Document:

Exhibit 4.6

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT, dated as of March 15, 2017 (this “Agreement”), is entered into by and among Molson Coors Brewing Company, a Delaware corporation (the “Company”), the guarantors listed on the signature pages hereto (the “Initial Guarantors”) and the initial purchasers listed on the signature pages hereto (the “Initial Purchasers”).

 

The Company, the Guarantors and the Initial Purchasers listed in Schedule 1A hereto (the “USD Initial Purchasers”) are parties to the Purchase Agreement dated March 6, 2017 (the “USD Purchase Agreement”), which provides for the sale by the Company to the USD Initial Purchasers of $500,000,000 aggregate principal amount of its 1.900% Senior Notes due 2019 and $500,000,000 aggregate principal amount of its 2.250% Senior Notes due 2020 (collectively, the “USD Notes” and, together with the USD Guarantee (as defined below), the “USD Securities”).

 

The Company, the Guarantors and the Initial Purchasers listed in Schedule 1B hereto (the “EUR Initial Purchasers”) are parties to the Purchase Agreement dated March 7, 2017 (the “EUR Purchase Agreement” and, together with the USD Purchase Agreement, the “Purchase Agreements”), which provides for the sale by the Company to the EUR Initial Purchasers of €500,000,000 aggregate principal amount of its Senior Floating Rate Notes due 2019 (the “EUR Notes” and, together with the EUR Guarantee (as defined below), the “EUR Securities”).

 

As an inducement to the Initial Purchasers to enter into the Purchase Agreements, the Company and the Guarantors have agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement.  The execution and delivery of this Agreement is a condition to the closing under each Purchase Agreement.

 

The Notes will be issued by the Company and guaranteed by the Guarantors on a senior unsecured basis.

 

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

 

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

 

“Additional Guarantor” shall mean any subsidiary of the Company that executes a Guarantee under the USD Indenture or the EUR Indenture after the date of this Agreement.

 

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

 

“Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City or London are authorized or required by law to remain closed.

 

 

“Closing Date” shall have the meaning set forth in the applicable Purchase Agreement.

 

“Company” shall have the meaning set forth in the preamble and shall also include the Company’s successors.

 

“EUR Guarantee” shall mean the guarantee of the EUR Notes and guarantee of the EUR Exchange Securities, by each Guarantor under the EUR Indenture.

 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

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

 

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

 

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

 

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

 

“Exchange Securities” shall mean senior unsecured notes issued by the Company and guaranteed by the Guarantors containing terms identical to the USD Securities or the EUR Securities, as applicable (except that the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with this Agreement) and to be offered to Holders of the applicable Registrable Securities in exchange for Securities pursuant to the Exchange Offer.

 

“FINRA” means the Financial Industry Regulatory Authority, Inc.

 

“Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Securities or the Exchange Securities.

 

“Guarantee” shall mean USD Guarantee or EUR Guarantee, as applicable.

 

“Guarantors” shall mean the Initial Guarantors, any Additional Guarantors and any Guarantor’s successor that guarantees the Notes.

 

“Holder Notice” shall have the meaning set forth in Section 2(b) hereof.

 

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“Holders” shall mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of their successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indentures; provided that for purposes of Sections 4 and 5 of this Agreement, the term “Holders” shall include Participating Broker-Dealers.

 

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

 

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

 

“Indentures” shall mean the Indenture relating to the USD Securities dated as of March 15, 2017 (the “USD Indenture”) and the Indenture relating to the EUR Securities dated as of March 15, 2017 (the “EUR Indenture”), each among the Company, the Guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee, in each case as the same may be amended and supplemented from time to time in accordance with the terms thereof.

 

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

 

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

 

“Issuer Information” shall have the meaning set forth in Section 5(a) hereof.

 

“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of the outstanding Registrable Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned directly or indirectly by the Company or any of its affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if the Company shall issue any additional Securities under the Indenture prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to which this Agreement relates shall be treated together as one class for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained.

 

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

 

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

 

“Prospectus” shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration Statement, including (i) any preliminary prospectus and (ii) any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf

 

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Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including any document incorporated by reference therein.

 

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

 

“Registrable Securities” shall mean the Securities; provided that the Securities shall cease to be Registrable Securities (i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such Registration Statement or (ii) when such Securities cease to be outstanding.

 

“Registration Expenses” shall mean any and all expenses incident to performance of or compliance by the Company and the Guarantors with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of one firm of counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or Registrable Securities, which firm shall be selected by the Underwriters or the Majority Holders), (iii) the costs incident to the preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the Company and the Guarantors and, in the case of a Shelf Registration Statement, the fees and disbursements of one counsel for the Holders (which counsel shall be selected by the Majority Holders and which counsel may also be counsel for the Initial Purchasers) and (viii) the fees and disbursements of the independent public accountants of the Company and the Guarantors, including the expenses of any special audits or “comfort” letters required by or incident to the performance of and compliance with this Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder.

 

“Registration Statement” shall mean any registration statement of the Company and the Guarantors that covers any of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein.

 

“SEC” shall mean the United States Securities and Exchange Commission.

 

“Securities” shall mean the USD Securities and the EUR Securities.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Staff” shall mean the staff of the SEC.

 

“Target Completion Date” shall have the meaning set forth in Section 2(a) hereof.

 

“Target Filing Date” shall mean the date which is 365 days from the Closing Date.

 

“Trigger Date” shall have the meaning set forth in Section 2(d) hereof.

 

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

 

“Trustee” shall mean the trustee with respect to the Securities under the Indenture.

 

“Underwriter” shall have the meaning set forth in Section 3(e) hereof.

 

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

 

“USD Guarantee” shall mean the guarantee of the USD Notes and guarantee of the USD Exchange Securities, by each Guarantor under the USD Indenture.

 

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2. Registration Under the Securities Act.

 

(a) To the extent not prohibited by any applicable law or applicable interpretations of the Staff, the Company and the Guarantors shall use their reasonable best efforts to (i) cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders to exchange all the Registrable Securities for Exchange Securities not later than the Target Filing Date and (ii) have such Registration Statement remain effective until 180 days after the date the Exchange Offer Registration Statement became effective for use by one or more Participating Broker-Dealers.  The Company and the Guarantors shall commence the Exchange Offer promptly after the Exchange Offer Registration Statement is declared effective by the SEC and use their reasonable best efforts to complete the Exchange Offer not later than 120 days after filing the Exchange Offer Registration Statement (the “Target Completion Date”).

 

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

 

(i) that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and not properly withdrawn will be accepted for exchange;

 

(ii) the dates of acceptance for exchange (which shall be a period of at least 20 Business Days (in accordance with the Exchange Act) from the date such notice is mailed) (the “Exchange Dates”);

 

(iii) that any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement, except as otherwise specified herein;

 

(iv) that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security, together with the appropriate letters of transmittal, to the institution and at the address (located in the Borough of Manhattan, The City of New York) and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the applicable procedures of the depositary for such Registrable Security, in each case prior to the close of business on the last Exchange Date; and

 

(v) that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, by (A) sending to the institution and at the address (located in the Borough of Manhattan, The City of New York) specified in the notice a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange, such other information as may be reasonably required to identify the Securities to be withdrawn and a statement that such Holder is

 

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withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities.

 

As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company and the Guarantors that (i) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer it has no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the Securities Act, (iii) it is not an “affiliate” (within the meaning of Rule 405 under the Securities Act) of the Company or any Guarantor or, if it is such an “affiliate,” such Holder will comply with the prospectus delivery requirements of the Securities Act to the extent applicable in connection with any resale of the Exchange Securities and (iv) if such Holder is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will comply with the prospectus delivery requirements of the Securities Act, to the extent applicable, in connection with any resale of the Exchange Securities.  Each Holder hereby acknowledges and agrees that any broker-dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under SEC policy as in effect on the date of this Agreement rely on the position of the SEC enunciated in the Morgan Stanley and Co., Inc. no-action letter (available June 5, 1991) and the Exxon Capital Holdings Corporation no-action letter (available May 13, 1988), as interpreted in the SEC’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters, and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Securities obtained by such Holder in exchange for Registrable Securities acquired by such Holder directly from the Company.

 

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

 

(i) accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and

 

(ii) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities tendered by such Holder.

 

The Company and the Guarantors shall use their reasonable best efforts to complete the Exchange Offer as provided above and shall comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and

 

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regulations in connection with the Exchange Offer.  The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does not violate any applicable law or applicable interpretations of the Staff and customary conditions relating to the delivery of Securities or other actions customarily taken by Holders participating in the Exchange Offer or the execution and delivery of customary documentation relating to the Exchange Offer.

 

(b) In the event that (i) the Company and the Guarantors determine that the Exchange Offer Registration provided for in Section 2(a) above is not available or the Exchange Offer may not be completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the Staff, (ii) a Holder participating in the Exchange Offer does not receive Exchange Securities on the date of the exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such Holder as an affiliate of the Company within the meaning of the Securities Act) and notifies (a “Holder Notice”) the Company within 30 days after such Holder first becomes aware of such restrictions, (iii) the Exchange Offer is not for any other reason completed by the Target Completion Date or (iv) upon receipt of a written request (a “Shelf Request”) from any Initial Purchaser representing that it holds Registrable Securities that are or were ineligible to be exchanged in the Exchange Offer, the Company and the Guarantors shall use their reasonable best efforts to, as soon as practicable after such determination, date, Holder Notice or Shelf Request, as the case may be, but in no event more than 90 days after so required or requested pursuant to this Section 2, cause to be filed and thereafter shall use their reasonable best efforts to cause to be declared effective (unless it becomes effective automatically upon filing), within 180 days after so required or requested pursuant to this Section 2 (such date, the “Shelf Effective Date”), a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement become effective or, if permitted by Rule 430B under the Securities Act, otherwise designate an existing effective Shelf Registration Statement for use by the Holders as a Shelf Registration Statement providing for the sale of all Registrable Securities by Holders thereof.

