Document:

Exhibit 10.1

 

Execution Version

 

SUBSCRIPTION AGREEMENT

BY AND AMONG

Comtech Telecommunications Corp.

AND

THE ENTITIES LISTED ON EXHIBIT B HERETO

Dated as of October 18, 2021

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I. PURCHASE AND SALE OF PURCHASED SHARES	1
	 	 
	Section 1.1	 	Purchase and Sale	1
	Section 1.2	 	Initial Closing	1
	Section 1.3	 	Closing Deliverables	2
	Section 1.4	 	Optional Shares	2
	 	 	 	 
	ARTICLE II. REPRESENTATIONS AND WARRANTIES OF THE COMPANY	4
	 	 
	Section 2.1	 	Organization and Power	4
	Section 2.2	 	Authorization, Etc	4
	Section 2.3	 	Government Approvals	5
	Section 2.4	 	Authorized and Outstanding Stock	6
	Section 2.5	 	Subsidiaries	7
	Section 2.6	 	Private Placement	7
	Section 2.7	 	SEC Documents; Financial Information	7
	Section 2.8	 	Internal Control Over Financial Reporting	8
	Section 2.9	 	Disclosure Controls and Procedures	8
	Section 2.10	 	Litigation	8
	Section 2.11	 	Compliance with Laws; Permits	9
	Section 2.12	 	Taxes	9
	Section 2.13	 	Employee and Labor Matters	9
	Section 2.14	 	Environmental Matters	9
	Section 2.15	 	Registration Rights	9
	Section 2.16	 	Investment Company Act	10
	Section 2.17	 	Nasdaq	10
	Section 2.18	 	Properties	10
	Section 2.19	 	Privacy and Data Security	10
	Section 2.20	 	Insurance	11
	Section 2.21	 	Solvency	11
	Section 2.22	 	No Brokers or Finders	12
	Section 2.23	 	Illegal Payments; FCPA Violations	12
	Section 2.24	 	Economic Sanctions	12
	Section 2.25	 	No Integrated Offering	12
	Section 2.26	 	Shell Company Status	13
	Section 2.27	 	No Additional Representations	13
	Section 2.28	 	No Reliance on Investor Representations	13
	 	 	 	 
	ARTICLE III. REPRESENTATIONS AND WARRANTIES OF THE INVESTORS	13
	 	 
	Section 3.1	 	Organization and Power	13
	Section 3.2	 	Authorization, Etc	13
	Section 3.3	 	Government Approvals	14
	Section 3.4	 	Investment Representations	14
	Section 3.5	 	No Prior Ownership	15

 

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	Section 3.6	 	No Brokers or Finders	15
	Section 3.7	 	No Covered Transaction	15
	Section 3.8	 	Financing	16
	Section 3.9	 	No Additional Representations	16
	Section 3.10	 	No Reliance	16
	 	 	 	 
	ARTICLE IV. COVENANTS OF THE PARTIES	16
	 	 
	Section 4.1	 	Board of Directors	16
	Section 4.2	 	Public Announcement	17
	Section 4.3	 	Restrictions on Transfer	17
	Section 4.4	 	Restrictive Legends	18
	Section 4.5	 	Standstill	20
	Section 4.6	 	Use of Proceeds	22
	Section 4.7	 	Financial Statements and Other Information	22
	Section 4.8	 	Information; Confidentiality	24
	Section 4.9	 	Efforts to Consummate	25
	Section 4.10	 	Adjusted EBITDA	25
	 	 	 	 
	ARTICLE V. Conditions to Initial closing and optional Share purchase closings	25
	 	 
	Section 5.1	 	Conditions to the Obligations of the Company and the Investors	25
	Section 5.2	 	Conditions to the Obligations of the Company to Effect the Initial Closing	25
	Section 5.3	 	Conditions to the Obligations of the Investors to Effect the Initial Closing	26
	Section 5.4	 	Conditions to the Obligations of the Company to Effect any Optional Share Purchase Closing	26
	Section 5.5	 	Conditions to the Obligations of an Exercising Investor to Effect any Optional Share Purchase Closing	27
	 	 	 	 
	ARTICLE VI. Termination	28
	 	 
	Section 6.1	 	Termination	28
	Section 6.2	 	Effect of Termination	29
	 	 	 	 
	ARTICLE VII. MISCELLANEOUS	29
	 	 
	Section 7.1	 	Survival	29
	Section 7.2	 	Counterparts	29
	Section 7.3	 	Governing Law	29
	Section 7.4	 	Entire Agreement; No Third Party Beneficiary	30
	Section 7.5	 	Expenses	30
	Section 7.6	 	Notices	30
	Section 7.7	 	Successors and Assigns	31
	Section 7.8	 	Headings	32
	Section 7.9	 	Amendments and Waivers	32
	Section 7.10	 	Interpretation; Absence of Presumption	32
	Section 7.11	 	Severability	32
	Section 7.12	 	Specific Performance	32
	Section 7.13	 	Corporate Opportunities	33
	Section 7.14	 	Net Funding	34

 

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	Section 7.15	 	Public Announcement	34

 

 

EXHIBITS

 

	Exhibit A Definitions	A-1
	Exhibit B Investors	B-1
	Exhibit C Form of
    Certificate of Designations	C-1
	Exhibit D Form of
    Registration Rights Agreement	D-1
	Exhibit E Disclosure Schedule	E-1
	Exhibit F Form of
    Press Release	F-1
	Exhibit G Form of
    Voting Agreement	G-1

 

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SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
dated as of October 18, 2021 (this “Agreement”), is by and among Comtech Telecommunications Corp., a Delaware
corporation (the “Company”), and the entities that are listed on Exhibit B attached hereto (each, an “Investor”
and collectively, the “Investors”). Capitalized terms used but not defined herein have the meanings assigned to them
in Exhibit A attached hereto.

 

WHEREAS, the Company has authorized
a new series of its preferred stock titled the “Series A Convertible Preferred Stock,” par value $0.10 per share, with
an initial stated value of $1,000 per share (the “Series A Preferred Stock”), in an aggregate number of 125,000
shares;

 

WHEREAS, the Investors severally
and not jointly desire to purchase from the Company, and the Company desires to issue and sell to the Investors, the number of shares
of the Company’s Series A Preferred Stock set forth next to their name on Exhibit B attached hereto, on the terms
hereinafter set forth; and

 

WHEREAS, at the Initial Closing,
and as a condition of and inducement to the Investors’ willingness to enter into this Agreement, (a) the Company and the Investors
will enter into the Registration Rights Agreement, and (b) the Company and the Investors will each enter into a Voting Agreement.

 

NOW, THEREFORE, in consideration
of the premises and the mutual representations, warranties, covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

ARTICLE I.

 

PURCHASE
AND SALE OF PURCHASED SHARES

 

Section 1.1              Purchase
and Sale. On the terms set forth in this Agreement and subject to the satisfaction (or, to the extent permitted by applicable law,
waiver by the party entitled to the benefit thereof) of the conditions set forth in Article V, at the Initial Closing, the
Investors shall purchase, and the Company shall issue, sell, convey and deliver to the Investors, the number of shares of Series A
Preferred Stock set forth next to their names on Exhibit B attached hereto under the heading “Purchased Shares”
(the “Purchased Shares”) for an aggregate purchase price of $100,000,000 and a stated value of $1,000 per share, free
and clear of any liens, pledges, mortgages, security interests or other encumbrances or charges of any kind (other than Permitted Liens)
for the purchase price set forth opposite the name of such Investor on Exhibit B under the heading “Applicable Purchase
Price for the Purchased Shares” (the “Applicable Purchase Price”). The Series A Preferred Stock shall have
the rights, powers, preferences and privileges set forth in the Certificate of Designations (the “Certificate of Designations”)
attached hereto as Exhibit C.

 

Section 1.2              Initial
Closing. On the terms set forth in this Agreement, the closing of the issuance, sale and purchase of the Purchased Shares (the “Initial
Closing”) shall take place remotely via the exchange of final documents and signature pages, on October 19, 2021 or at
such

 

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other times as the Company and the Investors may agree in writing. The date on which the Initial Closing is to occur is herein referred
to as the “Initial Closing Date.”

 

 Section 1.3              Closing Deliverables. At the Initial Closing:

 

(a)           each
Investor shall, severally and not jointly, (i) pay, or cause to be paid, to the Company the full amount of the Applicable Purchase
Price payable by such Investor by wire transfer of immediately available funds to an account designated in writing by the Company at least
two (2) Business Days prior to the Initial Closing Date, (ii) deliver to the Company a duly executed, valid, accurate and properly
completed Internal Revenue Service Form W-9 or the applicable Form W-8, as applicable, (iii) deliver to the Company a duly
executed counterpart to the Registration Rights Agreement, and (iv) deliver to the Company a duly executed counterpart to a Voting
Agreement between the Company and such Investor; and

 

(b)            the
Company shall (i) issue and deliver to each Investor evidence reasonably satisfactory to such Investor of the issuance of the applicable
Purchased Shares in the name of such Investor by book-entry on the books and records of the Company, (ii) file the Certificate of
Designations with the Secretary of State of the State of Delaware and provide evidence of such filing to the Investors, (iii) deliver
to the Investors a duly executed counterpart to the Registration Rights Agreement, and (iv) deliver to the Investors duly executed
counterparts to their respective Voting Agreements.

 

 Section
1.4               Optional
Shares.

 

(a)            The
Company hereby conveys to each of the Investors a one-time option exercisable by each of the Investors on one occasion at any time on
or prior to March 31, 2023 (the “Exercise Period”), to purchase all (but not less than all) of the number of shares
of Series A Preferred Stock set forth next to their names on Exhibit B attached hereto under the heading “Optional
Shares” for an aggregate purchase price of $25,000,000 and a stated value of $1,000 per share (the “Optional Shares”)
for the purchase price set forth opposite the name of such Investor on Exhibit B under the heading “Applicable Purchase
Price for the Optional Shares” (such option, the “Optional Shares Election Option”). For the avoidance of doubt,
the Optional Shares Election Option may be exercised by each of the Investors at any time during the Exercise Period, and need not be
exercised by the Investors at the same time. By written notice to the Company, an Investor may terminate its Optional Shares Election
Option at any time prior to the applicable Optional Share Purchase Closing.

 

(b)            The
Optional Shares Election Option may, severally and not jointly, be irrevocably (subject to Section 1.4(d) and the satisfaction
(or, to the extent permitted by applicable law, waiver by the party entitled to the benefit thereof) of the applicable conditions set
forth in Article V), exercised by an Investor (the “Exercising Investor”) by delivering to the Company
a written notice (each such notice, an “Exercise Notice”) stating that the Exercising Investor is exercising its Optional
Shares Election Option.

 

(c)             No
later than five (5) Business Days following the date of the delivery of an Exercise Notice, the Company and the Exercising Investor
shall mutually determine in writing the place and time for the closing of the issuance, sale and purchase of the applicable Optional

 

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Shares (each such closing,
an “Optional Share Purchase Closing”). The obligations of the Company and the Exercising Investor to purchase the
applicable Optional Shares at the applicable Optional Share Purchase Closing (the date thereof, the “Optional Share Purchase
Closing Date”) shall be subject to the satisfaction (or, to the extent permitted by applicable law, waiver by the party entitled
to the benefit thereof) of the conditions set forth in Article V applicable to an Optional Share Purchase Closing.

 

(d)          The
Company shall have the right to update and/or supplement the Disclosure Schedules prior to any Optional Share Purchase Closing to reflect
any and all events, circumstances or changes that arise after the date of this Agreement by delivery to the Exercising Investor of one
or more written updates and/or supplements (each, a “Disclosure Update”). The applicable Disclosure Schedules shall
be deemed amended and supplemented by all information set forth in any such Disclosure Update and each of the representations and warranties
made in this Agreement shall be deemed qualified by the Disclosure Update, unless the Exercising Investor delivers written notice to the
Company within five (5) Business Days after receipt of the Disclosure Update rejecting the Disclosure Update and withdrawing its
Exercise Notice, in which case the Exercise Notice shall be deemed withdrawn and, for the avoidance of doubt the Optional Shares Election
Option shall continue in force and effect in accordance with the terms hereof as if the Election Notice had never been delivered. If the
Exercising Investor does not reject the Disclosure Update in accordance with the immediately preceding sentence, the applicable sections
of the Disclosure Schedules shall be deemed amended and supplemented by all information set forth in such Disclosure Update, each of the
representations and warranties made in this Agreement shall be deemed qualified by the Disclosure Update, and subject to the satisfaction
(or, to the extent permitted by applicable law, waiver by the party entitled to the benefit thereof) of the conditions set forth in Article V
applicable to an Optional Share Purchase Closing, the Exercising Investor shall be obligated to purchase the applicable Optional Shares
at the applicable Optional Share Purchase Closing.

 

(e)            At
each Optional Share Purchase Closing:

 

(i)            the
Exercising Investor shall (A) pay, or cause to be paid, to the Company the purchase price for the Optional Shares to be purchased
by the Exercising Investor at the applicable Optional Share Purchase Closing by wire transfer of immediately available funds to an account
designated in writing by the Company at least two (2) Business Days prior to such Optional Share Purchase Closing, and (B) deliver
to the Company a duly executed, valid, accurate and properly completed Internal Revenue Service Form W-9 or the applicable Form W-8,
as applicable; and

 

(ii)           the
Company shall issue and deliver to the Exercising Investor evidence reasonably satisfactory to the Exercising Investor of the issuance
of the Optional Shares to be purchased by the Exercising Investor at the applicable Optional Share Purchase Closing in the name of the
Exercising Investor by book-entry on the books and records of the Company.

 

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ARTICLE II.

 

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

The Company represents and
warrants to the Investors as of the date of this Agreement, as of the Initial Closing and as of each Optional Share Purchase Closing (except
to the extent made only as of a specified date, in which case such representation and warranty is made as of such date) that, except (a) as
set forth in the SEC Documents (other than disclosures in the “Risk Factors” or “Forward-Looking Statements” sections
or similarly captioned sections of any such filings) and (b) as set forth on Exhibit E (the “Disclosure Schedule”)
(all such exceptions disclosed in the Disclosure Schedule being numbered to correspond to the applicable Section of this Article II,
provided, however, that any such exception shall be deemed to be disclosed with respect to each other representation or
warranty to which the relevance of such exception is reasonably apparent on the face of such disclosure):

 

Section 2.1              Organization
and Power.

 

(a)            The
Company is a corporation validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate
power and authority necessary to own or lease its properties and to carry on its business as presently conducted, except (other than with
respect to the Company’s valid existence and good standing) as has not had, and would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect. The Company is duly licensed or qualified to do business as a foreign corporation in each
jurisdiction wherein the character of its property or the nature of the activities presently conducted by it, makes such qualification
necessary, except where the failure to be so licensed or qualified has not had, and would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

 

(b)            Each
of the Company’s Subsidiaries is a corporation, limited liability company, partnership or other entity validly existing and in good
standing (where such concept is recognized under applicable law) under the laws of the jurisdiction of its incorporation or formation
(as applicable), except, with respect only to each Subsidiary of the Company that would not constitute a Significant Subsidiary (as defined
in Rule 1-02 of Regulation S-X (17 C.F.R. Part 210)), where the failure to be so existing and in good standing has not had,
and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Each of the Company’s
Subsidiaries has all requisite corporate, limited liability company, partnership or other entity power and authority necessary to own
or lease its properties and to carry on its business as presently conducted, except as has not had, and would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect. Each of the Company’s Subsidiaries is duly licensed or qualified
to do business as a foreign corporation, limited liability company, partnership or other entity in each jurisdiction wherein the character
of its property or the nature of the activities presently conducted by it, makes such qualification necessary, except where the failure
to be so licensed or qualified has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.

 

Section 2.2              Authorization,
Etc.

 

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(a)            The
Company has all necessary corporate power and authority and has taken all necessary corporate action required for the due authorization,
execution, delivery and performance by the Company of this Agreement and each other agreement contemplated hereby, and the consummation
by the Company of the transactions contemplated hereby and thereby, the filing of the Certificate of Designations with the Secretary of
State of the State of Delaware and for the due authorization, issuance, sale and delivery of the Purchased Shares and the reservation,
issuance and delivery of the Conversion Shares and the Optional Shares.

 

(b)            The
authorization, execution, delivery and performance by the Company of this Agreement and each other agreement contemplated hereby, and
the consummation by the Company of the transactions contemplated hereby and thereby, including the filing of the Certificate of Designations
and the issuance of the Purchased Shares, the Conversion Shares and if applicable, the Optional Shares do not and will not: (i) violate
or result in the breach of any provision of the Certificate of Incorporation, Bylaws and Certificate of Designations; or (ii) with
such exceptions that have not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect: (x) violate any provision of, constitute a breach of, or default under, any judgment, order, writ, or decree applicable to
the Company or any of its Subsidiaries or any material contract, mortgage or credit agreement to which the Company or any of its Subsidiaries
is a party; (y) violate any provision of, constitute a breach of, or default under, any applicable state, federal or local law, rule or
regulation; or (z) result in the creation of any liens, pledges, mortgages, security interests or other encumbrances or charges of
any kind upon any assets of the Company or any of its Subsidiaries or the suspension, revocation or forfeiture of any franchise, permit
or license granted by a governmental authority to the Company or any of its Subsidiaries, other than liens under federal or state securities
laws.

 

(c)            No
shareholder approval is required pursuant to the rules of the Nasdaq Stock Market in connection with the issuance of the Purchased
Shares, Optional Shares or Conversion Shares. This Agreement has been, and the other agreements contemplated hereby, at the Initial Closing
will be, duly executed and delivered by the Company. Assuming due execution and delivery thereof by each of the other parties hereto or
thereto, this Agreement and the other agreements contemplated hereby will each be a valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as such enforceability may be limited by applicable laws relating to bankruptcy,
insolvency, reorganization, moratorium or other similar legal requirement relating to or affecting creditors’ rights generally and
except as such enforceability is subject to general principles of equity (regardless of whether enforceability is considered in a proceeding
in equity or at law). The Company has taken all appropriate actions so that the restrictions on business combinations contained in Section 203
of the DGCL will not apply with respect to or as a result of the issuance of the Purchased Shares (or the Conversion Shares or the Optional
Shares) to the Investors or the Transfer thereof to its Permitted Transferees in accordance with this Agreement, without any further action
on the part of the stockholders of the Company or the Board of Directors.

 

Section 2.3              Government
Approvals. No consent, approval or authorization of, or filing with, any court or governmental authority is or will be required on
the part of the Company in connection with the execution, delivery and performance by the Company of this Agreement and the other agreements
contemplated hereby, or in connection with the issuance of the Purchased

 

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Shares, the Conversion Shares or the Optional Shares, except
for (a) the filing of the Certificate of Designations with the Secretary of State of the State of Delaware; (b) those which
have already been made or granted, including the approval of the listing of the Conversion Shares with the Nasdaq Stock Market; (c) the
filing of a Form D and current report on Form 8-K with the SEC; and (d) filings with applicable state securities commissions.

 

Section 2.4              Authorized
and Outstanding Stock.

 

(a)         The
authorized capital stock of the Company consists of 100,000,000 shares of common stock, $0.10 par value per share (“Common Stock”),
and 2,000,000 shares of preferred stock, $0.10 per value per share (“Preferred Stock”). Of such Preferred Stock, upon
the filing of the Certificate of Designations with the Secretary of State of the State of Delaware, 125,000 shares will be designated
as the Series A Preferred Stock. The Company does not have any other issued and outstanding shares of Preferred Stock.

 

(b)            As
of October 14, 2021, (i) 26,336,270 shares of Common Stock were issued and outstanding, (ii) 15,033,317 shares of Common
Stock were held by the Company as treasury shares, (iii) 2,407,616 shares of Common Stock were reserved for issuance upon the exercise
of outstanding options to purchase Common Stock or in connection with the settlement of outstanding vested or unvested restricted stock
units or performance shares awards issued pursuant to the Stock Plans or the vesting of outstanding unvested restricted stock units not
issued pursuant to the Stock Plans (assuming, in the case of any awards that are subject to the attainment of performance goals, that
applicable performance goals are attained at the maximum level), and (iv) 10,540 shares of Common Stock have been purchased by employees
of the Company under the Company’s employee stock purchase plan but have not yet been issued; provided that once such shares of
Common Stock are issued, such shares will be deemed issued and outstanding as of October 14, 2021.

 

(c)            All
of the issued and outstanding shares of Common Stock of the Company are, and when issued in accordance with the terms hereof, the Purchased
Shares will be, duly authorized and validly issued and fully paid and non-assessable. The shares of Common Stock issuable upon conversion
of the Purchased Shares or Optional Shares (the “Conversion Shares”) have been reserved for issuance and, when issued
upon conversion thereof in accordance with the terms of the Certificate of Designations in accordance with their terms will be validly
issued and fully paid and non-assessable and will not be subject to any preemptive right or any restrictions on transfer under applicable
law or any contract to which the Company is a party, other than those under applicable state and federal securities and antitakeover laws,
this Agreement and the Registration Rights Agreement. When issued in accordance with the terms hereof, the Purchased Shares and the Conversion
Shares will be free and clear of all liens (other than Permitted Liens).

 

(d)            Except
as otherwise expressly described in this Agreement: (i) no subscription, warrant, option, convertible security or other right issued
by the Company to purchase or acquire any shares of capital stock of the Company is authorized or outstanding; (ii) there is not
any commitment of the Company to issue any subscription, warrant, option, convertible security or other such right or to issue or distribute
to holders of any shares of its capital stock; (iii) the Company has no obligation to purchase, redeem or otherwise acquire any
shares of its capital

 

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stock or to pay any dividend or make any other distribution in respect thereof; and (iv) there are no agreements between
the Company and any holder of its capital stock relating to the acquisition, disposition or voting of the capital stock of the Company.
No person or entity is entitled to any preemptive right granted by the Company with respect to the issuance of any capital stock of the
Company.

 

Section 2.5              Subsidiaries.
The Company, directly or indirectly, owns of record and beneficially, free and clear of all liens, pledges, mortgages, security interests
or other encumbrances or charges of any kind, other than Permitted Liens, all of the issued and outstanding capital stock or equity interests
of each of its Subsidiaries. All of the issued and outstanding capital stock or equity interests of the Company’s Subsidiaries has
been duly authorized and validly issued, and in the case of corporations, is fully paid and non-assessable. There are no outstanding rights,
options, warrants, preemptive rights, conversion rights, rights of first refusal or similar rights for the purchase or acquisition from
any of the Company’s Subsidiaries of any securities of such Subsidiaries nor are there any commitments to issue or execute any such
rights, options, warrants, preemptive rights, conversion rights or rights of first refusal.

 

Section 2.6              Private
Placement. Assuming the accuracy of the representations and warranties of the Investors set forth in Section 3.4 (Investment
Representations), the offer and sale of the Purchased Shares pursuant to this Agreement will be exempt from the registration requirements
of the Securities Act.

 

Section 2.7              SEC
Documents; Financial Information. Since January 1, 2019, the Company has timely filed (a) all annual and quarterly reports
and proxy statements (including all amendments, exhibits and schedules thereto) and (b) all other reports and other documents (including
all amendments, exhibits and schedules thereto), in each case required to be filed by the Company with the SEC pursuant to the Exchange
Act and the Securities Act except, in the case of clause (b), where the failure to file has not had, and would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect. As of their respective filing dates (or, if amended or superseded
by a filing prior to the date of this Agreement, on the date of such amended or superseding filing), such SEC Documents complied in all
material respects with the requirements of the Securities Act, the Exchange Act and the rules and regulations of the SEC thereunder
applicable to such SEC Documents, and as of their respective dates (or, if amended or superseded by a filing prior to the date of this
Agreement, on the date of such amended or superseding filing) none of the SEC Documents contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Documents
(the “Financial Statements”) comply as of their respective dates in all material respects with applicable accounting
requirements and the rules and regulations of the SEC with respect thereto (except as may be indicated in the notes thereto or,
in the case of the unaudited statements, as permitted by Form 10-Q promulgated by the SEC), and present fairly in all material respects
as of their respective dates the consolidated financial position of the Company and its Subsidiaries as at the dates thereof and the
consolidated results of their operations and their consolidated cash flows for each of the respective periods, all in conformity with
GAAP, applied on a consistent basis during the periods involved (except as may be indicated in such Financial Statements or the notes
thereto and subject, in the case of the

 

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unaudited financial statements, to normal and recurring year-end and audit adjustments). There
is no transaction, arrangement or other relationship between the Company and/or any of its Subsidiaries and an unconsolidated or other
off-balance sheet entity that is required by applicable law to be disclosed by the Company in its SEC Documents and is not so disclosed.
Since December 31, 2020 through the date hereof, no event has occurred that has had, or would reasonably be expected to have, a
Material Adverse Effect. The Company satisfies the “registrant requirements” for use of Form S-3 set forth in General
Instruction I.A to Form S-3 promulgated by the SEC. The Company and its Subsidiaries do not have any liabilities or obligations
that would be required under GAAP, as in effect on the date of this Agreement, to be reflected on a consolidated balance sheet of the
Company (accrued, absolute, contingent or otherwise), other than liabilities or obligations (i) reflected on, reserved against,
or disclosed in the notes to, the Company’s most recent consolidated balance sheet included in the SEC Documents, (ii) that
were incurred after the date of the Company’s most recent consolidated balance sheet included in the SEC Documents in the ordinary
course of business, (iii) as expressly contemplated by this Agreement or otherwise incurred in connection with the transactions
contemplated by this Agreement, (iv) that have been discharged or paid prior to the date of this Agreement, or (v) as have
not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section 2.8           Internal
Control Over Financial Reporting. The Company has disclosed, based on its most recent evaluation prior to the date hereof, to the
Company’s outside auditors and the Audit Committee of the Board of Directors (a) any significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange
Act) that are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information
and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s
internal control over financial reporting.

 

Section 2.9              Disclosure
Controls and Procedures. The Company has established and maintains disclosure controls and procedures (as such term is defined in
Rule 13a-15 and 15d-15 under the Exchange Act) that are designed to provide reasonable assurance that material information relating
to the Company, including its Subsidiaries, that is required to be disclosed by the Company in the reports that it furnishes or files
under the Exchange Act is reported within the time periods specified in the rules and forms of the SEC and that such material information
is communicated to the Company’s management to allow timely decisions regarding required disclosure.

 

Section 2.10            Litigation.
There is no litigation or governmental proceeding pending or, to the knowledge of the Company, threatened in writing, against the Company
or any of its Subsidiaries or affecting any of the business, operations, properties or assets of the Company or any of its Subsidiaries
which, in any such case, would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Neither the
Company nor any of its Subsidiaries is in default with respect to any order, writ, injunction, decree, ruling or decision of any court,
commission, board or other government agency that is expressly applicable to the Company or any of its Subsidiaries which, in any such
case, would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

    8 

     

    

 

Section 2.11            Compliance
with Laws; Permits. The Company and its Subsidiaries are in compliance with all applicable laws, except as has not had, and would
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company and its Subsidiaries possess
all permits and licenses of governmental authorities that are required to conduct their business as currently conducted, except as has
not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section 2.12            Taxes.
The Company and each of its Subsidiaries has filed all Tax Returns required to be filed within the applicable periods for such filings
(with due regard to any extension) and has timely paid all Taxes required to be paid, except for any such failures to file or pay that
have not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section 2.13           Employee
and Labor Matters. Except where the failure to comply has not had, and would not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect, (a) the Company and its Subsidiaries are in compliance with all applicable laws relating
to labor, employment, fair employment practices, terms and conditions of employment, and wages and hours, and with the terms of the ERISA
Documents, and (b) each such ERISA Document is in compliance with all applicable requirements of ERISA. None of the Company, its
Subsidiaries and their respective directors, officers, employees or agents has engaged in any transaction that would reasonably be expected
to subject the Company or any of its Subsidiaries, directly or indirectly, to any tax or civil penalty that would reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect. Since January 1, 2019, there have not been any strikes,
labor disputes, lockouts, slowdowns or other material labor disputes against the Company or any of its Subsidiaries pending, or to the
knowledge of the Company, threatened. To the knowledge of the Company, except as would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect, the execution and delivery of this Agreement and the other agreements contemplated hereby
and the consummation of the transactions contemplated hereby and thereby do not and will not give rise to any right of termination or
any payment right under any employment or consulting agreement to which the Company or any of its Subsidiaries is a party or any right
of renegotiation on the part of any union under any collective bargaining agreement by which the Company or any of its Subsidiaries is
bound.

 

Section 2.14            Environmental
Matters. The Company and its Subsidiaries are in compliance with all applicable Requirements of Environmental Law, except where the
failure to comply has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
The Company and its Subsidiaries have not received within the past three years any written notice from any Governmental Entity of any
violation or alleged violation of any Requirements of Environmental Law in connection with their respective properties, except as has
not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

Section 2.15         Registration
Rights. Except as provided in this Agreement or the Registration Rights Agreement or disclosed in the SEC Documents, the Company has
not granted any rights to register under the Securities Act any of its presently outstanding securities or any of its securities that
may be issued subsequently.

 

    9 

     

    

 

Section 2.16           Investment
Company Act. The Company is not, and immediately after giving effect to the sale of the Purchased Shares in accordance with this
Agreement and the application of the proceeds thereof will not be required to be registered as, an “investment company” or
a company “controlled” by an “investment company,” within the meaning of the Investment Company Act.

 

Section 2.17             Nasdaq.
As of the date hereof, the Company’s Common Stock is listed on the Nasdaq Stock Market, and no event has occurred, and the Company
is not aware of any event that is reasonably likely to occur, that would result in the Common Stock being delisted from the Nasdaq Stock
Market. The Company is in compliance in all material respects with applicable continued listing requirements of the Nasdaq Stock Market.

 

Section 2.18            Properties.
Each of the Company and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material
to its business free and clear of any liens, pledges, mortgages, security interests or other encumbrances or charges of any kind, except,
in each case, as would not reasonably be expected to result in a Material Adverse Effect, and for Permitted Liens. Except as have not
had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) each of the
Company and its Subsidiaries exclusively owns, or is validly licensed to use, or otherwise has the valid right to use, all trademarks,
tradenames, copyrights, patents and other intellectual property used in, held for use in or necessary to its business as currently conducted
free and clear of any liens, pledges, mortgages, security interests or other encumbrances or charges of any kind, except for Permitted
Liens, and (ii) neither the use thereof, or the operation of the Company’s and its Subsidiaries businesses, by the Company
and each Subsidiary infringes upon, violates or misappropriates (or has infringed upon, violated or misappropriated) the rights of any
other Person. No claim or litigation regarding any trademarks, tradenames, copyrights, patents or other intellectual property owned by,
used by, or held for use by the Company or its Subsidiaries (including any claims or litigations challenging the validity or enforceability
thereof) is pending or, to the knowledge of the Company, threatened against the Company or any Subsidiary of the Company that, individually
or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. All (i) trademark and service mark registrations
and applications, (ii) patents and patent applications, (iii) copyright registrations and applications, and (iv) domain
name registrations, in each case, owned or purported to be owned by the Company or a Subsidiary, is subsisting, valid, and enforceable,
except, individually or in the aggregate, as would not reasonably be expected to result in a Material Adverse Effect. The Company and
its Subsidiaries have taken commercially reasonable measures to maintain and protect their right, title and interest in all intellectual
property owned or purported to be owned by the Company or a Subsidiary, and the Company has maintained the confidentiality of all confidential
information and trade secrets in its possession, except, in each case, as would not reasonably be expected to result in a Material Adverse
Effect.

 

Section 2.19            Privacy
and Data Security. Except as would not reasonably be expected to result in a Material Adverse Effect, (a) the Company and its
Subsidiaries have established written privacy policies applicable to the collection, use, disclosure, maintenance and transmission of
Personal Data, (b) each of the Company and its Subsidiaries is in compliance in all material respects with their written privacy
policies, contracts which impose requirements relating to the collection, processing, storage, disclosure, disposal or other handling
of Personal Data, any 

 

    10 

     

    

 

applicable laws relating
to privacy, data protection, anti-spam, personal information and similar consumer protection laws, and any applicable industry standards
which impose requirements on the collection, processing, storage, disclosure, disposal or other handling of Personal Data (collectively,
the “Privacy Requirements”). Except as would not reasonably be expected to result in a Material Adverse Effect, neither
the operation by the Company or any of its Subsidiaries of any its websites nor the content thereof or data processed, collected, stored
or disseminated by such entity in connection therewith, violates in any material respect any applicable law regarding privacy, data protection,
anti-spam, personal information and similar consumer protection laws. Since January 1, 2019, none of the Company nor any of its
Subsidiaries has experienced (i) incidents of unauthorized access or other security breaches, including any loss, misuse, damage,
unauthorized access, unauthorized disclosure or unauthorized use of any Personal Data, or (ii) any other event that the Company
or any of its Subsidiaries required a data breach notice to any Person or Governmental Entity under Privacy Requirements, except, in
each case, as would not reasonably be expected to result in a Material Adverse Effect. Except as, individually or in the aggregate, would
not reasonably be expected to result in a Material Adverse Effect, the hardware, software, databases, web sites, mobile applications,
servers, workstations, routers, hubs, switches, circuits, networks, communications networks, and other information technology owned,
licensed, leased or otherwise used, distributed or held for use by the Company or its Subsidiaries (i) have not, within the three (3) years
prior to the date of this Agreement, malfunctioned or failed in a manner that resulted in chronic or otherwise material disruptions to
the operation of the business of the Company and its Subsidiaries, and (ii) are adequate for the Company’s and its Subsidiaries’
businesses as currently conducted.

 

Section 2.20            Insurance.
As of the date of this Agreement, the insurance policies of the Company and its Subsidiaries are in full force and effect and all premiums
in respect of such insurance have been timely paid except, in each case, as would not reasonably be expected to result in a Material Adverse
Effect. Except as would not reasonably be expected to result in a Material Adverse Effect, the Company believes that the insurance maintained
by or on behalf of the Company and the Subsidiaries is in such amounts and against such risks as is (a) customarily maintained by
companies of established repute engaged in the same or similar businesses operating in the same or similar locations and (b) adequate
for the type of business conducted by the Company and its Subsidiaries.

 

Section 2.21            Solvency.
After giving effect to the transactions contemplated hereby: (a) the sum of the debts and liabilities, direct, subordinated, contingent
or otherwise, on a consolidated basis of the Company and its Subsidiaries, does not exceed the fair value of the assets of the Company
and its Subsidiaries on a consolidated basis, and the present fair saleable value of the property of the Company and its Subsidiaries
on a consolidated basis will be greater than the amount that will be required to pay the probable liability of the Company and its Subsidiaries
on a consolidated basis on their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities
become absolute and matured, (b) the capital of the Company and its Subsidiaries, taken as a whole, is not unreasonably small in
relation to the business of the Company or its Subsidiaries, taken as a whole, contemplated as of the date hereof and (c) the Company
and its Subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur, debts including current obligations beyond
their ability to pay such debt as they mature in the ordinary course of business.

 

    11 

     

    

 

 

Section 2.22           No
Brokers or Finders. No Person has or will have, as a result of the transactions contemplated by this Agreement, any right, interest
or claim against or upon the Company, any of its Subsidiaries or the Investors for any commission, fee or other compensation as a finder
or broker because of any act of the Company or any of its Subsidiaries.

 

Section 2.23           Illegal
Payments; FCPA Violations. Except as has not had, and would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, since January 1, 2019, none of the Company, any of its Subsidiaries or, to the knowledge of the Company,
any officer, director, employee, agent, representative or consultant acting on behalf of the Company or any of its Subsidiaries (and
only in their capacities as such) has, in connection with the business of the Company: (a) unlawfully offered, paid, promised to
pay, or authorized the payment of, directly or indirectly, anything of value, including money, loans, gifts, travel, or entertainment,
to any Government Official with the purpose of (i) influencing any act or decision of such Government Official in his or her official
capacity; (ii) inducing such Government Official to perform or omit to perform any activity in violation of his or her legal duties;
(iii) securing any improper advantage; or (iv) inducing such Government Official to influence or affect any act or decision
of such Governmental Entity, except, with respect to the foregoing clauses (i) through (iv), as permitted under the U.S. Foreign
Corrupt Practices Act or other applicable law; (b) made any illegal contribution to any political party or candidate; (c) made,
offered or promised to pay any unlawful bribe, payoff, influence payment, kickback, unlawful rebate, or other similar unlawful payment
of any nature, directly or indirectly, in connection with the business of the Company, to any Person, including any supplier or customer;
(d) knowingly established or maintained any unrecorded fund or asset or made any false entry on any book or record of the Company
or any of its Subsidiaries for any purpose; or (e) otherwise violated the U.S. Foreign Corrupt Practices Act of 1977, as amended,
the UK Bribery Act 2010, as amended, or any other applicable anti-corruption or anti-bribery law.

 

Section 2.24           Economic
Sanctions. Except as has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect, the Company is not in contravention of any sanction, and has not engaged in any conduct sanctionable, under U.S. economic sanctions
laws, including applicable laws administered and enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control,
31 C.F.R. Part V, the Iran Sanctions Act, as amended, the Comprehensive Iran Sanctions, Accountability and Divestment Act, as amended,
the Iran Threat Reduction and Syria Human Rights Act, as amended, the Iran Freedom and Counter-Proliferation Act of 2012, as amended,
and any executive order issued pursuant to any of the foregoing.

 

Section 2.25           No
Integrated Offering. Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or
indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause
this offering of the Purchased Shares or the Optional Shares, as applicable, to be integrated with prior offerings by the Company for
purposes of (i) applicable federal securities laws which would require the registration of any such securities under such laws,
or (ii) any applicable shareholder approval provisions of the Nasdaq Stock Market.

 

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Section 2.26           Shell
Company Status. The Company is not, and to the knowledge of the Company, has never been, an issuer identified in, or subject to,
Rule 144(i)(1) of the Securities Act.

 

Section 2.27           No
Additional Representations. Except for the representations and warranties made by the Company in this Article II, neither
the Company nor any other Person makes any express or implied representation or warranty with respect to the Company or any Subsidiaries
or their respective businesses, operations, assets, liabilities, employees, employee benefit plans, conditions or prospects, and the
Company hereby disclaims any such other representations or warranties. In particular, without limiting the foregoing disclaimer, neither
the Company nor any other Person makes or has made any representation or warranty to the Investors, or any of their Affiliates or representatives,
with respect to (a) any financial projection, forecast, estimate, budget or prospect information relating to the Company or any
of its Subsidiaries or their respective business, or (b) any oral or written information presented to the Investors or any of their
Affiliates or representatives in the course of their due diligence investigation of the Company, the negotiation of this Agreement or
in the course of the transactions contemplated hereby. Notwithstanding anything to the contrary herein, nothing in this Agreement shall
limit the right of the Investors and their Affiliates to rely on the representations and warranties expressly set forth in this Article II,
nor will anything in this Agreement operate to limit any claim by any Investor or any of its respective Affiliates for Fraud.

 

Section 2.28           No
Reliance on Investor Representations. The Company acknowledges and agrees, on behalf of itself and its Affiliates, that, except for
the representations and warranties contained in Article III, neither the Investors nor any other Person, makes any express
or implied representation or warranty with respect to the Investors, their Affiliates or their respective businesses, operations, assets,
liabilities, employees, conditions or prospects, and the Company, on behalf of itself and its Affiliates, hereby disclaims reliance upon
any such other representations or warranties.

 

ARTICLE III.

 

REPRESENTATIONS
AND WARRANTIES OF THE INVESTORS

 

Each Investor, severally and
not jointly, represents and warrants to the Company as of the date of this Agreement, as of the Initial Closing and as of each Optional
Share Purchase Closing (except to the extent made only as of a specified date, in which case such representation and warranty is made
as of such date), as to itself only, that:

 

Section 3.1             Organization
and Power. Each Investor is a limited liability company or a limited partnership, duly formed, validly existing and in good standing
under the laws of the jurisdiction of its formation and has all requisite limited liability company, limited partnership or other entity
power and authority necessary to own its properties and to carry on its business as presently conducted.

 

Section 3.2             Authorization,
Etc.

 

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(a)            Each
Investor has all necessary limited liability company, limited partnership or other entity power and authority and has taken all necessary
actions required for the due authorization, execution, delivery and performance by such Investor of this Agreement and the other agreements
contemplated hereby and the consummation by such Investor of the transactions contemplated hereby and thereby.

 

(b)           The
authorization, execution, delivery and performance by each Investor of this Agreement and the other agreements contemplated hereby, and
the consummation by such Investor of the transactions contemplated hereby and thereby do not and will not: (a) violate or result
in the breach of any organizational documents of such Investor; or (b) with the exceptions that are not reasonably likely to have,
individually or in the aggregate, a material adverse effect on its ability to perform its obligations under this Agreement and the other
agreements contemplated hereby: (i) violate any provision of, constitute a breach of, or default under, any judgment, order, writ,
or decree applicable to such Investor or any material contract to which such Investor is a party; or (ii) violate any provision
of, constitute a breach of, or default under, any applicable state, federal or local law, rule or regulation.

 

(c)           This
Agreement has been, and the other agreements contemplated hereby, at the Initial Closing will be, duly executed and delivered by each
Investor. Assuming due execution and delivery thereof by the other parties hereto or thereto, this Agreement and the other agreements
contemplated hereby will each be a valid and binding obligation of each Investor enforceable against such Investor in accordance with
its terms, except as the enforceability may be limited by applicable laws relating to bankruptcy, insolvency, reorganization, moratorium
or other similar legal requirement relating to or affecting creditors’ rights generally and except as the enforceability is subject
to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law).

 

Section 3.3             Government
Approvals. No consent, approval, license or authorization of, or filing with, any court or governmental authority is or will be required
on the part of each Investor in connection with the execution, delivery and performance by such Investor of this Agreement and the other
agreements contemplated hereby, except for: (a) those which have already been made or granted; (b) the filing with the SEC
of a Schedule 13D or Schedule 13G to report ownership of the Purchased Shares or the Conversion Shares; (c) the filing with the
SEC of any filings under Section 16 of the Exchange Act; or (d) those where the failure to obtain such consent, approval or
license would not have a material adverse effect on the ability of such Investor to perform its obligations hereunder.

 

Section 3.4             Investment
Representations.

 

(a)            Each
Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D promulgated under the
Securities Act.

 

(b)           Each
Investor has been advised by the Company that neither the Purchased Shares nor, if applicable, the Optional Shares, have been registered
under the Securities Act, that the Purchased Shares and, if applicable, the Optional Shares, will be issued on the basis of the statutory
exemption provided by Section 4(a)(2) under the Securities Act or Regulation D 

 

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promulgated thereunder, or
both, relating to transactions by an issuer not involving any public offering and under similar exemptions under certain state securities
laws, that this transaction has not been reviewed by, passed on or submitted to any federal or state agency or self-regulatory organization
where an exemption is being relied upon, and that the Company’s reliance thereon is based in part upon the representations made
by each Investor in this Agreement. Each Investor acknowledges that it has been informed by the Company of, or is otherwise familiar
with, the nature of the limitations imposed by the Securities Act and the rules and regulations thereunder on the transfer of securities.

 

(c)            Each
Investor is purchasing the Purchased Shares and, if applicable, the Optional Shares, for its own account and not with a view to, or for
sale in connection with, any distribution thereof in violation of federal or state securities laws.

 

(d)           By
reason of its business or financial experience, each Investor has the capacity to protect its own interest in connection with the transactions
contemplated hereunder.

 

(e)           The
Company has provided to each Investor all documents and information that such Investor has requested relating to an investment in the
Company. Each Investor recognizes that investing in the Company involves substantial risks, and has taken full cognizance of and understands
all of the risk factors related to the acquisition of the Purchased Shares and the Optional Shares. Each Investor has carefully considered
and has, to the extent it believes such discussion necessary, discussed with such Investor’s professional legal, tax and financial
advisers the suitability of and risks relating to an investment in the Company, and each Investor has determined that the acquisition
of the Purchased Shares and, if applicable, the Optional Shares, is a suitable investment for such Investor and that it can bear the
economic risk of a total loss in respect of such investment. No Investor has relied on the Company for any tax or legal advice in connection
with the purchase of the Purchased Shares or the Optional Shares. In evaluating the suitability of an investment in the Company, no Investor
has relied upon any representations or other information relating to the Company (other than the representations and warranties of the
Company expressly set forth in Article II).

