Document:

Indenture, dated August 8, 2012

 Exhibit 4.1 

 
  
 Entertainment Properties Trust 
 and each of the Guarantors named herein

  
  

INDENTURE 
 Dated
as of August 8, 2012 
 $350,000,000 
 5.750% Senior Notes due 2022 
  

 
 U.S. Bank
National Association 
 Trustee 
  

 

 CROSS-REFERENCE TABLE* 

 

			
	Trust Indenture Act Section	  	Indenture Section
	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.05
	       (b)
	  	12.03
	       (c)
	  	12.03
	 313(a)
	  	7.06
	       (b)(2)
	  	7.06; 7.07
	       (c)
	  	7.06; 12.02
	       (d)
	  	7.06
	 314(a)(4)
	  	12.05
	       (c)(1)
	  	N.A.
	       (c)(2)
	  	N.A.
	       (c)(3)
	  	N.A.
	       (e)
	  	12.05
	       (f)
	  	N.A.
	 315(a)
	  	2.02
	       (b)
	  	2.02
	       (c)
	  	2.02
	       (d)
	  	2.02
	       (e)
	  	N.A.
	 316(a) (last sentence)
	  	N.A.
	       (a)(1)(A)
	  	N.A.
	       (a)(1)(B)
	  	N.A.
	       (a)(2)
	  	N.A.
	       (b)
	  	N.A.

  

	*	This Cross Reference Table is not part of this Indenture. 

  
 - i -

			
	       (c)
	  	12.16
	 317(a)(1)
	  	N.A.
	       (a)(2)
	  	N.A.
	       (b)
	  	N.A.
	 318(a)
	  	N.A.
	       (b)
	  	N.A.
	       (c)
	  	12.01

 N.A. means not applicable. 

  
 - ii -

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
			
	 Section 1.01
	 	Definitions	  	 	1	  
	 Section 1.02
	 	Other Definitions	  	 	9	  
	 Section 1.03
	 	Incorporation by Reference of Trust Indenture Act	  	 	9	  
	 Section 1.04
	 	Rules of Construction	  	 	9	  
		
	 ARTICLE 2 THE NOTES
	  	 	10	  
			
	 Section 2.01
	 	Form, Dating and Denominations	  	 	10	  
	 Section 2.02
	 	Execution and Authentication	  	 	11	  
	 Section 2.03
	 	Registrar and Paying Agent	  	 	12	  
	 Section 2.04
	 	Paying Agent to Hold Money in Trust	  	 	12	  
	 Section 2.05
	 	Holder Lists	  	 	12	  
	 Section 2.06
	 	Transfer and Exchange	  	 	12	  
	 Section 2.07
	 	Replacement Notes	  	 	16	  
	 Section 2.08
	 	Outstanding Notes	  	 	16	  
	 Section 2.09
	 	Treasury Notes	  	 	17	  
	 Section 2.10
	 	Temporary Notes	  	 	17	  
	 Section 2.11
	 	Cancellation	  	 	17	  
	 Section 2.12
	 	Defaulted Interest	  	 	17	  
		
	 ARTICLE 3 REDEMPTION AND PREPAYMENT
	  	 	17	  
			
	 Section 3.01
	 	Notices to Trustee	  	 	17	  
	 Section 3.02
	 	Selection of Notes to Be Redeemed	  	 	18	  
	 Section 3.03
	 	Notice of Redemption	  	 	18	  
	 Section 3.04
	 	Effect of Notice of Redemption	  	 	19	  
	 Section 3.05
	 	Deposit of Redemption or Purchase Price	  	 	19	  
	 Section 3.06
	 	Notes Redeemed or Purchased in Part	  	 	20	  
	 Section 3.07
	 	Optional Redemption	  	 	20	  
	 Section 3.08
	 	Mandatory Redemption	  	 	20	  
		
	 ARTICLE 4 COVENANTS
	  	 	20	  
			
	 Section 4.01
	 	Payment of Notes	  	 	20	  
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	20	  
	 Section 4.03
	 	Reports	  	 	21	  
	 Section 4.04
	 	Compliance Certificate	  	 	21	  
	 Section 4.05
	 	Existence	  	 	22	  
	 Section 4.06
	 	Limitations on Incurrence of Debt	  	 	22	  
	 Section 4.07
	 	Maintenance of Total Unencumbered Assets	  	 	23	  
	 Section 4.08
	 	Additional Guarantees	  	 	23	  
	 Section 4.09
	 	Maintenance of Properties	  	 	23	  
	 Section 4.10
	 	Insurance	  	 	23	  
		
	 ARTICLE 5 SUCCESSORS
	  	 	24	  
			
	 Section 5.01
	 	Merger, Consolidation, or Sale of Assets	  	 	24	  
	 Section 5.02
	 	Successor Substituted	  	 	24	  
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	25	  
			
	 Section 6.01
	 	Events of Default	  	 	25	  
	 Section 6.02
	 	Acceleration	  	 	26	  
	 Section 6.03
	 	Other Remedies	  	 	26	  
	 Section 6.04
	 	Waiver of Past Defaults	  	 	27	  

  
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	 Section 6.05
	 	Control by Majority	  	 	27	  
	 Section 6.06
	 	Limitation on Suits	  	 	27	  
	 Section 6.07
	 	Rights of Holders of Notes to Receive Payment	  	 	27	  
	 Section 6.08
	 	Collection Suit by Trustee	  	 	27	  
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	28	  
	 Section 6.10
	 	Priorities	  	 	28	  
	 Section 6.11
	 	Undertaking for Costs	  	 	28	  
		
	 ARTICLE 7 TRUSTEE
	  	 	29	  
			
	 Section 7.01
	 	Duties of Trustee	  	 	29	  
	 Section 7.02
	 	Rights of Trustee	  	 	30	  
	 Section 7.03
	 	Individual Rights of Trustee	  	 	31	  
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	31	  
	 Section 7.05
	 	Notice of Defaults	  	 	31	  
	 Section 7.06
	 	Reports by Trustee to Holders of the Notes	  	 	31	  
	 Section 7.07
	 	Compensation and Indemnity	  	 	31	  
	 Section 7.08
	 	Replacement of Trustee	  	 	32	  
	 Section 7.09
	 	Successor Trustee by Merger, etc.	  	 	33	  
	 Section 7.10
	 	Eligibility; Disqualification	  	 	33	  
	 Section 7.11
	 	Preferential Collection of Claims Against Issuer	  	 	33	  
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	33	  
			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	33	  
	 Section 8.02
	 	Legal Defeasance and Discharge	  	 	34	  
	 Section 8.03
	 	Covenant Defeasance	  	 	34	  
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance	  	 	34	  
	 Section 8.05
	 	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	  	 	35	  
	 Section 8.06
	 	Repayment to Issuer	  	 	36	  
	 Section 8.07
	 	Reinstatement	  	 	36	  
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	37	  
			
	 Section 9.01
	 	Without Consent of Holders of Notes	  	 	37	  
	 Section 9.02
	 	With Consent of Holders of Notes	  	 	37	  
	 Section 9.03
	 	Compliance with Trust Indenture Act	  	 	38	  
	 Section 9.04
	 	Revocation and Effect of Consents	  	 	38	  
	 Section 9.05
	 	Notation on or Exchange of Notes	  	 	38	  
	 Section 9.06
	 	Trustee to Sign Amendments, etc.	  	 	39	  
		
	 ARTICLE 10 NOTES GUARANTEES
	  	 	39	  
			
	 Section 10.01
	 	Notes Guarantee	  	 	39	  
	 Section 10.02
	 	Limitation on Guarantor Liability	  	 	40	  
	 Section 10.03
	 	[Intentionally Omitted]	  	 	40	  
	 Section 10.04
	 	Guarantors May Consolidate, etc., on Certain Terms	  	 	40	  
	 Section 10.05
	 	Releases Following Sale of Assets	  	 	41	  
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	41	  
			
	 Section 11.01
	 	Satisfaction and Discharge	  	 	41	  
	 Section 11.02
	 	Application of Trust Money	  	 	42	  
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	43	  
			
	 Section 12.01
	 	Trust Indenture Act Controls	  	 	43	  
	 Section 12.02
	 	Notices	  	 	43	  
	 Section 12.03
	 	Communication by Holders of Notes with Other Holders of Notes	  	 	44	  
	 Section 12.04
	 	Certificate and Opinion as to Conditions Precedent	  	 	44	  
	 Section 12.05
	 	Statements Required in Certificate or Opinion	  	 	44	  

  
 - iv -

							
	 Section 12.06
	 	Rules by Trustee and Agents	  	 	44	  
	 Section 12.07
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	45	  
	 Section 12.08
	 	Governing Law	  	 	45	  
	 Section 12.09
	 	No Adverse Interpretation of Other Agreements	  	 	45	  
	 Section 12.10
	 	Successors	  	 	45	  
	 Section 12.11
	 	Severability	  	 	45	  
	 Section 12.12
	 	Counterpart Originals	  	 	45	  
	 Section 12.13
	 	Table of Contents, Headings, etc.	  	 	45	  
	 Section 12.14
	 	Benefits of Indenture	  	 	45	  
	 Section 12.15
	 	Legal Holidays	  	 	46	  
	 Section 12.16
	 	Acts of Holders	  	 	46	  

  

			
		
	SCHEDULES	  	
		
	Schedule I	  	GUARANTORS
		
	EXHIBITS	  	
		
	Exhibit A	  	Form of Note
	Exhibit B	  	Form of Supplemental Indenture

  
 - v -

 INDENTURE dated as of August 8, 2012 among Entertainment Properties Trust, a Maryland
real estate investment trust (the “Issuer”), the Guarantors (as defined herein) parties hereto from time to time and U.S. Bank National Association, as trustee (the “Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined
herein) of (i) the Issuer’s 5.750% Senior Notes due 2022 issued on the Closing Date (the “Initial Notes”) and (ii) any Additional Notes (as defined herein) that may be issued on any other date following the Issue Date
(as defined herein) (all such notes in clauses (i) and (ii) being referred to collectively as the “Notes”): 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 
 “2011 Credit Agreement” means the Amended and Restated Credit Agreement, dated as of October 13, 2011, among the Issuer and initial Guarantors, as Borrowers, KeyBank National
Association, as Administrative Agent, JP Morgan Chase Bank, N.A., and RBC Capital Markets Corporation, as Co-Syndication Agents, KeyBanc Capital Markets, LLC, J.P. Morgan Securities Inc. and RBC Capital Markets Corporation, as Joint Book Runners and
Joint Lead Arrangers, and the other financial institutions signatory thereto and their assignees, in each case as amended, modified, renewed, extended, increased, refunded, replaced or refinanced from time to time (whether or not with the original
agents or lenders and whether or not contemplated under the agreement relating thereto). 
 “2012 Credit
Agreement” means the Credit Agreement, dated as of January 5, 2012, among the Issuer and initial Guarantors, as Borrowers, KeyBank National Association, as Administrative Agent, JP Morgan Securities, Inc., RBC Capital Markets, LLC and
Citigroup Global Markets, Inc., as Co-Syndication Agents, KeyBanc Capital Markets, LLC, J.P. Morgan Securities Inc., RBC Capital Markets, LLC and Citigroup Global Markets, Inc., as Joint Book Runners and Joint Lead Arrangers, and the other financial
institutions signatory thereto and their assignees, in each case as amended, modified, renewed, extended, increased, refunded, replaced or refinanced from time to time (whether or not with the original agents or lenders and whether or not
contemplated under the original agreement relating thereto. 
 “Acquired Debt” means Debt of a Person
(1) existing at the time such Person becomes a Subsidiary or (2) assumed in connection with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person becoming
a Subsidiary or such acquisition. Acquired Debt is deemed to be incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and
“under common control with” have correlative meanings. 
 “Agent” means any Registrar,
co-registrar, Paying Agent or additional paying agent. 
 “Annual Debt Service” as of any date means the amount
which was expensed in the four consecutive fiscal quarters ending on the most recent Measurement Date for interest on Debt of the Issuer and its Restricted Subsidiaries, excluding (1) amortization of debt discount and deferred financing cost,
(2) all gains and losses associated with the unwinding or break-funding of interest rate swap agreements, (3) the write-off of unamortized deferred financing fees, (4) prepayment fees, premiums and penalties and (5) non-cash swap
ineffectiveness charges. 

  
 - 1 -

 “Applicable Premium” means, with respect to any Note on any redemption
date, the excess of: 
 (1) the present value at such redemption date of (i) the aggregate principal amount
of the Note plus (ii) all required interest payments due on the Note through August 15, 2022 (excluding interest paid prior to the redemption date and accrued but unpaid interest to the redemption date), computed using a discount rate
equal to the Treasury Rate as of such redemption date plus 50 basis points; over 
 (2) the principal amount of
the Note. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial
interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer or exchange. 

“Authorized Newspaper” means a newspaper, printed in the English language or in an official language of the country of
publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which the term is used or in the financial community of each such place.
Whenever successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different Authorized Newspapers in the same city meeting the foregoing requirements and in each case on any
Business Day. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief
of debtors. 
 “Board of Directors” means: 

(1) with respect to the Issuer, its Board of Trustees; 

(2) with respect to a corporation, the Board of Directors of the corporation; 

(3) with respect to a partnership, the Board of Directors of the general partner of the partnership or the board or
committee of the general partner of the partnership serving a similar function; and 
 (4) with respect to any
other Person, the board or committee of such Person serving a similar function. 
 “Board Resolutions” means a
copy of resolutions certified by the Secretary or an Assistant Secretary of the Issuer to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 “Broker-Dealer” means any broker or dealer registered under the Exchange Act. 

“Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in the City of New
York are required or authorized to close. 
 “Capital Stock” means, with respect to any entity, any capital
stock (including preferred stock), shares, interests, participation or other ownership interests (however designated) of such entity and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options
to purchase any thereof; provided, however, that leases of real property that provide for contingent rent based on the financial performance of the tenant shall not be deemed to be Capital Stock. 

  
 - 2 -

 “Capitalized Lease Obligation” means, at the time any determination is to
be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 
 “Commission” means the Securities and Exchange Commission. 

“Consolidated Income Available for Debt Service” for any period means Earnings from Operations of the Issuer and its
Restricted Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (1) total interest expense of the Issuer and its Restricted Subsidiaries for such period, including
interest or distributions on Debt of the Issuer and its Restricted Subsidiaries, (2) provision for taxes based on income or profits of the Issuer and its Restricted Subsidiaries for such period, (3) amortization of debt discount and
deferred financing costs, (4) provisions for gains and losses on properties, (5) depreciation and amortization (excluding amortization of prepaid cash expenses that were paid in a prior period), (6) the effect of any non-cash charge
resulting from a change in accounting principles in determining Earnings from Operations for such period, (7) amortization of deferred charges, (8) the aggregate amount of all non-cash expenses (excluding any such non-cash expense to the
extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period), determined on a consolidated basis, to the extent such items increased or decreased
Earnings from Operations for such period and (9) straight-lined rental revenue. 
 “Corporate Trust Office of the
Trustee” will be at the address of the Trustee specified in Section 12.02 hereof or such other address as to which the Trustee may give notice to the Issuer. 
 “Credit Agreements” means the 2011 Credit Agreement and the 2012 Credit Agreement. 
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

“Debt” of the Issuer or any of its Restricted Subsidiaries means, without duplication, any indebtedness of the Issuer or
any Restricted Subsidiary, whether or not contingent, in respect of: 
 (1) borrowed money or evidenced by bonds,
notes, debentures or similar instruments; 
 (2) indebtedness for borrowed money secured by any encumbrance
existing on property owned by the Issuer or its Restricted Subsidiaries, to the extent of the lesser of (x) the amount of indebtedness so secured or (y) the Fair Market Value of the property subject to such encumbrance; 

(3) the reimbursement obligations in connection with any letters of credit actually drawn or amounts representing the
balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense, trade payable, conditional sale obligations or obligations under any title retention agreement; 

(4) the principal amount of all obligations of the Issuer and its Restricted Subsidiaries with respect to redemption,
repayment or other repurchase of any Disqualified Stock; and 
 (5) any lease of property by the Issuer or any of
its Restricted Subsidiaries as lessee which is reflected on the Issuer’s or such Restricted Subsidiaries’ consolidated balance sheet as a Capitalized Lease Obligation, 
 to the extent, in the case of items of indebtedness under clauses (1) through (5) above, that any such items would appear as a liability on the Issuer’s or such Restricted
Subsidiaries’ consolidated balance sheet in accordance with GAAP. 