 

In the event that the Company and the Guarantors are required to file a Shelf Registration Statement pursuant to clause (iv) of the preceding sentence, the Company and the Guarantors shall use their reasonable best efforts to file and have become effective both an Exchange Offer Registration Statement pursuant to Section 2(a) above with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchasers after completion of the Exchange Offer.

 

The Company and the Guarantors agree to use their reasonable best efforts to keep the Shelf Registration Statement continuously effective for a period of one year from the effective date of such Shelf Registration Statement or such shorter period that will terminate when the Securities covered by the Shelf Registration Statement cease to be Registrable Securities (the “Shelf Effectiveness Period”).  The Company and the Guarantors further agree to supplement or amend the Shelf Registration Statement, the

 

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related Prospectus and any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder, and to use their reasonable best efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable.  The Company and the Guarantors agree to furnish to the Holders of Registrable Securities registered on such Shelf Registration Statement copies of any such supplement or amendment promptly after its being used or filed with the SEC.

 

(c) The Company and the Guarantors shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a) or Section 2(b) hereof.  Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement.

 

(d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless it has been declared effective by the SEC.  A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically effective upon filing with the SEC as provided by Rule 462 under the Securities Act.

 

In the event that the Exchange Offer Registration Statement has not been filed by the Target Filing Date, the Exchange Offer is not completed by the Target Completion Date or the Shelf Registration Statement, if required pursuant to Section 2(b)(i) or 2(b)(iii) hereof, is not effective by the Shelf Effective Date, the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period immediately following such date and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, in each case until the Exchange Offer Registration Statement has been filed, the Exchange Offer is completed or the Shelf Registration Statement, if required hereby, becomes effective, up to a maximum total increase of 0.50% per annum.  In the event that the Company receives a Holder Notice or Shelf Request pursuant to Section 2(b)(ii) or 2(b)(iv), and the Shelf Registration Statement required to be filed thereby has not become effective by the later of the Shelf Effective Date or (y) 90 days after delivery of such Holder Notice or Shelf Request (such later date, the “Shelf Additional Interest Date”), then the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period payable commencing from one day after the Shelf Additional Interest Date and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, in each case until the Shelf Registration Statement becomes effective, up to a maximum total increase of 0.50% per annum.

 

If the Shelf Registration Statement, if required hereby, is effective and thereafter either ceases to be effective or the Prospectus contained therein ceases to be usable, in

 

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each case whether or not permitted by this Agreement, at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 30 days (whether or not consecutive) in any 12-month period (the 30th such date, the “Trigger Date”), then the interest rate on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period immediately following the Trigger Date and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, up to a maximum increase of 0.50% per annum, and ending on such date that the Shelf Registration Statement is again effective or the Prospectus again becomes usable.  Such additional interest shall accrue as liquidated damages on the principal amount of the Exchange Securities or Registrable Securities, as the case may be.

 

(e) Without limiting the remedies available to the Initial Purchasers and the Holders, the Company and the Guarantors acknowledge that any failure by the Company or the Guarantors to comply with their obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company’s and the Guarantors’ obligations under Section 2(a) and Section 2(b) hereof.

 

3. Registration Procedures.

 

(a) In connection with their obligations pursuant to Section 2(a) and Section 2(b) hereof, the Company and the Guarantors shall promptly:

 

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

 

(ii) prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities;

 

(iii) to the extent any Free Writing Prospectus is used, file with the SEC any Free Writing Prospectus that is required to be filed by the Company or the

 

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Guarantors with the SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not required to be filed;

 

(iv) in the case of a Shelf Registration, furnish to each Holder of Registrable Securities included on such Shelf Registration Statement, to counsel for the Initial Purchasers, to counsel for such Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or supplement thereto, as such Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and the Company and the Guarantors consent to the use of such Prospectus, preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the Holders of Registrable Securities and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus, preliminary prospectus or such Free Writing Prospectus or any amendment or supplement thereto in accordance with applicable law;

 

(v) in the case of an Exchange Offer Registration Statement, use their reasonable best efforts to register and qualify the Registrable Securities under all applicable state securities or blue sky laws and, in the case of a Shelf Registration Statement, cooperate with the selling Holders and their counsel to register or qualify the Registrable Securities under all applicable state securities or blue sky laws of such jurisdictions as any Holder of Registrable Securities covered by a Shelf Registration Statement shall reasonably request in writing by the time the applicable Shelf Registration Statement becomes effective; cooperate with such Holders in connection with any filings required to be made with FINRA; and do any and all other acts and things that may be reasonably necessary or advisable to enable each Holder to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Holder; provided that neither the Company nor any Guarantor shall be required to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) file any general consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not so subject;

 

(vi) notify counsel for the Initial Purchasers and, in the case of a Shelf Registration, notify each Holder of Registrable Securities included on such Shelf Registration Statement and counsel for such Holders promptly and, if requested by any such Holder or counsel, confirm such advice in writing (1) when a Registration Statement has become effective, when any post-effective amendment thereto has been filed and becomes effective, when any Free Writing Prospectus has been filed or any amendment or supplement to the Prospectus or any Free Writing Prospectus has been filed, (2) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement, Prospectus or any Free Writing Prospectus or for additional information after the

 

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Registration Statement has become effective, (3) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Company of any notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable effective date of a Shelf Registration Statement and the closing of any sale of Registrable Securities covered thereby, the Company or any Guarantor receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event during the period a Registration Statement is effective that makes any statement made in such Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus or any Free Writing Prospectus in order to make the statements therein not misleading (in the case of the Prospectus, in light of the circumstances under which they were made) and (6) of any determination by the Company or any Guarantor that a post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus or any Free Writing Prospectus would be required;

 

(vii) use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2), including by filing an amendment to such Shelf Registration Statement on the proper form, as promptly as practicable and provide prompt notice to each Holder of the withdrawal of any such order or such resolution;

 

(viii) in the case of a Shelf Registration, furnish to each Holder of Registrable Securities included on such Shelf Registration Statement, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested in writing);

 

(ix) in the case of a Shelf Registration, cooperate with the Holders of Registrable Securities included on such Shelf Registration Statement to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with the provisions of the USD Indenture or the EUR Indenture, as applicable) as such Holders may reasonably request at least one Business Day prior to the closing of any sale of Registrable Securities;

 

(x) in the case of a Shelf Registration, upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, use their reasonable best efforts to prepare and file with the SEC a supplement or post-effective amendment to such Shelf Registration Statement or the related Prospectus or any Free Writing

 

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Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus or Free Writing Prospectus, as the case may be, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Company and the Guarantors shall notify the Holders of Registrable Securities to suspend use of the Prospectus or any Free Writing Prospectus as promptly as practicable after the occurrence of such an event, and such Holders hereby agree to suspend use of the Prospectus or any Free Writing Prospectus, as the case may be, until the Company and the Guarantors have amended or supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such misstatement or omission;

 

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

 

(xii) use reasonable best efforts to obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the initial effective date of a Registration Statement;

 

(xiii) use reasonable best efforts to cause the Indentures to be qualified under the Trust Indenture Act in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to the Indentures as may be

 

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required for each Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and execute, and use their reasonable best efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner;

 

(xiv) in the case of a Shelf Registration, make available for inspection by a representative of the Holders of the Registrable Securities (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any attorneys and accountants designated by a majority of the Holders of Registrable Securities to be included in such Shelf Registration and any attorneys and accountants designated by such Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of the Company and its subsidiaries, and cause the respective officers, directors and employees of the Company and the Guarantors to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement; provided that if any such information is identified by the Company or any Guarantor as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality of such information to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of any Inspector, Holder or Underwriter;

 

(xv) in the case of a Shelf Registration, use their reasonable best efforts to cause all Registrable Securities to be listed on any securities exchange or any automated quotation system on which similar securities issued or guaranteed by the Company or any Guarantor are then listed if requested by the Majority Holders, to the extent such Registrable Securities satisfy applicable listing requirements;

 

(xvi) if reasonably requested by any Holder of Registrable Securities covered by a Shelf Registration Statement, promptly include in a Prospectus supplement or post-effective amendment such information with respect to such Holder as such Holder reasonably requests to be included therein and make all required filings of such Prospectus supplement or such post-effective amendment as soon as the Company has received notification of the matters to be so included in such filing;

 

(xvii) in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith (including those reasonably requested by the Holders of a majority in principal amount of the Registrable Securities covered by the Shelf Registration Statement) in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, in an Underwritten Offering and in such connection, (1) to the extent possible, make such representations and warranties to the Holders and any Underwriters of such Registrable Securities with respect to the business of the

 

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Company and its subsidiaries and the Registration Statement, Prospectus, any Free Writing Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested, (2) obtain opinions of counsel to the Company and the Guarantors (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Holders of a majority in principal amount of the Registrable Securities being sold and such Underwriters and their respective counsel) addressed to each selling Holder and Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (3) obtain “comfort” letters from the independent certified public accountants of the Company and the Guarantors (and, if necessary, any other certified public accountant of any subsidiary of the Company or any Guarantor, or of any business acquired by the Company or any Guarantor for which financial statements and financial data are or are required to be included in the Registration Statement) addressed to each selling Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus, Prospectus or Free Writing Prospectus, and (4) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Company and the Guarantors made pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting agreement; it being agreed that the representations and warranties, opinions of counsel and comfort letters delivered in connection with the initial offering of the Securities are customary; and

 

(xviii) so long as any Registrable Securities remain outstanding, cause each Additional Guarantor upon the creation or acquisition by the Company of such Additional Guarantor, to execute a counterpart to this Agreement in the form attached hereto as Annex A and to deliver such counterpart to the Initial Purchasers no later than five Business Days following the execution thereof.