 

Section 3.5             No
Prior Ownership. As of the date of this Agreement and as of the Initial Closing, except as set forth on Schedule 3.5, each
Investor does not have record or beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of any shares of
the Company’s Common Stock.

 

Section 3.6             No
Brokers or Finders. No Person has or will have, as a result of the transactions contemplated by this Agreement, any right, interest
or claim against or upon the Company, any of its Subsidiaries or any Investor for any commission, fee or other compensation as a finder
or broker because of any act by each Investor.

 

Section 3.7             No
Covered Transaction. No Investor is a Foreign Person within the meaning of 31 C.F.R. § 800.224. No Investor’s direct or
indirect participation in the transaction described in this Agreement would cause such transaction to be a “covered transaction”
within the meaning of 50 U.S. Code § 4565(a)(4).

 

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Section 3.8             Financing.
At the Initial Closing and, if applicable, the applicable Optional Share Purchase Closing, each Investor will have available funds necessary
to consummate the purchase of the applicable Purchased Shares or Optional Shares, as applicable, in each case, on the terms and conditions
contemplated by this Agreement. As of the date of this Agreement, neither Investor is aware of any reason why the funds sufficient to
pay its pro rata share of the purchase price for the Purchased Shares or the Optional Shares will not be available on the Initial Closing
Date or the applicable Optional Share Purchase Closing Date.

 

Section 3.9             No
Additional Representations. Except for the representations and warranties made by the Investors (severally and not jointly) in this
Article III, neither the Investors nor any other Person makes any express or implied representation or warranty with respect
to the Investors, their Affiliates or their respective businesses, operations, assets, liabilities, employees, employee benefit plans,
conditions or prospects, and the Investors, on behalf of themselves and their respective Affiliates and their respective directors, officers,
employees, agents and other representatives, hereby disclaim any such other representations or warranties. Notwithstanding anything to
the contrary herein, nothing in this Agreement shall limit the right of the Company and its Affiliates to rely on the representations,
warranties, covenants and agreements expressly set forth in this Article III, nor will anything in this Agreement operate
to limit any claim by the Company and its Affiliates for Fraud.

 

Section 3.10           No
Reliance. Each Investor acknowledges and agrees, on behalf of itself and its Affiliates, that, except for the representations and
warranties contained in Article II, neither the Company nor any other Person, makes any express or implied representation
or warranty with respect to the Company, its Subsidiaries or their respective businesses, operations, assets, liabilities, employees,
employee benefit plans, conditions or prospects, and each Investor, on behalf of itself and its Affiliates, hereby disclaims reliance
upon any such other representations or warranties. In particular, without limiting the foregoing disclaimer, each Investor acknowledges
and agrees, on behalf of itself and its Affiliates, that neither the Company nor any other Person, makes or has made any representation
or warranty with respect to, and each Investor, on behalf of itself and its Affiliates, hereby disclaims reliance upon (a) any financial
projection, forecast, estimate, budget or prospect information relating to the Company, its Subsidiaries or their respective business,
or (b) without limiting the representations and warranties made by the Company in Article II, any information presented
to each Investor or any of its Affiliates or representatives in the course of their due diligence investigation of the Company, the negotiation
of this Agreement or in the course of the transactions contemplated hereby.

 

ARTICLE IV.

 

COVENANTS
OF THE PARTIES

 

Section 4.1             Board
of Directors.

 

(a)           The
Investors shall have the right to nominate one director to the Board of Directors (the “Series A Director”) to
the extent provided in the Certificate of Designations. In connection with the appointment of the Series A Director to the Board
of Directors, the Company shall enter into an Indemnification Agreement with the Series A Director.

 

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(b)           From
and after the Initial Closing until such time as the Series A Director is appointed to the Board of Directors, the Investors collectively
shall be entitled to designate one observer (the “Board Observer”) to attend any meeting of the Board of Directors
(excluding any portion of any such meeting which involves the exchange of privileged information or attorney work product as determined
in good faith by the Board of Directors). The Board Observer shall not be entitled to vote on matters presented to or discussed by the
Board of Directors at any such meetings. The Board Observer shall have the same right to receive notice with respect to any such meeting
as if the Board Observer were a member thereof. The Board Observer shall have the right to receive all materials and information provided
to the members of the Board of Directors in anticipation of or at such meeting, and the Board Observer shall keep such materials and
information confidential in accordance with Section 4.8.

 

Section 4.2             Public
Announcement.

 

(a)            No
later than 9:00 a.m. on October 18, 2021, the Company shall issue a press release substantially in the form attached as Exhibit F
(the “Press Release”) and, no later than 5:30 p.m. on October 22, 2021, the Company shall file a Current
Report on Form 8-K with the SEC describing the material terms of the transactions contemplated by this Agreement, including the
Exhibits hereto, and attaching as exhibits any documents related to such transactions as are required by SEC rules and regulations.

 

(b)           Consistent
with the Company’s planned leadership transition publicly announced on October 4, 2021, by no later than December 31,
2021, the Company shall (i) terminate the current Chief Executive Officer of the Company (the “Current CEO”)
from the position of Chief Executive Officer of the Company, (ii) subject to his availability and willingness to serve, cause the
Current CEO to be appointed as an advisor to the Company on technology matters (or similar role), and (iii) subject to his availability
and willingness to serve, cause Michael Porcelain to be appointed as Chief Executive Officer and President of the Company and as a member
of the Board of Directors; provided that if Mr. Porcelain is unavailable or unwilling to serve as the Chief Executive Officer and
President of the Company, the Company shall engage a global executive search firm to identify a replacement Chief Executive Officer.

 

Section 4.3             Restrictions
on Transfer.

 

(a)            From
the date of the issuance of the Purchased Shares or the Optional Shares, as applicable, until the second anniversary of the Initial Closing
Date, no Investor shall Transfer any of the Purchased Shares or the Optional Shares, as applicable (but excluding (except as set forth
in the last sentence of this Section 4.3(a)), for the avoidance of doubt, any Conversion Shares), to any Person without prior
written consent of the Company; provided, however, that, without the consent of the Company, each Investor may Transfer
the Purchased Shares or the Optional Shares, as applicable (i) to a Permitted Transferee of such Investor that agrees to be bound
by the terms of this Agreement (including Section 4.5) and such Investor’s Voting Agreement pursuant to a written agreement
in form and substance reasonably satisfactory to the Company; (ii) in connection with bona fide financing arrangements, including,
for example, pledging shares as collateral to secure a bona fide loan or other obligation, in each case entered into with a nationally
recognized financial institution, and any foreclosure by such financial institution or

 

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transfer to such financial institution in lieu
of foreclosure and subsequent sale of the securities; provided, however, that in the event of any foreclosure by such financial institution
or transfer to such financial institution in lieu of foreclosure, (i) the transferee shall not be a Permitted Transferee of the
Investor for purposes of Section 9(a) or Section 9(b) of the Certificate of Designations, and (ii) until the
second anniversary of the Initial Closing Date, the transferee shall not Transfer (other than in a transaction described in the parenthetical
in the last sentence of this Section 4.3(a)) such foreclosed Purchased Shares, Optional Shares or Conversion Shares to an
Activist Investor; or (iii) following the date the Company commences a voluntary case under Title 11 of the United States Bankruptcy
Code or any other similar insolvency laws. Notwithstanding the foregoing, until the second anniversary of the Initial Closing Date, no
Investor shall Transfer any of the Purchased Shares or the Optional Shares, as applicable, or any Conversion Shares, to an Activist Investor
to the extent that the identity of the transaction counterparty can be reasonably ascertained (excluding any Transfers of Conversion
Shares into the public market pursuant to a bona fide, broadly distributed underwritten public offering or Transfers through a bona fide
sale to the public, which is not directed at a particular transferee, without registration effectuated pursuant to Rule 144 under
the Securities Act).

 

(b)           In
any event, Restricted Securities shall not be Transferred except upon satisfaction of the conditions specified in Section 4.4,
which conditions are intended to ensure compliance with the provisions of the Securities Act. Any attempted Transfer in violation of
this Section 4.3 shall be void ab initio.

 

(c)           At
any time between the Initial Closing Date and the Voting Right Expiration Date, upon reasonable written notice from the Company to the
Investors, the Investors will promptly provide the Company with information regarding the amount of the securities of the Company beneficially
owned by each such Investor or Affiliates thereof and such information as may be reasonably requested to verify compliance with Section 4.5(b).

 

Section 4.4             Restrictive
Legends.

 

(a)           All
Purchased Shares, Optional Shares and the Conversion Shares (unless otherwise permitted by the provisions of Section 4.4(d))
shall be stamped or otherwise imprinted with a legend in substantially the following form (in addition to any legend required under applicable
state securities laws):

 

“THE OFFER AND SALE OF THIS SECURITY
AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT of 1933, as amended (the “Securities Act”), AND THIS SECURITY AND SUCH SHARES MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT;
OR (B) PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT 

 

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TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.”

 

(b)           In
addition, for so long as the Purchased Shares, Optional Shares or the Conversion Shares are subject to the restrictions set forth in
Section 4.3, each certificate representing such shares shall be stamped or otherwise imprinted with a legend in substantially
the following form:

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN THE SUBSCRIPTION AGREEMENT, DATED AS OF OCTOBER 18, 2021, BY AND AMONG
THE COMPANY AND THE INVESTORS NAMED THEREIN. THE COMPANY WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A COPY OF SUCH SUBSCRIPTION AGREEMENT,
AS IN EFFECT ON THE DATE OF MAILING, WITHOUT CHARGE, PROMPTLY AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR.”

 

(c)            Each
Investor consents to the Company making a notation on its records and giving instructions to any transfer agent of the Purchased Shares,
Optional Shares or the Conversion Shares in order to implement the restrictions on transfer set forth in this Section 4.4.

 

(d)           Prior
to any proposed Transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering
the proposed Transfer, the applicable Investor shall give written notice to the Company of such Investor’s intention to effect
such Transfer (“Transfer Notice”). Each such notice shall describe the manner and circumstances of the proposed Transfer
in sufficient detail, and shall be accompanied by either (i) an opinion of legal counsel reasonably satisfactory to the Company
to the effect that the proposed Transfer of the Restricted Securities may be effected without registration under the Securities Act,
or (ii) any other evidence reasonably satisfactory to counsel to the Company, whereupon such Investor shall be entitled to Transfer
such Restricted Securities in accordance with the Transfer Notice. Notwithstanding the foregoing, if the applicable Investor gives the
Company a representation letter containing such representations as the Company may reasonably request, the Company will not require such
legal opinion or such other evidence (A) in a routine sales transaction in compliance with Rule 144 under the Securities Act,
or (B) in any transaction in which an Investor that is a partnership or limited liability company distributes Restricted Securities
solely to its Affiliates (including affiliated fund partnerships), or partners or members of such Investor or its Affiliates for no consideration.
Each certificate evidencing the Restricted Securities transferred shall bear the appropriate restrictive legend set forth in Sections
4.4(a) and (b), except that such certificate shall not bear the first such restrictive legend if such legend is not required
in order to establish compliance with any provisions of the Securities Act. Upon the request of an Investor holding a certificate bearing
the first such restrictive legend and, if necessary, the appropriate evidence as required by clause (i) or (ii) above, the
Company shall, within two (2) Business Days of the request, remove the first such restrictive legend from such certificate and from
the certificate to be issued to the applicable transferee if such legend is not required in order to establish compliance with any

 

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provisions of the Securities Act. If an Investor holds
a certificate bearing the second restrictive legend, upon the written request of such Investor, the Company shall remove such restrictive
legend from such certificate when the provisions of Section 4.3 are no longer applicable to the applicable shares represented
by such certificate.

 

Section 4.5             Standstill.
The Investors agree that, until the one year anniversary following the Voting Right Expiration Date (or, in the event of a Standstill
Termination Event, January 1, 2022), the Investors shall not, and shall cause the entities controlled by them not to, directly or
indirectly, without the prior written consent of a majority of the disinterested directors serving on the Company’s Board of Directors
or as required pursuant to the terms of the Voting Agreement:

 

        (a)            other
than pursuant to clause (b) below, acquire, offer or seek to acquire, agree to acquire or make a proposal to acquire, whether by
private or open market purchase, a block trade, or a tender or exchange offer, beneficial ownership of, or any economic interest in,
any right to direct the voting or disposition of, or any other right with respect to any equity securities or direct or indirect rights
to acquire any equity securities of the Company, any securities convertible into or exchangeable for any such equity securities, in each
case solely to the extent that, after giving effect to such acquisition or transaction, either (i) the Magnetar Investors, taken
together with their respective Affiliates, would beneficially own (as determined in accordance with Rule 13d-3 under the Exchange
Act), in the aggregate, greater than 15.0% of the then outstanding Common Stock or (ii) the White Hat Investor, taken together with
its respective Affiliates, would beneficially own (as determined in accordance with Rule 13d-3 under the Exchange Act), in the aggregate,
greater than 5.0% of the then outstanding Common Stock;

 

        (b)           enter
into any options, puts, calls, swaps or other derivative or convertible instruments, hedging contracts or other derivative securities
or similar contracts or instruments in any way related to the purchase or sale of Common Stock and/or price of shares of the Common Stock,
provided that, from and after the one-year anniversary of the Initial Closing Date, each of the Magnetar Investors and the White
Hat Investor, respectively, shall be entitled to enter into any such transactions so long as the aggregate number of shares of Common
Stock (or the value thereof based on the last reported trading price of the Common Stock on the immediately preceding trading day) subject
to all such transactions engaged in by the Magnetar Investors or the White Hat Investor, respectively, on any given trading day does not
exceed more than 45% of the sum of the number of Conversion Shares (or the value thereof based on the last reported trading price of the
Common Stock on the immediately preceding trading day) then owned by the Magnetar Investors and their Permitted Transferees or the White
Hat Investor and its Permitted Transferees, as applicable, plus the number of Conversion Shares (or the value thereof based on the last
reported trading price of the Common Stock on the immediately preceding trading day) underlying the shares of Series A Preferred
Stock then owned by the Magnetar Investors and their Permitted Transferees or the White Hat Investor and its Permitted Transferees, as
applicable, on as-converted basis (without giving effect to any limitation on conversion set forth in Section 10(h) of
the Certificate of Designations), plus the number of any shares of Common Stock owned by the Magnetar Investors or the White Hat Investor,
as applicable, as of the date hereof, in the aggregate; and provided further that, in the event of any breach by the Investors
of this Section 4.5(b), the rights of the Investors under Section 9(a) and Section 9(b) of the Certificate
of Designations shall immediately terminate;

 

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        (c)           (i) make
or in any way encourage or participate in any “solicitation” of “proxies” or consents (whether or not relating
to the election or removal of directors), as such terms are used in the rules of the SEC (but without regard to the exclusion set
forth in Rule 14a-1(l)(2)(iv) promulgated under the Exchange Act), to vote, or knowingly seek to advise, encourage or influence
any Person with respect to voting of, any voting securities of the Company or any securities convertible or exchangeable into or exercisable
for any such voting securities, (ii) request, call or seek to call (or, for the avoidance of doubt, publicly support another Person’s
request or call for) a meeting of the Company’s stockholders or action by written consent (or the setting of a record date therefor),
other than of or by the holders of the Series A Preferred Stock voting as a separate class for the purpose of voting or consenting
to the matters on which the holders of Series A Preferred Stock have the right to vote or consent to under Section 9 of the
Certificate of Designations, (iii) initiate or be the proponent of any stockholder proposal for action by the Company’s stockholders,
(iv) except as contemplated by this Agreement and the Certificate of Designations, seek, alone or in concert with others, representation
on the Board of Directors or the removal of any director from the Board of Directors (including through any “withhold” or
similar campaign), or (v) become a “participant” in any contested “solicitation” (as such terms are defined
or used under the Exchange Act) for the election of directors with respect to the Company; provided that subject to the terms of the
Voting Agreements, nothing in this paragraph (b) shall restrict the voting by proxy in the ordinary course of business;

 

        (d)           make
any public announcement with respect to, or offer, seek, propose or indicate an interest in (in each case with or without conditions),
either alone or in concert with others, any merger, consolidation, business combination, tender or exchange offer, recapitalization,
reorganization or purchase of more than 50% of the assets, properties or securities of the Company or any Subsidiary of the Company,
or any other extraordinary transaction involving the Company or any Subsidiary of the Company or any of their respective securities,
or enter into any discussions, negotiations, arrangements, understandings or agreements (whether written or oral) with any other Person
regarding any of the foregoing (it being understood that the foregoing shall not restrict a Person from tendering shares, receiving payment
for shares or otherwise participating in any such transaction on the same basis as other stockholders of the Company);

 

        (e)           except
as contemplated by this Agreement and the Certificate of Designations, otherwise act, alone or in concert with others, to seek to control
or influence, in any manner, the management, Board of Directors or business of the Company or any of its Subsidiaries, including (i) changing
the Board of Directors or management of the Company, including any plans or proposals to declassify the Board of Directors or to change
the number or term of directors or to fill any vacancies on the Board of Directors, (ii) any material change in the capitalization,
capital allocation policy or dividend policy of the Company, or (iii) seeking to have the Company waive or make amendments or modifications
to the Certificate of Incorporation or Bylaws, or other actions that may impede or facilitate the acquisition of control of the Company
by any Person;

 

        (f)            advise,
assist, knowingly encourage or direct any Person to do, or to advise, assist, knowingly encourage or direct any other Person to do, any
of the foregoing;

 

        (g)           take
any action that would require the Company to make a public announcement regarding any of the foregoing;

 

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        (h)           enter
into any agreements, arrangements or understandings with any third party (including security holders of the Company) with respect to
any of the foregoing, including forming, joining or in any way participating in a “group” (as defined in Section 13(d)(3) of
the Exchange Act) with any third party in connection with any of the foregoing (it being understood that each Investor and its Affiliates,
or the Investors collectively, shall not be considered a “group” for purposes of this clause (g)); or

 

        (i)            except
as contemplated by this Agreement and the Certificate of Designations, request the Company or any of its Representatives, directly or
indirectly, to amend or waive any provision of this Section 4.5; provided that this clause shall not prohibit the making of
a confidential request to the Company seeking an amendment or waiver of the provisions of this Section 4.5, which the Company
may accept or reject in its sole discretion, so long as any such request is made in a manner that does not require public disclosure thereof
by any Person;

 

provided,
however, that subject to the terms of Section 4.3 and the Voting Agreements, nothing in this Section 4.5
will (i) prevent the Investors’ designee serving on the board of directors of the Company from taking any action while acting
in such designee’s capacity as a director of the Company in accordance with his or her fiduciary duties as a director or (ii) limit
the ability to vote or transfer shares of Common Stock, privately make and submit to the Board of Directors any proposal that is intended
to be made and submitted on a non-publicly disclosed or announced basis (and would not reasonably be expected to require public disclosure
by any Person), participate in rights offerings made by the Company to all holders of Common Stock, receive any dividends or similar distributions
with respect to any securities of the Company, or tender shares of Common Stock into any tender or exchange offer. Notwithstanding the
foregoing and excluding any purchase of debt or equity securities that may occur in connection with the transactions contemplated by this
Agreement, nothing herein shall prevent either Investor from purchasing, selling or otherwise trading debt securities of the Company if
as a result of such purchase, sale or trade such Investor beneficially owns 9.9% or less of the Company’s outstanding debt securities.

 

This Section 4.5 shall supersede and
replace Section 7 of the Confidentiality Agreements, dated September 3, 2021, between the Company and each respective Investor
or its Affiliate in its entirety, and such provisions of Section 7 shall, upon execution of this Agreement, automatically terminate
and be of no further force or effect.

 

Section 4.6             Use
of Proceeds. Subject to the terms of the Certificate of Designations (including the receipt of any required approvals thereunder),
the Company shall use the proceeds from the sale of the Purchased Shares and Optional Shares, if any, for general corporate purposes,
including to (a) fund working capital, (b) fund opportunistic share repurchases, (c) repay outstanding indebtedness, (d) fund
potential acquisitions, and (e) pay for the fees and expenses incurred by the Company in connection with the transactions contemplated
by this Agreement and the other agreements contemplated hereby.

 

Section 4.7             Financial
Statements and Other Information.

 

(a)           (i)             If
between the Initial Closing Date and the Voting Right Expiration Date, the Common Stock is deregistered under the Exchange Act and the
Company is no longer

 

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required to file periodic reports with the SEC, until the Voting Right Expiration Date, the Company shall deliver
to each of the Investors:

 

(i)            as
soon as available, but in any event within 90 days after the end of each fiscal year of the Company, its audited consolidated (and unaudited
consolidating) balance sheet and audited consolidated (and unaudited consolidating) statements of operations and comprehensive income,
stockholders’ equity and cash flows as of the end of and for such fiscal year, and related notes thereto, setting forth in each
case in comparative form the figures for the previous fiscal year, all reported on by Deloitte & Touche LLP or other independent
public accountants of recognized national standing to the effect that such financial statements present fairly in all material respects
the financial condition, results of operations and cash flow of the Company and the Subsidiaries on a consolidated basis as of the end
of and for such fiscal year in accordance with GAAP consistently applied and accompanied by a narrative management’s discussion
and analysis report describing the financial position, results of operations and cash flows of the Company and the consolidated Subsidiaries;
and

 

(ii)            as
soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the
Company, its unaudited consolidated and consolidating balance sheet and unaudited consolidated and consolidating statements of operations
and comprehensive income, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed
portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or,
in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by the Chief Financial Officer of the Company
(or equivalent) as presenting fairly in all material respects the financial condition, results of operations and cash flows of the Company
and the Subsidiaries on a consolidated basis as of the end of and for such fiscal quarter and such portion of the fiscal year in accordance
with GAAP consistently applied, subject to normal year-end audit adjustments and reduced footnote disclosures, and accompanied by a narrative
management’s discussion and analysis report describing the financial position, results of operations and cash flows of the Company
and the consolidated Subsidiaries;

 

(b)           Notwithstanding
the foregoing, financial statements and other reports required to be delivered pursuant to this Section 4.7 filed by the
Company with the SEC and available on EDGAR (or such other free, publicly-accessible internet database that may be established and maintained
by the SEC as a substitute for or successor to EDGAR) shall be deemed to have been delivered to the Investors on the date on which the
Company posts such documents to EDGAR (or such other free, publicly-accessible internet database that may be established and maintained
by the SEC as a substitute for or successor to EDGAR).

 

(c)           Between
the Initial Closing Date and the Voting Right Expiration Date, the Investors or their representatives shall have the reasonable right
to consult from time to time, but not more frequently than once per quarter, with the senior officers of the Company at its principal
place of business or virtually (as determined by the Company) regarding operating and financial matters of the Company; provided
that the exercise of such right does not materially interfere with the operations of the business of the Company and its Subsidiaries.

 

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Section 4.8             Information;
Confidentiality.

 

(a)            The
Company shall not, and shall cause each of its Subsidiaries and its and each of their respective officers, directors and employees to
not, and shall direct and use commercially reasonable efforts to cause its attorneys, representatives and agents to not, provide any
Investor or their Affiliates (excluding the Investors’ designee serving on the Board of Directors of the Company) with any material
non-public information under U.S. federal securities laws regarding the Company or any of its Subsidiaries if not specifically requested
by such Investor or without the express prior consent of such Investor; provided that the Company shall have the ability to cure any
inadvertent disclosure of material non-public information prohibited by this Section 4.8(a) by promptly making a public
disclosure thereof.

 

(b)           Until
the one year anniversary following the Voting Right Expiration Date, the Investors shall, and shall cause their respective Affiliates
and Representatives who actually receive Confidential Information to, keep confidential any information (including oral, written and
electronic information) concerning the Company, its Subsidiaries or its Affiliates that may be furnished to the Investor, its Affiliates
or its or their respective Representatives by or on behalf of the Company or any of its Representatives pursuant to this Agreement or
in connection with the transactions contemplated hereby (“Confidential Information”) and to use the Confidential Information
solely for the purposes of monitoring, administering or managing the Investors’ investment in the Company made pursuant to this
Agreement; provided that Confidential Information will not include information that (a) was or becomes available to the public other
than as a result of a breach of any confidentiality obligation in this Agreement by an Investor or its Affiliates or their respective
Representatives, (b) was or becomes available to an Investor or its Affiliates or their respective Representatives from a source
other than the Company or its Representatives; provided that such source is reasonably believed by such Investor or such Affiliates not
to be subject to an obligation of confidentiality (whether by agreement or otherwise), (c) at the time of disclosure is already
in the possession of an Investor or its Affiliates or their respective Representatives from a source other than the Company or any of
its Subsidiaries or any of their respective Representatives, (d) was independently developed by an Investor or its Affiliates or
their respective Representatives without reference to, incorporation of, or other use of any Confidential Information; provided that
the Investor may disclose Confidential Information (i) to its attorneys, accountants, consultants and financial and other professional
advisors to the extent necessary to obtain their services in connection with its investment in the Company, (ii) to any Affiliate,
partner, member, limited partners, prospective partners or co-investors, or related investment fund of an Investor and its Affiliates
and their respective directors, officers, employees, consultants and representatives, in each case in the ordinary course of business
(provided that the recipients of such confidential information are directed to abide by the confidentiality and non-disclosure obligations
contained herein), (iii) as may be reasonably determined by the Investor to be necessary in connection with the Investor’s
enforcement of its rights in connection with this Agreement or its investment in the Company, or (iv) as may otherwise be required
by law or legal, judicial or regulatory process; and provided, further, that (x) any breach of the confidentiality and use terms
herein by any Person to whom an Investor and its Permitted Transferees may disclose Confidential Information pursuant to clauses (i) and
(ii) of the preceding proviso shall be attributable to such Investor for purposes of determining such Investor’s compliance
with this Section 4.8, except those who have entered into a separate confidentiality or non-disclosure

 

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agreement or obligation
with the Company, and (y) that such Investor takes commercially reasonable steps (at the Company’s sole expense) to minimize
the extent of any required disclosure described in clause (iv) of the preceding proviso.

 

Section 4.9             Efforts
to Consummate. Subject to the terms and conditions herein provided, each of the parties shall use reasonable best efforts to take,
or cause to be taken, all action and to do, or cause to be done, all things reasonably necessary, proper or advisable to consummate and
make effective as promptly as practicable the transactions contemplated by this Agreement.

 

Section 4.10           Adjusted
EBITDA. The Company shall not intentionally take any action, or intentionally fail to take any action, in any such case, outside
of the ordinary course of business, to artificially change Fiscal 2022 Adjusted EBITDA (as defined in the Certificate of Designations)
for the primary purpose of causing an adjustment to the Conversion Price (as defined in the Certificate of Designations). For the avoidance
of doubt, the immediately preceding sentence shall not prohibit or in any way restrict the taking or not taking of any action as may
be required by applicable law or GAAP (or any interpretation thereof).

 

ARTICLE V.

 

Conditions
to Initial closing and optional Share purchase closings

 

Section 5.1             Conditions
to the Obligations of the Company and the Investors. The respective obligations of each of the Company and the Investors to effect
the Initial Closing and any Optional Share Purchase Closing shall be subject to the satisfaction (or waiver, if permissible under applicable
law) on or prior to the Initial Closing Date or the applicable Optional Share Purchase Closing Date, as applicable, of the following
conditions:

 

(a)            no
temporary or permanent order, judgment, injunction, ruling, writ or decree of any Governmental Entity (including in respect of a claim
brought by a third party) shall have been enacted, promulgated, issued, entered, amended or enforced by any Governmental Entity nor shall
any proceeding brought by a Governmental Entity seeking any of the foregoing be pending, or any applicable law shall be in effect enjoining
or otherwise prohibiting consummation of the transactions contemplated by this Agreement (“Restraints”); and

 

(b)           to
the extent applicable, all required antitrust filings, notices and approvals shall have been made, given, or as applicable, received,
and any waiting period associated therewith shall have expired or been terminated.

 

Section 5.2             Conditions
to the Obligations of the Company to Effect the Initial Closing. The obligations of the Company to effect the Initial Closing shall
be further subject to the satisfaction (or waiver, if permissible under applicable law) on or prior to the Initial Closing Date of the
following conditions:

 

(a)            the
representations and warranties of the Investors contained in Article III shall be true and correct in all material respects
as of the Initial Closing Date with the same effect as though made on and as of such date (other than those representations and warranties
that address

 

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matters as of particular dates, which shall be true and correct in all material respects as of such dates);

 

(b)           each
of the Investors shall have complied with or performed in all material respects its obligations required to be complied with or performed
by it pursuant to this Agreement at or prior to the Initial Closing; and

 

(c)            each
of the Investors shall have delivered to the Company a certificate executed by an authorized officer of such Investor stating that the
conditions set forth in Sections 5.2(a) and 5.2(b) have been satisfied.

 

Section 5.3             Conditions
to the Obligations of the Investors to Effect the Initial Closing. The obligations of the Investors to effect the Initial Closing
shall be further subject to the satisfaction (or waiver, if permissible under applicable law) on or prior to the Initial Closing Date
of the following conditions:

 

(a)            the
representations and warranties of the Company contained in Article II shall be true and correct in all respects as of the
Initial Closing Date with the same effect as though made on and as of such date (other than those representations and warranties that
address matters as of particular dates, which shall be true and correct as of such dates), except where the failure of such representations
and warranties (other than the Company’s Fundamental Representations) to be so true and correct (without giving effect to any materiality
or Material Adverse Effect qualification or exception contained therein) would not, individually or in the aggregate, have a Material
Adverse Effect;

 

(b)           the
Fundamental Representations of the Company contained in Article II shall be true and correct in all respects (other than
for de minimis inaccuracies) as of the Initial Closing Date with the same effect as though made on and as of such date (other
than those representations and warranties that address matters as of particular dates, which shall be true and correct as of such dates);

 

(c)           the
Company shall have complied with or performed in all material respects its obligations required to be complied with or performed by it
pursuant to this Agreement at or prior to the Initial Closing; and

 

(d)           the
Company shall have delivered to each of the Investors the deliverables set forth in Section 1.3(b) together with a certificate
executed by an authorized officer of the Company stating that the conditions set forth in Sections 5.3(a), 5.3(b) and
5.3(c) have been satisfied.

 

Section 5.4             Conditions
to the Obligations of the Company to Effect any Optional Share Purchase Closing. The obligations of the Company to effect any Optional
Share Purchase Closing shall be further subject to the satisfaction (or waiver, if permissible under applicable law) on or prior to the
applicable Optional Share Purchase Closing Date of the following conditions:

 

(a)            the
representations and warranties of the Exercising Investor contained in Article III shall be true and correct in all material
respects as of the applicable Optional Share 

 

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Purchase Closing Date with
the same effect as though made on and as of such date (other than those representations and warranties that address matters as of particular
dates, which shall be true and correct in all material respects as of such dates);

 

(b)           the
Exercising Investor shall have complied with or performed in all material respects its obligations required to be complied with or performed
by it pursuant to this Agreement and the Certificate of Designations during the period from the Initial Closing Date to the applicable
Optional Share Purchase Closing Date; and

 

(c)            the
Exercising Investor shall have delivered to the Company a certificate executed by an authorized officer of the Exercising Investor stating
that the conditions set forth in Sections 5.4(a) and Section 5.4(b) have been satisfied.

 

Section 5.5             Conditions
to the Obligations of an Exercising Investor to Effect any Optional Share Purchase Closing. The obligations of the an Exercising
Investor to effect any Optional Share Purchase Closing shall be further subject to the satisfaction (or waiver, if permissible under
applicable law) on or prior to the applicable Optional Share Purchase Closing Date of the following conditions:

 

(a)            the
representations and warranties of the Company contained in Article II shall be true and correct in all respects as of the
applicable Optional Share Purchase Closing Date with the same effect as though made on and as of such date (other than those representations
and warranties that address matters as of particular dates, which shall be true and correct as of such dates), except where the failure
of such representations and warranties (other than the Company’s Fundamental Representations) to be so true and correct (without
giving effect to any materiality or Material Adverse Effect qualification or exception contained therein) would not, individually or in
the aggregate, have a Material Adverse Effect;

 

(b)           the
Fundamental Representations of the Company contained in Article II shall be true and correct in all respects (other than
for de minimis inaccuracies) as of the applicable Optional Share Purchase Closing Date with the same effect as though made on
and as of such date (other than those representations and warranties that address matters as of particular dates, which shall be true
and correct as of such dates);

 

(c)            the
Company shall have complied with or performed in all material respects its obligations required to be complied with or performed by it
pursuant to this Agreement and the Certificate of Designations during the period from the Initial Closing Date to the applicable Optional
Share Purchase Closing Date; and

 

(d)           the
Company shall have delivered to the Exercising Investor the deliverables set forth in Section 1.4(e)(ii) together with
a certificate executed by an authorized officer of the Company stating that the conditions set forth in Sections 5.5(a), 5.5(b) and
5.5(c) have been satisfied.

 

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ARTICLE VI.

 

Termination

 

Section 6.1             Termination.
This Agreement may be terminated and the transactions contemplated by this Agreement abandoned at any time prior to the Initial Closing:

 

(a)            by
the mutual written consent of the Company and the Investors;

 

(b)            by
either the Company or the Investors upon written notice to the other, if the Initial Closing has not occurred on or prior to October 22,
2021 (the “Termination Date”); provided that the right to terminate this Agreement under this Section 6.1(b) shall
not be available to any party if any breach by such party of its representations and warranties set forth in this Agreement or the failure
of such party to perform any of its obligations under this Agreement has been a principal cause of or primarily resulted in the events
specified in this Section 6.1(b);

 

(c)            by
either the Company or the Investors if any Restraint enjoining or otherwise prohibiting consummation of the transactions contemplated
by this Agreement shall be in effect and shall have become final and non-appealable prior to the Initial Closing Date; provided that the
party seeking to terminate this Agreement pursuant to this Section 6.1(c) shall have used reasonable best efforts to
remove such Restraint to the extent applicable to such party or its Affiliates;

 

(d)           by
the Investors if the Company shall have breached any of its representations or warranties or failed to perform any of its covenants or
agreements set forth in this Agreement, which breach or failure to perform (i) would give rise to the failure of a condition set
forth in Section 5.3(a) or Section 5.3(b) and (ii) is incapable of being cured prior to the Termination
Date, or if capable of being cured, shall not have been cured within thirty (30) calendar days (but in no event later than the Termination
Date) following receipt by the Company of written notice of such breach or failure to perform from the Investors stating the Investors’
intention to terminate this Agreement pursuant to this Section 6.1(d) and the basis for such termination; provided that
the Investors shall not have the right to terminate this Agreement pursuant to this Section 6.1(d) if the Investor is
then in material breach of any of its representations, warranties, covenants or agreements hereunder which breach would give rise to
the failure of a conditions set forth in Section 5.2(a) or Section 5.2(b);

 

(e)            by
the Company if any of the Investors shall have breached any of their respective representations or warranties or failed to perform any
of their covenants or agreements set forth in this Agreement, which breach or failure to perform (i) would give rise to the failure
of a condition set forth in Section 5.2(a) or Section 5.2(b) and (ii) is incapable of being cured
prior to the Termination Date, or if capable of being cured, shall not have been cured within thirty (30) calendar days (but in no event
later than the Termination Date) following receipt by the Investors of written notice of such breach or failure to perform from the Company
stating the Company’s intention to terminate this Agreement pursuant to this Section 6.1(e) and the basis for
such termination; provided that the Company shall not have the right to terminate this Agreement pursuant to this Section 6.1(e) if
the Company is then in material breach of any of its

 

    28

     

    

 

representations, warranties, covenants or agreements hereunder which breach would
give rise to the failure of a condition set forth in Section 5.3(a) or Section 5.3(b).

 

Section 6.2             Effect
of Termination. Any termination of this Agreement as provided in Section 6.1 shall be effective upon delivery of written
notice thereof to the other parties, specifying the provision hereof pursuant to which such termination is made, and this Agreement shall
forthwith become null and void (other than this Section 6.2 and Article VII, all of which shall survive termination
of this Agreement), and there shall be no liability on the part of the Investors or the Company in connection with this Agreement, except
that no such termination shall relieve any party hereto from liability for damages to another party resulting from a willful and material
breach of this Agreement prior to the date of termination (including, for the avoidance of doubt, the failure to pay the Applicable Purchase
Price for all of the Purchased Shares) or from Fraud.

 

ARTICLE VII.

 

MISCELLANEOUS

 

Section 7.1             Survival.
Except in the case of Fraud, (i) the representations and warranties of the parties contained in Article II and Article III
hereof made at the Initial Closing shall survive for twelve (12) months following the Initial Closing, and (ii) if applicable,
the representations and warranties of the parties contained in Article II and Article III hereof made at any
Optional Share Purchase Closing shall survive for twelve (12) months following such Optional Share Purchase Closing. All covenants
and agreements of the parties contained herein shall survive the Initial Closing and any Optional Share Purchase Closing in
accordance with their terms.

 

Section 7.2             Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and will become
effective when one or more counterparts have been signed by a party and delivered to the other parties. Copies of executed counterparts
of signature pages to this Agreement may be transmitted by PDF (portable document format) or facsimile and such PDFs or facsimiles
will be deemed as sufficient as if actual signature pages had been delivered.

 

Section 7.3             Governing
Law.

 

(a)            This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice
of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Delaware.

 

(b)           Any
dispute relating hereto shall be heard first in the Delaware Court of Chancery, and, if applicable, in any state or federal court located
in of Delaware in which appeal from the Court of Chancery may validly be taken under the laws of the State of Delaware (each a “Chosen
Court” and collectively, the “Chosen Courts”), and the parties agree to the exclusive jurisdiction and venue
of the Chosen Courts. Such Persons further agree that any proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with, this Agreement or the transactions contemplated hereby or by any matters related to the foregoing (the
 “Applicable Matters”) shall be brought exclusively in a Chosen Court, and that any proceeding

 

    29

     

    

 

arising out of this
Agreement or any other Applicable Matter shall be deemed to have arisen from a transaction of business in the State of Delaware, and
each of the foregoing Persons hereby irrevocably consents to the jurisdiction of such Chosen Courts in any such proceeding and irrevocably
and unconditionally waives, to the fullest extent permitted by law, any objection that such Person may now or hereafter have to the laying
of the venue of any such suit, action or proceeding in any such Chosen Court or that any such proceeding brought in any such Chosen Court
has been brought in an inconvenient forum.

 

(c)           Such
Persons further covenant not to bring a proceeding with respect to the Applicable Matters (or that could affect any Applicable Matter)
other than in such Chosen Court and not to challenge or enforce in another jurisdiction a judgment of such Chosen Court.

 

(d)           Process
in any such proceeding may be served on any Person with respect to such Applicable Matters anywhere in the world, whether within or without
the jurisdiction of any such Chosen Court. Without limiting the foregoing, each such Person agrees that service of process on such party
as provided in Section 7.6 shall be deemed effective service of process on such Person.

 

(e)            Waiver
of Jury Trial. EACH PARTY HERETO, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES HERETO OR THEIR RESPECTIVE AFFILIATES PURSUANT TO THIS AGREEMENT OR IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

Section 7.4             Entire
Agreement; No Third Party Beneficiary. This Agreement, the Certificate of Designations, the Voting Agreements, the Expense Reimbursement
Agreement and the Registration Rights Agreement contain the entire agreement by and among the parties with respect to the subject matter
hereof and all prior negotiations, writings and understandings relating to the subject matter of this Agreement. This Agreement is not
intended to confer upon any Person not a party hereto (or their successors and permitted assigns) any rights or remedies hereunder.

 

Section 7.5             Expenses.
Except as set forth in the letter agreement dated as of September 3, 2021 among the Company, Magnetar Capital LLC and White Hat Capital
Partners LP, as amended to date (the “Expense Reimbursement Agreement”), all fees, costs and expenses incurred in connection
with this Agreement and the transactions contemplated hereby, including accounting and legal fees, shall be paid by the party incurring
such expenses.

 

Section 7.6             Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly
given or made as follows: (a) if sent by registered or certified mail in the United States return receipt requested, upon receipt;
(b) if sent by nationally recognized overnight air courier, one (1) Business Day after mailing; (c) if sent by e-mail
transmission, with a copy sent on the same day in the manner provided in the foregoing clause (a) or (b), when transmitted and receipt
is confirmed; and (d) if otherwise actually

 

    30

     

    

 

personally delivered, when delivered, provided, that such notices, requests,
demands and other communications are delivered to the address set forth below, or to such other address as any party shall provide by
like notice to the other parties to this Agreement:

 

If to the Company, to:

 

Comtech Telecommunications Corp.

68 South Service Road, Suite 230

Melville, New York 11747

E-mail: michael.porcelain@comtechtel.com

Attention: Michael D. Porcelain

 

with a copy (which shall not
constitute notice) to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

E-mail:  rcantone@proskauer.com; mellis@proskauer.com

Attention: Robert Cantone; Michael Ellis

 

If to the Investors, to the
address set forth on the signature pages hereto

 

with a copy (which shall not
constitute notice) to:

 

Counsel
to the Magnetar Investors:

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019-6099

E-mail:  ehalperin@willkie.com; sewen@willkie.com

Attention: Eric Halperin; Sean Ewen

 

Counsel
to the White Hat Investor:

Schulte Roth & Zabel LLP

919 Third Avenue

New York, NY 10022

E-mail: Eleazer.Klein@srz.com

Attention: Eleazer Klein

 

Section 7.7             Successors
and Assigns. This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and
permitted assigns. This Agreement may be assigned in connection with a Transfer to a Permitted Transferee permitted by Section 4.3(a)(i),
subject to the terms set forth therein. No other assignment of this Agreement or of any rights or obligations hereunder may be made by
any party hereto without the prior written consent of the other parties hereto. Any purported assignment or delegation in violation of
this Agreement shall be null and void ab initio.

 

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Section 7.8         Headings.
  The Section, Article and other headings contained in this Agreement are inserted for convenience of reference only and will not affect
the meaning or interpretation of this Agreement.

 

Section 7.9        Amendments
and Waivers.  This Agreement may not be modified or amended except by an instrument or instruments in writing signed by
each party hereto. Any party hereto may, only by an instrument in writing, waive compliance by any other party or parties hereto
with any term or provision hereof on the part of such other party or parties hereto to be performed or complied with. No failure or
delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any single or partial
exercise of any right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The waiver by any party hereto of a breach of any term or
provision hereof shall not be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder are
cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.

 

Section 7.10        Interpretation;
Absence of Presumption.

 

(a)        For
the purposes hereof: (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be
held to include the other gender as the context requires; (ii) the terms “hereof,” “herein,” and “herewith”
and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole (including all of the Schedules
and Exhibits) and not to any particular provision of this Agreement, and Article, Section, paragraph, Exhibit and Schedule references
are to the Articles, Sections, paragraphs, Exhibits, and Schedules to this Agreement unless otherwise specified; (iii) the word “including”
and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise
requires or unless otherwise specified; and (iv) the word “or” shall not be exclusive.

 

(b)       With
regard to each and every term and condition of this Agreement and any and all agreements and instruments subject to the terms hereof,
the parties hereto understand and agree that the same have or has been mutually negotiated, prepared and drafted, and if at any time the
parties hereto desire or are required to interpret or construe any such term or condition or any agreement or instrument subject hereto,
no consideration will be given to the issue of which party hereto actually prepared, drafted or requested any term or condition of this
Agreement or any agreement or instrument subject hereto.

 

Section 7.11       Severability.
  Any provision hereof that is held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, shall be
ineffective only to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions
hereof, provided, however, that the parties will attempt in good faith to reform this Agreement in a manner consistent with
the intent of any such ineffective provision for the purpose of carrying out such intent.

