Document:

Exhibit 4.2

  

   

  

   FIRST SUPPLEMENTAL INDENTURE

   

  Dated as of May 22, 2019

   

  Supplementing that Certain

   

  INDENTURE

   

  Dated as of May 22, 2019

   

    

  
    
      

    
      

     

    

     Among

  

   

  KKR GROUP FINANCE CO. V LLC,

   

  THE GUARANTOR PARTIES HERETO

   

  and

   

  THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

   

  as Trustee

  

  
    
      

     

  

  1.625% Senior Notes due 2029

      

  

  
    
      

  

  TABLE OF CONTENTS

   

    

  
    
 

  
    

    

  

  	
           

        	
           

        	
          Page

        
	
           

        	
          ARTICLE 1

        	 
	
           

        	
          Issuance of Securities

        	 
	 	 	 
	
           Section 1.01. 

        	
          Issuance of Notes; Principal Amount; Maturity; Title

        	2 

        
	
           Section 1.02.

        	
          Interest

        	3 

        
	
           Section 1.03. 

        	
          Payment

        	4 

        
	
           Section 1.04.

        	
          Relationship with Base Indenture

        	4 

        
	
           Section 1.05.

        	
          Amendments to the Indenture

        	4 

        
	 	 	 
	
           

        	
          ARTICLE 2

        	
           

        
	
           

        	
          Definitions and Other Provisions of General Application

        	
           

        
	 	 	5 

        
	
           Section 2.01.

        	
           Definitions

        	

        
	 	 	 
	
           

        	
          ARTICLE 3

        	

        
	
           

        	
          security forms

        	

        
	 	 	 
	
           Section 3.01. 

        	
          Form Generally

        	10

        
	
           Section 3.02.

        	
           Form of Note

        	11

        
	
           Section 3.03

        	
          Transfer and Exchange of Global Securities

        	28

        
	 	 	 
	
           

        	
          ARTICLE 4

        	

        
	
           

        	
          Remedies

        	

        
	 	 	 
	
           Section 4.01.

        	
          Events of Default

        	29

        
	
           Section 4.02.

        	
          Waiver of Past Defaults

        	29

        
	 	 	 
	
           

        	
          ARTICLE 5

        	

        
	
           

        	
          Tax Redemption

        	

        
	 	 	 
	 Section 5.01.	Optional Redemption	30 

        
	
           Section 5.02.

        	
          Tax Redemption

        	30

        
	 	 	 
	
           

        	
          ARTICLE 6

        	

        
	
           

        	
          Particular Covenants

        	

        
	 	 	 
	
           Section 6.01.

        	
          Liens

        	31

        
	
           Section 6.02.

        	
          Financial Reports

        	31

        
	
           Section 6.03.

        	
          Additional Amounts

        	32

        
	 	 	 
	
           

        	
          ARTICLE 7

        	

        
	
           

        	
          Supplemental Indentures

        	

        
	 	 	 
	
           Section 7.01.

        	
          Supplemental Indentures without Consent of Holders of Notes

        	36

        
	
           Section 7.02.

        	
          Supplemental Indentures with Consent of Holders of Notes

        	36

        

  

  

  
    
      

  

  	
           

        	
          ARTICLE 8

        	
           

        
	
           

        	
          Defeasance

        	
           

        
	 	 	 
	
           Section 8.01.

        	
          Covenant Defeasance

        	38

        
	 	 	

        
	
           

        	
          ARTICLE 9

        	

        
	
           

        	
          Miscellaneous

        	

        
	 	 	

        
	
           Section 9.01.

        	
          Execution as Supplemental
                Indenture

        	38

        
	
           Section 9.02.

        	
          Not Responsible for Recitals or
                Issuance of Notes

        	38

        
	
           Section 9.03.

        	
          Separability Clause

        	39

        
	
           Section 9.04.

        	
          Successors and Assigns

        	39

        
	
           Section 9.05.

        	
          Execution and Counterparts

        	39

        
	
           Section 9.06.

        	
          Governing Law

        	39

        
	
           Section 9.07.

        	
          FATCA

        	39

        

  

  

  
    
      

  

  
  This First Supplemental Indenture, dated as of May 22, 2019 (the “First Supplemental Indenture”), among KKR Group Finance Co. V LLC, a limited liability company duly organized and existing under the laws of the State of Delaware, having its
      principal office at 9 West 57th Street, Suite 4200, New York, New York 10019 (the “Company”), the Guarantors party hereto (the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the “Trustee”), supplements that certain Indenture, dated as of May 22, 2019, among the Company, the Guarantors named therein and the Trustee (the “Base Indenture” and subject to Section 1.04 hereof, together with this First Supplemental Indenture, the “Indenture”).

   

  RECITALS OF THE COMPANY

   

  The Company and the Guarantors have heretofore executed and delivered to the Trustee the Base Indenture providing for
      the issuance from time to time of one or more series of the Company’s senior unsecured debt securities (herein and in the Base Indenture called the “Securities”), the forms and terms of which are to be determined as set forth in Sections 201 and 301 of the Base Indenture, and the Guarantees thereof by the Guarantors;

   

  Section 901 of the Base Indenture provides, among other things, that the Company, the Guarantors and the Trustee may
      enter into indentures supplemental to the Base Indenture for, among other things, the purposes of (a) establishing the form or terms of Securities of any series as permitted by Sections 201 and 301 of the Base Indenture and (b) adding to or changing
      any of the provisions to the Base Indenture in certain circumstances; and

   

  The Company desires to create a series of Securities designated as its “1.625% Senior Notes due 2029” (the “Notes”) pursuant to the terms of this First Supplemental Indenture.

   

  The Company has duly authorized the execution and delivery of this First Supplemental Indenture and the Notes to be issued from
      time to time, as provided for in the Indenture.

   

  Each Guarantor has duly authorized its Guarantee of the Notes and to provide therefor each Guarantor has duly authorized the
      execution and delivery of this First Supplemental Indenture.

   

  All things necessary have been done to make this First Supplemental Indenture a valid and legally binding agreement of the
      Company, in accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee under the Indenture and duly issued by the Company, the valid and legally binding obligations of the Company.

   

  All things necessary have been done to make the Guarantees, upon execution and delivery of this First Supplemental
      Indenture, the valid and legally binding obligations of each Guarantor and to make this First Supplemental Indenture a valid and legally binding agreement of each Guarantor, in accordance with its terms.

   

  
    1

    
      

  

  ARTICLE 1

      Issuance of Securities

   

  
    	 	
            Section 1.01.

          	
            Issuance of Notes; Principal Amount; Maturity; Title.

          

  

   

  (a)          On May 22, 2019, the Company
      shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial Notes substantially in the form set forth in Section 3.02 below, in each case with such appropriate insertions, omissions, substitutions and other variations as
      are required or permitted by the Base Indenture and this First Supplemental Indenture, and with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax
      laws or the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the Officer executing such Notes, as evidenced by the execution of such Notes.

   

  (b)          Pursuant to the terms hereof and
      Sections 201 and 301 of the Base Indenture, the Company hereby creates a series of Securities designated as the “1.625% Senior Notes due 2029” of the Company (as amended or supplemented from time to time, that are issued under the Indenture,
      including both the Initial Notes and the Additional Notes (as defined below), if any, the “Notes”), which Notes shall be deemed
      “Securities” for all purposes under the Base Indenture.

   

  (c)          The Initial Notes to be issued
      pursuant to the Indenture shall be issued and initially limited in aggregate principal amount to €650,000,000 and shall mature on the Stated Maturity, unless the Notes are redeemed prior to that date as described in Article V. The aggregate principal
      amount of Initial Notes Outstanding at any time may not exceed €650,000,000, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the series pursuant to Sections 304,
      305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered.

   

  (d)          The Company may without the
      consent of the Holders, issue additional Notes hereunder as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP, ISIN and Common Code numbers as the Initial Notes initially issued, but
      may be offered at a different offering price or have a different issue date, initial interest accrual date or initial interest payment date (“Additional

        Notes”); provided that if any Additional Notes are issued at a price that causes such Additional Notes to have “original issue
      discount” within the meaning of Section 1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of the United States Department of Treasury thereunder (the “Code”) or if any Additional Notes are not otherwise fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes shall not have the same CUSIP, ISIN or Common Code
      number as the Initial Notes.

  

  

  
    2

    
      

  

  (e)          The Notes shall be issued only
      in fully registered form without coupons in minimum denominations of €100,000 and any integral multiple of €1,000 in excess thereof.

   

  
    	 	
            Section 1.02.

          	
            Interest.

          

  

   

  (a)          Interest on a Note will accrue
      at the per annum rate of 1.625%, from and including the date specified on the face of such Note to, but excluding, the date on which the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be paid on the
      basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Notes, to but excluding the next scheduled interest payment date.
      This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association.

   

  (b)          The Company shall pay interest
      on the Notes annually in arrears on May 22 of each year (each, an “Interest Payment Date”), commencing May 22, 2020, provided that the final Interest Payment Date of the Notes shall be May 22, 2029.

   

  (c)          Interest shall be paid on each
      Interest Payment Date to the registered Holders of the Notes as of the close of business on the Regular Record Date.

   

  (d)          Amounts due on the Stated
      Maturity or earlier redemption date of the Notes will be payable at the corporate trust office of the Paying Agent, initially at One Canada Square, London E14 5AL, United Kingdom, except as otherwise provided in the Notes. The Company shall make
      payments of principal, premium, interest, additional amounts or Redemption Price in respect of the Notes in book-entry form to the Paying Agent in immediately available funds, while disbursement of such payments to owners of beneficial interests in
      Notes in book-entry form will be made in accordance with the procedures of the Paying Agent and its participants in effect from time to time. The Bank of New York Mellon, London Branch will initially act as Paying Agent for payments with respect to
      the Notes. The Company may at any time designate additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts, except that the Company shall be required to maintain a
      Paying Agent in each Place of Payment for the Notes. Neither the Company nor the Trustee shall impose any service charge for any transfer or exchange of a Note. However, the Company may require Holders of the Notes to pay any taxes or other
      governmental charges in connection with a transfer or exchange of Notes. All moneys paid by the Company to a Paying Agent for the payment of principal, premium, interest, additional amounts or Redemption Price on Notes which remain unclaimed at the
      end of two years after such principal, premium, interest, additional amounts or Redemption Price has become due and payable will be repaid to the Company upon request, and the Holder of such Notes thereafter may look only to the Company for payment
      thereof.

   

  
    3

    
      

  

  (e)          If any Interest Payment Date,
      Stated Maturity, earlier redemption date or repurchase date falls on a day that is not a Business Day, the Company shall make the required payment of principal, premium, interest, additional amounts or Redemption Price with respect to the Notes on
      the next succeeding Business Day as if it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and after that Interest Payment Date, Stated Maturity, earlier redemption or repurchase date, as
      the case may be, to such next succeeding Business Day.

   

  
    	 	
            Section 1.03.

          	
            Payment.

          

  

   

  All payments of principal of, the redemption price (if any) for, additional amounts (if any) payable with respect to, and
      interest on, the Notes, will be payable in euro. If the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then member states
      of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S.
      dollars until the euro is again available to the Company or so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business
      on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in The Wall Street Journal
      (or successor publication) on or prior to the second Business Day prior to the relevant payment date, or in the event The Wall Street Journal (or successor publication) has not published such exchange rate, such rate as determined in our sole
      discretion on the basis of  the most recently available market exchange rate for the euro. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of Default under the Notes, the Indenture or this First Supplemental
      Indenture. Neither the Trustee nor any Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing.

   

  
    	 	
            Section 1.04.

          	
            Relationship with Base Indenture.

          

  

   

  The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this First
      Supplemental Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this First Supplemental Indenture, the provisions of this First Supplemental Indenture will govern and be controlling.

