial 6.25% Debenture for cancellation. Thereupon a new Initial 6.25% Debenture or Initial 6.25% Debentures in the same aggregate principal amount shall be
issued to the transferee in exchange hereof. 
 This Initial 6.25% Debenture shall not become obligatory for any purpose until it shall have
been certified by the Canadian Trustee under the Indenture. 
 Capitalized words or expressions used in this Initial 6.25% Debenture shall,
unless otherwise defined herein, have the meaning ascribed thereto in the Indenture. 

  
 4 

 IN WITNESS WHEREOF DIRTT ENVIRONMENTAL SOLUTIONS LTD. has caused this 6.25% Debenture
to be signed by its authorized representatives as of the [●] day of [●], 202[●]. 
  

			
	DIRTT ENVIRONMENTAL SOLUTIONS
LTD.
		
	By:	 	 
		
	By:	 	 

  
 5 

 (FORM OF TRUSTEE’S CERTIFICATE) 

This Initial 6.25% Debenture is one of the 6.25% Convertible Unsecured Subordinated Debentures due 2026 referred to in the Indenture within
mentioned. 
  

			
	COMPUTERSHARE TRUST COMPANY OF CANADA
		
	        By:	 	 
		 	(Authorized Officer)

 (FORM OF REGISTRATION PANEL) 

(No writing hereon except by Trustee or other registrar) 
  

					
	 	 	 
	Date of Registration	  	In Whose Name Registered	  	Signature of Trustee or Registrar
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 

  
 6 

 FORM OF TRANSFER OR ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                     , whose address
and social insurance number, if applicable, are set forth below, this Initial 6.25% Debenture (or $                 principal amount hereof*) of DIRTT
ENVIRONMENTAL SOLUTIONS LTD. standing in the name(s) of the undersigned in the register maintained by the Company with respect to such Initial 6.25% Debenture and does hereby irrevocably authorize and direct the Canadian Trustee to transfer such
Initial 6.25% Debenture in such register, with full power of substitution in the premises. 
  

			
	  Dated:	 	  

			
		
	Address of Transferee:  	 	  

		 	            (Street Address, City, Province and Postal Code)

			
		
	Social Insurance Number of Transferee, if applicable	 	  

 *If less than the full principal amount of the within Initial 6.25% Debenture is to be transferred, indicate in the space
provided the principal amount (which must be $1,000 or an integral multiple thereof, unless you hold an Initial 6.25% Debenture in a non-integral multiple of $1,000 by reason of your having exercised your
right to exchange upon the making of a Change of Control Purchase Offer, in which case such Initial 6.25% Debenture is transferable only in its entirety) to be transferred. 
  

	1.	 The signature(s) to this assignment must correspond with the name(s) as written upon the face of this Initial
6.25% Debenture in every particular without alteration or any change whatsoever. The signature(s) must be guaranteed by a Canadian chartered bank or trust company or by a member of an acceptable Medallion Guarantee Program. Notarized or witnessed
signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: “SIGNATURE GUARANTEED”. 

  

	2.	 The registered holder of this Initial 6.25% Debenture is responsible for the payment of any documentary, stamp
or other transfer taxes that may be payable in respect of the transfer of this 6.25% Debenture. 

 Signature of Guarantor: 

 

			
	  
	  	  

	Authorized Officer	  	Signature of transferring registered holder
		
	  
	  	
	Name of Institution	  	

  
 7 

 EXHIBIT “1” 

TO CDS GLOBAL DEBENTURE 

DIRTT ENVIRONMENTAL SOLUTIONS LTD. 