 

Section 7.12        Specific
Performance.  The parties hereto agree that irreparable damage could occur and that the a party may not have any adequate remedy at
law in the event that any of 

 

    32 

     

    

 

the provisions of this Agreement
are not performed in accordance with their terms or were otherwise breached. Accordingly, each party shall without the necessity of proving
the inadequacy of money damages or posting a bond be entitled to an injunction or injunctions to prevent breaches of this Agreement and
to enforce specifically the terms, provisions and covenants contained therein, this being in addition to any other remedy to which they
are entitled at law or in equity.

 

Section 7.13       Corporate
Opportunities.  Subject to the proviso set forth in the penultimate sentence of this Section 7.13, the Company,
on behalf of itself and its Subsidiaries, to the fullest extent permitted by applicable law, (a) acknowledges and affirms that the
Investors or their Affiliates, portfolio companies and Representatives, including any Series A Director (the “Investor
Group”): (i) have participated (directly or indirectly) and will continue to participate (directly or indirectly) in private
equity, venture capital and other direct investments in corporations, joint ventures, limited liability companies and other entities
(“Other Investments”), including Other Investments engaged in various aspects of businesses similar to those engaged
in by the Company and its Subsidiaries (and related services businesses) that may, are or will be competitive with the Company’s
or any of its Subsidiaries’ businesses or that could be suitable for the Company’s or any of its Subsidiaries’ interests,
(ii) do business with any client, customer, vendor or lessor of any of the Company or its Affiliates or any other Person with which
any of the Company or its Affiliates has a business relationship, (iii) have interests in, participate with, aid and maintain seats
on the board of directors or similar governing bodies of, or serve as officers of, Other Investments, (iv) may develop or become
aware of business opportunities for Other Investments; and (v) may or will, as a result of or arising from the matters referenced
in this Section 7.13, the nature of the Investor Group’s businesses and other factors, have conflicts of interest or
potential conflicts of interest, (b) hereby renounces and disclaims any interest or expectancy in any business opportunity (including
any Other Investments or any other opportunities that may arise in connection with the circumstances described in the foregoing clauses
(a)(i) through (a)(v) (each, a “Renounced Business Opportunity”)), (c) acknowledges and affirms that
no member of Investor Group, including any Series A Director, shall have any obligation to communicate or offer any Renounced Business
Opportunity to the Company or any of its Subsidiaries, and any member of Investor Group may pursue a Renounced Business Opportunity and
(d) waives any claim against the Investor Group and each member thereof in connection with the foregoing, except, in the case of
the foregoing clauses (b), (c) and (d), in the case of the Series A Director, for any such opportunity expressly offered to
the Series A Director solely in his or her capacity as a director of the Company. The Company agrees that in the event that the
Investor Group or any member thereof acquires knowledge of a potential transaction or matter which may constitute a corporate opportunity
for both (x) the Investor Group and (y) the Company or its Subsidiaries, a member of the Investor Group shall not have any
duty to offer or communicate information regarding such corporate opportunity to the Company or its Subsidiaries, except in the case
of the Series A Director, for any such opportunity expressly offered to the Series A Director solely in his or her capacity
as a director of the Company. To the fullest extent permitted by applicable law and except as set forth in this Section 7.13,
the Company hereby waives any claim against the Investor Group and each member thereof that such member or the Investor Group is liable
to the Company or its stockholders for breach of any fiduciary duty solely by reason of the fact that the Investor Group or such member
of the Investor Group (A) pursues or acquires any corporate opportunity for its own account or the account of any Affiliate or other
person, (B) directs, recommends, sells, assigns

 

    33 

     

    

 

 or otherwise transfers such corporate opportunity
to another Person or (C) does not communicate information regarding such corporate opportunity to the Company.

 

Section 7.14        Net
Funding.  In order to simplify the cash movements in respect of the payment of the purchase price set forth in Section 1.1
or the payment of any purchase price in connection with an Optional Share Purchase Closing in accordance with Section 1.4
and the reimbursement amount pursuant to the Expense Reimbursement Agreement, the Company and the Investors hereby agree that, at the
option of the Investors, the then-outstanding reimbursement amount payable pursuant to the Expense Reimbursement Agreement shall, subject
to the terms of the Expense Reimbursement Agreement, be deducted from such purchase price, whereupon, following the payment of such reduced
purchase price amount, all obligations of the Investors under this Agreement in connection with its payment of such purchase price set
forth in Section 1.1 or Section 1.4, as applicable, shall be deemed to have been satisfied in full as if the Investors
had paid the full amount of the purchase price set forth in Section 1.1 or Section 1.4, as applicable to the Company.
For the avoidance of doubt, the aggregate amount reimbursable pursuant to the Expense Reimbursement Agreement (by way of deduction from
the applicable purchase price hereunder pursuant to this Section 7.14 at the Initial Closing or any Optional Share Purchase
Closing, or otherwise) shall not exceed $600,000 in the aggregate.

 

Section 7.15       Public
Announcement.  Subject to each party’s disclosure obligations imposed by applicable law or the rules of any stock exchange
upon which its securities are listed, each of the parties hereto will cooperate with each other in the development and distribution of
all news releases and other public information disclosures with respect to this Agreement and any of the transactions contemplated by
this Agreement, and neither the Company nor any Investor will make any such news release or public disclosure (other than the Press Release)
without first consulting with the other, and, in each case, also receiving the other’s consent (which shall not be unreasonably
withheld or delayed) and each party shall reasonably coordinate with the party whose consent is required with respect to any such news
release or public disclosure. Notwithstanding the foregoing, this Section 7.15 shall not apply to any press release or other
public statement made by the Company or an Investor (a) that is consistent with prior disclosure and does not contain any information
relating to the transactions that has not been previously announced or made public in accordance with the terms of this Agreement or (b) is
made to its auditors, attorneys, accountants, financial advisors, limited partners or other Permitted Transferees.

 

(The next page is the signature page)

 

    34 

     

    

 

The parties have caused this
Subscription Agreement to be executed as of the date first written above.

 

	 	COMPANY
	 	 
	 	 
	 	Comtech Telecommunications
Corp.
	 	 
	 	 
	 	By: 	/s/ Michael D. Porcelain
	 	 	Name: Michael D. Porcelain
	 	 	Title: President and Chief Operating Officer

 

[Signature
Page to Subscription Agreement]

 

     

     

    

 

	 	INVESTORS
	 	 
	 	 
	 	MAGNETAR STRUCTURED CREDIT FUND, LP
	 	By: Magnetar Financial LLC, its general partner
	 	 
	 	 
	 	By: 	/s/ Karl Wachter
	 	 	Name: Karl Wachter
	 	 	Title: General Counsel
	 	 
	 	 
	 	MAGNETAR LONGHORN FUND LP
	 	By: Magnetar Financial LLC, its investment manager
	 	 
	 	 
	 	By: 	/s/ Karl Wachter
	 	 	Name: Karl Wachter
	 	 	Title: General Counsel
	 	 
	 	 
	 	PURPOSE ALTERNATIVE CREDIT FUND - F LLC
	 	By: Magnetar Financial LLC, its investment manager
	 	 
	 	 
	 	By: 	/s/ Karl Wachter
	 	 	Name: Karl Wachter
	 	 	Title: General Counsel
	 	 
	 	 
	 	PURPOSE ALTERNATIVE CREDIT FUND - T LLC
	 	By: Magnetar Financial LLC, its investment manager
	 	 
	 	 
	 	By: 	/s/ Karl Wachter
	 	 	Name: Karl Wachter
	 	 	Title: General Counsel

 

[Signature
Page to Subscription Agreement]

 

     

     

    

 

	 	MAGNETAR LAKE CREDIT FUND LLC
	 	By: Magnetar Financial LLC, its manager
	 	 
	 	 
	 	By: 	/s/ Karl Wachter
	 	 	Name: Karl Wachter
	 	 	Title: General Counsel

 

[Signature
Page to Subscription Agreement]

 

     

     

    

 

	 	White Hat Strategic
Partners LP
	 	By: White Hat SP GP LLC, its General Partner
	 	 
	 	 
	 	By: 	/s/ Mark Quinlan
	 	 	Name: Mark Quinlan
	 	 	Title: Managing Member

 

[Signature
Page to Subscription Agreement]

 

     

     

    

 

 

EXHIBIT A

DEFINED TERMS

 

1.            The
following capitalized terms have the meanings indicated:

 

“Activist Investor”
means, as of any date, any Person (other than an Investor or any of its Affiliates, as of the date hereof) that has been identified on
the most recent “SharkWatch 50” list, or any publicly disclosed Affiliate funds of such Person.

 

“Affiliate”
of any Person means any Person, directly or indirectly, Controlling, Controlled by or under common Control with such Person.

 

“Board of Directors”
means the Company’s board of directors.

 

“Business Day”
means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized or required by law
or executive order to close or be closed.

 

“Bylaws”
means the Third Amended and Restated Bylaws of the Company, dated as of September 26, 2017, as the same may be further amended, supplemented
or restated.

 

“Certificate of Incorporation”
means the Company’s Restated Certificate of Incorporation, filed with the Secretary of State of the State of Delaware on August 18,
2006, as the same may be further amended, supplemented or restated.

 

“Code” means
the Internal Revenue Code of 1986, as amended.

 

“Control”
(including its correlative meanings “under common Control with,” “Controlled by” and “Controlling”)
means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through ownership of securities or partnership or other interests, by contract or otherwise.

 

“COVID-19”
means SARS-CoV-2 or COVID-19, and any evolutions or mutations thereof or related or associated epidemics, pandemic or disease outbreaks,
or any escalation or worsening of any of the foregoing (including any subsequent waves).

 

“COVID-19 Measures”
means any quarantine, “shelter in place,” “stay at home,” social distancing, shut down, closure, sequester, return
to work, employment or human resources law, safety or similar law, directive, guideline or recommendation promulgated by any applicable
industry group or Governmental Entity, including the Centers for Disease Control and Prevention and the World Health Organization, in
each case, in connection with or in response to COVID-19.

 

“Credit Agreement”
has the meaning set forth in the Certificate of Designations.

 

“DGCL” means
the General Corporation Law of the State of Delaware (as amended from time to time).

 

    A-1

     

    

 

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

 

“ERISA Documents”
means all material “employment benefit plans” as defined in Section 3(3) of ERISA that are maintained or
sponsored by the Company or its Subsidiaries for the benefit of their respective current or former employees and with respect to which
the Company or its Subsidiaries have any liability.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Exempt Issuance”
has the meaning set forth in the Certificate of Designations.

 

“Fraud” means
actual, not constructive, common law fraud (under the laws of the State of Delaware), committed with scienter, in the making of the representations
and warranties expressly given in this Agreement.

 

“Fundamental
Representations” means the representations and warranties set forth in ‎Section 2.1(a),
‎Section 2.2(a),
Section 2.2(b)(i), Section 2.2(c), ‎Section 2.4,
‎Section 2.12, ‎Section 3.1,
‎Section 3.2(a),
Section 3.2(c) and ‎Section 3.6.

 

“GAAP” means
generally accepted accounting principles as in effect in the United States.

 

“Government Official”
means any officer or employee of a foreign governmental authority or any department, agency, or instrumentality thereof, or of a public
international organization, or any person acting in an official capacity for or on behalf of any such foreign governmental authority or
department, agency, or instrumentality, or for or on behalf of any such public international organization, or any political party, party
official, or candidate thereof, excluding officials of the governments of the United States, the several states thereof, any local subdivision
of any of them or any agency, department or unit of any of the foregoing.

 

“Governmental Entity”
means any supranational, national, state, municipal, local or foreign government, any court, tribunal, arbitrator, administrative agency,
commission or other governmental official, authority or instrumentality.

 

“Hazardous Substance”
means any waste, substance, product or material defined or regulated as “hazardous” or “toxic” by
any applicable law, rule, regulation or order described in the definition of “Requirements of Environmental Law,” including
petroleum and any fraction thereof, and any radioactive materials and waste.

 

“Indemnification Agreement”
means the Indemnification Agreement between the Company and the Series A Director in substantially the form attached as Exhibit 10(k) to
the Company’s Annual Report on Form 10-K for the for the fiscal year ended July 31, 2021.

 

“Investment Company
Act” mean the Investment Company Act of 1940, as amended.

 

    A-2

     

    

 

“Magnetar Investors”
means Magnetar Structured Credit Fund, LP, Magnetar Longhorn Fund LP, Purpose Alternative Credit Fund - F LLC, Purpose Alternative Credit
Fund - T LLC and Magnetar Lake Credit Fund LLC.

 

“Material Adverse Effect”
means a material adverse effect upon the financial condition, assets, liabilities or results of operations of the Company and its Subsidiaries,
taken as a whole; provided, however, that any such effect resulting or arising from or relating to any of the following
matters shall not be considered when determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur:
(a) any change, development, occurrence or event affecting the industry in which the Company and its Subsidiaries operate; (b) any
conditions affecting the United States general economy or the general economy in any geographic area in which the Company or its Subsidiaries
operate or developments or changes therein or the financial and securities markets and credit markets in the United States or elsewhere
in the world; (c) political conditions, including the continuation, occurrence, escalation, outbreak or worsening of any hostilities,
war, political action, acts of terrorism, sabotage or military conflicts, whether or not pursuant to the declaration of an emergency or
war; (d) any conditions resulting from the existence, occurrence, continuation or worsening of any force majeure events, including
any earthquakes, floods, hurricanes, tornadoes, tropical storms, fires or other natural or manmade disasters, any epidemic, pandemic (including
COVID-19 or COVID-19 Measures or any change in COVID-19 Measures or interpretations thereof) or other similar outbreak (including any
non-human epidemic, pandemic or other similar outbreak) or any other national, international or regional calamity; (e) changes in
any law (including COVID-19 Measures or interpretations thereof), rule, regulation or GAAP; (f) changes in the market price or trading
volume of the Common Stock or any other equity, equity-related or debt securities of the Company or its Affiliates (it being understood
that the underlying circumstances, events or reasons giving rise to any such change can be taken into account in determining whether a
Material Adverse Effect has occurred or would reasonably be expected to occur); (g) any failure to meet any internal or public projections,
forecasts, estimates or guidance for any period (it being understood that the underlying circumstances, events or reasons giving rise
to any such failure can be taken into account in determining whether a Material Adverse Effect has occurred or would reasonably be expected
to occur); (h) the announcement, execution or delivery of this Agreement or the consummation of the transactions contemplated by
this Agreement, including the impact thereof on the relationships, contractual or otherwise, of the Company and its Subsidiaries with
employees, suppliers, customers, partners, vendors or any other third Person; (i) any actions taken by, or at the written request
of, the Investors; and (j) any action, suit or proceeding arising from allegations of breach of fiduciary duty or otherwise relating
to this Agreement or the transactions contemplated hereby by any stockholder of the Company; provided, that any of the matters
described in clauses (a), (b) or (c), will be taken into account for purposes of determining whether or not a Material Adverse Effect
has occurred to the extent that such matter disproportionately and adversely affects the Company and its Subsidiaries, taken as a whole,
as compared with other companies operating in the industry in which the Company and its Subsidiaries operate.

 

“Permitted Liens”
means any liens incurred by the Investors or their respective Affiliates, restrictions arising under applicable federal and state securities
laws, or restrictions imposed by this Agreement, the Certificate of Designations or the Registration Rights Agreement, as well as, except
for purposes of Section 1.1 and Section 2.4(c) any of the following: (i) liens for 

 

    A-3

     

    

 

Taxes, assessments and governmental
charges or levies either not yet delinquent or that are being contested in good faith by appropriate proceedings and for which appropriate
reserves have been established to the extent required by GAAP; (ii) mechanics, carriers’, workmen’s, warehouseman’s,
repairmen’s, materialmen’s or other liens or security interests that are not yet due or that are being contested in good
faith and by appropriate proceedings; (iii) pledges or deposits to secure obligations pursuant to workers’ compensation law
or similar legislation or to secure public or statutory obligations; (iv) pledges or deposits to secure the performance of appeal
bonds, fidelity bonds and other obligations of a similar nature, in each case in the ordinary course of business; (v) easements,
covenants and rights of way (unrecorded and of record) and other similar liens (or other encumbrances), and zoning, building and other
similar codes or restrictions, in each case imposed by any governmental authority having jurisdiction over any real property and that
do not adversely affect in any material respect, and are not violated by, the current use, operation or occupancy of such real property
or the operation of the business of the Company and its Subsidiaries thereon; (vi) liens the existence of which are disclosed in
the notes to the most recent consolidated financial statements of the Company included in the SEC Documents; (vii) any non-exclusive
license of any intellectual property granted by the Company or any of its Subsidiaries in the ordinary course of business; and (viii) liens
to secure indebtedness under the Credit Agreement.

 

“Permitted Transferee”
means (i) any investment fund, investment vehicle or account Controlled by any Investor or any Affiliate thereof, or (ii) any
shareholder, limited partner, limited liability company member, other equityholder or Affiliate of any Investor or any such investment
fund, investment vehicle or account thereof as a result of any distribution.

 

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

 

“Personal Data”
has the same meaning as “personal data,” “personal information,” or other analogous terms under Privacy Requirements,
including information that allows the identification of a natural person or any data that, if it were subject to unauthorized access,
would require notification under Privacy Requirements to the data subject.

 

“Registration Rights
Agreement” means the Registration Rights Agreement by and among the Company and the Investors, in the form attached to the Agreement
as Exhibit D.

 

“Release” means any release, spill,
emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into or through the environment
(including ambient air, surface water, groundwater, land surface or subsurface strata) or within or upon any building, structure, facility
or fixture.

 

“Representatives”
means a Persons’ Affiliates, employees, agents, consultants, accountants, attorneys or financial advisors and direct or indirect
members or partners or Affiliates of the foregoing.

 

    A-4

     

    

 

“Requirements of Environmental Law”
means all requirements imposed by any law, rule, regulation, or order of any governmental authority which relate to (a) the environment,
(b) the preservation or reclamation of natural resources, (c) the generation, management, Release or threatened Release of any
Hazardous Substance, or (d) health and safety matters.

 

“Restricted Securities” means
any equity security that constitutes a “restricted security” (as defined in Rule 144); provided, however,
that such equity security will cease to be a Restricted Security upon the earliest to occur of the following events:

 

		(a)	such equity security is sold or otherwise transferred to a Person (other than the Company or an Affiliate
of the Company) pursuant to a registration statement that was effective under the Securities Act at the time of such sale or transfer;

 

		(b)	such equity security is sold or otherwise transferred to a Person (other than the Company or an Affiliate
of the Company) pursuant to an available exemption (including Rule 144) from the registration and prospectus-delivery requirements
of, or in a transaction not subject to, the Securities Act and, immediately after such sale or transfer, such equity security ceases to
constitute a “restricted security” (as defined in Rule 144); and

 

		(c)	(i) such equity security is eligible for resale, by a Person that is not an Affiliate of the Company
and that has not been an Affiliate of the Company during the immediately preceding three (3) months, pursuant to Rule 144 without
any limitations thereunder as to volume, manner of sale, availability of current public information or notice; and (ii) the Company
has received such certificates or other documentation or evidence as the Company may reasonably require to determine that such equity
security is eligible for resale pursuant to clause (i) and the holder or beneficial owner of such equity security is not, and has
not been during the immediately preceding three (3) months, an Affiliate of the Company.

 

“SEC” means
the Securities and Exchange Commission.

 

“SEC Documents”
means all reports, schedules, registration statements, proxy statements and other documents (including all amendments, exhibits and schedules
thereto) filed by the Company with the SEC on or after January 1, 2019.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Standstill Termination
Event” means the Current CEO shall not have ceased serving as the Company’s Chief Executive Officer as of on or prior
to December 31, 2021.

 

“Stock Plans”
means the Company’s 2000 Stock Incentive Plan, as amended, and 2001 Employee Stock Purchase Plan.

 

    A-5

     

    

 

“Subsidiary”
means, with respect to any Person, (a) any corporation, association or other business entity (other than a partnership or limited
liability company) of which more than fifty percent (50%) of the total voting power of the capital stock entitled (without regard to the
occurrence of any contingency, but after giving effect to any voting agreement or stockholders’ agreement that effectively transfers
voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business
entity is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (b) any
partnership or limited liability company where (x) more than fifty percent (50%) of the capital accounts, distribution rights, equity
and voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company
are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person, whether in the
form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (y) such Person
or any one or more of the other Subsidiaries of such Person is a controlling general partner of, or otherwise controls, such partnership
or limited liability company.

 

“Tax” and
 “Taxes” means all federal, state, local and foreign taxes (including, without limitation, income, franchise, property,
sales, withholding, payroll and employment taxes), assessments, fees or other charges imposed by any Governmental Entity, including any
interest, additions to tax or penalties applicable thereto.

 

“Tax Return”
means any return, report or similar filing (including the attached schedules) filed or required to be filed with respect to Taxes (and
any amendments thereto), including any information return, claim for refund or declaration of estimated Taxes.

 

“Transfer”
means, with respect to the applicable securities, any direct or indirect (a) sale, transfer, hypothecation, assignment, gift, bequest
or disposition of such securities by any other means, whether for value or no value and whether voluntary or involuntary (including, without
limitation, by realization upon any lien or by operation of law or by judgment, levy, attachment, garnishment, bankruptcy or other legal
or equitable proceedings, but excluding any conversion or exchange of securities in connection with a merger or other business combination
involving the Company) or (b) grant of any option, warrant or other right to purchase such securities. The term “Transferred”
shall have a correlative meaning.

 

“Voting Agreements”
means the separate Voting Agreements by and between the Company and each of the Investors, in the form attached to the Agreement as Exhibit G.

 

“Voting Right Expiration
Date” has the meaning set forth in the Certificate of Designations.

 

“White Hat Investor”
means White Hat Strategic Partners LP.

 

2.            The
following terms are defined in the Sections of the Agreement indicated:

 

INDEX OF TERMS

 

	Term	Section

 

    A-6

     

    

  

	Agreement	Preamble
	Applicable Matters	7.3(b)
	Applicable Purchase Price	1.1
	Board Observer	4.1(b)
	Certificate of Designations	1.1
	Chosen Court	7.3(b)
	Common Stock	2.4(a)
	Company	Preamble
	Confidential Information	4.8
	Conversion Shares	2.4(c)
	Current CEO	4.2(b)
	Disclosure Schedule	Article II
	Disclosure Update	1.4(d)
	Exercise Notice 	1.4(b)
	Exercise Period	1.4(a)
	Exercising Investor	1.4(b)
	Expense Reimbursement Agreement	7.5
	Financial Statements	2.7
	Initial Closing	1.2
	Initial Closing Date	1.2
	Investor	Preamble
	Investor Group	7.13
	Optional Share Purchase Closing	1.4(c)
	Optional Shares	1.4(a)
	Optional Shares Election Option	1.4(a)
	Other Investments	7.13
	Preferred Stock	2.4(a)
	Press Release	4.2
	Privacy Requirements	2.19
	Purchased Shares	1.1
	Renounced Business Opportunity	7.13
	Restraints	5.1(a)
	Series A Director	4.1(a)
	Series A Preferred Stock	Recitals
	Termination Date	6.1(b)
	Transfer Notice	4.4(d)

 

    A-7

     

    

 

Exhibit B

 

Investors

 

	Investor	 	Purchased

 Shares	 	 	Applicable

 Purchase Price

 for the

 Purchased

 Shares	 	 	Optional 

Shares	 	 	Applicable

 Purchase Price

 for the Optional

 Shares	 
	Magnetar Structured Credit Fund, LP	 	 	22,080	 	 	$	22,080,000	 	 	 	5,520	 	 	$	5,520,000	 
	Magnetar Longhorn Fund LP	 	 	4,880	 	 	$	4,880,000	 	 	 	1,220	 	 	$	1,220,000	 
	Purpose Alternative Credit Fund - F LLC	 	 	15,200	 	 	$	15,200,000	 	 	 	3,800	 	 	$	3,800,000	 
	Purpose Alternative Credit Fund - T LLC	 	 	2,400	 	 	$	2,400,000	 	 	 	600	 	 	$	600,000	 
	Magnetar Lake Credit Fund LLC	 	 	35,440	 	 	$	35,440,000	 	 	 	8,860	 	 	$	8,860,000	 
	White Hat Strategic Partners LP	 	 	20,000	 	 	$	20,000,000	 	 	 	5,000	 	 	$	5,000,000	 
	Total:	 	 	100,000	 	 	$	100,000,000	 	 	 	25,000	 	 	$	25,000,000	 

 

    B-1Exhibit 10.1

 

Execution
VERSION

 

$2,500,000,000

 

CREDIT AGREEMENT

 

dated as of

 

October 22, 2021

 

among

 

The Estée Lauder Companies Inc.,

 

The Eligible Subsidiaries From Time to Time Party Hereto,

 

The Lenders From Time to Time Party Hereto,

 

JPMorgan Chase Bank, N.A.,

as Administrative Agent

 

 

BNP Paribas,

Citibank, N.A.,

Bank of America, N.A.

and

MUFG Bank, Ltd.,

as Syndication Agents

 

 

 

 

JPMorgan Chase Bank, N.A.,

BNP Paribas Securities Corp.,

BofA Securities, Inc.,

Citibank, N.A.

and

MUFG Bank, Ltd.,

as Joint Bookrunners and Joint Lead Arrangers

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

Article 1

Definitions

 

	Section 1.01
    .	Definitions	1
	Section 1.02
    .	Accounting Terms and Determinations	34
	Section 1.03
    .	 Types of Borrowing	35
	Section 1.04
    .	Terms Generally	35
	Section 1.05
    .	Interest Rates	35
	Section 1.06	Divisions	36

 

Article 2

The
Credits

 

	Section 2.01
    .	Commitments To Lend	36
	Section 2.02
    .	Notice of Borrowing	37
	Section 2.03
    .	[Reserved]	37
	Section 2.04
    .	Notice To Lenders; Funding of Loans	37
	Section 2.05
    .	Evidence Of Debt	38
	Section 2.06
    .	Maturity of Loans	39
	Section 2.07
    .	Interest Rates	39
	Section 2.08
    .	Fees	40
	Section 2.09
    .	Optional Termination or Reduction of Commitments	41
	Section 2.10
    .	Method of Electing Interest Rates	41
	Section 2.11
    .	Mandatory Termination of Commitments	43
	Section 2.12
    .	Optional Prepayments	44
	Section 2.13
    .	Determining Dollar Amounts of Alternative Currency Loans; Related Mandatory Prepayments	44
	Section 2.14
    .	 General Provisions as to Payments	45
	Section 2.15
    .	Funding Losses	46
	Section 2.16	Computation of Interest and Fees	47
	Section 2.17
    .	[Reserved]	47
	Section 2.18
    .	Regulation D Compensation	47
	Section 2.19
    .	Letters of Credit	48
	Section 2.20
    .	Defaulting Lenders	53
	Section 2.21
    .	Incremental Increase in Commitments	57
	Section 2.22
    .	Termination Date Extension	57

 

Article 3

Conditions

 

	Section 3.01
    .	Closing	58
	Section 3.02
    .	 Borrowings and Issuances of Letters of Credit	60

 

    i

     

    

 

	Section 3.03
    .	 First Borrowing by Each Eligible Subsidiary	61
	Section 3.04
    .	Existing Credit Agreement	61

 

Article 4

Representations
And Warranties

 

	Section 4.01
    .	Corporate Existence and Power	62
	Section 4.02
    .	 Corporate and Governmental Authorization; No Contravention	62
	Section 4.03
    .	Binding Effect	62
	Section 4.04
    .	Financial Information	63
	Section 4.05
    .	Litigation	63
	Section 4.06
    .	Compliance with ERISA	63
	Section 4.07
    .	Environmental Matters	63
	Section 4.08
    .	Taxes	64
	Section 4.09
    .	Subsidiaries	64
	Section 4.10
    .	Regulatory Restrictions on Borrowing	64
	Section 4.11
    .	Full Disclosure	64
	Section 4.12
    .	 Anti-Corruption Laws and Sanctions	65

 

Article 5

Covenants

 

	Section 5.01
    .	 Information	65
	Section 5.02
    .	Payment of Obligations	67
	Section 5.03
    .	 Insurance	68
	Section 5.04
    .	 Conduct of Business and Maintenance of Existence	68
	Section 5.05
    .	 Compliance with Laws	68
	Section 5.06
    .	 Inspection of Property, Books and Records	68
	Section 5.07
    .	Mergers and Sales of Assets	69
	Section 5.08
    .	Use of Proceeds	69
	Section 5.09
    .	Negative Pledge	69
	Section 5.10
    .	Debt of Subsidiaries	71
	Section 5.11
    .	Transactions with Affiliates	71

 

Article 6

Defaults

 

	Section 6.01
    .	 Events of Default	71
	Section 6.02
    .	Notice of Default	73
	Section 6.03
    .	 Application of Proceeds	73

 

Article 7

The
Administrative Agent

 

	Section 7.01
    .	Appointment and Authorizations	75
	Section 7.02
    .	Agents and Affiliates	75

 

    ii

     

    

 

	Section 7.03
    .	Action by Agents	76
	Section 7.04
    .	Consultation with Experts	76
	Section 7.05
    .	Delegation of Duties	77
	Section 7.06
    .	Indemnification	77
	Section 7.07
    .	Resignation of Administrative Agent	77
	Section 7.08
    .	Administrative Agent’s Fees	78
	Section 7.09
    .	Other Agents Not Liable	78
	Section 7.10
    .	Credit Decision	78
	Section 7.11
    .	Posting of Communications	80
	Section 7.12
    .	Certain ERISA Matters	82

 

Article 8

Change
In Circumstances

 

	Section 8.01
    .	Alternate Rate of Interest	84
	Section 8.02
    .	Illegality	88
	Section 8.03
    .	Increased Cost and Reduced Return	89
	Section 8.04
    .	Taxes	90
	Section 8.05
    .	Base Rate Loans Substituted for Affected Loans	94
	Section 8.06
    .	Substitution of Lenders	95

 

Article 9

Representations
and Warranties of Eligible Subsidiaries

 

	Section 9.01
    .	Corporate Existence and Power	95
	Section 9.02
    .	Corporate Governmental Authorization; No Contravention	96
	Section 9.03
    .	Binding Effect	96

 

Article 10

Miscellaneous

 

	Section 10.01
    .	Notices	96
	Section 10.02
    .	No Waivers	97
	Section 10.03
    .	Expenses; Limitation of Liability; Indemnification	97
	Section 10.04
    .	Sharing of Set-Offs	99
	Section 10.05
    .	Amendments and Waivers	99
	Section 10.06
    .	Successors and Assigns	100
	Section 10.07
    .	Collateral	104
	Section 10.08
    .	Governing Law, Submission to Jurisdiction	104
	Section 10.09
    .	Service of Process	105
	Section 10.10
    .	Counterparts; Integration; Effectiveness; Electronic Execution	105
	Section 10.11
    .	WAIVER OF JURY TRIAL	106
	Section 10.12
    .	Confidentiality	107
	Section 10.13
    .	Conversion of Currencies	108
	Section 10.14
    .	European Economic and Monetary Union	108

 

    iii

     

    

 

	Section 10.15
    .	 USA Patriot Act	109
	Section 10.16
    .	 Acknowledgement and Consent to Bail-in of Affected Financial Institutions	109
	Section 10.17
    .	Right of Setoff	110
	Section 10.18
    .	No Fiduciary Duty	110
	Section 10.19	Acknowledgement Regarding Any Supported QFCs	110
	Section 10.20	Interest Rate Limitation	111

 

Article 11

Guaranty

 

	Section 11.01
    .	The Guaranty	111
	Section 11.02
    .	Guaranty Unconditional	112
	Section 11.03
    .	Discharge Only upon Payment in Full; Reinstatement in Certain Circumstances	113
	Section 11.04
    .	 Waiver by the Company	113
	Section 11.05
    .	 Subrogation	113
	Section 11.06
    .	 Stay of Acceleration	113
	Section 11.07
    .	 Limitation of Liability	113

 

Commitment Schedule

Pricing Schedule

Schedule 2.19 – Issuing Lenders

Schedule 4.05 – Litigation

 

EXHIBIT A               Note

EXHIBIT B               [Reserved]

EXHIBIT C               Assignment
and Assumption Agreement

EXHIBIT D               Election
to Participate

EXHIBIT E                Election
to Terminate

 

    iv

     

    

 

CREDIT AGREEMENT dated as of October 22, 2021
among THE ESTÉE LAUDER COMPANIES INC., the ELIGIBLE SUBSIDIARIES referred to herein, the LENDERS listed on the signature pages hereof,
and JPMORGAN CHASE BANK, N.A., as Administrative Agent.

 

The parties hereto agree as follows:

 

Article 1

Definitions

 

Section 1.01. Definitions. The following
terms, as used herein, have the following meanings:

 

“Adjusted Daily Simple RFR”
means, (i) with respect to any RFR Borrowing denominated in Sterling, an interest rate per annum equal to (a) the Daily Simple
RFR for Sterling, plus (b) 0.0326% and (ii) with respect to any RFR Borrowing denominated in Swiss Francs, an interest rate
per annum equal to the Daily Simple RFR for Swiss Francs; provided that if the Adjusted Daily Simple RFR Rate as so determined
would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

 

“Adjusted Daily Simple SOFR”
means an interest rate per annum equal to (a) Daily Simple SOFR, plus (b) 0.10%; provided that if the Adjusted Daily
Simple SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of
this Agreement.

 

“Adjusted EURIBOR Rate” means,
with respect to any Term Benchmark Borrowing denominated in Euros for any Interest Period, an interest rate per annum equal to (a) the
EURIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted EURIBOR
Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

 

“Adjusted Term SOFR Rate” means,
with respect to any Term Benchmark Borrowing denominated in Dollars for any Interest Period, an interest rate per annum equal to (a) the
Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as so determined would be less
than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

 

“Adjusted TIBOR Rate” means,
with respect to any Term Benchmark Borrowing denominated in Yen for any Interest Period, an interest rate per annum equal to (a) the
TIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted TIBOR Rate
as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

 

    

     

    

 

“Administrative Agent” means
JPMorgan Chase Bank, N.A. in its capacity as administrative agent for the Lenders hereunder, and its successors in such capacity.

 

“Administrative Questionnaire”
means, with respect to each Lender, an administrative questionnaire in the form prepared by the Administrative Agent and submitted to
the Administrative Agent (with a copy to the Company) duly completed by such Lender.

 

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

 

“Affiliate” means (i) any
Person that directly, or indirectly through one or more intermediaries, controls the Company (a “Controlling Person”)
or (ii) any Person (other than the Company or a Subsidiary) which is controlled by or is under common control with a Controlling
Person. As used herein, the term “control” means possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Affiliate Transaction” has
the meaning set forth in ‎Section 5.11.

 

“Agreed Currencies” means Dollars
and each Alternative Currency.

 

“Agreement” means this Credit
Agreement.

 

“Alternative Currencies” means
Sterling, Euros, Yen and Swiss Francs.

 

“Alternative Currency Sublimit”
means a Dollar Amount equal to $750,000,000.

 

“Anti-Corruption Laws” means
all laws, rules, and regulations of any jurisdiction applicable to the Company or any of its Subsidiaries from time to time concerning
or relating to bribery or corruption.

 

“Applicable Agent” means, (a) with
respect to a Loan or Borrowing denominated in Dollars, the Administrative Agent, or (b) with respect to a Loan or Borrowing denominated
in any Alternative Currency, the Administrative Agent (including its affiliates or branches) or such other Person as may be agreed upon
by the Company and the Administrative Agent and designated in a notice delivered to the Lenders.

 

“Applicable Lending Office”
means, with respect to any Lender, (i) in the case of its Base Rate Loans, its Domestic Lending Office or (ii) in any other
case, such other office as a Lender may from time to time notify the Company and the Administrative Agent for Loans of the particular
type or currency, which office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such Affiliate.

 

    2

     

    

 

“Approved Electronic Platform”
has the meaning set forth in Section 7.11.

 

“Approved Fund” means any Fund
that is administered or managed by (i) a Lender, (ii) an affiliate of a Lender or (iii) an entity or an affiliate of an
entity that administers or manages a Lender.

 

“Assignee” has the meaning set
forth in ‎Section 10.06(c).

 

“Available Commitment” means,
with respect to any Lender at any time, an amount equal to such Lender’s Commitment at such time minus such Lender’s Outstanding
Amount at such time.

 

“Available Tenor” means, as
of any date of determination and with respect to the then-current Benchmark for any Agreed Currency, as applicable, any tenor for such
Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as
applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any
frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of
doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (e) of
 ‎Section 8.01.

 

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

 

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

 

“Bankruptcy
Event” means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative
Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment,
provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership
interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides
such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment
on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any
contracts or agreements made by such Person.

 

    3

     

    

 

“Base
Rate” means, for any day, a rate per annum equal to the greatest of (i) the Prime Rate in effect on such day, (ii) the
NYFRB Rate in effect on such day plus 1⁄2 of 1% and (iii) the Adjusted Term SOFR Rate for a one month Interest Period as published
two U.S. Government Securities Business Days prior to such day (or if such day is not a Business Day, the immediately preceding Business
Day), plus 1%. Any change in the Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate shall be effective
from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate, respectively. If
the Base Rate is being used as an alternate rate of interest pursuant to Section 8.01 (for the avoidance of doubt, only until the
Benchmark Replacement has been determined pursuant to 8.01(b)), then the Base Rate shall be the greater of clauses (i) and (ii) above
and shall be determined without reference to clause (iii) above. For the avoidance of doubt, if the Base Rate as so determined would
be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Base Rate Loan” means (i) a
Loan denominated in Dollars which bears interest at the Base Rate pursuant to the applicable Notice of Borrowing or Notice of Interest
Rate Election, (ii) a Loan which bears interest at the Base Rate pursuant to the provisions of ‎Section 8.01 or (iii) an
overdue amount which was a Base Rate Loan immediately before it became overdue.

 

“Benchmark” means, initially,
with respect to any (i) RFR Loan, the applicable Relevant Rate for the applicable Agreed Currency or (ii) Term Benchmark Loan,
the Relevant Rate for the applicable Agreed Currency; provided that if a Benchmark Transition Event, and the related Benchmark Replacement
Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for such Agreed Currency, then “Benchmark”
means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant
to clause (b) of ‎Section 8.01.

 

    4

     

    

 

“Benchmark Replacement” means,
for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the
applicable Benchmark Replacement Date; provided that, in the case of any Loan denominated in an Alternative Currency, “Benchmark
Replacement” shall mean the alternative set forth in (2) below:

 

(1)         in
the case of any Loan denominated in Dollars, the Adjusted Daily Simple SOFR;

 

(2)         the
sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Company as the replacement for
the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving
or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit
facilities denominated in the applicable Agreed Currency at such time in the United States and (b) the related Benchmark Replacement
Adjustment;

 

If the Benchmark Replacement as determined pursuant
to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes
of this Agreement and the other Loan Documents.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement
for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment,
or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected
by the Administrative Agent and the Company for the applicable Corresponding Tenor giving due consideration to (i) any selection
or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such
Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement
Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating
or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for
syndicated credit facilities denominated in the applicable Agreed Currency at such time.

 

    5

     

    

 

 

“Benchmark Replacement Conforming
Changes” means, with respect to any Benchmark Replacement and/or any Term Benchmark Loan denominated in Dollars, any
technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of
 “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “RFR
Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments
of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the
applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent, in
consultation with the Borrower, decides may be appropriate to reflect the adoption and implementation of such Benchmark and to
permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the
Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the
Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of
administration as the Administrative Agent, in consultation with the Borrower, decides is reasonably necessary in connection with
the administration of this Agreement and the other Loan Documents).

 

“Benchmark Replacement Date”
means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

 

(1)            in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date
of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark
(or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such
Benchmark (or such component thereof); or

 

(2)            in
the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or
the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator
of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined
by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark
(or such component thereof) continues to be provided on such date.

 

For the avoidance of doubt, (i) if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark
Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon
the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark
(or the published component used in the calculation thereof).

 

    6

     

    

 

“Benchmark Transition Event”
means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

 

(1) a public statement or publication of information
by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such
administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available
Tenor of such Benchmark (or such component thereof);

 

(2) a public statement or publication of information
by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the
Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, the central bank for the Agreed Currency applicable to such Benchmark,
an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction
over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority
over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or
such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or
indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide
any Available Tenor of such Benchmark (or such component thereof); or

 

(3) a public statement or publication of information
by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing
that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer
be, representative.

 

For the avoidance of doubt, a “Benchmark
Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information
set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the
calculation thereof).

 

“Benchmark Unavailability Period”
means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to
clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with ‎Section 8.01 and (y) ending at the
time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance
with ‎Section 8.01.

 

    7

     

    

 

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

 

“Beneficial Ownership Regulation”
means 31 C.F.R. § 1010.230.

 

“Benefit Arrangement” means
at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan
and which is maintained or otherwise contributed to by any member of the ERISA Group.

 

“Benefit Plan” means any of
(a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Internal Revenue Code or (c) any Person whose assets include (for purposes
of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Internal Revenue Code) the assets
of any such “employee benefit plan” or “plan”.

 

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

 

“Borrower” means the Company
or any Eligible Subsidiary, as the context may require, and their respective successors, and “Borrowers” means all
of the foregoing. When used in relation to any Loan or Letter of Credit, references to “the Borrower” are to the particular
Borrower to which such Loan is or is to be made or at whose request such Letter of Credit is or is to be issued.

 

“Borrowing” has the meaning
set forth in ‎Section 1.03.

 

“Business Day” means, any day
(other than a Saturday or a Sunday) on which banks are open for business in New York City or Chicago; provided that, (a) in relation
to Loans denominated in Yen and in relation to the calculation or computation of TIBOR, the term “Business Day” shall mean,
any day (other than a Saturday or a Sunday) on which banks are open for business in Japan, (b) in relation to Loans denominated in
Euros and in relation to the calculation or computation of EURIBOR, the term “Business Day” shall mean, any day which is a
TARGET Day and (c) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any
such RFR Loan, or any other dealings in the applicable Agreed Currency of such RFR Loan, the term “Business Day” shall mean
any such day that is only an RFR Business Day.

 

    8

     

    

 

“Capitalized Lease Obligations”
of any Person means obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right
to use) real or personal property, or a combination thereof, which obligations are required under GAAP to be classified and accounted
for as capital leases or financing leases on a balance sheet of such Person. The amount of such obligations will be the capitalized amount
thereof determined in accordance with GAAP, subject to Section 1.02.

 

“Cash Collateralize” means to
pledge and deposit with or deliver to the Administrative Agent, in the case of Letter of Credit Liabilities, for the benefit of each Issuing
Lender and each Lender, as collateral for the Letter of Credit Liabilities, cash or deposit account balances, and “Cash Collateral”
shall refer to such cash or deposit account balances.

 

“CBR Loan” means a Loan that
bears interest at a rate determined by reference to the Central Bank Rate.

 

“CBR Spread” means the Applicable
Margin, applicable to such Loan that is replaced by a CBR Loan.

 

“Central Bank Rate” means, the
greater of (i) (A) for any Loan denominated in (a) Sterling, the Bank of England (or any successor thereto)’s “Bank
Rate” as published by the Bank of England (or any successor thereto) from time to time, (b) Euro, one of the following three
rates as may be selected by the Administrative Agent in its reasonable discretion: (1) the fixed rate for the main refinancing operations
of the European Central Bank (or any successor thereto), or, if that rate is not published, the minimum bid rate for the main refinancing
operations of the European Central Bank (or any successor thereto), each as published by the European Central Bank (or any successor thereto)
from time to time, (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published
by the European Central Bank (or any successor thereto) from time to time or (3) the rate for the deposit facility of the central
banking system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to time,
(c) Yen, the “short-term prime rate” as publicly announced by the Bank of Japan (or any successor thereto) from time
to time and (d) Swiss Francs, the policy rate of the Swiss National Bank (or any successor thereto) as published by the Swiss National
Bank (or any successor thereto) from time to time plus (B) the applicable Central Bank Rate Adjustment; and (ii) the Floor.