 

(b) In the case of a Shelf Registration Statement, the Company may require each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Company and the Guarantors may from time to time reasonably request in writing; provided that if such Holder fails to provide the requested information within 20 Business Days, the Company may exclude such Holder’s Registrable Securities from such Shelf Registration Statement until such time as the information is provided.

 

(c) In the case of a Shelf Registration Statement, each Holder of Registrable Securities covered in such Shelf Registration Statement agrees that, upon receipt of any

 

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notice from the Company and the Guarantors of the happening of any event of the kind described in Section 3(a)(vi)(3) or 3(a)(vi)(5) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus contemplated by Section 3(a)(x) hereof and, if so directed by the Company and the Guarantors, such Holder will deliver to the Company and the Guarantors all copies in its possession, other than permanent file copies then in such Holder’s possession, of the Prospectus and any Free Writing Prospectus covering such Registrable Securities that is current at the time of receipt of such notice.

 

(d) If the Company and the Guarantors shall give any notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Company and the Guarantors shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or amended Prospectus or any Free Writing Prospectus necessary to resume such dispositions.  The Company and the Guarantors may give any such notice only twice during any 365-day period, any such suspensions shall not exceed 45 days for each suspension and there shall not be more than two suspensions in effect during any 365-day period.

 

(e) The Holders of Registrable Securities covered by a Shelf Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering.  In any such Underwritten Offering, the investment bank or investment banks and manager or managers (each an “Underwriter”) that will administer the offering will be selected by the Holders of a majority in principal amount of the Registrable Securities included in such offering and reasonably acceptable to the Company.  However, each Holder agrees that, neither such Holder nor any Underwriter participating in any disposition pursuant to any Registration Statement on such Holder’s behalf, will make any offer relating to the Registrable Securities that would constitute an Issuer Free Writing Prospectus (as defined in Rule 433 under the Securities Act) or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405 under the Securities Act) required to be filed by the Company with the Commission or retained by the Company under Rule 433 of the Securities Act, unless it has obtained the prior written consent of the Company.

 

4. Participation of Broker-Dealers in Exchange Offer.

 

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

 

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

 

(b) In light of the above, and notwithstanding the other provisions of this Agreement, the Company and the Guarantors agree to use their reasonable best efforts to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement for a period ending on the earlier of (i) 180 days after the date the Exchange Offer Registration Statement becomes effective (as such period may be extended pursuant to Section 3(d) of this Agreement) and (ii) the date on which each Participating Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities, in each case to the extent necessary to ensure that it is available for resales.  The Company and the Guarantors further consent to the delivery of such Prospectus (or, to the extent permitted by law, agree to make available) by Participating Broker-Dealers during such period in connection with the resales contemplated by this Section 4.

 

(c) The Initial Purchasers shall have no liability to the Company, any Guarantor or any Holder with respect to any such request that they may make pursuant to Section 4(b) above.

 

5. Indemnification and Contribution.

 

(a) The Company and each Guarantor, jointly and severally, agree to indemnify and hold harmless each Initial Purchaser and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, or in any amendment thereof or any supplement thereto, any Free Writing Prospectus or any “issuer information” (“Issuer Information”) filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each

 

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case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser or information relating to any Holder furnished to the Company in writing, or any selling Holder, respectively, expressly for use therein.  In connection with any Underwritten Offering permitted by Section 3, the Company and the Guarantors, jointly and severally, will also indemnify the Underwriters, if any, their respective affiliates and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested in connection with any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information.

 

(b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors, the Initial Purchasers and the other selling Holders, the directors of the Company and the Guarantors, each officer of the Company and the Guarantors who signed the Registration Statement and each Person, if any, who controls the Company, the Guarantors, any Initial Purchaser and any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Holder furnished to the Company in writing by or on behalf of such Holder expressly for use in any Registration Statement, any Prospectus or any Free Writing Prospectus.

 

(c) If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall promptly notify the Person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b).  If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred.  In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified

 

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Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them.  It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred.  Any such separate firm (x) for any Initial Purchaser or its respective affiliates, directors and officers and any control Persons of such Initial Purchaser shall be designated in writing by such Initial Purchasers, (y) for any Holder, its directors and officers and any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing by the Company.  The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment.  No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to or any admission of fault, culpability or failure to act by or on behalf of any Indemnified Person.

 

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

 

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(e) The Company, the Guarantors and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 5 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above.  The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim.  Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to contribute any amount in excess of the amount by which the total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.  No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.  The Holders’ obligations to contribute pursuant to this Section 5 are several and not joint.

 

(f) The remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity.

 

(g) The indemnity and contribution provisions contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or the Guarantors or the officers or directors of or any Person controlling the Company or the Guarantors, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement.

 

6. General.

 

(a) No Inconsistent Agreements.  The Company and the Guarantors represent, warrant and agree that (i) the rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company or any Guarantor under any other agreement and (ii) neither the Company nor any Guarantor has entered into, or on or after the date of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof.

 

(b) Amendments and Waivers.  The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantors have obtained the written consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided that no

 

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amendment, modification, supplement, waiver or consent to any departure from the provisions of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder.  Any amendments, modifications, supplements, waivers or consents pursuant to this Section 7(b) shall be by a writing executed by each of the parties hereto.

 

(c) Notices.  Except as otherwise specified herein, all notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, telex, telecopier or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in accordance with the provisions of this Section 6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the applicable Purchase Agreement; (ii) if to the Company and the Guarantors, initially at the Company’s address set forth in the Purchase Agreements and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) if to such other persons, at their respective addresses as provided in the Purchase Agreements and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 7(c).  All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery.  Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the applicable Indenture.

 

(d) Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the applicable Purchase Agreement or the applicable Indenture.  If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof.  The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company or the Guarantors with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement.

 

(e) Third-Party Beneficiaries.  Each Holder shall be a third-party beneficiary to the agreements made hereunder between the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder.

 

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(f) Counterparts.  This Agreement may be signed on counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument.

 

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

 

(h) Governing Law.  This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

(i) BRRD.  (a) Notwithstanding and to the exclusion of any other term of this Agreement or any other agreements, arrangements, or understanding between the Company, the Guarantors and the Initial Purchasers, the Company and the Guarantors acknowledge and accept that a BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledge, accept and agree to be bound by:

 

(i)                                     the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of an Initial Purchaser to the Company or the Guarantors under this Agreement, that (without limitation) may include and result in any of the following, or some combination thereof:

 

(A)                               the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;

 

(B)                               the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the respective Initial Purchaser or another person, and the issue to or conferral on the Company or the Guarantors of such shares, securities or obligations;

 

(C)                               the cancellation of the BRRD Liability;

 

(D)                               the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period;

 

(E)                                the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.

 

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(b)               As used in this Agreement:

 

(i)                                     “Bail-in Legislation” means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time.

 

(ii)                                  “Bail-in Powers” means any Write-down and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation.

 

(iii)                               “BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

 

(iv)                              “EU Bail-in Legislation Schedule” means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/pages.aspx?p=499.

 

(v)                                 “BRRD Liability” means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable Bail-in Legislation may be exercised.

 

(vi)                              “Relevant Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to the respective Initial Purchaser.

 

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

 

[Signature Pages Follow]

 

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

 

 

	
 
    	
MOLSON COORS BREWING COMPANY
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Vice President and   Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
MOLSON CANADA 2005
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
MOLSON COORS INTERNATIONAL LP
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Vice President,   Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
MOLSON COORS HOLDCO INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Vice President, Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
COORS BREWING COMPANY
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Vice President,   Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
CBC HOLDCO LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Vice President, Treasurer
    

 

[Signature Page to Registration Rights Agreement]

 

 

	
 
    	
CBC HOLDCO 2 LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Vice President,   Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
CBC HOLDCO 3, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Vice President,   Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
MC HOLDING COMPANY LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Vice President,   Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
MOLSON COORS INTERNATIONAL GENERAL, ULC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
COORS INTERNATIONAL HOLDCO 2, ULC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
MOLSON COORS CALLCO ULC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Treasurer
    

 

[Signature Page to Registration Rights Agreement]

 

 

	
 
    	
NEWCO3, INC.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Vice President, Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
MILLERCOORS LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Vice President,   Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
MILLERCOORS HOLDINGS LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael J. Rumley
    
	
 
    	
 
    	
Name:
    	
Michael J. Rumley
    
	
 
    	
 
    	
Title:
    	
Vice President,   Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
JACOB LEINENKUGEL BREWING CO., LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Gregory Tierney
    
	
 
    	
 
    	
Name:
    	
Gregory Tierney
    
	
 
    	
 
    	
Title:
    	
Treasurer
    

 

[Signature Page to Registration Rights Agreement]

 

 

Confirmed and accepted as of the date first above written:

 

	
For   itself and on behalf of the several Initial Purchasers listed in Schedule 1A   hereto.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
CITIGROUP   GLOBAL MARKETS INC.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Adam D. Bordner
    	
 
    
	
 
    	
Name:
    	
Adam   D. Bordner
    	
 
    
	
 
    	
Title:
    	
Vice   President
    	
 
    

 

[Signature Page to Registration Rights Agreement]

 

 

Confirmed and accepted as of the date first above written:

 

	
For   itself and on behalf of the several Initial Purchasers listed in Schedule 1A   hereto.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
MERRILL LYNCH, PIERCE, FENNER &   SMITH
   INCORPORATED
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Randolph B. Randolph
    	
 
    
	
 
    	
Name:
    	
Randolph   B. Randolph
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    	
 
    