6.25% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES 

DUE DECEMBER 31, 2026 
  

					
	Initial Principal Amount:	  	$●	  	CUSIP 25490HAB2
ISIN CA25490HAB20

  

			
	Authorization:    	 	                                      
                                         
 

 ADJUSTMENTS 
  

									
	 	 	 	 	 
	Date	  	Amount of
Increase	  	Amount of
Decrease	  	New Principal
Amount	  	Authorization
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 

  
 8 

 EXHIBIT B 

[FORM OF NOTICE OF CONVERSION] 
 To: DIRTT
Environmental Solutions Ltd. 
 The undersigned registered owner of this 6.25% Debenture hereby exercises the option to convert this 6.25%
Debenture, or the portion hereof (that is $1,000 principal amount or an integral multiple thereof) below designated, into Freely Tradeable Common Shares in accordance with the terms of the Indenture referred to in this 6.25% Debenture, and directs
that the Freely Tradeable Common Shares issuable and deliverable upon such conversion, together with any cash in lieu of fractional shares, and any 6.25% Debentures representing any unconverted principal amount hereof, be issued and delivered to the
registered holder hereof unless a different name has been indicated below. If any Freely Tradeable Common Shares or any portion of this 6.25% Debenture not converted are to be issued in the name of a Person other than the undersigned, the
undersigned will pay all transfer taxes payable with respect thereto. Any amount required to be paid to the undersigned on account of interest accompanies this 6.25% Debenture. 

 

			
	Dated:                                     
       	  	                                      
                                      
		  	                                      
                                      
		  	Signature(s)
	                                      
                              	  	
	Signature Guarantee	  	
		  	
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities
and Exchange Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or 6.25% Debentures are to be delivered, other than to and in the name of the registered holder.	  	
		  	
	Fill in for registration of shares if to be issued, and 6.25% Debentures if to be delivered, other than to and in the name of the registered holder:	  	
		
	                                      
                              	  	
	(Name)	  	
		
	                                      
                              	  	
	(Street Address)	  	
		
	                                      
                              	  	
		  	
	(City, Province and Postal Code/City, State and
Zip Code)
Please print name and address	  	
		  	Principal amount to be converted (if less than all): $        ,000
		  	
		  	NOTICE: The above signature(s) of the holder(s) hereof must correspond with the name as written upon the face of the 6.25% Debenture in every particular without alteration or enlargement or any change whatever.
		  	  

		  	Social Security or Other Taxpayer
Identification Number

 EXHIBIT C 

[FORM OF REDEMPTION NOTICE] 
  

	To:	 Holders of 6.25% Convertible Unsecured Subordinated Debentures (the “6.25% Debentures”) of
DIRTT Environmental Solutions Ltd. (the “Company”) 

  

	Note:	 All capitalized terms used herein have the meaning ascribed thereto in the Indenture mentioned below, unless
otherwise indicated. 

 Notice is hereby given pursuant to the indenture for debt securities dated as of January 25,
2021 among the Company, Computershare Trust Company of Canada (the “Canadian Trustee”) and Computershare Trust Company, National Association (the “US Trustee”), as supplemented pursuant to a first supplemental
indenture dated January 25, 2021 among the Company, the Canadian Trustee and the US Trustee, and as further supplemented pursuant to a second supplemental indenture dated December 1, 2021 among the Company, the Canadian Trustee and the US
Trustee (collectively, the “Indenture”), that the aggregate principal amount of $● of the $● of 6.25% Debentures outstanding will be redeemed as of ● (the “Redemption Date”), upon payment of a
redemption amount of $● for each $1,000 principal amount of 6.25% Debentures, being equal to the aggregate of (i) $● (the “Redemption Price”), and (ii) all accrued and unpaid interest hereon to but excluding
the Redemption Date (collectively, the “Total Redemption Price”). 
 The Total Redemption Price will be payable upon
presentation and surrender of the 6.25% Debentures called for redemption at the following corporate trust office: 