   

  For purposes of the Notes and this First Supplemental Indenture, the references in Sections 1001, 1003 and 1105 of the Base
      Indenture to “10:00 a.m. (New York City time) on” shall be replaced with “11:00 a.m. (London time) one business day prior to.”

   

  
    	 	
            Section 1.05.

          	
            Amendments to the Indenture.

          

  

   

  (a)          References to the “Trustee” in
      the Base Indenture in connection with The Bank of New York Mellon acting as paying agent are hereby replaced with “The Bank of New York Mellon, London Branch, as paying agent”.

   

    

  
    4

    
      

  

  (b)          The definition of “Depositary”
      under Section 101 of the Base Indenture shall be amended and restated as follows:

   

  “Depositary” means, with respect to Securities of any series issuable or issued as a Global Security, Euroclear Bank
      SA./N.V. (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream”) or any of their respective successors.

   

  (c)          the definition of “Business Day”
      under Section 101 of the Base Indenture shall be amended and restated as follows:

   

  “Business Day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions or trust
      companies in New York, New York, London, United Kingdom, the Channel Islands or the Trans-European Automated Real-time Gross Settlement Express Transfer System are authorized or obligated by law, regulation or executive order to close.

   

  ARTICLE 2

      Definitions and Other Provisions of General Application

   

  
    	 	
            Section 2.01.

          	
            Definitions.

          

  

   

  For all purposes of this First Supplemental Indenture (except as herein otherwise expressly provided or unless the context of
      this First Supplemental Indenture otherwise requires):

   

  (a)          any reference to an “Article” or
      a “Section” refers to an Article or a Section, as the case may be, of this First Supplemental Indenture;

   

  (b)          the words “herein,” “hereof” and
      “hereunder” and other words of similar import refer to this First Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision;

   

  (c)          “including” means including
      without limitation;

   

  (d)          “euro” and “€” refer to the single currency of participating member states of the economic and monetary union as contemplated in the Treaty on European Union;

   

  (e)          “dollars” and “$” refer to U.S.
      dollars; and

   

  (f)          unless otherwise provided,
      references to agreements and other instruments shall be deemed to include all amendments and other modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of
      this Indenture.

   

    

  
    5

    
      

  

  The terms defined in this Section 2.01 (except as herein otherwise expressly provided or unless the context of this First
      Supplemental Indenture otherwise requires) for all purposes of this First Supplemental Indenture and of any indenture supplemental hereto have the respective meanings specified in this Section 2.01. All other terms used in this First Supplemental
      Indenture that are defined in the Base Indenture, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this First Supplemental Indenture otherwise requires), have the respective meanings
      assigned to such terms in the Base Indenture, as in force at the date of this First Supplemental Indenture as originally executed; provided that
      any term that is defined in both the Base Indenture and this First Supplemental Indenture shall have the meaning assigned to such term in this First Supplemental Indenture.

   

  “Additional Notes” has
      the meaning specified in Section 1.01(h)

   

  “Applicable Procedures”
      means, with respect to any transfer or transaction involving a Global Security or beneficial interest therein, the rules and procedures of the Depositary or DTC, in each case to the extent applicable to such transaction and as in effect from time to
      time.

   

  “Below Investment Grade Rating
        Event” means the rating on the Notes is lowered in respect of a Change of Control and the Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a
      Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended until the ratings are announced if during such 60 day period the rating of the Notes is under
      publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred     in
      respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to
      which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result
      of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). The Company will request the Rating Agencies to make such
      confirmation in connection with any Change of Control and shall promptly certify to the Trustee as to whether or not such confirmation has been received or denied.

   

  “Bund Rate” means the
      yield to maturity, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), on the third Business Day prior to the date fixed for redemption, of the Reference Bond on the basis of the middle market price of the
      Reference Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by the Company or the Independent Investment Banker.

   

  “Change of Control”
      means the occurrence of the following:

  

  

  
    6

    
      

  

  

  
    	

          	
            •

          	
            the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
                series of related transactions, of all or substantially all of the combined assets of the Credit Group taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or any successor provision), other than to a Continuing KKR Person; or

          

     

    

  

  
    	

          	
            •

          	
            the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any
                “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other than a Continuing KKR Person, becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor
                provision) of a majority of the controlling interests in (i) KKR & Co. Inc. or (ii) one or more Guarantors that together hold all or substantially all of the assets of the Credit Group taken as whole.

          

  

   

    

  “Change of Control Repurchase
        Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

   

  “Code” has the meaning
      specified in Section 1.01(c).

   

  “Commission” means the
      Securities and Exchange Commission or any successor entity.

   

  “Common Depositary”
      means The Bank of New York Mellon, London Branch, as common depositary for the Depositary (or any successor thereto).

   

  “Continuing KKR Person”
      means, immediately prior to and immediately following any relevant date of determination, (i) an individual who (a) is an executive of the KKR Group, (b) devotes substantially all of his or her business and professional time to the activities of the
      KKR Group and (c) did not become an executive of the KKR Group or begin devoting substantially all of his or her business and professional time to the activities of the KKR Group in contemplation of a Change of Control, or (ii) any Person in which
      any one or more of such individuals directly or indirectly, singly or as a group, holds a majority of the controlling interests.

   

  “Covenant Defeasance”
      has the meaning specified in Section 8.01.

   

  “Credit Party Jurisdiction”
      means a jurisdiction where a Credit Party is incorporated or considered to be a resident for tax purposes, if other than the United States.

   

  “Event of Default” has
      the meaning specified in Section 4.01.

    

  

  
    7

    
      

  

  “Existing Indebtedness”
      means indebtedness incurred under (i) the Amended and Restated Credit Agreement dated as of December 7, 2018 among Kohlberg Kravis Roberts & Co. L.P. and the KKR Group Partnerships, as borrowers, the other borrowers from time to time party
      thereto, the lenders party thereto, and HSBC Bank USA, National Association, as administrative agent; (ii) the Second Amended and Restated 5-Year Revolving Credit Agreement dated as of March 30, 2016 among KKR Capital Markets Holdings L.P., certain
      subsidiaries of KKR Capital Markets Holdings L.P., as borrowers, the lenders party thereto, and Mizuho Bank, Ltd., as administrative agent, as amended by the First Amendment thereto dated as of June 29, 2017 and the Second Amendment thereto dated as
      of November 14, 2018; (iii) the 364-Day Revolving Credit Agreement dated as of June 28, 2018 among KKR Capital Markets Holdings L.P. and certain subsidiaries of KKR Capital Markets Holdings L.P., as borrowers, the lenders party thereto, and Mizuho
      Bank Ltd., as administrative agent, as amended by the First Amendment thereto dated as of November 14, 2018, and in the case of each of clauses (i), (ii) and (iii) above, any amendments, supplements, modifications, extensions, renewals, restatements
      or refundings thereof and any indentures, notes, debentures or credit facilities or commercial paper facilities that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such
      replacement, refunding or refinancing facility or indenture that alters the maturity or interest rate thereof, provided that the aggregate principal amount of Existing Indebtedness outstanding at any one time shall not exceed $2.750 billion.

   

  “FATCA” has the meaning
      specified in Section 6.04(1)(h).

   

  “FATCA Withholding Tax”
      shall mean any Tax withheld or deducted pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any amended or successor provisions that are substantively
      comparable), any regulations or agreements thereunder or official interpretations thereof, or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law, regulation or other
      official guidance implementing such an intergovernmental agreement).

   

  “Fitch” means Fitch
      Ratings Inc. or any successor thereto.

   

  “Interest Payment Date”
      has the meaning specified in Section 1.02(c).

   

  “Initial Notes” means
      Notes in an aggregate principal amount of up to €650,000,000 initially issued under this First Supplemental Indenture in accordance with Section 1.01(c).

   

  “Independent Investment Banker”
      means one of the Reference Bond Dealers appointed by the Company.

   

  “Investment Grade” means
      a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases
      to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency).

    

  

  
    8

    
      

  

  “KKR Group” means the
      KKR Group Partnerships, the direct and indirect parents (including, without limitation, general partners) of the KKR Group Partnerships (the “Parent
        Entities”), any direct or indirect subsidiaries of the Parent Entities or the KKR Group Partnerships, the general partner or similar controlling entities of any investment or vehicle that is managed, advised or sponsored by the KKR Group (“KKR Fund”) and any other entity through which any of the foregoing directly or indirectly conduct its business, but shall exclude any company in which
      a KKR Fund has an    investment.

   

  “KKR Group Partnerships”
      means KKR Management Holdings L.P., KKR Fund Holdings L.P. and KKR International Holdings L.P.

   

  “Notes” has the meaning
      specified in Section 1.01(b).

   

  “Paying Agent” means The
      Bank of New York Mellon, London Branch, as paying agent (or any successor thereto).

   

  “Permitted Liens” means
      (a) liens on voting stock or profit participating equity interests of any Subsidiary existing at the time such entity becomes a direct or indirect Subsidiary of the Corporation or is merged into a direct or indirect Subsidiary of KKR & Co. Inc. 
      (the “Corporation”) (provided such liens
      are not created or incurred in connection with such transaction and do not extend to any other Subsidiary), (b) statutory liens, liens for taxes or assessments or governmental liens not yet due or delinquent or which can be paid without penalty or
      are being contested in good faith, (c) other liens of a similar nature as those described in subclauses (a) and (b) above, and (d) liens granted under Existing Indebtedness.

   

  “Rating Agency” means:

   

  
    	 	
            •

          	
            each of Fitch and S&P; and

          

     

    

  

  
    	 	
            •

          	
            if either of Fitch or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons
                outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) the Exchange Act selected by the Company as a replacement agency for Fitch or S&P, or both, as the case
                may be.

          

  

   

    

  “Reference Bond” means,
      in relation to any Bund Rate calculation, a German government bond whose maturity is closest to the maturity of the Notes, or if the Company or the Independent Investment Banker considers that such similar bond is not in issue, such other German
      government bond as the Company or the Independent Investment Banker, with the advice of three brokers of, and/or market makers in, German government bonds selected by the Company or the Independent Investment Banker, determine to be appropriate for
      determining the Bund Rate.

   

  “Reference Bond Dealer”
      means (A) each of Citigroup Global Markets Limited, Goldman Sachs & Co. LLC, Mizuho International plc, Morgan Stanley & Co. International plc, KKR Capital Markets Limited or their respective affiliates which are Primary Bond Dealers (as
      defined below), and their respective successors and (B) any other broker of, and/or market maker in, German government bonds (a “Primary Bond Dealer”)

      selected by the Company.

  

  

  
    9

    
      

  

  “Registrar” means the
      Security Registrar for the Notes, which shall initially be The Bank of New York Mellon Trust Company, N.A., or any successor entity thereof, subject to replacement as set forth in the Base Indenture.

   

  “Regular Record Date”
      for interest payable in respect of any Note on any Interest Payment Date means the 15th calendar day immediately preceding the relevant Interest Payment Date (whether or not a Business Day).

   

  “Relevant Jurisdiction”
      means the United States, any Credit Party Jurisdiction, and any Successor Person Jurisdiction.

   

  “S&P” means S&P
      Global Ratings, a division of S&P Global, Inc., or any successor thereto.

   

  “Stated Maturity” means
      May 22, 2029.

   

  “Successor Person Jurisdiction”
      means a jurisdiction where a Successor Person is incorporated or considered to be a resident for tax purposes, if other than the United States.

   

  “Taxes” has the meaning
      specified in Section 6.04.

   

  ARTICLE 3

      security forms

   

  
    	 	
            Section 3.01.

          	
            Form Generally.

          

  

   

  (a)          The Notes shall be in
      substantially the form set forth in Section 3.02 of this Article 3, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this First Supplemental Indenture, and may have
      such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistent
      herewith, be determined by the Officer executing such Notes, as evidenced by the execution thereof. All Notes shall be in fully registered form.