 

[Signature Page to Registration Rights Agreement]

 

 

Confirmed and accepted as of the date first above written:

 

	
For   itself and on behalf of the several Initial Purchasers listed in Schedule 1A   hereto.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
UBS SECURITIES LLC
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Christian Stewart
    	
 
    
	
 
    	
Name:
    	
Christian   Stewart
    	
 
    
	
 
    	
Title:
    	
Managing   Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Prath Reddy
    	
 
    
	
 
    	
Name:
    	
Prath   Reddy
    	
 
    
	
 
    	
Title:
    	
Associate   Director
    	
 
    

 

[Signature Page to Registration Rights Agreement]

 

 

Confirmed and accepted as of the date first above written:

 

	
CITIGROUP GLOBAL MARKETS LIMITED
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Tim Odell
    	
 
    
	
 
    	
Name:
    	
Tim   Odell
    	
 
    
	
 
    	
Title:
    	
Delegated   Signatory
    	
 
    

 

[Signature Page to Registration Rights Agreement]

 

 

Confirmed and accepted as of the date first above written:

 

	
MERRILL LYNCH INTERNATIONAL
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Josh Presley
    	
 
    
	
 
    	
Name:
    	
Josh   Presley
    	
 
    
	
 
    	
Title:
    	
Director
    	
 
    

 

[Signature Page to Registration Rights Agreement]

 

 

	
Confirmed   and accepted as of the date first above written:
    	
 
    
	
 
    	
 
    
	
UBS LIMITED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Alexandre Campargue
    	
 
    
	
 
    	
Name:
    	
Alexandre Campargue
    	
 
    
	
 
    	
Title:
    	
Associate Director
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Aya Suzuki
    	
 
    
	
 
    	
Name:
    	
Aya Suzuki
    	
 
    
	
 
    	
Title:
    	
Executive Director
    	
 
    

 

[Signature Page to Registration Rights Agreement]

 

 

	
Confirmed   and accepted as of the date first above written:
    	
 
    
	
 
    	
 
    
	
COÖPERATIEVE RABOBANK U.A.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Ohmar ter Waarbeek
    	
 
    
	
 
    	
Name:
    	
Ohmar ter Waarbeek
    	
 
    
	
 
    	
Title:
    	
Associate Director
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Evertjan Manuels
    	
 
    
	
 
    	
Name:
    	
Evertjan Manuels
    	
 
    
	
 
    	
Title:
    	
European Head of Corporate DCM
    	
 
    

 

[Signature Page to Registration Rights Agreement]

 

 

	
Confirmed   and accepted as of the date first above written:
    	
 
    
	
 
    	
 
    
	
MUFG SECURITIES EMEA PLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Trevor Kemp
    	
 
    
	
 
    	
Name:
    	
Trevor Kemp
    	
 
    
	
 
    	
Title:
    	
Executive Director
    	
 
    

 

[Signature Page to Registration Rights Agreement]

 

 

	
Confirmed   and accepted as of the date first above written:
    	
 
    
	
 
    	
 
    
	
DEUTSCHE BANK AG, LONDON BRANCH
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Jared Birnbaum
    	
 
    
	
 
    	
Name:
    	
Jared Birnbaum
    	
 
    
	
 
    	
Title:
    	
Managing Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ John C. McCabe
    	
 
    
	
 
    	
Name:
    	
John C. McCabe
    	
 
    
	
 
    	
Title:
    	
Managing Director
    	
 
    

 

[Signature Page to Registration Rights Agreement]

 

 

	
Confirmed   and accepted as of the date first above written:
    	
 
    
	
 
    	
 
    
	
MIZUHO INTERNATIONAL PLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Guy Reid
    	
 
    
	
 
    	
Name:
    	
Guy Reid
    	
 
    
	
 
    	
Title:
    	
Managing Director
    	
 
    

 

[Signature Page to Registration Rights Agreement]

 

 

	
Confirmed   and accepted as of the date first above written:
    	
 
    
	
 
    	
 
    
	
WELLS FARGO SECURITIES INTERNATIONAL LIMITED
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Damon Mahon
    	
 
    
	
 
    	
Name:
    	
Damon Mahon
    	
 
    
	
 
    	
Title:
    	
Director
    	
 
    

 

[Signature Page to Registration Rights Agreement]

 

 

Annex A

 

Counterpart to Registration Rights Agreement

 

The undersigned hereby absolutely, unconditionally and irrevocably agrees as a Guarantor (as defined in the Registration Rights Agreement, dated March 15, 2017 by and among Molson Coors Brewing Company, a Delaware corporation, the guarantors party thereto and the Initial Purchasers party thereto) to be bound by the terms and provisions of such Registration Rights Agreement.

 

IN WITNESS WHEREOF, the undersigned has executed this counterpart as of                , 201 .

 

	
 
    	
[GUARANTOR]
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

Schedule 1A

 

Initial Purchasers Party to the USD Purchase Agreement

 

Citigroup Global Markets Inc.

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

UBS Securities LLC

MUFG Securities Americas Inc.

Rabo Securities USA, Inc.

Deutsche Bank Securities Inc.

Mizuho Securities USA Inc.

Wells Fargo Securities, LLC

 

 

Schedule 1B

 

Initial Purchasers Party to the EUR Purchase Agreement

 

Citigroup Global Markets Limited

Merrill Lynch International

UBS Limited

Coöperatieve Rabobank U.A.

MUFG Securities EMEA plc

Deutsche Bank AG

London Branch

Mizuho International plc

Wells Fargo Securities International LimitedTahoe Resources Inc. - Exhibit 4.1 - Filed by newsfilecorp.com

AMENDED AND RESTATED SHARE OPTION AND INCENTIVE SHARE PLAN

TABLE OF CONTENTS 

	Article
      1 Purpose and Interpretation 	2
      
	     Purpose
      	2
      
	     Definitions
      	2
      
	  	  
	Article
      2 Provisions Applicable to Options and Awards 	7
      
	     Purpose
      of Granting Options and Awards 	7
      
	     Maximum
      Shares Reserved 	7
      
	     Incorporation
      of Terms of the Plan 	7
      
	     Shares
      Not Acquired 	7
      
	     Powers
      of the Board 	7
      
	     Delegation
      of Powers 	8
      
	     Amendment
      of the Plan 	8
      
	     Approvals
      	9
      
	     Withholding
      Tax 	9
      
	     No
      Rights as a Shareholder 	9
      
	     No
      Rights to Options or Awards 	9
      
	     No
      Right to Employment and the Provision of Services 	9
      
	     Adjustment
      of Options and Awards 	10
      
	  	  
	Article
      3 Share Purchase Options 	11
      
	     Eligibility
      	11
      
	     Subscription
      Price 	11
      
	     Term
      of Options 	11
      
	     Vesting
      of Option Rights 	11
      
	     Variation
      of Vesting Periods 	12
      
	     Limitation
      on Right to Exercise 	12
      
	     Right
      to Exercise Options 	12
      
	     Employees
      Not Eligible for Code Stock Options 	13
      
	     Option
      Commitment 	13
      
	     Manner
      of Exercise 	13
      
	     Delivery
      of Shares 	13
      
	  	  
	Article
      4 Awards 	14
      
	     Eligibility
      	14
      
	     Agreements
      Evidencing Awards 	14
      
	     Restricted
      Share Awards 	14
      
	     Deferred
      Share Awards 	14
      
	     Variation
      of Vesting Periods Due to Termination of Employment or Office 	15
      
	  	  
	Article
      5 General 	16
      
	     Transferability
      	16
      
	     No
      Representation or Warranty 	16
      
	     Compliance
      with Rules and Laws 	16
      
	     Notices
      	16
      
	     Corporate
      Action 	17
      
	     Paperless
      Administration 	17
      
	     Governing
      Law 	17
      
	     Adoption
      of Plan 	17
      

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017 

	Share Option and Incentive Share Plan 	Page | 2 

AMENDED AND RESTATED SHARE OPTION AND INCENTIVE SHARE PLAN

ARTICLE 1 
PURPOSE AND INTERPRETATION 

Purpose 

	1.1 	
      The purpose of the plan will be to advance the interests
      of the Corporation by encouraging equity participation in the Corporation
      through the acquisition of Common Shares of the
  Corporation.

Definitions 

	1.2 	
      In the Plan:

	Associate 	means, if used to indicate a
      relationship with any person, 

	 	(i) 	
      a partner, other than a limited partner, of that
      person,

	 	 	 
	 	(ii) 	
      a trust or estate in which that person has a substantial
      beneficial interest or for which that person serves as trustee or in a
      similar capacity,

	 	 	 
	 	(iii) 	
      an issuer in respect of which that person beneficially
      owns or controls, directly or indirectly, voting securities carrying more
      than 10% of the voting rights attached to all outstanding voting
      securities of the issuer, or

	 	 	 
	 	(iv) 	
      a relative, including the spouse, of that person or a
      relative of that person's spouse, if the relative has the same home as
      that person, if used to indicate a relationship with any
  person;

	Award 	
      means an award of Deferred Shares or Restricted Shares;
      

	  	     
	Award Agreement 	
      means a written document by which each Award is
      evidenced; 

	  	     
	Blackout Period 	
      means the period during which the relevant Participant is
      prohibited from trading in Common Shares pursuant to restrictions imposed
      by the Corporation in accordance with its securities trading policies
      governing trades by Directors, Officers and Employees in the Corporation’s
      securities; 

	  	     
	Board and Board of Directors 	
      means the board of directors of the Corporation;
  

	  	     
	Business Day 	
      means a day upon which the TSX is open for the trading of
      securities; 