  
 - 3 -

 Debt also includes, to the extent not otherwise included, any obligation by the Issuer and
its Restricted Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of another Person (other than the Issuer or any of its Restricted
Subsidiaries); it being understood that Debt shall be deemed to be incurred by the Issuer or any of its Restricted Subsidiaries whenever the Issuer or such Restricted Subsidiary shall create, assume, guarantee or otherwise become liable in respect
thereof; provided, however, that a Person shall not be deemed to have incurred Debt (or be liable with respect to such Debt) by virtue of Standard Securitization Undertakings. 

Debt shall not include (a) Debt arising from agreements of the Issuer or any Restricted Subsidiary providing for indemnification,
adjustment or holdback of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than guarantees of Debt incurred by any Person
acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition or (b) contingent obligations under performance bonds, performance guarantees, surety bonds, appeal bonds or similar obligations
incurred in the ordinary course of business and consistent with past practices. In the case of Debt as of any date issued with original issue discount, the amount of such Debt shall be the accreted value thereof as of such date. 

“Default” means, with respect to this Indenture and the Notes, any event that is, or with the passage of time or the
giving of notice or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note
registered in the name of the Holder thereof and issued in accordance with Section 2.06, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule
of Exchanges of Interests in the Global Note” attached thereto. 
 “Depositary” means, with respect to
the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture. 
 “Disqualified Stock” means, with respect to any
entity, any Capital Stock of such entity which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise,
(1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt),
(2) is convertible into or exchangeable or exercisable for Debt, other than Subordinated Debt or Disqualified Stock, or (3) is redeemable at the option of the holder thereof, in whole or in part (other than Capital Stock which is
redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt), in each case on or prior to the stated maturity of the Notes. 
 “Domestic Subsidiary” means any Restricted Subsidiary that was formed under the laws of the United States or any state of the United States or the District of Columbia. 

“Earnings from Operations” for any period means the consolidated net income of the Issuer and its Restricted
Subsidiaries (excluding non-controlling interests), excluding gains and losses on sales of investments, extraordinary items (including, in any event, losses on extinguishment of debt), distributions on equity securities, property valuation losses,
and the net income of any Person, other than a Restricted Subsidiary of the Issuer (except to the extent of cash dividends or distributions paid to the Issuer or any Restricted Subsidiary) as reflected in the financial statements of the Issuer and
its Restricted Subsidiaries for such period, on a consolidated basis determined in accordance with GAAP, and excluding the cumulative effect of changes in accounting principles. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding
any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 

  
 - 4 -

 “Fair Market Value” means, with respect to any asset, the price (after
taking into account any liabilities relating to such assets) which could be negotiated in an arm’s-length free market transaction between a willing seller and a willing buyer, neither of which is under pressure or compulsion to complete the
transaction. Fair Market Value shall be determined by the Board of Directors of the Issuer in good faith. 

“Fitch” means Fitch, Inc. or any successor to the rating agency business thereof. 

“Foreign Currency” means any currency, currency unit or composite currency issued by the government of one or more
countries other than the United States of America or by any recognized confederation or association of such governments. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect on the date of determination. 
 “Global Note” means a global
note substantially in the form of Exhibit A hereto bearing the Global Note Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding
principal amount of the Notes sold. 
 “Global Note Legend” means the legend set forth in Section 2.06(g),
which is required to be placed on all Global Notes issued under this Indenture. 
 “Government Obligations”
means securities which are (1) direct obligations of the United States of America or the government which issued the Foreign Currency in which the Notes are payable, for the payment of which its full faith and credit is pledged or
(2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such government which issued the Foreign Currency in which Notes are payable, the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a
depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the
Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt. 
 “Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without
limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Debt. 
 “Guarantors” means each Domestic Subsidiary of the Issuer that is a guarantor of or borrower under the 2011 Credit Agreement or the 2012 Credit Agreement and executes this Indenture; and
their respective successors and assigns; provided, however, that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its Guarantee of the Notes is released in accordance with the terms of this
Indenture. 
 “Hedging Obligations” means, with respect to any specified Person, the obligations of such Person
under: 
 (1) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements;
and 

  
 - 5 -

 (2) other agreements or arrangements designed to protect such Person against
fluctuations in interest rates or foreign exchange rates. 
 “Holder” means a Person in whose name a Note is
registered. 
 “incur” means issue, create, assume, guarantee, incur or otherwise become liable for;
provided, however, that any Debt or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be incurred by such Subsidiary at
the time it becomes a Restricted Subsidiary. Neither the accrual of interest nor the accretion of original issue discount shall be deemed to be an incurrence of Debt. The term “incurrence” when used as a noun shall have a correlative
meaning. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 “Interest Payment Date” has the meaning set forth in the Notes. 

“Issue Date” means August 8, 2012. 
 “Issuer” has the meaning set forth in the preamble hereto. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or
give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 
 “Non-Recourse Debt” means Debt: 
 (1) as to which
neither the Issuer nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Debt), other than pursuant to Standard Securitization Undertakings, or
(b) is directly or indirectly liable as a guarantor or otherwise, other than pursuant to Standard Securitization Undertakings; and 
 (2) as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Issuer or any of its Restricted Subsidiaries, other than pursuant to Standard
Securitization Undertakings. 
 “Note” has the meaning stated in the preamble to this Indenture. 

“Notes Guarantee” means the Guarantee by each Guarantor of the Issuer’s payment obligations under this Indenture
and on the Notes, executed pursuant to the provisions of this Indenture. 
 “Officer” means, with respect to
any Person, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Chief Investment Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such
Person. 
 “Officers’ Certificate” means a certificate signed on behalf of the Issuer by two Officers of
the Issuer, one of whom must be the principal executive officer, the principal financial officer, the principal investment officer, the treasurer or the principal accounting officer of the Issuer or a general partner of the Issuer, that meets the
requirements of Section 2.02, 8.04 or 12.05, as applicable. 

  
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 “Opinion of Counsel” means an opinion from legal counsel who is reasonably
acceptable to the Trustee, that meets the requirements of Section 2.02, 8.04 or 12.05, as applicable. The counsel may be an employee of or counsel to the Issuer, any Subsidiary of the Issuer or the Trustee. 

“Outstanding” shall have the meaning ascribed thereto in Section 2.08. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

“Person” means any individual, corporation, partnership, joint venture, real estate investment trust, association,
joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Place of Payment” means the place or places where the principal of (and premium, if any) and interest on the Notes are
payable as specified. 
 “Real Estate Assets” means, as of any date, the real estate, mortgage and lease assets
of such Person and its Restricted Subsidiaries on such date, on a consolidated basis determined in accordance with GAAP. 

“Record Date” has the meaning set forth in the Notes. 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Office (or
any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“Restricted Subsidiary” of a Person means any Subsidiary of the referenced Person that is not an Unrestricted
Subsidiary. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. or any successor to the rating agency business thereof. 
 “Secured Debt” means, for any
Person, Debt secured by a Lien on the property of such Person or any of its Restricted Subsidiaries. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Significant Subsidiary” means each Restricted
Subsidiary that is a significant subsidiary, if any, of the Issuer, as defined in Regulation S-X under the Securities Act. 

“Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the
Issuer or any Restricted Subsidiary which are reasonably customary in commercial mortgage backed securities transactions by the parent or sponsoring entity. 
 “Subordinated Debt” means Debt which by the terms of such Debt is subordinated in right of payment to the principal of and interest and premium, if any, on the Notes or any Guarantee
thereof. 
 “Subsidiary” means, for any Person, any corporation or other entity of which a majority of the
Voting Stock is owned, directly or indirectly, by such Person or one or more other Subsidiaries of such Person. 

  
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 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§
77aaa-77bbbb), as amended, as in effect on the date on which this Indenture is qualified under the TIA. 
 “Total
Assets” means, for any Person as of any date, the sum of (a) Undepreciated Real Estate Assets plus (b) the book value of all assets (excluding Real Estate Assets and intangibles) of such Person and its Restricted Subsidiaries as
of such date of determination on a consolidated basis determined in accordance with GAAP. 
 “Total Unencumbered
Assets” means, for any Person as of any date, the sum of, without duplication: 
 (1) those
Undepreciated Real Estate Assets that are not subject to a Lien securing Debt; and 
 (2) all other assets
(excluding accounts receivable and intangibles) of such Person and its Restricted Subsidiaries not subject to a Lien securing Debt, 
 all determined on a consolidated basis in accordance with GAAP; provided that in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of
Section 4.07, all investments in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets. 

“Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States
Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date (or, if such
Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to August 15, 2022; provided, however, that if the period from the
redemption date to August 15, 2022, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trustee” means the Person named as the “Trustee” in the preamble to this Indenture until a successor
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 

“Undepreciated Real Estate Assets” means, as of any date, the cost (being the original cost to the Issuer or any of its
Restricted Subsidiaries plus capital improvements) of Real Estate Assets of the Issuer and its Restricted Subsidiaries on such date, before depreciation and amortization of such Real Estate Assets, determined on a consolidated basis in conformity
with GAAP. 
 “Unrestricted Subsidiary” means any Subsidiary created or acquired after the date of the
Indenture, but only to the extent that such Subsidiary: 
 (1) has no Debt other than Non-Recourse Debt;

 (2) is not party to any agreement, contract, arrangement or understanding with the Issuer or any of its
Restricted Subsidiaries unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Issuer or such Restricted Subsidiary in the aggregate than those that might be obtained at the time from Persons who
are not Affiliates of the Issuer; 
 (3) is a Person with respect to which neither the Issuer nor any of its
Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of
operating results; and 

  
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 (4) has not guaranteed or otherwise directly or indirectly provided credit
support for any Debt of the Issuer or any of its Restricted Subsidiaries, other than pursuant to Standard Securitization Undertakings. 
 If, at
any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of the Indenture and any Debt of such Subsidiary will be deemed
to be incurred by a Restricted Subsidiary of the Issuer as of such date and, if such Debt is not permitted to be incurred as of such date under Section 4.06, the Issuer will be in default of such covenant. 

“Unsecured Debt” means, for any Person, any Debt of such Person or its Restricted Subsidiaries which is not Secured
Debt. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time
entitled to vote in the election of the Board of Directors of such Person. 
 Section 1.02 Other Definitions. 

 

					
	 Term
	  	Defined in Section	 
	 “Additional Notes”
	  	 	2.02	  
	 “Adjusted Total Assets”
	  	 	4.06	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “DTC”
	  	 	2.03	  
	 “Event of Default”
	  	 	6.01	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Measurement Date”
	  	 	4.06	  
	 “Paying Agent”
	  	 	2.03	  
	 “Registrar”
	  	 	2.03	  

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

 The following TIA terms used in this Indenture have the following meanings: 

“obligor” on the Notes and the Notes Guarantees means the Issuer and the Guarantors, respectively, and any successor
obligor upon the Notes and the Notes Guarantees, respectively. 
 All other terms used in this Indenture that are defined by the
TIA, defined by TIA reference to another statute or defined by Commission rule under the TIA have the meanings so assigned to them. 

Section 1.04 Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning
assigned to it; 
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with
GAAP; 

  
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 (3) “or” is not exclusive; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) “will” shall be interpreted to express a command; 

(6) provisions apply to successive events and transactions; and 

(7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of
successor sections or rules adopted by the Commission from time to time. 
 ARTICLE 2 

THE NOTES 
 Section 2.01
Form, Dating and Denominations. 
 (a) General. The Notes will be substantially in the form of Exhibit A
hereto, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification or designation and such legends or
endorsements placed thereon as the Issuer may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any stock exchange on which the Notes may be listed, or to conform to usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and
the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Form of Trustee’s
Certificate of Authentication. Subject to Section 2.02, the Trustee’s certificate of authentication shall be in substantially the following form: 
 This is one of the Notes referred to in the within-mentioned Indenture. 
  

			
	 U.S. Bank National Association,
 As Trustee

		
	By:	 	 
		 	Authorized Signatory

 (c) Global Notes. The Notes shall initially be issued in the form of one or more Global
Notes and shall include the Global Note Legend and a related schedule of exchanges of interests in the Global Notes attached thereto. Each Global Note shall provide that it represents the Outstanding Notes as specified therein and each shall provide
that it represents the aggregate principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate,
to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of Outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the
direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

  
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 Section 2.02 Execution and Authentication. 

Two Officers must sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive
evidence that the Note has been authenticated under this Indenture. 
 The Trustee will authenticate (i) Initial Notes for
original issue on the Issue Date in an aggregate principal amount of $350,000,000, (ii) subject to receipt of an Officers’ Certificate that certifies the issuance of such Notes complies with Section 4.06, Notes (“Additional
Notes”) for original issue after the Issue Date (such Notes to be substantially in the form of Exhibit A) in an unlimited amount if such Additional Notes are fungible with the Initial Notes for U.S. federal income tax purposes, in
each case upon written order of the Issuer in the form of an Officers’ Certificate, which Officers’ Certificate shall, in the case of any issuance of Additional Notes, certify that such issuance is in compliance with Section 4.06,
together with an enforceability opinion that contains customary exceptions. In addition, each such Officers’ Certificate shall specify the amount of Notes to be authenticated, the date on which the Notes are to be authenticated, whether the
securities are to be Initial Notes or Additional Notes and the aggregate principal amount of Notes outstanding on the date of authentication, and shall further specify the amount of such Notes to be issued as Global Notes or Definitive Notes. Such
Notes shall initially be in the form of one or more Global Notes, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Notes to be issued, (ii) shall be registered in the name of
the Depositary or its nominee and (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction. All Notes issued under this Indenture shall vote and consent together on all matters as one class and
no series of Notes will have the right to vote or consent as a separate class on any matter. 
 The Trustee may appoint an
authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer. 
 In
authenticating Notes, and accepting the additional responsibilities under this Indenture in relation to such Notes, the Trustee shall be entitled to receive, and (subject to TIA §§ 315(a) through 315(d)) shall be fully protected in relying
upon, 
 (1) an Opinion of Counsel stating that: 

(i) the form of such Notes have been established in conformity with the provisions of this Indenture; 

(ii) the terms of such Notes have been established in conformity with the provisions of this Indenture; and 

(iii) such Notes, when completed by appropriate insertions and executed and delivered by the Issuer to the Trustee for
authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute
legal, valid and binding obligations of the Issuer, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting the enforcement of
creditors’ rights, to general equitable principles and to such other qualifications as such counsel shall conclude do not materially affect the rights of Holders of such Notes; and 

  
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 (2) an Officers’ Certificate stating that all conditions precedent
provided for in this Indenture relating to the issuance of the Notes have been complied with and that, to the best of the knowledge of the signers of such Officers’ Certificate, no Event of Default with respect to any of the Notes shall have
occurred and be continuing. 
 Section 2.03 Registrar and Paying Agent. 

The Issuer will maintain in each Place of Payment for the Notes an office or agency where such Notes may be presented for registration of
transfer or for exchange (“Registrar”) and an office or agency where such Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The
Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may
change any Paying Agent or Registrar without notice to any Holder. The Issuer will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 

The Issuer initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global
Notes. 
 Section 2.04 Paying Agent to Hold Money in Trust. 
 The Issuer will require each Paying Agent for Notes other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the
Paying Agent for the payment of principal, premium or interest on the Notes, and will notify the Trustee of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all
money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary of the Issuer) will have no
further liability for the money. If the Issuer or a Subsidiary of the Issuer acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or
reorganization proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes. 
 Section 2.05 Holder Lists.

 The Trustee in respect of the Notes will preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of all Holders of Notes and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar of the Notes, the Issuer will furnish to the Trustee at least seven Business Days before each
Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of the Notes and the Issuer shall otherwise
comply with TIA § 312(a). 
 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of
the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be
exchanged by the Issuer for Definitive Notes if: 
 (1) the Issuer delivers to the Trustee notice from the
Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after
the date of such notice from the Depositary; or 

  
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 (2) the Issuer in its sole discretion determines that the Global Notes (in
whole but not in part) should be exchanged for Definitive Notes and deliver a written notice to such effect to the Trustee. 