   

  (b)          The Notes shall be printed,
      lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the Officer of the Company executing such Notes, as evidenced by the execution of such Notes.

   

  
    10

    
      

  

  (c)          Upon their original issuance,
      the Notes shall be issued in the form of one or more Global Securities in definitive, fully registered form without interest coupons. Each such Global Security shall be duly executed by the Company, authenticated and delivered by the Trustee and
      shall be registered in the name of the nominee for the Common Depositary and deposited with the Common Depositary. Beneficial interests in the Global Securities will be shown on, and transfers will only be made through, the records maintained by the
      Depositary and its participants.

   

  
    	 	
            Section 3.02.

          	
            Form of Note.

          

  

   

  [FORM OF FACE OF NOTE]

   

  [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO RULE 144A UNDER THE SECURITIES ACT:

   

  THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
      DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR
      WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A
      FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH KKR GROUP FINANCE CO. V LLC OR ANY AFFILIATE OF KKR GROUP FINANCE CO. V LLC WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO KKR GROUP
      FINANCE CO. V LLC, KKR & CO. INC., KKR MANAGEMENT HOLDINGS L.P., KKR FUND HOLDINGS L.P., KKR INTERNATIONAL HOLDINGS L.P. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
      ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN
      ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S.
      PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A
      QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000 (OR EURO EQUIVALENT), FOR INVESTMENT
      PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO KKR GROUP
      FINANCE CO. V LLC’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS
      LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.]

   

  
    11

    
      

  

  [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT:

   

  THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
      DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR
      WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A
      FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH KKR GROUP FINANCE CO. V LLC OR ANY AFFILIATE OF KKR GROUP FINANCE CO. V LLC WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO KKR GROUP
      FINANCE CO. V LLC, KKR & CO. INC., KKR MANAGEMENT HOLDINGS L.P., KKR FUND HOLDINGS L.P., KKR INTERNATIONAL HOLDINGS L.P. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
      ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN
      ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S.
      PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A
      QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000 (OR EURO EQUIVALENT), FOR INVESTMENT
      PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO KKR GROUP
      FINANCE CO. V LLC’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS
      LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS
      ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.]

   

  
    12

    
      

  

  

  

  [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY:

   

  THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
      IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS DEBT SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
      PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

   

  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, SA./N.V., AS
      OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”), AND CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO KKR GROUP FINANCE CO. V LLC OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE, OR
      PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO THE BANK OF
      NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
      REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN.]

   

  
    13

    
      

  

  [FORM OF 1.625% SENIOR NOTE DUE 2029]

   

  KKR GROUP FINANCE CO. V LLC

   

  1.625% SENIOR NOTE DUE 2029

   

  	
          No.                               

              

        	
          Principal Amount €               

            

        
	
          CUSIP NO.                      

              

        	 
	
          ISIN NO.                               

              

        	 
	
          COMMON CODE NO.                   

              

        	 

  

  

  KKR Group Finance Co. V LLC, a limited liability company duly organized and existing under the laws of the State of Delaware
      (herein called the “Company”, which term includes any successor Person under the Indenture referred to on the reverse hereof), for value received,
      hereby promises to pay to The Bank of New York Depositary (Nominees) Limited, as nominee of The Bank of New York Mellon, London Branch, a common depositary for Euroclear Bank SA./N.V. (“Euroclear”) and Clearstream Banking S.A. (“Clearstream”) or registered assigns, the principal sum of                  Euro (€          ), or such other principal amount as
      shall be set forth in the Schedule of Increases and Decreases in Note attached hereto, on May 22, 2029 (the “Maturity Date”) and to pay interest
      thereon, from May 22, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for to but excluding the next Interest Payment Date, which shall be May 22 of each year, commencing May 22, 2020, at the per
      annum rate of 1.625% (the “Note Interest Rate”), until the principal hereof is paid or made available for payment.

   

  For the purposes of this Note, the term “Business Day” means any day, other than a Saturday or Sunday, that is  not a day on which banking institutions or trust companies in New York, New York, London, United Kingdom, the Channel Islands or the Trans-European Automated Real-time
        Gross Settlement Express Transfer System are authorized or obligated by law, regulation or executive order to close.

   

  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
      Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the 15th
      calendar day immediately preceding the relevant Interest Payment Date (whether or not a Business Day). Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to
      the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which
      shall be given to Holders of Notes not less than 10 days prior to the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Notes may be listed, all as
      more fully provided in the Indenture. Interest will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid
      on the Notes (or May 22, 2019 if no interest has been paid on the Notes), to but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International
      Capital Market Association.

   

  
    14

    
      

  

  The principal of, and interest, premium, Repurchase Price (as defined in the Indenture) and additional amounts on, the Notes
      will be payable in Euro. The Company will cause the paying agent to pay such amounts, on the dates payment is to be made, directly to The Bank of New York Depository (Nominees) Limited.

   

  The Company will pay the Holder hereof additional amounts with respect to withholding taxes as are provided for, and subject to
      the conditions stated, on the reverse of this Note.

   

  This Note is being deposited with The Bank of New York Mellon, London Branch acting as a common depositary of Euroclear and
      Clearstream, and registered in the name of The Bank of New York Depository (Nominees) Limited, a nominee of the common depositary. As Holder of record of this Note, The Bank of New York Depository (Nominees) Limited shall be entitled to receive
      payments of principal and interest. Payments of principal, interest, premium or the Repurchase Price, including any additional amounts, on this Note shall be made in the manner specified on the reverse of this Note and, to the extent not inconsistent with the provisions set forth herein, in
      the Indenture referred to herein.

   

  The Notes constitute the direct, unconditional, unsecured and unsubordinated general obligations of the Company and shall at
      all times rank pari passu without any preference among themselves and with all other unsecured obligations of the Company, other than
      subordinated obligations of the Company and except for statutorily preferred obligations. The Securities are not redeemable prior to the Maturity Date, except as set forth on the reverse of this Note and will not be subject to any sinking fund.

   

  Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall
      for all purposes have the same effect as if set forth at this place.

   

  Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual
      signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

   

  
    15

    
      

  

  IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

   

  	 	
          KKR Group Finance Co. V LLC

        
	 	 
	 	
          By:

        	 
	 	 	
          Name:

        
	 	 	
          Title:

        

   

  Attest:

   

  	
          By:

        	 	 
	 	
          Name:

        	 
	 	
          Title:

        	 

  

  

  
    16

    
      

  

  CERTIFICATE OF AUTHENTICATION

   

  This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

   

  	
          Dated:

        	 	 

  

  

   

  	
          THE BANK OF NEW YORK MELLON

              TRUST COMPANY, N.A., as Trustee

        	 
	 	 
	
          By:

        	 	 
	 	
          Authorized Signatory

        	 

  

  

  
    17

    
      

  

  [FORM OF REVERSE OF NOTE]

   

  1.           Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its “1.625% Senior Notes due 2029” (herein called the “Notes”), issued under a First Supplemental Indenture, dated as of May 22, 2019 (the “First Supplemental Indenture”), to an indenture, dated as of May 22, 2019 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Base Indenture” and herein with the First Supplemental Indenture, collectively, the “Indenture”), among the Company, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which reference is hereby made for a statement of the respective rights, limitations of rights, duties
      and immunities thereunder of the Company, the Guarantors, the Trustee, The Bank of New York Mellon, London Branch (the “Paying Agent,”
      which term includes any successor paying agent under the Indenture) and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of the Initial Notes Outstanding at
      any time may not exceed €650,000,000 in aggregate principal amount, except for, or in lieu of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of
      the Base Indenture, are deemed never to have been authenticated and delivered. The First Supplemental Indenture pursuant to which this Note is issued provides that Additional Notes may be issued thereunder.

   

  All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. In
      the event of a conflict or inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern.

   

  2.           Optional Redemption. Prior to February 22, 2029, the Company may at its option redeem all or a part of the Notes upon not more than 60 days nor less than 15 days
      prior notice, at any time and from time to time, at a redemption price in cash equal to the greater of (i) 100% of the aggregate principal amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments
      of principal and interest on any Notes being redeemed (exclusive of interest accrued to the date of redemption) from the date of redemption to February 22, 2029, in each case discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA))
      at a rate equal to the applicable Bund Rate plus 30 basis points, plus in each case accrued and unpaid interest thereon to, but excluding, the date of redemption.

   

  The Company shall give the Trustee notice of the Redemption Price with respect to any redemption pursuant to the
      preceding paragraph as soon as practicable after the calculation thereof and the Trustee shall have no responsibility for such calculation.

   

  On or after February 22, 2029, the Company may at its option redeem all or a part of the Notes upon not more than 60
      days nor less than 15 days prior notice, at a redemption price in cash equal to 100% of the aggregate principal amount of any Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the date of redemption. Any notice of any
      redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a securities offering or other corporate transaction.

   

  
    18

    
      

  

  3.           Change of Control Repurchase Event. In the event of a Change of Control Repurchase Event, unless the Company has exercised its option to redeem the Notes, the Company
      will make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes at a Repurchase Price in cash equal to 101% of

        the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest, if any, pursuant to Section 6.02 of the First Supplemental Indenture.

   

  4.           Registrar and Paying Agent. The Company shall maintain in the Borough of Manhattan, the City of New York, an office or agency where Notes may be surrendered for
      registration of transfer or exchange and an office or agency where Notes may be presented for payment or for exchange. The Company has initially appointed The Bank of New York Mellon acting through its London Branch, as its Paying Agent and The Bank
      of New York Mellon as the Trustee and its Security Registrar. The Company reserves the right at any time to vary or terminate the appointment of any Paying Agent or Security Registrar, to appoint additional or other Paying Agents or other Security
      Registrars and to approve any change in the office through which any Paying Agent or Security Registrar acts.

   

  5.           Additional Amounts. All payments of principal and interest in respect of the Notes will be made free and clear of, and without deduction or withholding for or on
      account of, any present or future taxes, assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the United States (collectively, “Taxes”), unless such withholding or deduction is required by law. In the event any withholding or deduction on payments
      in respect of the Notes for or on account of any Taxes is required, we will pay such additional amounts on the Notes as will result in receipt by each beneficial owner of a Note that is not a U.S. Person (as defined below) of such amounts (after all
      such withholding or deduction, including on any additional amounts) as would have been received by such beneficial owner had no such withholding or deduction been required. The Company will not be required, however, to make any payment of additional
      amounts for or on account of:

   

  
    	 	
            (a)

          	
            any Taxes that would not have been imposed but for (1) the existence of any present or former connection (other than a
                connection arising solely from the ownership of those Notes or the receipt of payments in respect of those Notes) between a Holder of a Note (or the beneficial owner for whose  benefit such Holder holds such Note), or between a fiduciary,
                settlor, beneficiary of, member or shareholder of, or possessor of a power over, that Holder or beneficial owner (if that Holder or beneficial owner is an estate, trust, limited liability company, partnership or corporation) and the United
                States, including that Holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident or treated as a resident of the United States or being or having been
                engaged in trade or business or present in the United States or having had a permanent establishment in the United States or (2) the presentation of a note for payment on a date more than 30 days after the later of the date on which that
                payment becomes due and payable and the date on which payment is duly provided for;

          

  

   

  
    19

    
      

  

  
    	 	
            (b)

          	
            any estate, inheritance, gift, sales, transfer, capital gains, excise, personal property, wealth or similar tax,
                assessment or other governmental charge;

          

  

  
    	 	
            (c)

          	
            any tax, assessment or other governmental charge imposed by reason of the beneficial owner’s past or present status as a
                passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United States or as a   corporation that accumulates earnings to avoid U.S. federal
                income tax;

          

  

  
    	 	
            (d)

          	
            any tax, assessment or other governmental charge which is payable otherwise than by withholding or deducting from
                payment of principal of or premium, if any, or interest on such Notes;

          

  

  
    	 	
            (e)