 

    9

     

    

 

“Central Bank Rate Adjustment”
means, for any day, for any Loan denominated in (a) Euro, a rate equal to the difference (which may be a positive or negative value
or zero) of (i) the average of the Adjusted EURIBOR Rate for the five most recent Business Days preceding such day for which the
EURIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest Adjusted EURIBOR Rate applicable during
such period of five Business Days) minus (ii) the Central Bank Rate in respect of Euro in effect on the last Business Day in such
period, (b) Sterling, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average
of the Adjusted Daily Simple RFR for Sterling Borrowings for the five most recent RFR Business Days preceding such day for which SONIA
was available (excluding, from such averaging, the highest and the lowest such Adjusted Daily Simple RFR applicable during such period
of five RFR Business Days) minus (ii) the Central Bank Rate in respect of Sterling in effect on the last RFR Business Day in such
period, (c) Swiss Francs, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average
of the Adjusted Daily Simple RFR for Swiss Franc Borrowings for the five most recent RFR Business Days preceding such day for which SARON
was available (excluding, from such averaging, the highest and the lowest such Adjusted Daily Simple RFR applicable during such period
of five RFR Business Days) minus (ii) the Central Bank Rate in respect of Swiss Francs in effect on the last RFR Business Day in
such period and (d) Yen, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average
of the Adjusted TIBOR Rate for the five most recent Business Days preceding such day for which the TIBOR Screen Rate was available (excluding,
from such averaging, the highest and the lowest Adjusted TIBOR Rate applicable during such period of five Business Days) minus (ii) the
Central Bank Rate in respect of Yen in effect on the last Business Day in such period. For purposes of this definition, (x) the term
Central Bank Rate shall be determined disregarding clause (B) of the definition of such term and (y) each of the EURIBOR Rate
and the TIBOR Rate on any day shall be based on the EURIBOR Screen Rate or the TIBOR Screen Rate, as applicable, on such day at approximately
the time referred to in the definition of such term for deposits in the applicable Agreed Currency for a maturity of one month.

 

“Change of Control” means (i) the
acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities
Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof) other than
the Lauder Family Members, of equity interests representing more than 50% of the aggregate ordinary voting power represented by the issued
and outstanding equity interests of the Company; (ii) occupation of a majority of the seats (other than vacant seats) on the board
of directors of the Company by persons who were neither (x) nominated by the board of directors of the Company nor (y) appointed
by directors so nominated; or (iii) the acquisition of direct or indirect control of the Company by any person or group other than
the Lauder Family Members.

 

    10

     

    

 

“Change
in Law” means the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the date on
which such Lender becomes a Lender), of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty,
(b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental
Authority, or (c) the making or issuance of any request, rules, guideline, requirement or directive (whether or not having the force
of law) by any Governmental Authority; provided, however, that notwithstanding anything herein to the contrary, (i) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder,
issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law” regardless of the date enacted, adopted, issued or implemented provided that a Lender shall only be entitled to seek
payment pursuant to Section 8.03 attributable to any such deemed Change in Law if such Lender is generally seeking reimbursement
for such costs from similarly situated borrowers under other credit agreements.

 

“Charges” has the meaning set
forth in Section 10.20.

 

“Closing Date” means October 22,
2021 or such later date on which the Administrative Agent shall have received the documents specified in or pursuant to ‎Section 3.01.

 

“CME Term SOFR Administrator”
means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR)
(or a successor administrator).

 

“Commitment” means (i) with
respect to each Lender, the amount of such Lender’s Commitment, as such amount is set forth opposite the name of such Lender on
the Commitment Schedule, as such Commitment may be increased from time to time pursuant to ‎Section 2.21, (ii) with respect
to any Additional Lender, the amount of the Commitment assumed by it pursuant to ‎Section 2.21, and (iii) with respect to
any Assignee, the amount of the transferor Lender’s Commitment assigned to it pursuant to ‎Section 10.06, in each case
as such amount may be reduced from time to time pursuant to ‎Section 2.09 and ‎Section 2.21 or ‎Section 10.06;
provided that, if the context so requires, the term “Commitment” means the obligation of a Lender to extend
credit up to such amount to the Borrowers hereunder.

 

“Company” means The Estée
Lauder Companies Inc., a Delaware corporation, and its successors.

 

“Consolidated Subsidiary” means
at any date any Subsidiary or other entity the accounts of which would be consolidated with those of the Company in its consolidated financial
statements if such statements were prepared as of such date.

 

    11

     

    

 

“Consolidated Tangible Net Worth”
means at any date the consolidated stockholders’ equity of the Company and its Consolidated Subsidiaries (excluding for this purpose
any amount attributable to stock which is required to be redeemed, or is redeemable at the option of the holder, if certain events or
conditions occur or exist or otherwise) less their consolidated Intangible Assets, all determined as of such date. For purposes of this
definition, “Intangible Assets” means the amount (to the extent reflected in determining such consolidated stockholders’
equity) of (i) all write-ups (other than write-ups resulting from foreign currency translations and write-ups of assets of a going
concern business made within twelve months after the acquisition of such business) subsequent to June 30, 2021 in the book value
of any asset owned by the Company or a Consolidated Subsidiary, (ii) all investments in unconsolidated Subsidiaries and all equity
investments in Persons which are not Subsidiaries and (iii) all unamortized debt discount and expense, unamortized deferred charges,
goodwill, patents, trademarks, service marks, trade names, anticipated future benefit of tax loss carry-forwards, copyrights, organization
or developmental expenses and other intangible assets.

 

“Corresponding Tenor” with respect
to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the
same length (disregarding business day adjustment) as such Available Tenor.

 

“Covered Entity” means any of
the following:

 

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

 

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

 

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

 

“Covered Party” has the meaning
assigned to it in ‎Section 10.19.

 

“Credit
Contact” means such Person designated in the Administrative Questionnaire or other notice provided to the Administrative Agent
by an Assignee in accordance with ‎Section 10.06(c).

 

“Customary Permitted Liens”
means:

 

(a)            carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens arising in the ordinary
course of business;

 

(b)            permits,
servitudes, licenses, easements, rights-of-way, restrictions and other similar encumbrances imposed by applicable law or incurred in the
ordinary course of business or minor imperfections in title to real property that do not in the aggregate materially interfere with the
ordinary conduct of the business of the Company and its Subsidiaries taken as a whole;

 

    12

     

    

 

(c)            leases,
licenses, subleases or sublicenses of assets (including, without limitation, with respect to real property and intellectual property rights)
granted to others that do not in the aggregate materially interfere with the ordinary conduct of the business of the Company and its Subsidiaries
taken as a whole;

 

(d)            pledges
or deposits made in the ordinary course of business or statutory Liens imposed in connection with worker’s compensation, unemployment
insurance or other types of social security or pension benefits or Liens incurred or pledges or deposits made to secure the performance
of bids, tenders, sales, contracts (other than for the repayment of borrowed money), statutory obligations, and surety, appeal, customs
or performance bonds and similar obligations, or deposits as security for contested taxes or import or customs duties or for the payment
of rent, in each case incurred in the ordinary course of business;

 

(e)            Liens
arising from UCC financing statement filings (or similar filings) regarding or otherwise arising under leases entered into by the Company
or any of its Subsidiaries;

 

(f)             any
Lien arising out of claims under a judgment or award rendered or claim filed so long as such judgments, awards or claims do not constitute
an Event of Default;

 

(g)            any
Lien consisting of rights reserved to or vested in any Governmental Authority by any statutory provision;

 

(h)            Liens
created in the ordinary course of business in favor of banks and other financial institutions over credit balances of any bank accounts
held at such banks or financial institutions or over investment property held in a securities account, as the case may be, to facilitate
the operation of cash pooling and/or interest set-off arrangements in respect of such bank accounts or securities accounts in the ordinary
course of business; and

 

(i)             Liens
securing Debt or other obligations of a Subsidiary owing to the Company.

 

“Daily Simple RFR” means, for
any day (an “RFR Interest Day”), an interest rate per annum equal to for any RFR Loan denominated in (i) Sterling,
SONIA for the day that is 5 RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day
or (B) if such RFR Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day and
(ii) Swiss Francs, SARON for the day that is 5 RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day,
such RFR Interest Day or (B) if such RFR Interest Day is not an RFR Business Day, the Business Day immediately preceding such RFR
Interest Day.

 

    13

     

    

 

“Daily
Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day that
is five (5) RFR Business Days prior to (i) if such SOFR Rate Day is an RFR Business Day, such SOFR Rate Day or (ii) if
such SOFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR
is published by the SOFR Administrator on the SOFR Administrator’s Website. Any change in Daily Simple SOFR due to a change in SOFR
shall be effective from and including the effective date of such change in SOFR without notice to the Borrower.

 

“Debt” of any Person means at
any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced
by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price
of property or services, except trade accounts payable arising in the ordinary course of business, (iv) all Capitalized Lease Obligations
of such Person, (v) all non-contingent obligations (and, for purposes of the definitions of Material Debt and Material Financial
Obligations, all contingent obligations) of such Person to reimburse any bank or other Person in respect of amounts paid under a letter
of credit, surety bond or similar instrument, (vi) all Debt secured by a Lien on any asset of such Person, whether or not such Debt
is otherwise an obligation of such Person and (vii) all Debt of others Guaranteed by such Person.

 

“Default” means any condition
or event which constitutes an Event of Default or which with the giving of notice or lapse of time or both would, unless cured or waived,
become an Event of Default.

 

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

 

    14

     

    

 

“Defaulting
Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid,
to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over
to the Administrative Agent or any Lending Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above,
such Lender notifies the Administrative Agent and the Company, in writing that such failure is the result of such Lender’s good
faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not
been satisfied, (b) has notified the Company, any other Obligor, the Administrative Agent or any Lending Party in writing, or has
made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement
(unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a
condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot
be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days
after request by any Obligor, the Administrative Agent or any Lending Party, acting in good faith, to provide a certification in writing
from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations)
to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement, provided that such Lender
shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Lending Party’s receipt of such certification in
writing in form and substance satisfactory to it and the Administrative Agent (a copy of which such certification shall be promptly shared
with the Company) or (d) has, or has a Parent that has, become the subject of (A) a Bankruptcy Event or (B) a Bail-In Action.

 

“Derivatives Obligations” of
any Person means all obligations of such Person in respect of any rate swap transaction, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange
transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction,
currency option or any other similar transaction (including any option with respect to any of the foregoing transactions) or any combination
of the foregoing transactions.

 

“Dollar Amount” means, at any
time:

 

(i)             with
respect to any Loan denominated in dollars, the principal amount thereof then outstanding;

 

(ii)            with
respect to any Loan denominated in an Alternative Currency, the equivalent in dollars of the principal amount thereof then outstanding
in the relevant Alternative Currency, determined by the Administrative Agent using the Exchange Rate with respect to the relevant currency
then in effect; and

 

(iii)           with
respect to any Letter of Credit Liabilities, (A) if denominated in Dollars, the amount thereof and (B) if denominated in an
Alternative Currency, determined by the Administrative Agent using the Exchange Rate with respect to the relevant currency then in effect.

 

“dollars”, “Dollars”
and the sign “$” mean lawful currency of the United States.

 

    15

     

    

 

“Domestic Lending Office” means,
as to each Lender, its office located at its address set forth in its Administrative Questionnaire (or identified in its Administrative
Questionnaire as its Domestic Lending Office) or such other office as such Lender may hereafter designate as its Domestic Lending Office
by notice to the Company and the Administrative Agent.

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of
an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in
clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of
an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country” means any
of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority” means
any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Election to Participate” means
an Election to Participate substantially in the form of Exhibit D hereto.

 

“Election to Terminate” means
an Election to Terminate substantially in the form of Exhibit E hereto.

 

“Electronic Signature” means
an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent
to sign, authenticate or accept such contract or record.

 

“Eligible Subsidiary” means
Estée Lauder BV and any Wholly-Owned Consolidated Subsidiary, as to which an Election to Participate shall have been delivered
to the Administrative Agent and as to which an Election to Terminate with respect to such Election to Participate shall not have been
delivered to the Administrative Agent. Each such Election to Participate and Election to Terminate shall be duly executed on behalf of
such Wholly-Owned Consolidated Subsidiary and the Company. If at any time a Subsidiary theretofore designated as an Eligible Subsidiary
no longer qualifies as a Wholly-Owned Consolidated Subsidiary, the Company shall cause to be delivered to the Administrative Agent an
Election to Terminate terminating the status of such Subsidiary as an Eligible Subsidiary. The delivery of an Election to Terminate shall
not affect any obligation of an Eligible Subsidiary theretofore incurred or the guaranty thereof by the Company. The Administrative Agent
shall promptly give notice to the Lenders of the receipt of any Election to Participate or Election to Terminate.

 

    16

     

    

 

“Environmental
Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules,
judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, legally binding agreements
and other governmental restrictions relating to the environment, or to emissions, discharges or releases of pollutants, contaminants or
Hazardous Substances into the environment including, without limitation, ambient air, surface water, ground water, or land, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants
or Hazardous Substances or the clean-up or other remediation thereof.

 

“ERISA” means the Employee Retirement
Income Security Act of 1974, as amended, or any successor statute.

 

“ERISA Group” means the Company,
any Subsidiary and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under
common control which, together with the Company or any Subsidiary, are treated as a single employer under Section 414 of the Internal
Revenue Code.

 

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

 

“EURIBOR Rate” means, with respect
to any Term Benchmark Borrowing denominated in Euros and for any Interest Period, the EURIBOR Screen Rate, two TARGET Days prior to the
commencement of such Interest Period.

 

“EURIBOR Screen Rate” means
the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration
of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01
of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of
such other information service which publishes that rate from time to time in place of Thomson Reuters as published at approximately 11:00
a.m. Brussels time two TARGET Days prior to the commencement of such Interest Period. If such page or service ceases to be available,
the Administrative Agent may specify another page or service displaying the relevant rate after consultation with the Company.

 

“Euro” means the single currency
of the Participating Member States of the European Union.

 

“Event of Default” has the meaning
set forth in ‎Section 6.01.

 

    17

     

    

 

“Exchange Rate” means, on any
day, with respect to any Alternative Currency, the rate at which such Alternative Currency may be exchanged into dollars (and, for purposes
of any provision of this Agreement requiring or permitting the conversion of Loans denominated in an Alternative Currency to Loans denominated
in dollars, the rate at which dollars may be exchanged into the applicable Alternative Currency), as set forth at or about 9:00 a.m.,
New York City time, or at or about 11:00 a.m., London time, on such date on the relevant Bloomberg page displaying the rate of exchange
for that currency into dollars. In the event that such rate does not appear on any Bloomberg page, the Exchange Rate shall be determined
by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent,
the Applicable Agent with respect to such currency and the Company, or, in the absence of such agreement, such Exchange Rate shall instead
be the arithmetic average of the spot buying and selling rates of exchange of such Applicable Agent in the market where its foreign currency
exchange operations in respect of such currency are then being conducted, on or about 11:00 a.m., New York City time, or on or about 11:00
a.m., London time, on such date for the purchase of dollars (or such foreign currency, as the case may be) for delivery two Business Days
later; provided that if at the time of any such determination, for any reason, no such spot rate is being quoted, such Applicable
Agent, after consultation with the Company and the Administrative Agent, may use any reasonable method it deems appropriate to determine
such rate, and such determination shall be presumed correct absent manifest error.

 

“Existing Credit Agreement”
means the Credit Agreement dated as of October 26, 2018, among the Company, as borrower, the subsidiary borrowers from time to time
party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent.

 

“Extending Lender” has the meaning
set forth in Section 2.22(b).

 

“Facility Fee” has the meaning
set forth in ‎Section 2.08.

 

“Facility Fee Rate” has the
meaning set forth in the Pricing Schedule.

 

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

 

“Federal Funds Rate” means,
for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined
in such manner as shall be set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day
by the NYFRB as the effective federal funds rate; provided that if the Federal Funds Rate as so determined would be less than 0%,
such rate shall be deemed to be 0% for purposes of this Agreement.

 

    18

     

    

 

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

 

“Floor” means 0.00%.

 

“Fund” means any Person (other
than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar
extensions of credit in the ordinary course of its business.

 

“GAAP” means generally accepted
accounting principles as in effect from time to time in the United States.

 

“Governmental Authority” means
any national, state, county, city, town, village, municipal or other government department, commission, board, bureau, agency, authority
or instrumentality of a country or any political subdivision thereof, exercising executive, legislative, judicial, regulatory or administrative
powers of functions of or pertaining to government.

 

“Granting Lender” has the meaning
specified in ‎Section 10.06(h).

 

“Group of Loans” means at any
time a group of Loans consisting of (i) all Loans to the same Borrower which are Base Rate Loans at such time, (ii) all Loans
to the same Borrower which are RFR Loans which are in the same currency at such time, (iii) all Term Benchmark Loans to the same
Borrower which are in the same currency and have the same Interest Period at such time; provided that, if a Loan (other than a
Base Rate Loan) of any particular Lender is converted to or made as a Base Rate Loan pursuant to ‎Article 8, such Loan shall
be included in the same Group or Groups of Loans from time to time as it would have been if it had not been so converted or made.

 

“Guarantee” by any Person means
any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt of any other Person and, without
limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Debt (whether arising by virtue of partnership arrangements, by
agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions
or otherwise) or (ii) entered into for the purpose of assuring in any other manner the holder of such Debt of the payment thereof
or to protect such holder against loss in respect thereof (in whole or in part); provided that the term Guarantee shall not include
endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has
a corresponding meaning.

 

    19

     

    

 

“Guaranty” means the obligations
of the Company set forth in ‎Article 11.

 

“Hazardous
Substances” means any substance, material, or waste defined as “toxic”, “hazardous”, “pollutant”,
 “contaminant”, or words of similar meaning and effect, including petroleum, its derivatives, by-products and other hydrocarbons,
or any substance having any constituent elements displaying any of the foregoing characteristics.

 

“Increased Cost” has the meaning
set forth in Section 10.06(h).

 

“Incremental Commitments” has
the meaning set forth in ‎Section 2.21.

 

“Incremental Commitment Notice”
has the meaning set forth in ‎Section 2.21.

 

“Indemnitee” has the meaning
set forth in ‎Section 10.03(b).

 

“Ineligible Lender” has the
meaning set forth in Section 8.02(b).

 

“Interest Payment Date” means
(a) with respect to any Base Rate Loan, the last day of each March, June, September and December and the Maturity Date,
(b) with respect to any RFR Loan, (1) each date that is on the numerically corresponding day in each calendar month that is
one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of
such month) and (2) the Maturity Date and (c) with respect to any Term Benchmark Loan, the last day of each Interest Period
applicable to the Borrowing of which such Loan is a part and, in the case of a Term Benchmark Borrowing with an Interest Period of more
than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’
duration after the first day of such Interest Period, and the Maturity Date.

 

“Interest Period” means with
respect to any Term Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding
day in the calendar month that is one, three or six months thereafter (in each case, subject to the availability for the Benchmark applicable
to the relevant Loan or Commitment for any Agreed Currency), as the Company may elect; provided, that (i) if any Interest Period
would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next
succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business
Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of
such Interest Period and (iii) no tenor that has been removed from this definition pursuant to Section 8.01(e) shall be
available for specification in such Notice of Borrowing or Notice of Interest Rate Election. For purposes hereof, the date of a Borrowing
initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or
continuation of such Borrowing.

 

    20

     

    

 

 

“Internal Revenue Code” means
the Internal Revenue Code of 1986, as amended.

 

“Issuing Lender” means the Persons
listed on Schedule 2.19 and any other Lender that may agree to issue Letters of Credit hereunder as provided in Section 2.19(h),
in each case in its capacity as an issuer of a Letter of Credit hereunder. An Issuing Lender may, in its discretion, arrange for one or
more Letters of Credit to be issued by Affiliates of such Issuing Lender, in which case the term “Issuing Lender” shall include
any such Affiliate with respect to Letters of Credit issued by such Affiliate. When used with respect to a particular Letter of Credit,
 “Issuing Lender” means the Issuing Lender that issued or is issuing such Letter of Credit.

 

“Joint Arrangers” means JPMorgan
Chase Bank, N.A, BNP Paribas Securities Corp, BofA Securities, Inc., Citibank, N.A. and MUFG Bank, Ltd.

 

“Joint Bookrunners” means JPMorgan
Chase Bank, N.A., BNP Paribas Securities Corp., BofA Securities, Inc., Citibank, N.A. and MUFG Bank, Ltd.

 

    21

     

    

 

“Lauder Family Member” means
(i) the estate of Mrs. Estée Lauder, (ii) each descendant of Mrs. Estée Lauder (each such Person, a
 “Lauder Descendant”) and their respective estates, guardians, conservators or committees, (iii) each Family Controlled
Entity, (iv) each Current Spouse of Lauder Descendants and (v) the trustees, in their respective capacities as such, of each
Family Controlled Trust. As used herein, “Family Controlled Entity” means (w) any not-for-profit corporation if
at least a majority of its board of directors is composed of Lauder Descendants and/or Current Spouses of Lauder Descendants, (x) any
other corporation if (i) both (aa) Lauder Descendants and/or Current Spouses of Lauder Descendants (or in the case of subclause (i)(aa)(xx),
their respective estates, guardians, conservators or committees) (xx) hold in the aggregate, directly or indirectly through one or
more wholly owned Persons, securities having ordinary voting power to elect a majority of the board of directors of such corporation or
(yy) constitute a majority of the board of directors of such corporation and (bb) at least a majority of the value of the outstanding
equity of such corporation is owned by Lauder Family Members or (ii) at least 80% of the value of the outstanding equity of such
corporation is owned by Lauder Family Members, (y) any partnership if at least a majority of the value of its partnership interests
(both general and limited) are owned by Lauder Family Members, and (z) any limited liability or similar company if (i) both
(aa) Lauder Descendants and/or Current Spouses of Lauder Descendants (or, in the case of subclause (i)(aa)(xx), their respective estates,
guardians, conservators or committees) (xx) hold in the aggregate, directly or indirectly through one or more wholly owned Persons,
securities or other equity interests having ordinary voting power to elect or appoint at least a majority of the managing members of such
company or (yy) constitute a majority of the managing members of such company and (bb) a majority of the value of such company is owned
by Lauder Family Members or (ii) at least 80% of the value of such company is owned by Lauder Family Members. As used herein, “Family
Controlled Trust” shall mean any trust the primary beneficiaries of which are Lauder Descendants, Spouses of Lauder Descendants
and/or charitable organizations (collectively, “Lauder Beneficiaries”); provided that, if the trust is a wholly
charitable trust, at least a majority of the trustees of such trust consist of Lauder Descendants and/or Current Spouses of Lauder Descendants.
For purposes of the definition of “Family Controlled Trust”, the primary beneficiaries of a trust will be deemed to be Lauder
Beneficiaries if, under the maximum exercise of discretion by the trustee in favor of persons who are neither Lauder Beneficiaries nor
Family Controlled Trusts, the value of the interests of such persons in such trust, computed actuarially, is less than 50%. In determining
the primary beneficiaries of a trust for purposes of the definition of “Family Controlled Trust”, (A) the factors and
methods prescribed in section 7520 of the Internal Revenue Code of 1986, as amended, for use in ascertaining the value of certain interests
shall be used in determining a beneficiary’s actuarial interest in a trust, (B) the actuarial value of the interest in a trust
of any person in whose favor a testamentary power of appointment may be exercised shall be deemed to be zero and (C) in the case
of a trust created by one or more of Mrs. Estée Lauder, Joseph H. Lauder or Lauder Descendants, the actuarial value of the
interest in such trust of any person who may receive trust property only at the termination of the trust and then only in the event that,
at the termination of the trust, there are no living issue of one or more of Mrs. Estée Lauder, Joseph H. Lauder or Lauder
Descendants shall be deemed to be zero. For purposes hereof, (1) “Spouses of Lauder Descendants” means those individuals
who at any time were married to any Lauder Descendant whether or not such marriage is subsequently dissolved by death, divorce, or by
any other means, (2) “Current Spouse of Lauder Descendants” means an individual who is married to a Lauder Descendant,
but only so long as such marriage has not been dissolved by death, divorce or by any other means, (3) the relationship of any person
that is derived by or through legal adoption shall be considered a natural relationship, (4) a minor who is a descendant of Mrs. Estée
Lauder and for whom equity interests are held pursuant to a Uniform Gifts to Minors Act or similar law shall be considered the holder
of such equity interests and the custodian who is the record holder of such equity interests shall not be considered the holder thereof,
(5) an incompetent stockholder of any equity interests whose equity interests are owned or held by a guardian or conservator shall
be considered the holder of such equity interest and such guardian or conservator who is the holder of such equity interests shall not
be considered the holder thereof, (6) any equity interests pledged by a holder thereof as security for any obligation shall be deemed
to be held by such holder unless and until the pledgee of such equity interests has declared a default with respect to such obligation
and has the right (whether or not being presently exercised) to vote or direct the voting of such equity interests and (7) except
as provided in clauses (4), (5) and (6) above, the holder of any equity interests shall mean the record holder of such equity
interests; provided, however, that if such record holder of such equity interests is a nominee, the holder of such equity
interests shall be the first person in the chain of ownership of such equity interests who is not holder thereof solely as a nominee.

 

    22

     

    

 

“Lender” means (i) each
bank or other institution listed on the signature pages hereof, (ii) each financial institution which becomes a Lender pursuant
to ‎Section 2.21, (iii) each Assignee which becomes a Lender pursuant to ‎Section 10.06(c) and (iv) their
respective successors.

 

“Lender Parent” means, with
respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Lending
Parties” mean the Lenders and the Issuing Lenders.

 

“Letter of Credit” means a letter
of credit to be issued hereunder by any Issuing Lender in accordance with ‎Section 2.19.

 

“Letter of Credit Borrowing”
means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or
refinanced as a Borrowing.

 

“Letter of Credit Commitment”
means, with respect to each Issuing Lender, the commitment of such Issuing Lender to issue Letters of Credit pursuant to Section 2.19.
The Dollar Amount of each initial Issuing Lender’s Letter of Credit Commitment is set forth on Schedule 2.19.

 

“Letter of Credit Credit Extension”
means, with respect to any Letter of Credit, the issuance thereof, the extension of the expiry date thereof or the increase of the amount
thereof.

 

“Letter of Credit Disbursement”
means a payment made by the Issuing Lender pursuant to a Letter of Credit.

 

“Letter of Credit Fee” has the
meaning set forth in ‎Section 2.08.

 

“Letter of Credit Fee Rate”
has the meaning set forth in the Pricing Schedule.

 

“Letter of Credit Liabilities”
means, for any Lender and at any time, such Lender’s ratable participation in the sum of (x) the amounts then owing by each
Borrower in respect of amounts drawn under Letters of Credit and (y) the aggregate amount then available for drawing under all Letters
of Credit.

 

    23

     

    

 

“Letter of Credit Sublimit”
means a Dollar Amount equal to $150,000,000.

 

“Liabilities” means any losses,
claims, demands, damages or liabilities of any kind.

 

“Lien” means, with respect to
any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, or any other type of preferential arrangement
that has the practical effect of creating a security interest, in respect of such asset. For the purposes of this Agreement, the Company
or any Subsidiary shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor
or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset.

 

“Loan” means the loans made
by the Lenders to the Borrowers pursuant to this Agreement.

 

“Loan Document” means this Agreement,
including without limitation, schedules and exhibits hereto and any agreements entered into in connection herewith, including amendments,
modifications or supplements thereto or waivers thereof, any Notes and any other documents prepared in connection with the other Loan
Documents, if any.

 

“Material Adverse Effect” means
a material adverse effect on the business, financial position or results of operations of the Company and its Consolidated Subsidiaries,
taken as a whole.

 

“Material Debt” means Debt (other
than the Loans) of the Company and/or one or more of its Subsidiaries, arising in one or more related or unrelated transactions, in an
aggregate principal or face amount exceeding $175,000,000.

 

“Material Financial Obligations”
means a principal or face amount of Debt and/or payment or collateralization obligations in respect of Derivatives Obligations of the
Company and/or one or more of its Subsidiaries, arising in one or more related or unrelated transactions, exceeding in the aggregate $175,000,000.

 

“Maximum Rate” has the meaning
set forth in Section 10.20.

 

“Multiemployer Plan” means at
any time an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA
Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions, including
for these purposes any Person which ceased to be a member of the ERISA Group during such five year period.

 

    24

     

    

 

“Non-Extending Lender” has the
meaning set forth in Section 2.22(b).

 

“Non-U.S.
Lender” has the meaning set forth in ‎Section 8.04(d).

 

“Notes” means promissory notes
of a Borrower, substantially in the form of Exhibit A hereto, evidencing the obligation of such Borrower to repay the Loans made
to it, and “Note” means any one of such promissory notes issued hereunder.

 

“Notice of Borrowing” has the
meaning set forth in ‎Section 2.02.

 

“Notice of Interest Rate Election”
has the meaning set forth in ‎Section 2.10.

 

“Notice of Issuance” has the
meaning set forth in ‎Section 2.19.

 

“NYFRB” means the Federal Reserve
Bank of New York.

 

“NYFRB’s Website” means
the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

 

“NYFRB Rate” means, for any
day, the greater of (a) the Federal Funds Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such
day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published
for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on
such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that
if any of the aforesaid rates as so determined would be less than 0%, such rate shall be deemed to be 0% for purposes of this Agreement.

 

“Obligors” means the Company
and the other Borrowers, and “Obligor” means any one of them.

 

“Outstanding Amount” means,
as to any Lender at any time, the sum at such time, without duplication, of (i) the aggregate principal amount of the outstanding
Loans of such Lender at such time that are denominated in Dollars, (ii) the aggregate Dollar Amount of the aggregate principal amount
of the outstanding Loans of such Lender at such time that are denominated in Alternative Currencies and (iii) the aggregate Dollar
Amount of such Lender’s Letter of Credit Liabilities at such time.

 

“Overnight Bank Funding Rate”
means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in Dollars by
U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB’s
Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

 

    25

     

    

 

“Overnight Rate” means, for
any day, (a) with respect to any amount denominated in Dollars, the NYFRB Rate and (b) with respect to any amount denominated
in an Alternative Currency, an overnight rate determined by the Administrative Agent or the Issuing Lender, as the case may be, in accordance
with banking industry rules on interbank compensation.

 

“Parent” means, with respect
to any Lender, any Person controlling such Lender.

 

“Participant” has the meaning
set forth in ‎Section 10.06(b).

 

“Participating Member State”
means any member state of the European Community that adopts or has adopted the Euro as its lawful currency in accordance with legislation
of the European Community relating to Economic and Monetary Union.

 

“PBGC” means the Pension Benefit
Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.

 

“Permitted Securitization Financing”
means any sale or sales of any accounts receivable, general intangibles, chattel paper or other financial assets and related rights and
assets of the Company and/or any of its Subsidiaries, and financing secured by the assets so sold, including, without limitation, any
revolving purchase(s) of such assets; provided (a) all such sales are made at fair
market value (as determined in good faith by the Company) and (b) that such financing shall be non-recourse (except for customary
representations, warranties, covenants and indemnities made in connection with such facilities) to the Company or any Subsidiary (other
than a special purpose Subsidiary with no assets other than the financial assets which are the basis for such financing).

 

“Person” means an individual,
a corporation, a limited liability company, a partnership, an association, a trust or any other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

 

“Plan” means at any time an
employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding
standards under Section 412 of the Internal Revenue Code and either (i) is maintained, or contributed to, by any member of the
ERISA Group for employees of any member of the ERISA Group or (ii) has at any time within the preceding five years been maintained,
or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time
a member of the ERISA Group.

 

“Pricing Schedule” means the
Pricing Schedule attached hereto.

 

    26

     

    

 

“Prime Rate” means the rate
of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to
quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15
(519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate
quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative
Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being
effective.

 

“Pro
Rata Share” means, with respect to each Lender (other than a Defaulting Lender) at any time, a fraction (expressed as
a percentage, carried out to the ninth decimal place), the numerator of which is the amount of the Commitment of such Lender and the denominator
of which is the total amount of the Commitments, subject to adjustment as provided in ‎Section 2.20(a)(iii); provided that
if the commitment of each Lender to make Loans and the obligation of each Issuing Lender to make Letter of Credit Credit Extensions have
been terminated pursuant to ‎Section 2.09 or ‎Section 6.01, then the Pro Rata Share of each Lender shall be determined
based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments
made pursuant to the terms hereof and any Lender’s status as a Defaulting Lender at the time of determination.

 

“Proxy
Statement” means the Proxy Statement of the Company, dated as of September 24, 2021, for the Annual Meeting of Stockholders,
together with any supplements thereto filed with the Securities and Exchange Commission.

 

“PTE” means a prohibited transaction
class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

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

 

“QFC Credit Support” has the
meaning assigned to it in ‎Section 10.19.

 

“Quarterly Date” means each
March 31, June 30, September 30 and December 31.

 

“Reference
Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 5:00
a.m. (Chicago time) on the day that is two Business Days preceding the date of such setting, (2) if such Benchmark is the EURIBOR
Rate, 11:00 a.m. Brussels time two TARGET Days preceding the date of such setting, (3) if such Benchmark is the TIBOR Rate,
11:00 a.m. Japan time two Business Days preceding the date of such setting, (4) if the RFR for such Benchmark is SONIA, then
four Business Days prior to such setting, (5) if the RFR for such Benchmark is SARON, then five Business Days prior to such setting
or (6) if such Benchmark is none of the Term SOFR Rate, the EURIBOR Rate, the TIBOR Rate, SONIA or SARON, the time determined by
the Administrative Agent in its reasonable discretion.

 

    27

     

    

 

“Regulation U” means Regulation
U of the Federal Reserve Board, as in effect from time to time.

 

“Related Parties” means, with
respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors
of such Person and such Person’s Affiliates.

 

“Reimbursement Obligation” has
the meaning set forth in Section 2.19(d).

 

“Relevant Governmental Body”
means (i) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board and/or the
NYFRB, the CME Term SOFR Administrator, as applicable, or a committee officially endorsed or convened by the Federal Reserve Board and/or
the NYFRB or, in each case, any successor thereto, (ii) with respect to a Benchmark Replacement in respect of Loans denominated in
Sterling, the Bank of England, or a committee officially endorsed or convened by the Bank of England or, in each case, any successor thereto,
(iii) with respect to a Benchmark Replacement in respect of Loans denominated in Euros, the European Central Bank, or a committee
officially endorsed or convened by the European Central Bank or, in each case, any successor thereto, (iv) with respect to a Benchmark
Replacement in respect of Loans denominated in Swiss Francs, the Swiss National Bank, or a committee officially endorsed or convened by
the Swiss National Bank or, in each case, any successor thereto and (v) with respect to a Benchmark Replacement in respect of Loans
denominated in Yen, the Bank of Japan, or a committee officially endorsed or convened by the Bank of Japan or, in each case, any successor
thereto.

 

“Relevant Rate” means (i) with
respect to any Term Benchmark Borrowing denominated in Dollars, the Adjusted Term SOFR Rate, (ii) with respect to any Term Benchmark
Borrowing denominated in Euros, the Adjusted EURIBOR Rate, (iii) with respect to any Term Benchmark Borrowing denominated in Yen,
the Adjusted TIBOR Rate, as applicable or (iv) with respect to any Borrowing denominated in Sterling or Swiss Francs, the applicable
Adjusted Daily Simple RFR, as applicable.

 

“Relevant Screen Rate” means
(i) with respect to any Term Benchmark Borrowing denominated in Dollars, the Term SOFR Reference Rate, (ii) with respect to
any Term Benchmark Borrowing denominated in Euros, the EURIBOR Screen Rate or (iii) with respect to any Term Benchmark Borrowing
denominated in Yen, the TIBOR Screen Rate, as applicable.

 

    28

     

    

 

“Required Lenders” means at
any time Lenders having in excess of 50% of the aggregate amount of the Commitments or, if the Commitments shall have been terminated,
holding more than 50% of the Total Outstanding Amount.

 

“Resolution Authority” means
an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Revolving Credit Period” means
the period from and including the Closing Date to but not including the earlier of the Termination Date and the date of termination of
the Commitments.

 

“RFR” means, for any RFR Loan
denominated in (a) Sterling, SONIA and (b) Swiss Francs, SARON.

 

“RFR Administrator” means the
SONIA Administrator or the SARON Administrator, as applicable.

 

“RFR Borrowing” means, as to
any Borrowing, the RFR Loans comprising such Borrowing.

 

“RFR Business Day” means, for
any Loan denominated in (a) Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks
are closed for general business in London and (b) Swiss Francs, any day except for (i) a Saturday, (ii) a Sunday or (iii) a
day on which banks are closed for the settlement of payments and foreign exchange transactions in Zurich.

 

“RFR Interest Day” has the meaning
specified in the definition of “Daily Simple RFR”.

 

“RFR Loan” means a Loan that
bears interest at a rate based on the Adjusted Daily Simple RFR.

 

“Sanctions” means economic or
financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including
those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or
(b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 

“Sanctioned Country” means,
at any time, a country, region or territory which is the subject or target of any comprehensive territorial Sanctions (as of the date
of this Agreement, Crimea, Cuba, Iran, North Korea and Syria, but subject to change).

 

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“Sanctioned
Person” means, at any time, (a) an agency or instrumentality of the government of a Sanctioned Country, (b) any
Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department
of the Treasury, the U.S. Department of State or by the United Nations Security Council, the European Union or Her Majesty’s Treasury
of the United Kingdom, (c) any Person located, organized or resident in a Sanctioned Country or (d) any Person controlled or
50% or more owned, directly or indirectly, by one or more such Persons.

 

“SARON” means, with respect
to any Business Day, a rate per annum equal to the Swiss Average Rate Overnight for such Business Day published by the SARON Administrator
on the SARON Administrator’s Website.

 

“SARON Administrator” means
the SIX Swiss Exchange AG (or any successor administrator of the Swiss Average Rate Overnight).

 

“SARON Administrator’s Website”
means SIX Swiss Exchange AG’s website, currently at https://www.six-group.com, or any successor source for the Swiss Average Rate
Overnight identified as such by the SARON Administrator from time to time.

 

“Senior Officer” means, with
respect to any Person, the chief executive officer, the chief operating officer, the president, the chief financial officer, the general
counsel, the chief accounting officer or the treasurer of such Person (or in any case persons having substantially similar responsibilities
regardless of title).

 

“Significant Subsidiary” means
at any time a Subsidiary that as at that time would be a “significant subsidiary” as defined in Rule 1-02 of Regulation
S-X promulgated by the Securities and Exchange Commission as in effect on the date hereof; provided that each Eligible Subsidiary
shall always be deemed to be a Significant Subsidiary.

 

“SOFR” means a rate equal to
the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR Administrator” means the
NYFRB (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s Website”
means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate
identified as such by the SOFR Administrator from time to time.

 

“SOFR Rate Day” has the meaning
specified in the definition of “Daily Simple SOFR”.

 

“SONIA” means, with respect
to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator
on the SONIA Administrator’s Website on the immediately succeeding Business Day.

 

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“SONIA Administrator” means
the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

 

“SONIA Administrator’s Website”
means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight
Index Average identified as such by the SONIA Administrator from time to time.

 

“SPC” has the meaning specified
in ‎Section 10.06(f).

 

“Statutory Reserve Rate” means
a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the
aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Federal Reserve Board to which the Administrative Agent is subject with respect to the Adjusted EURIBOR Rate or Adjusted
TIBOR Rate, as applicable, for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D)
or any other reserve ratio or analogous requirement of any central banking or financial regulatory authority imposed in respect of the
maintenance of the Commitments or the funding of the Loans. Such reserve percentage shall include those imposed pursuant to Regulation
D. Term Benchmark Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit
of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

“Sterling” means the lawful
currency of the United Kingdom.

 

“Subsidiary” means, as to any
Person, any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority
of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person; unless
otherwise specified, “Subsidiary” means a Subsidiary of the Company.

 

“Supported QFC” has the meaning
assigned to it in ‎Section 10.19.

 

“Swiss Francs” means the lawful
currency of the Swiss Confederation.

 

“Syndication Agents” means BNP
Paribas, Citibank, N.A., Bank of America, N.A., and MUFG Bank, Ltd.

 

“TARGET2” means the Trans-European
Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform and which was launched on
November 19, 2007.

 

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“TARGET Day” means any day on
which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative
Agent to be a suitable replacement) is open for the settlement of payments in Euro.

 

“Term Benchmark” when used in
reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate
determined by reference to the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate or the Adjusted TIBOR Rate.

 

“Term SOFR Determination Day”
has the meaning assigned to it under the definition of Term SOFR Reference Rate.

 

“Term SOFR Rate” means, with
respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period or with
respect to clause (iii) of the definition of “Base Rate”, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago
time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period,
as such rate is published by the CME Term SOFR Administrator.

 

“Term SOFR Reference Rate” means,
for any day and time (such day, the “Term SOFR Determination Day”), with respect to any Term Benchmark Borrowing denominated
in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum determined by the Administrative Agent as
the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the “Term SOFR
Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date
with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the
Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR
Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business Day is not more than five (5) Business
Days prior to such Term SOFR Determination Day.

 

“Termination Date” means, as
to any Lender, initially October 22, 2026 or, if such day is not a Business Day, the next preceding Business Day, as such date for
such Lender may be extended from time to time pursuant to Section 2.22.

 

“TIBOR Rate” means, with respect
to any Term Benchmark Borrowing denominated in Yen and for any Interest Period, the TIBOR Screen Rate two Business Days prior to the commencement
of such Interest Period.

 

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“TIBOR Screen Rate” means the
Tokyo interbank offered rate administered by the Ippan Shadan Hojin JBA TIBOR Administration (or any other person which takes over the
administration of that rate) for the relevant currency and period displayed on page DTIBOR01 of the Reuters screen (or, in the event
such rate does not appear on such Reuters page or screen, on any successor or substitute page on such screen that displays such
rate, or on the appropriate page of such other information service that publishes such rate as selected by the Administrative Agent
from time to time in its reasonable discretion) as published at approximately 1:00 p.m. Japan time two Business Days prior to the
commencement of such Interest Period.

 

“Total Outstanding Amount” means,
at any time, the aggregate Dollar Amount of all Loans outstanding at such time plus the aggregate Dollar Amount of the Letter of Credit
Liabilities of all Lenders at such time.

 

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

 

“UK Resolution Authority” means
the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

“Unadjusted Benchmark Replacement”
means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“United States” means the United
States of America, including the States and the District of Columbia, but excluding its territories and possessions.

 

“U.S. Government Securities Business Day”
means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets
Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United
States government securities.

 

“U.S. Special Resolution Regime”
has the meaning assigned to it in ‎Section 10.19.

 

“Wholly-Owned Consolidated Subsidiary”
means any Consolidated Subsidiary all of the shares of capital stock or other ownership interests of which (except for qualifying shares
held by directors or foreign nationals in accordance with applicable law) are at the time directly or indirectly owned by the Company
or one or more other Wholly-Owned Consolidated Subsidiaries.

 

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“Write-Down and Conversion Powers”
means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from
time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority
under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract
or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that
person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it
or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary
to any of those powers.

 

“Yen” means the lawful currency
of Japan.

 

Section 1.02.
Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all
accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in
accordance with GAAP, applied on a basis consistent (except for changes concurred in by the Company’s independent public accountants)
with the most recent audited consolidated financial statements of the Company and its Consolidated Subsidiaries delivered to the Lenders;
provided that, (a) all obligations of any Person that are or would have been treated as operating leases for purposes of GAAP
prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (the “ASU”)
shall continue to be accounted for as operating leases for purposes of this Agreement (whether or not such operating lease obligations
were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective
or retroactive basis or otherwise) to be treated as capitalized lease obligations in the Company’s financial statements, and (b) if
the Company notifies the Administrative Agent that the Company wishes to amend any provision hereof to eliminate the effect of
any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative
Agent or the Required Lenders, by notice to the Company, shall request an amendment to any provision hereof for such purpose), regardless
of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted
on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have
been withdrawn or such provision amended in accordance herewith, and any such amendment, whether requested by the Company, the Administrative
Agent or the Required Lenders, shall be negotiated in good faith.