Upon the occurrence of either of the preceding events in subparagraph (1) or (2) above, Definitive Notes shall be issued in
such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note
or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as
provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c). 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance
with the provisions of this Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes also will require compliance with the subparagraphs below: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in a Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.06(b)(1). 
 (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes.
In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(i) both: 
 (A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a
beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
 (B) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 

(ii) both: 
 (A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in
an amount equal to the beneficial interest to be transferred or exchanged; and 
 (B) instructions given by the
Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in subparagraph (1) above. 

Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture
and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h). 

  
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 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(1) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. Subject to
Section 2.06(a), if any holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a
Definitive Note, then, upon satisfaction of the conditions set forth in subparagraph (b)(2) above, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to paragraph (h) below,
and the Issuer shall execute and the Trustee shall authenticate and deliver to the Person designated in the certificate a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant
to this subparagraph (c)(1) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the
Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 
 (1) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer
such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Definitive Note and
increase or cause to be increased the aggregate principal amount of one of the Global Notes. 
 If any such exchange or transfer
from a Definitive Note to a beneficial interest is effected at a time when a Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an authentication order in accordance with Section 2.02, the Trustee shall
authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e),
the Registrar will register the transfer of such Holder’s Definitive Notes to a Person who takes delivery thereof in the form of one or more Definitive Notes, of any authorized denominations and of like aggregate principal amount or the
exchange of such Holder’s Definitive Notes for Definitive Notes, of any authorized denominations and of like aggregate principal amount. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the
Registrar the Definitive Notes duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. 

(f) Transfer of Definitive Notes to Definitive Notes. A Holder of Definitive Notes may transfer such Notes to a Person who takes
delivery thereof in the form of a Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Definitive Notes pursuant to the instructions from the Holder thereof. 

(g) Global Note Legend. The following legend will appear on the face of all Global Notes issued under this Indenture: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL
NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. 

  
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 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.” 
 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a
particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in
accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global
Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly
and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (i) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global
Notes and Definitive Notes upon receipt of an authentication order in accordance with Section 2.02 or at the Registrar’s request. 
 (2) No service charge will be made to a Holder of a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to
cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, and 9.05 hereof). The
Registrar will not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(3) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or
Definitive Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 (4) The Issuer will not be required: 

(i) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15
days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 
 (ii) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; 

  
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 (iii) to register the transfer of or to exchange a Note between a Record
Date and the next succeeding Interest Payment Date; or 
 (iv) to register the transfer of any Note which has
been surrendered for repayment at the option of Holder, except the portion, if any, of such Note not to be so repaid. 
 (5) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner
of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 

(6) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02
hereof. 
 (7) All orders and instructions required to be submitted to the Registrar or the Issuer pursuant to
this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.07 Replacement
Notes. 
 If any mutilated Note is surrendered to the Trustee or the Issuer or the Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note, the Issuer will issue and the Trustee, upon receipt of an authentication order in accordance with Section 2.02, will authenticate a replacement Note if the Trustee’s requirements
are met. In every case of any request for a substitute or replacement Note, security or indemnity must be supplied by the Holder of such Note that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any
Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer may charge for its expenses in replacing a Note. 
 Every replacement Note is an additional obligation of the Issuer and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder.

 Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Note has
become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note. 

Section 2.08 Outstanding Notes. 
 The Notes “Outstanding” at any time are all the Notes authenticated by the Trustee except for: 
 (1) Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (2) Notes, or portions thereof, for whose payment or redemption or repayment at the option of the Holder money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent
(other than the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act as its own Paying Agent) for the Holders of such Notes, provided that if such Notes are to be redeemed, notice of such redemption has
been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(3) Notes, except to the extent provided in Sections 8.02 and 8.03, with respect to which the Issuer has effected
defeasance and/or covenant defeasance as provided in Article 8; and 
 (4) Notes which have been paid pursuant to
Section 4.01 or 11.01 or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Issuer. 

  
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 Section 2.09 Treasury Notes. 

In determining whether the Holders of the requisite principal amount of Outstanding Notes have given any request, demand, authorization,
direction, notice, waiver or consent, and for the purpose of making the calculations required by TIA § 313, Notes owned by the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes
which a Responsible Officer actually knows to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Notes and that the pledgee is not the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor. 
 Section 2.10 Temporary Notes. 
 Until certificates representing Notes
are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an authentication order in accordance with Section 2.02, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes
but may have variations that the Issuer considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer will prepare and the Trustee will authenticate definitive Notes in exchange
for temporary Notes. 
 Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.11 Cancellation. 
 The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or
payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of canceled Notes (subject to the record retention requirement of the Exchange Act).
The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation, except for replacement Notes for mutilated Notes pursuant to Section 2.07 hereof. 

Section 2.12 Defaulted Interest. 
 If the Issuer defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons
who are Holders of the Notes on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuer will notify the Trustee in writing of the amount of defaulted interest proposed to be paid
on each Note and the date of the proposed payment. The Issuer will fix or cause to be fixed each such special record date and payment date, provided that no such special record date may be less than 10 days prior to the related payment date
for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) will mail or cause to be mailed to Holders of Notes a
notice that states the special record date, the related payment date and the amount of such interest to be paid on such Notes. 

ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01 Notices to Trustee. 
 The election of the Issuer to redeem or purchase in an offer to purchase Notes shall be evidenced by a Board Resolution. The Issuer shall, at least 45 days prior to the redemption date fixed by the Issuer
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such redemption date and of the principal amount of Notes to be redeemed by delivering to the Trustee an Officers’ Certificate setting forth: 

  
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 (1) the paragraph of the Notes and/or Section of this Indenture pursuant to
which the redemption shall occur; 
 (2) the redemption date; 

(3) the principal amount of Notes to be redeemed, plus accrued interest, if any, to the redemption date; and 

(4) the redemption price, including any make-whole amount or premium, if applicable. 

Section 3.02 Selection of Notes to Be Redeemed. 
 If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select the particular Notes for redemption or purchase from the Outstanding Notes not
previously called for redemption, as follows: 
 (1) if the Notes are listed on any national securities exchange,
in compliance with the requirements of the principal national securities exchange on which the Notes are listed; or 
 (2) if the Notes are not listed on any national securities exchange, on a pro rata basis, by lot or by any such similar method in accordance with the procedures of DTC. 

In the event of partial redemption by lot, the particular Notes to be redeemed will be selected, unless otherwise provided in this
Indenture, not less than 30 nor more than 60 days prior to the redemption date by the Trustee. 
 The Trustee will promptly
notify the Issuer in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected
will be in amounts equal to $2,000 or any integral multiple of $1,000; provided, however, that if all of the Outstanding Notes of a Holder are to be redeemed or purchased, the entire amount of such Notes held by such Holder, even if
not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or
purchase. 
 Section 3.03 Notice of Redemption. 
 At least 30 days but not more than 60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed
at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to
Article 8 or 11 of this Indenture. Any notice that is mailed to the Holders of Notes in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. 

The notice will identify the Notes to be redeemed and will state: 

(1) the redemption date; 
 (2) the redemption price, including the accrued interest to the redemption date and any make-whole amount or premium, if applicable; 

  
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 (3) if any Note is being redeemed in part, the portion of the principal
amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

(4) the name and address of the Paying Agent; 

(5) that Notes called for redemption must be surrendered to the Paying Agent at the Place of Payment to collect the
redemption price; 
 (6) that, unless the Issuer defaults in making such redemption payment, interest on Notes
called for redemption ceases to accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or
Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 
 (8) that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Issuer’s request, the Trustee will give the notice of redemption in the Issuer’s name and at its expense; provided, however, that the Issuer has delivered to the Trustee, at
least 45 days (or such shorter period of time as is satisfactory to the Trustee) prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice
as provided in the preceding paragraph. 
 Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and
payable on the redemption date at the redemption price therein specified. A notice of redemption of Notes may not be conditional. 

Section 3.05 Deposit of Redemption or Purchase Price. 
 Prior to 10:00 a.m. Eastern Time on the redemption or purchase date, the Issuer will deposit with the Trustee or with the Paying Agent money in the currency or currencies, currency unit or units or
composite currency or currencies in which the Notes are payable sufficient to pay the redemption or purchase price of and accrued interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to
the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest on, all Notes to be redeemed or purchased. 

If the Issuer complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease
to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest shall be paid
to the Person in whose name such Note was registered at the close of business on such Record Date; provided, however, that installments of interest on Notes whose maturity is on or prior to the redemption date shall be payable to the
Holders of such Notes, or one or more predecessor Notes, registered as such at the close of business on the Record Date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of
the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each
case at the rate provided in the Notes and in Section 4.01 hereof. 

  
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 Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part at a Place of Payment therefor (with, if the Issuer or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), the Issuer will issue and, upon receipt of an
authentication order in accordance with Section 2.02, the Trustee will promptly authenticate and mail, or cause to be transferred by book entry, to each Holder at the expense of the Issuer a new Note of any authorized denomination as requested
by the Holder in an aggregate principal amount equal to and in exchange for the unredeemed or unpurchased portion of the principal of the Note so surrendered and the Paying Agent will promptly mail to each Holder of Notes to be redeemed or purchased
payment for such Notes. 
 Section 3.07 Optional Redemption. 

The Issuer will not be entitled to redeem all or any portion of the Notes at its option except as provided in the next sentence. The
Issuer will be entitled at its option to redeem all or any portion of the Notes at a redemption price equal to 100% of the principal amount of such Notes plus the Applicable Premium as of, and any accrued and unpaid interest to, but not including,
the redemption date (subject to the right of the holders of Notes on the relevant record date to receive interest due on the relevant interest payment date). If the Notes are redeemed on or after 90 days prior to maturity, the redemption price shall
equal 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but not including, the redemption date. 
 Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06. 
 Section 3.08 Mandatory Redemption. 
 The Issuer is not required to make
mandatory redemption payments with respect to the Notes. 
 ARTICLE 4 

COVENANTS 
 Section 4.01
Payment of Notes. 
 The Issuer will pay or cause to be paid the principal of, premium, if any, and interest on the Notes on
the dates, in the currency or currency unit and in the manner provided in the terms of the Notes and this Indenture. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Issuer, or a
Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the
rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; the Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
 Section 4.02 Maintenance of Office or
Agency. 
 The Issuer will maintain in each Place of Payment for the Notes an office or agency (which may be an office of the
Trustee or an Affiliate of the Trustee, Registrar or co-registrar) where the Notes may be presented or surrendered for payment, where the Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon
the Issuer in respect of the Notes and this Indenture may be served. The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer fails to maintain any
such required office or agency or fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

  
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 The Issuer may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Issuer of its obligation to
maintain an office or agency in the Place of Payment for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Issuer hereby designates as a Place of Payment for the Notes the Corporate Trust Office of the Trustee in Nashville, Tennessee as one
such office or agency of the Issuer in accordance with Section 2.03 hereof. 
 Section 4.03 Reports. 

Whether or not required by the Commission, so long as any Notes are outstanding, the Issuer shall furnish to the Holders of Notes, within
the time periods specified in the Commission’s rules and regulations: 
 (1) all quarterly and annual
financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if the Issuer were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Issuer’s certified independent accountants; and 

(2) all current reports that would be required to be filed with the Commission on Form 8-K if the Issuer were required to
file such reports. 
 The availability of the foregoing materials on the Commission’s website shall be deemed to satisfy
the foregoing delivery obligations. 
 Whether or not required by the Commission, the Issuer shall file a copy of all of the
information and reports referred to in clauses (1) and (2) above with the Commission for public availability within the time periods specified in the Commission’s rules and regulations (unless the Commission will not accept such a
filing) and make such information available to securities analysts and prospective investors upon request. 
 The quarterly and
annual financial information required by the preceding paragraphs will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of
Financial Condition and Results of Operations, of the financial condition and results of operations of the Issuer, as applicable, and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted
Subsidiaries of the Issuer. 
 Section 4.04 Compliance Certificate. 

(a) The Issuer and each Guarantor shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’
Certificate stating that a review of the activities of the Issuer and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Issuer has kept,
observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Issuer has kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or
Events of Default of which he or she may have knowledge and what action the Issuer is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Issuer is taking or proposes to take with respect thereto. For purposes of this
Section 4.04, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture. 

  
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 (b) So long as any of the Notes are outstanding, the Issuer will deliver to the Trustee,
forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Issuer is taking or proposes to take with respect thereto. 

Section 4.05 Existence. 
 Except as permitted by Article 5 and Section 10.04, the Issuer and its Restricted Subsidiaries shall do all things necessary to preserve and keep their existence, rights and franchises; provided,
however, that the existence of a Restricted Subsidiary may be terminated if the Board of Directors of the Issuer determines that it is in the best interests of the Issuer to do so and the Issuer and its Restricted Subsidiaries will not be
required to preserve any right or franchise if it determines that the preservation of that right or franchise is no longer desirable in the conduct of its business and that its loss is not disadvantageous in any material respect to the Holders of
Notes. 
 Section 4.06 Limitations on Incurrence of Debt. 
 (a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, incur any additional Debt if, immediately after giving effect to the incurrence of such additional Debt and the application of
the proceeds thereof, the aggregate principal amount of all of the Issuer’s and its Restricted Subsidiaries’ outstanding Debt on a consolidated basis determined in accordance with GAAP would be greater than 60% of the sum of (without
duplication): 
 (1) the Total Assets of the Issuer and its Restricted Subsidiaries as of the end of the calendar
year or quarter covered by the Issuer’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not permitted under the Exchange Act, as of the end of the
calendar quarter covered by the Issuer’s most recent report filed with the Trustee) prior to the incurrence of such additional Debt (the “Measurement Date”); and 

(2) the purchase price of any Real Estate Assets or mortgages receivable acquired, and the amount of any securities
offering proceeds received (to the extent that such proceeds were not used to acquire Real Estate Assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Restricted Subsidiaries on a consolidated basis since the
Measurement Date (such sum of clauses (1) and (2) being collectively referred to as “Adjusted Total Assets”). 
 (b) In addition to the limitations in Section 4.06(a), the Issuer shall not, and shall not permit any Restricted Subsidiary to, incur any Secured Debt if, immediately after giving effect to the
incurrence of such additional Secured Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Issuer’s and its Restricted Subsidiaries’ outstanding Secured Debt on a consolidated basis in accordance
with GAAP is greater than 40% of Adjusted Total Assets. 
 (c) In addition to the limitations in Sections 4.06(a) and (b), the
Issuer shall not, and shall not permit any Restricted Subsidiary to, incur any Debt if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service for the four consecutive fiscal quarters ended on the Measurement Date
shall have been less than 1.5x, on a pro forma basis after giving effect to the incurrence of such Debt and to the application of the proceeds therefrom, and calculated on the assumption that: 

(1) such Debt and any other Debt incurred by the Issuer and any of its Restricted Subsidiaries on a consolidated basis
since the first day of such four-quarter period and the application of the proceeds therefrom, including to refinance other Debt, had been incurred at the beginning of such period; 

(2) the repayment or retirement of any other Debt by the Issuer and any of its Restricted Subsidiaries on a consolidated
basis since the first day of such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit facility shall be computed based upon the
average daily balance of such Debt during such period); 

  
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 (3) in the case of Acquired Debt or Debt incurred in connection with any
acquisition since the first day of such four-quarter period, the related acquisition had occurred as of the first day of such period with appropriate pro forma adjustments to, among other things Consolidated Income Available for Debt Service, with
respect to such acquisition being included in such pro forma calculation; and 
 (4) in the case of any
acquisition or disposition by the Issuer or any of its Restricted Subsidiaries on a consolidated basis of any asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or
sale, such acquisition or disposition or any related repayment of Debt had occurred as of the first day of such period with the appropriate pro forma adjustments with respect to such acquisition or disposition being included in such pro forma
calculation. 
 If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first
day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service, the interest rate on such Debt will be computed on a pro forma basis as if the average interest rate in effect
during the entire such four-quarter period had been the applicable rate for the entire such period; provided, however, that for purposes of calculating Annual Debt Service for Debt for which there is a corresponding Hedging Obligation, Annual
Debt Service shall be calculated after giving effect to the Hedging Obligation. 
 Section 4.07 Maintenance of Total Unencumbered
Assets. 
 The Issuer and its Restricted Subsidiaries shall maintain Total Unencumbered Assets as of the end of each fiscal
quarter of not less than 150% of the aggregate outstanding principal amount of the Issuer’s and its Restricted Subsidiaries’ Unsecured Debt as of the end of each fiscal quarter, all calculated on a consolidated basis in accordance with
GAAP. 
 Section 4.08 Additional Guarantees. 
 The Issuer shall and shall cause each Domestic Subsidiary that is a guarantor of or borrower under the 2011 Credit Agreement or the 2012 Credit Agreement to become a Guarantor and execute a supplemental
indenture and deliver a customary Opinion of Counsel satisfactory to the Trustee within ten Business Days of the date on which it incurred such Debt. The form of supplemental indenture is attached as Exhibit B to this Indenture. 