          	
            any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of
                principal of and premium, if any, or interest on any note if that payment can be made without withholding by any other paying agent;

          

  

  
    	 	
            (f)

          	
            any tax, assessment or other governmental charge which would not have been imposed but for the failure of a beneficial
                owner or any Holder of Notes to comply with a request to satisfy certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of the
                beneficial owner or any Holder of the Notes that such beneficial owner or Holder is legally able to deliver (including, but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, or any
                subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty);

          

  

  
    	 	
            (g)

          	
            any tax, assessment or other governmental charge imposed on interest received by (1) a 10-percent shareholder (as
                defined in Section 871(h)(3)(B) of the Code), and the regulations that may be promulgated thereunder) of us, (2) a controlled foreign corporation that is related to us within the meaning of Section 864(d)(4) of the Code, or (3) a bank
                receiving interest described in Section 881(c)(3)(A) of the Code, to the extent such tax, assessment or other governmental charge would not have been imposed but for the beneficial owner’s status as described in clauses (1) through (3) of
                this paragraph (g);

          

  

  
    	 	
            (h)

          	
            any tax, assessment or other governmental charge required to be withheld or deducted under Sections 1471
                through 1474 of the Code (or any amended or successor version of such Sections that is substantively comparable) (“FATCA”),  any
                regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into in connection therewith; or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or
                an intergovernmental agreement in respect of FATCA;  or

          

     

    

  

  
    20

    
      

  

  
    	 	
            (i)

          	
            any combination of items (a), (b), (c), (d), (e), (f), (g) and (h);

          

  

   

  nor will the Company pay any additional amounts to any beneficial owner or Holder of Notes who is a fiduciary or
      partnership (or other entity treated as a partnership for U.S. federal income tax purposes) to the extent that a beneficiary or settlor with respect to that fiduciary or a member of that partnership (or other entity treated as a partnership for U.S.
      federal income tax purposes) or a beneficial owner thereof would not have been entitled to  the payment of those additional amounts had that beneficiary, settlor, member or beneficial owner been the beneficial owner of those Notes.

    

  

  As used in the preceding paragraph, “U.S. Person” means any individual who is a citizen
      or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia (other than a
      partnership that is not treated as a United States person under any applicable U.S. Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source.

    

  

  The obligations set forth in this section shall also apply to any Successor Party (as
      defined in the offering memorandum for the Notes). With respect to such Successor Party, for the purposes of this section and “—Tax Redemption,”
      references to the United States shall be deemed to include the Permitted Jurisdiction (as defined in the offering memorandum for the Notes) of such Successor Party.

    

  

  Any reference in the Indenture or in the Notes to principal or interest shall be deemed
      to refer also to additional amounts which may be payable under the provisions of this section.

   

  6.           Tax Redemption. If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any
      political subdivision of or taxing authority in the United States), or any change in, or amendment to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or
      becomes effective on or after the date of the offering memorandum for the Notes, the Company becomes, or there is a substantial probability that the Company will become, obligated to pay additional amounts as described under the heading “—Additional
        Amounts” with respect to the Notes, and in either case the Company provides a written opinion of independent counsel of recognized standing selected by the Company to that effect, then the Company may at any time at its option redeem in
      whole, but not in part, the Notes on not less than 30 nor more than 60 days’ prior notice, at a redemption price equal to 100% of its principal amount, together with accrued and unpaid interest on the Notes to, but excluding, the redemption date.

   

    

  
    21

    
      

  

   7.          Global Security. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an interest in this Note, including an exchange, transfer,
      redemption, repurchase or conversion of this Note in part only, the Common Depositary, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the Applicable Procedures.

   

  

  8.           Defaults and Remedies. If an Event of Default shall occur and be continuing, the principal of all the Notes may be declared due and payable in the manner and with the
      effect provided in the Indenture. Upon payment of the amount of principal so declared due and payable, all obligations of the Company in respect of the payment of the principal of and interest on the Notes shall terminate.

   

  No Holder of Notes shall have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or
      for the appointment of a receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy hereunder (except actions for payment of overdue principal of, and premium, if any, or interest on such Notes in accordance
      with its terms), unless (i) such Holder has previously given written notice to the Trustee of a continuing Event of Default, specifying an Event of Default, as required under the Indenture; (ii) the Holders of not less than 25% in aggregate principal
      amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture; (iii) such Holder or Holders have offered to the Trustee
      indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee has failed to institute any such proceeding for 60 days after its receipt of such notice, request and
      offer of indemnity; and (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes, it being understood and
      intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek
      to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner provided in the Indenture and for the equal and ratable benefit of all of such Holders.

   

  The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal
      of, and premium, if any, or interest hereon, on or after the respective due dates expressed or provided for herein.

   

  9.           Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
      obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the written consent of the Holders of at least a majority in aggregate principal amount of the Outstanding
      Notes. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain
      provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of
      any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note. Certain modifications or amendments to the Indenture
      require the consent of the Holder of each Outstanding Note affected.

   

  
    22

    
      

  

  No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the
      consent of the Holder hereof) the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed.

   

  10.         Registration and Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registerable on the
      Security Register. Upon surrender for registration of transfer of this Note at the office or agency of the Company in a Place of Payment, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
      transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. As provided in the Indenture and subject to certain limitations therein set forth, at the option of the Holder, this Note may be
      exchanged for one or more new Notes of any authorized denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency. Upon such surrender by the Holder, the Company shall execute, and the Trustee shall
      authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. Every Note presented or surrendered for registration of transfer or for
      exchange shall be duly endorsed (if so required by the Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or such Holder’s
      attorney duly authorized in writing. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
      connection therewith.

   

  Prior to due presentment of this Note for registration of transfer, the Company, the Guarantors, the Trustee and any agent of
      the Company, a Guarantor or the Trustee may treat the Person in whose name such Note is registered as the owner thereof for all purposes (except as otherwise provided in the Indenture), whether or not such Note be overdue, and neither the Company,
      the Guarantors, the Trustee nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary.

   

  11.         Guarantee. As expressly set forth in the Base Indenture, payment of this Note is jointly and severally and fully and unconditionally guaranteed by the Guarantors that
      have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture and their Guarantees under the circumstances specified in the Base Indenture.

   

  
    23

    
      

  

  12.         Governing Law. THE INDENTURE, THIS SECURITY AND THE
        GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

   

  ABBREVIATIONS

   

  The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were
      written out in full according to applicable laws or regulations:

   

  TEN COM (= tenant in common)

  TEN ENT (= tenants by the entireties (Cust))

  JT TEN (= joint tenants with right of survivorship and not as tenants in common)

  UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act )

   

  Additional abbreviations may also be used though not in the above list.

   

  
    24

    
      

  

  ASSIGNMENT FORM

   

  To assign this Note, fill in the form below:

   

  	 (I) or (we) assign and transfer this Note to:	 
	 	
          (Insert assignee’s legal name)

        
	 
	
          (Insert assignee’s soc. sec. or tax I.D. no.)

        
	 
	 
	 
	 
	 
	 
	 
	
          (Print or type assignee’s name, address and zip code)

        

  

  

  and irrevocably appoint

   

                                                                                                              ,
      as agent, to transfer this Note on the books of the Company. The agent may substitute another to act for him.

   

  In connection with the assignment of the Notes evidenced by this certificate occurring prior to the date that is one year or six months, as the
      case may be (as specified in Rule 144(d) under the Securities Act), after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company or any affiliate of the Company, the
      undersigned confirms that such Notes are being:

   

  CHECK ONE BOX BELOW:

   

  	 	
          1

        	☐	
          acquired for the undersigned’s own account, without transfer; or

        
	 	 	 	 
	 	
          2

        	☐	
          transferred to the Company; or

        
	 	 	 	 
	 	
          3

        	☐	
          transferred pursuant to and in compliance with Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”); or

        
	 	 	 	 
	 	
          4

        	☐	
          transferred pursuant to an effective registration statement under the Securities Act; or

        
	 	 	 	 
	 	
          5

        	☐	
          transferred pursuance to and in compliance with Regulation S promulgated under the Securities Act; or

        
	 	 	 	 
	 	
          6

        	☐	
          transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act) that,
              prior to such transfer, furnished the Trustee with a signed letter containing certain representations and agreements relating to the transfer; or

        

  

  

  
    25

    
      

  

  	 	
          7

        	 ☐	
          transferred pursuant to another available exemption from the registration requirements of the Securities Act.

        

  

  

  Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the
      name of any Person other than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Company may require, prior to registering any such transfer of the Notes, in its sole discretion, such legal opinions, certifications and other information as
      the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, such as the exemption provided by Rule 144A
      promulgated under the Securities Act.

   

  	
          Dated:

        	 	 	 	
          Signature:

        	 

  

  

  	
          Signature Guarantee:

        	 	 
	 	 	 
	 

        	 	 

        
	(Signature must be guaranteed) 

        	 	Signature 

        
	 	 	 

  

  

  The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
      and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 of the Securities Exchange Act.

   

  TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

   

  The undersigned represents and warrants that it is purchasing this Note for its own account or an account
      with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, and is aware that the sale to it is being made in reliance
      on Rule 144A promulgated under the Securities Act and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is
      aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.

   

  	
          Dated:

        	 	 	
          Signature:

        	 

  

  

  
    26

    
      

  

  [SCHEDULE OF INCREASES AND DECREASES IN NOTE

   

  KKR GROUP FINANCE CO. V LLC

   

  1.625% Senior Note due 2029

   

  The initial principal amount of this Note is €                             .
      The following increases or decreases in this Note have been made:

   

  	
          
            Date

          

        	 	
          
            Amount of

             decrease in

             Principal Amount 

            of this Note

          

        	 	
          
            Amount of

             increase in 

            Principal Amount 

            of this Note

          

        	 	
          
            Principal Amount

             of this Note 

            following such 

            decrease or

             increase

          

        	 	
          
            Signature of 

            authorized officer

             of Trustee]1

          

        
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  

  

  1 Insert for Global
      Securities only

   

    

  
    27

    
      

  

  
    	 	
            Section 3.03.

          	
            Transfer and Exchange of Global Securities.

          

  

   

  (a)          The transfer and exchange of
      Global Securities or beneficial interests therein shall be effected through the Depositary, in accordance with the Indenture (including applicable restrictions on transfer set forth in the Indenture and in the Global Security) and the procedures of
      the Depositary therefor. A transferor of a beneficial interest in a Global Security to another Global Security shall deliver to the Security Registrar a duly completed Assignment Form in the form attached to the Global Security, any applicable
      certifications or opinions required by the Assignment Form and a written order given in accordance with the Applicable Procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in
      the Global Security. The Security Registrar shall, in accordance with such instructions, instruct the Depositary to credit to the account of the Person specified in such instructions a beneficial interest in the Global Security and to debit the
      account of the Person making the transfer the beneficial interest in the Global Security being transferred.

   

  (b)          If the proposed transfer is a
      transfer of a beneficial interest in one Global Security to a beneficial interest in another Global Security, the Security Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Security to
      which such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Security Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount
      of the Global Security from which such interest is being transferred.

   

  (c)          If the Company determines (upon
      the advice of counsel and such other certifications and evidence as the Company may reasonably require) that a Note is eligible for resale after the applicable Resale Restriction Termination Date (as defined in the applicable Note) pursuant to Rule
      144 under the Securities Act (or a successor provision) without the need for current public information and that the applicable legend in either the first or second paragraph of Section 3.02 hereto (a “Restricted Legend”) is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance
      with the Securities Act, the Company may instruct the Trustee to cancel the Note and issue to the Holder thereof (or to its transferee) a new Note in any authorized denominations of like tenor and aggregate principal amount, registered in the name of
      the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the Trustee will comply with such instruction.

   

  
    28

    
      

  

  ARTICLE 4

      Remedies

   

  
    	 	
            Section 4.01.