 

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Section 1.03. Types of Borrowing. The
term “Borrowing” denotes the aggregation of Loans of one or more Lenders to be made to a single Borrower pursuant to
 ‎Article 2 on the same date, all of which Loans are of the same type and currency (subject to ‎Article 8) and, except
in the case of Base Rate Loans and RFR Loans, have the same initial Interest Period. Borrowings are classified for purposes of this Agreement
by reference to the currency and/or pricing of Loans comprising such Borrowing (e.g., a “RFR Borrowing” is a Borrowing comprised
of RFR Loans and an “Alternative Currency Borrowing” is a Borrowing comprised of Loans denominated in an Alternative Currency).

 

Section 1.04. Terms Generally. The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will”
shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument
or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements
or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors
and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall
be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement, (e) any reference to any law, rule or regulation herein shall, unless otherwise specified, refer to such law, rule or
regulation as amended, modified or supplemented from time to time and (f) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights.

 

Section 1.05. Interest Rates. The interest
rate on a Loan denominated in Dollars or an Alternative Currency may be derived from an interest rate benchmark that may be discontinued
or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 8.01(b) provides
a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for,
and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest
rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without
limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar
to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity
as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other
related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative,
successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner
adverse to the Borrowers. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain
any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant
to the terms of this Agreement, and shall have no liability to the Borrowers, any Lender or any other person or entity for damages of
any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in
tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided
by any such information source or service.

 

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Section 1.06 Divisions. For all purposes
under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different
jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or
liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and
(b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date
of its existence by the holders of its equity interests at such time.

 

Article 2

The Credits

 

Section 2.01. Commitments To Lend. (a) During
the Revolving Credit Period, each Lender severally agrees, on the terms and conditions set forth in this Agreement, to make Loans denominated
in Dollars or in an Alternative Currency to any Borrower pursuant to this ‎Section 2.01(a) from time to time in amounts
such that (i) such Lender’s Outstanding Amount shall not exceed the amount of its Commitment, (ii) the Total Outstanding
Amount shall not exceed the aggregate amount of the Commitments and (iii) the aggregate Dollar Amount of the aggregate principal
amount of all outstanding Alternative Currency Loans plus the aggregate Dollar Amount of the aggregate Letter of Credit Liabilities for
Letters of Credit in an Alternative Currency shall not exceed the Alternative Currency Sublimit. Each Borrowing under this ‎Section 2.01(a) shall
be (x) in the case of a Dollar-Denominated Borrowing, in a minimum aggregate Dollar Amount of $20,000,000 and any larger multiple
of $1,000,000 and (y) in the case of an Alternative Currency Borrowing, in a minimum aggregate Dollar Amount of $5,000,000 and in
integral multiples of 500,000 units of the applicable currency and shall be made from the several Lenders ratably in proportion to their
respective Available Commitments.

 

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(b)            Within
the foregoing limits, any Borrower may borrow under this Section, repay, or to the extent permitted by ‎Section 2.12, prepay
Loans and reborrow at any time during the Revolving Credit Period under this Section.

 

Section 2.02. Notice of Borrowing. 
A Borrower shall give the Applicable Agent notice (a “Notice of Borrowing”) not later than (i) in the case of
a Term Benchmark Borrowing denominated in Dollars, 10:30 a.m. (New York City time), on the third Business Day before such Term Benchmark
Borrowing, (ii) in the case of an Alternative Currency Borrowing (other than with respect to Sterling or Swiss Francs), 10:30 a.m. (London
time), on the third Business Day before each such Alternative Currency Borrowing; (iii) in the case of a Base Rate Borrowing, 10:30
a.m. (New York City time) on the date of such Base Rate Borrowing; and (iv) in the case of an RFR Borrowing, 10:30 a.m. (New
York City time) on the fifth Business Day before such RFR Borrowing, specifying:

 

(i)            the
date of such Borrowing, which shall be a Business Day;

 

(ii)           the
currency and the aggregate amount in the relevant currency and the Dollar Amount of such Borrowing; provided that if no currency
is specified with respect to any requested Borrowing, then the applicable Borrower shall be deemed to have selected Dollars;

 

(iii)          in
the case of Borrowings denominated in Dollars, whether the Loans comprising such Borrowing are to bear interest initially at the Base
Rate or the Term SOFR Rate;

 

(iv)          in
the case of a Term Benchmark Borrowing, the duration of the initial Interest Period applicable thereto, subject to the provisions of the
definition of Interest Period; and

 

(v)           the
location from which payments of the principal and interest on such Borrowing will be made, which will comply with the requirements of
 ‎Section 2.14.

 

Section 2.03. [Reserved].

 

Section 2.04. Notice To Lenders; Funding
of Loans. (a) Upon receipt of a Notice of Borrowing, the Applicable Agent shall promptly notify each Lender of the contents thereof
and of such Lender’s share of such Borrowing and such Notice of Borrowing shall not thereafter be revocable by the applicable Borrower.

 

(b)            On
the date of each Borrowing, each Lender participating therein shall (except as provided in subsection (c) of this Section):

 

(1)            if
such Borrowing is to be made in Dollars, make available its share of such Borrowing in Dollars not later than 12:00 noon (New York City
time), in Federal or other funds immediately available in New York City, to the Administrative Agent at its office specified in or pursuant
to ‎Section 10.01; or

 

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(2)            if
such Borrowing is to be made in an Alternative Currency, make available its share of such Borrowing in such currency (in such funds as
may then be customary for the settlement of international transactions in such Alternative Currency) to the account of the Applicable
Agent at such time and place as shall have been notified by the Applicable Agent to the Lenders by at least three Business Days’
notice.

 

(c)            Unless
the Applicable Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available
to the Applicable Agent such Lender’s share of such Borrowing, the Applicable Agent may assume that such Lender has made such share
available to the Applicable Agent on the date of such Borrowing in accordance with subsection (b) of this Section and the Applicable
Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to
the extent that such Lender shall not have so made such share available to the Applicable Agent, such Lender and the applicable Borrower
severally agree to repay to the Applicable Agent forthwith on demand such corresponding amount together with interest thereon, for each
day from the date such amount is made available to the applicable Borrower until the date such amount is repaid to the Applicable Agent,
at (i) in the case of such Lender, the greater of the applicable Overnight Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation or (ii) in the case of the applicable Borrower, the interest
rate otherwise applicable thereto in accordance with Section 2.07. If such Lender shall repay to the Applicable Agent such corresponding
amount, such amount so repaid shall constitute such Lender’s Loan included in such Borrowing for purposes of this Agreement.

 

(d)            Each
Lender may, at its option, make any Loan available to a Borrower that is organized under the laws of a jurisdiction
other than of the United States or a political subdivision thereof or make any Loan that is denominated in an Alternative Currency
by causing any foreign or domestic branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option
shall not affect the obligation of such Borrower to repay such Loan in accordance with the terms of this Agreement.

 

Section 2.05. Evidence Of Debt. (a) Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such
Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender by
such Borrower from time to time hereunder.

 

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(b)            The
Administrative Agent shall maintain accounts in which it shall record (i) the Dollar Amount of each Loan made to a Borrower hereunder,
the class, type and, in the case of any Alternative Currency Loans, currency thereof, and the Interest Period (if any) applicable thereto,
(ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder
and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s
share thereof.

 

(c)            The
entries made in the accounts maintained pursuant to paragraph (a) or (b) of this Section shall be prima facie evidence
of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of each Borrower to repay the Lenders
in accordance with the terms of this Agreement; provided further that in the event of a conflict between the entries maintained
by the Administrative Agent and the Lender, the accounts of the Administrative Agent shall prevail (absent manifest error), and provided
further that in the event of a conflict between the Register (maintained pursuant to Section 10.06(f)) and the entries of maintained
by the Administrative Agent (maintained pursuant to clause (b) of this Section) the Register shall prevail (absent manifest error).

 

(d)            Any
Lender may request that Loans made by it be evidenced by a promissory note. In such event, the applicable Borrower shall prepare, execute
and deliver to such Lender a promissory note payable to such Lender, and its registered assigns, substantially in the form of Exhibit A
hereto. Thereafter, the Loans evidenced by each such promissory note and interest thereon shall at all times (including after assignment
pursuant to ‎Section 10.06) be represented by one or more promissory notes in such form payable to the payee named therein, and
its registered assigns. Each reference in this Agreement to the “Note” of such Lender shall be deemed to refer to and
include any or all of such Notes.

 

Section 2.06. Maturity of Loans. Each
Loan shall mature, and the principal amount thereof shall be due and payable, together with accrued interest thereon, on the Termination
Date.

 

Section 2.07. Interest Rates. (a) Each
Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until it
becomes due, at a rate per annum equal to the sum of the Applicable Margin plus the Base Rate for such day. Such interest shall be payable
quarterly in arrears on each Interest Payment Date pursuant to clause (a) thereof and, with respect to the principal amount of any
Base Rate Loan converted to a Term Benchmark Loan, on each date such Base Rate Loan is so converted.

 

(b)            Each
RFR Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the sum of the Applicable Margin
plus the Adjusted Daily Simple RFR. Such interest shall be payable in arrears on each Interest Payment Date pursuant to clause (b) thereof.

 

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(c)            Each
Term Benchmark Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable
thereto, at a rate per annum equal to the sum of the Applicable Margin plus the Term Benchmark applicable to such Interest Period. Such
interest shall be payable for each Interest Period on each Interest Payment Date pursuant to clause (c) thereof.

 

(d)            Notwithstanding
the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any Borrower hereunder is not paid when
due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment,
at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan
as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable
to Base Rate Loans as provided in paragraph (a) of this Section.

 

(e)            The
Administrative Agent shall determine each interest rate applicable to the Loans hereunder pursuant to Section 2.16. The Administrative
Agent shall give prompt notice to the applicable Borrower and the participating Lenders of each rate of interest so determined, and its
determination thereof shall be conclusive in the absence of manifest error.

 

Section 2.08. Fees. (a) Subject
to ‎Section 2.20, the Company shall pay to the Administrative Agent for the account of the Lenders ratably a facility fee (the
 “Facility Fee”), which shall accrue at the Facility Fee Rate (i) from and including the Closing Date to but excluding
the date of termination of the Commitments in their entirety, on the average daily aggregate amount of the Commitments (whether used or
unused) and (ii) from and including such date of termination to but excluding the date the Loans shall be repaid in their entirety,
on the average daily aggregate outstanding principal Dollar Amount of the Loans.

 

(b)            Subject
to ‎Section 2.20, the Company shall pay to the Administrative Agent (i) for the account of the Lenders ratably a letter
of credit fee (the “Letter of Credit Fee”) in Dollars accruing daily on the aggregate Dollar Amount of all outstanding
Letters of Credit at the Letter of Credit Fee Rate (determined daily in accordance with the Pricing Schedule) and (ii) for the account
of each Issuing Lender a letter of credit fronting fee accruing daily on the aggregate Dollar Amount of all Letters of Credit issued by
such Issuing Lender at a rate per annum mutually and separately agreed from time to time by the Company and each Issuing Lender. The Company
shall also pay to each Issuing Lender for its own account issuance, drawing, amendment and extension charges in the amounts and at the
times as agreed between the Company and such Issuing Lender.

 

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(c)            Accrued
fees under this Section shall be payable quarterly in arrears on each Quarterly Date and on the date of termination of the Commitments
in their entirety (and, in the case of clause (a), if later, the date the Loans shall be repaid in their entirety and, in the case of
clause (b), if later, the date on which all Letters of Credit shall have been terminated).

 

Section 2.09. Optional Termination or Reduction
of Commitments. During the Revolving Credit Period, the Company may, upon at least three Business Days’ notice to the Administrative
Agent, (i) terminate the Commitments at any time, if no Loans or Letter of Credit Liabilities are outstanding at such time or (ii) ratably
reduce from time to time by an aggregate amount of $20,000,000 or a larger multiple of $1,000,000, the aggregate amount of the Commitments
in excess of the Total Outstanding Amount.

 

Section 2.10. Method of Electing Interest
Rates. (a) The Loans included in each Borrowing shall bear interest initially at the type of rate required for Loans denominated
in the currency specified by the applicable Borrower in the applicable Notice of Borrowing, or if multiple types of interest rate options
are available for Loans denominated in such specified currency, the type specified by the applicable Borrower in the applicable Notice
of Borrowing. Thereafter, the applicable Borrower may from time to time elect to change or continue the type of interest rate borne by
each Group of Loans (to the extent that multiple types of interest rates are available for the currency in which such Group of Loans is
denominated), as follows:

 

(i)            if
such Loans are Base Rate Loans, the applicable Borrower may elect to convert such Loans to Term Benchmark Loans denominated in Dollars
as of any Business Day;

 

(ii)           if
such Loans are Term Benchmark Loans denominated in Dollars, the applicable Borrower may elect to convert such Loans to Base Rate Loans
as of any Business Day, or, elect to continue such Loans as Term Benchmark Loans for an additional Interest Period as of any Business
Day, subject to ‎Section 2.15 in the case of any such conversion or continuation effective on any day other than the last day
of the then current Interest Period applicable to such Loans;

 

(iii)          if
such Loans are Term Benchmark Loans denominated in an Alternative Currency, the applicable Borrower may continue such Loans as Term Benchmark
Loans for an additional Interest Period as of any Business Day, subject to ‎Section 2.15 in the case of any such continuation
effective on any day other than the last day of the then current Interest Period applicable to such Loans;

 

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Each such election shall be made by delivering a notice (a “Notice
of Interest Rate Election”) to the Administrative Agent not later than 10:00 a.m. (New York City time) on the third Business
Day before the conversion or continuation selected in such notice is to be effective. A Notice of Interest Rate Election may, if it so
specifies, apply to only a portion of the aggregate principal Dollar Amount of the relevant Group of Loans; provided that (i) such
portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such Notice applies, and the remaining
portion to which it does not apply, are each (x) in the case of a Dollar-Denominated Borrowing, $20,000,000 or any larger multiple
of $1,000,000 and (y) in the case of an Alternative Currency Borrowing, $5,000,000 or an integral multiple of 500,000 units of the
applicable currency. If no Notice of Interest Rate Election is timely delivered prior to the end of an Interest Period for (i) any
Term Benchmark Loan denominated in Dollars, the applicable Borrower shall be deemed to have elected that all Loans having such Interest
Period shall be converted to Base Rate Loans effective as of the last day of such Interest Period and (ii) any Term Benchmark Loan
denominated in an Alternative Currency, the applicable Borrower shall be deemed to have elected that all Loans having such Interest Period
shall be converted to a one-month Interest Period effective as of the last day of such Interest Period.

 

(b)            Each
Notice of Interest Rate Election shall specify:

 

(i)            the
Group of Loans (or portion thereof) to which such notice applies;

 

(ii)           the
date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause
of subsection (a) above;

 

(iii)          if
the Loans comprising such Group are to be converted, the new type of Loans and, if the Loans being converted are to be Term Benchmark
Loans, the duration of the next succeeding Interest Period applicable thereto; provided that, if at the time such notice is delivered
an Event of Default has occurred and is continuing, the duration of the Interest Period with respect to any Term Benchmark Loans to which
such notice applies shall be one month; and

 

(iv)          if
such Loans are to be continued as Term Benchmark Loans for an additional Interest Period, the duration of such additional Interest Period;
provided that, if at the time such notice is delivered an Event of Default has occurred and is continuing, the duration of the
Interest Period with respect to any Term Benchmark Loans to which such notice applies shall be one month.

 

Each Interest Period specified in a Notice of Interest Rate Election
shall comply with the provisions of the definition of Interest Period.

 

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(c)            Upon
receipt of a Notice of Interest Rate Election from the applicable Borrower pursuant to subsection (a) above, the Administrative Agent
shall promptly notify each Lender of the contents thereof and such notice shall not thereafter be revocable by such Borrower.

 

(d)            A
Borrower shall not be entitled to elect to convert any Loans denominated in Dollars to, or continue any Loans denominated in Dollars for
an additional Interest Period as, Term Benchmark Loans, in each case made to it, if a Default shall have occurred and be continuing when
such Borrower delivers notice of such election to the Administrative Agent.

 

(e)            An
election by any Borrower to change or continue the rate of interest applicable to any Group of Loans pursuant to this Section shall
not constitute a “Borrowing” subject to the provisions of ‎Section 3.02.

 

(f)             The
initial Interest Period for each Group of Alternative Currency Loans that are Term Benchmark Loans shall be specified by the applicable
Borrower in the applicable Notice of Borrowing. The applicable Borrower may specify the duration of each subsequent Interest Period applicable
to such Group of Loans by delivering to the Administrative Agent, not later than the time set forth in ‎Section 2.02 with respect
to the relevant type of Loan before the end of the immediately preceding Interest Period, a notice specifying the Group of Loans to which
such notice applies and the duration of such subsequent Interest Period (which shall comply with the provisions of the definition of Interest
Period). Such notice may, if it so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans;
provided that (i) such portion is allocated ratably among the Loans comprising such Group and (ii) the Dollar Amounts
of the portion to which such notice applies, and the remaining portion to which it does not apply, are each at least $5,000,000 and shall
be in integral multiples of 500,000 units of the relevant Alternative Currency. If no such notice is timely received by the Administrative
Agent before the end of any applicable Interest Period, the applicable Borrower shall be deemed to have elected that the subsequent Interest
Period for such Group of Loans shall have a duration of one month (subject to the provisions of the definition of Interest Period).

 

Section 2.11. Mandatory Termination of
Commitments. Unless previously terminated, the Commitments shall terminate on the Termination Date and any Loans then outstanding
(together with accrued interest thereon) shall be due and payable on such date.

 

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Section 2.12. Optional Prepayments. (a) 
Subject to ‎Section 2.15, each Borrower may, (i) upon at least one Business Days’ notice to the Administrative Agent,
prepay any Base Rate Borrowing made to it, (ii) upon at least three Business Days’ notice to the Administrative Agent and the
Applicable Agent (if different), prepay any Term Benchmark Borrowing made to it, or (iii) upon at least five Business Days’
notice to the Administrative Agent and the Applicable Agent (if different), prepay any RFR Borrowing made to it, in each case in whole
at any time, or from time to time in part in an aggregate Dollar Amount not less than $20,000,000 or in the case of any Loan denominated
in Dollars, any larger multiple of $1,000,000, or in the case of any Alternative Currency Loan in an aggregate Dollar Amount not less
than $5,000,000 or any larger integral multiple of 500,000 units of the relevant currency, by paying (in the relevant currency) the principal
Dollar Amount to be prepaid together with accrued interest thereon to the date of prepayment. Each such optional prepayment shall be applied
to prepay ratably the Loans of the several Lenders included in such Borrowing.

 

(b)            Upon
receipt of a notice of prepayment pursuant to this Section, the Administrative Agent shall promptly notify each Lender of the contents
thereof and of such Lender’s ratable share (if any) of such prepayment and such notice shall not thereafter be revocable by the
applicable Borrower.

 

Section 2.13. Determining Dollar Amounts
of Alternative Currency Loans; Related Mandatory Prepayments.  (a)  The Administrative Agent shall determine the Dollar Amount
of each Alternative Currency Loan promptly after it receives the related Notice of Borrowing, based on the Exchange Rate on the second
Business Day before the date of Borrowing specified in such notice. Thereafter, the Administrative Agent shall redetermine the Dollar
Amount of each Alternative Currency Loan on the last Business Day of each calendar month while such Loan remains outstanding, based in
each case on the Exchange Rate on such Business Day. The Administrative Agent shall promptly notify the applicable Borrower and the participating
Lenders of each Dollar Amount so determined, and its determination thereof shall be conclusive in the absence of manifest error.

 

(b)            The
Administrative Agent shall determine the Dollar Amount of the Letter of Credit Liabilities related to each Letter of Credit promptly after
it receives the related Notice of Issuance, based on the Exchange Rate on the third Business Day before (or, solely in the case of a Letter
of Credit denominated in Sterling, on) the date of issuance specified in such notice. Thereafter, the Administrative Agent shall redetermine
the Dollar Amount of each Letter of Credit on the last Business Day of each calendar month while such Letter of Credit remains outstanding,
based in each case on the Exchange Rate on such Business Day. The Administrative Agent shall promptly notify the applicable Borrower and
the participating Lenders of each Dollar Amount so determined, and its determination thereof shall be conclusive in the absence of manifest
error.

 

(c)            If,
(i) on any Interest Payment Date for any Borrowing, the Total Outstanding Amount at such time exceeds the aggregate amount of Commitments,
the relevant Borrower shall, on such day, prepay Loans included in such Borrowing in an amount equal to the lesser of (x) such excess
and (y) the amount of such Borrowing and (ii) on any Interest Payment Date for any Alternative Currency Borrowing, the Dollar
Amount of the aggregate principal amount of outstanding Alternative Currency Loans exceeds the Alternative Currency Sublimit, the relevant
Borrower shall, on such date, prepay Alternative Currency Loans included in such Borrowing in an amount equal to the lesser of (x) such
excess and (y) the amount of such Borrowing.

 

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(d)            If,
on the last Business Day of any calendar month, after any redetermination of the Dollar Amounts pursuant to ‎Section 2.13(a),
the Total Outstanding Amount at such time exceeds 105% of the aggregate amount of Commitments, then the Borrowers shall, on the last Business
Day of the next calendar month (the “Prepayment Date”), prepay one or more Groups of Borrowings in an aggregate principal
amount equal to the excess, if any, of the Total Outstanding Amount as of such Prepayment Date over the then outstanding Commitments.

 

(e)            If,
on the last Business Day of any calendar month, after any redetermination of the Dollar Amounts pursuant to ‎Section 2.13(a),
the aggregate Dollar Amount of the aggregate Alternative Currency Loans exceeds 105% of the Alternative Currency Sublimit, then the Borrowers
shall, on the Prepayment Date, prepay one or more Groups of Borrowings in an aggregate principal amount equal to the excess, if any, of
the aggregate Dollar Amount of the aggregate Alternative Currency Loans as of such Prepayment Date over the Alternative Currency Sublimit.

 

Section 2.14. General Provisions as to
Payments. (a)  Each Borrower shall make each payment of principal of, and interest on, the Loans and Letter of Credit Liabilities
denominated in Dollars and of fees hereunder, not later than 12:00 noon (New York City time) on the date when due, in Federal or other
funds immediately available in New York City, without defense, set-off or counterclaim and free of any restriction or condition, to the
Administrative Agent at its address referred to in ‎Section 10.01. Each Borrower shall make each payment of principal of, and
interest on, the Alternative Currency Loans in the relevant currency in such funds as may then be customary for the settlement of international
transactions in such currency, to such account and at such time and at such place as shall have been notified by the Applicable Agent
to such Borrower and the Lenders by at least three Business Days’ notice (or, solely in the case of Alternative Currency Borrowings
denominated in Sterling, by at least one Business Days’ notice). The applicable Borrower may specify in any notice delivered to
the Administrative Agent and the Applicable Agent with respect to any Alternative Currency, one or more locations from which such Borrower
may make payments of principal or of interest on any Alternative Currency Loan in such currency; provided that the Administrative
Agent approves such location (such approval not to be unreasonably withheld, conditioned or delayed). The Applicable Agent will promptly
distribute to each Lender its ratable share of each such payment received by the Administrative Agent for the account of the Lenders.
Whenever any payment of principal of, or interest on, the Base Rate Loans, Letter of Credit Liabilities denominated in Dollars or of fees
shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next succeeding Business Day.
Whenever any payment of principal of, or interest on, any Loans (other than Base Rate Loans) shall be due on a day which is not a Business
Day, the date for payment thereof shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar
month, in which case the date for payment thereof shall be the next preceding Business Day. Whenever any payment of principal of or interest
on Letter of Credit Liabilities denominated in an Alternative Currency shall be due on a day which is not a Business Day, the date for
payment thereof shall be extended to the next succeeding Business Day. If the date for any payment of principal is extended by operation
of law or otherwise, interest thereon shall be payable for such extended time.

 

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(b)            Unless
the Administrative Agent shall have received notice from a Borrower prior to the date on which any payment is due to the Lenders hereunder
that such Borrower will not make such payment in full, the Administrative Agent may assume that such Borrower has made such payment in
full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed
to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that such Borrower shall not
have so made such payment, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender
together with interest thereon, for each day from and including the date such amount is distributed to such Lender to but excluding the
date such Lender repays such amount to the Administrative Agent, at the applicable Overnight Rate.

 

Section 2.15. Funding Losses. (a) 
With respect to Loans that are not RFR Loans or Base Rate Loans, if a Borrower makes any payment of principal with respect to any such
Loan, any such Loan is converted (pursuant to ‎Article 2, ‎6 or ‎8 or otherwise) or continued on any day other than the
last day of an Interest Period applicable thereto, or the last day of an applicable period fixed pursuant to Section 2.07(c), or
if any Alternative Currency Loan (other than an RFR Loan) is converted to a Loan denominated in Dollars pursuant to ‎Article 8,
or if a Borrower fails to borrow, prepay, convert or continue any such Loans after notice has been given to any Lender in accordance with
 ‎Section 2.04(a), ‎2.12(a) or ‎Section 2.10, respectively, such Borrower shall reimburse each Lender within
15 days after demand for any resulting loss or expense incurred by it (or by an existing or prospective Participant in the related Loan),
including (without limitation) any loss incurred in obtaining, liquidating or employing deposits from third parties, but excluding loss
of margin for the period after any such prepayment or conversion or continuation or failure to borrow, prepay, convert or continue; provided
that such Lender shall have delivered to such Borrower and the Administrative Agent a certificate as to the amount of such loss or expense
and setting forth the calculation thereof in reasonable detail, which certificate shall be conclusive in the absence of manifest error.

 

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(b)            With
respect to RFR Loans, if a Borrower makes any payment of principal with respect to any such Loan other than on the Interest Payment Date
applicable thereto, or if a Borrower fails to borrow or prepay any such Loans after notice has been given to any Lender in accordance
with ‎Section 2.04(a) or ‎2.12(a), respectively, such Borrower shall reimburse each Lender within 15 days after demand
for any resulting loss or expense incurred by it (or by an existing or prospective Participant in the related Loan), including (without
limitation) any loss incurred in obtaining, liquidating or employing deposits from third parties, but excluding loss of margin for the
period after any such prepayment or failure to borrow or prepay; provided that such Lender shall have delivered to such Borrower
and the Administrative Agent a certificate as to the amount of such loss or expense and setting forth the calculation thereof in reasonable
detail, which certificate shall be conclusive in the absence of manifest error.

 

Section 2.16  Computation
of Interest and Fees. Interest based on the Prime Rate, Daily Simple RFR with respect to Sterling
and the TIBOR Rate hereunder shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and paid for the actual
number of days elapsed (including the first day but excluding the last day). All other interest and fees shall be computed on the basis
of a year of 360 days and paid for the actual number of days elapsed (including the first day but excluding the last day); provided
that if the Administrative Agent reasonably determines that a different basis of computation is the market convention for a particular
Alternative Currency, such different basis shall be used.

 

Section 2.17. [Reserved].

 

Section 2.18. Regulation D Compensation.
(a)  Each Lender may require each Borrower to pay, contemporaneously with each payment of interest on the Term Benchmark Loans,
additional interest on the related Term Benchmark Loan of such Lender at a rate per annum determined by such Lender up to but not exceeding
the excess of (i) (A) the applicable Term Benchmark multiplied by (B) Statutory Reserve Rate over (ii) the applicable
Term Benchmark. Any Lender wishing to require payment of such additional interest (x) shall so notify such Borrower and the Administrative
Agent, in which case such additional interest on the Term Benchmark Loans of such Lender shall be payable to such Lender at the place
indicated in such notice with respect to each Interest Period commencing at least three Business Days after the giving of such notice
and (y) shall notify such Borrower at least five Business Days prior to each date on which interest is payable on the Term Benchmark
Loans of the amount then due it under this Section.

 

(a)            [Reserved].

 

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(b)            If
and so long as any Lender is required to comply with reserve assets, liquidity, cash margin or other requirements of any monetary or other
authority (including any such requirement imposed by the European Central Bank or the European System of Central Banks, but excluding
requirements referred to in subsection (a) above) in respect of any of such Lender’s Term Benchmark Loans, such Lender may
require each Borrower to pay, contemporaneously with each payment of interest on each of such Lender’s Term Benchmark Loans subject
to such requirements, additional interest on such Loan at a rate per annum specified by such Lender to be the cost to such Lender of complying
with such requirements in relation to such Loan up to but not exceeding the excess of (i) (A) the applicable Term Benchmark
multiplied by (B) the Statutory Reserve Rate over (ii) the applicable Term Benchmark. Any Lender wishing to require payment
of such additional interest (x) shall so notify such Borrower and the Administrative Agent, in which case such additional interest
on the Term Benchmark Loans of such Lender shall be payable to such Lender at the place indicated in such notice with respect to each
Interest Period commencing at least three Business Days after the giving of such notice and (y) shall notify such Borrower at least
five Business Days prior to each date on which interest is payable on the Term Benchmark Loans of the amount then due it under this Section.

 

(c)            Any
additional interest owed pursuant to subsection (a), (b) or (c) above shall be determined by the relevant Lender, which determination
shall be conclusive and binding for all purposes except in the case of manifest error, and notified to each Borrower (with a copy to the
Administrative Agent) at least five Business Days before each date on which interest is payable for the relevant Loan, and such additional
interest so notified to such Borrower by such Lender shall be payable to the Administrative Agent for the account of such Lender on each
date on which interest is payable for such Loan.

 

Section 2.19. Letters of Credit. (a) Subject
to the terms and conditions hereof, each Issuing Lender agrees to issue Letters of Credit hereunder denominated in Dollars or in an Alternative
Currency from time to time until the tenth day prior to the Termination Date upon the request of the Company for its account or the account
of any Subsidiary; provided that, immediately after each Letter of Credit is issued (i) the Total Outstanding Amount shall
not exceed the aggregate amount of the Commitments, (ii) the aggregate Dollar Amount of Letter of Credit Liabilities shall not exceed
the Letter of Credit Sublimit, (iii) the sum of the aggregate Dollar Amount of the aggregate principal amount of all outstanding
Alternative Currency Loans plus the aggregate Dollar Amount of the aggregate Letter of Credit Liabilities for Letters of Credit denominated
in an Alternative Currency shall not exceed the Alternative Currency Sublimit and (iv) the sum of (x) the aggregate undrawn
amount of all outstanding Letters of Credit issued by any Issuing Lender plus (y) the aggregate amount of all Letter of Credit Disbursements
made by such Issuing Lender that have not yet been reimbursed by or on behalf of the Borrowers at such time shall not exceed such Issuing
Lender’s Letter of Credit Commitment; provided, further, that any Issuing Lender may agree, in its sole discretion,
to issue Letters of Credit in excess of its Letter of Credit Commitment, so long as after giving effect to such issuance, clauses (i),
(ii) and (iii) of the immediately preceding proviso are satisfied. Upon the date of issuance by any Issuing Lender of a Letter
of Credit, such Issuing Lender shall be deemed, without further action by any party hereto, to have sold to each Lender, and each Lender
shall be deemed, without further action by any party hereto, to have purchased from such Issuing Lender, a participation in such Letter
of Credit and the related Letter of Credit Liabilities in the proportion their respective Commitments bear to the aggregate Commitments.

 

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(b)            The
Company shall give the applicable Issuing Lender notice at least (i) five Business Days prior to the requested issuance of a Letter
of Credit denominated in an Alternative Currency and (ii) three Business Days prior to the requested issuance of a Letter of Credit
denominated in Dollars specifying the date such Letter of Credit is to be issued, and describing the terms of such Letter of Credit, the
nature of the transactions to be supported thereby and the proposed currency of such Letter of Credit (such notice, including any such
notice given in connection with the extension of a Letter of Credit, a “Notice of Issuance”). Upon receipt of a Notice
of Issuance, the applicable Issuing Lender shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly
notify each Lender of the contents thereof and of the amount of such Lender’s participation in such Letter of Credit. The issuance
by any Issuing Lender of any Letter of Credit shall, in addition to the conditions precedent set forth in ‎Article 3, be subject
to the conditions precedent that such Letter of Credit shall be in such form and contain such terms as shall be satisfactory to the applicable
Issuing Lender and that the Company shall have executed and delivered such other instruments and agreements relating to such Letter of
Credit as the applicable Issuing Lender shall have reasonably requested. The extension or renewal of any Letter of Credit shall be deemed
to be an issuance of such Letter of Credit, and if any Letter of Credit contains a provision pursuant to which it is deemed to be extended
unless notice of termination is given by the applicable Issuing Lender, such Issuing Lender shall timely give such notice of termination
unless it has theretofore timely received a Notice of Issuance and the other conditions to issuance of a Letter of Credit have also theretofore
been met with respect to such extension. Notwithstanding anything to the contrary in this Agreement, no Issuing Lender shall be under
any obligation to issue, renew, amend or extend any Letter of Credit if: (i) any order, judgment or decree of any Governmental Authority
shall by its terms purport to enjoin or restrain the Issuing Lender from issuing, renewing, amending or extending the Letter of Credit,
or any law, rule, regulation or treaty applicable to the Issuing Lender or any request or directive (whether or not having the force of
law) from any Governmental Authority with jurisdiction over the Issuing Lender shall prohibit, or request that the Issuing Lender refrain
from, the issuance, renewal, amendment or extension of letters of credit generally or the Letter of Credit in particular; (ii) any
Change in Law shall impose upon the Issuing Lender with respect to the Letter of Credit any restriction, reserve or capital requirement
(for which the Issuing Lender is not otherwise compensated hereunder) not in effect on the Closing Date, (iii) the Issuing Lender
does not as of the issuance date of the requested Letter of Credit issue, renew, amend or extend Letters of Credit in the requested currency,
or (iv) the proceeds of such Letter of Credit would be made available to any Person (x) to fund any activity or business of
or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions or (y) in
any manner that would result in a violation of any Sanctions by any party to this Agreement.

 

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(c)            Each
Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the
issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and
(ii) the date that is five Business Days prior to the Termination Date; provided that any Letter of Credit with a one-year tenor
may provide for the automatic renewal thereof for additional one-year periods (which renewal or extension may not result in an expiration
date later than that set forth in clause (ii) above).

 

(d)            Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender
shall examine drawing documents within the period stipulated by terms and conditions of Letter of Credit. After such examination and provided
drawing documents are compliant such Issuing Lender shall notify the Administrative Agent and the Administrative Agent shall promptly
notify the Company and each other Lender as to the amount to be paid as a result of such demand or drawing and the payment date. The Company
shall be irrevocably and unconditionally obligated forthwith to reimburse the applicable Issuing Lender for any amounts paid by such Issuing
Lender upon any drawing under any Letter of Credit, in the currency of such payment (a “Reimbursement Obligation”)
without presentment, demand, protest or other formalities of any kind. All such amounts paid by any Issuing Lender and remaining unpaid
by the Company shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus (i) if
such amount is denominated in Dollars, the sum of the Applicable Margin for Base Rate Loans plus the Base Rate for such day, (ii) if
such amount is denominated in an Alternative Currency, the sum of the Applicable Margin for such Alternative Currency plus the applicable
Overnight Rate. In addition, each Lender will pay to the Administrative Agent, for the account of the applicable Issuing Lender, immediately
upon such Issuing Lender’s demand at any time during the period commencing after such drawing until reimbursement therefor in full
by the Company, an amount equal to such Lender’s ratable share of such drawing (in proportion to its participation therein), together
with interest on such amount for each day from the date of the applicable Issuing Lender’s demand for such payment (or, if such
demand is made after 12:00 noon (New York City time) on such date, from the next succeeding Business Day) to the date of payment by such
Lender of such amount at a rate of interest per annum equal to the applicable Overnight Rate. The applicable Issuing Lender will pay to
each Lender ratably all amounts received from the Company for application in payment of its reimbursement obligations in respect of any
Letter of Credit, but only to the extent such Lender has made payment to the Issuing Lender in respect of such Letter of Credit pursuant
hereto.

 

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(e)            The
obligations of the Company under ‎Section 2.19(d) above shall be absolute, unconditional and irrevocable, and shall be performed
strictly in accordance with the terms of this Agreement, under all circumstances whatsoever, including without limitation the following
circumstances:

 

(i)             the
use which may be made of any Letter of Credit by, or any acts or omission of, a beneficiary of any Letter of Credit (or any Person for
whom the beneficiary may be acting);

 

(ii)            the
existence of any claim, set-off, defense or other rights that the Company may have at any time against a beneficiary of a Letter of Credit
(or any Person for whom the beneficiary may be acting), the Lenders (including each Issuing Lender) or any other Person, whether in connection
with this Agreement or the Letter of Credit or any document related hereto or thereto or any unrelated transaction;

 

(iii)           any
lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein;

 

(iv)           any
statement or any other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement
therein being untrue or inaccurate in any respect whatsoever;

 

(v)            payment
under a Letter of Credit to the beneficiary of such Letter of Credit against presentation to the applicable Issuing Lender of a draft
or certificate that does not comply with the terms of the Letter of Credit; or

 

(vi)           any
other act or omission to act or delay of any kind by any Lender (including each Issuing Lender), the Administrative Agent or any other
Person or any other event or circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or equitable
discharge of, or provide a right of setoff against, the Company’s obligations hereunder.

 

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(f)            The
Company hereby indemnifies and holds harmless each Lender (including each Issuing Lender) and the Administrative Agent from and against
any and all claims, damages, losses, liabilities, costs or expenses which such Lender or the Administrative Agent may incur (including,
without limitation, any claims, damages, losses, liabilities, costs or expenses which any Issuing Lender may incur by reason of or in
connection with the failure of any other Lender to fulfill or comply with its obligations to such Issuing Lender hereunder (but nothing
herein contained shall affect any rights the Company may have against such defaulting Lender)), and none of the Lenders (including each
Issuing Lender) nor the Administrative Agent nor any of their officers or directors or employees or agents shall be liable or responsible,
by reason of or in connection with the execution and delivery or transfer of or payment or failure to pay under any Letter of Credit,
including without limitation any of the circumstances enumerated in ‎Section 2.19(e) above, as well as (i) any error,
omission, interruption or delay in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, (ii) any
loss or delay in the transmission of any document required in order to make a drawing under a Letter of Credit, and (iii) any consequences
arising from causes beyond the control of any Issuing Lender, including without limitation any government acts, or any other circumstances
whatsoever in making or failing to make payment under such Letter of Credit; provided that the Company shall not be required to
indemnify any Issuing Lender for any claims, damages, losses, liabilities, costs or expenses, and the Company shall have a claim for
direct (but not consequential) damage suffered by it, (1) to the extent found by a court of competent jurisdiction by final and
nonappealable judgment to have been caused by (x) the willful misconduct or gross negligence of the applicable Issuing Lender in
determining whether a request presented under any Letter of Credit complied with the terms of such Letter of Credit, (y) the applicable
Issuing Lender’s failure to pay under any Letter of Credit after the presentation to it of a request strictly complying with the
terms and conditions of the Letter of Credit and (z) a material breach in bad faith of this Agreement or any Letter of Credit by
the applicable Issuing Lender and (2) disputes solely among Indemnitees not arising from or in connection with any act or omission
by the Company or any of its affiliates (other than any proceedings against an Issuing Lender, Joint Lead Arranger or the Administrative
Agent in exercising its role as such under this Agreement). Nothing in this ‎Section 2.19‎(f) is intended to limit
the obligations of the Company under any other provision of this Agreement. To the extent the Company does not indemnify an Issuing Lender
as required by this subsection, the Lenders agree to do so ratably in accordance with their Commitments.

 

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(g)           If
any Event of Default shall occur and be continuing, on the day that the Company receives notice from the Administrative Agent or the Required
Lenders demanding the deposit of Cash Collateral pursuant to this paragraph, the Company shall Cash Collateralize an amount in cash in
the relevant currency equal to the Letter of Credit Liabilities as of such date plus any accrued and unpaid interest thereon; provided
that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due
and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Company described
in clause (g) or clause (h) of ‎Section 6.01. Such deposit shall be held by the Administrative Agent as collateral
for the payment and performance of the obligations of the Company under this Agreement. The Administrative Agent shall have exclusive
dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment
of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Company’s
risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account.
Moneys in such account shall be applied by the Administrative Agent to reimburse the applicable Issuing Lender for Letter of Credit Disbursements
for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations
of the Company for the Letter of Credit Liabilities at such time or, if the maturity of the Loans has been accelerated, be applied to
satisfy other obligations of the Company under this Agreement. If the Company is required to provide an amount of Cash Collateral hereunder
as a result of the occurrence and continuance of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned
to the Company within three Business Days after all Events of Default have been cured or waived.

 

(h)           From
time to time, the Company may, with the consent of the Administrative Agent (which consent shall not be unreasonably withheld or delayed)
and by notice to the Lenders, designate as additional Issuing Lenders one or more Lenders that agree to serve in such capacity as provided
below. The acceptance by a Lender of any appointment as an Issuing Lender hereunder shall be evidenced by an instrument, which shall be
in a form reasonably satisfactory to the Company, such Lender and the Administrative Agent, shall set forth the Letter of Credit Commitment
of such Lender and shall be executed by such Lender, the Company and the Administrative Agent and, from and after the effective date of
such agreement (i) such Lender shall have all the rights and obligations of an Issuing Lender under this Agreement and (ii) references
herein to the term “Issuing Lender” shall be deemed to include such Lender in its capacity as an Issuing Lender.