Section 4.09 Maintenance of Properties. 
 The Issuer will, or will cause its Subsidiaries and their respective tenants to, maintain, keep in good condition and make all necessary repairs, renewals, replacements, betterments and improvements of
the Issuer’s and its Subsidiaries’ properties that Issuer deems necessary so that the business carried on in connection with those properties may be properly and advantageously conducted at all times. The Issuer or its Subsidiaries may,
however, sell or otherwise dispose for value the Issuer’s or any of its Subsidiary’s properties in the ordinary course of business. 

Section 4.10 Insurance. 
 The Issuer will, and will cause each of its Subsidiaries, and Issuer will cause the Issuer’s and its Subsidiaries’ tenants to maintain in accordance with their respective leases, customary
policies of insurance with responsible companies, taking into consideration prevailing market conditions and availability, for all of the Issuer’s and its Subsidiaries’ properties and operations; provided however, the requirements in this
Section 4.10 shall not require the purchase or maintenance of insurance by a tenant in excess of the requirements set forth in the applicable lease. 

  
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 ARTICLE 5 
 SUCCESSORS 
 Section 5.01 Merger, Consolidation, or Sale of Assets. 

The Issuer may not, directly or indirectly, (1) consolidate or merge with or into another Person (whether or not the Issuer is the
surviving corporation); or (2) sell, assign, transfer, convey, lease (other than to an unaffiliated operator in the ordinary course of business) or otherwise dispose of all or substantially all of the properties or assets of the Issuer and its
Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person; unless: 
 (1)
either: 
 (i) the Issuer is the surviving corporation or trust; or 

(ii) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which such sale,
assignment, transfer, conveyance or other disposition has been made is a corporation or trust organized or existing under the laws of the United States, any state of the United States or the District of Columbia; 

(2) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or the Person to which
such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Issuer under the Notes and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; and 

(3) immediately after such transaction, on a pro forma basis giving effect to such transaction or series of transactions
(and treating any obligation of the Issuer or any Restricted Subsidiary incurred in connection with or as a result of such transaction or series of transactions as having been incurred at the time of such transaction), no Default or Event of Default
exists under this Indenture. 
 This Section 5.01 will not apply to a sale, assignment, transfer, conveyance or other
disposition of assets between or among the Issuer and its Restricted Subsidiaries. 
 Section 5.02 Successor Substituted.

 Upon any consolidation or merger, or any sale, assignment, transfer, conveyance, transfer or other disposition of all or
substantially all of the properties or assets of the Issuer in accordance with Section 5.01, the successor Person formed by such consolidation or into which the Issuer is merged or to which such sale, assignment, transfer, conveyance or other
disposition is made, shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such successor initially had been named as the Issuer herein. Such successor
thereupon may cause to be signed, and may issue either in its own name or in the name of the Issuer, any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee; and, upon the
order of such successor, instead of the Issuer, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Notes which previously shall have been signed and delivered
by the Officers of the Issuer to the Trustee for authentication, and any Notes which such successor thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal
rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. 

  
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 In case of any such consolidation, merger, sale, lease or conveyance, such changes in
phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 
 When a
successor assumes all the obligations of its predecessor under this Indenture and the Notes following a consolidation or merger, or any sale, assignment, transfer, conveyance or other disposition of 90% or more of the assets of the predecessor in
accordance with the foregoing provisions, the predecessor shall be released from those obligations. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. 
 Each of the following is an “Event of Default” wherever used herein with respect to the Notes: 
 (1) the Issuer or its Restricted Subsidiaries do not pay the principal or any premium on the Notes when due and payable; 

(2) the Issuer or its Restricted Subsidiaries do not pay interest on the Notes within 30 days after the applicable due
date; 
 (3) the Issuer or its Restricted Subsidiaries do not comply with their obligations under
Section 5.01; 
 (4) the Issuer or its Restricted Subsidiaries remain in breach of any other term of this
Indenture for 60 days after they receive a notice of Default stating they are in breach. Either the Trustee or the Holders of more than 25% in principal amount of the then outstanding Notes may send the notice; 

(5) final judgments aggregating in excess of $10.0 million (exclusive of amounts covered by insurance) are entered against
the Issuer and its Restricted Subsidiaries and are not paid, discharged or stayed for a period of 60 days; 
 (6)
the Issuer or its Restricted Subsidiaries default under any of their indebtedness in an aggregate principal amount exceeding $25.0 million after the expiration of any applicable grace period, which default results in the acceleration of the maturity
of such indebtedness. Such default is not an Event of Default if the other indebtedness is discharged, or the acceleration is rescinded or annulled, within a period of 30 days after the Issuer or its Restricted Subsidiaries receive notice specifying
the default and requiring that they discharge the other indebtedness or cause the acceleration to be rescinded or annulled. Either the Trustee or the Holders of more than 25% in principal amount of the then Outstanding Notes may send the notice;

 (7) the Issuer or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole,
would constitute a Significant Subsidiary: 
 (i) commences a voluntary case under Bankruptcy Law; 

(ii) consents to the entry of an order for relief against it in an involuntary case under Bankruptcy Law; 

(iii) consents to the appointment of a custodian of it or for all or substantially all of its property; 

(iv) makes a general assignment for the benefit of its creditors; or 

  
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 (v) an admission in writing by the Issuer of its inability to pay its debts
as they become due; 
 (8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law
that: 
 (i) is for relief against the Issuer or any of its Significant Subsidiaries, or any group of
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, in an involuntary case; 
 (ii)
appoints a custodian of the Issuer or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, or for all or substantially all of the property of the Issuer or any of its
Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; or 
 (iii) orders the liquidation of the Issuer or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; 

(iv) and the order or decree remains unstayed and in effect for 60 consecutive days; or 

(9) any Note Guarantee of a Significant Subsidiary of the Issuer ceases to be in full force and effect or is declared null
and void or any Guarantor denies or disaffirms its obligations under this Indenture or any Note Guarantee other than by reason of the release of any such Note Guarantee in accordance with this Indenture. 

Section 6.02 Acceleration. 
 In the case of an Event of Default specified in clause (7) or (8) of Section 6.01, all Outstanding Notes will become due and payable immediately without further action or notice. If any
other Event of Default with respect to the Notes at the time Outstanding occurs and has not been cured, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding may declare the entire principal amount of
the Notes to be due and immediately payable by written notice to the Issuer and the Trustee. Upon any such declaration, such principal amount (or specified amount) of the Notes shall become due and payable immediately. The Holders of a majority in
aggregate principal amount of the Notes then Outstanding by written notice to the Trustee may on behalf of all of the Holders rescind and annul an acceleration and its consequences if the rescission or annulment would not conflict with any judgment
or decree and if all existing Events of Default (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived. 
 Section 6.03 Other Remedies. 
 If an Event of Default occurs and is
continuing with respect to the Notes at the time Outstanding, the Trustee may pursue any available remedy to collect the payment of principal, premium and interest on the Notes or to enforce the performance of any provision of the Notes or this
Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them
in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.
All remedies are cumulative to the extent permitted by law. 

  
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 Section 6.04 Waiver of Past Defaults. 

Holders of not less than a majority in aggregate principal amount of the then Outstanding Notes by written notice to the Trustee may on
behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium or interest on, the Notes (excluding
in connection with an offer to purchase) or in respect of a covenant or provision of this Indenture which under Article 9 may not be modified or amended without the consent of the Holder of each Outstanding Note; provided, however, that the
Holders of a majority in aggregate principal amount of the then Outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration as provided in Section 6.02. 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 Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon. 
 Section 6.05 Control by Majority. 
 Holders of a majority in aggregate principal amount of the Notes then Outstanding may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or
exercising any trust or power conferred on it with respect to the Notes. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other
Holders of Notes, that may involve the Trustee in personal liability , or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of the Notes not joining in the giving of such direction and may take any other
action it deems proper that is not inconsistent with any such direction received from Holders of Notes. 
 Section 6.06 Limitation on
Suits. 
 A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 

(1) such Holder has given the Trustee written notice that an Event of Default with respect to the Notes has occurred and
remains uncured; 
 (2) the Holders of at least a majority in aggregate principal amount of all Outstanding Notes
have made a written request that the Trustee take action because of the Event of Default, and offered indemnity satisfactory to the Trustee against the cost and other liabilities of taking that action; 

(3) the Trustee has not taken action for 60 days after receipt of the notice and offer of indemnity; and 

(4) the Holders of at least a majority in principal amount of all Outstanding Notes have not given the Trustee a direction
inconsistent with such request within such 60-day period. 
 A Holder of any Notes may not use this Indenture to prejudice the
rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
 Section 6.07 Rights of
Holders of Notes to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of any
Note to receive payment of principal, premium and interest on such Note, on or after the respective due dates expressed in such Note (excluding in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or
after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08 Collection Suit by
Trustee. 
 If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing with respect to the
Notes, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal, premium and interest remaining unpaid on the Notes and interest on overdue principal and,
to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

  
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 Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer or any other
obligor upon the Notes, their creditors or their property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding
is hereby authorized by each Holder of Notes to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders of Notes, to pay to the Trustee any amount due to it for the
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and
shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders of Notes may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or
otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Note any plan of reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Note in any such proceeding. 

Section 6.10 Priorities. 
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by
the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes in respect of which
or for the benefit of which such money has been collected for amounts due and unpaid on such Notes for principal, premium and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for
principal, premium and interest, respectively; and 
 Third: to the Issuer or to such party as a court of
competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.10. 
 Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of
a Note pursuant to Section 6.06 hereof, or a suit by Holders of more than 10% in principal amount of the then Outstanding Notes. 

  
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 ARTICLE 7 
 TRUSTEE 
 Section 7.01 Duties of Trustee. 

(a) If an Event of Default with respect to the Notes has occurred and is continuing, the Trustee will exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture but the Trustee shall have no obligation to verify any mathematical calculations contained therein. 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee will not be
liable with respect to any action it takes or omits to take in good faith in accordance with any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture or with a direction received by it
pursuant to Section 6.05. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 
 (e) No provision of
this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder, unless such Holder
has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee
will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Trustee shall be subject to the provisions of this Section 7.01. 

  
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 Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document (whether original or facsimile) believed by it to be genuine and to have been
signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b)
Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’
Certificate or Opinion of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and
will not be responsible for the misconduct or negligence of any agent appointed with due care unless the Trustee was negligent in acting through its attorneys and agents. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient
if signed by an Officer of the Issuer. 
 (f) The Trustee will be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction. 
 (g) Except with respect to the receipt of payments of principal and interest on
the Notes payable by the Issuer pursuant to Section 4.01 hereof and any Default or Event of Default information contained in the Officers’ Certificate delivered to it pursuant to Section 4.04 hereof, the Trustee shall have no duty to
monitor the Issuer’s compliance with or the breach of any representation, warranty or covenant made in this Indenture. 

(h) Delivery of reports, information and documents to the Trustee described in Section 4.03 hereof is 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 Issuer’s or the Guarantors’ compliance with any of
their covenants hereunder (as to which the Trustee is entitled to rely conclusively on Officers’ Certificates). The Trustee is under no duty to examine such reports, information or documents to ensure compliance with the provisions of the
Indenture or to ascertain the correctness or otherwise of the information or the statements contained therein. 
 (i) In no
event will the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of
such loss or damage and regardless of the form of action. 
 (j) The Trustee shall not be deemed to have notice of any Default
or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of
the Trustee, and such notice references the Notes and this Indenture. 
 (k) The rights, privileges, protections, immunities and
benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act
hereunder. 

  
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 Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any
Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the Commission for permission to
continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
 Section 7.04 Trustee’s Disclaimer. 
 The Trustee will not be
responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s
direction under any provision of this Indenture, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any
statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 
 If a Default or Event of Default
occurs and is continuing with respect to the Notes and if the Trustee has actual knowledge of such Default or Event of Default, the Trustee will mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs,
unless such default shall have been cured or waived. Except in the case of a Default or Event of Default in payment of principal of, premium or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 

Section 7.06 Reports by Trustee to Holders of the Notes. 
 (a) Within 120 days after the end of each fiscal year beginning with the end of the fiscal year following the date of this Indenture, and for so long as Notes remain Outstanding, the Trustee will mail to
all Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be
transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 
 (b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Issuer and filed by the Trustee with the Commission and each stock exchange on which such
Notes are listed in accordance with TIA § 313(d). The Issuer will promptly notify the Trustee when the Notes are listed on any stock exchange. 
 Section 7.07 Compensation and Indemnity. 
 (a) The Issuer will pay to
the Trustee from time to time compensation for its acceptance of this Indenture and services hereunder in accordance with a written schedule provided by the Trustee to the Issuer. The Trustee’s compensation will not be limited by any law on
compensation of a trustee of an express trust. The Issuer will reimburse the Trustee promptly upon written request for all disbursements, advances and expenses incurred or made by it in addition to the compensation for its services (including the
compensation, disbursements and expenses of the Trustee’s agents and counsel), except any such disbursement, advances and expenses as shall be determined to have been caused by the Trustee’s own negligence, bad faith or willful misconduct.

 (b) The Issuer and each Guarantor will indemnify the Trustee against any and all losses, liabilities, claims or expenses
incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuer and the Guarantors (including this
Section 7.07) and defending itself against any claim (whether asserted by the Issuer, the Guarantors or any Holder or any other Person) or liability in connection with the exercise or performance of any of

  
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its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence, bad faith, or willful misconduct. The Trustee will notify the
Issuer in writing promptly of any claim of which a Responsible Officer has received written notice for which it may seek indemnity. Failure by the Trustee to so notify the Issuer will not relieve the Issuer or any of the Guarantors of their
obligations hereunder. The Issuer or such Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Issuer will pay the fees and expenses of such counsel. Neither the Issuer nor any
Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. 
 (c) The
obligations of the Issuer and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture. 
 (d) To secure the Issuer’s payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held
in trust to pay principal and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(8) or (9) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
 (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

Section 7.08 Replacement of Trustee. 
 (a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this
Section 7.08. 
 (b) The Trustee may resign with respect to the Notes in writing at any time and be discharged from the
trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the then Outstanding Notes may remove the Trustee with respect to the Notes by so notifying the Trustee and the Issuer in writing. The Issuer
may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or

 (4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns, is removed, is incapable of acting or if a vacancy exists in the office of Trustee for any reason, the
Issuer, by Board Resolution, will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then Outstanding Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Issuer. 
 (d) If a successor Trustee does not take office within 60 days
after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer, or the Holders of at least 10% in aggregate principal amount of the then Outstanding Notes, may petition any court of competent jurisdiction for the appointment of a
successor Trustee. 
 (e) If the Trustee, after written request by any Holder of Notes who has been a Holder of Notes for at
least six months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

  
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 (f) The successor Trustee will deliver a written acceptance of its appointment to the
retiring Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture without any further
act, deed or conveyance. The successor Trustee will mail a notice of its succession to the Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof will
continue for the benefit of the retiring Trustee. 
 (g) Upon request of any such successor Trustee, the Issuer shall execute
any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (f) of this Section. 

(h) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article. 
 Section 7.09 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further
act on the part of the parties hereto. 
 Section 7.10 Eligibility; Disqualification. 

There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100
million as set forth in its most recent published annual report of condition. 
 This Indenture will always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
 Section 7.11
Preferential Collection of Claims Against Issuer. 
 The Trustee is subject to TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuer may, at its option, at any time, elect to have Section 8.02 (if applicable) or Section 8.03 (if applicable) be
applied to the Outstanding Notes that either have become due and payable or will become due and payable within one year, or scheduled for redemption within one year, upon compliance with the conditions set forth below in this Article. 