          	
            Events of Default.

          

  

   

  “Event of Default”
      means, wherever used herein with respect to the Notes, any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
      decree or order of any court or any order, rule or regulation of any administrative or governmental body):

   

  
    	 	
            (a)

          	
            an Event of Default pursuant to Section 501 of the Base Indenture; or

          

     

    

  

  
    	 	
            (b)

          	
            the Company’s failure to pay the Repurchase Price when due in connection with a Change of Control Repurchase Event.

          

  

   

    

  
    	 	
            Section 4.02.

          	
            Waiver of Past Defaults.

          

  

   

  Section 512 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 512 in
      the Base Indenture shall instead be deemed to refer to this Section 4.02.

   

  The Holders of not less than a majority in aggregate principal amount of the Outstanding Notes may on behalf of the Holders of
      all the Notes waive any past Default hereunder with respect to the Notes and its consequences, except a default

   

  (a)          in the payment of the principal
      of, interest on, or additional amounts with respect to any Note; or

   

  (b)          in respect of a covenant or
      provision hereof or of the Base Indenture which under Article 7 hereof or under Article IX of the Base Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Note affected, provided that there had been paid or deposited with the Trustee a sum sufficient to pay all amounts due to the Trustee and to reimburse the Trustee for any and all
      fees, expenses and disbursements advanced by the Trustee, its agents and its counsel incurred in connection with such default or Event of Default.

   

  Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have
      been cured, for every purpose of this First Supplemental Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

   

  
    29

    
      

  

   ARTICLE 5

      Redemption of Securities

   

   

   

    

    Section 5.01.     Optional Redemption. Prior to February 22, 2029, the Company may at its option redeem
      all or a part of the Notes upon not more than 60 days nor less than 15 days prior notice, at any time and from time to time, at a redemption price in cash equal to the greater of (i) 100% of the aggregate principal amount of any Notes being redeemed
      and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on any Notes being redeemed (exclusive of interest accrued to the date of redemption) from the date of redemption to February 22, 2029, in each case
      discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at a rate equal to the applicable Bund Rate plus 30 basis points, plus in each case accrued and unpaid interest thereon to, but excluding, the date of redemption.

   

  The Company shall give the Trustee notice of the Redemption Price with respect to any redemption pursuant to the
      preceding paragraph as soon as practicable after the calculation thereof and the Trustee shall have no responsibility for such calculation.

   

  On or after February 22, 2029, the Company may at its option redeem all or a part of the Notes upon not more than 60 days nor
      less than 15 days prior notice, at a redemption price in cash equal to 100% of the aggregate principal amount of any Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. Any notice of any redemption
      may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a securities offering or other corporate transaction.

   

  
    	 	
            Section 5.02.

          	
            Tax Redemption.

          

  

   

  If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the
      United States (or any political subdivision of or taxing authority in the United States), or any change in, or amendment to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or
      amendment is announced or becomes effective on or after the date of the offering memorandum for the Notes, the Company becomes, or there is a substantial probability that the Company will become, obligated to pay additional amounts as described under
      the heading “—Additional Amounts” with respect to the Notes, and in either case the Company provides a written opinion of independent counsel of
      recognized standing selected by the Company to that effect, then the Company may at any time at its option redeem, in whole, but not in part, the Notes on not less than 30 nor more than 60 days’ prior notice, at a redemption price equal to 100% of
      their principal amount, together with accrued and unpaid interest on the notes to, but excluding, the redemption date.

   

  
    30

    
      

  

  ARTICLE 6

      Particular Covenants

   

  
    	 	
            Section 6.01.

          	
            Liens.

          

  

   

  The Credit Parties shall not create, assume, incur or guarantee any indebtedness for money borrowed that is secured by
      a pledge, mortgage, lien or other encumbrance (other than Permitted Liens) on any voting stock or profit participating equity interests of their respective Subsidiaries (to the extent of their ownership of such voting stock or profit participating
      equity interests) or any entity that succeeds (whether by merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of any of such Subsidiaries, without providing that the Notes (together with, if the Credit
      Parties shall so determine, any other indebtedness of, or guarantee by, the Credit Parties ranking equally with the Notes and existing as of the closing of the offering of the Notes or thereafter created) will be secured equally and ratably with or
      prior to all other indebtedness secured by such pledge, mortgage, lien or other encumbrance on the voting stock or profit participating equity interests of any such entities. This Section 6.01 shall not limit the ability of the Credit Parties to
      incur indebtedness or other obligations secured by liens on assets other than the voting stock or profit participating equity interests of their respective Subsidiaries.

   

  
    	 	
            Section 6.02.

          	
            Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event.

          

  

   

  (a)          If a Change of Control Repurchase Event
      occurs, unless the Company has exercised its option to redeem the Notes pursuant to Article V by giving notice of such redemption to the Holders of the Notes pursuant to Section 1104 of the Base Indenture, the Company will make an offer to each
      Holder of Notes to repurchase all or any part of that Holder’s Notes (the “Change of Control Offer”) at a repurchase price in cash equal to 101% of
      the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the date of purchase (the “Repurchase Price”).

   

  (b)          In connection with any Change of Control
      related to a Change of Control Repurchase Event and any particular reduction in the rating on the Notes, the Company shall request from the Rating Agencies each such Rating Agency’s written confirmation that such reduction in the rating on the Notes
      was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of any Below
      Investment Grade Rating Event).  The Company shall promptly certify to the Trustee as to whether or not such confirmation has been received or denied.

   

  (c)          Within 30 days following any Change of Control
      Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company will give notice to each Holder of Notes, with a written copy to the Trustee, describing the
      transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days
      from the date such notice is given (the “Repurchase Price Payment Date”). The notice shall, if given prior to the date of consummation of the
      Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company will comply with the requirements of Rule 14e-1 under the
      Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To  the extent that the
      provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its
      obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.

   

  
    31

    
      

  

  (d)          On the Change of Control
      Repurchase Event payment date, the Company will, to the extent lawful:

   

  
    
      (i)    accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

       

        

    

  

  
    
      (ii)   deposit with the paying agent an amount equal to the Repurchase Price in respect of all Notes or portions of Notes properly tendered; and

       

        

    

  

  
    
      (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an officers’ certificate stating the aggregate principal amount of Notes being purchased by the Company.

       

        

    

  

  The Paying Agent will promptly mail to each Holder of Notes properly tendered the Repurchase Price for the Notes, and the Trustee will promptly
      authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note representing any unpurchased portion of any Notes
      surrendered will be in a principal amount of €100,000 and integral multiples of €1,000 in excess thereof.

   

  (e)          Notwithstanding the foregoing,
      the Company will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if (i) a third party makes an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the
      requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer or (ii) the Company has given written notice of a redemption as provided under Section 1104 of the Base
      Indenture; provided that the Company has not failed to pay the Redemption Price on the redemption date.

   

  
    	 	
            Section 6.03.

          	
            Financial Reports

          

  

   

  Section 704 of the Base Indenture shall apply to the reports, information, and documents delivered under this Section 6.03.

   

  (a)          For so long as the Corporation
      is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval
      System (or successor system), within 15 days after the Corporation files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the
      Commission may from time to time by rules and regulations prescribe) which the Corporation may file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. The Trustee may conclusively presume, and shall incur no liability in
      such presumption, that the Corporation has not filed any such reports, information, documents and other reports with the Commission that are not available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor
      system) unless and until it shall have received written notice from the Company to the contrary.

   

  
    32

    
      

  

  (b)          For so long as any of the Notes
      remain Outstanding, the Company shall, or shall cause its Affiliates to, furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act
      for the Company and, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system), for the Corporation (as if such rule applied to it); provided, however, that if any time the Corporation no longer directly or
      indirectly controls the Credit Parties or guarantees the Notes, such information shall be provided for either (i) the Credit Parties on a combined and consolidated basis and taken as a whole or (ii) any Person that directly or indirectly controls the
      Credit Parties and guarantees the Notes (in each case, as if such rule applied to such Persons). The Company shall, or shall cause its Affiliates to, make the above information and reports available to securities analysts and prospective investors
      upon request.

   

  (c)          Delivery of such reports,
      information and documents to the Trustee shall be for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
      including the Company’s compliance with any of the covenants contained in the Indenture (as to which the Trustee will be entitled to conclusively rely upon an Officer’s Certificate). The Trustee shall have no obligation to determine if and when the
      Company’s information is available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system) and the Trustee shall have no obligation to obtain any reports that are posted on the Commission’s Electronic Data
      Gathering, Analysis and Retrieval System (or successor system).

   

  
    	 	
            Section 6.04.

          	
            Additional Amounts.

          

  

   

  All payments of principal and interest in respect of the Notes will be made free and clear of, and without deduction or
      withholding for or on account of, any present or future taxes, assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the
      United States (collectively, “Taxes”), unless such withholding or deduction is required by law. In the event any withholding or deduction on payments in respect of the Notes for or on account of any Taxes is required, we will pay such additional
      amounts on the Notes as will result in receipt by each beneficial owner of a Note that is not a U.S. Person (as defined below) of such amounts (after all such withholding or deduction, including on any additional amounts) as would have been received
      by such beneficial owner had no such withholding or deduction been required. The Company will not be required, however, to make any payment of additional amounts for or on account of:

  

  

  
    33

    
      

  

  (a)          any Taxes that would not have
      been imposed but for (1) the existence of any present or former connection (other than a connection arising solely from the ownership of those Notes or the receipt of payments in respect of those Notes) between a Holder of a Note (or the beneficial
      owner for whose  benefit such Holder holds such Note), or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, that Holder or beneficial owner (if that Holder or beneficial owner is an estate, trust,
      limited liability company, partnership or corporation) and the United States, including that Holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident or treated
      as a resident of the United States or being or having been engaged in trade or business or present in the United States or having had a permanent establishment in the United States or (2) the presentation of a note for payment on a date more than 30
      days after the later of the date on which that payment becomes due and payable and the date on which payment is duly provided for;

   

  (b)          any estate, inheritance, gift,
      sales, transfer, capital gains, excise, personal property, wealth or similar tax, assessment or other governmental charge;

   

  (c)          any tax, assessment or other
      governmental charge imposed by reason of the beneficial owner’s past or present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the
      United States or as a   corporation that accumulates earnings to avoid U.S. federal income tax;

   

  (d)          any tax, assessment or other
      governmental charge which is payable otherwise than by withholding or deducting from payment of principal of or premium, if any, or interest on such Notes;

   

  (e)          any tax, assessment or other
      governmental charge required to be withheld by any paying agent from any payment of principal of and premium, if any, or interest on any note if that payment can be made without withholding by any other paying agent;

   

  (f)          any tax, assessment or other
      governmental charge which would not have been imposed but for the failure of a beneficial owner or any Holder of Notes to comply with a request to satisfy certification, information, documentation or other reporting requirements concerning the
      nationality, residence, identity or connections with the United States of the beneficial owner or any Holder of the Notes that such beneficial owner or Holder is legally able to deliver (including, but not limited to, the requirement to provide
      Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty);

   

  
    34

    
      

  

  (g)          any tax, assessment or other
      governmental charge imposed on interest received by (1) a 10-percent shareholder (as defined in Section 871(h)(3)(B) of the Code), and the regulations that may be promulgated thereunder) of us, (2) a controlled foreign corporation that is related to
      us within the meaning of Section 864(d)(4) of the Code, or (3) a bank receiving interest described in Section 881(c)(3)(A) of the Code, to the extent such tax, assessment or other governmental charge would not have been imposed but for the beneficial
      owner’s status as described in clauses (1) through (3) of this paragraph (g);

   

  (h)          any tax, assessment or other
      governmental charge required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections that is substantively comparable) (“FATCA”),  any regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into in connection therewith; or any law, regulation or other official
      guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA;  or

   

  (i)          any combination of items (a),
      (b), (c), (d), (e), (f), (g) and (h);

   

  nor will the Company pay any additional amounts to any beneficial owner or Holder of Notes who is a fiduciary or
      partnership (or other entity treated as a partnership for U.S. federal income tax purposes) to the extent that a beneficiary or settlor with respect to that fiduciary or a member of that partnership (or other entity treated as a partnership for U.S.
      federal income tax purposes) or a beneficial owner thereof would not have been entitled to  the payment of those additional amounts had that beneficiary, settlor, member or beneficial owner been the beneficial owner of those Notes.