 

Section 2.20. Defaulting Lenders. (a) Notwithstanding
any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply
for so long as such Lender is a Defaulting Lender:

 

(i)             Facility
Fees shall cease to accrue, or to be payable by the Company, on the Commitment of such Defaulting Lender pursuant to ‎Section 2.08(a) for
the account of such Defaulting Lender or otherwise;

 

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(ii)            the
Commitment or Outstanding Amount of such Defaulting Lender shall not be included in determining whether any Lender, the Required Lenders
or all Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant
to ‎Section 10.05); provided, however, that this clause (ii) shall not (subject to ‎Section 10.05) apply
to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification specifically requiring the consent of such
Lender or each Lender affected thereby (and in circumstances where the consent of “all Lenders” is required, such Defaulting
Lender’s vote shall not be included except (A) such Defaulting Lender’s Commitment may not be increased or extended without
its consent and (B) the principal amount of, or interest or fees payable on, Loans or Letter of Credit Borrowings may not be reduced
or excused or the scheduled date of payment may not be postponed as to such Defaulting Lender without such Defaulting Lender’s consent);
and

 

(iii)           if
any Letter of Credit Liabilities exist at the time such Lender becomes a Defaulting Lender then:

 

(A)           all
or any part of the Letter of Credit Liabilities of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance
with their respective Pro Rata Shares but only to the extent that after giving effect to such reallocation the Outstanding Amount
of each non-Defaulting Lender does not exceed such Lender’s Commitment;

 

(B)            if
the reallocation described in clause (A) above cannot, or can only partially, be effected, the Company shall within three Business
Days following notice by the Administrative Agent, Cash Collateralize for the benefit of the Issuing Lenders only the Company’s
obligations corresponding to such Defaulting Lender’s Letter of Credit Liabilities (after giving effect to any partial reallocation
pursuant to clause (A) above) in accordance with the procedures set forth in ‎Section 2.19(g) for so long as such Letter
of Credit Liabilities are outstanding;

 

(C)            if
the Company Cash Collateralizes any portion of such Defaulting Lender’s Letter of Credit Liabilities pursuant to clause (B) above,
the Company shall not be required to pay any fees to such Defaulting Lender pursuant to ‎Section 2.08(b) with respect to
such Defaulting Lender’s Letter of Credit Liabilities during the period such Defaulting Lender’s Letter of Credit Liabilities
are Cash Collateralized;

 

(D)            if
the Letter of Credit Liabilities of the non-Defaulting Lenders are reallocated pursuant to clause (A) above, then the fees payable
to the Lenders pursuant to ‎Section 2.08(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Pro
Rata Shares; and

 

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(E)            if
all or any portion of such Defaulting Lender’s Letter of Credit Liabilities are neither reallocated nor Cash Collateralized pursuant
to ‎Section 2.20(a)(iii)(A) or ‎Section 2.20(a)(iii)(B) above, then, without prejudice to any rights or remedies
of any Issuing Lender or any other Lender hereunder, all Letter of Credit Fees payable under ‎Section 2.08(b) with respect
to such Defaulting Lender’s Letter of Credit Liabilities shall be payable to the Issuing Lenders until and to the extent that such
Letter of Credit Liabilities is reallocated and/or Cash Collateralized; and

 

(iv)          any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether
voluntary or mandatory, at maturity, pursuant to Section 6.03 or otherwise) or received by the Administrative Agent from a Defaulting
Lender pursuant to ‎Section 10.04 shall be applied, in lieu of being distributed to such Defaulting Lender, at such time or times
as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender
to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender
to any Issuing Lender hereunder; third, to Cash Collateralize the Issuing Lenders’ Letter of Credit Liabilities with respect
to such Defaulting Lender in accordance with this Section; fourth, as any Borrower may request (so long as no Default or Event
of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required
by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Company,
to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding
obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Lenders’ future Letter of Credit
Liabilities with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance
with this Section; sixth, to the payment of any amounts owing to the Lenders or the Issuing Lenders as a result of any judgment
of a court of competent jurisdiction obtained by any Lender or any Issuing Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement or under any other Loan Document; seventh, so long as no Default
or Event of Default exists, to the payment of any amounts owing to any Borrower as a result of any judgment of a court of competent jurisdiction
obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under
this Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or Letter of Credit Disbursements
in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related
Letters of Credit were issued at a time when the conditions set forth in ‎Section 3.02 were satisfied or waived, such payment
shall be applied solely to pay the Loans of, and Letter of Credit Disbursements owed to, all non-Defaulting Lenders on a pro rata basis
prior to being applied to the payment of any Loans of, or Letter of Credit Disbursements owed to, such Defaulting Lender until such time
as all Loans and funded and unfunded participations in the Borrower’s obligations corresponding to such Defaulting Lender’s
Letter of Credit Liabilities are held by the Lenders pro rata in accordance with the Commitments without giving effect to clause ‎(iii) above.
Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a
Defaulting Lender or to post Cash Collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto.

 

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(b)           So
long as any Lender is a Defaulting Lender, no Issuing Lender shall be required to issue, amend or increase any Letter of Credit, unless
it is satisfied that the Defaulting Lender’s related exposure and its then outstanding Letter of Credit Liabilities will be 100%
covered in accordance with the terms of this Agreement by the Commitments of the non-Defaulting Lenders and/or Cash Collateral will be
provided by the Company in accordance with ‎Section 2.20(a)(iii), and participating interests in any newly issued or increased
Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with ‎Section 2.20(a)(iii)(A) (and
such Defaulting Lender shall not participate therein).

 

(c)           If
(i) a Bankruptcy Event or a Bail-In Action with respect to a Lender Parent shall occur following the date hereof and for so long
as such event shall continue or (ii) any Issuing Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations
under one or more other agreements in which such Lender commits to extend credit, no Issuing Lender shall be required to issue, amend
or increase any Letter of Credit, unless the Issuing Lenders shall have entered into arrangements with the Company or such Lender, satisfactory
to each Issuing Lender, to defease any risk to it in respect of such Lender hereunder.

 

(d)           In
the event that the Administrative Agent, the Company and each Issuing Lender agrees that a Defaulting Lender has adequately remedied all
matters that caused such Lender to be a Defaulting Lender, then the Letter of Credit Liabilities of the Lenders shall be readjusted to
reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other
Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its
Pro Rata Share.

 

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Section 2.21. Incremental Increase in Commitments.
(a)  At any time, if no Event of Default shall have occurred and be continuing, the Company may, if it so elects but subject
to due authorization by all necessary corporate action, increase the aggregate amount of the Commitments (the “Incremental Commitments”),
either by designating one or more financial institutions not theretofore Lenders to become a Lender (such designation to be effective
only with the prior written consent of the Administrative Agent and each Issuing Lender, which consent will not be unreasonably withheld
or delayed), or by agreeing with one or more existing Lenders that such Lender’s Commitment shall be increased. The Incremental
Commitments shall be treated as Commitments for all purposes under this Agreement, except as specifically addressed herein. No Lender
shall be obligated to make any Incremental Commitment unless it shall elect to do so in its sole and absolute discretion in response to
the Company’s request.

 

(b)           Upon
execution and delivery by the Company and such Lender or other financial institution of an instrument (the “Incremental Commitment
Notice”) in form reasonably satisfactory to the Administrative Agent (which instrument shall specify the amount of each Commitment),
such existing Lender shall have a Commitment as therein set forth or such other financial institution shall become a Lender with a Commitment
as therein set forth and all the rights and obligations of a Lender with such a Commitment hereunder; provided that:

 

(i)             the
Company shall provide prompt notice of such increase to the Administrative Agent, who shall promptly notify the Lenders;

 

(ii)            the
amount of such Incremental Commitment, together with all other increases in the aggregate amount of the Commitments pursuant to this ‎Section 2.21
since the date of this Agreement, shall not exceed $500,000,000; and

 

(iii)           the
Letter of Credit Sublimit and Alternative Currency Sublimit shall each be increased by an amount which bears the same ratio to the Increased
Commitments as the Letter of Credit Sublimit and Alternative Currency Sublimit, respectively, bears to the aggregate Commitments then
existing.

 

Section 2.22. Termination Date Extension.
(a)  The Company may, by notice to the Administrative Agent given not less than 30 days prior to an anniversary of the Closing Date,
request that the Lenders extend the Termination Date for an additional one-year period, in each such case; provided that (i) the
Company shall not be permitted to request any such extension more than twice during the term of this Agreement and (ii) in no event
shall such request be made more than once in any calendar year. Upon receipt of any such notice the Administrative Agent shall promptly
notify each Lender thereof. Each Lender shall respond to such request in writing within 20 calendar days after such request and any failure
of a Lender to respond shall be deemed to be a denial of such request. If the Required Lenders agree to such extension, the Termination
Date shall be extended to the date that is one year after the Termination Date then in effect subject, with respect to each Non-Extending
Lender, to the provisions of Section 2.22(b); provided that, any such extension shall become effective on the applicable anniversary
date of the Closing Date.

 

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(b)           If
any Lender does not consent to any extension request pursuant to Section 2.22(a) (a “Non-Extending Lender”)
but the Required Lenders agree to such extension (each such Lender, an “Extending Lender”), then (i) the Termination
Date for each Extending Lender shall be extended to the date specified in the Company’s extension request and (ii) the Commitments
of each Non-Extending Lender shall, subject to the terms of Section 8.06, continue until the Termination Date for such Non-Extending
Lender in effect prior to such extension.

 

(c)            Notwithstanding
the terms of Section 10.05, the Company and the Administrative Agent shall be entitled to enter into any amendments to this Agreement
that the Administrative Agent believes are necessary to appropriately reflect, or provide for the integration of, any extension of a Termination
Date pursuant to this Section 2.22.

 

Article 3

Conditions

 

Section 3.01. Closing. The closing
hereunder shall occur upon receipt by the Administrative Agent of the following documents, each dated the Closing Date unless otherwise
indicated:

 

(a)           either
(i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative
Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such party has signed a counterpart
of this Agreement;

 

(b)           (i) an
opinion of Weil, Gotshal & Manges, LLP, counsel for the Obligors, in form and substance reasonably satisfactory to the Administrative
Agent and (ii) an opinion of Baker & McKenzie CVBA/SCRL, Belgian counsel for Estée Lauder BV, in form and substance
reasonably satisfactory to the Administrative Agent;

 

(c)            all
fees and other amounts due and payable on or prior to the Closing Date, including reimbursement or payment of all reasonable and documented
out-of-pocket expenses to be reimbursed or paid by the Company for which invoices have been presented on or prior to the date that is
three Business Days prior to the Closing Date (or such later date as the Company may agree in its sole discretion;

 

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(d)           all
documents the Administrative Agent may reasonably request relating to the existence of each of the Company and Estée Lauder BV,
the corporate authority for and the validity of the execution and delivery of this Agreement and the Notes, all in form and substance
satisfactory to the Administrative Agent;

 

(e)           evidence
reasonably satisfactory to it that all principal of any loans outstanding under, and all accrued interest and fees under, the Existing
Credit Agreement shall have been paid in full and that the commitments under the Existing Credit Agreement have been terminated;

 

(f)            a
certificate of an authorized officer of the Company certifying that (A) the representations and warranties of the Company contained
in this Agreement are true in all material respects on and as of the Closing Date (except to the extent such representations and warranties
specifically relate to an earlier date, in which case such representations and warranties were true, correct and complete in all material
respects on and as of such earlier date; provided that if any such representation or warranty is qualified by “materially”,
 “Material Adverse Effect” or a similar term, such representation and warranty (as so qualified) shall be true and correct
in all respects) and (B) no Default has occurred and/or is continuing on the Closing Date or would or will exist immediately after
giving effect to the consummation of the transactions to be consummated on the Closing Date;

 

(g)           all
documentation and other information for the Lenders required by bank regulatory authorities under applicable “know your customer”
and anti-money laundering rules and regulations, including the Patriot Act, to the extent such documentation and other information
has been requested by the Lenders at least 5 days prior to the Closing Date; and

 

(h)           to
the extent the Company or any Eligible Subsidiary on the Closing Date qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, at least five days prior to the Closing Date, any Lender that has requested in a written notice to the Company delivered
at least 10 days prior to the Closing Date, a Beneficial Ownership Certification in relation to the Company or such Eligible Subsidiary
shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature
page to this Agreement, the condition set forth in this clause (h) shall be deemed to be satisfied).

 

The Administrative Agent shall promptly notify the Company and the
Lenders of the Closing Date, and such notice shall be conclusive and binding on all parties hereto.

 

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Section 3.02. Borrowings and Issuances
of Letters of Credit. The obligation of any Lender to make a Loan on the occasion of any Borrowing and the obligation of any Issuing
Lender to issue (or renew or extend the term of) any Letter of Credit is subject to the satisfaction (or waiver) of the following conditions:

 

(a)            receipt
by the Administrative Agent of a Notice of Borrowing as required by ‎Section 2.02, or receipt by the applicable Issuing Lender
of a Notice of Issuance as required by ‎Section 2.19, as the case may be;

 

(b)           the
fact that, immediately after such Borrowing or issuance of such Letter of Credit (i) the Total Outstanding Amount will not exceed
the aggregate amount of the Commitments, (ii) the aggregate amount of Letter of Credit Liabilities will not exceed the Letter of
Credit Sublimit, (iii) the sum of the aggregate Dollar Amount of the aggregate principal amount of all outstanding Alternative Currency
Loans plus the aggregate Dollar Amount of the aggregate Letter of Credit Liabilities for Letters of Credit in an Alternative Currency
shall not exceed the Alternative Currency Sublimit and (iv) the sum of (x) the aggregate undrawn amount of all outstanding Letters
of Credit issued by any Issuing Lender plus (y) the aggregate amount of all Letter of Credit Disbursements made by such Issuing Lender
that have not yet been reimbursed by or on behalf of the Borrowers at such time shall not exceed such Issuing Lender’s Letter of
Credit Commitment; provided that any Issuing Lender may agree, in its sole discretion, to issue Letters of Credit in excess of
its Letter of Credit Commitment, so long as after giving effect to such issuance, clauses (i), (ii) and (iii) of the immediately
preceding proviso are satisfied;

 

(c)            the
fact that, immediately before and after such Borrowing or issuance of such Letter of Credit, no Default shall have occurred and be continuing;

 

(d)           the
fact that the representations and warranties of the Company (and, in the case of a Borrowing or an issuance of a Letter of Credit by an
Eligible Subsidiary, of such Eligible Subsidiary) contained in this Agreement (other than the representations and warranties in Sections
4.04(c) and 4.05) shall be true in all material respects on and as of the date of such Borrowing or issuance of such Letter of Credit
(except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and
warranties shall have been true, correct and complete in all material respects on and as of such earlier date; provided that if
any such representation or warranty is qualified by “materially”, “Material Adverse Effect” or a similar term,
such representation and warranty (as so qualified) shall be true and correct in all respects); and

 

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(e)            the
Closing Date shall have occurred in accordance with ‎Section 3.01.

 

Each Borrowing and issuance of a Letter of Credit hereunder shall be
deemed to be a representation and warranty by the Company (and, in the case of a Borrowing or an issuance of a Letter of Credit by an
Eligible Subsidiary, of such Eligible Subsidiary) on the date of such Borrowing or issuance of a Letter of Credit as to the facts specified
in clauses (b), (c) and (d) of this Section.

 

Section 3.03. First Borrowing by Each Eligible
Subsidiary. The obligation of each Lender to make a Loan, and the obligation of each Issuing Lender to issue a Letter of Credit, on
the occasion of the first Borrowing by or issuance of a Letter of Credit for the account of each Eligible Subsidiary is subject to the
satisfaction of the following further conditions:

 

(a)            receipt
by the Administrative Agent of an opinion of counsel for such Eligible Subsidiary reasonably acceptable to the Administrative Agent covering
such matters relating to the transactions contemplated hereby as the Lenders may reasonably request;

 

(b)           receipt
by the Administrative Agent of all documents which it may reasonably request relating to the existence of such Eligible Subsidiary, the
corporate authority of and the validity of the execution and delivery of the Election to Participate, this Agreement and the Notes (if
any) of such Eligible Subsidiary, all in form and substance reasonably satisfactory to the Administrative Agent;

 

(c)            receipt by the Lenders of all documentation
and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the Patriot Act, to the extent requested reasonably in advance of such initial Borrowing or issuance
of a Letter of Credit; and

 

(d)           to the extent such Eligible Subsidiary
qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five days prior to the first Borrowing
by, or issuance of a Letter of Credit for the account of, such Eligible Subsidiary, any Lender that has requested in a written notice
to the Company reasonably in advance of such initial Borrowing or issuance of a Letter of Credit, a Beneficial Ownership Certification
in relation to such Eligible Subsidiary shall have received such Beneficial Ownership Certification.

 

It is hereby agreed that the conditions precedent to a first Borrowing
by, or incurrence of a Letter of Credit for the account of, Estée Lauder BV in this Section 3.03 have been satisfied on the
Closing Date.

 

Section 3.04.
Existing Credit Agreement.  (a) On the Closing Date, the “Commitments” and the “Alternative Currency Commitments”,
if any, as defined in the Existing Credit Agreement shall terminate. JPMorgan Chase Bank, N.A., in its capacity as administrative
agent under the Existing Credit Agreement, hereby confirms that all outstanding amounts, including the principal amount of any outstanding
loans and all accrued but unpaid interest and fees, under the ExistingCredit Agreement have been paid in full.

 

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(b)           The
Lenders that are parties to the Existing Credit Agreement, comprising the “Required Lenders” as defined therein, hereby waive
any requirement of notice of termination of the “Commitments” (as defined in the Existing Credit Agreement) pursuant to ‎Section 2.09
thereof.

 

Article 4

Representations
And Warranties

 

The Company represents and warrants that:

 

Section 4.01. Corporate Existence and Power.
Each Obligor is an organization duly organized or formed, validly existing and in good standing under the laws of the jurisdiction
of its organization, and has all requisite powers and all governmental licenses, authorizations, consents and approvals required to carry
on its business as now conducted, except to the extent that the failure to have such licenses, authorizations, consents and approvals
could not reasonably be expected to have a Material Adverse Effect.

 

Section 4.02.
Corporate and Governmental Authorization; No Contravention. The execution, delivery and performance by the Company (and, as applicable,
each Eligible Subsidiary) of this Agreement and by the Company (and, as applicable, each Eligible Subsidiary) of the Notes (if any) (A) are
within the corporate or other organizational powers of the Company (and, as applicable, each Eligible Subsidiary), (B) have been
duly authorized by all necessary corporate or other organizational action, (C) require no action by or in respect of, or filing with,
any governmental body, agency or official (other than those which have been made and are in full force and in effect), (D) do not
contravene, or constitute a default under, (i) any provision of applicable law or regulation, (ii) the certificate of incorporation,
organizational documents or by-laws of the Company (and, as applicable, each Eligible Subsidiary), (iii) any agreement evidencing
or governing Debt or of any other agreement or instrument, or (iv) any judgment, injunction, order or decree binding upon the Company
or any of its Subsidiaries and (E) will not result in the creation or imposition of any Lien on any asset of the Company or any of
its Subsidiaries, except, in the case of clause (C) or subclauses (i), (iii) and (iv) of clause (D), as would not reasonably
be expected to result in a Material Adverse Effect.

 

Section 4.03. Binding Effect. This
Agreement constitutes a valid, legal and binding agreement of each Obligor and each Note (if any), when executed and delivered by the
Company (and, as applicable, any Eligible Subsidiary) in accordance with this Agreement, will constitute a valid, legal and binding obligation
of the Company (and, as applicable, such Eligible Subsidiary), in each case enforceable in accordance with its terms, except as the same
may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally and by general principles of equity,
regardless of whether considered in a proceeding in equity or law.

 

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Section 4.04. Financial Information. (a) 
The consolidated balance sheet of the Company and its Consolidated Subsidiaries as of June 30, 2021 and the related consolidated
statements of earnings and cash flows for the fiscal year then ended, reported on by PricewaterhouseCoopers LLP, a copy of which has been
delivered to each of the Lenders, fairly present, in all material respects and in conformity with GAAP (except as expressly set forth
in the notes thereto), the consolidated financial position of the Company and its Consolidated Subsidiaries as of such date and their
consolidated results of operations and cash flows for such fiscal year.

 

(b)           [Reserved].

 

(c)           On
the Closing Date, there has been no material adverse change in the business, financial position or results of operations of the Company
and its Consolidated Subsidiaries, considered as a whole, since June 30, 2021.

 

Section 4.05. Litigation. Except as
described in Schedule 4.05 and in the Company’s Form 10-K or Form 10-Q most recently filed with the SEC, there is no action,
suit or proceeding pending against, or to the knowledge of any Obligor, overtly threatened against or affecting, the Company or any of
its Subsidiaries before any court or arbitrator or any governmental body, agency or official in which there is a reasonable possibility
of an adverse decision which could have a Material Adverse Effect, or which in any manner draws into question the validity or enforceability
of this Agreement or the Notes (if any).

 

Section 4.06. Compliance with ERISA. Except
as would not reasonably be expected to result in a Material Adverse Effect, (a) each member of the ERISA Group has fulfilled its
obligations under the minimum funding standards of ERISA and the Internal Revenue Code with respect to each Plan and is in compliance
with the presently applicable provisions of ERISA and the Internal Revenue Code with respect to each Plan and (b) no member of the
ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code in respect
of any Plan, (ii) failed to make any contribution or payment to any Plan or Multiemployer Plan, or made any amendment to any Plan,
which has resulted or could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Internal
Revenue Code or (iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007
of ERISA.

 

Section 4.07.
Environmental Matters. In the ordinary course of its business, the Company reviews the effect of Environmental Laws on the
business, operations and properties of the Company and its Subsidiaries, in the course of which it evaluates associated liabilities and
costs (including, without limitation, any capital or operating expenditures required for clean-up of properties presently or previously
owned, any capital or operating expenditures required to achieve or maintain compliance with Environmental Laws, any costs or liabilities
in connection with off-site disposal of wastes or Hazardous Substances, and any actual or potential liabilities under Environmental Laws
to third parties, including employees, and any related costs and expenses). On the basis of this review, the Company has reasonably concluded
that such associated liabilities and costs, including the costs of compliance with Environmental Laws, are unlikely to have a Material
Adverse Effect.

 

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Section 4.08. Taxes. Except as would
not reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries have filed all United States Federal
income tax returns and all other tax returns which are required to be filed by them and have paid all taxes due pursuant to such returns
or pursuant to any assessment received by the Company or any Subsidiary, other than taxes due pursuant to any such assessment which are
being contested in good faith by appropriate proceedings.

 

Section 4.09. Subsidiaries. Each of
the Company’s corporate Significant Subsidiaries (other than the Eligible Subsidiaries, with respect to which representations and
warranties comparable to those set forth in this Section are being made in ‎Section 4.01) is a corporation duly incorporated,
validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all corporate or other organizational
powers and all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted, except
to the extent that the failure to be or have any of the foregoing could not reasonably be expected to have a Material Adverse Effect.

 

Section 4.10. Regulatory Restrictions on
Borrowing. No Obligor is an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

Section 4.11. Full Disclosure.

 

(a)           All
information heretofore furnished by each Obligor to the Administrative Agent or any Lender for purposes of or in connection with this
Agreement or any transaction contemplated hereby, and all such information hereafter furnished by each Obligor to the Administrative Agent
or any Lender, in each case, when taken as a whole, does not or will not contain any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under
which such statements were (or hereafter are) made.

 

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(b)           As
of the Closing Date, to the best knowledge of the Company or the applicable Eligible Subsidiary, as applicable, the information included
in any Beneficial Ownership Certification provided on or prior to the Closing Date to any Lender in connection with this Agreement is
true and correct in all respects.

 

Section 4.12. Anti-Corruption Laws and
Sanctions. Each Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by such Borrower,
its Subsidiaries and their respective directors, officers, employees and agents (in their capacity as such) with Anti-Corruption Laws
and applicable Sanctions, and each Borrower, its Subsidiaries and, to the knowledge of such Borrower, their respective officers, employees,
directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) any
Borrower, any Subsidiary or, to the knowledge of any Borrower, any of their respective directors, officers or employees, or (b) to
the knowledge of any Borrower, any agent of such Borrower or any Subsidiary that will act in any capacity in connection with or benefit
from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, or use of proceeds of the Loans
will violate Anti-Corruption Laws or applicable Sanctions.

 

Article 5

Covenants

 

The Company agrees that, so long as any Lender
has any Commitment hereunder or any amount payable in respect of any Loan remains unpaid or any Letter of Credit Liability remains outstanding:

 

Section 5.01. Information. The Company
will furnish to each of the Lenders:

 

(a)            as
soon as available and in any event within 75 days after the end of each fiscal year of the Company, a consolidated balance sheet of the
Company and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated statements of earnings and cash
flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by
PricewaterhouseCoopers LLP or other independent public accountants of nationally recognized standing without any qualification or exception
which (i) is of a “going concern” or similar nature or (ii) relates to the limited scope of examination of
matters relevant to such financial statements;

 

(b)           as
soon as available and in any event within 40 days after the end of each of the first three fiscal quarters of each fiscal year of the
Company, a consolidated balance sheet of the Company and its Consolidated Subsidiaries as of the end of such quarter, the related consolidated
statements of earnings for such quarter and the related consolidated statements of earnings and cash flows for the portion of the Company’s
fiscal year ended at the end of such quarter, setting forth in the case of such statements of earnings and cash flows, in comparative
form the figures for the corresponding quarter (with respect to the statement of earnings only) and the corresponding portion of the Company’s
previous fiscal year, all certified (subject to normal year-end adjustments) as to fairness of presentation and GAAP applied on a consistent
basis by the chief financial officer or the chief accounting officer of the Company;

 

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(c)            within
ten days after any Senior Officer of any Obligor obtains knowledge of any Default, if such Default is then continuing, a certificate of
the chief financial officer, the chief accounting officer or the treasurer of the Company setting forth the details thereof and the action
which each Obligor is taking or proposes to take with respect thereto;

 

(d)            within
ten days after the mailing thereof to the stockholders of the Company generally, copies of all financial statements, reports and proxy
statements so mailed;

 

(e)            within
ten days after the filing thereof, copies of all registration statements (other than the exhibits thereto and any registration statements
on Form S-8 or its equivalent) and reports on Forms 10-K, 10-Q and 8-K (or their equivalents) which the Company shall have filed
with the Securities and Exchange Commission; provided that so long as the Company is a reporting company (within the meaning of
the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof),
the furnishing of such registration statements and reports shall be deemed satisfied upon posting of such registration statements and
reports on the SEC’s website (www.sec.gov/edgar);

 

(f)             if
and when any member of the ERISA Group (i) gives or is required to give notice to the PBGC of any “reportable event”
(as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under
Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required to give notice of any such reportable event,
a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial
withdrawal liability under Title IV of ERISA or notice that any Multiemployer Plan is in endangered or critical status, is insolvent or
has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate,
impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan,
a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code,
a copy of such application; (v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of
such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063
of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Plan or Multiemployer Plan or in respect
of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could result in the imposition
of a Lien or the posting of a bond or other security, a certificate of the chief financial officer, the chief accounting officer or the
treasurer of the Company setting forth details as to such occurrence and action, if any, which the Company or applicable member of the
ERISA Group is required or proposes to take, except in the case of any events described in clauses (i) or (ii), which individually
or in the aggregate could not reasonably be expected to result in a Material Adverse Effect;

 

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

 

(h)            written
notice of any change in the information provided in any Beneficial Ownership Certification delivered to such Lender that would result
in a change to the list of beneficial owners identified in such certification; and

 

(i)             from
time to time such additional information regarding the financial position or business of the Company and its Subsidiaries as the Administrative
Agent, at the request of any Lender, may reasonably request.

 

For purposes
of this Section, the Company’s obligation to deliver the items referred to in Sections ‎5.01(a), ‎(b), ‎(d) and
 ‎(e) will be deemed satisfied by (i) the electronic delivery to the Administrative Agent of such items, (ii) the
posting of such items on a website to which the Lenders have access, and which shall have been designated in a notice delivered to the
Lenders and the Administrative Agent or (iii) so long as the Company is a reporting company (within the meaning of the Securities
Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof), the posting
of such items on the SEC’s website (www.sec.gov/edgar) (it being understood that in the case of Section 5.01(b), such
posting will be deemed a certification in satisfaction of the requirements of such clause).

 

Section 5.02. Payment of Obligations. The
Company will pay and discharge, and will cause each Significant Subsidiary to pay and discharge, at or before maturity, all their respective
material obligations and liabilities (including, without limitation, tax liabilities and claims of materialmen, warehousemen and the like
which if unpaid might by law give rise to a Lien), except where the same may be contested in good faith by appropriate proceedings or
to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect, and will maintain, and will cause
each Significant Subsidiary to maintain, in accordance with GAAP, appropriate reserves for the accrual of any of the same.

 

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Section 5.03. Insurance. The Company
will, and will cause each of its Significant Subsidiaries to, maintain (either in the name of the Company or in such Significant Subsidiary’s
own name), with financially sound and responsible insurance companies or pursuant to a self-insurance program, insurance on all their
respective properties in at least such amounts, against at least such risks and with such risk retention as are usually maintained, insured
against or retained, as the case may be, in the same general area by companies of established repute engaged in the same or a similar
business; and will furnish to the Lenders, upon request from the Administrative Agent, information presented in reasonable detail as to
the insurance so carried.

 

Section 5.04.
Conduct of Business and Maintenance of Existence. The Company will preserve, renew and keep in full force and effect, and will cause
each Significant Subsidiary to preserve, renew and keep in full force and effect its corporate existence and rights, privileges and franchises
necessary or desirable in the normal conduct of business (except, solely with respect to any Significant Subsidiary that is not a Borrower,
to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect); provided that nothing
in this ‎Section 5.04 shall prohibit (x) the merger of a Significant Subsidiary into the Company or the merger or consolidation
of a Significant Subsidiary with or into another Person if the corporation surviving such consolidation or merger is a Subsidiary and
if, in each case, after giving effect thereto, no Default shall have occurred and be continuing or (y) any merger or consolidation
involving the Company, to the extent permitted by Section 5.07.

 

Section 5.05. Compliance with Laws.

 

(a)            The
Company will comply, and cause each Significant Subsidiary to comply, in all material respects with all applicable laws, ordinances, rules,
regulations, and requirements of governmental authorities (including, without limitation, Environmental Laws and ERISA and the rules and
regulations thereunder) except where the necessity of compliance therewith is contested in good faith by appropriate proceedings or to
the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

(b)            The
Company will maintain in effect and enforce policies and procedures designed to ensure compliance by the Company, its Subsidiaries and
their respective directors, officers, employees, and agents with Anti-Corruption Laws and applicable Sanctions.

 

Section 5.06.
Inspection of Property, Books and Records. The Company will keep, and will cause each Significant Subsidiary to keep, proper books
of record and account in which full, true and correct entries shall be made in all material respects of all dealings and transactions
in relation to its business and activities; and will permit, and will cause each Eligible Subsidiary to permit, representatives of any
Lender at such Lender’s expense to visit and inspect any of its properties, to examine and make abstracts from any of its books
and records and to discuss its affairs, finances and accounts with its officers, employees and independent public accountants, all at
such reasonable times and as often as may reasonably be desired; provided that (i) such inspections do not unreasonably
interfere with the operations of such Person and (ii) such Lender is subject to the Company’s confidentiality obligations.

 

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Section 5.07. Mergers and Sales of Assets.
The Company will not, (i) consolidate or merge with or into any other Person or (ii) sell, lease or otherwise transfer,
directly or indirectly, all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any other Person;
provided that the Company may merge with another Person if (x) the Company is the corporation surviving such merger and (y) after
giving effect to such merger, no Default shall have occurred and be continuing.

 

Section 5.08. Use of Proceeds. The
proceeds of the Loans made under this Agreement will be used by each Borrower for general corporate purposes as shall be determined by
the Company from time to time. None of such proceeds will be used, directly or indirectly, for the purpose, whether immediate, incidental
or ultimate, of buying or carrying any “margin stock” within the meaning of Regulation U. No Borrower will request any Borrowing
or Letter of Credit, and the Borrowers shall not, directly or, to their knowledge, indirectly, use the proceeds of any Borrowing or Letter
of Credit, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person (A) in
furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any
Person in violation of Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or
transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permissible for a Person required to
comply with Sanctions or (C) in any manner that would result in the violation of any Sanctions by any party hereto.

 

Section 5.09. Negative Pledge. The
Company will not, and will not permit any Subsidiary to, create, assume or suffer to exist any Lien on any asset now owned or hereafter
acquired by it, except:

 

(a)            Liens
existing on the date of this Agreement securing Debt outstanding on the date of this Agreement in an aggregate principal or face amount
not exceeding $50,000,000;

 

(b)            any
Lien existing on any asset of any Person at the time such Person becomes a Subsidiary and not created in contemplation of such event;

 

(c)            any
Lien on any asset securing Debt incurred or assumed for the purpose of financing all or any part of the cost of acquiring or constructing
such asset; provided that such Lien attaches to such asset concurrently with or within 90 days after the acquisition or substantial
completion of construction thereof, as the case may be;

 

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(d)            any
Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into the Company or a Subsidiary and
not created in contemplation of such event;

 

(e)            any
Lien existing on any asset prior to the acquisition thereof by the Company or a Subsidiary and not created in contemplation of such acquisition;

 

(f)             any
Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured by any Lien permitted by any of the foregoing
clauses of this Section; provided that such Debt is not increased and is not secured by any additional assets;

 

(g)            Liens
imposed by any governmental authority for taxes, assessments, governmental charges, duties or levies not yet due or which are being contested
in good faith and by appropriate proceedings; provided adequate reserves with respect thereto are maintained on the books of the
Company and its Consolidated Subsidiaries in accordance with GAAP;

 

(h)            Customary
Permitted Liens;

 

(i)             Liens
(other than Liens described in clauses (g) or (h)) arising in the ordinary course of its business which (i) do not secure Debt
or Derivatives Obligations, (ii) do not secure any obligation in an amount exceeding $300,000,000 and (iii) do not in the aggregate
materially detract from the value of its assets or materially impair the use thereof in the operation of its business;

 

(j)             Liens
on cash and cash equivalents securing Derivatives Obligations; provided that the aggregate amount of cash and cash equivalents
subject to such Liens may at no time exceed $100,000,000;

 

(k)             Liens
securing Permitted Securitization Financings in an aggregate principal or face amount at any date not to exceed the greater of (i) $400,000,000
and (ii) 15% of Consolidated Tangible Net Worth at the last day of the most recently ended fiscal quarter; and.

 

(l)             Liens
not otherwise permitted by the foregoing clauses of this Section securing Debt in an aggregate principal or face amount at any date
not to exceed the greater of (i) $400,000,000 and (ii) 15% of Consolidated Tangible Net Worth at the last day of the most recently
ended fiscal quarter.

 

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Section 5.10.
Debt of Subsidiaries. The Company will not permit any of its Subsidiaries to incur or at any time be liable with respect to any Debt
other than (i) Debt owing to the Company or a wholly owned Subsidiary, (ii) Debt created under this Agreement, (iii) any
commercial paper issued by an Eligible Subsidiary the credit support for which is provided by this Agreement, (iv) Debt in
respect of trade letters of credit, (v) other Debt in an aggregate principal amount outstanding not exceeding $600,000,000, (vi) Permitted
Securitization Financings in an aggregate principal or face amount at any date not to exceed the greater of (A) $400,000,000 and
(B) 15% of Consolidated Tangible Net Worth at the last day of the most recently ended fiscal quarter and (vii) extensions, refinancings,
renewals or replacements of the Debt permitted above which, in the case of any such extension, refinancing, renewal or replacement, does
not increase the amount of the Debt being extended, refinanced, renewed or replaced, other than amounts incurred to pay the costs of such
extension, refinancing, renewal or replacement. For purposes of this Section any preferred stock of a Subsidiary held by a Person
other than the Company or a Wholly-Owned Subsidiary shall be included, at the higher of its voluntary or involuntary liquidation value,
in the “Debt” of such Subsidiary.

 

Section 5.11. Transactions with Affiliates.
The Company will not, and will not permit any Subsidiary to, directly or indirectly, pay any funds to or for the account of, make
any investment (whether by acquisition of stock or indebtedness, by loan, advance, transfer of property, guarantee or other agreement
to pay, purchase or service, directly or indirectly, any Debt, or otherwise) in, lease, sell, transfer or otherwise dispose of any assets,
tangible or intangible, to, or participate in, or effect, any transaction with, any Affiliate (any such payment, investment, lease, sale,
transfer, other disposition or transaction, an “Affiliate Transaction”) except on an arms-length basis on terms at
least as favorable to the Company or such Subsidiary as terms that could have been obtained from a third party who was not an Affiliate;
provided that the foregoing provisions of this Section shall not prohibit (i) any such Person from declaring or paying
any lawful dividend or other payment ratably in respect of all of its capital stock of the relevant class so long as, after giving effect
thereto, no Default or Event of Default shall have occurred and be continuing, (ii) any Affiliate Transaction approved by the independent
directors (or any committee thereof) of the board of directors of the Company or any Subsidiary which is a party to such Affiliate Transaction,
(iii) any Affiliate Transaction disclosed in the Proxy Statement under the heading “Certain Relationships and Related Transactions”
or (iv) any Affiliate Transaction (other than any Affiliate Transaction described in clauses (i), (ii) or (iii)) in which the
amount involved does not exceed $15,000,000.

 

Article 6

Defaults

 

Section 6.01. Events of Default. If
one or more of the following events (“Events of Default”) shall have occurred and be continuing:

 

(a)            any
Borrower shall fail to pay when due any principal of any Loan or any Reimbursement Obligation or shall fail to pay any interest, fees
or other amounts payable hereunder within five Business Days of the due date thereof;

 

(b)            the
Company shall fail to observe or perform any covenant contained in ‎Article 5, other than those contained in Sections ‎5.01
through 5.03, 5.05, 5.06 and ‎5.11; provided that with respect to Section 5.04, this clause (b) shall apply only
with respect to the corporate existence of the Company;

 

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(c)             any
Obligor shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those covered by clause (a) or
(b) above) for 30 days after notice thereof has been given to the Company by the Administrative Agent at the request of any Lender;

 

(d)            any
representation, warranty, certification or statement made by any Obligor in this Agreement or in any certificate, financial statement
or other document delivered pursuant to this Agreement shall prove to have been incorrect in any material respect when made (or deemed
made);

 

(e)            the
Company or any Subsidiary shall fail to make any payment in respect of any Material Financial Obligations when due or within any applicable
grace period;

 

(f)             any
event or condition shall occur which results in the acceleration of the maturity of any Material Debt;

 

(g)            the
Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking
the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property,
or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other
proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts
as they become due, or shall take any corporate action to authorize any of the foregoing;

 

(h)            an
involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary seeking liquidation, reorganization
or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking
the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property,
and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 90 days; or an order for relief shall
be entered against the Company or any Significant Subsidiary under the federal bankruptcy laws as now or hereafter in effect;

 

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(i)             any
member of the ERISA Group shall fail to pay when due an amount or amounts which it shall have become liable to pay under Title IV of ERISA;
or notice of intent to terminate a Plan shall be filed under Title IV of ERISA by any member of the ERISA Group, any plan administrator
or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability
(other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer any Plan;
or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Plan must be terminated;
or there shall occur a complete or partial withdrawal from, or a default within the meaning of Section 4219(c)(5) of ERISA with
respect to, one or more Multiemployer Plans; and any such event or events described in this ‎Section 6.01(i) individually
or in the aggregate could reasonably be expected to result in a Material Adverse Effect;

 

(j)             judgments
or orders for the payment of money in excess of $175,000,000 (net of any insurance with respect to which the carrier has acknowledged
coverage) shall be rendered against the Company or any Subsidiary and such judgments or orders shall continue unsatisfied and unstayed
for a period of 30 days;

 

(k)            there
occurs a Change of Control; or

 

(l)             the
Guaranty or any provision thereof shall be found or held invalid or unenforceable by a court of competent jurisdiction or the Company
shall have repudiated its obligations under the Guaranty;

 

then, following
the occurrence and during the continuance of every such event, the Administrative Agent shall (i) if requested by Required
Lenders, by notice to the Company terminate the Commitments and they shall thereupon terminate, and (ii) if requested by the Required
Lenders, by notice to the Company declare the Loans (together with accrued interest thereon) to be, and the Loans shall thereupon become,
immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor;
provided that in the case of any of the Events of Default specified in clause ‎6.01(g) or ‎6.01(h) above with
respect to the Company or any other applicable Obligor, without any notice to any Obligor or any other act by the Administrative Agent
or the Lenders, the Commitments shall thereupon terminate and the Loans (together with accrued interest thereon) shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor.

 

Section 6.02. Notice of Default. The
Administrative Agent shall give notice to the Company under ‎Section 6.01(c) promptly upon being requested to do so by any
Lender and shall thereupon notify all the Lenders thereof.

 

Section 6.03. Application of Proceeds.
Notwithstanding anything herein to the contrary, following the occurrence and during the continuance of an Event of Default, and notice
thereof to the Administrative Agent by the Company or the Required Lenders, all payments received on account of the obligations hereunder
shall, subject to‎ ‎Section 2.20, be applied by the Administrative Agent as follows:

 

(i)            first,
to payment of that portion of the obligations constituting fees, indemnities, expenses and other amounts payable to the Administrative
Agent (including fees and disbursements and other charges of counsel to the Administrative Agent payable under ‎Section 10.03
and amounts pursuant to Section 7.08 payable to the Administrative Agent in its capacity as such);

 

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(ii)            second,
to payment of that portion of the obligations constituting fees, expenses, indemnities and other amounts (other than principal, reimbursement
obligations in respect of Letter of Credit Disbursements, interest and Letter of Credit fees) payable to the Lenders and the Issuing Lenders
(including fees and disbursements and other charges of counsel to the Lenders and the Issuing Lenders payable under ‎Section 10.03)
arising under the Loan Documents, ratably among them in proportion to the respective amounts described in this clause ‎(ii) payable
to them;

 

(iii)            third,
to payment of that portion of the obligations constituting accrued and unpaid Letter of Credit fees and charges and interest on the Loans
and unreimbursed Letter of Credit Disbursements, ratably among the Lenders and the Issuing Lenders in proportion to the respective amounts
described in this clause ‎(iii) payable to them;

 

(iv)            fourth,
(A) to payment of that portion of the obligations constituting unpaid principal of the Loans and unreimbursed Letter of Credit Disbursements
and (B) to Cash Collateralize that portion of Letter of Credit exposure comprising the undrawn amount of Letters of Credit to the
extent not otherwise Cash Collateralized by the Company pursuant to ‎Section 2.19 or ‎Section 2.20, ratably among the
Lenders and the Issuing Lenders in proportion to the respective amounts described in this clause (iv) payable to them; provided
that (x) any such amounts applied pursuant to subclause (B) above shall be paid to the Administrative Agent for the ratable
account of the applicable Issuing Lenders to Cash Collateralize obligations in respect of Letters of Credit, (y) subject to ‎Section 2.19
or ‎Section 2.20, amounts used to Cash Collateralize the aggregate amount of Letters of Credit pursuant to this clause ‎(iv) shall
be used to satisfy drawings under such Letters of Credit as they occur and (z) upon the expiration of any Letter of Credit (without
any pending drawings), the pro rata share of Cash Collateral shall be distributed to the other obligations, if any, in the order set forth
in this Section 6.03;

 

(v)            fifth,
to the payment in full of all other obligations due and payable under this Agreement, in each case ratably among the Administrative Agent,
the Lenders and the Issuing Lenders based upon the respective aggregate amounts of all such obligations owing to them in accordance with
the respective amounts thereof then due and payable; and

 

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(vi)            finally,
the balance, if any, after all obligations have been indefeasibly paid in full, to the Company or as otherwise required by law.

 

If any amount remains on deposit as Cash Collateral after all Letters
of Credit have either been fully drawn or expired (without any pending drawings), such remaining amount shall be applied to the other
obligations due and payable under this Agreement, if any, in the order set forth above.

 

Article 7

The Administrative Agent

 

Section 7.01. Appointment and Authorizations.
Each of the Lenders and each of the Issuing Lenders hereby irrevocably appoints the Administrative Agent and its successors and assigns
as its agent and authorizes the Administrative Agent to take such actions as agent on its behalf under this Agreement and the other Loan
Documents and to exercise such powers as are delegated to the Administrative Agent by the terms under such agreements, together with such
actions and powers as are reasonably incidental thereto. Without limiting the foregoing, each Lender hereby authorizes the Administrative
Agent to execute and deliver, and to perform its obligations under, each of the Loan Documents to which the Administrative Agent is a
party, to exercise all rights, powers and remedies that the Administrative Agent may have under such Loan Documents.

 

Section 7.02. Agents and Affiliates. The
bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender
and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend
money to, own securities of, act as the financial advisor for or in any other advisory capacity for and generally engage in any kind of
banking, trust or other business with the Company or any Subsidiary or any Affiliate of the foregoing as if it were not the Administrative
Agent hereunder and without any duty to account therefor to the Lenders.

 

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Section 7.03. Action by Agents. The
Administrative Agent shall not have any duties or obligations except those expressly set forth herein. In performing its functions and
duties hereunder and under the other Loan Documents, the Administrative Agent is acting solely on behalf of the Lenders (except in limited
circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are entirely mechanical and administrative
in nature. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or
other implied duties, regardless of whether a Default has occurred and is continuing; additionally, each Lender agrees that it will not
assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty by the Administrative Agent in connection
with this Agreement and the transactions contemplated hereby, (b) the Administrative Agent shall not have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative
Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall
be necessary under the circumstances as provided in ‎Section 10.05), and (c) except as expressly set forth herein, the Administrative
Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company
or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in
any capacity. The Administrative Agent shall not be liable for (i) any action taken or not taken by it under or in connection with
this Agreement or the other Loan Documents with the consent or at the request of the Required Lenders (or such other number or percentage
of the Lenders as shall be necessary under the circumstances as provided in ‎Section 10.05) or in the absence of its own gross
negligence or willful misconduct or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations
or warranties made by any Borrower or any officer thereof contained in this Agreement or any other Loan Document or in any certificate,
report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with,
this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other Loan Document or for any failure of any Borrower to perform its obligations hereunder or thereunder (except to
the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted
with gross negligence or willful misconduct). The Administrative Agent shall be deemed not to have knowledge of any Default unless and
until written notice thereof is given to the Administrative Agent by the Company or a Lender, and the Administrative Agent shall not be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection
with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document,
(iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document,
or (v) the satisfaction of any condition set forth in ‎Article 3 or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent.