  
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 Section 8.02 Legal Defeasance and Discharge. 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02 with respect to any
Outstanding Notes, the Issuer and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all such Outstanding Notes
(including the related Notes Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and the Guarantors will be deemed to have
paid and discharged the entire Debt represented by such Outstanding Notes (including the related Notes Guarantees), which will thereafter be deemed to be “Outstanding” only for the purposes of Section 8.05 hereof and the other
Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, such Notes Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the
Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

(1) the rights of Holders of such Outstanding Notes to receive payments in respect of the principal of, or interest or
premium on such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
 (2)
the Issuer’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 
 (3) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantors’ obligations in connection therewith; and 
 (4) this Article 8. 
 Subject to compliance with this Article 8, the Issuer may
exercise its option under this Section 8.02 notwithstanding the prior exercise of their option under Section 8.03 hereof. 

Section 8.03 Covenant Defeasance. 
 Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 with respect to any Outstanding Notes, the Issuer and the Guarantors will, subject to the
satisfaction of the conditions set forth in Section 8.04, be released from each of their obligations under the covenants contained in Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 5.01 and 10.04 with respect to such Outstanding
Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and such Notes will thereafter be deemed not “Outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, Covenant
Defeasance means that, with respect to the Outstanding Notes and the related Notes Guarantees, the Issuer and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not
constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and the related Notes Guarantees will be unaffected thereby. In addition, upon the
Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 with respect to any Outstanding Notes, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(4)
through 6.01(7) hereof will not constitute Events of Default. 
 Section 8.04 Conditions to Legal or Covenant Defeasance.

 In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof with
respect to any Outstanding Notes: 
 (1) the Issuer irrevocably deposits with the Trustee for the Notes, in
trust, for the benefit of the Holders, money in such currency or currencies, or currency unit or currency units, in which such Note is then specified as payable at maturity, non-callable Government Obligations applicable to such Notes (determined on
the basis of the currency or currencies, or currency unit or currency units, in which such Notes are then specified as payable at maturity), or any combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized
firm of independent public accountants, to pay the principal of, premium and interest on such Outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be; 

  
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 (2) in the case of an election under Section 8.02 hereof, the Issuer
has delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to such Trustee confirming that: 
 (i) the Issuer has received from, or there has been published by, the IRS a ruling; or 
 (ii) since the date of this Indenture, there has been a change in the applicable federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such
Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of an election under Section 8.03 hereof, the Issuer must deliver to the Trustee an Opinion of
Counsel in the United States reasonably acceptable to the Trustee confirming that the beneficial owners of the Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (4) no Default or Event of Default shall have occurred in respect of the Notes and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds
to be applied to such deposit); 
 (5) such Legal Defeasance or Covenant Defeasance will not result in a breach
or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Issuer or any of its Restricted Subsidiaries is a party or by which the Issuer or any of its Restricted Subsidiaries is
bound; 
 (6) the Issuer must deliver to the Trustee an Officers’ Certificate stating that the deposit was
not made by Issuer with the intent of preferring the Holders over the other creditors of Issuer with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others; and 

(7) the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Section 8.05 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06 hereof, all money or Government Obligations (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of any Outstanding Notes will be held in trust and applied by such Trustee, in accordance with
the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as such Trustee may determine, to the Holders of the Notes of all sums due and to become due
thereon in respect of principal, premium and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Issuer will pay and indemnify such Trustee against any tax, fee or other charge imposed on or assessed against the money or non-callable Government Obligations deposited pursuant to Section 8.04
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders. 

  
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 Notwithstanding anything in this Article 8 to the contrary, such Trustee will deliver or pay
to the Issuer from time to time upon the request of the Issuer any money or non-callable Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to such Trustee (which may be the opinion delivered under Section 8.04(1)), are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Issuer. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of,
premium or interest on any Note and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged from such trust;
and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, will
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in an Authorized Newspaper, notice that such money
remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 

Section 8.07 Reinstatement. 
 (a) If the Trustee or Paying Agent is unable to apply any money or non-callable Government Obligations deposited in respect of the Notes in accordance with Section 8.02 or 8.03, as the case may be,
by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s and the Guarantor’s obligations under this Indenture and the Notes and the
related Notes Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with
Section 8.02 or 8.03 hereof, as the case may be; provided, however, that the principles set forth in paragraphs (b) and (c) of this Section 8.07 shall apply following such reinstatement; provided further,
however, that if the Issuer makes any payment of principal of, premium or interest on any Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such payment
from the money held by the Trustee or Paying Agent. 
 (b) If reinstatement of the Issuer’s and Guarantors’
obligations under this Indenture, the Notes and the related Notes Guarantees shall occur as provided in Section 8.07(a), such reinstatement shall be deemed to have occurred as of the date of such deposit except that no Default will be deemed to
have occurred solely by reason of a breach while any such obligation was suspended. 
 (c) Neither (1) the continued
existence following the reinstatement of the foregoing obligations of facts and circumstances or obligations that were incurred or otherwise came into existence while the foregoing obligations were suspended nor (2) the performance of any such
obligations, including the consummation of any transaction pursuant to, and on materially the same terms as, a contractual agreement in existence prior to the reinstatement of the foregoing obligations, shall constitute a breach of any such
obligations or cause a Default or Event of Default in respect thereof; provided, however, that (A) the Issuer and its Restricted Subsidiaries did not incur or otherwise cause such facts and circumstances or obligations to exist in
anticipation of the reinstatement of the foregoing obligations and (B) the Issuer and its Restricted Subsidiaries did not reasonably believe that such incurrence or actions would result in such reinstatement. For purposes of clause
(2) above, any increase in the consideration to be paid prior to such amendment or modification to the terms of an existing obligation following the reinstatement of the foregoing obligations that does not exceed 10% of the consideration that
was to be paid prior to such amendment or modification shall not be deemed a “material” amendment or modification. For purposes of clauses (A) and (B) above, anticipation and reasonable belief may be determined by the Issuer and
shall be conclusively evidenced by a board resolution to such effect adopted by the Board of Directors of the Issuer. 

  
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 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes.

 Notwithstanding Section 9.02 of this Indenture, the Issuer, the Guarantors and the Trustee may amend or supplement
this Indenture, the Notes Guarantees or the Notes without the consent of any Holder of a Note: 
 (1) to cure any
ambiguity, defect or inconsistency; 
 (2) to provide for uncertificated Notes in addition to or in place of
certificated Notes; 
 (3) to provide for the assumption of the Issuer’s obligations to Holders of Notes in
the case of a merger or consolidation or sale of all or substantially all of the Issuer’s assets; 
 (4) to
add additional Guarantees with respect to the Notes; 
 (5) to secure the Notes; 

(6) to make any other change that would provide any additional rights or benefits to the Holders of Notes or that does not
adversely affect the legal rights under this Indenture of any such Holder; or 
 (7) to comply with requirements
of the Commission in order to effect or maintain the qualification of this Indenture under the TIA. 
 Section 9.02 With Consent of
Holders of Notes. 
 Except as provided above in Section 9.01 and in this Section 9.02, the Issuer, the Guarantors
and the Trustee may amend or supplement this Indenture, the Notes Guarantees and the Notes with the consent of the Holders of at least a majority in principal amount of the then Outstanding Notes affected by such amendment or supplemental indenture
voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, such Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default
(other than a Default or Event of Default in the payment of the principal or premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this
Indenture, the Notes Guarantees or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then Outstanding Notes affected thereby voting as a single class (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, the Notes). 
 Without the consent of each Holder
affected, an amendment or waiver may not (with respect to any Notes held by a non-consenting Holder): 
 (1)
reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (2)
reduce the principal of or change the fixed maturity of any Note or alter the provisions with respect to the redemption of the Notes; 
 (3) reduce the rate of or change the time for payment of interest on any Note; 
 (4) waive a Default or Event of Default in the payment of principal of, or interest or premium on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in
aggregate principal amount of the then Outstanding Notes and a waiver of the payment Default that resulted from such acceleration); 

  
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 (5) make any Note payable in money other than that stated in the Notes;

 (6) make any change in Section 6.04 or 6.07 hereof relating to waivers of past Defaults or the rights of
Holders of Notes to receive payments of principal of or interest or premium on the Notes; 
 (7) waive a
redemption payment with respect to any Note; 
 (8) release any Guarantor from any of its obligations under its
Notes Guarantee or this Indenture, except in accordance with the terms of this Indenture; 
 (9) modify or change
any provisions of this Indenture affecting the ranking of the Notes or the Notes Guarantees in any manner adverse to the Holders of the Notes; and 
 (10) make any change in the amendment and waiver provisions set forth in clauses (1) through (9) of this Section 9.02. 

Section 2.08 hereof shall determine which Notes are considered to be “Outstanding” for purposes of this Section 9.02.

 It is not necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of
any proposed amendment or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the Issuer will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any
defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. 

Section 9.03 Compliance with Trust Indenture Act. 
 Every amendment or supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the TIA as then in effect. 

Section 9.04 Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note
that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if a Responsible
Officer of the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

 Section 9.05 Notation on or Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Outstanding Note thereafter authenticated. The Issuer in exchange for all Outstanding Notes may issue and the
Trustee shall, upon receipt of an authentication order in accordance with Section 2.02, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 

  
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 Section 9.06 Trustee to Sign Amendments, etc. 

Upon the request of the Issuer accompanied by Board Resolutions authorizing the execution of any amended or supplemental indenture, and
upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the
Issuer in the execution of an amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental indenture. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof)
will be fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized
or permitted by this Indenture and complies with the terms of this Indenture. 
 ARTICLE 10 

NOTES GUARANTEES 

Section 10.01 Notes Guarantee. 
 (a) Subject to this Article 10, each of the Guarantors, jointly and severally, fully and unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee
and its successors and assigns, irrespective of the validity and enforceability of this Indenture, such Note or the obligations of the Issuer hereunder or thereunder, that: 

(1) the principal of, premium and interest on such Note will be promptly paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the overdue principal of and interest on such Note, if any, if lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be promptly paid in full
or performed, all in accordance with the terms hereof and thereof; and 
 (2) in case of any extension of time of
payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.

 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors
will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Notes issued with the benefit of Notes Guarantees or
this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor, other than payment in full of all obligations under the Notes. Each Guarantor in respect of the Notes hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenant that this Notes Guarantee
will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 
 (c) If
any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by
either to the Trustee or such Holder, this Notes Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect. 

  
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 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of its Notes Guarantee notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become
due and payable by such Guarantor for the purpose of its Notes Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the
Notes Guarantee. 
 (e) Each Guarantor hereby agrees that its Note Guarantee shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of such Note Guarantee on the Notes. The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth in
this Indenture on behalf of the Guarantors. 
 Section 10.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes issued with the benefit of Notes Guarantees, each Holder, hereby confirms that it is the
intention of all such parties that the Notes Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
federal or state law to the extent applicable to any Notes Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each such Guarantor will, after giving effect
to any maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Notes Guarantee not constituting a fraudulent transfer or conveyance. 

Section 10.03 [Intentionally Omitted]. 
 Section 10.04 Guarantors May Consolidate, etc., on Certain Terms. 
 No
Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Issuer or another Guarantor,
unless: 
 (1) immediately after giving effect to that transaction, no Default or Event of Default exists under
this Indenture; and 
 (2) subject to Section 10.05, the Person acquiring the property in any such sale or
disposition or the Person formed by or surviving any such consolidation or merger assumes all the obligations of that Guarantor under this Indenture and its Notes Guarantee pursuant to a supplemental indenture satisfactory to the Trustee.

 In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by
supplemental indenture, of the Notes Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person will succeed to and be
substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Notes Guarantees to be endorsed upon all of the Notes issuable hereunder which
theretofore shall not have been signed by the Issuer and delivered to the Trustee. All the Notes Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture as the Notes Guarantees theretofore and thereafter
issued in accordance with the terms of this Indenture as though all of such Notes Guarantees had been issued at the date of the execution hereof. 
 Except as set forth in Article 5, and notwithstanding this Section 10.04, nothing contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a Guarantor with or
into the Issuer or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Issuer or another Guarantor. 

  
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 Section 10.05 Releases Following Sale of Assets. 

The Notes Guarantee of a Guarantor will be released, and any Person acquiring assets or surviving any merger or consolidation with a
Guarantor (including by way of consolidation, merger, sale or conveyance under Section 10.04) or Capital Stock of a Guarantor in accordance with the provisions of clauses (1) or (2) below shall not be required to assume the
obligations of any such Guarantor: 
 (1) in connection with any sale or other disposition of all or
substantially all of the assets of that Guarantor (including by way of consolidation, merger, sale or conveyance under Section 10.04) to a Person that is not (either before or after giving effect to such transaction) the Issuer or a Guarantor;

 (2) in connection with any sale of all of the Capital Stock of a Guarantor to a Person that is not (either
before or after giving effect to such transaction) the Issuer or a Guarantor; 
 (3) in connection with a
Guarantor becoming an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture; 

(4) in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor and the
dissolution of that Guarantor, in each case in accordance with the applicable provisions of this Indenture; 

(5) in the event that the Issuer exercises its discharge or full defeasance options under Article 8; or 

(6) in the event that the obligation as a borrower or guarantor by such Guarantor of both the 2011 Credit Agreement and
the 2012 Credit Agreement is released or discharged (other than as a result of payment under such obligation) and such Guarantor is not otherwise required to provide a Notes Guarantee in accordance with Section 4.08. 

Upon delivery by the Issuer to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that one of the
foregoing requirements has been satisfied and the conditions to the release of a Note Guarantee under this Section 10.05 have been met, the Trustee will execute any documents reasonably required in order to evidence the release of a Guarantor
from its obligations under such Note Guarantee. 
 Any Guarantor not released from its obligations under its Notes Guarantee
will remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under the Indenture as provided in this Article 10. 

ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01 Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Notes expressly provided for herein), when:

 (1) either: 
 (A) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter
repaid to the Issuer) have been delivered to the Trustee for cancellation; or 

  
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 (B) all Notes that have not been delivered to the Trustee for cancellation
have become due and payable by reason of the making of a notice of redemption or otherwise or will become due and payable within one year and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee for Notes
as trust funds in trust solely for the benefit of the Holders, money in such currency or currencies, or currency unit or currency units, in which such Notes are then specified as payable at maturity, non-callable Government Obligations applicable to
such Notes (determined on the basis of the currency or currencies, or currency unit or currency units, in which such Notes are then specified as payable at maturity), or a combination thereof, in such amounts as will be sufficient without
consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on such Notes not delivered to the Trustee for cancellation for principal, premium and accrued interest to the date of maturity or redemption; 

(2) no Default or Event of Default with respect to the Notes has occurred and is continuing on the date of such deposit or
will occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuer or any Guarantor are a party or by which the Issuer or any Guarantor are
bound; 
 (3) the Issuer or any Guarantor have paid or caused to be paid all sums payable by them under this
Indenture with respect to the Notes; and 
 (4) the Issuer has delivered irrevocable instructions to the Trustee
to apply the money on deposit in the trust referred to in subclause (B) of clause (1) above toward the payment of such Notes at maturity or on the redemption date, as the case may be. 

In addition, the Issuer must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee for Notes stating that all
conditions precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of
this Indenture, if money has been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the provisions of Section 11.02 and Section 8.06 will survive. In addition, nothing in this Section 11.01
will be deemed to discharge those provisions of Section 7.07 that, by their terms, survive the satisfaction and discharge of this Indenture. 
 Section 11.02 Application of Trust Money. 
 Subject to the provisions
of Section 8.06, all money deposited with the Trustee in respect of any Notes pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of such Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law and Section 2.04. 
 If the Trustee or Paying Agent is unable to apply any money or Government Obligations in accordance with Section 11.01 in respect of any Notes by reason of any legal proceeding or by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and any Guarantor’s obligations under this Indenture and such Notes shall be revived and reinstated as
though no deposit had occurred pursuant to Section 11.01 and the provisions of Section 8.07 shall apply to the extent provided therein. 

  
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 ARTICLE 12 
 MISCELLANEOUS 
 Section 12.01 Trust Indenture Act Controls.