   

  As used in the preceding paragraph, “U.S. Person” means any individual who is a citizen or resident of the United
      States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia (other than a partnership that is not
      treated as a United States person under any applicable U.S. Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source.

   

  The obligations set forth in this section shall also apply to any Successor Party (as defined in the offering
      memorandum for the Notes). With respect to such Successor Party, for the purposes of this section and “—Tax Redemption,” references to the
      United States shall be deemed to include the Permitted Jurisdiction (as defined in the offering memorandum for the Notes) of such Successor Party.

   

  Any reference in this First Supplemental Indenture, in the Indenture or in the Notes to principal or interest shall be
      deemed to refer also to additional amounts which may be payable under the provisions of this Section 6.04.

   

  
    35

    
      

  

  ARTICLE 7

      Supplemental Indentures

   

  
    	 	
            Section 7.01.

          	
            Supplemental Indentures without Consent of Holders of Notes.

          

  

   

  For the purposes of the Base Indenture and this First Supplemental Indenture, no amendment to cure any ambiguity, defect or
      inconsistency in this First Supplemental Indenture, the Base Indenture or the Notes made solely to conform this First Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the Company’s offering
      memorandum dated May 15, 2019, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this First Supplemental Indenture, the Base Indenture or the Notes, shall be deemed to
      adversely affect the interests of the Holders of any Notes.

   

  
    	 	
            Section 7.02.

          	
            Supplemental Indentures with Consent of Holders of Notes.

          

  

   

  Section 902 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 902 in
      the Base Indenture shall instead be deemed to refer to this Section 7.02.

   

  With the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes affected by
      such supplemental indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act of said Holders delivered to the Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may
      enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of such
      Notes under the Indenture; provided, however,
      no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

   

  (a)          change the Stated Maturity of
      the principal of, or any installment of principal of or interest on, any Note;

   

  (b)          reduce the principal amount of
      any Note which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note;

   

  (c)          reduce the Repurchase Price in
      connection with a Change of Control Repurchase Event;

   

  (d)          reduce any premium payable upon
      the redemption of or change the date on which any Note may or must be redeemed;

   

  (e)          change the coin or currency in
      which the principal of or premium, if any, interest on or any additional amounts with respect to any Note is payable;

   

  (f)          change the date on which any
      Note may or must be redeemed;

   

  
    36

    
      

  

  (g)          impair the right of any Holder
      to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or repayment, on or after the redemption date or a Repurchase Price Payment Date, as applicable);

   

  (h)          reduce the percentage in
      principal amount of the Outstanding Notes the consent of whose Holders is required for modification or amendment of this First Supplemental Indenture or the Base Indenture or the consent of whose Holders is required for any waiver (of compliance with
      certain provisions of the Base Indenture or this First Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this First Supplemental Indenture;

   

  (i)          modify any of the provisions of
      this Section 7.02 or Section 512 or Section 1005 of the Base Indenture, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each
      Outstanding Note affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section 7.02 and Section 1005 of the Base
      Indenture, or the deletion of this proviso, in accordance with the requirements of Sections 611 and 901(7) of the Base Indenture;

   

  (j)          subordinate the Notes or any
      Guarantee of a Guarantor in respect thereof to any other obligation of the Company or such Guarantor;

   

  (k)          modify the terms of any
      Guarantee in a manner adverse to the Holders of the Notes; or

   

  (l)          modify clauses (a) through (k)
      above.

   

  It shall not be necessary for any Act of Holders under this Section 7.02 to approve the particular form of any proposed
      supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

   

  A supplemental indenture which changes or eliminates any covenant or other provision of the Indenture which has expressly been
      included solely for the benefit of one or more particular series of Securities other than the Notes, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to
      affect the rights under this Indenture of the Holders of the Notes.

   

  In addition, the Holders of at least a majority in aggregate principal amount of the Outstanding Notes may, on behalf of the
      Holders of all Notes, and subject to and in accordance with the provisions of Section 1005 of the Base Indenture, waive compliance with the Credit Parties’ covenants described under Sections 6.01, 6.02 and 6.03 of this First Supplemental Indenture and Article 8 and Section 1402 of the Base Indenture (other than any covenant, a modification to which under clause (c) of this Section 7.02 would
      require the consent of the Holder of each Outstanding Note affected thereby).

   

  
    37

    
      

  

  ARTICLE 8

      Defeasance

   

  
    	 	
            Section 8.01.

          	
            Covenant Defeasance.

          

  

   

  Section 1303 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1303
      in the Base Indenture shall instead be deemed to refer to this Section 8.01.

   

  Upon the Company’s exercise of its option, if any, to have Section 1303 of the Base Indenture applied to the Notes, or if
      Section 1303 of the Base Indenture shall otherwise apply to the Notes, (1)the Company and the Guarantors shall be released from their respective obligations and any covenants provided pursuant to Article 6 of this First Supplemental Indenture and
      Section 301(18), Section 801, Section 901(1) or Section 901(12) and Article XIV of the Base Indenture for the benefit of the Holders of the Notes and (2) the occurrence of any event specified in Section 501(4) and Section 501(8) shall be deemed not
      to be or result in an Event of Default, in each case with respect to the Notes and the related Guarantees as provided in Section 1303 of the Base Indenture on and after the date the conditions set forth in Section 1304 of the Base Indenture are
      satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to the Notes and
      Guarantees thereof, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section, whether directly or indirectly by reason of any
      reference elsewhere herein or in the Base Indenture to any such Section or by reason of any reference in any such Section to any other provision herein or in the Base Indenture or in any other document, but the remainder of the Base Indenture, this
      First Supplemental Indenture and such Notes and Guarantees thereof shall be unaffected thereby.

   

  ARTICLE 9

      Miscellaneous

   

  
    	 	
            Section 9.01.

          	
            Execution as Supplemental Indenture.

          

  

   

  This First Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture and, as
      provided in the Base Indenture, this First Supplemental Indenture forms a part thereof.

   

  
    	 	
            Section 9.02.

          	
            Not Responsible for Recitals or Issuance of Notes.

          

  

   

  The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the
      statements of the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the
      Securities or the Guarantees. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof.

   

  
    38

    
      

  

  
    	 	
            Section 9.03.

          	
            Separability Clause.

          

  

   

  In case any provision in this First Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the
      validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

   

  
    	 	
            Section 9.04.

          	
            Successors and Assigns.

          

  

   

  All covenants and agreements in this First Supplemental Indenture by the Company and the Guarantors shall bind their respective
      successors and assigns, whether so expressed or not. All agreements of the Trustee in this First Supplemental Indenture shall bind its successors and assigns, whether so expressed or not.

   

  
    	 	
            Section 9.05.

          	
            Execution and Counterparts.

          

  

   

  This First Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to
      be an original, and all such counterparts shall together constitute but one and the same instrument.

   

  
    	 	
            Section 9.06.

          	
            Governing Law.

          

  

   

  This First Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the law of the State of
      New York.

   

  
    	 	
            Section 9.07.

          	
            FATCA

          

  

   

  In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations
      promulgated by competent authorities) in effect from time to time (“Applicable Law”), the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law (and
      shall timely pay the amounts so withheld or deducted to the applicable governmental authority) for which The Bank of New York Mellon shall not have any liability, except in cases of gross negligence or willful misconduct. Each of the Company and the
      Trustee agrees to reasonably cooperate and, at the reasonable request of the other, to provide the other with such information as each may have in its possession that is necessary to enable the determination of whether any payments hereunder are
      subject to FATCA Withholding Tax.

   

  [Signature page to follow.]

   

  
    39

    
      

  

  IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed all as of the day and
      year first above written.

   

  	 	
           KKR Group Finance Co. V
                LLC

        
	 	 	 	 
	 	
          By:

        	
          /s/ David Sorkin

        
	 	 	
          Name:

        	 David Sorkin
	 	 	
          Title:     

            

        	 Secretary

  

  	 	
          KKR & Co. Inc.

        
	 	 	 	 
	 	
          By:

        	
          /s/ David Sorkin

        
	 	 	
          Name:

        	David Sorkin
	 	 	
          Title:

        	Secretary

  

  

  
    
      

  

  	 	
          KKR Management Holdings L.P.

        
	 	 	 	 
	 	
          By:

        	
          KKR Management Holdings Corp., its general partner

        
	 	 	

        	 
	 	
          By:

        	
          /s/ David Sorkin

        
	 	 	
          Name:

        	David Sorkin
	 	 	
          Title:   

            

        	Secretary

   
  	 	
          KKR Fund Holdings L.P.

        
	 	 	 
	 	
          By:

        	
          KKR Fund Holdings GP Limited, its general partner

        
	 	 	

        	 
	 	
          By:

        	
          /s/ David Sorkin

        
	 	 	
          Name: 

            

        	David Sorkin
	 	 	
          Title:   

            

        	Director

   

  

  	 	
          By:

        	
          KKR Group Holdings Corp. its general partner

        
	 	 	

        
	 	
          By:

        	
          /s/ David Sorkin

        
	 	 	
          Name: 

            

        	David Sorkin
	 	 	
          Title:     

            

        	Director

   

  
    
      

  

  	 	
          KKR International Holdings L.P.

        
	 	 	 
	 	
          By:

        	
          KKR Fund Holdings GP Limited, its general partner

        
	 	 	 
	 	
          By:

        	
          /s/ David Sorkin

        
	 	 	
          Name:

        	David Sorkin
	 	 	
          Title:   

            

        	Director

   

  	 	
          By:

        	
          KKR Group Holdings Corp. its general partner

        
	 	 	 
	 	
          By:

        	
          /s/ David Sorkin

        
	 	 	
          Name:

            

        	 David Sorkin
	 	 	
          Title:

            

        	 Director

  

  

  
    
      

  

  	 	
          The Bank of New York Mellon Trust Company, N.A., as Trustee

        
	 	 
	 	
          By:

        	
          /s/ R. Tarnas

        
	 	 	
          Name: 

          

        	 R. Tarnas
	 	 	
          Title: 

          

        	 Vice President

  

  

   

    

   

    

  [Signature Page to First Supplemental Indenture]Exhibit 10.10

 

Registration Rights Agreement

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of [·], 2019 by and between Priam Properties Inc., a Maryland corporation (the “Company”), and [·], a [·] limited liability company (the “Initial Holder”).

 

WHEREAS, the Company intends to engage in various related transactions (collectively, the “IPO Transactions”) pursuant to which, among other things, the Company will effect an initial public offering of shares of its common stock, $0.01 par value per share (the “Common Stock”);

 

WHEREAS, in connection with the IPO Transactions, the Company intends to engage in certain formation transactions (the “Formation Transactions”) pursuant to which, among other things, the Initial Holder will receive an aggregate of [·] common units of limited partnership in Priam Office Properties OP LP, a Delaware limited partnership (the “Operating Partnership”) (such units, the “OP Units”) on the closing date of the Formation Transactions in exchange for their respective interests in [·], as set forth on Schedule I attached hereto;

 

WHEREAS, pursuant to the terms of Section 8.04 and the other related provisions of the First Amended and Restated Agreement of Limited Partnership of the Operating Partnership (such agreement, as amended from time to time, the “Partnership Agreement”), commencing on the second anniversary of the date of issuance, and subject to the various limitations contained in the Partnership Agreement and other instruments being delivered in connection with the Formation Transactions, the Initial Holder will be entitled to redeem their OP Units for cash or, at the Company’s election, for shares of Common Stock; and

 

WHEREAS, the Company has agreed to grant to the Initial Holder (and its permitted assignees and transferees) the registration rights described in this Agreement (the “Registration Rights”).