 

Section 7.04. Consultation with Experts.
The Administrative Agent shall be entitled to rely upon, and shall not incur any liability under or in respect of this Agreement or
any other Loan Document for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement
made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon.
The Administrative Agent may consult with legal counsel (who may be counsel for any Obligor), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts.

 

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Section 7.05. Delegation of Duties. The
Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed
by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights
and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent
and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

 

Section 7.06. Indemnification. Each
Lender shall, ratably in accordance with its Commitment (or, if at any time the Commitments shall have been terminated, ratably in accordance
with the aggregate outstanding principal Dollar Amount of Loans of such Lender), indemnify the Administrative Agent, its affiliates and
their respective directors, officers, agents and employees (to the extent not reimbursed by any Obligor but without limiting their obligation
to do so) against any cost, expense (including reasonable counsel fees and disbursements), claim, demand, action, loss or liability (except
such as result from such indemnitees’ gross negligence or willful misconduct) that such indemnitees may suffer or incur in connection
with this Agreement or any action taken or omitted by such indemnitees hereunder.

 

Section 7.07. Resignation of Administrative
Agent.  Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative
Agent (a) may resign at any time by giving 30 days’ prior written notice thereof to the Lenders, the Issuing Lenders and the
Company and (b) shall resign if requested by the Required Lenders. Upon any such resignation, the Required Lenders shall have the
right to appoint a successor to the Administrative Agent approved by the Company (such approval not to be unreasonably withheld, conditioned
or delayed); provided that no approval of the Company shall be necessary if an Event of Default has occurred and is continuing.
If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the
retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders and
the Issuing Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate
of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed
to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents. Prior to any retiring Administrative
Agent’s resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be reasonably
necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents. The fees payable
by the Company to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between
the Company and such successor. After the Administrative Agent's resignation hereunder, the provisions of this Article and ‎Section 10.03
shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and their respective Related Parties in
respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.

 

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Section 7.08. Administrative Agent’s
Fees. The Company shall pay to the Administrative Agent for its own account fees in the amounts and at the times previously agreed
upon between the Company and the Administrative Agent.

 

Section 7.09. Other Agents Not Liable.
Nothing in this Agreement shall impose upon Citibank, N.A., BNP Paribas, Bank of America, N.A. or MUFG Bank, Ltd., in their capacities
as Syndication Agents, or JPMorgan Chase Bank, N.A., Citibank, N.A., BNP Paribas Securities Corp., BofA Securities, Inc. or MUFG
Bank, Ltd., in their capacities as Joint Arrangers and Joint Bookrunners, any duties or responsibilities whatsoever in such capacity
under this Agreement or other Loan Document. No Syndication Agent, Joint Bookrunner and Joint Arranger shall have or deemed to have any
fiduciary relationship with any Lender.

 

Section 7.10. Credit Decision.

 

(a)            Each
Lender and each Issuing Lender represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility,
(ii) it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be
applicable to such Lender or Issuing Lender, in each case in the ordinary course of business, and not for the purpose of purchasing, acquiring
or holding any other type of financial instrument (and each Lender and each Issuing Lender agrees not to assert a claim in contravention
of the foregoing), (iii) it has, independently and without reliance upon the Administrative Agent, any Syndication Agent, any Joint
Bookrunner, any Joint Arranger or any other Lender or Issuing Lender, or any of the Related Parties of any of the foregoing, and based
on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement
as a Lender, and to make, acquire or hold Loans hereunder and (iv) it is sophisticated with respect to decisions to make, acquire
and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such Issuing Lender,
and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide
such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities. Each Lender
and each Issuing Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Joint Arranger,
any Joint Bookrunner, any Syndication Agent or any other Lender or Issuing Lender, or any of the Related Parties of any of the foregoing,
and based on such documents and information (which may contain material, non-public information within the meaning of the United States
securities laws concerning the Company and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions
in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished
hereunder or thereunder.

 

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(b)            Each
Lender, by delivering its signature page to this Agreement on the Closing Date, or delivering its signature page to an Assignment
and Assumption Agreement or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed to have acknowledged
receipt of, and consented to and approved, each Loan Document and each other document required to be delivered to, or be approved by or
satisfactory to, the Administrative Agent or the Lenders on the Closing Date.

 

(c)

 

(i)            (i) Each
Lender (including each Issuing Lender for the purposes of this Section) hereby agrees that (x) if the Administrative Agent notifies such
Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative
Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually
and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands
the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter,
return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day
funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received
by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to
the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim,
defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return
of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine.
A notice of the Administrative Agent to any Lender under this Section shall be conclusive, absent manifest error.

 

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(ii)            Each
Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is
in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any
of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a
Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender
agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender
shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but
in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof)
as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date
such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater
of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation
from time to time in effect.

 

(iii)            Each
Borrower hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has
received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender
with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations
owed by such Borrower, except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous
Payment that is, comprised of funds received by the Administrative Agent from (or on behalf of ) any Borrower or any other Loan Party
for the purpose of making such Payment.

 

(iv)            Each
party’s obligations under this clause (c) shall survive the resignation or replacement of the Administrative Agent or any transfer
of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge
of all obligations under any Loan Document.

 

Section 7.11. Posting of Communications.
(a) The Company agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to
the Lenders and the Issuing Lenders by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic
platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).

 

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(b)         Although
the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented
or modified by the Administrative Agent from time to time (including, as of the Closing Date, a user ID/password authorization system)
and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic
Platform only on a deal-by-deal basis, each of the Lenders, each of the Issuing Lenders and the Company acknowledges and agrees that
the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible
for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there
are confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing Lenders and the Company
hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of
such distribution.

 

(c)         THE
APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC
PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS.
NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES
IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY JOINT ARRANGER,
ANY JOINT BOOKRUNNER, ANY SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”)
HAVE ANY LIABILITY TO ANY BORROWER, ANY LENDER, ANY ISSUING LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING
DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING
OUT OF ANY BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC
PLATFORM.

 

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“Communications” means, collectively, any notice,
demand, communication, information, document or other material provided by or on behalf of any Borrower pursuant to any Loan Document
or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Lender by means of
electronic communications pursuant to this Section, including through an Approved Electronic Platform.

 

(d)         Each
Lender and each Issuing Lender agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted
to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan
Documents. Each Lender and Issuing Lender agrees (i) to notify the Administrative Agent in writing (which could be in the form of
electronic communication) from time to time of such Lender’s or Issuing Lender’s (as applicable) email address to which the
foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.

 

(e)         Each
of the Lenders, each of the Issuing Lenders and the Company agrees that the Administrative Agent may, but (except as may be required by
applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative
Agent’s generally applicable document retention procedures and policies.

 

(f)          Nothing
herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing Lender to give any notice or other communication
pursuant to any Loan Document in any other manner specified in such Loan Document.

 

Section 7.12. Certain ERISA Matters. (a) Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of the Company or any other Obligor, that at least one of the following
is and will be true:

 

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

 

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

 

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

 

(iv)       such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

(b)         In
addition, unless either (1) sub-clause ‎(i) in the immediately preceding clause (a) is true with respect to a Lender
or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause ‎(iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to,
and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Company or any other Obligor,
that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including
in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any
documents related to hereto or thereto).

 

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Article 8

Change In Circumstances

 

Section 8.01. Alternate Rate of Interest.

 

(a)         Subject
to clauses (b), (c), (d), (e) and (f) of this Section 8.01, if:

 

(i)         the
Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of
any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the Adjusted Term
SOFR Rate, the Term SOFR Rate, the Adjusted EURIBOR Rate, the EURIBOR Rate or the Adjusted TIBOR Rate or the TIBOR Rate (including because
the Relevant Screen Rate is not available or published on a current basis), for the applicable Agreed Currency and such Interest Period
or (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple RFR, Daily
Simple RFR or RFR for the applicable Agreed Currency; or

 

(ii)         the
Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Term Benchmark
Borrowing, the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate or the Adjusted TIBOR Rate for the applicable Agreed Currency and such
Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its
Loan) included in such Borrowing for the applicable Agreed Currency and such Interest Period or (B) at any time, the applicable Adjusted
Daily Simple RFR for the applicable Agreed Currency will not adequately and fairly reflect the cost to such Lenders (or Lender) of making
or maintaining their Loans (or its Loan) included in such Borrowing for the applicable Agreed Currency;

 

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then the Administrative
Agent shall give notice thereof to the Company and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter
and, until (x) the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no
longer exist with respect to the relevant Benchmark and (y) the applicable Borrower delivers a new Notice of Borrowing or Notice
of Interest Rate Election, (A) for Loans denominated in Dollars, any Notice of Interest Rate Election that requests the conversion
of any Borrowing to, or continuation of any Borrowing as, a Term Benchmark Borrowing and any Notice of Borrowing that requests a Term
Benchmark Borrowing shall instead be deemed to be a Notice of Borrowing or Notice of Interest Rate Election, as applicable, for a Base
Rate Borrowing and (B) for Loans denominated in an Alternative Currency, any Notice of Interest Rate Election that requests
the conversion of any Borrowing to, or continuation of any Borrowing as, a Term Benchmark Borrowing and any Notice of Borrowing that requests
a Term Benchmark Borrowing or an RFR Borrowing, in each case, for the relevant Benchmark, shall be ineffective; provided that if
the circumstances giving rise to such notice affect only one type of Borrowings, then all other Types of Borrowings shall be permitted.
Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Borrower’s receipt
of the notice from the Administrative Agent referred to in this Section 8.01(a) with respect to a Relevant Rate applicable to
such Term Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the Borrowers and the Lenders that the circumstances
giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the applicable Borrower delivers a new
Notice of Interest Rate Election or Notice of Borrowing, (A) for Loans denominated in Dollars, any Term Benchmark Loan shall on the
last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted
by the Administrative Agent to, and shall constitute, a Base Rate Loan, on such day and (B) for Loans denominated in an Alternative
Currency, (1) any Term Benchmark Loan shall, on the last day of the Interest Period applicable to such Loan (or the next succeeding
Business Day if such day is not a Business Day) bear interest at the Central Bank Rate for the applicable Alternative Currency plus the
CBR Spread; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest
error) that the Central Bank Rate for the applicable Alternative Currency cannot be determined, any outstanding affected Term Benchmark
Loans denominated in any Alternative Currency shall, at the Borrower’s election prior to such day: (A) be prepaid by the Borrower
on such day or (B) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such Term Benchmark
Loan denominated in any Alternative Currency shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest
at the same interest rate applicable to Term Benchmark Loans denominated in Dollars at such time and (2) any RFR Loan shall bear
interest at the Central Bank Rate for the applicable Alternative Currency plus the CBR Spread; provided that, if the Administrative Agent
determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Alternative
Currency cannot be determined, any outstanding affected RFR Loans denominated in any Alternative Currency, shall, at the Borrower’s
election prior to such day: (A) be converted into Base Rate Loans denominated in Dollars (in an amount equal to the Dollar Amount
of such Loan) immediately or (B) be prepaid by the Borrower on such day.

 

(b)         Notwithstanding
anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement
is determined in accordance with clause (1) of the definition of “Benchmark Replacement” with respect to Dollars for
such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan
Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent
of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with
clause (2) of the definition of “Benchmark Replacement” with respect to any Agreed Currency, such Benchmark Replacement
will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00
p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the
Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long
as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising
the Required Lenders.

 

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(c)         Notwithstanding
anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark Replacement
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party
to this Agreement or any other Loan Document.

 

(d)         The
Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the
implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the
removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of
any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable,
any Lender (or group of Lenders) pursuant to this Section 8.01, including any determination with respect to a tenor, rate or adjustment
or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or
any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent
from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 8.01.

 

(e)         Notwithstanding
anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark
Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate, EURIBOR Rate or TIBOR Rate) and either
(A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to
time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator
of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will
be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark
settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant
to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark
Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark
(including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all
Benchmark settings at or after such time to reinstate such previously removed tenor.

 

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(f)          Upon
the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for
a Term Benchmark Borrowing or RFR Borrowing of, conversion to or continuation of Term Benchmark Loans to be made, converted or continued
during any Benchmark Unavailability Period and, failing that, either (x) the Borrower will be deemed to have converted any request
for a Term Benchmark Borrowing denominated in Dollars into a request for a Borrowing of or conversion to a Base Rate Borrowing or (y) any
Term Benchmark Borrowing or RFR Borrowing denominated in an Alternative Currency shall be ineffective. During any Benchmark Unavailability
Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon
the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate. Furthermore,
if any Term Benchmark Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Borrower’s receipt of notice of
the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan,
then until such time as a Benchmark Replacement for such Agreed Currency is implemented pursuant to this ‎Section 8.01, (A) for
Loans denominated in Dollars any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next
succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, a Base
Rate Loan and (B) for Loans denominated in an Alternative Currency, (1) any Term Benchmark Loan shall, on the last day of the
Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day) bear interest at the Central
Bank Rate for the applicable Alternative Currency plus the CBR Spread; provided that, if the Administrative Agent determines (which determination
shall be conclusive and binding absent manifest error) that the Central Bank Rate for the applicable Alternative Currency cannot be determined,
any outstanding affected Term Benchmark Loans denominated in any Alternative Currency shall, at the Borrower’s election prior to
such day: (A) be prepaid by the Borrower on such day or (B) solely for the purpose of calculating the interest rate applicable
to such Term Benchmark Loan, such Term Benchmark Loan denominated in any Alternative Currency shall be deemed to be a Term Benchmark Loan
denominated in Dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in Dollars at
such time and (2) any RFR Loan shall bear interest at the Central Bank Rate for the applicable Alternative Currency plus the CBR
Spread; provided that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error)
that the Central Bank Rate for the applicable Alternative Currency cannot be determined, any outstanding affected RFR Loans denominated
in any Alternative Currency, shall, at the Borrower’s election prior to such day: (A) be converted into Base Rate Loans denominated
in Dollars (in an amount equal to the Dollar Amount of such Loan) immediately or (B) be prepaid by the Borrower on such day.

 

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Section 8.02. Illegality.

 

(a)         If,
on or after the date of this Agreement, any Change in Law shall make it unlawful or impossible for any Lender (or its Applicable Lending
Office) to make, maintain or fund any of its Loans in any currency and such Lender shall so notify the Administrative Agent, the Administrative
Agent shall forthwith give notice thereof to the other Lenders and the Company, whereupon until such Lender notifies the Company and the
Administrative Agent that the circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make, convert
or continue, as applicable, Loans in such currency shall be suspended. Before giving any notice to the Administrative Agent pursuant to
this Section, such Lender shall designate a different Applicable Lending Office if such designation will avoid the need for giving such
notice and will not, in the sole judgment of such Lender, be otherwise disadvantageous to such Lender. If such notice is given, each Loan
of such Lender then outstanding in such currency shall be converted at the Exchange Rate on the day of conversion to a Base Rate Loan
either (i) on the last day of the then current Interest Period applicable to such Term Benchmark Loan if such Lender may lawfully
continue to maintain and fund such Loan to such day or (ii) immediately if such Lender shall determine that it may not lawfully continue
to maintain and fund such Loan to such day.

 

(b)         If
by reason of the fact that an Eligible Subsidiary is organized in, or conducts business in, a jurisdiction outside the United States,
it is unlawful or impracticable under any applicable Law or regulation for such Lender (or its Applicable Lending Office) to make or maintain
Loans to such Eligible Subsidiary, such Lender (an “Ineligible Lender”) shall so notify the Administrative Agent, the
Administrative Agent shall forthwith give notice thereof to the other Lenders and the Company, whereupon until such Lender notifies the
Company and the Administrative Agent that the circumstances giving rise to such suspension no longer exist, the obligation of such Lender
to make or maintain Loans to such Eligible Subsidiary shall be suspended.  If such notice is given, the Company shall, effective
on or before the date that such Eligible Subsidiary shall have the right to make a Borrowing hereunder, (i) replace or terminate
the Commitments of such Ineligible Lender in accordance with Section 2.09, (ii) cancel its request to designate such Subsidiary
as an Eligible Subsidiary hereunder or (iii) prepay each Loan of such Ineligible Lender (x) in the case of any Term Benchmark
Loan held by such Ineligible Lender, on the last day of the then current Interest Period applicable thereto if such Ineligible Lender
may lawfully continue to maintain such Loan to such day or (y) immediately if clause (x) does not apply.

 

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Section 8.03. Increased Cost and Reduced
Return. (a)  If on or after the date hereof, any Change in Law shall impose, modify or deem applicable any reserve (including,
without limitation, any such requirement imposed by the Federal Reserve Board, but excluding with respect to any Term Benchmark Loan any
such requirement with respect to which such Lender is entitled to compensation during the relevant interest period under Section 2.17),
special deposit, insurance assessment or similar requirement against assets of, deposits with or for the account of, or credit extended
by, any Lender (or its Applicable Lending Office) or shall subject any Lender to any taxes (other than any taxes indemnified under ‎Section 8.04
or excluded in the definition of Taxes) on its Loans, loan principal, Letters of Credit, Commitments, or other obligations, or its deposits,
reserves, other liabilities attributable or allocated thereto, or impose on any Lender (or its Applicable Lending Office) or on the interbank
market any other condition affecting its Loans, its Note (if any) or its obligation to make Loans or its obligations hereunder with respect
of Letters of Credit and the result of any of the foregoing is to increase the cost to such Lender (or its Applicable Lending Office)
of making or maintaining any Loan or issuing or participating in any Letter of Credit, or to reduce the amount of any sum received or
receivable by such Lender (or its Applicable Lending Office) under this Agreement or under its Note (if any) with respect thereto, by
an amount deemed by such Lender to be material, then, within 15 days after demand by such Lender (with a copy to the Administrative Agent),
the Company shall pay, or shall cause another Borrower to pay, to such Lender such additional amount or amounts as will compensate such
Lender for such increased cost or reduction.

 

(b)         If
any Lender, other than a Defaulting Lender, shall have determined that, after the date hereof, any Change in Law, has or would have the
effect of reducing the rate of return on capital of such Lender (or its Parent) as a consequence of such Lender’s obligations hereunder
to a level below that which such Lender (or its Parent) could have achieved but for such Change in Law (taking into consideration its
policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, within 15 days after
demand by such Lender (with a copy to the Administrative Agent), the Company shall pay to such Lender such additional amount or amounts
as will compensate such Lender (or its Parent) for such reduction.

 

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(c)         Each
Lender will promptly notify the Company and the Administrative Agent of any event of which it has knowledge, occurring after the date
hereof, which will entitle such Lender to compensation pursuant to this Section and will use reasonable efforts to designate a different
Applicable Lending Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the
sole judgment of such Lender, be otherwise disadvantageous to such Lender. A certificate of any Lender claiming compensation under this
Section and setting forth the additional amount or amounts to be paid to it hereunder and the calculation thereof in reasonable detail
shall be conclusive in the absence of manifest error. In determining such amount, such Lender may use any reasonable averaging and attribution
methods. Notwithstanding anything to the contrary in this Section, the Company or relevant Borrower shall not be required to compensate
a Lender pursuant to this Section for any amounts incurred more than six months prior to the date that such Lender notifies the Company
or such Borrower of such Lender’s intention to claim compensation therefor; provided that, if the circumstances giving rise
to such claim have a retroactive effect, then such six-month period shall be extended to include the period of such retroactive effect.
The obligations of the Company or relevant Borrower pursuant to this Section shall survive the termination of this Agreement and
the payment of the Loans and all other amounts payable hereunder.

 

Section 8.04. Taxes. (a)  For
the purposes of this ‎Section 8.04, the following terms have the following meanings:

 

“Taxes” means any and all present
or future taxes, duties, levies, imposts, deductions, charges or withholdings with respect to any payment by any Obligor pursuant to this
Agreement or under any Note, and all liabilities with respect thereto, excluding (i) in the case of each Lender and the Administrative
Agent, taxes imposed on its income, and franchise, branch profits or similar taxes imposed on it by a jurisdiction under the laws of which
such Lender or the Administrative Agent (as the case may be) is organized or in which its principal executive office is located or, in
the case of each Lender, in which its Applicable Lending Office is located, as a result of a present or former connection, in each case,
between such jurisdiction and the Lender or the Administrative Agent and (ii) in the case of each Lender (other than an Assignee
pursuant to a request by a Borrower), any United States withholding tax (including tax imposed by FATCA) imposed on such payments at the
time such Lender first becomes a party to this Agreement or designates a new Applicable Lending Office, except with respect to an Assignee
to the extent that its assignor was entitled to receive additional amounts in relation to withholding taxes pursuant to this Agreement.

 

“Other Taxes” means any present
or future stamp, court, intangible, recording, filing or documentary taxes and any other excise or property taxes, or similar charges
or levies, which arise from any payment made pursuant to this Agreement or under any Note or from the execution or delivery of, or otherwise
with respect to, this Agreement or any Note.

 

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(b)         Any
and all payments by any Obligor to or for the account of any Lender or the Administrative Agent hereunder or under any Note shall be made
without deduction for any Taxes or Other Taxes; provided that, if an Obligor shall be required by law to deduct any Taxes or Other
Taxes from any such payments, (i) the sum payable shall be increased as necessary so that after making all required deductions (including
deductions applicable to additional sums payable under this Section) such Lender or the Administrative Agent (as the case may be) receives
an amount equal to the sum it would have received had no such deductions been made, (ii) such Obligor shall make such deductions,
(iii) such Obligor shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable
law and (iv) as soon as practicable but in no event later than 30 days after the date of such payment, such Obligor shall furnish
to the Administrative Agent, at its address referred to in ‎Section 10.01, the original receipt, a certified copy of a receipt
evidencing payment thereof or other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

(c)         Each
Obligor agrees to indemnify each Lender and the Administrative Agent for the full amount of Taxes or Other Taxes (including, without limitation,
any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section) paid by such Lender or the Administrative
Agent (as the case may be) and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto. This
indemnification shall be paid within 30 days after such Lender or the Administrative Agent (as the case may be) makes demand therefor.

 

(d)         Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any this Agreement or
any Note shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the
Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent
as will permit such payments to be made without withholding or at a reduced rate of withholding or any party to make any filings required
by law. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation
prescribed by applicable requirements of law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower
or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.

 

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Without limiting the generality of the foregoing,

 

(i)          Each Lender that is not a United
States person within the meaning of Section 7701(a)(30) of the Internal Revenue Code (a “Non-U.S. Lender”), on
or prior to the date of its execution and delivery of this Agreement in the case of each Lender listed on the signature pages hereof
and on or prior to the date on which it becomes a Lender in the case of each other Lender, and from time to time thereafter if requested
in writing by the Company (but only so long as such Lender remains lawfully able to do so), shall provide the Company and the Administrative
Agent with two properly completed and duly executed copies of (A) Internal Revenue Service form W-8BEN, W-8BEN-E, W-8IMY or W-8ECI,
as appropriate, or any successor form prescribed by the Internal Revenue Service, certifying that such Lender is entitled to benefits
under an income tax treaty to which the United States is a party which exempts the Lender from United States withholding tax or reduces
the rate of withholding tax on payments of interest for the account of such Lender or certifying that the income receivable pursuant to
this Agreement is effectively connected with the conduct of a trade or business in the United States; (B) in the case of a Lender
claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue Code: (i) a
certificate to the effect that such Lender is not: (1) a “bank” within the meaning of Section 881(c)(3)(A) of
the Internal Revenue Code; (2) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of
the Internal Revenue Code; or (3) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the
Internal Revenue Code; and (ii) two properly completed and duly executed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E,
as appropriate; or (C) any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United
States federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to
permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made. Such forms shall be delivered
by any Non-U.S. Lender that changes its Applicable Lending Office.

 

(ii)         Each
Lender that is a United States person within the meaning of Section 7701(a)(30) of the Internal Revenue Code, on or prior to the
date of its execution and delivery of this Agreement in the case of each Lender listed on the signature pages hereof and on or prior
to the date on which it becomes a Lender in the case of each other Lender, and from time to time thereafter if requested in writing by
the Company (but only so long as such Lender remains lawfully able to do so), shall provide the Company and Administrative Agent with
two properly completed and duly executed copies of Internal Revenue Service form W-9, or any subsequent versions or successor thereto
as may be prescribed by applicable law establishing that the Lender (or any participant) is not subject to United States backup withholding
tax.

 

(e)         For
any period with respect to which a Lender has failed to provide the Company or the Administrative Agent with the appropriate form pursuant
to ‎Section 8.04(d) (unless such failure is due to a change in treaty, law or regulation occurring subsequent to the date
on which such form originally was required to be provided), such Lender shall not be entitled to indemnification under ‎Section 8.04(b) or
(c) with respect to Taxes; provided that, if a Lender, which is otherwise exempt from or subject to a reduced rate of withholding
tax, becomes subject to Taxes because of its failure to deliver a form required hereunder, the Company shall take such steps as such Lender
shall reasonably request to assist such Lender to recover such Taxes.

 

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(f)          If
any Obligor is required to pay additional amounts to or for the account of any Lender pursuant to this Section, then such Lender will,
upon request by such Obligor, use reasonable efforts to change the jurisdiction of its Applicable Lending Office if, in the sole judgment
of such Lender, such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) is
not otherwise disadvantageous to such Lender.

 

(g)         If
a payment made to a Lender under this Agreement or any Note would be subject to U.S. federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the
time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional
documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (g), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

(h)         If
the Administrative Agent or any Lender determines, in its sole discretion, that it has received a refund including a refund that such
Administrative Agent or Lender decided to apply to future Taxes, a refund of any indemnified Taxes or Other Taxes as to which it has been
indemnified by any party or with respect to which such party has paid additional amounts pursuant to this Section 8.04, it
shall pay over such refund to such party (but only to the extent of indemnity payments made, or additional amounts paid, by such party
under this Section 8.04 with respect to the indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket
expenses of the Administrative Agent or such Lender (including any Taxes imposed with respect to such refund), and without interest (other
than any interest paid by the relevant governmental authority with respect to such refund); provided that such party, upon the
request of the Administrative Agent or such Lender agrees to repay the amount paid over to such party (plus any penalties, interest or
other charges imposed by the relevant governmental authority) to the Administrative Agent or such Lender in the event the Administrative
Agent or such Lender is required to repay such refund to such governmental authority. Notwithstanding anything to the contrary in this
paragraph (h), in no event will the Administrative Agent or any Lender be required to pay any amount to any party pursuant to this
paragraph (h) to the extent that the payment thereof would place the Administrative Agent or Lender in a less favorable net
after-Tax position than the Administrative Agent or such Lender would have been in if the Tax subject to indemnification had not been
deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been
paid. This Section shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or
any other information relating to its Taxes which it deems confidential) to the relevant party or any other Person.

 

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

 

Section 8.05. Base Rate Loans Substituted
for Affected Loans. If (i) the obligation of any Lender to make, or to convert or continue outstanding Loans in any currency
has been suspended pursuant to ‎Section 8.02 or (ii) any Lender has demanded compensation under ‎Section 8.03 or
 ‎8.04 with respect to its Loans in any currency and the Company shall, by at least five Business Days’ prior notice to such
Lender through the Administrative Agent, have elected that the provisions of this Section shall apply to such Lender, then, unless
and until such Lender notifies the Company that the circumstances giving rise to such suspension or demand for compensation no longer
exist:

 

(a)         all
Loans which would otherwise be made by such Lender (or continued as or converted into) in such currency shall be made instead in Dollars
as Base Rate Loans (in the case of Alternative Currency Loans, in the same Dollar Amount as the Loan that such Lender would otherwise
have made in the Alternative Currency (on which interest and principal shall be payable contemporaneously with the related Loans of the
other Lenders); and

 

(b)         after
each of its Loans in such currency has been repaid (or converted to a Base Rate Loan), all payments of principal which would otherwise
be applied to repay such Loans shall be applied to repay its Base Rate Loans instead.

 

If such Lender notifies the Company that the circumstances giving rise
to such notice no longer apply, the principal amount of each such Base Rate Loan shall be converted into a Loan denominated in the relevant
currency, as the case may be, on the first day of the next succeeding Interest Period applicable to the related Loans of the other Lenders.
If such Loan is converted into an Alternative Currency Loan, such Lender, the Administrative Agent and the relevant Borrower shall make
such arrangements as shall be required (including increasing or decreasing the amount of such Alternative Currency Loan) so that such
Alternative Currency Loan shall be in the same amount as it would have been if the provisions of this Section had never applied thereto.

 

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Section 8.06. Substitution of Lenders.
If (i) the obligation of any Lenders to make Loans has been suspended pursuant to Section 8.02, (ii) any Lender has
demanded compensation under Section 8.03 or 8.04, (iii) any Lender is a Defaulting Lender, (iv) any Lender fails to give
its consent for any amendment or waiver requiring the consent of 100% of the Lenders or all affected Lenders (and such Lender is an affected
Lender) and for which the Required Lenders have consented or (v) fails to give its consent to an extension of any Termination Date
to which the Required Lenders have consented, the Company shall have the right, with the assistance of the Administrative Agent and the
Issuing Lenders, at the Company’s sole expense, to seek a substitute lender or lenders (which may be one or more of the Lenders),
satisfactory to the Company, the Administrative Agent and the Issuing Lenders, without recourse to the applicable Lender, to purchase
the Loans and assume the Commitments and Letter of Credit Liabilities of such Lender, for a purchase price equal to the aggregate outstanding
principal of such Loans and any funded and outstanding participations in Letter of Credit Disbursements (together with any accrued and
unpaid interest thereon and breakage costs, if any) or such other purchase price as such Lender and substitute lender or lenders shall
agree upon provided that (a) such Lender shall have received from the Company (or assignee Lender, if agreed) payment of accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents not otherwise contemplated in the purchase price
referred to above, (b) such assignment does not conflict with applicable law and (c) in the case of any assignment resulting
from a Lender becoming a non-consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent.

 

Article 9

Representations and Warranties of Eligible Subsidiaries

 

Each Eligible Subsidiary shall be deemed by the
execution and delivery of its Election to Participate to have represented and warranted as of the date thereof that:

 

Section 9.01. Corporate Existence and Power.
It is an organization duly organized or formed, validly existing and, if applicable in such Subsidiary’s jurisdiction of organization
or formation, in good standing under the laws of its jurisdiction of organization or formation and is a Wholly-Owned Consolidated Subsidiary.

 

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Section 9.02.
Corporate Governmental Authorization; No Contravention. The execution and delivery by it of its Election to Participate and its Notes
(if any), and the performance by it of this Agreement and its Notes (if any), (A) are within its corporate or other organizational
powers, (B) have been duly authorized by all necessary company or other organizational action, (C) require no action by or in
respect of, or filing with, any governmental body, agency or official (other than those already obtained or made and in full force and
effect), (D) do not contravene, or constitute a default under, (i) any provision of applicable law or regulation, (ii) its
certificate of incorporation, articles of incorporation (or the equivalent organizational documents) or by-laws (or the equivalent governing
documents), (iii) any agreement evidencing or governing Debt or of any other agreement or instrument, or (iv) any judgment,
injunction, order or decree binding upon the Company or such Eligible Subsidiary and (E) will not result in the creation or imposition
of any Lien on any asset of the Company or any of its Subsidiaries, except, in the case of clause (C) or subclauses (i), (iii) and
(iv) of clause (D), as would not reasonably be expected to result in a Material Adverse Effect.

 

Section 9.03. Binding Effect. This
Agreement constitutes a valid and binding agreement of such Eligible Subsidiary and its Notes, when and if executed and delivered in accordance
with this Agreement, will constitute valid and binding obligations of such Eligible Subsidiary, in each case enforceable in accordance
with its terms except as the same may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights generally
and by general principles of equity, regardless of whether considered in a proceeding in equity or law.

 

Article 10

Miscellaneous

 

Section 10.01. Notices. All notices,
requests and other communications to any party hereunder shall be in writing (including bank wire, facsimile transmission or similar writing)
and shall be given to such party: (a) in the case of the Company or the Administrative Agent, at its address or facsimile number
set forth on the signature pages hereof, (b) in the case of any Lender, at its address or facsimile number set forth in its
Administrative Questionnaire, (c) in the case of any Eligible Subsidiary, to it in care of the Company or (d) in the case of
any party, such other address or facsimile number as such party may hereafter specify for the purpose by notice to the Administrative
Agent and the Company. Each such notice, request or other communication shall be effective (i) if given by facsimile transmission,
when transmitted to the facsimile number specified in this Section and confirmation of receipt is received, (ii) if given by
mail, 72 hours after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if
given by any other means, when delivered at the address specified in this Section; provided that notices to the Administrative
Agent or the Issuing Lenders under ‎Article 2 or ‎Article 8 shall not be effective until received.

 

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Section 10.02. No Waivers. No failure
or delay by the Administrative Agent or any Lender in exercising any right, power or privilege hereunder or under any Note shall operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of
any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

 

Section 10.03.
Expenses; Limitation of Liability; Indemnification. (a)  The Company shall pay (i) all reasonable out-of-pocket and
documented expenses of the Administrative Agent and the Joint Arrangers, including reasonable fees and disbursements of special counsel
for the Administrative Agent (which in the absence of a conflict of interest shall be limited to one primary counsel for the Administrative
Agent and the Joint Arrangers, collectively, plus, if advisable in the judgment of the Administrative Agent, one local counsel per jurisdiction
for the Administrative Agent and the Joint Arrangers, collectively, and, solely in the case of an actual or perceived conflict of interest
where the Person affected by such conflict notifies the Company of the existence of such conflict, those of another firm of counsel for
all similarly affected Persons, collectively, plus if advisable in the judgment of such Persons, one local counsel per jurisdiction for
all such Persons, collectively), in connection with the preparation and administration of this Agreement, any waiver or consent hereunder
or any amendment hereof and (ii) all reasonable and documented out of pocket expenses incurred by the Administrative Agent, each
Issuing Lender and each Lender including (without duplication) the fees and disbursements of outside counsel, in connection with any collection,
bankruptcy, insolvency and other enforcement proceedings resulting from any Event of Default.

 

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(b)            The
Company agrees to indemnify the Administrative Agent, each Issuing Lender, each Joint Arranger and each Lender, their respective affiliates
and the respective directors, officers, agents and employees of the foregoing (each an “Indemnitee”) and hold each
Indemnitee harmless from and against any and all Liabilities and related expenses of any kind, including, without limitation, the reasonable
fees and disbursements of counsel (which in the absence of a conflict of interest shall be limited to one primary counsel for the Indemnitees,
collectively, plus, if advisable in the judgment of the Administrative Agent, one local counsel per jurisdiction for the Indemnitees,
collectively, and, solely in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict notifies
the Company of the existence of such conflict, those of another firm of counsel for all similarly affected Indemnitees, collectively,
plus if advisable in the judgment of such Indemnitee, one local counsel per jurisdiction for all such Indemnitees, collectively), which
may be incurred by such Indemnitee in connection with any investigative, administrative or judicial proceeding (whether or not such Indemnitee
shall be designated a party thereto) brought or overtly threatened relating to or arising out of this Agreement or any actual or proposed
use of proceeds of Loans hereunder; provided that no Indemnitee shall have the right to be indemnified hereunder for (i) such
Indemnitee’s own gross negligence or willful misconduct as determined by a final, non-appealable judgment of a court of competent
jurisdiction, (ii) such Indemnitee’s material breach in bad faith of this Agreement or material breach of its funding obligations
hereunder, in each case, as determined by a final, non-appealable judgment by a court of competent jurisdiction and (ii) disputes
solely among Indemnitees not arising from or in connection with any act or omission by the Company or any of its affiliates (other than
any proceedings against a Joint Arranger or the Administrative Agent in exercising its role as such under this Agreement). Each Indemnitee
agrees to notify the Company promptly of any proceeding in respect of which it will seek indemnification hereunder; provided, however,
that the failure of any Indemnitee so to notify the Company shall not affect the rights of such Indemnitee hereunder; but provided,
further, that the Company shall be entitled to assert by separate action against such Indemnitee any claim for actual damages incurred
by the Company as a consequence of such failure by such Indemnitee to give such notice. In the event any action, suit or proceeding is
brought against any Indemnitee by any Person other than a Lender, the Administrative Agent, an Issuing Lender or any of their respective
affiliates (a “third party action”), (i) the Company shall be entitled, upon written notice to such Indemnitee,
to assume the investigation and defense thereof with counsel reasonably satisfactory to such Indemnitee unless (x) the employment
by such Indemnitee of separate counsel has been specifically approved by the Company in writing or (y) the designated parties to
the proceeding in which such claim, demand, action or cause of action has been asserted include (or are reasonably likely to include)
both such Indemnitee and any of the Obligor, or any Affiliate (each, a “designated related party”) and in the opinion
of counsel for such Indemnitee there exist one or more defenses that may be available to such Indemnitee which are in conflict with those
available to any designated related party, (ii) such Indemnitee shall be entitled to employ separate counsel and to participate in
the investigation and defense of any such third party action (whether or not the Company has elected to assume such investigation and
defense as contemplated by clause (i) above) and (iii) the fees and expenses of any separate counsel employed by any Indemnitee
in connection with any such third party action shall be borne by such Indemnitee except (x) under the circumstances contemplated
by subclauses (x) and (y) of clause (i) above or (y) if such Indemnitee has reasonably concluded that the Company
is failing actively and diligently to defend such third party action (whether or not the Company has elected to assume such investigation
and defense as contemplated by clause (i) above). The Company shall not settle or compromise any action or claim without the relevant
Indemnitee’s consent if the settlement or compromise involves any performance by, or adverse admission of, such Indemnitee.

 

(c)            To
the extent permitted by applicable law, no party hereto shall assert, and each such party hereby waives, any claim against any other party
hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, any Loan Document or any agreement or instrument contemplated thereby, any Loan
or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this sentence shall relieve the Company of any
obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such Indemnitee
by a third party. The obligations of the Company pursuant to this Section shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder.

 

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Section 10.04. Sharing of Set-Offs. Each
Lender agrees that if it shall, by exercising any right of set-off or counterclaim or otherwise, receive payment of a proportion of the
aggregate amount of principal and interest due with respect to any Loan and Letter of Credit Liabilities held by it which is greater than
the proportion received by any other Lender in respect of the aggregate amount of principal and interest due with respect to any Loan
and Letter of Credit Liability held by such other Lender, the Lender receiving such proportionately greater payment shall purchase such
participations in the Loans and Letter of Credit Liabilities held by the other Lenders, and such other adjustments shall be made, as may
be required so that all such payments of principal and interest with respect to the Loans and Letter of Credit Liabilities held by the
Lenders shall be shared by the Lenders pro rata; provided that nothing in this Section shall impair the right of any Lender
to exercise any right of set-off or counterclaim it may have and to apply the amount subject to such exercise to the payment of indebtedness
of the Obligors other than its indebtedness hereunder. Each Obligor agrees, to the fullest extent it may effectively do so under applicable
law, that any holder of a participation in a Loan and Letter of Credit Liability, whether or not acquired pursuant to the foregoing arrangements,
may exercise rights of set-off or counterclaim and other rights with respect to such participation as fully as if such holder of a participation
were a direct creditor of such Obligor in the amount of such participation.

 

Section 10.05. Amendments and Waivers.

 

(a)            Except
as explicitly set forth in Section 2.21, Section 2.22, Section 8.01(b) or Section 10.05(c), any provision of
this Agreement or the Notes (if any) may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by
each Obligor and the Required Lenders (and, if the rights or duties of the Administrative Agent or the Issuing Lenders are affected thereby,
by the Administrative Agent and the Issuing Lenders, respectively); provided that, except as explicitly set forth in Section 2.21
or Section 2.22 and, in each case subject to Section 2.20 with respect to any Defaulting Lender, no such amendment or waiver
shall, (x) (i) increase or decrease the Commitment of any Lender (except for a ratable decrease in the Commitments of all Lenders)
or subject any Lender to any additional obligation unless signed by such Lender, (ii) reduce the principal of or rate of interest
on any Loan or the amount to be reimbursed in respect of any Letter of Credit or any interest thereon or any fees hereunder unless signed
by each Lender directly affected thereby or (iii) postpone the date fixed for any payment of principal of or interest on any Loan
or for reimbursement in respect of any Letter of Credit or any fees hereunder or for any scheduled reduction or termination of any Commitment
unless signed by each Lender directly affected thereby or (y) unless signed by all the Lenders (i) release the Company from
any of its obligations under ‎Article 11, (ii) change the percentage of the Commitments or of the aggregate unpaid principal
amount of the Loans or the aggregate amount of the Letter of Credit Liabilities, or the number of Lenders, which shall be required for
the Lenders or any of them to take any action under this Section or any other provision of this Agreement, (iii) change the
payment waterfall provisions of Section 2.20(a)(iv) or Section 6.03 or (iv) amend or waive the provisions of ‎Section 10.04,
this Section 10.05, ‎Section 10.06(a)(i) or the definition of Required Lenders.

 

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(b)            Increases
in Commitments and related modifications pursuant to ‎Section 2.21 and extensions of Commitments and related modifications pursuant
to Section 2.22 are not amendments subject to the provisions of this Section.

 

(c)            If
the Administrative Agent and the Company acting together identify any ambiguity, omission, mistake, typographical error or other defect
in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Company shall be permitted to amend,
modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment
shall become effective without any further action or consent of any other party to this Agreement; provided that the Lenders shall
be deemed to have consented to such amendment unless they shall have objected thereto by written notice to the Administrative Agent within
five Business Days after having received notice thereof.

 

Section 10.06.
Successors and Assigns. (a)  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns, except that (i) none of the Obligors may assign or otherwise transfer
any of its rights under this Agreement without the prior written consent of all Lenders and (ii) no Lender may assign or otherwise
transfer its rights or obligations hereunder except in accordance with this Section.

 

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(b)            Any
Lender may at any time grant to one or more banks or other institutions (each a “Participant”) participating interests
in its Commitments or any or all of its Loans and Letter of Credit Liabilities. In the event of any such grant by a Lender of a participating
interest to a Participant, whether or not upon notice to each Obligor and the Administrative Agent, such Lender shall remain responsible
for the performance of its obligations hereunder, and each Obligor and the Administrative Agent shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any
Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce
the obligations of the Borrowers hereunder including, without limitation, the right to approve any amendment, modification or waiver of
any provision of this Agreement; provided that such participation agreement may provide that such Lender will not agree to any
modification, amendment or waiver of this Agreement described in the proviso in ‎Section 10.05 without the consent of the Participant.
Each Obligor agrees that each Participant shall, to the extent provided in its participation agreement, be entitled to the benefits of
and subject to the obligations under Section 2.18 and ‎Article 8 with respect to its participating interest as if it were
a Lender. An assignment or other transfer which is not permitted by subsection (c) or (d) below shall be given effect for purposes
of this Agreement only to the extent of and as a participating interest granted in accordance with this subsection (b). Each Lender that
sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it
enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in
the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall
have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant
or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under
this Agreement) except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other
obligation is in registered form under Treasury Regulations Section 5f.103-1(c) or Proposed Section 1.163-5(b) of
the United States Treasury Regulations (or, in each case, any amended or successor versions). The entries in the Participant Register
shall be conclusive absent manifest error.