 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the
imposed duties will control. 
 Section 12.02 Notices. 
 Any notice or communication by the Issuer, any Guarantor or the Trustee to the others is duly given if in writing in the English language and delivered in Person or mailed by first class mail (registered
or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 
 If to the Issuer and/or any Guarantor: 
 Entertainment Properties Trust 

909 Walnut Street, Suite 200 
 Kansas City, MO 64106 
 Telecopier No.: (816) 472-5794 

Attention: General Counsel 
 With a copy to: 
 Stinson Morrison Hecker LLP 

1201 Walnut, Suite 2900 
 Kansas City, MO 64106-2150 
 Telecopier No.: (816) 412-1129 

Attention: Craig Evans, Esq. 
 If to the Trustee: 
 U.S. Bank National Association 

150 Fourth Avenue North 
 2nd Floor 
 Nashville, TN 37219 

Attention: Global Trust Services 
 Facsimile: (615) 251-0737 
 The Issuer, any Guarantor or the Trustee, by
notice to the others may designate additional or different addresses for subsequent notices or communications. 
 All notices
and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address
shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect
in it will not affect its sufficiency with respect to other Holders. 

  
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 If a notice or communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it. 
 If the Issuer mails a notice or communication to
Holders, it will mail a copy to the Trustee and each Agent at the same time. 
 Section 12.03 Communication by Holders of Notes with
Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their
rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 12.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the
Trustee: 
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which
must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and

 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the
statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
 Notwithstanding the foregoing, in the case of any such request or application as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such
particular request or application, no additional certificate or opinion need be furnished unless specifically required. 
 Section 12.05
Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such Person, he or
she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 Section 12.06 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

  
 - 44 -

 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders.

 No past, present or future director, officer, employee or stockholder of the Issuer or any of its Subsidiaries or any
successor thereof, as such, will have any liability for any obligations of the Issuer or any of its Subsidiaries under the Notes or this Indenture based on, in respect of, or by reason of such obligations or their creation. Each holder by accepting
a Note waives and releases all such liability. The foregoing waiver and release are an integral part of the consideration for the issuance of the Notes. Such waiver may not be effective to waive liabilities under federal securities laws. 

Section 12.08 Governing Law. 
 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTES GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 Section 12.09 No Adverse Interpretation of
Other Agreements. 
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or
its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 12.10 Successors. 
 All agreements of the Issuer in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. All agreements of each Guarantor in this
Indenture will bind its successors, except as otherwise provided in Article 10 and any applicable indentures supplemental hereto. 

Section 12.11 Severability. 
 In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or
impaired thereby. 
 Section 12.12 Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement. 

Section 12.13 Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this
Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
 Section 12.14 Benefits of Indenture.

 Nothing in this Indenture, the Notes or the Notes Guarantees, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder and the Holders, any benefit or an legal or equitable right, remedy or claim under this Indenture. 

  
 - 45 -

 Section 12.15 Legal Holidays. 

In any case where any Interest Payment Date, redemption date, purchase date or stated maturity of any Note shall not be a Business Day at
any Place of Payment, then (notwithstanding any other provision of this Indenture or of such Note (other than a provision of such Note which specifically states that such provision shall apply in lieu of this Section)) payment of interest or
principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, redemption
date or purchase date, or at the stated maturity. 
 Section 12.16 Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders of the Outstanding Notes may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. Except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Note, shall
be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer and any agent of the Trustee or the Issuer, if made in the manner provided in this Section. 

(b) The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may be
proved in any reasonable manner which the Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the
register maintained by the Registrar. 
 (d) If the Issuer shall solicit from the Holders of Notes any request, demand,
authorization, direction, notice, consent, waiver or other act, the Issuer may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other act, but the Issuer shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a
date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders
of the requisite proportion of Outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other act, and for that purpose the Outstanding Notes shall be computed as of such
record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months
after the record date. 
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other act of the Holder
of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the
Trustee, any Registrar, any Paying Agent, any authenticating agent or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 [Signatures on following page] 

  
 - 46 -

 SIGNATURES 

 

					
	ISSUER:
		
		 	ENTERTAINMENT PROPERTIES TRUST
			
		 	By:	 	/s/ Mark Peterson
		 		 	Name: Mark Peterson
		 		 	Title: Vice President and Chief Financial Officer
	
	GUARANTORS:
		
		 	30 WEST PERSHING, LLC
			
		 	By:	 	/s/ Mark Peterson
		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT DOWNREIT II, INC.
			
		 	By:	 	/s/ Mark Peterson
		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	EPT HUNTSVILLE, INC.
			
		 	By:	 	/s/ Mark Peterson
		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary
		
		 	MEGAPLEX FOUR, INC.
			
		 	By:	 	/s/ Mark Peterson
		 		 	Name: Mark Peterson
		 		 	Title: Vice President, Treasurer and Assistant Secretary

 
			
	WESTCOL CENTER, LLC
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT MELBOURNE, INC.
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	CROTCHED MOUNTAIN PROPERTIES, LLC
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EDUCATION CAPITAL SOLUTIONS, LLC
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPR HIALEAH, INC.
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT 909, INC.
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

 
			
	EPT CROTCHED MOUNTAIN, INC.
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT KALAMAZOO, INC.
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT MAD RIVER, INC.
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT MOUNT ATTITASH, INC.
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT MOUNT SNOW, INC.
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT NINETEEN, INC.
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

 
			
	EPT SKI PROPERTIES, INC.
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT WATERPARKS, INC.
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	MEGAPLEX NINE, INC.
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	ECS DOUGLAS I, LLC
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary

 
			
	EPT DALLAS, LLC
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT FONTANA, LLC
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	EPT TWIN FALLS, LLC
		
	By:	 	/s/ Mark Peterson
		 	Name: Mark Peterson
		 	Title: Vice President, Treasurer and Assistant Secretary
	
	TRUSTEE:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	/s/ Wally Jones
		 	Name: Wally Jones
		 	Title: Vice President

 EXHIBIT A 

[FORM OF NOTE] 
 [Face of Note] 
 Global Notes Legend, if applicable 

 
  
 CUSIP# 29380T AT2 
 5.750% Senior Note due 2022 

 

			
	No.                     	  	$                     

 ENTERTAINMENT PROPERTIES TRUST 

Entertainment Properties Trust, a Maryland real estate investment trust, promises to pay to CEDE & CO. or registered
assigns, the principal sum of                     Dollars [, as revised by the Schedule of Increases or Decreases in the Global Note attached
hereto,]1 on August 15, 2022. 

Interest Payment Dates: February 15 and August 15 
 Record Dates: February 1 and August 1 
 Dated:
                    , 20         

 

			
	ENTERTAINMENT PROPERTIES TRUST
		
	By:	 	 
		 	 Name:

Title:

  

			
		
	By:	 	 
		 	 Name:

Title:

  

	1 	 To be included only if Note is issued in global form. 

  
 A-1

			
	This is one of the Notes referred to in the within-mentioned Indenture:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 A-2

 [Form of Back of Note] 

5.750% Senior Notes due 2022 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) Interest. Entertainment Properties Trust (the “Issuer”) promises to pay interest on the
principal amount of this Note at 5.750% per annum from August 8, 2012 until maturity. The Issuer will pay interest semi-annually in arrears on February 15 and August 15 of each year, or if any such day is not a Business Day, on
the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from August 8, 2012;
provided, that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such
next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be February 15, 2013. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; the Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law)
on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

(2) Method of Payment. The Issuer will pay interest on the Notes (except defaulted interest) to the Persons who are
registered Holders of Notes at the close of business on the February 1 or August 1 (each, a “Record Date”) next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before
such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Issuer maintained for
such purpose within or without the City and State of New York, or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by
wire transfer of immediately available funds will be required with respect to principal of and interest and premium, if any, on all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Issuer or
the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

(3) Paying Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will
act as Paying Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer or any of its Subsidiaries may act in any such capacity. 

(4) Indenture. The Issuer issued the Notes under an indenture, dated as of August 8, 2012 (the
“Indenture”), among the Issuer, the Guarantors and the Trustee. The terms of the Notes and the related Note Guarantees include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Issuer and the Notes are fully and unconditionally guaranteed by each of the Guarantors pursuant to
the Note Guarantees. 
 (5) Optional Redemption. The Issuer will not be entitled to redeem all or any
portion of the Notes at its option except as provided in the next sentence. The Issuer will be entitled at its option to redeem all or any portion of the Notes at a redemption price equal to 100% of the principal amount of such Notes plus the
Applicable Premium as of, and any accrued and unpaid interest to, but not including, the redemption date (subject to the right of the Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date). If the
Notes are redeemed on or after 90 days prior to maturity, the redemption price shall equal 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but not including, the redemption date. Notice of such
redemption must be mailed by first-class mail to each Holder’s registered address, not less than 30 nor more than 60 days prior to the redemption date (or such shorter period as is satisfactory to the Trustee). 

  
 A-3

 After notice of optional redemption has been given as provided in this
Indenture, if funds for the redemption of any Notes called for redemption have been made available on the redemption date, such Notes called for redemption will cease to bear interest on the date fixed for the redemption specified in the redemption
notice and the only right of the Holders of such Notes will be to receive payment of the redemption price. 
 Any
redemption pursuant to Section 3.08 of the Indenture shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 
 (6) Mandatory Redemption. The Issuer will not be required to make mandatory redemption payments with respect to the Notes. 

(7) Notice of Redemption. Notice of redemption will be mailed at least 30 days but not more than 60 days before the
redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. 
 (8) Denominations, Transfer, Exchange. The Notes are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a
Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during
the period between a Record Date and the corresponding Interest Payment Date. 
 (9) Persons Deemed
Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
 (10) Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture, the Notes Guarantees or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then Outstanding Notes
affected by such amendment or supplemental indenture voting as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture, the Notes Guarantees or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then Outstanding Notes affected thereby voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Notes Guarantees or the Notes may be amended or supplemented to, among
other things, cure any ambiguity, defect or inconsistency; to provide for uncertificated Notes in addition to or in place of certificated Notes; to provide for the assumption of the Issuer’s obligations to Holders of Notes in the case of a
merger or consolidation or sale of all or substantially all of the Issuer’s assets; add additional Guarantees with respect to the Notes; secure the Notes; to make any other change that would provide any additional rights or benefits to the
Holders of Notes or that does not adversely affect the legal rights under the Indenture of any such Holder; or to comply with requirements of the Commission in order to effect or maintain the qualification of the applicable Indenture under the Trust
Indenture Act. 
 (11) Defaults and Remedies. Events of Default with respect to the Notes (as defined in
the Indenture) include: (i) default in the payment of principal or any premium on the Notes when due and payable; (ii) default in the payment of interest on the Notes within 30 days after the applicable due date; (iii) failure to
comply with Section 5.01 of the Indenture; (iv) breach of any other term of the Indenture for 60 days after receipt of a notice of Default stating the Issuer is in breach; (v) certain final judgments are entered against the Issuer and
its Restricted Subsidiaries and are not paid, discharged or stayed for a period of 60 days; (vi) default under any of certain Debt of the Issuer and its Restricted Subsidiaries, which default

  
 A-4

 
results in the acceleration of the maturity of such indebtedness, unless such other Debt is discharged, or the acceleration is rescinded or annulled, within 30 days after the Issuer or its
Restricted Subsidiaries receives notice of the default; (vii) certain events in bankruptcy, insolvency or reorganization occur with respect to the Issuer or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a
whole, would constitute a Significant Subsidiary; and (viii) any Notes Guarantee of a Significant Subsidiary of the Issuer ceases to be in full force and effect or is declared null and void or any Guarantor denies or disaffirms its obligations
under the Indenture or any Notes Guarantee other than by reason of the release of any such Notes Guarantee in accordance with the Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal
amount of the then Outstanding Notes may declare the entire principal amount of the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all
Outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, the Holders of a majority in principal amount of
the then Outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default in the payment of
principal, premium, if any, or interest) if and so long as it determines that withholding notice is in the interest of the Holders of the Notes. Subject to certain exceptions, the Holders of a majority in aggregate principal amount of the then
Outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of
principal of, premium, if any, or interest on the Notes. The Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required upon becoming aware of any Default or Event of Default
to deliver to the Trustee a statement specifying such Default or Event of Default. 
 (12) Trustee Dealings
with Issuer. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates as if it were not the
Trustee. 
 (13) No Recourse Against Others. No past, present or future director, officer, employee or
stockholder of the Issuer or any of its Subsidiaries, as such, will have any liability for any obligations of the Issuer or any of its Subsidiaries under the Notes or the Indenture based on, in respect of, or by reason of such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The foregoing waiver and release are an integral part of the consideration for the issuance of the Notes. 

(14) Authentication. This Note will not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
 (15) Abbreviations. Customary abbreviations may be used in the name of a Holder
or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 (16) CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either
as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 A-5

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 Entertainment Properties Trust 
 909 Walnut Street, Suite 200 
 Kansas City, MO 64106 

Attention: Chief Executive Officer 
 Facsimile
No.: (816) 472-5794 

  
 A-6

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

Date:                      

 

	
	Your Signature
                                         
                              
	
	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                                     

 
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

  
 A-7

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE2 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a
part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of decrease
in Principal
Amount of this
Global Note	  	Amount of increase
in Principal
Amount of this
Global Note	  	Principal Amount of
this Global Note
following such
decrease (or
increase)	  	Signature of
authorized officer of
Trustee or
Custodian

 
  

	2 	 This schedule should be included only if the Note is issued in global form. 

  
 A-8

 EXHIBIT B 
 [FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
                    , 20        , among
                    (the “Guaranteeing Subsidiary”), Entertainment Properties Trust, a Maryland real estate investment trust (the
“Issuer”), the other Guarantors (as defined in the Indenture referred to below) and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture, dated as of August 8, 2012 (the “Indenture”), providing for the issuance of 5.750% Senior Notes
due 2022 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing
Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations (as defined in the Indenture) under the Notes and the
Indenture on the terms and conditions set forth herein (the “Notes Guarantee”); and 
 WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the
Holders of the Notes as follows: 
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture. 
 2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as
follows: 
 (a) Subject to Article 10 of the Indenture, the Guaranteeing Subsidiary hereby, jointly and severally with all other
Guarantors, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the
obligations of the Issuer hereunder or thereunder, that: 
 (i) the principal of, and premium, if any, and
interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the
Issuer to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 

(ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will
be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. 

(b) The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor, other than payment in full of all Obligations under the Notes. 

  
 B-1

 (c) The following is hereby waived: diligence, presentment, demand of payment, filing of
claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever. 

(d) This Notes Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the
Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture. 
 (e) If any Holder or
the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors, or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the
Trustee or such Holder, this Notes Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 
 (f) The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations
guaranteed hereby. 
 (g) As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Notes Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due
and payable by the Guarantors for the purpose of this Notes Guarantee. 
 (h) The Guarantors shall have the right to seek
contribution from any nonpaying Guarantor so long as the exercise of such right does not impair the rights of the Holders under this Notes Guarantee. 
 (i) In accordance with Section 10.02 of the Indenture, after giving effect to any maximum amount and all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy Law
or fraudulent conveyance law, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article 10 of the
Indenture, this Notes Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guarantor under this Notes Guarantee will not constitute a fraudulent transfer or conveyance. 

3. Guaranteeing Subsidiary may Consolidate, etc., on Certain Terms. 

(a) The Guaranteeing Subsidiary may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or
merge with or into (whether or not the Guaranteeing Subsidiary is the surviving Person) another Person, other than the Issuer or another Guarantor unless: 
 (i) immediately after giving effect to such transaction, no Default or Event of Default exists; and 
 (ii) subject to Section 10.05 of the Indenture, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger assumes all of
the obligations of the Guaranteeing Subsidiary under the Indenture and this Notes Guarantee pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee. 

(b) In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental
indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of this Notes Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by
the Guaranteeing Subsidiary, such successor Person shall succeed to and be substituted for the Guaranteeing Subsidiary with the same effect as if it had been named herein as a Guaranteeing Subsidiary. Such successor Person thereupon may cause to be
signed any or all of the Notes Guarantees to be endorsed upon all of the Notes issuable under the Indenture which theretofore shall not have been signed by the Issuer and delivered to the Trustee. All the Notes Guarantees so issued shall in all
respects have the same legal rank and benefit under the Indenture as the Notes Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as though all of such Notes Guarantees had been issued at the date of the
execution hereof. 