 

NOW, THEREFORE, the parties hereto, in consideration of the foregoing, the mutual covenants and agreements hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, hereby agree as follows:

 

SECTION 1.                                  DEFINITIONS

 

The following capitalized terms used herein have the following meanings:

 

“Agreement” is defined in the preamble hereof.

 

“Business Day” any Monday, Tuesday, Wednesday, Thursday or Friday other than a day on which banks and other financial institutions are authorized or required to be closed for business in the State of New York.

 

“Charter” means the Company’s Articles of Amendment and Restatement, as amended from time to time.

 

“Commission” means the U.S. Securities and Exchange Commission.

 

 

“Common Stock” is defined in the recitals hereof.

 

“Company” is defined in the preamble hereof.

 

“Formation Transactions” is defined in the recitals hereof.

 

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

 

“[·]” is defined in the recitals hereof.

 

“Holder” means (a) the Initial Holder who is the record or beneficial owner of any Registrable Security or (b) any assignee or transferee of such Initial Holder (including as a result of any assignment or transfer in connection with the foreclosure on any loans secured by the Registrable Securities).

 

“Initial Holder” is defined in the preamble hereof.

 

“IPO Closing Date” means the closing date of the Company’s initial public offering of its Common Stock.

 

“IPO Transactions” is defined in the recitals hereof.

 

“OP Units” is defined in the recitals hereof.

 

“Operating Partnership” is defined in the recitals hereof.

 

“Partnership Agreement” is defined in the recitals hereof.

 

“Person” means any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

“Prospectus” means the prospectus or prospectuses included in the Registration Statement contemplated by Section 2.1 hereof, including any documents incorporated therein by reference.

 

“Redemption Shares” means the shares of Common Stock issued to Holders upon redemption of OP Units held by such Holders.

 

“Registrable Securities” means the Redemption Shares and any shares of Common Stock issued to a Holder with respect to the Redemption Shares by way of share dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise and any shares of Common Stock issuable upon conversion, exercise or exchange thereof.

 

“Registration Rights” is defined in the recitals hereof.

 

“Registration Statement” is defined in Section 2.1 hereof.

 

2

 

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

 

“Suspension Event” is defined in Section 2.2(a) hereof.

 

SECTION 2.                                  REGISTRATION RIGHTS

 

2.1                               Issuer Registration Statement.

 

Subject to Section 2.2 hereof, following the date on which the Company becomes eligible to use a registration statement on Form S-3 for the registration of securities under the Securities Act, the Company shall file with the Commission a registration statement and related prospectus (the “Registration Statement”) that comply as to form in all material respects with applicable Commission rules providing for the registration of the issuance of the Registrable Securities to such Holders upon redemption of OP Units held by such Holders and the subsequent resale of such Registrable Securities by such Holders.  The Company agrees (subject to Section 2.2 hereof) to use commercially reasonable efforts to cause the Registration Statement, if filed, to be declared effective by the Commission as soon as practicable after the filing thereof.

 

Subject to Section 2.2 hereof, the Company agrees to use commercially reasonable efforts to keep the Registration Statement continuously effective (including the preparation and filing of any amendments and supplements necessary for that purpose) until the earlier of (i) the date that is three years after the date of effectiveness of such Registration Statement, (ii) the date on which all of the Registrable Securities covered by such Registration Statement are eligible for sale without registration pursuant to Rule 144 (or any successor provision) under the Securities Act without volume limitations or other restrictions on transfer thereunder, or (iii) the date on which the Holder or Holders consummate the sale of all of the Registrable Securities registered under such Registration Statement.  In the event that the Registrable Securities are issued to any Holder (other than an “affiliate,” as defined by Rule 144 under the Securities Act, of the Company) by the Company pursuant to the Registration Statement, the Company shall be deemed to have satisfied all of its registration obligations under this Agreement in respect of such Registrable Securities.

 

2.2                               Suspension of Offering.

 

(a)                                 Notwithstanding Section 2.1 hereof, the Company shall be entitled to postpone the filing of the Registration Statement, and from time to time to require Holders not to sell under the Registration Statement or to suspend the effectiveness thereof, if (i) the Company is actively pursuing an underwritten primary offering of equity securities of the Company, or (ii) the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event would require additional disclosure by the Company in the Registration Statement of material information which the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the Company’s reasonable determination, to cause the Registration Statement to fail to comply with applicable disclosure requirements under the Exchange Act or the Securities Act (each such circumstance a “Suspension Event”); provided, however, that the Company may not delay, suspend or withdraw such Registration Statement for more than 90 days at any one time, or more than twice in any 12-month period.  Upon receipt of any written notice from the Company of the happening of any Suspension Event during the period

 

3

 

the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related Prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the Prospectus) not misleading, each Holder agrees that (x) it will immediately discontinue offers and sales of the Registrable Securities under such Registration Statement until the Holder receives copies of a supplemental or amended Prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may resume such offers and sales, and (y) it will maintain the confidentiality of any information included in the written notice delivered by the Company unless otherwise required by law or subpoena.  If so directed by the Company, each Holder will deliver to the Company all copies of the Prospectus covering the Registrable Securities current at the time of receipt of such notice, other than permanent file copies then in the possession of such Holder’s counsel.

 

(b)                                 If all reports required to be filed by the Company pursuant to the Exchange Act have not been filed by the required date taking into account any permissible extension, upon written notice thereof by the Company to the Holders, the rights of the Holders to offer, sell or distribute any Registrable Securities pursuant to the Registration Statement or to require the Company take action with respect to the registration or sale of any Registrable Securities pursuant to the Registration Statement shall be suspended until the date on which the Company has filed such reports, and the Company shall notify the Holders in writing as promptly as practicable when such suspension is no longer required.

 

2.3                               Qualification.  The Company shall file such documents as necessary to register or qualify the Registrable Securities to be covered by the Registration Statement by the time such Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such jurisdictions as any Holder may reasonably request in writing, and shall use commercially reasonable efforts to keep each such registration or qualification effective during the period such Registration Statement is required to be kept effective pursuant to this Agreement or during the period offers or sales are being made by the Holders, whichever is shorter, and to do any and all other similar acts and things which may be reasonably necessary or advisable to enable the Holders to consummate the disposition of such Registrable Securities in each such jurisdiction; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but for this Agreement, (ii) take any action that would cause it to become subject to any taxation in any jurisdiction where it would not otherwise be subject to such taxation or (iii) take any action that would subject it to the general service of process in any jurisdiction where it is not then so subject.

 

2.4                               Additional Obligations of the Company.  When the Company is required to effect the registration of Registrable Securities under the Securities Act pursuant to Section 2.1 of this Agreement, subject to Section 2.2 hereof, the Company shall:

 

(a)                                 prepare and file with the Commission such amendments and supplements to the Registration Statement and the Prospectus used in connection therewith as may be necessary (i) to keep such Registration Statement effective and (ii) to comply with the provisions of the

 

4

 

Securities Act with respect to the disposition of the Registrable Securities covered by such Registration Statement, in each case for such time as is contemplated in Section 2.1;

 

(b)                                 furnish, without charge, to the Holders such number of copies of the Registration Statement, each amendment and supplement thereto (in each case including all exhibits), and the Prospectus included in such Registration Statement (including each preliminary Prospectus), in conformity with the requirements of the Securities Act as the Holders may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by the Holders;

 

(c)                                  notify the Holders:  (i) when the Registration Statement, any pre-effective amendment, the Prospectus or any prospectus supplement related thereto or post-effective amendment to the Registration Statement has been filed, and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective, (ii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation or threat of any proceedings for that purpose, and (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction or the initiation of any proceeding for such purpose;

 

(d)                                 promptly use commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of the Registration Statement, and, if any such order suspending the effectiveness of the Registration Statement is issued, shall promptly use commercially reasonable efforts to obtain the withdrawal of such order at the earliest possible moment;

 

(e)                                  Until the sooner of completion, abandonment or termination of the offering or sale contemplated by the Registration Statement and related Prospectus and the expiration of the period during which the Company is required to maintain the effectiveness of the Registration Statement under Section 2.1, promptly notify the Holders:  (i) of the existence of any fact of which the Company is aware or the happening of any event which has resulted in (A) the Registration Statement, as then in effect, containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statements therein not misleading or (B) the Prospectus included in such Registration Statement containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statements therein, in the light of the circumstances under which they were made, not misleading, and (ii) of the Company’s reasonable determination that a post-effective amendment to the Registration Statement would be appropriate or that there exist circumstances not yet disclosed to the public which make further sales under such Registration Statement inadvisable pending such disclosure and post-effective amendment; and, if the notification relates to any event described in either of the clauses (i) or (ii) of this Section 2.4(e), at the request of the Holders, the Company shall prepare and, to the extent the exemption from the prospectus delivery requirements in Rule 172 under the Securities Act is not available, furnish to the Holders a reasonable number of copies of a supplement or post-effective amendment to such Registration Statement or related Prospectus or file any other required document so that (1) such Registration Statement shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (2) as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such

 

5

 

Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(f)                                   use commercially reasonable efforts to cause all such Registrable Securities to be listed on the national securities exchange on which the Common Stock are then listed, if the listing of Registrable Securities is then permitted under the rules of such national securities exchange; and

 

(g)                                  if requested by any Holder participating in the offering of Registrable Securities, incorporate in a prospectus supplement or post-effective amendment such information concerning the Holder or the intended method of distribution as the Holder reasonably requests to be included therein and is reasonably necessary to permit the sale of the Registrable Securities pursuant to the Registration Statement, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other material terms of the offering of the Registrable Securities to be sold in such offering; provided, however, that the Company shall not be obligated to include in any such prospectus supplement or post-effective amendment any requested information that is not required by the rules of the Commission and is unreasonable in scope compared with the Company’s most recent prospectus or prospectus supplement used in connection with a primary or secondary offering of equity securities by the Company.

 

2.5                               Obligations of the Holder.  In connection with any Registration Statement utilized by the Company to satisfy the Registration Rights pursuant to this Section 2, each Holder agrees to cooperate with the Company in connection with the preparation of the Registration Statement, and each Holder agrees that it will (i) respond within ten Business Days to any written request by the Company to provide or verify information regarding the Holder or the Holder’s Registrable Securities (including the proposed manner of sale) that may be required to be included in such Registration Statement and related Prospectus pursuant to the rules and regulations of the Commission, and (ii) provide in a timely manner information regarding the proposed distribution by the Holder of the Registrable Securities and such other information as may be requested by the Company from time to time in connection with the preparation of and for inclusion in the Registration Statement and related Prospectus.

 

SECTION 3.                                  INDEMNIFICATION; CONTRIBUTION

 

3.1                               Indemnification by the Company.  The Company agrees to indemnify and hold harmless each Holder and each Person, if any, who controls any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and any of their partners, members, officers, trustees, employees or representatives, as follows:

 

(i)                                     against any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto) pursuant to which the Registrable Securities were registered under the Securities Act, including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary

 

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to make the statements therein not misleading or arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (or any amendment or supplement thereto), including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(ii)                                  against any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, if such settlement is effected with the written consent of the Company; and

 

(iii)                               against any and all expense whatsoever, as incurred (including reasonable fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, in each case whether or not a party, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or (ii) above;

 

provided, however, that the indemnity provided pursuant to this Section 3.1 does not apply to any Holder with respect to any loss, liability, claim, damage, judgment or expense to the extent arising out of (A) any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by such Holder expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto) or (B) any Holder’s failure to deliver an amended or supplemental Prospectus furnished to such Holder by the Company, if such loss, liability, claim, damage, judgment or expense would not have arisen had such delivery occurred.