	  	     
	Cause 	
      means “Cause” as defined in the Participant’s
      employment agreement with the Corporation, or, if not otherwise covered in
      an employment agreement, for purposes of this Plan means a termination of
      a Participant’s continuous service on account of: dishonesty, fraud,
      misconduct, unauthorized use or disclosure of confidential information or
      trade secrets pursuant to any proprietary information agreement or
      otherwise, breach of an employment contract, covenant not to compete or
      similar agreement with the Corporation, conviction or confession of a
      crime punishable by law (except minor violations), or continued failure to
      perform his duties after written notice of such failure, in each such case
      as determined by the Committee in its sole discretion, and its
      determination shall be conclusive and binding. A Participant who agrees to
      resign from his or her affiliation with the Corporation in lieu of being
      terminated for Cause may be deemed, in the sole discretion of the
      Committee, to have been terminated for Cause for purposes of the Plan;
    

	  	     
	Certificate 	
      means a share certificate (or other appropriate document
      or indicia of ownership) representing Common Shares of the
  Corporation; 

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 3 

	Change of Control 	means the occurrence of any one
      of the following events: 

	 	(i) 	
      less than 50% of the Board being composed of Directors
      who were Continuing Directors;

	 	 	 
	 	(ii) 	
      any person, entity or group of persons or entities acting
      jointly or in concert (an “Acquiror”) acquires or acquires control
      (including without limitation, the right to vote or direct the voting) of
      Voting Securities of the Corporation which when added to the Voting
      Securities owned of record or beneficially by the Acquiror or which the
      Acquiror has the right to vote or in respect of which the Acquiror has the
      right to direct the voting, would entitle the Acquiror and/or associates
      and/or affiliates of the Acquiror (as such terms are defined in the Act)
      to cast or direct the casting of 41% or more of the votes attached to all
      of the Corporation’s outstanding Voting Securities which may be cast to
      elect directors of the Corporation or the successor corporation
      (regardless of whether a meeting has been called to elect
    directors);

	 	 	 
	 	(iii) 	
      the shareholders of the Corporation approve all necessary
      resolutions required to permit any person to accomplish the result set
      forth in §(ii) above, even if the securities have not yet been issued to
      or transferred to that Person;

	 	 	 
	 	(iv) 	
      the Corporation sells or otherwise transfers, including
      by way of the grant of a leasehold interest or joint venture interest (or
      one or more subsidiaries of the Corporation sells or otherwise transfers,
      including without limitation by way of the grant of a leasehold interest
      or joint venture interest) property or assets (A) aggregating more than
      50% of the consolidated assets (measured by either book value or fair
      market value) of the Corporation and its subsidiaries as at the end of the
      most recently completed financial year of the Corporation or (B) which
      during the most recently completed financial year of the Corporation
      generated, or during the then current financial year of the Corporation
      are expected to generate, more than 50% of the consolidated operating
      income or cash flow of the Corporation and its subsidiaries, to any other
      Person or Persons (other than one or more Affiliates of the Corporation),
      in such case the Change in Control shall be deemed to occur on the date of
      transfer of the assets representing one dollar more than 50% of the
      consolidated assets in the case of clause (A) or 50% of the consolidated
      operating income or cash flow in the case of clause (B), as the case may
      be; or

	 	 	 
	 	(v) 	
      the shareholders of the Corporation approve all necessary
      resolutions required to permit any person to accomplish the result set
      forth in §(iv) above;

	Code 	
      means the U.S. Internal Revenue Code of 1986, as amended;
      

	  	     
	Code Stock Option 	
      means an Option to purchase Common Shares with the
      intention that such Option qualify as an “incentive stock option”
      as that term is defined in Section 422 of the Code. No Code Stock Option
      may be granted after the tenth anniversary of the date of adoption of the
      Plan; 

	  	     
	Committee 	
      means the Compensation Committee appointed by the Board
      of Directors to administer this Plan. All references in this Plan to the
      Committee means the Board of Directors if no such compensation committee
      has been appointed or if the Board as a whole chooses to address Committee
      matters; 

	  	     
	Common Shares 	
      means the common shares of the Corporation or, in the
      event of an adjustment contemplated in §2.18, such other shares to which a
      Participant may be entitled as a result of such adjustment;
  

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 4

	Continuing Director 	means: 

	 	(i) 	
      if in respect of the election of Directors, a Director
      who is nominated in the Management Proxy Circular as a Director;
  and

	 	 	 
	 	(ii) 	
      if after the election of Directors, a Director who was
      elected by the shareholders at the last occurring meeting of
      shareholders;

	Corporation 	
      means Tahoe Resources Inc., and for the purposes of
      administering the Plan and the Options issued thereunder includes its
      designated agents and nominees; 

	  	     
	Deferred Shares 	
      means Common Shares subject to Awards that will be issued
      to the Participant upon the passage of time, continued employment by the
      Corporation or upon such other terms and conditions as the Committee may
      determine in its discretion; 

	  	     
	Director 	
      means a person occupying the position of director on the
      Board; 

	  	     
	Disability 	
      for purposes of this Plan means solely because of disease
      or injury, the person is deemed by a qualified physician, selected by the
      Corporation, to be unable to work at his occupation with the Corporation
      and, with respect to a Director, means that, solely because of disease or
      injury, the Director is deemed by a qualified physician, selected by the
      Corporation, to be unable to carry out his responsibilities on the Board;
      

	  	     
	Employee 	
      means an individual who is an employee of the Corporation
      or of a subsidiary of the Corporation; 

	  	     
	Expiry Date 	
      means with respect to an Option, the day on which the
      Option lapses; 

	  	     
	Insider 	
      means: 

	 	(i) 	
      an insider as defined in the Securities Act, other than a
      person who fits within that definition solely by virtue of being a
      director or senior officer of a subsidiary of the Corporation,
  and

	 	 	 
	 	(ii) 	
      an Associate of any person who is an insider by virtue of
      §(i);

	Non-Qualified Stock Option 	
      means an Option to purchase Common Shares granted to a
      person in the United States or to a U.S. Person with the intention that
      such Option not qualify as an “incentive stock option” as
      that term is defined in Section 422 of the Code; 

	  	
       

	Officer 	
      under this Plan means: 

	 	(i) 	
      a chair or vice chair of the Board of Directors, or a
      chief executive officer, chief operating officer, chief financial officer,
      president, vice president, secretary, assistant secretary, treasurer,
      assistant treasurer or general manager,

	 	 	 
	 	(ii) 	
      an individual who is designated as an officer under a
      bylaw or similar authority of the registrant or issuer, or

	 	 	 
	 	(iii) 	
      an individual who performs functions similar to those
      normally performed by an individual referred to in § (i) or §
  (ii);

	Option 	
      means the right to purchase Common Shares granted
      hereunder to a Service Provider; 

	  	     
	Option Commitment 	
      means the notice of grant of an Option provided by the
      Corporation hereunder to a Service Provider in the form determined by the
      Corporation from time to time; 

	  	     
	Option Effective Date 	
      for an Option means the date of grant thereof;
  

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 5

	Option Rights 	
      means the rights of a Participant to acquire Common
      Shares under an Option held by the Participant; 

	  	     
	Optioned Shares 	
      means Common Shares subject to an Option; 

	  	     
	Outstanding Issue 	
      means the number of Common Shares outstanding on a
      non-diluted basis; 

	  	     
	Participant 	
      means a person who receives and accepts Options or
      Awards; 

	  	     
	Person 	
      means any natural person, corporation, company,
      partnership, firm, voluntary association, joint venture, trust,
      unincorporated organization, authority or any other entity whether acting
      in an individual, fiduciary or other capacity; 

	  	     
	Plan 	
      means this Amended and Restated Share Option and
      Incentive Share Plan; 

	  	     
	Regulatory Approval 	
      means the approval of the TSX and any other securities
      regulatory agency that may have jurisdiction in the circumstances;
  

	  	     
	Reserved for Issuance 	
      refers to Common Shares that may be issued in the future
      pursuant to Options and Awards; 

	  	     
	Retired 	
      means with respect to an Officer or Employee, the
      retirement of the Officer or Employee from his duties with the Corporation
      after (i) reaching the age of sixty years and having at least five years
      of employment with the Corporation and/or its Subsidiaries, or (ii)
      completing twenty years of employment with the Corporation and/or its
      Subsidiaries, and, with respect to a Director, retirement occurs when a
      Director is not nominated for re-election as a Director or if nominated is
      not re-elected 

	  	
      as a Director; 

	  	     
	Restricted Shares 	
      means Common Shares subject to Awards that are issued but
      which will only be delivered to the Participant upon the passage of time,
      continued employment of the Participant by the Corporation or upon such
      other terms and conditions as the Committee may determine in its
      discretion; 

	  	     
	Securities Act 	
      means the Securities Act, R.S.B.C. 1996, c. 418, as
      amended from time to time; 

	  	     
	Service Provider 	
      means: 

	 	(i) 	
      an Employee, Officer, or Director of the Corporation or
      of any of its Subsidiaries; and

	 	 	 
	 	(ii) 	
      an individual, other than an Employee, Director or
      Officer of the Corporation, that is engaged to provide ongoing consulting,
      technical, management or other services on a bona fide basis to the
      Corporation or to a Subsidiary under a written contract between the
      Corporation or the Subsidiary for an initial, renewable or extended period
      of twelve months or more and a company or partnership of which the
      individual consultant is an employee or a shareholder or
  partner;

	Share Compensation Arrangement 	
      means the Plan described herein and any other stock
      option, stock option plan, employee stock purchase plan or any other
      compensation or incentive mechanism involving the issuance or potential
      issuance of Common Shares to one or more Service Providers, including a
      share purchase from treasury which is financially assisted by the
      Corporation by way of a loan, guaranty or otherwise; 

	  	     
	Subscription Price 	
      means the amount payable per Common Share on the exercise
      of an Option, as determined in accordance with §3.2, as such may be
      amended from time to time pursuant to §2.18; 

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      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 6 

	Subsidiary 	
      means subsidiary as determined under the Business
      Corporations Act (British Columbia); 

	  	     
	Take-Over Bid 	
      has the meaning assigned to that term in the Securities
      Act but excludes an exempt take-over bid as determined under the
      Securities Act; 

	  	     
	TSX 	
      means The Toronto Stock Exchange; and 

	  	     
	Voting Securities 	
      means Common Shares and any other shares entitled to vote
      for the election of Directors and will include any securities, whether or
      not issued by the Corporation, which are not shares entitled to vote for
      the election of Directors but are convertible into or exchangeable for
      shares which are entitled to vote for the election of Directors including
      any options or rights to purchase such shares or securities.
  