  
 B-2

 (c) Except as set forth in Articles 4 and 5 and Section 10.04 of the Indenture, and
notwithstanding clauses (a) and (b) above, nothing contained in the Indenture or in any of the Notes shall prevent any consolidation or merger of the Guaranteeing Subsidiary with or into the Issuer or another Guarantor, or shall prevent
any sale or conveyance of the property of the Guaranteeing Subsidiary as an entirety or substantially as an entirety to the Issuer or another Guarantor. 
 4. Releases. 
 (a) The Notes Guarantee of a Guaranteeing Subsidiary shall be
released, and any Person acquiring assets (including by way of merger or consolidation) or Capital Stock of a Guaranteeing Subsidiary under those circumstances specified in Section 10.05 of the Indenture shall not be required to assume the
obligations of such Guaranteeing Subsidiary. Upon delivery by the Issuer to the Trustee of an Officers’ Certificate and an Opinion of Counsel stating that the provisions of Section 10.05 of the Indenture have been complied with, the
Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its obligations under this Notes Guarantee. 
 (b) Any Guarantor not released from its obligations under its Notes Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any
Guarantor under the Indenture as provided in Article 10 of the Indenture. 
 5. No Recourse Against Others. No past,
present or future director, officer, employee, incorporator, stockholder, equity holder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Issuer or the Guaranteeing Subsidiary under the Notes, this
Notes Guarantee, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Commission that such a waiver is against public policy.

 6. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS
SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

7. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. 
 8. Effect of Headings. The Section headings herein are for
convenience only and shall not affect the construction hereof. 
 9. The Trustee. The Trustee shall not be responsible in
any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuer.

  
 B-3

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
 Dated:
                    , 20         

 

			
	ENTERTAINMENT PROPERTIES TRUST
		
	By:	 	 
		 	Name:
		 	Title:
	
	 [EXISTING GUARANTORS]

		
	By:	 	 
		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

		
	By:	 	 
		 	Authorized Signatory

  
 B-4EX-10.4

 Exhibit 10.4 
 WP ROAMING S.À R.L. 
 AND 

SYNIVERSE HOLDINGS, INC. 
  

 
 AGREEMENT

 for the sale and purchase 
 of all shares in and preferred equity certificates (whether convertible or not) 

issued by 
 WP
Roaming III S.à r.l. 
  
  

 
 30 June 2012 

 CONTENTS 

 

							
	Clause	  	Page	 
		
	Exhibits	  	 	4	  
	Schedules	  	 	5	  
	Definitions	  	 	6	  
	1.	  	Corporate Structure	  	 	16	  
	2.	  	Sale and Purchase	  	 	17	  
	3.	  	Price	  	 	18	  
	4.	  	Deposit	  	 	22	  
	5.	  	Conditions to Closing	  	 	22	  
	6.	  	Termination Rights and Termination Fee	  	 	24	  
	7.	  	No Leakage Undertaking	  	 	26	  
	8.	  	Pre-Closing Seller Undertakings	  	 	28	  
	9.	  	Pre-Closing Purchaser Undertakings	  	 	36	  
	10.	  	Closing	  	 	38	  
	11.	  	Seller’s Guarantees	  	 	41	  
	12.	  	Remedies	  	 	51	  
	13.	  	Expiration and Limitation of Claims	  	 	56	  
	14.	  	Purchaser Guarantees	  	 	57	  
	15.	  	Covenants	  	 	58	  
	16.	  	Insurance	  	 	61	  
	17.	  	Escrow Account	  	 	61	  
	18.	  	Post-Closing Undertakings	  	 	63	  
	19.	  	Protection of Directors	  	 	64	  
	20.	  	Information, Records and Assistance Post-Closing	  	 	65	  
	21.	  	Payments	  	 	66	  
	22.	  	Costs, Expenses, Fees and Charges	  	 	67	  
	23.	  	Announcements	  	 	67	  
	24.	  	Confidentiality	  	 	68	  
	25.	  	Notices	  	 	69	  
	26.	  	Entire Agreement, Interpretation	  	 	71	  
	27.	  	No Third Party Rights	  	 	72	  
	28.	  	No Assignment, No Set-off Rights, Further Assurances	  	 	72	  
	29.	  	Certain Terminology	  	 	73	  
	30.	  	Governing Law and Jurisdiction	  	 	73	  
	31.	  	Invalid Provisions, Unintended Gaps (Salvatorische Klausel)	  	 	74	  

 AGREEMENT 
 dated 30 June 2012 
 PARTIES 

 

	1.	WP ROAMING S.À R.L., a limited liability company incorporated under the laws of Luxembourg with its registered office at 15, rue Edmond Reuter,
L-5326 Contern, Grand Duchy of Luxembourg, and registered with the Registre de Commerce et des Sociétés in Luxembourg under B110016 (the Seller); and 

 

	2.	SYNIVERSE HOLDINGS, INC., a stock corporation incorporated under the laws of Delaware with its principal office at 8125 Highwoods Palm Way, Tampa, Florida,
33647, USA (the Purchaser) 

 (each a Party in this Agreement and together, the
Parties). 

  
 Page 3 of 74

 Exhibits 

 

			
	 Exhibit 1
	  	Material Group Companies
		
	 Exhibit (B)
	  	MACH Group Structure
		
	 Exhibit 1.2(b)
	  	Securities
		
	 Exhibit 1.2(e)
	  	Evenex SPA
		
	 Exhibit 3.2
	  	Permitted Items
		
	 Exhibit 3.2(a)
	  	Equity Bridge
		
	 Exhibit 5.2(a)
	  	Relevant Competition Authority
		
	 Exhibit 7.1
	  	Permitted Leakage
		
	 Exhibit 8.1
	  	Material Target Companies
		
	 Exhibit 8.3(b)
	  	Capital Reorganisation
		
	 Exhibit 8.3(o)
	  	Finance Documents
		
	 Exhibit 8.3(r)
	  	Court, Administrative and Arbitration Proceedings
		
	 Exhibit 8.5
	  	Contact Persons
		
	 Exhibit 10.2(b)(iii)
	  	Form of Notification
		
	 Exhibit 11.4
	  	Seller’s Knowledge Bearers
		
	 Exhibit 28.4 (a)
	  	Accession Letter

  
 Page 4 of 74

 Schedules 

 

			
	 Schedule 11.1(b)
	  	The Seller, MACH Shares, Shareholder Instruments
		
	 Schedule 11.1(c)
	  	Financial Matters
		
	 Schedule 11.1(d)
	  	Regulatory Matters
		
	 Schedule 11.1(e)
	  	The Business Assets
		
	 Schedule 11.1(f)
	  	Litigation
		
	 Schedule 11.1(g)
	  	Insolvency etc.
		
	 Schedule 11.1(h)
	  	IP and Data Protection
		
	 Schedule 11.1(i)
	  	Employment
		
	 Schedule 11.1(j)
	  	Agreements
		
	 Purchaser Schedule 9.1(a)
	  	Debt Financing Letters

  
 Page 5 of 74

 Definitions 

 

			
	AAT	  	as defined in clause 15.2
		
	AAT Dubai Claim	  	as defined in clause 15.2
		
	Affiliate(s)	  	means any affiliate(s) (verbundene(s) Unternehmen) within the meaning of Section 15 German Stock Corporation Act (AktG)
		
	Agreement	  	as defined in (C) of the recitals
		
	AML	  	as defined in Schedule 11.1(d)(i)
		
	Amount Claimed	  	as defined in clause 17.2(b)
		
	Anti-Corruption Compliance Laws	  	as defined in clause 11.1(d)(ii))
		
	Anti-Trust Condition	  	as defined in clause 5.1(d)
		
	Base Amount	  	as defined in clause 3.1(a)
		
	BGB	  	as defined in clause 8.3
		
	Binding Calculation	  	as defined in clause 3.2(c)
		
	Bona Fide Purchaser Claim	  	as defined in clause 17.2(a)
		
	Business Day	  	as defined in clause 29.1
		
	Business Plan	  	as defined in clause 8.4
		
	BVI	  	as defined in Schedule 11.1(b)(ii)
		
	Capital Injection	  	as defined in clause 3.3
		
	Capital Reorganisation Transfer	  	as defined in Exhibit 8.3(b)
		
	Cibernet	  	as defined in Schedule 11.1(d)(i)
		
	CIBER Record	  	as defined in Schedule 11.1(h)(iii)
		
	Claims	  	as defined in clause 15.2
		
	Closing	  	as defined in clause 5.1
		
	Closing Conditions	  	as defined in clause 5.1
		
	Closing Date	  	as defined in clause 10.1
		
	Closing Events	  	as defined in clause 10.2
		
	Closing Venue	  	as defined in clause 10.1
		
	Code	  	as defined in clause 18.5
		
	COGS	  	as defined in Schedule 11.1(b)(ii)
		
	Commercialisation	  	as defined in Schedule 11.1(h)(ii)
		
	Commission	  	as defined in clause 5.1(a)
		
	Company	  	as defined in (A) of the recitals
		
	Company Plans	  	as defined in clause 11.1(i)(iii)
		
	Confidential Information	  	as defined in clause 24.1(a)
		
	Constitutional Documents	  	as defined in clause 10.3(a)(i)
		
	Consultants	  	as defined in clause 11.1(i)(iii)
		
	Contact Persons	  	as defined in clause 8.5
		
	Costs	  	as defined in clause 22.1

  
 Page 6 of 74

			
	Counterclaim	  	as defined in clause 21.4
		
	Covered Director	  	as defined in clause 18.2(a)
		
	CPECs	  	as defined in clause 1.1(b)(i)
		
	Credit Agreement	  	as defined in clause 9.2
		
	D&O Insurance	  	as defined in clause 19
		
	Data Room	  	as defined in clause 8.3(g)
		
	Data Protection Act	  	as defined in Schedule 11.1(d)(i)
		
	Debt Financing	  	as defined in clause 8.9(d)
		
	Debt Financing Letters	  	as defined in clause 9.1(a)
		
	Debt Funds	  	as defined in clause 9.1(a)
		
	Debtor Relief Laws	  	means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, general assignment for the benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally
		
	De Minimis Claims	  	as defined in clause 13.3
		
	De Minimis Debt	  	as defined in clause 8.8
		
	Deductible	  	as defined in clause 13.3
		
	Deduction Items	  	as defined in clause 3.2(a)
		
	Delayed Closing Date	  	as defined in clause 10.5
		
	Dependent Entity (-ies)	  	means any dependent company (abhängige(s) Unternehmen) within the meaning of Section 17 German Stock Corporation Act (AktG) of the Seller or the Purchaser,
respectively
		
	Deposit	  	as defined in clause 4
		
	Designated Purchaser	  	as defined in clause 28.4
		
	Determined or Determination	  	as defined in clause 17.3
		
	Director	  	as defined in clause 11.1(i)(iii)
		
	Director Related Liability	  	as defined in clause 19(a)
		
	Director Related Loss	  	as defined in clause 19(b)
		
	Discharge Amount	  	as defined in clause 8.8
		
	Disclosure Schedules	  	as defined in clause 11.4
		
	DTAG	  	as defined in Schedule 11.1(h)(ii)
		
	Employees	  	as defined in clause 11.1(i)(iii)
		
	Equity Bridge	  	as defined in clause 3.2(a)
		
	Escrow Account	  	as defined in clause 17.1
		
	Escrow Agent	  	as defined in clause 17.1
		
	Escrow Amount	  	as defined in clause 3.4(a)
		
	Escrow Period	  	as defined in clause 17.2(a)
		
	Evenex ApS	  	as defined in (D) of the recitals

  
 Page 7 of 74

			
	Evenex AS	  	as defined in (D) of the recitals
		
	Evenex Business	  	as defined in (D) of the recitals
		
	Evenex Closing	  	as defined in clause 1.2(e)
		
	Evenex Companies	  	as defined in (D) of the recitals
		
	Evenex Disposal	  	as defined in (E) of the recitals
		
	Evenex Intercompanies	  	as defined in clause 1.2(d)
		
	Evenex Loan	  	as defined in clause 1.2(d)
		
	Evenex Loan Amount	  	as defined in clause 1.2(d)
		
	Evenex Note	  	as defined in clause 1.2(e)
		
	Evenex SPA	  	as defined in clause 1.2(e)
		
	Exempted Claims	  	as defined in clause 13.1
		
	Expert	  	as defined in clause 3.2(a)(iv)
		
	Fee Letter	  	as defined in clause 9.1(a)
		
	Finance Documents	  	means all documents, agreements, deeds and other instruments evidencing debt for borrowed money owing by the MACH Group Companies to third parties, including all such documents,
agreements, deeds and other instruments relating to the Senior Credit Agreement
		
	Framework Agreement	  	as defined in Schedule 11.1(c)(iii)(A)
		
	Funds	  	as defined in clause 9.1(a)
		
	GAAP	  	as defined in clause 8.9(d)(i)
		
	GAAS	  	as defined in clause 8.9(d)(i)
		
	Governmental Entity	  	as defined in clause 11.1(d)(i)
		
	IFRS	  	as defined in clause 8.9(d)(i)
		
	Indemnity Liabilities	  	as defined in clause 15.2
		
	Indemnity Termination Date	  	as defined in clause 15.2(b)
		
	Indenture	  	as defined in clause 9.2
		
	Independent Expert	  	as defined in clause 17.5
		
	Insolvency Situation	  	 means:
  
 (i) one or several of the Target Companies listed on Exhibit 1 (the Material Group Companies) institutes or consents to the institution of any proceeding against itself or all or any
material part of its property under any Debtor Relief Law, or makes a general assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or
similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is so appointed without the application or consent of such entity and the
appointment continues undischarged or unstayed for thirty (30) calendar days or by the Longstop Date if earlier; or any proceeding under any Debtor Relief Law relating to any such entity or to all or any material

  
 Page 8 of 74

			
		  	 part of its property is instituted without the consent of such entity and continues undismissed or unstayed for thirty (30) calendar
days or by the Longstop Date, if earlier; or
  
 (ii)(a) one or several of the
Material Group Companies becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (b) any writ or warrant of attachment or execution or similar process is issued or levied against all or any
material part of the property of any such entity and is not released or vacated or fully bonded within thirty (30) days after its issue or levy or by the Longstop Date, if earlier,

 
 provided that, in any case, any such matter arising in the period thirty (30)
calendar days prior to the Closing Date (x) where such matter is subject to the thirty (30) calendar day period set out in clauses (i) and (ii) above and the liabilities relating to such matter do not exceed EUR 5 million (in words: Euro five
million), such matter shall not constitute an Insolvency Situation; and (y) where the matter is subject to the thirty (30) calendar day period set out in clauses (i) and (ii) above and the liabilities relating to such matter exceed EUR 5 million (in
words: Euro five million), such matter shall not constitute an Insolvency Situation provided that the Seller provides a guarantee in favour of the Company in the full amount of any and all liabilities (actual or contingent) related to such
matter

		
	Intellectual Property Rights or IPR	  	as defined in clause 11.1(h)(i)
		
	IP Licenses	  	as defined in clause 11.1(h)(ii)
		
	IT Assets	  	as defined in clause 11.1(h)(iv)
		
	Key Employee	  	as defined in clause 11.1(i)(i)
		
	Leakage	  	as defined in clause 7.1
		
	Legal Requirements	  	as defined in clause 11.1(d)(i)
		
	Liability Cap	  	as defined in clause 13.4
		
	Licensed IP	  	means the IPR licensed to the Target Companies under the IP Licenses
		
	Locked Box Accounts	  	as defined in clause 11.1(c)(i)
		
	Locked Box Accounts Date	  	as defined in clause 2.1
		
	Longstop Date	  	as defined in clause 5.2(a)
		
	Losses	  	as defined in clause 12.1(b)
		
	MACH	  	as defined in (B) of the recitals
		
	MACH Americas	  	as defined in Schedule 11.1(i)(iii)
		
	MACH/Evenex Intercompany Loan	  	as defined in Schedule 11.1(c)(ii)
		
	MACH Consideration	  	as defined in clause 3.1(b)
		
	MACH Cyprus	  	as defined in Schedule 11.1(g)(i)

  
 Page 9 of 74

			
	MACH Denmark	  	as defined in (D) of the recitals
		
	MACH Denmark HR	  	as defined in Schedule 11.1(i)(iii)
		
	MACH Dubai	  	as defined in Schedule 11.1(b)(ii)
		
	MACH Group	  	as defined in (B) of the recitals
		
	MACH Group Company	  	as defined in (B) of the recitals
		
	MACH Group HR	  	as defined in Schedule 11.1(i)(iii)
		
	MACH Poland	  	as defined in Schedule 11.1(g)(i)
		
	MACH Price	  	as defined in clause 3.1(a)
		
	MACH PVL	  	as defined in Schedule 11.1(f)(i)
		