 

(c)            With
the prior written consent of the Administrative Agent, the Issuing Lenders and, so long as no Event of Default has occurred and is continuing,
the Company, which consents shall not be unreasonably withheld or delayed (provided that the Company shall be deemed to have consented
to any assignment unless the Company shall object thereto by written notice to the Administrative Agent within fifteen (15) Business Days
after having received a request for such consent) (provided, further, that if an Assignee (as defined below) is an affiliate
of any Lender, was a Lender immediately prior to such assignment or is an Approved Fund, no such consent from the Administrative Agent, Issuing
Lenders or Company shall be required and no minimum assignment amount shall apply to any such assignment), any Lender may at any time
assign to one or more banks or other institutions (each an “Assignee”; provided that none of the Company or
its Affiliates nor any natural person shall be an “Assignee”) all, or a proportionate part (equivalent to an initial Commitment
in an amount of not less than $10,000,000) of all, of its rights and obligations under this Agreement and the Notes (if any), and such
Assignee shall assume such rights and obligations, pursuant to an Assignment and Assumption Agreement in substantially the form of Exhibit C
hereto; provided that (i) each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement with respect to the Loans and the Commitment assigned; (ii) the Assignee,
if not already a Lender hereunder, shall deliver to the Administrative Agent an Administrative Questionnaire in which the Assignee designates
one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information about the Obligors
and their related parties or their respective securities) will be made available; and (iii) no assignment shall be made to a Defaulting
Lender. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an amount equal to the
purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be a Lender party to this Agreement and shall
have all the rights and obligations of a Lender with Commitments as set forth in such instrument of assumption, and the transferor Lender
shall be released from its obligations hereunder to a corresponding extent. Upon the consummation of any assignment pursuant to this subsection
(c), the transferor Lender, the Administrative Agent and the Borrowers shall make appropriate arrangements so that, if required, a new
Note is issued to the Assignee. In connection with any such assignment, the transferor Lender shall pay to the Administrative Agent an
administrative fee for processing such assignment in the amount of $3,500. The Assignee, if not already a Lender hereunder, shall deliver
to the Company and the Administrative Agent certification as to exemption from deduction or withholding of any United States federal income
taxes in accordance with ‎Section 8.04.

 

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(d)            Any
Lender may at any time assign all or any portion of its rights under this Agreement and its Note (if any) to a Federal Reserve Bank. No
such assignment shall release the transferor Lender from its obligations hereunder.

 

(e)            No
Assignee, Participant or other transferee of any Lender’s rights shall be entitled to receive any greater payment under ‎Section 8.03
or ‎8.04 than such Lender would have been entitled to receive with respect to the rights transferred, unless such transfer is made
with the Company’s prior written consent or by reason of the provisions of ‎Section 8.02, ‎8.03 or ‎8.04 requiring
such Lender to designate a different Applicable Lending Office under certain circumstances or at a time when the circumstances giving
rise to such greater payment did not exist. A Participant that would be a Non-U.S. Lender if it were a Lender shall not be entitled to
the benefits of ‎Section 8.04 unless such Participant agrees to comply with ‎Section 8.04(d) as though it were
a Lender (it being understood that the documentation required under ‎Section 8.04(d) shall be delivered to the Participating
Lender).

 

(f)            The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of
each Assignment and Assumption Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitment of, and principal amount of the Loans and Letter of Credit Liabilities owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and
the Borrower, the Administrative Agent, the Issuing Lenders and the Lenders shall treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register
shall be available for inspection by the Borrower, any Issuing Lender and any Lender, at any reasonable time and from time to time upon
reasonable prior notice.

 

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(g)            Upon
its receipt of a duly completed Assignment and Assumption Agreement executed by an assigning Lender and an Assignee, the Assignee’s
completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred
to in paragraph (c) of this Section and any written consent to such assignment required by paragraph (c) of this Section,
the Administrative Agent shall accept such Assignment and Assumption Agreement and record the information contained therein in the Register;
provided that if either the assigning Lender or the Assignee shall have failed to make any payment required to be made by it pursuant
to ‎Section 2.04(b), ‎Section 2.14(b), ‎Section 2.19(a) or ‎Section 2.19(d), the Administrative
Agent shall have no obligation to accept such Assignment and Assumption Agreement and record the information therein in the Register unless
and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph (including a Note as defined in ‎Section 2.05(d)).

 

(h)            Notwithstanding
anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding
vehicle (an “SPC”) sponsored by a Granting Lender and identified as such in writing from time to time by the Granting
Lender to the Administrative Agent and the Company, the option to provide to the Company all or any part of any Loan that such Granting
Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall
constitute a commitment by any SPC to make any Loan and (ii) if an SPC elects not to exercise such option or otherwise fails to provide
all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan
by an SPC hereunder shall utilize the Commitments of the Granting Lender to the same extent, and as if, such Loan were made by such Granting
Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement
(all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which
agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full
of all outstanding commercial paper or other senior indebtedness of any SPC, it will not institute against, or join any other Person in
instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the
United States or any State thereof. In addition, notwithstanding anything to the contrary in this ‎Section 10.06, any SPC may
(i) with notice to, but without the prior written consent of, the Company and the Administrative Agent and without paying any processing
fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institution providing liquidity
and/or credit support to or for the account of such SPC to support the funding or maintenance of Loans; provided that any such
assignment to a financial institution other than to the Granting Lender shall require the consent of the Company and the Administrative
Agent, which consent shall be provided in the sole and absolute discretion of the Company or the Administrative Agent, as the case may
be, and (ii) disclose any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider
of any surety, guarantee or credit or liquidity enhancement to such SPC; provided that any such Person (other than a rating agency)
signs a confidentiality agreement which contains substantially the same provisions as set forth in ‎Section 10.12. As this ‎Section 10.06‎(f) applies
to any particular SPC, this ‎Section 10.06‎(f) may not be amended without the written consent of such SPC. Additionally,
the Company shall not be subject to any increased costs pursuant to ‎Section 8.03, indemnity claims pursuant to ‎Section 10.03(b) or
increased taxes pursuant to ‎Section 8.04 (collectively, “Increased Costs”) with respect to an SPC if the
Company would not have been subjected to such Increased Costs had the Loan not been funded (directly or indirectly) by the SPC and any
payment for any such Increased Costs shall be limited to the amounts that the Company would have been required to pay to the Granting
Lender if such Loan had not been so funded by the SPC; provided, however, that the SPC shall be entitled to the benefits
of ‎Article 8 and ‎Section 10.03 with respect to the interest granted to it by the Granting Lender to the extent that
the Granting Lender was entitled to such benefits pursuant to this Agreement.

 

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Section 10.07. Collateral. Each of
the Lenders represents to the Administrative Agent and each of the other Lenders that it in good faith is not relying upon any “margin
stock” (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement.

 

Section 10.08. Governing Law, Submission
to Jurisdiction . This Agreement and each Note (if any) shall be governed by and construed in accordance with the laws of the State
of New York. Each Obligor hereby submits to the exclusive jurisdiction of the United States District Court for the Southern District of
New York sitting in the Borough of Manhattan (or, if such court lacks subject matter jurisdiction, the Supreme Court of the State of New
York sitting in the Borough of Manhattan), and any appellate court from any thereof, for purposes of all legal proceedings arising out
of or relating to this Agreement or the transactions contemplated hereby. Each Obligor irrevocably waives, to the fullest extent permitted
by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and
any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

 

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Section 10.09. Service of Process.
Without limiting the foregoing, each Eligible Subsidiary hereby irrevocably designates The Estée Lauder Companies Inc., 767 Fifth
Avenue, New York, New York 10153, as the designee, appointee and agent of such Eligible Subsidiary to receive, for and on behalf of such
Eligible Subsidiary, service of process in such respective jurisdictions in any legal action or proceeding with respect to this Agreement
or any Note. It is understood that a copy of such process served on such agent will be promptly forwarded by mail to such Eligible Subsidiary
at its address set forth opposite its signature below, but the failure of such Eligible Subsidiary to receive such copy shall not affect
in any way the service of such process.

 

Section 10.10. Counterparts; Integration;
Effectiveness; Electronic Execution.

 

(a)            This
Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument. This Agreement constitutes the entire agreement and understanding among the parties hereto and
supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. Except
as provided in ‎Section 3.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent
and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the
other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns.

 

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(b)            Delivery
of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document,
amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to ‎Section 10.01),
certificate, request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions
contemplated hereby and/or thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by telecopy,
emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery
of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any
other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records
in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual
executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require
the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures
approved by it; provided, further, without limiting the foregoing, (1) to the extent the Administrative Agent has agreed to accept
any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly
given by or on behalf of any Borrower without further verification thereof and without any obligation to review the appearance or form
of any such Electronic signature and (2) upon the request of the Administrative Agent, any Electronic Signature shall be promptly
followed by a manually executed counterpart. Without limiting the generality of the foregoing, each Borrower hereby (a) agrees that,
for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings
or litigation among the Administrative Agent, the Lenders, and the Borrowers, Electronic Signatures transmitted by telecopy, emailed pdf.
or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this
Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any
paper original, (b) the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement,
any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed
created in the ordinary course of such Person’s business, and destroy the original paper document (and all such electronic records
shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record),
(c) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Loan
Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or
such Ancillary Document, respectively, including with respect to any signature pages thereto and (d) waives any claim against
any Lender-Related Person for any Liabilities arising solely from the Administrative Agent’s and/or any Lender’s reliance
on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image
of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrowers to use any available
security measures in connection with the execution, delivery or transmission of any Electronic Signature.

 

Section 10.11. WAIVER OF JURY TRIAL. EACH
OBLIGOR, THE AGENTS AND THE LENDERS HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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Section 10.12. Confidentiality. Each
of the Administrative Agent and each Lender agrees to keep any information delivered or made available by any Obligor pursuant to this
Agreement confidential from anyone other than persons employed or retained by the Administrative Agent or such Lender who are engaged
in evaluating, approving, structuring or administering the credit facility contemplated hereby; provided that nothing herein shall
prevent the Administrative Agent or any Lender from disclosing such information (a) to any persons employed or retained by the Administrative
Agent or any other Lender who are engaged in evaluating, approving, structuring or administering the credit facility contemplated hereby,
(b) to any other Person if reasonably incidental to the administration of the credit facility contemplated hereby so long as such
Person agrees to keep such information confidential in accordance with the provisions of this ‎Section 10.12, (c) upon the
order of any court or administrative agency, (d) upon the request or demand of any regulatory agency or authority, including any
self-regulating authority, (e) which had been publicly disclosed other than as a result of a disclosure by the Administrative Agent
or any Lender prohibited by this Agreement or, to the knowledge of the Administrative Agent or such Lender, by any other Person as a result
of a disclosure by such Person in violation of an obligation of confidentiality, (f) to the extent necessary, in connection with
any litigation to which the Administrative Agent, any Lender or its subsidiaries or Parent may be a party, (g) to the extent necessary
in connection with the exercise of any remedy hereunder, (h) to such Lender’s or the Administrative Agent’s legal counsel
and independent auditors, (i) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees,
agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such information and instructed to keep such information confidential), (j) on a confidential basis
to (i) any rating agency in connection with rating the Company or its Subsidiaries or the credit facility provided hereunder or (ii) the
CUSIP Service Bureau or any similar agency in connection with the application, issuance, publishing and monitoring of CUSIP numbers or
other market identifiers with respect to the credit facility provided hereunder, (k) with the consent of the Company or (l) subject
to an agreement containing provisions substantially similar to those contained in this Section, to (i) any actual or proposed Participant
or Assignee or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction or any credit
insurance provider, in each case, relating to any Borrower and its obligations. Each Lender and the Administrative Agent shall give the
Company prompt notice of any disclosure made by such Lender or the Administrative Agent, as the case may be, as permitted pursuant to
clauses (c), (d) (other than any such disclosure made by any Lender to bank examiners during any examination of such Lender conducted
in the ordinary course by such examiners) or (f) of this Section, but solely to the extent permitted by law and, in the case of any
disclosure permitted pursuant to clause (f), solely to the extent that the interests of such Lender or the Administrative Agent, as the
case may be, and the applicable Obligor in the relevant litigation are not adverse in any material respect. In addition, the Administrative
Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar
service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration
of this Agreement, the other Loan Documents and the Commitments.

 

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Section 10.13. Conversion of Currencies.
(a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency
into another currency, each party hereto (including any Eligible Subsidiary) agrees, to the fullest extent that it may effectively do
so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the
first currency could be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is
given.

 

(b)            The
obligations of each Borrower in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the “Applicable
Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency
in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged only to the extent that,
on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable
Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment
Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement
Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against
such loss. The obligations of the Borrowers contained in this ‎Section 10.13 shall survive the termination of this Agreement
and the payment of all other amounts owing hereunder.

 

Section 10.14. European Economic and Monetary
Union. (a) Definitions. In this ‎Section 10.14 and in each other provision of this Agreement to which reference
is made in this ‎Section 10.14 expressly or impliedly, the following terms have the meanings given to them in this ‎Section 10.14:

 

“Euro Unit” means the currency
unit of the Euro;

 

“National Currency Unit” means
the unit of currency (other than a Euro Unit) of a Participating Member State;

 

(b)            Redenomination
and Eligible Currencies. On the date on which any state that is not a Participating Member State on the date hereof becomes a Participating
Member State, each obligation under this Agreement of a party to this Agreement which has been denominated in the National Currency Unit
of such Participating Member State shall be redenominated into the Euro Unit in accordance with EMU Legislation.

 

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(c)            Loans.
Any Loan in the currency of a state that becomes a Participating Member State after the date hereof shall be made in the Euro Unit after
the date on which such state becomes a Participating Member State.

 

(d)            Payments
by the Administrative Agent to the Lenders. Any amount payable by the Administrative Agent to the Lenders under this Agreement in
the currency of a state that becomes a Participating Member State after the date hereof shall be paid in the Euro Unit after the date
on which such state becomes a Participating Member State.

 

Section 10.15. USA Patriot Act. Each
Lender subject to the Act hereby notifies the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information
that identifies each Borrower, which information includes the names and addresses of each Borrower and other information that will allow
such Lender to identify each Borrower in accordance with the Act.

 

Section 10.16. Acknowledgement and Consent
to Bail-in of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution
arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees
and consents to, and acknowledges and agrees to be bound by:

 

(a)            the
application of any Write-Down and Conversion Powers by an the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

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

 

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

 

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

 

(iii)          the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.

 

    109

     

    

 

Section 10.17. Right of Setoff. If
an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and
from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate now or hereafter existing under
this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although
such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including
other rights of setoff) which such Lender may have.

 

Section 10.18. No Fiduciary Duty. The
Company agrees that in connection with all aspects of the Loans and Letters of Credit contemplated by this Agreement and any communications
in connection therewith, the Company and its Subsidiaries, on the one hand, and the Administrative Agent, the Issuing Lenders, the Lenders
and their Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary
duty on the part of the Administrative Agent, the Issuing Lenders, the Lenders or their Affiliates, and no such duty will be deemed to
have arisen in connection with any such transactions or communications. The Company acknowledges and agrees that the Administrative Agent,
each Issuing Lender, each Lender and their Affiliates may have economic interests that conflict with those of the Company and its Subsidiaries,
their stockholders and/or their affiliates.

 

Section 10.19 Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support,
through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC
Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with
respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of
the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the
 “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions
below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of
the State of New York and/or of the United States or any other state of the United States):

 

    110

     

    

 

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

 

Section 10.20 Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the
 “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted
for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest
payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum
Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable
as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect
of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with
interest thereon at the applicable Overnight Rate to the date of repayment, shall have been received by such Lender.

 

Article 11

Guaranty

 

Section 11.01. The Guaranty. The Company
hereby unconditionally and irrevocably guarantees the full and punctual payment (whether at stated maturity, upon acceleration or otherwise)
of the principal of and interest on each Loan made to each Borrower (other than the Company) pursuant to this Agreement, and the full
and punctual payment of all other amounts payable by each such Borrower under this Agreement (including any interest, fees, costs, expenses
and other obligations that accrue after the commencement of any bankruptcy, insolvency, reorganization or similar case or proceeding,
or which would have accrued but for such case, proceeding or other action and whether or not such interest, fees, costs, expenses or other
obligations are allowed or allowable as a claim in such case, proceeding or other action). Upon failure by any Borrower (other than the
Company) to pay punctually any such amount, the Company shall forthwith on demand pay the amount not so paid at the place and in the manner
and currency specified in this Agreement.

 

    111

     

    

 

 

Section 11.02. Guaranty Unconditional.
The obligations of the Company under this Article 11 shall be irrevocable, unconditional and absolute and, without limiting the
generality of the foregoing, shall not be released, discharged or otherwise affected by:

 

(i)        any
extension, renewal, settlement, compromise, waiver or release in respect of any obligation of any other Borrower under this Agreement
or any Note, by operation of law or otherwise;

 

(ii)       any
modification or amendment of or supplement to this Agreement or any Note;

 

(iii)      any
release, impairment, non-perfection or invalidity of any direct or indirect security for any obligation of any other Borrower under this
Agreement or any Note;

 

(iv)      any
change in the corporate existence, structure or ownership of any other Borrower, or any insolvency, bankruptcy, reorganization or other
similar proceeding affecting any other Borrower or its assets or any resulting release or discharge of any obligation of any other Borrower
contained in this Agreement or any Note;

 

(v)       the
existence of any claim, set-off or other rights which the Company may have at any time against any other Borrower, the Administrative
Agent, any Issuing Lender, any Lender or any other Person, whether in connection herewith or any unrelated transactions, provided
that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim;

 

(vi)      any
invalidity or unenforceability relating to or against any Borrower for any reason of this Agreement or any Note, or any provision of applicable
law or regulation affecting any term of the obligations guaranteed under this Article 11 or purporting to prohibit the payment by
any Borrower of the principal of or interest on any Note or any other amount payable by any Borrower under this Agreement; or

 

(vii)     any
other act or omission to act or delay of any kind by any Borrower, the Administrative Agent, any Issuing Lender, any Lender or any other
Person or any other circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge
of or defense to the Company’s obligations under this Article 11.

 

    112

     

    

 

Section 11.03. Discharge Only upon Payment
in Full; Reinstatement in Certain Circumstances. The Company’s obligations under this Guaranty shall remain in full force and
effect until the Commitments shall have terminated, the principal of and interest on the Loans and all other amounts payable by the Borrowers
under this Agreement shall have been paid in full and no Letter of Credit Liabilities remain outstanding. If at any time any payment of
the principal of or interest on any Loan, any reimbursement obligation or any other amount payable by any Borrower under this Agreement
is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of such Borrower or otherwise,
the Company’s obligations under this Guaranty with respect to such payment shall be reinstated as though such payment had been due
but not made at such time.

 

Section 11.04. Waiver by the Company. The
Company irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as any requirement
that at any time any action be taken by any Person against any Borrower or any other Person.

 

Section 11.05. Subrogation. Upon making
any payment with respect to any other Borrower under this Guaranty, the Company shall be subrogated to the rights of the payee against
such Borrower with respect to such payment; provided that the Company shall not enforce any payment by way of subrogation until
all amounts of principal of and interest on the Loans and all other amounts payable by such Borrower under this Agreement have been paid
in full and no Letter of Credit Liabilities owing by such Borrower remain outstanding.

 

Section 11.06. Stay of Acceleration. If
acceleration of the time for payment of any amount payable by any other Borrower under this Agreement or the Notes (if any) is stayed
upon the insolvency, bankruptcy or reorganization of such Borrower, all such amounts otherwise subject to acceleration under the terms
of this Agreement shall nonetheless be payable by the Company forthwith on demand by the Administrative Agent made at the request of the
Required Lenders.

 

Section 11.07. Limitation of Liability.
Notwithstanding the other provisions of this ‎Article 11, the obligations of the Company hereunder shall be limited to an
aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548
of the United States Bankruptcy Code or any comparable provisions of applicable law of any State of the United States of America.

 

    113

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	THE ESTÉE LAUDER COMPANIES INC., as
	 	     the Company and Guarantor
	 	 
	 	By:	/s/ Akhil Shrivastava
	 	 	Name: 	Akhil Shrivastava
	 	 	Title: 	Senior Vice President & Corporate Treasurer

 

	 	Address: 	7 Corporate Center Drive
	 	 	Melville, NY 11747
	 	Attention: 	Jay Banerjee
	 	Telephone: 	212-277-2384
	 	Facsimile:	 
	 	E-mail: 	jbanerje@estee.com

 

	 	ESTÉE LAUDER BV, as Eligible Subsidiary
	 	 
	 	By:  	/s/ Tracey T.Travis 
	 	 	Name: 	 Tracey T.Travis 
	 	 	Title: 	Director

 

[Signalure Page to Credit Agreement]

 

     

     

    

 

 

	 	JPMORGAN CHASE BANK,
N.A.,
	 	 as Administrative Agent,
a Lender and an Issuing Lender
	 	 
	 	By:	/s/ Heather Hoopingarner
	 	 	Name: Heather Hoopingarner
	 	 	Title:   Vice President

 

	 	 
	 	Address: 	10 S Dearborn, Floor L2 Chicago, IL
60603
	 	Attention:
   	Christopher Jefferson
	 	Telephone:  	312-732-2007
	 	Facsimile:	844-490-5663
	 	E-mail:	Christopher.jefferson@chase.com with a

                                                 copy to jpm.agency.cri@jpmorgan.com

 

    

     

    

 

	 	CITIBANK, N .A., as a Lender and as an
    Issuing Lender
	 	 
	 	By:	/s/ Michael
    Vondriska
	 	Name:  	Michael Vondriska
	 	Title:  	Vice President

  

[Signature Page to Credit Agreement]

 

    

     

    

 

 

	 	BNP PARIBAS, as a Lender, and as an Issuing Lender
	 	
	 	By:	/s/ Christopher Sked
	 	 	Name:	Christopher Sked
	 	 	Title:	Managing Director
	 	  
	 	By:	/s/ Nicolas Doche
	 	 	Name:	 Nicolas Doche
	 	 	Title:	Vice President

 

[Signature Page to
Credit Agreement]

 

    

     

    

 

	 	Bank of America N.A., as a Lender and as an Issuing Lender
	 	 
	 	By:	/s/ Alexandra Korchmar
	 	 	Name: 	Alexandra Korchmar
	 	 	Title:	Vice President

  

[Signature Page to
Credit Agreement]

 

    

     

    

 

 

	 	MUFG
    BANK, LTD., 
	 	as
    a Lender and as an Issuing Lender

 

	 	By:	/s/ Lillian
    Kim
	 	 	Name: Lillian Kim
	 	 	Title:   Director

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	GOLDMAN
    SACHS BANK USA as a Lender
	 	 

	 	By:	/s/ Rebecca Kratz
	 	 	Name: Rebecca Kratz
	 	 	Title:   Authorized Signator

 

[Signature Page to Credit Agreement]

 

     

     

    

 

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION,
	 	as a Lender
	 	 
	 	By:	/s/ Jack Kelly
	 	 	Name: Jack Kelly
	 	 	Title: Vice President #23204

 

[Signature Page to Credit Agreement]

 

     

     

    

 

	 	U.S.
    Bank National Association, as a Lender
	 	 
	 	By:	/s/ Joyce P. Dorsett
	 	 	Name: Joyce P. Dorsett
	 	 	Title: Senior Vice President

 

[Signature Page to
Credit Agreement]

 

     

     

    

	 	 
	 	INDUSTRIAL AND COMMERCIAL BANK
    OF CHINA LIMITED, NEW YORK BRANCH, as a Lender
	 	 
	 	By:	/s/ Dayi Liu 
	 	 	Name:	Dayi Liu 
	 	 	Title: 	Executive Director
	 	 
	 	By:	/s/ Lindsay Du
	 	 	Name: 	Lindsay Du 
	 	 	Title:	Director

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	ROYAL BANK OF CANADA, as a
    Lender
	 	 
	 	By: 	/s/
    John Flores 
	 	 	Name:	John Flores 
	 	 	Title: 	Authorized Signatory

  

[Signature
Page to Credit Agreement]

 

     

     

    

 

 

	 	Société Générale, as a Lender
	 	 
	 	By:	/s/ Richard Bernal
	 	 	Name:	Richard Bernal
	 	 	Title:	Managing Director

 

    

     

    

 

	 	BANCO BILBAO VIZCAYA
    ARGENTARIA, S.A. NEW YORK BRANCH, include booking branch, if applicable, as a Lender
	 	  
	 	By:	/s/ Cara Younger 
	 	 	Name:	 Cara Younger 
	 	 	Title:	 Executive Director
	 	  
	 	By:	/s/ Miriam Trautmann
	 	 	Name:	Miriam Trautmann
	 	 	Title:	 Senior Vice President

  

Signature Page to
Credit Agreement

 

    

     

    

 

 

	 	The
    Northern Trust Company, as a Lender
	 	 
	 	By:	/s/  Eric
Siebert
	 	 	Name: Eric Siebert
	 	 	Title:   Senior Vice
    President

 

[Signature Page to
Credit Agreement]

 

     

     

    

 

	 	DBS
    Bank Ltd., as a Lender
	 	 
	 	By:	/s/ Joanne Goh
	 	 	Name: Joanne Goh
	 	 	Title:   Executive Director

 

[Signature Page to
Credit Agreement]

 

     

     

    

 

	 	Agricultural Bank of China, New York Branch, as a Lender
	 	 
	 	By:	 /s/ Nelson Chou
	 	 	Name: Nelson Chou
	 	 	Title:   SVP & Head of Corporate Banking

 

[Signature Page to Credit Agreement]

 

     

     

    

 

COMMITMENT SCHEDULE

 

	LENDER	 	COMMITMENT	 
	JPMorgan Chase Bank, N.A.	 	$	260,000,000.00	 
	Citibank, N.A.	 	$	260,000,000.00	 
	BNP Paribas	 	$	260,000,000.00	 
	Bank of America, N.A.	 	$	260,000,000.00	 
	MUFG Bank, LTD.	 	$	260,000,000.00	 
	Goldman Sachs Bank USA	 	$	150,000,000.00	 
	HSBC Bank USA, National Association	 	$	150,000,000.00	 
	U.S. Bank National Association	 	$	150,000,000.00	 
	Industrial and Commercial Bank of China Limited, New York Branch	 	$	150,000,000.00	 
	Royal Bank of Canada	 	$	150,000,000.00	 
	Société Générale	 	$	150,000,000.00	 
	Banco Bilbao Vizcaya Argentaria, S.A. New York Branch	 	$	75,000,000.00	 
	The Northern Trust Company	 	$	75,000,000.00	 
	DBS Bank Ltd.	 	$	75,000,000.00	 
	Agricultural Bank of China, New York Branch	 	$	75,000,000.00	 
	TOTAL	 	$	2,500,000,000	 

 

     

     

    

 

PRICING SCHEDULE

 

Each of “Facility Fee Rate”,
 “Letter of Credit Fee Rate”, and “Applicable Margin” means, for any day, the rate per annum set
forth below in the row opposite such term and in the column corresponding to the Pricing Level that applies on such day:

 

	Pricing	 	Level I	 	 	Level II	 	 	Level III	 	 	Level IV	 	 	Level V	 
	Facility Fee Rate:	 	 	0.040	%	 	 	0.045	%	 	 	0.050	%	 	 	0.070	%	 	 	0.090	%
	Applicable Margin for Base Rate Loans:	 	 	0.000	%	 	 	0.000	%	 	 	0.000	%	 	 	0.000	%	 	 	0.000	%
	Applicable Margin for all other Loans:	 	 	0.460	%	 	 	0.580	%	 	 	0.700	%	 	 	0.805	%	 	 	0.910	%
	Letter of Credit Fee Rate:	 	 	0.460	%	 	 	0.580	%	 	 	0.700	%	 	 	0.805	%	 	 	0.910	%

 

For purposes of this Schedule, the following terms
have the following meanings:

 

“Level I Status” exists at any
date if, at such date, the Company’s Unsecured Long-Term Debt is rated AA or higher by S&P or Aa2 or higher by Moody’s.

 

“Level II Status” exists at
any date if, at such date, (i) the Company’s Unsecured Long-Term Debt is rated AA- or higher by S&P or Aa3 or higher by
Moody’s, and (ii) Level I Status does not exist.

 

“Level III Status” exists at
any date if, at such date, (i)  the Company’s Unsecured Long-Term Debt is rated A+ or higher by S&P or A1 or higher by
Moody’s, and (ii) neither Level I Status nor Level II Status exists.

 

“Level IV Status” exists at
any date if, at such date, (i) the Company’s Unsecured Long-Term Debt is rated A or higher by S&P or A2 or higher by Moody’s,
and (ii) neither Level I Status, Level II Status nor Level III Status exists.

 

“Level V Status” exists at any
date if, at such date, no other Status applies.

 

“Moody’s” means Moody’s
Investors Services, Inc. (or any successor thereto).

 

“S&P” means S&P Global
Ratings (or any successor thereto).

 

“Status”
refers to the determination of which of Level I Status, Level II Status, Level III Status, Level IV Status or Level V Status exists at
any date.

 

The credit ratings to be utilized for purposes
of this Schedule are those assigned to the senior unsecured long-term debt securities of the Company without third-party credit enhancement
(the “Company’s Unsecured Long-Term Debt”), and any ratings assigned to any other debt security of the Company
shall be disregarded. The ratings in effect for any day are those in effect at the close of business on such day. In the case of split
ratings from S&P and Moody’s, the rating to be used to determine the applicable Status is the higher of the two (e.g.,
AA/Aa3 results in Level I Status); provided that if the split is more than one full rating category, the rating one rating category
below the higher rating shall be used (e.g., AA-/A2 results in Level III Status and AA/B2 results in Level II Status).

 

     

     

    

 

SCHEDULE 2.19

 

	ISSUING LENDER	 	LETTER OF CREDIT

 COMMITMENT	 
	JPMorgan Chase Bank, N.A.	 	$	30,000,000	 
	BNP Paribas	 	$	30,000,000	 
	Citibank, N.A.	 	$	30,000,000	 
	Bank of America, N.A.	 	$	30,000,000	 
	MUFG Bank, Ltd.	 	$	30,000,000	 
	TOTAL	 	$	150,000,000	 

 

     

     

    

 

SCHEDULE 4.05

 

None.

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY
MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW. TRANSFERS OF
THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MUST BE RECORDED IN THE REGISTER MAINTAINED BY THE ADMINISTRATIVE AGENT PURSUANT TO THE
TERMS OF SUCH CREDIT AGREEMENT.

 

New York, New York

 

___________ __ , 202_

 

For value received, ________________________, a
___________ corporation (the “Borrower”), promises to pay to the order of ______________________ (the “Lender”),
for the account of its Applicable Lending Office, the unpaid principal amount of each Loan made by the Lender to the Borrower pursuant
to the Credit Agreement referred to below on the maturity date provided for in the Credit Agreement. The Borrower promises to pay interest
on the unpaid principal amount of each such Loan on the dates and at the rate or rates and in the currency provided for in the Credit
Agreement. All such payments of principal and interest shall be made (i) if in dollars, in lawful money of the United States in Federal
or other immediately available funds at the office of JPMorgan Chase Bank, N.A., 10 S Dearborn, Chicago, IL 60603, or (ii) if
in an Alternative Currency, in such funds as may then be customary for the settlement of international transactions in such currency at
the place specified for payment thereof pursuant to the Credit Agreement.

 

All Loans made by the Lender, the respective types
and maturities and currencies thereof and all repayments of the principal thereof shall be recorded by the Lender and, if the Lender so
elects in connection with any transfer or enforcement hereof, appropriate notations to evidence the foregoing information with respect
to each such Loan then outstanding may be endorsed by the Lender on the schedule attached hereto, or on a continuation of such schedule
attached to and made a part hereof; provided that the failure of the Lender to make any such recordation or endorsement shall not
affect the obligations of the Borrower hereunder or under the Credit Agreement.

 

This note is one of the Notes referred to in the
Credit Agreement, dated as of October 22, 2021 (as the same may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among The Estée Lauder Companies Inc., the Eligible Subsidiaries
from time to time party thereto, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and
the Issuing Lenders from time to time party thereto. Terms defined in the Credit Agreement are used herein with the same meanings. Reference
is made to the Credit Agreement for provisions for the prepayment hereof and the acceleration of the maturity hereof.

 

     

     

    

 

[Pursuant to the terms of the Credit Agreement,
the Company has unconditionally guaranteed the full and punctual payment of all amounts payable under this Note.]

 

NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED
HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND IN ACCORDANCE WITH THE REGISTRATION AND
OTHER PROVISIONS OF SECTION 10.06 OF THE CREDIT AGREEMENT.

 

This note shall be governed by, and construed in
accordance with, the laws of the State of New York.

 

	 	[THE BORROWER]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

LOANS AND PAYMENTS OF PRINCIPAL

 

	Date	Amount of

 Loan	Type of

 Loan	Amount of

 Principal

 Repaid	Notation

Made By
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

     

     

    

 

EXHIBIT B

 

[Reserved]

 

     

     

    

 

EXHIBIT C

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

AGREEMENT dated as of _________ , 202__ among [NAME
OF ASSIGNOR] (the “Assignor”), [NAME OF ASSIGNEE] (the “Assignee”), [THE ESTÉE LAUDER COMPANIES
INC.,] JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”) and the [Issuing
Lenders].

 

WHEREAS, this Assignment and Assumption Agreement
(the “Agreement”) relates to the Credit Agreement, dated as of October 22, 2021 (as the same may be amended, restated,
amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among The Estée
Lauder Companies Inc., the Eligible Subsidiaries from time to time party thereto, the lenders from time to time party thereto, JPMorgan
Chase Bank, N.A., as Administrative Agent, and the Issuing Lenders from time to time party thereto;

 

WHEREAS, as provided under the Credit Agreement,
the Assignor has a Commitment to make Loans and participate in Letters of Credit in an aggregate principal Dollar Amount at any time outstanding
not to exceed $__________;

 

[WHEREAS, Dollar Loans made to the Borrowers by
the Assignor under the Credit Agreement in the aggregate principal amount of $__________ are outstanding at the date hereof;]

 

[WHEREAS, Alternative Currency Loans denominated
in [currency] made to the Borrowers under the Credit Agreement in the aggregate principal Dollar Amount of $__________ are outstanding
on the date hereof;] [Repeat this whereas clause for loans outstanding in more than one currency]

 

[WHEREAS, Letters of Credit with a total Dollar
Amount available for drawing thereunder of $__________ are outstanding at the date hereof;]

 

WHEREAS, the Assignor proposes to assign to the
Assignee all of the rights of the Assignor under the Credit Agreement in respect of a portion of its Commitment thereunder in a Dollars
Amount equal to $__________ (the “Assigned Amount”), [together with a corresponding portion of its outstanding [Dollar
Loans ][, Alternative Currency Loans denominated in such currency][ and Letter of Credit Liabilities]], and the Assignee proposes to accept
assignment of such rights and assume the corresponding obligations from the Assignor on such terms;

 

     

     

    

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual agreements contained herein, the parties hereto agree as follows:

 

SECTION 1. Definitions. All capitalized
terms used herein but not otherwise defined herein shall have the respective meanings set forth in the Credit Agreement.

 

SECTION 2. Assignment. The Assignor
hereby assigns and sells to the Assignee all of the rights of the Assignor under the Credit Agreement to the extent of the Assigned Amount,
and the Assignee hereby accepts such assignment from the Assignor and assumes all of the obligations of the Assignor under the Credit
Agreement to the extent of the Assigned Amount, including the purchase from the Assignor of the corresponding portion of the principal
amount of the [Dollar Loans ][and Alternative Currency Loans denominated in [currency]] made by[, and participations in the Letter of
Credit Liabilities of,] the Assignor outstanding at Assignment Effective Date (as defined below). Following (i) the execution of
this Agreement by the Assignor, the Assignee, [the Company,] the Administrative Agent and [each Issuing Lender], (ii) the Assignee’s
completed Administrative Questionnaire (unless the Assignee is already a Lender under the Credit Agreement) and (iii) the payment
of the amounts specified in Section 10.06(c) of the Credit Agreement and Section 3 hereof required to be
paid, it will be delivered to the Administrative Agent for acceptance by it and recording by the Administrative Agent pursuant to Section 10.06
of the Credit Agreement, and be effective as of such date (the “Assignment Effective Date”). Upon such acceptance and
recording (x) the Assignee shall, as of the Assignment Effective Date, succeed to the rights and be obligated to perform the obligations
of a Lender under the Credit Agreement with Commitments in an amount equal to the Assigned Amount, and (y) the Commitments of the
Assignor shall, as of the Assignment Effective Date, be reduced by a like amount and the Assignor released from its obligations under
the Credit Agreement to the extent such obligations have been assumed by the Assignee. The assignment provided for herein shall be without
recourse to the Assignor.

 

SECTION 3. Payments. As consideration
for the assignment and sale contemplated in Section 2 hereof, the Assignee shall pay to the Assignor on the date hereof in Federal
funds the amount heretofore agreed between them. It is understood that facility and Letter of Credit fees accrued to the date hereof in
respect of the Assigned Amount are for the account of the Assignor and such fees accruing from and including the date hereof are for the
account of the Assignee. Each of the Assignor and the Assignee hereby agrees that if it receives any amount under the Credit Agreement
which is for the account of the other party hereto, it shall receive the same for the account of such other party to the extent of such
other party’s interest therein and shall promptly pay the same to such other party.

 

     

     

    

 

SECTION 4. Consents. This Agreement
is conditioned upon the consent of [the Issuing Lenders] and [the Administrative Agent], and [so long as no Event of Default has occurred
and is continuing, the Company (which consent of the Company shall not be unreasonably withheld)] pursuant to Section 10.06(c) of
the Credit Agreement. The execution of this Agreement by [the Company,] [the Issuing Lenders] and [the Administrative Agent] is evidence
of this consent. The Company agrees, and agrees to cause each other applicable Borrower, if requested by the Assignee pursuant to Section 2.05
of the Credit Agreement, to execute and deliver a Note payable to the order of the Assignee to evidence the assignment and assumption
provided for herein; provided that no assignment pursuant to this Agreement shall be effective unless it has been recorded in the
Register as provided in Section 10.06(g) of the Credit Agreement (including any Note).

 

SECTION 5. Representations and Warranties
of the Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned
Amount, (ii) the Assigned Amount is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power
and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated
hereby and (iv) it is not a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties
or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition
of the Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance
or observance by the Company, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any
Loan Document.

 

SECTION 6. Representations and Warranties
of the Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action
necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.06 of the Credit Agreement (subject
to such consents, if any, as may be required thereunder), (iii) from and after the Assignment Effective Date, it shall be bound by
the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Amount, shall have the obligations of
a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned
Amount and either it, or the Person exercising discretion in making its decision to acquire the Assigned Amount, is experienced in acquiring
assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to
receive copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other
documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Agreement and to purchase
the Assigned Amount, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based
on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement
and to purchase the Assigned Amount and (vii) if it is a Non-U.S. Lender attached to this Agreement is any documentation required
to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees
that (i) it will, independently and without reliance on the Assignor, the Administrative Agent or any other Lender, and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms
of the Loan Documents are required to be performed by it as a Lender.

 

     

     

    

 

SECTION 7. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York.

 

SECTION 8. Counterparts. This Agreement
may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument. Delivery of an executed counterpart of a signature page of this Agreement that is an Electronic
Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature
page shall be effective as delivery of a manually executed counterpart of this Agreement.

 

     

     

    

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their duly authorized officers as of the date
first above written.

 

	 	[NAME OF ASSIGNOR]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	[NAME OF ASSIGNEE]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

	 	[Consented to and]1 Accepted:  
	 	 
	 	 
	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	[Consented to: 
	 	 
	 	 
	 	THE ESTÉE LAUDER COMPANIES INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:]2

 

 

	 	[Consented to: 
	 	 
	 	 
	 	[ISSUING LENDER], as Issuing Lender
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	[ISSUING LENDER], as Issuing Lender
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

1 To
be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

 

2 To
be added only if the consent of the Borrower is required by the terms of the Credit Agreement.

 

     

     

    

 

	 	[ISSUING LENDER], as Issuing Lender
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	[ISSUING LENDER], as Issuing Lender
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	[ISSUING LENDER], as Issuing Lender
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: ]3

 

 

3 To
be added only if the consent of the Issuing Lenders are required by the terms of the Credit Agreement.

 

     

     

    

 

EXHIBIT D

 

ELECTION TO PARTICIPATE

 

________________ __, 202_

 

JPMorgan Chase Bank, N.A., as

Administrative Agent for

the Lenders party to the Credit Agreement, dated as of October 22, 2021 (as the same may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among The Estée Lauder Companies
Inc., the Eligible Subsidiaries from time to time party thereto, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A.,
as Administrative Agent, and the Issuing Lenders from time to time party thereto

 

Dear Sirs:

 

Reference is made to the Credit Agreement described
above. Terms not defined herein which are defined in the Credit Agreement have for purposes hereof the meanings provided therein.

 

The undersigned, [Name of Eligible Subsidiary],
a [Jurisdiction of Formation] [Organizational Form], hereby elects to be an Eligible Subsidiary for purposes of the Credit Agreement,
effective from the date hereof until an Election to Terminate shall have been delivered on behalf of the undersigned in accordance with
the Credit Agreement. The undersigned confirms that the representations and warranties set forth in Article 9 of the Credit Agreement
are true and correct as to the undersigned as of the date hereof, and the undersigned agrees to perform all the obligations of an Eligible
Subsidiary under, and to be bound in all respects by the terms of, the Credit Agreement, including without limitation Section 10.08
and Section 10.09 thereof, as if the undersigned were a signatory party thereto.

 

[Tax disclosure pursuant to Section 8.04.]

 

The address to which all notices to the undersigned
under the Credit Agreement should be directed is:

 

[Address]

 

This instrument shall be construed in accordance
with and governed by the laws of the State of New York.

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	 
	 	[NAME OF ELIGIBLE SUBSIDIARY]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	
    The undersigned represents and warrants that [Name of Eligible
Subsidiary] is an Eligible Subsidiary for purposes of the Credit Agreement described above. The undersigned agrees that the Guaranty
of the undersigned contained in the Credit Agreement will apply to all obligations of [Name of Eligible Subsidiary] under the Credit
Agreement and any Note issued by [Name of Eligible Subsidiary].

 

 

	 	THE ESTÉE LAUDER COMPANIES INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Receipt of the above Election to Participate is acknowledged on and as of the date set forth above.

 

 

	 	JPMORGAN CHASE BANK, N.A., as Administrative
    Agent
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT E

 

ELECTION TO TERMINATE

 

________________ __, 202_

 

JPMorgan Chase Bank, N.A., as

Administrative Agent for

the Lenders party to the Credit Agreement, dated as of October 22, 2021 (as the same may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among The Estée Lauder Companies
Inc., the Eligible Subsidiaries from time to time party thereto, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A.,
as Administrative Agent, and the Issuing Lenders from time to time party thereto

 

Dear Sirs:

 

Reference is made to the Credit Agreement described
above. Terms not defined herein which are defined in the Credit Agreement have for purposes hereof the meanings provided therein.

 

The undersigned, [Name of Eligible Subsidiary],
a [Jurisdiction of Formation] [Organizational Form], hereby elects to terminate its status as an Eligible Subsidiary for purposes of the
Credit Agreement, effective as of the date hereof. The undersigned represents and warrants that all principal and interest on all Loans
made to the undersigned and all other amounts payable by the undersigned pursuant to the Credit Agreement have been paid in full on or
before the date hereof. Notwithstanding the foregoing, this Election to Terminate shall not affect any obligation of the undersigned heretofore
incurred under the Credit Agreement or any Note.

 

     

     

    

 

This instrument shall be construed in accordance
with and governed by the laws of the State of New York.

 

	 	Very truly yours,
	 	 
	 	 
	 	[NAME OF ELIGIBLE SUBSIDIARY]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	The undersigned hereby agrees that the status of [Name of Eligible Subsidiary] as an Eligible Subsidiary for purposes of the Credit Agreement described above is terminated as of the date hereof.

 

	 	THE ESTÉE LAUDER COMPANIES INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Receipt of the above Election to Terminate is acknowledged on and as of the date set forth above.

 

 

	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

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