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 7 

ARTICLE 2 
PROVISIONS APPLICABLE TO OPTIONS AND
AWARDS 

Purpose of Granting Options and Awards 

	2.1 	
      The purpose of granting Options and Awards is to attract,
      retain and motivate Service Providers and to compensate them for their
      loyalty and contribution to the Corporation’s long-term growth and
      development, and to encourage them to acquire a proprietary interest in
      the success of the Corporation.

Maximum Shares Reserved 

	2.2 	
      The maximum aggregate number of Common Shares that are
      Reserved for Issuance under Options is 7,500,000 Common Shares and the
      maximum number of Common Shares that are Reserved for Issuance under
      Awards is 3,102,600 Common Shares.

	 	 
	2.3 	
      The maximum aggregate number of Common Shares that, under
      all Share Compensation Arrangements:

	 	(a) 	
      may be Reserved for Issuance, may not exceed 10% of the
      Outstanding Issue;

	 	 	 
	 	(b) 	
      may be issued to Insiders within a one year period, may
      not exceed 10% of the Outstanding Issue at that time;

	 	 	 
	 	(c) 	
      may be issued to any one Insider and his or her
      Associates within a one year period, may not exceed 5% of the Outstanding
      Issue; and

	 	 	 
	 	(d) 	
      may be Reserved for Issuance to non-employee Directors
      may not exceed 5% of the Outstanding Issue at that
time.

	2.4 	
      For the purposes of §2.3:

	 	(a) 	
      Common Shares issuable to an Insider pursuant to a stock
      option or other entitlement that was granted before the person became an
      Insider will be excluded in determining the number of Common Shares
      issuable to Insiders; and

	 	 	 
	 	(b) 	
      Common Shares issuable to a Director pursuant to a stock
      option or other entitlement that was granted before the person became a
      Director, or while the Director was also an Officer; will be excluded in
      determining the number of Common Shares issuable to
  Directors.

Incorporation of Terms of the Plan 

	2.5 	
      Subject to specific variations approved by the Board, all
      terms and conditions set out herein relating to Options will be
      incorporated into and form part of an Option and all terms and conditions
      set out herein relating to Awards will be incorporated into and form part
      of an Award.

Shares Not Acquired 

	2.6 	
      Any Common Shares not acquired under an Option or Award
      which has expired or been cancelled or terminated may be made the subject
      of a further Option or Award, as the case may be, pursuant to the
      provisions of this Plan.

Powers of the Board 

	2.7 	
      The Board will be responsible for the general
      administration of the Plan and the proper execution of its provisions, the
      interpretation of the Plan and the determination of all questions arising
      hereunder. Without limiting the generality of the foregoing, the Board has
      the power to:

	 	(a) 	
      allot Common Shares for issuance in connection with
      Options and Awards granted under the Plan;

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 8 

	 	(b) 	
      grant Options and Awards hereunder; and

	 	 	 
	 	(c) 	
      subject to §2.9, §2.10 and §2.11, Regulatory Approval or
      any shareholder approval required under applicable laws, rules and
      regulations, amend, suspend, terminate or discontinue the Plan, or revoke
      or alter any action taken in connection therewith, except that no
      amendment or suspension of the Plan will, without the written consent of
      the affected Participants, alter or impair any Option or Award granted
      under the Plan.

Delegation of Powers 

	2.8 	
      Save and except as otherwise provided herein, the Board’s
      powers and duties hereunder are delegated to the Committee, which will
      exercise the powers and discharge the duties of the Board in respect of
      the Plan to the same extent as the Board is hereby authorized so to
    do.

Amendment of the Plan 

	2.9 	
      Subject to any specific limitations contained in the
      Plan, and notwithstanding the provisions of §2.8, the Board reserves the
      right, in its absolute discretion, to amend, modify or terminate the Plan
      at any time.

	 	 
	2.10 	
      Notwithstanding §2.9, the Board may not, without approval
      of the holders of a majority of the issued and outstanding Common Shares
      present and voting in person or by proxy at a meeting of holders of such
      securities, amend the Plan or an Option or Award
to:

	 	(a) 	
      increase the number of Common Shares Reserved for
      Issuance under the Plan;

	 	 	 
	 	(b) 	
      make any amendment that would reduce the Subscription
      Price of an outstanding Option (including a cancellation and reissue of an
      Option at a reduced Subscription Price);

	 	 	 
	 	(c) 	
      amend or delete §3.3 to allow for the term of any Option
      to be longer than the 5 year period described therein;

	 	 	 
	 	(d) 	
      permit assignments, or exercises other than by the
      Participant, of Options beyond that contemplated by §3.6, except for an
      amendment that would permit the assignment of an Option for estate
      planning or estate settlement purposes;

	 	 	 
	 	(e) 	
      amend the Plan to provide for other types of compensation
      through equity issuance, unless the change to the Plan or an Option
      results from the application of §2.18;

	 	 	 
	 	(f) 	
      amend or delete §2.3;

	 	 	 
	 	(g) 	
      amend or delete §2.9, §2.10 and§2.11; and

	 	 	 
	 	(h) 	
      amend or delete §4.1.

	2.11 	
      The Board may make the following amendments to the Plan,
      an Option or an Award without obtaining shareholder
  approval:

	 	(a) 	
      amendments to the terms and conditions of the Plan
      necessary to ensure that the Plan complies with the applicable regulatory
      requirements, including without limitation the rules of the TSX or any
      national securities exchange or system on which the Common Shares are then
      listed or reported, or by any regulatory body having jurisdiction with
      respect thereto;

	 	 	 
	 	(b) 	
      making adjustments to outstanding Options in the event of
      certain corporate transactions as contemplated by §2.18;

	 	 	 
	 	(c) 	
      to change to the vesting or termination provisions of (i)
      an Option which does not entail an extension of the term of an Option
      beyond the 5 year period described in §3.3, (ii) an Award, or (iii) the
      Plan;

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 9 

	 	(d) 	
      amendments to the provisions of the Plan respecting
      administration of the Plan and eligibility for participation under the
      Plan;

	 	 	 
	 	(e) 	
      amendments to the provisions of the Plan respecting the
      terms and conditions on which Options or Awards may be granted pursuant to
      the Plan; and

	 	 	 
	 	(f) 	
      amendments to the Plan that are of a “housekeeping
      nature”.

Approvals 

	2.12 	
      This Plan will be subject to shareholder approval and
      acceptance if necessary by the TSX in compliance with all conditions
      imposed by the TSX. Any Options or Awards granted prior to such acceptance
      will be conditional upon such acceptance being given and any conditions
      complied with and no Options or Awards may be exercised unless such
      acceptance is given and such conditions are complied with.

	 	 
	2.13 	
      In addition, in connection with Code Stock Options
      granted under the Plan, the Board will obtain shareholder approval of a
      Plan amendment to the extent required by Section 422 of the Code, and any
      change or adjustment to an outstanding Code Stock Option will not, without
      the consent of the Participant, be made in such a manner so as to
      constitute a “modification” that would cause such Code Stock Option to
      fail to qualify as an Code Stock Option.

Withholding Tax 

	2.14 	
      If the Corporation determines that under the requirements
      of applicable taxation laws it is obliged to withhold for remittance to a
      taxing authority any amount as a condition of the issuance of any Common
      Shares pursuant to any Option or Award, the Corporation may, prior to and
      as a condition of issuing the Common Shares, require the Participant to
      pay to the Corporation such amount as the Corporation is obliged to remit
      to such taxing authority in respect of the issuance of the Common Shares.
      Any such payment will be due no later than the date as of which any amount
      with respect to the issuance of the Common Shares must be remitted by the
      Corporation to such taxing authority. Payment may be in cash or, with the
      prior approval of and upon conditions established by the Committee, by
      withholding or tendering of Common Shares, valued at the closing trading
      price of the Common Shares on the TSX for the previous day prior to the
      date in question.

No Rights as a Shareholder 

	2.15 	
      No Participant will have any of the rights of a
      shareholder of the Corporation with respect to Common Shares subject to
      Options or Awards until the issuance of such shares. Except as otherwise
      provided herein, no adjustments will be made for dividends, distributions
      or other rights (whether ordinary or extraordinary, and whether in cash,
      securities or other property) for which the record date is prior to the
      date such shares are issued.

No Rights to Options or Awards 

	2.16 	
      No Service Provider will have any claim to be granted any
      Option or Award under the Plan, and there is no obligation for uniformity
      of treatment of Service Providers or beneficiaries of Options and Awards
      under the Plan. The terms and conditions of Options and Awards need not be
      the same with respect to any Participant or with respect to different
      Participants.

No Right to Employment and the Provision of Services

	2.17 	
      Nothing contained in the Plan will confer upon a
      Participant any right with respect to employment or provision of services
      with the Corporation or a Subsidiary, or interfere in any way with the
      right of the Corporation or a Subsidiary to terminate the Participant’s
      employment or service at any time. Participation in the Plan by a
      Participant will be at the discretion of the
Committee.