Computershare Trust Company of Canada 

800, 324 - 8th Avenue SW 

Calgary Alberta T2P 2Z2 

The interest upon the principal amount of 6.25% Debentures called for redemption shall cease to be payable from and after the Redemption Date,
unless payment of the Total Redemption Price shall not be made on presentation for surrender of such 6.25% Debentures at the above-mentioned corporate trust office on or after the Redemption Date or prior to the setting aside of the Total Redemption
Price pursuant to the Indenture. 
 [Pursuant to Section 10.06 of the Indenture, the Company hereby irrevocably elects to satisfy
its obligation to pay $● of the Total Redemption Price payable to holders of 6.25% Debentures in accordance with this notice by issuing and delivering to the holders that number of Freely Tradeable Common Shares obtained by
dividing the Total Redemption Price by 95% of the Current Market Price of the Common Shares.] 
 [No fractional Common Shares shall
be delivered upon the exercise by the Company of the above-mentioned redemption right but, in lieu thereof, the Company shall pay the cash equivalent thereof determined on the basis of the relevant fraction of the Current Market Price of a whole
Common Share on the Redemption Date (less any tax required to be deducted, if any).] 
 [Upon presentation and surrender of the 6.25%
Debentures for payment on the Redemption Date, the Company shall, on the Redemption Date, make the delivery to the Trustee, at the above-mentioned corporate trust office, for delivery to and on account of the holders, of certificates representing
the Freely Tradeable Common Shares to which holders are entitled together with the cash equivalent in lieu of fractional Common Shares, and, if only a portion of the 6.25% Debentures are to be redeemed by issuing Freely Tradeable Common Shares, cash
representing the balance of the Total Redemption Price.] 
  

	
	DATED:
	
	DIRTT ENVIRONMENTAL SOLUTIONS LTD.
	
	   

	(Authorized Director or Officer of DIRTT Environmental Solutions Ltd.)

 EXHIBIT D 

[FORM OF OFFEROR’S NOTICE TO DISSENTING 6.25% DEBENTUREHOLDERS] 
  

	To:	 Holders of 6.25% Convertible Unsecured Subordinated Debentures (the “6.25% Debentures”) of
DIRTT Environmental Solutions Ltd. (the “Company”) 

  

	Note:	 All capitalized terms used herein have the meaning ascribed thereto in the Indenture mentioned below, unless
otherwise indicated. 

 Notice is hereby given pursuant to the indenture for debt securities dated as of January 25,
2021 among the Company, Computershare Trust Company of Canada (the “Canadian Trustee”) and Computershare Trust Company, National Association (the “US Trustee”), as supplemented pursuant to a first supplemental
indenture dated January 25, 2021 among the Company, the Canadian Trustee and the US Trustee, and as further supplemented pursuant to a second supplemental indenture dated December 1, 2021 among the Company, the Canadian Trustee and the US
Trustee (collectively, the “Indenture”), that the Company has exercised the 90% Redemption Right, upon payment of a redemption amount of $● for each $1,000 principal amount of 6.25% Debentures, being equal to the aggregate of
(i) $● (the “Purchase Price”), and (ii) all accrued and unpaid interest hereon to but excluding the Effective Date (collectively, the “Total Purchase Price”). 

The Total Purchase Price will be payable upon presentation and surrender of the 6.25% Debentures called for redemption at the following
corporate trust office: 
 Computershare Trust Company of Canada 

800, 324 - 8th Avenue SW 

Calgary Alberta T2P 2Z2 

The interest upon the principal amount of 6.25% Debentures called for redemption shall cease to be payable from and after the Effective Date
being [●]. 
 In this connection, upon presentation and surrender of the 6.25% Debentures for payment, the Company shall, on the
Effective Date, make the delivery to the Trustee, cash in an amount sufficient to purchase the applicable 6.25% Debentures. 
 DATED: 

 

	
	DIRTT ENVIRONMENTAL SOLUTIONS LTD.
	
	   

	(Authorized Director or Officer of DIRTT Environmental Solutions Ltd.)