 

3.2                               Indemnification by Holder.  Each Holder (and each permitted assignee of such Holder, on a several basis) severally and not jointly agrees to indemnify and hold harmless the Company, and each of its trustees and officers (including each trustee and officer of the Company who signed a Registration Statement), each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and each other Holder as follows:

 

(i)                                     against any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto) pursuant to which the Registrable Securities of such Holder were registered under the Securities Act, including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (or any amendment or supplement thereto), including all documents

 

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incorporated therein by reference, or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(ii)                                  against any and all loss, liability, claim, damage, judgment and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, if such settlement is effected with the written consent of such Holder; and

 

(iii)                               against any and all expense whatsoever, as incurred (including reasonable fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, in each case whether or not a party, or any claim whatsoever based upon any such untrue statement or omission;

 

provided, however, that the indemnity provided pursuant to this Section 3.2 shall only apply with respect to any loss, liability, claim, damage, judgment or expense to the extent arising out of (A) any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by such Holder expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto) or (B) any Holder’s failure to deliver an amended or supplemental Prospectus furnished to the Holder by the Company, if such loss, liability, claim, damage or expense would not have arisen had such delivery occurred.  Notwithstanding the provisions of this Section 3.2, a Holder and any permitted assignee shall not be required to indemnify the Company, its officers, trustees or control persons with respect to any amount in excess of the amount of the net proceeds actually received by such Holder or such permitted assignee, as the case may be, from sales of the Registrable Securities of such Holder under the Registration Statement that is the subject of the indemnification claim.

 

3.3                               Conduct of Indemnification Proceedings.  An indemnified party hereunder shall give reasonably prompt notice to the indemnifying party of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify the indemnifying party (i) shall not relieve the indemnifying party from any liability which it may have under the indemnity agreement provided in Sections 3.1 or 3.2 above, unless and only to the extent it did not otherwise learn of such action and the lack of notice by the indemnified party results in the forfeiture by the indemnifying party of substantial rights and defenses, and (ii) shall not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided under Sections 3.1 or 3.2 above.  If the indemnifying party so elects within a reasonable time after receipt of such notice, the indemnifying party may assume the defense of such action or proceeding at such indemnifying party’s own expense with counsel chosen by the indemnifying party and approved by the indemnified party, which approval shall not be unreasonably withheld; provided, however, that the indemnifying party will not settle, compromise or consent to the entry of any judgment with respect to any such action or proceeding without the written consent of the indemnified party unless such settlement, compromise or consent secures the unconditional release of the indemnified party of all liability

 

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at no cost or expense to the indemnified party; and provided further, that, if the indemnified party reasonably determines that a conflict of interest exists where it is advisable for the indemnified party to be represented by separate counsel or that, upon advice of counsel, there may be legal defenses available to it which are different from or in addition to those available to the indemnifying party, then the indemnifying party shall not be entitled to assume such defense and the indemnified party shall be entitled to separate counsel at the indemnifying party’s expense.  If the indemnifying party is not entitled to assume the defense of such action or proceeding as a result of the second proviso to the preceding sentence, the indemnifying party’s counsel shall be entitled to conduct the indemnifying party’s defense and counsel for the indemnified party shall be entitled to conduct the defense of the indemnified party, it being understood that both such counsel will cooperate with each other to conduct the defense of such action or proceeding as efficiently as possible.  If the indemnifying party is not so entitled to assume the defense of such action or does not assume such defense, after having received the notice referred to in the first sentence of this paragraph, the indemnifying party will pay the reasonable fees and expenses of counsel for the indemnified party.  In such event, however, the indemnifying party will not be liable for any settlement effected without the written consent of the indemnifying party (which consent will not be unreasonably withheld).  If an indemnifying party is entitled to assume, and assumes, the defense of such action or proceeding in accordance with this paragraph, the indemnifying party shall not be liable for any fees and expenses of counsel for the indemnified party incurred thereafter in connection with such action or proceeding.

 

3.4                               Contribution.

 

(a)                                 In order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in Sections 3.1 and 3.2 above is for any reason held to be unenforceable by the indemnified party although applicable in accordance with its terms, the Company and the relevant Holder shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by such indemnity agreement incurred by the Company and the Holder, in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Holder on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities, or expenses.  The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether the action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, the indemnifying party or the indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action.

 

(b)                                 The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.4 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph.  Notwithstanding the provisions of this Section 3.4, a Holder shall not be required to contribute any amount in excess of the amount of the net proceeds actually received by such Holder from sales of the Registrable Securities of such Holder under the Registration Statement that is the subject of the indemnification claim.

 

(c)                                  Notwithstanding the foregoing, no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to

 

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contribution from any Person who was not guilty of such fraudulent misrepresentation.  For purposes of this Section 3.4, each Person, if any, who controls a Holder within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as the Holder, and each trustee of the Company, each officer of the Company who signed a Registration Statement and each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as the Company.

 

SECTION 4.                                  EXPENSES

 

The Company shall pay all expenses incident to the performance by the Company of its registration obligations under Section 2 above, including (i) Commission, stock exchange and FINRA registration and filing fees, (ii) all fees and expenses incurred in complying with securities or “blue sky” laws (including reasonable fees, charges and disbursements of counsel to any underwriter incurred in connection with “blue sky” qualifications of the Registrable Securities as may be set forth in any underwriting agreement), (iii) all printing, messenger and delivery expenses, and (iv) the fees, charges and expenses of counsel to the Company and of its independent public accountants and any other accounting fees, charges and expenses incurred by the Company (including, without limitation, any expenses arising from any “comfort” letters or any special audits incident to or required by any registration or qualification).  Each Holder shall be responsible for the payment of any brokerage and sales commissions, fees and disbursements of such Holder’s counsel, accountants and other advisors, and any transfer taxes relating to the sale or disposition of the Registrable Securities by such Holder pursuant to this Agreement.

 

SECTION 5.                                  RULE 144 COMPLIANCE

 

The Company covenants that it will use its best efforts to timely file the reports required to be filed by the Company under the Securities Act and the Exchange Act so as to enable the Holders to sell the Registrable Securities pursuant to Rule 144 under the Securities Act.  In connection with any sale, transfer or other disposition by a Holder of any Registrable Securities pursuant to Rule 144 under the Securities Act, the Company shall cooperate with the Holder to facilitate the timely preparation and delivery of certificates representing the Registrable Securities to be sold and not bearing any Securities Act restrictive legend, and enable certificates for such Registrable Securities to be for such number of shares and registered in such names as such Holder may reasonably request at least five Business Days prior to any sale of Registrable Securities hereunder.

 

SECTION 6.                                  MISCELLANEOUS

 

6.1                               Integration; Amendment.  This Agreement constitutes the entire agreement among the parties hereto with respect to the matters set forth herein and supersedes and renders of no force and effect all prior oral or written agreements, commitments and understandings among the parties with respect to the matters set forth herein.  Except as otherwise expressly provided in this Agreement, no amendment, modification or discharge of this Agreement shall be valid or binding unless set forth in writing and duly executed by each of the parties hereto.

 

6.2                               Waivers.  No waiver by a party hereto shall be effective unless made in a written instrument duly executed by the party against whom such waiver is sought to be enforced, and only to the extent set forth in such instrument.  Neither the waiver by any of the parties hereto of

 

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a breach or a default under any of the provisions of this Agreement, nor the failure of any of the parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or privileges hereunder.

 

6.3                               Assignment; Successors and Assigns.  This Agreement and the rights granted hereunder may not be assigned by a Holder without the written consent of the Company; provided, however, that a Holder may assign its rights and obligations hereunder, without such consent, in connection with a transfer of some or all of such Holder’s Registrable Securities (i) to the extent permitted under the Partnership Agreement or the Charter, as applicable, and (ii) provided such transferee agrees in writing to be bound by all of the provisions hereof and the Holder provides written notice to the Company within ten days of the effectiveness of such assignment.  This Agreement shall inure to the benefit of and be binding upon all of the parties hereto and their respective heirs, executors, personal and legal representatives, successors and permitted assigns, including, without limitation, any successor of the Company by merger, acquisition, reorganization, recapitalization or otherwise.

 

6.4                               Notices.  All notices called for under this Agreement shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, (b) on the first Business Day following the date of dispatch if delivered by a nationally recognized next-day courier service, (c) on the fifth Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid, or (d) if sent by facsimile transmission during business hours on a Business Day, when transmitted and receipt is confirmed, or otherwise on the following Business Day.  All notices hereunder shall be delivered to the Company at the address of the Company set forth opposite its signature on the signature page, and to the Initial Holder at the addresses of the Initial Holder set forth on the signature page hereto, or to any other address or addressee as any party entitled to receive notice under this Agreement shall designate, from time to time, to others in the manner provided in this Section 6.4 for the service of notices; provided, however, that notices of a change of address shall be effective only upon receipt thereof.

 

6.5                               Specific Performance.  The parties hereto acknowledge that the obligations undertaken by them hereunder are unique and that there would be no adequate remedy at law if any party fails to perform any of its obligations hereunder, and accordingly agree that each party, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to (i) compel specific performance of the obligations, covenants and agreements of any other party under this Agreement in accordance with the terms and conditions of this Agreement and (ii) obtain preliminary injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this Agreement in any court of the United States or any State thereof having jurisdiction.

 

6.6                               Governing Law.  This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Maryland (excluding the conflict of law provisions thereof).

 

6.7                               Headings.  Section and subsection headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for

 

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any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof.

 

6.8                               Pronouns.  All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or entity may require.

 

6.9                               Execution in Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one and the same agreement.  This Agreement may be executed by facsimile signatures.

 

6.10                        Severability.  If fulfillment of any provision of this Agreement, at the time such fulfillment shall be due, shall transcend the limit of validity prescribed by law, then the obligation to be fulfilled shall be reduced to the limit of such validity; and if any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby.

 

6.11                        No Third-Party Beneficiaries.  Except as may be expressly provided herein (including without limitation Section 3 hereof), it is the explicit intention of the parties hereto that no person or entity other than the parties hereto is or shall be entitled to bring any action to enforce any provision of this Agreement against any of the parties hereto, and the covenants, undertakings and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable only by, the parties hereto or their respective successors, heirs, executors, administrators, legal representatives and permitted assigns.

 

6.12                        Legend Removal.  The Company, upon the request of any Holder of Registrable Securities, shall use its commercially reasonable efforts to remove any restrictive legend from the certificates representing such Registrable Securities with respect to the Securities Act and any state securities laws, and shall cause the termination of any related stop transfer orders, if (a) such Registrable Securities are eligible for sale without registration pursuant to Rule 144 (or any successor provision) under the Securities Act without any volume limitations or other restrictions on transfer under paragraphs (c), (e), (f) and (h) of Rule 144 and (b) such Holder provides the Company with a representation letter in customary form reasonably sufficient to establish that such limitations and restrictions under paragraphs (c), (e), (f) and (h) of Rule 144 do not apply to such Registrable Securities.  Such Holder further agrees to indemnify the Company against any loss, cost or expenses, including reasonable expenses and attorney’s fees, incurred as a result of such legend removal on such Holder’s behalf; provided, however, that the foregoing indemnification shall not apply to a Holder that is a governmental entity unless such Holder is authorized by applicable law to provide such indemnification.

 

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IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed and delivered in its name and on its behalf as of the date first written above.

 

 

	
Address:
    	
 
    	
THE COMPANY:
    
	
 
    	
 
    	
 
    
	
102 Woodmont Blvd., Suite 100
    	
 
    	
PRIAM PROPERTIES INC., a Maryland corporation
    
	
Nashville, TN 37205
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Address:
    	
 
    	
INITIAL HOLDER:
    
	
 
    	
 
    	
 
    
	
[·]
    	
 
    	
[·],   a [·] limited liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

[Signature Page to the Registration Rights Agreement]

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