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      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 10 

Adjustment of Options and Awards 

	2.18 	
      The number of Common Shares subject to an Option or Award
      will be subject to adjustment in the events and in the manner
      following:

	 	(a) 	
      in the event that the Board determines that any dividend
      or other distribution (whether in the form of cash, Common Shares, other
      securities or other property), recapitalization, stock split, reverse
      stock split, reorganization, merger, consolidation, combination, issuance
      of warrants or other rights to purchase Common Shares or other securities
      of the Corporation or other similar corporate transaction or event, to, or
      which affects, all holders of common shares pro rata, affects the Common
      Shares such that an adjustment is determined by the Board to be
      appropriate in order to prevent dilution or enlargement of the benefits or
      potential benefits intended to be made available under the Plan, then the
      Board may, in such manner as it may deem equitable, adjust any or all
      of:

	 	(i) 	
      the number and type of Common Shares (or other securities
      or other property) that thereafter may be made the subject of Options or
      Awards,

	 	 	 
	 	(ii) 	
      the number and type of Common Shares (or other securities
      or other property) that may be acquired upon the exercise of outstanding
      Options or which will be subject to outstanding Awards, and

	 	 	 
	 	(iii) 	
      the Subscription Price with respect to outstanding
      Options;

	 	(b) 	
      an adjustment will take effect at the time of the event
      giving rise to the adjustment, and the adjustments provided for in this
      section are cumulative;

	 	 	 
	 	(c) 	
      the Corporation will not be required to issue fractional
      shares in satisfaction of its obligations hereunder and accordingly any
      fractional interest in a Common Share or other security that would, except
      for the provisions of this §2.18, be deliverable upon the exercise of an
      Option or vesting of an Award will be cancelled and not be deliverable by
      the Corporation; and

	 	 	 
	 	(d) 	
      if any questions arise at any time with respect to the
      Subscription Price or number of Common Shares or other securities
      deliverable upon exercise of an Option or pursuant to the vesting of an
      Award in any of the events set out in this §2.18, such questions will be
      conclusively determined by the Corporation’s Auditors, or, if they decline
      to so act, any other firm of Chartered Accountants, in Vancouver, British
      Columbia that the Corporation may designate and who will have access to
      all appropriate records, and such determination will be binding upon the
      Corporation and all Participants.

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 11 

ARTICLE 3 
SHARE PURCHASE OPTIONS 

Eligibility 

	3.1 	
      Options may be granted to Service
  Providers.

Subscription Price 

	3.2 	
      The Subscription Price per Optioned Share will be the
      following:

	 	(a) 	
      the closing price for the Common Shares on the TSX on the
      last trading day before the date of grant of the Option; or

	 	 	 
	 	(b) 	
      if the Common Shares are not listed on the TSX, then as
      calculated in §(a) above by reference to the price on any other stock
      exchange on which the Common Shares are listed (if more than one, then
      using the exchange on which a majority of Common Shares are
  traded).

If the Common Shares are not listed on a stock exchange, the
Subscription Price will be that determined by the directors using good faith
discretion by applying any reasonable valuation method, which may be an
independent third party valuation; provided, that any such determination for an
Option or Award subject to Code Section 409A shall be made in compliance with
the regulations under Code Section 409A.

Factors to be considered in establishing fair market value of
an Option or Award subject to Code Section 409A shall include as applicable: the
value of tangible and intangible assets of the Corporation; the present value of
anticipated future cash flows of the Corporation; the market value of stock or
equity interests in similar corporations and other entities engaged in trades or
businesses substantially similar to those engaged in by the Corporation; the
value of which can be readily determined through nondiscretionary; objective
means (such as through trading prices on an established securities market or an
amount paid in an arm’s length private transaction); recent arm’s length
transactions involving the sale or transfer of Corporation stock or equity
interests; and other relevant factors such as control premiums or discounts for
lack of marketability and whether the valuation method is used for other
purposes that have a material economic effect on the service recipient, its
stockholders, or its creditors. 

The use of a valuation method shall take into consideration all
available information material to the value of the Corporation at the time of
the grant of the Option or Award and the fair market value shall be established
not longer than 12 months prior to the date of the grant of the Option or Award.

Term of Options 

	3.3 	
      Except as described in this §3.3, the term of an Option
      will be such period after the Option Effective Date of the Option, not
      exceeding 5 years, as the Committee determines at the time of granting of
      the Option. However, if the Expiry Date for an Option occurs during a
      Blackout Period applicable to the relevant Participant, or within five
      Business Days after the expiry of a Blackout Period applicable to the
      relevant Participant, the Expiry Date for that Option will be the date
      that is the 10th Business Day after the expiry date of the Blackout Period
      notwithstanding that such date may have the effect of extending the period
      of the Option beyond the 5 years described above.

Vesting of Option Rights 

	3.4 	
      Options granted at a particular time may be exercised
      only:

	 	(a) 	
      after the Option Commitment is received by the
      Participant from the Corporation’s Corporate Secretary; and

	 	 	 
	 	(b) 	
      in accordance with the vesting rights related to the
      Option as prescribed by the Corporation in the Option
  Commitment.

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      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 12 

Variation of Vesting Periods 

	3.5 	
      In the event of a Change of Control of the Corporation or
      a Take-Over Bid being made for Common Shares, the Committee may in its
      discretion provide in the case of a particular Participant that the
      Options held by that Participant may be exercised by the Participant in
      full or in part at any time before the applicable vesting period for those
      Options.

Limitation on Right to Exercise 

	3.6 	
      No Option may be exercised after the Participant, if a
      Director, has ceased to be a Director or if an Employee or other Service
      Provider, has left the employ or service of the Corporation, except as
      follows:

	 	(a) 	
      in the case of death of a Participant, all unvested
      rights of the Participant under the Option will be deemed to have become
      fully vested immediately before the time of such Participant's death, and
      the personal representatives of the Participant will be entitled to
      exercise the Option at any time by the earlier of (i) the Expiry Date of
      the Option, and (ii) the first anniversary of the date on which the
      Participant died;

	 	 	 
	 	(b) 	
      in the case of a Participant who becomes Retired, all
      unvested Option Rights will be deemed to have become fully vested
      immediately before the time that the Participant Retired, and the Options
      held by the Participant will be exercisable by the earlier of (i) the
      Expiry Date of the Option, or (ii) if a Non-qualified Stock Option, the
      first anniversary of the date on which the Participant Retired, or, if a
      Code Stock Option, as provided in the Termination Section of the Option
      Commitment for Code Stock Options;

	 	 	 
	 	(c) 	
      in the case of a Participant becoming unable to work due
      to illness, injury or disability whether or not such Participant is
      entitled to or in receipt of disability benefits, all Option Rights will
      vest, and the Options held by the Participant will be exercisable on the
      same terms as if the Participant had continued to be a Service Provider;
      provided that, if such Option is a Code Stock Option, the Option will be
      exercisable as provided in the Termination Section of the Option
      Commitment for Code Stock Options;

	 	 	 
	 	(d) 	
      in the case of a Participant resigning his office, or
      terminating his employment or service, or being dismissed without Cause,
      the Option Rights that have accrued to such Participant up to the time of
      resignation or termination will be exercisable by the earlier of (i) the
      Expiry Date of the Option and (ii) the 30th day after the date of
      resignation or termination; and

	 	 	 
	 	(e) 	
      in the case of a Participant being dismissed from office,
      employment or service for Cause, the Option and all Option Rights that had
      accrued to the Participant to the date of termination will terminate
      immediately unless otherwise determined by the
Board.

Notwithstanding the provisions of §(d), the Committee may, with
the Participant’s consent, extend the time period during which an Option may be
exercised to no longer than the first to occur of the Expiry Date for the Option
and the end of an agreed upon severance period (but not later than the period
permitted under Code Section 409A) and may permit an Option to be exercised in
respect of any Option Rights that vest during any agreed upon severance period.

Right to Exercise Options 

	3.7 	
      Subject to §3.6(a) or as permitted by applicable
      regulatory authorities in connection with a transfer to a registered
      retirement savings plan or registered retirement income fund established
      by or for the Participant or under which the Participant is the
      beneficiary, an Option may be exercisable only by the Participant to whom
      it is granted.

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      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 13 

Employees Not Eligible for Code Stock Options 

	3.8 	
      Individuals who are not Employees of the Corporation or
      of one of its subsidiaries and who are not subject to taxation in the
      United States, may not be granted Code Stock Options. For purposes of this
      §3.8 “subsidiary” will have the meaning attributed to that term for
      purposes of Section 424(f) of the Code.

Option Commitment 

	3.9 	
      Upon grant of an Option, the Corporation will provide to
      the Service Provider an Option Commitment detailing the terms of the
      Service Provider’s Option, and upon the acceptance and acknowledgement of
      such terms by the Service Provider (in the manner prescribed by the
      Corporation, including through a third party administrator’s electronic
      portal), the Service Provider will be a Participant under this Plan and
      will have the right to purchase the Optioned Shares at the Subscription
      Price set out in the Option Commitment.