 EXHIBIT E 

[FORM OF CHANGE OF CONTROL NOTICE] 
  

	To:	 DIRTT Environmental Solutions Ltd. 

The undersigned registered owner of this 6.25% Debenture hereby acknowledges receipt of a notice from DIRTT Environmental Solutions Ltd. (the
“Company”) as to the anticipated Change of Control with respect to the Company and specifying the Change of Control Purchase Date and requests and instructs the Company to repay to the registered holder hereof in accordance with the
applicable provisions of the Indenture referred to in this 6.25% Debenture (1) the entire principal amount of this 6.25% Debenture, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below designated, and
(2) if such Change of Control Purchase Date does not fall during the period after an Interest Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest thereon to, but excluding, such Change of Control
Purchase Date. 
 In the case of certificated 6.25% Debentures, the certificate numbers of the 6.25% Debentures to be repurchased are as set forth below:

  

			
	Dated:                 	  	                                      
                                      
		  	Signature(s)
		
		  	                                      
                                      
		  	Social Security or Other Taxpayer Identification Number
		
		  	Principal amount to be repaid (if less than all): $        ,000
		
		  	NOTICE: The above signature(s) of the holder(s) hereof must correspond with the name as written upon the face of the 6.25% Debenture in every particular without alteration or enlargement or any change whatever.

 EXHIBIT F 

[FORM OF MATURITY NOTICE] 
  

	To:	 Holders of 6.25% Convertible Unsecured Subordinated Debentures (the “6.25% Debentures”) of
DIRTT Environmental Solutions Ltd. (the “Company”) 

  

	Note:	 All capitalized terms used herein have the meaning ascribed thereto in the Indenture mentioned below, unless
otherwise indicated. 

 Notice is hereby given pursuant to the indenture for debt securities dated as of January 25,
2021 among the Company, Computershare Trust Company of Canada (the “Canadian Trustee”) and Computershare Trust Company, National Association (the “US Trustee”), as supplemented pursuant to a first supplemental
indenture dated January 25, 2021 among the Company, the Canadian Trustee and the US Trustee, and as further supplemented pursuant to a second supplemental indenture dated December 1, 2021 among the Company, the Canadian Trustee and the US
Trustee (collectively, the “Indenture”), that the 6.25% Debentures are due and payable as of December 31, 2026 (the “Maturity Date”) and, pursuant to Section 11.02, the Company elects to satisfy its
obligation to repay to holders of 6.25% Debentures [all/a portion] of the principal amount of all of the 6.25% Debentures outstanding on the Maturity Date, together with all accrued and unpaid interest thereon, by issuing and delivering to
the holders that number of Freely Tradeable Common Shares equal to the number obtained by dividing such principal amount of the 6.25% Debentures and accrued and unpaid interest thereon by 95% of the Current Market Price of Common Shares on the
Maturity Date. 
 No fractional Common Shares shall be delivered on exercise by the Company of the above mentioned repayment right but, in
lieu thereof, the Company shall pay the cash equivalent thereof determined on the basis of the relevant fraction of the Current Market Price of a whole Common Share on the Maturity Date (less any tax required to be deducted, if any). 

In this connection, upon presentation and surrender of the 6.25% Debentures for payment on the Maturity Date, the Company shall, on the
Maturity Date, make delivery to the Trustee, at its principal trust office in Calgary, Alberta or in Toronto, Ontario, for delivery to and on account of the holders, of certificates representing the Freely Tradeable Common Shares to which holders
are entitled together with the cash equivalent in lieu of fractional Common Shares, and if only a portion of the 6.25% Debentures are to be repaid by issuing Freely Tradeable Common Shares, cash representing the balance of the principal amount and,
if applicable, accrued and unpaid interest due on the Maturity Date. 
 DATED: 
  

	
	DIRTT ENVIRONMENTAL SOLUTIONS LTD.
	
	   

	(Authorized Director or Officer of DIRTT Environmental Solutions Ltd.)

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