Manner of Exercise 

	3.10 	
      A Participant who wishes to exercise his or her Option
      may do so by following the exercise procedures (as may be amended from
      time to time) as prescribed by the Corporation in the Option Commitment
      and which are in effect at the time of exercise, which may include
      submitting to the Corporation:

	 	(a) 	
      a notice of exercise provided in a manner consistent with
      §5.6;

	 	 	 
	 	(b) 	
      cash, a cheque or some other form of guaranteed payment
      for the aggregate Subscription Price for the Optioned Shares being
      acquired; and

	 	 	 
	 	(c) 	
      should the Common Shares be listed on the TSX or another
      recognized exchange at the time an Option is exercised, then payment may
      also be made through a special sale and remittance procedure pursuant to
      which the Participant shall concurrently provide irrevocable written
      instructions or instructions through electronic means acceptable to the
      Corporation (1) to a brokerage firm or another third party administrator
      acceptable to or designated by the Corporation to effect the immediate
      sale of the purchased shares and remit to the Corporation, out of the sale
      proceeds available on the settlement date, sufficient funds to cover the
      aggregate exercise price payable for the purchased shares plus all
      applicable withholding taxes, and (2) to the Corporation to deliver the
      purchased shares directly to such brokerage firm in order to complete the
      sale.

Delivery of Shares 

	3.11 	
      Not later than five Business Days after receipt of the
      notice of exercise and payment for the Optioned Shares being acquired, the
      Corporation will direct its transfer agent to deliver the appropriate
      number of Optioned Shares to the Participant.

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 14

ARTICLE 4 
AWARDS 

Eligibility 

	4.1 	
      Recipients of Awards will be limited to Service Providers
      who are designated from time to time by the Committee in the Committee’s
      sole discretion. Participation will be voluntary.

Agreements Evidencing Awards 

	4.2 	
      Each Award granted under the Plan will be evidenced by a
      document in such form and will contain such terms and conditions as the
      Committee in its sole discretion deems appropriate. The terms of the Award
      Agreements may change from time to time, and the terms of separate Award
      Agreements need not be identical, but each Award Agreement will include
      the following:

	 	(a) 	
      an Award may be awarded in consideration for past or
      future service actually rendered to the Corporation or a
  Subsidiary;

	 	 	 
	 	(b) 	
      subject to other limitations herein, Common Shares
      awarded under an Award Agreement will vest in accordance with a vesting
      schedule set forth in the Award Agreement; and

	 	 	 
	 	(c) 	
      the Committee may grant Awards in tandem with or, subject
      to pre-clearance with the TSX and, if necessary, subject to written
      consent of the Participant, in substitution for any other Award or Awards
      granted under this Plan or any award granted under any other plan of the
      Corporation. By accepting an Award pursuant to the Plan, a Participant
      thereby agrees that the Award will be subject to all of the terms and
      conditions of the Plan and the applicable Award
  Agreement.

Restricted Share Awards 

	4.3 	
      Restricted Share Awards will be governed by the
      following:

	 	(a) 	
      the Committee may grant Restricted Shares to Directors
      and Officers in such amounts and subject to such terms and conditions as
      the Committee may determine in its sole discretion; and

	 	 	 
	 	(b) 	
      promptly after a Participant accepts a Restricted Share
      Award, the Corporation will issue in the Participant’s name the Common
      Shares covered by the Award. Upon the issuance of such Common Shares, the
      Participant will have the rights of a shareholder with respect to the
      Restricted Shares, subject to any restrictions and conditions as the
      Committee in its discretion may include in the applicable Award Agreement.
      Unless the Committee otherwise determines, any Common Shares issued
      evidencing Restricted Shares will remain in the possession of the
      Corporation or its designated agent until such shares are free of any
      restrictions specified in the applicable Award Agreement, and the
      Participant will execute a transfer power in favour of the Corporation to
      allow for the transfer or cancellation of such shares in the event the
      Participant fails to satisfy the restrictions. The Participant shall
      determine whether or not to make an election under Code Section 83, and,
      if made, shall provide a copy of such timely election to the
      Corporation.

	4.4 	
      Restricted Shares may not be, other than by will or by
      the laws of descent and distribution, sold, exchanged, transferred,
      assigned, pledged, hypothecated or otherwise disposed of (including
      through the use of any cash-settled instrument) except as specifically
      provided in the applicable Award Agreement. The Committee at the time of
      grant will specify the date or dates on which the non-transferability of
      the Restricted Shares will lapse.

Deferred Share Awards 

	4.5 	
      Deferred Share Awards will be governed by the
      following:

	 	(a) 	
      the Committee may grant Deferred Shares to Participants
      in such amounts and subject to such terms and conditions as the Committee
      determines in its sole discretion; and

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 15 

	 	(b) 	
      promptly after a Participant accepts a Deferred Share
      Award, the Corporation will reserve for issue to the Participant the
      number of Common Shares covered by the Award. The Common Shares reserved
      for issue to the Participant will be issued and delivered to the
      Participant in accordance with the restrictions and conditions specified
      by Code Section 409A and by the Committee in the applicable Award
      Agreement.

Variation of Vesting Periods Due to Termination of
Employment or Office 

	4.6 	
      Unless otherwise provided in the Award Agreement, if a
      Participant’s employment and/or office with the Corporation and any of its
      Subsidiaries is terminated due to the Participant becoming Retired or
      Disabled or due to death or a Change in Control, there will be immediate
      vesting of all of the Participant’s rights to receive Common Shares under
      his Award upon the effective date such employment or office is
      terminated.

	 	 
	4.7 	
      Subject to §4.8,

	 	(a) 	
      for any termination of employment or office other than
      for those reasons specified in §4.6, only the Awards that have vested
      before the termination date will be payable, and

	 	 	 
	 	(b) 	
      any Awards that have not vested before the termination
      date will expire on the termination date.

	4.8 	
      Notwithstanding the provisions of §4.7, for any
      termination of employment or office other than for those reasons specified
      in §4.6, the Committee may, with the Participant’s consent, accelerate
      vesting of the Participant’s Awards so that such Awards become payable,
      subject to compliance with all applicable tax and securities
  laws.

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 16 

ARTICLE 5 
GENERAL 

Transferability 

	5.1 	
      The benefits and Option Rights or Awards accruing to a
      Participant under the Plan will not be transferable by the Participant
      other than in the manner provided for in the Plan.

No Representation or Warranty 

	5.2 	
      The Corporation makes no representation or warranty as to
      the future market value of Common Shares.

Compliance with Internal Revenue Code Section 409A 

	5.3 	
      To the extent required to avoid penalties under Internal
      Revenue Code Section 409A, the Plan Administrator intends any Option or
      Award issued under the Plan to be exempt from or otherwise to comply in
      all respects with Code Section 409A and related regulations and intends to
      interpret and administer any Option or Award issued under the Plan in
      accordance with Code Section 409A. Notwithstanding any provision to the
      contrary, all taxes associated with participation in the Plan, including
      any liability imposed under Code Section 409A, shall be borne by the
      Participant.

Compliance with Rules and Laws 

	5.4 	
      The Corporation’s obligation to issue and deliver Common
      Shares under any Option or Award is subject
to:

	 	(a) 	
      the satisfaction of all requirements under applicable
      securities law in respect thereof and obtaining all regulatory approvals
      as the Corporation will determine to be necessary or advisable in
      connection with the authorization, issuance or sale thereof;

	 	 	 
	 	(b) 	
      the admission of such Common Shares to listing on any
      stock exchange in Canada or the United States on which Common Shares may
      then be listed; and

	 	 	 
	 	(c) 	
      the receipt from the Participant of such representations,
      agreements and undertakings as to future dealings in such Common Shares as
      the Corporation determines to be necessary or advisable in order to
      safeguard against the violation of the securities laws of any
      jurisdiction.

	5.5 	
      In this connection, the Corporation will take all
      reasonable steps to obtain such approvals and registrations as may be
      necessary for the issuance of such Common Shares in compliance with
      applicable securities laws and for the listing of such Common Shares on a
      stock exchange in Canada or the United States on which the Common Shares
      are then listed.

Notices 

	5.6 	
      All notices are to be given:

	 	(a) 	
      by the Participant to the Corporation in a manner
      prescribed by the Corporation (as may be amended from time to time),
      including through a third party administrator’s electronic portal, and any
      notice given by the Participant will not be effective until actually
      received by the Corporation in the above noted manner; and

	 	 	 
	 	(b) 	
      any notice to be given to the Participant will be
      sufficiently given if delivered (i) through a third party administrator’s
      electronic portal as established by the Corporation at the time such
      notice is given, (ii) personally, or (iii) by postage prepaid mail to the
      last address of the Participant on the records of the Corporation, and
      such notice will be effective upon transmission or delivery or if mailed
      five days after mailing.

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017 

  	Share Option and Incentive Share Plan	Page | 17

Corporate Action 

	5.7 	
      Nothing contained in this Plan or any Option or Award
      granted will be construed so as to prevent the Corporation or any
      Subsidiary of the Corporation from taking corporate action which is deemed
      by the Board to be appropriate or in the best interest of the Corporation,
      whether or not such action would have an adverse effect on this Plan or on
      any Award or Option granted.

Paperless Administration 

	5.8 	
      In the event that the Corporation establishes, for itself
      or using the services of a third party, an automated system for the
      documentation, granting or exercise of Options or Awards, such as a system
      using an internet website or interactive voice response, then the
      paperless documentation, granting or exercise of Options or Awards by a
      Participant may be permitted through the use of such an automated
      system.

Governing Law 

	5.9 	
      This Plan is established under the laws of British
      Columbia and the rights of all parties and the construction and effect of
      each provision of this Plan will be according to the laws of British
      Columbia, the federal laws of Canada applicable in British Columbia, and,
      to the extent applicable, the United States Internal Revenue
  Code.

Adoption of Plan 

	5.10 	
      This Plan was adopted on the 20th day of April, 2010, and
      amended effective (i) March 7, 2013 upon the receipt of shareholder
      approval on May 9, 2013 and (ii) March 9, 2017.

TAHOE RESOURCES INC. 

 

	Per: 	/s/ Ronald W. Clayton 	 
	  	Ronald W. Clayton, President and
      CEO 	 

 

	TAHOE RESOURCES INC. 	APPROVED
      – MARCH 9, 2017

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