	MACH S.à r.l.	  	as defined in clause 1.2(d)
		
	MACH Shares	  	as defined in clause 1.1(a)
		
	MACH Solutions	  	as defined in Schedule 11.1(d)(i)
		
	MACH Swedish Entities	  	as defined in Schedule 11.1(g)(i)
		
	Management Accounts	  	means the unaudited monthly management accounts for the Management Accounts Period, each in the form contained in the Data Room
		
	Management Accounts Period	  	means the period from the Locked Box Accounts Date to 30 April 2012
		
	Marketing Period	  	 means the first period of twenty (20) consecutive Business Days beginning on the first (1st) Business Day after the date hereof and throughout, and at the end
of, which
  
 (a) the Purchaser shall have the Required Information;
and
  
 (b) the Closing Conditions have been fulfilled (or waived) and nothing
has occurred and no condition exists that would cause any of the Closing Conditions to fail to be fulfilled, assuming that such Closing Conditions were applicable at any time during such twenty (20) consective Business Day period;

 
 provided that:

 
 (x) (A) such consecutive Business Day period shall not be required to include 21
November 2012 through 25 November 2012 (which dates set forth in this clause (A) shall be excluded for purposes of the 20 Business Day period) and (B) if such consecutive Business Day period has not ended prior to (i) 18 August 2012, then it will
not commence until 4 September 2012 or (ii) 21 December 2012, then it will not commence until 2 January 2013; and
  
 (y) the Marketing Period will not be deemed to commence if: (A) any financial information for any fiscal period included in the Required Information becomes stale under Regulation S-X promulgated under
the Securities Act (subject to exceptions, if any, customary for private placements pursuant to Rule 144A under the Securities

  
 Page 10 of 74

			
		  	 Act for similar financings to the Debt Financings), in which case, the Marketing Period shall not be deemed to commence unless and
until, at the earliest, the third Business Day following the date on which the Company has furnished the Purchaser with updated Required Information, (B) the Company’s auditors shall have withdrawn its audit opinion with respect to any audited
financial statements contained in the Required Information, in which case the Marketing Period shall not be deemed to commence unless and until, at the earliest, the third Business Day following the date on which a new unqualified audit opinion is
issued with respect to such financial statements for the applicable periods by the Company’s auditors or another independent public accounting firm reasonably acceptable to Purchaser; or (C) the Company shall have restated or shall have
informed the Company’s auditors, the Purchaser or any other person of its intention to restate any financial information included in the Required Information or that any such restatement is under consideration, in which case the Marketing
Period shall be deemed not to commence unless and until, at the earliest, the third Business Day following the date on which such restatement has been completed and such financial information has been amended or the Company has determined that no
restatement shall be required;
  
 provided further, that:

 
 (x) if the Seller shall in good faith reasonably believe it has delivered the
Required Information, it may deliver to the Purchaser a written notice to that effect (stating when it believes it completed such delivery), in which case the Seller shall be deemed to have provided the Required Information on the date specified in
that notice unless the Purchaser in good faith reasonably believes the Seller has not completed delivery of the Required Information and, within three (3) Business Days after the receipt of such notice by the Purchaser, delivers a written notice to
the Seller to that effect (stating with reasonable specificity which Required Information it reasonably believes the Seller has not delivered or is not compliant with clause 8.9(d)); and

 
 (y) in the event that the requirement in clause (a) above (i.e. the receipt by the
Purchaser of the Required Information) is satisfied as of the date that is twenty five (25) Business Days prior to the Longstop Date and throughout such twenty-five (25) Business Day period (irrespective of whether the Closing Conditions are
fulfilled at such time) and subject to clause (y) of the first proviso of this definition, then the Marketing Period shall commence or shall be deemed to have commenced not later than twenty five (25) Business Days prior to the Longstop
Date

  
 Page 11 of 74

			
	Material Agreements	  	as defined in clause 11.1(j)(ii)
		
	Material Asset	  	as defined in clause 11.1(e)(i)
		
	Material Group Companies	  	as defined in Exhibit 1
		
	Material Target Companies	  	as defined in clause 8.1
		
	MEGS Agreement	  	as defined in Schedule 11.1(h)(ii)
		
	MEGS Software	  	as defined in Schedule 11.1(h)(ii)
		
	Notary	  	as defined in clause 12.3(e)(v)
		
	Notices	  	as defined in clause 25.1
		
	OFAC	  	as defined in Schedule 11.1(d)(ii)(B)
		
	OpTel	  	as defined in Schedule 11.1(j)(i)(A)
		
	Owned IP	  	as defined in clause 11.1(h)(ii)
		
	Party and Parties	  	have the meaning given in the recitals
		
	PECs	  	as defined in clause 1.1(b)(iii)
		
	Permits	  	as defined in clause 11.1(d)(i)
		
	Permitted Items	  	as defined in clause 3.2(a)
		
	Permitted Leakage	  	as defined in clause 7.1
		
	Post-Locked Box Accounts Tax Periods	  	means any taxable period, or portion thereof, commencing after the Locked Box Accounts Date
		
	Pre-Closing Event	  	as defined in clause 18.2(b)
		
	Preliminary Calculation	  	as defined in clause 3.2(b)
		
	Proceedings	  	as defined in clause 11.1(f)(i)
		
	Proposed Transaction	  	as defined in (C) of the recitals
		
	Proposed Allocation	  	as defined in clause 18.5
		
	Purchaser	  	has the meaning given in recital 2
		
	Purchaser Claim	  	as defined in clause 12.1
		
	Purchaser Commitment Letter	  	as defined in clause 9.1(a)
		
	Purchaser Group	  	as defined in clause 28.3(a)
		
	Purchaser Entities	  	as defined in clause 12.7
		
	Purchaser Guarantees	  	as defined in clause 14.1
		
	Purchaser Records	  	as defined in clause 20.1
		
	Purchaser’s Bank Account	  	as defined in clause 21.2
		
	Purchaser’s Closing Events	  	as defined in clause 10.2(a)
		
	Purchaser’s Lenders	  	as defined in clause 9.1(a)
		
	Quantum	  	as defined in Schedule 11.1(h)(iii)
		
	Questions	  	as defined in Schedule 11.1(b)(ii)
		
	Regulation	  	as defined in clause 5.1(a)
		
	Release Agreement	  	as defined in clause 8.8
		
	Release Claim	  	as defined in clause 17.2(a)
		
	Release Date	  	as defined in clause 17.4
		
	Release Date Standing Escrow Amount	  	as defined in clause 17.4

  
 Page 12 of 74

			
	Relevant Budget	  	as defined in clause 8.3(g)
		
	Relevant Competition Authority	  	as defined in clause 5.2(a)
		
	Replacement Directors	  	as defined in clause 10.3(a)(ii)
		
	Repeated Closing Date	  	as defined in clause 6.2(c)
		
	Representatives	  	as defined in clause 24.1(b)
		
	Required Information	  	as defined in clause 8.9(d)
		
	Revol	  	as defined in Schedule 11.1(h)(iii)
		
	Scheduled Closing Date	  	as defined in clause 2.2
		
	Scheme	  	as defined in clause 3.2(a)(iii)
		
	Section 897	  	as defined in clause 10.3(b)(vii)
		
	Securities	  	as defined in clause 1.2(b)
		
	Securities Act	  	as defined in clause 8.9(d)(iv)
		
	Seller	  	has the meaning given in recital 1
		
	Seller Group	  	as defined in clause 7.1(a)
		
	Seller’s Bank Account	  	as defined in clause 21.1
		
	Seller’s Closing Events	  	as defined in clause 10.2(b)
		
	Seller’s Guarantees	  	as defined in clause 11.1
		
	Seller’s Lending Banks	  	as defined in clause 8.8
		
	Seller Records	  	as defined in clause 20.2
		
	Senior Credit Agreement	  	as defined in clause 1.2(a)
		
	Senior PECs	  	as defined in clause 1.1(b)(ii)
		
	Service Provider	  	as defined in clause 11.1(i)(iii)
		
	Shareholder Instruments	  	as defined in clause 1.1(b)(iii)
		
	Shareholder Intercompany	  	as defined in clause 1.2(f)
		
	Shareholder Intercompany Amount	  	as defined in clause 1.2(f)
		
	Signing Date	  	as defined in (B) of the recitals
		
	so far as the Seller is aware	  	as defined in clause 11.4
		
	Target Companies	  	as defined in (E) of the recitals
		
	Target Companies Shares	  	as defined in clause 11.1(b)(v)
		
	Target Company Director	  	as defined in clause 18.2(c)
		
	Target Pension Schemes	  	as defined in clause 11.1(i)(xii)
		
	Tax or Taxes	  	means (i) any taxes within the meaning of Section 3 of the German Tax Code (Abgabenordnung – Steuern und steuerliche Nebenleistungen) including but not limited to any
taxes on income, capital gain, gross receipts, property, production, license, excise, net worth, franchise, capital, employment, and withholding taxes, VAT (as defined below) as well as solidarity surcharges, social security contributions and any
other taxes or public duties, levies, imposts, fines, penalties, or charges, together with any interest, and additions relating to any of the aforementioned

  
 Page 13 of 74

			
		  	listed items, under the laws of the Federal Republic of Germany or any other jurisdiction, (ii) any of the aforementioned listed items imposed as a secondary liability
(Haftungsschuld) by any governmental authority in charge of imposing or determining the relevant tax, and (iii) any liability for the payment of any such item listed in (i) or (ii) above as a result of any obligations to indemnify or
otherwise assume or succeed to such liability or any other person, and including any interest, penalties and additions attributable thereto or to any return
		
	Termination Fee	  	as defined in clause 6.4
		
	Third Party Claim	  	as defined in clause 12.8
		
	Third Party Right	  	as defined in clause 8.3(l)
		
	Time Limitations	  	as defined in clause 13.1
		
	TMD	  	as defined in Schedule 11.1(h)(ii)
		
	Training Plan Submission	  	as defined in Schedule 11.1(d)(iii)
		
	Transaction Documents	  	means this Agreement, the Evenex SPA and the Evenex Note
		
	TSA	  	as defined in clause 8.3(h)
		
	UK PSRs	  	as defined in Schedule 11.1(d)(i)
		
	Unconditional Date	  	as defined in clause 5.7
		
	VAT	  	means value added tax or any sales or turnover tax, together with any interest, charges or additions relating thereto in the Federal Republic of Germany or any equivalent tax
under the laws of any other jurisdiction
		
	Vendor Factbooks	  	as defined in clause 12.3(e)(iii)
		
	WPRH	  	as defined in Schedule 8.3(b)
		
	WPRI	  	as defined in Exhibit 7.1

  
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 RECITALS 
  

	(A)	The Seller is the sole shareholder of WP Roaming III S.à r.l., a limited liability company incorporated under the laws of Luxembourg with its registered office
at 15, rue Edmond Reuter, L-5326 Contern, Grand Duchy of Luxembourg, and registered with the Registre de Commerce et des Sociétés in Luxembourg under B109535 (the Company). 

 

	(B)	At the time of signing of this Agreement (as defined in recital (C) below) (the Signing Date), the Company holds directly or indirectly those
participations in the capital and voting rights of certain entities as set out in Exhibit (B) (together with the Company the MACH Group or MACH and each company a MACH Group Company). The MACH
Group is a provider of hub-based mobile communication exchange, fraud management and revenue protection solutions. It offers data and financial clearing solutions for wireless roaming and operates the open connectivity roaming hub Link2One.

  

	(C)	The Seller intends to sell and transfer to the Purchaser, and the Purchaser intends to purchase and acquire from the Seller, upon the terms and conditions of this sale
and purchase agreement (the Agreement) all shares in the Company, all preferred equity certificates (whether convertible or not) issued by the Company and, subject to the Evenex Closing (as defined in clause 1.2(e) below) occurring,
the obligation to pay under the Evenex Note (as defined in clause 1.2(e) below) (the Proposed Transaction). 

  

	(D)	Part of the MACH Group are (i) Evenex ApS, a company incorporated under the laws of Denmark with its registered office at Blokken 9, 3460 Birkerød, Denmark
and registered in Central Business Register under number 33776349 (Evenex ApS), and (ii) its wholly-owned subsidiary Evenex AS, a company incorporated under the laws of Norway with its registered office at Stortingsgata 8, 0161
Oslo, Norway and registered in the Companies Register under number 983190871 (Evenex AS and together with Evenex ApS the Evenex Companies) which deliver procurement and invoice workflow applications, digital connections,
and Electronic Data Interchange (EDI) solutions (Evenex Business). The sole shareholder of Evenex ApS is MACH Denmark ApS, an indirect subsidiary of the Company incorporated under the laws of Denmark with its registered office at c/o
Dan Net ApS, Blokken 9, 3460 Birkerød, Denmark and registered in the Central Business Register under number 27980570 (MACH Denmark). 

  

	(E)	The Seller is interested in selling the Evenex Companies, but the Purchaser is not interested in acquiring the Evenex Companies. The Seller therefore intends to procure
the sale and transfer of the Evenex Companies as soon as possible to a third party. The Parties agree that if such a sale and transfer to a third party cannot be completed by the Closing (as defined in clause 5.1 below), MACH Denmark shall sell
and transfer the Evenex Companies to the Seller as part of Closing (each such sale an Evenex Disposal). The MACH Group Companies except for the Evenex Companies are hereinafter referred to as Target Companies. The Parties
agree that the Evenex Disposal shall have the effects on the Proposed Transaction including the consideration due by the Purchaser to the Seller as set out in more detail in this Agreement. 

  
 Page 15 of 74

 NOW, THEREFORE, the Parties agree as follows: 

1. CORPORATE STRUCTURE 

 

	1.1	The Company 

  

	(a)	The Seller legally and beneficially owns 177,185 shares with a nominal value of EUR 50 (in words: Euro fifty) each (the MACH Shares) representing
100 % (in words: one hundred per cent.) of the issued share capital of the Company. 

  

	(b)	The Seller further legally and beneficially owns: 

  

	 	(i)	1,557,669 Class A, 2,788,831 Class B, 235,825 Class C, 340,592 Class F and 137,119 Class G convertible preferred interest-bearing equity certificates with a
nominal value of EUR 50 (in words: Euro fifty) each (the CPECs) issued by the Company; 

  

	 	(ii)	950,000 Class E senior preferred interest-bearing equity certificates with a nominal value of EUR 50 (in words: Euro fifty) (the Senior PECs) issued
by the Company; and 

  

	 	(iii)	1,940,000 interest-bearing instruments and 318,401 Class B, 167,822 Class C and 66,204 Class D preferred interest-bearing equity certificates, each with a nominal value
of EUR 50 (in words: Euro fifty) (the PECs, and together with the CPECs and the Senior PECs and all accrued but unpaid interest on the PECs, CPECs and Senior PECs up to but excluding the Closing Date, the Shareholder
Instruments) issued by the Company. 

  

	1.2	Financing Agreements, Securities 

  

	(a)	The Company and certain of its subsidiaries are parties to a senior credit agreement dated 3 May 2007 between, among others, the Company and Société
Générale as facility agent and security agent as amended and restated on 21 June 2007 and further amended and restated on 26 February 2010 (the Senior Credit Agreement) and related financing documentation
including a priority agreement and security agreements. 

  

	(b)	Some of the MACH Group Companies have granted certain securities to, amongst others, Société Générale in its capacity as security agent
under the Senior Credit Agreement and to other holders of its debt for borrowed money under the Finance Documents (the Securities) including those as set forth in Exhibit 1.2(b). 

 

	(c)	The Company is furthermore a party to a 1992 ISDA Master Agreement and related Schedule dated 12 May 2010 with IKB International S.A. as well as related IRS
confirmations with a start date 30 June 2010 and maturity date 30 June 2012 and notional amount, for the euro term loans, from EUR 260,708,725 decreasing to EUR 249,291,031 and, for the US dollar term loans, from
USD 75,162,280 decreasing to USD 68,834,824. 

  

	(d)	 MACH ApS, a company incorporated under the laws of Denmark with its registered office at Blokken 9, 3460 Birkerød, Denmark and registered in the
Central Business Register under number 10352282, as lender, and Evenex ApS, as borrower, have on 18 July 2011 entered into an inter-company loan agreement (the Evenex Loan) with an outstanding principal loan amount of
EUR 1,070,000 (in words: Euro one million and seventy thousand) and also have in place an inter-company loan with an outstanding principal loan amount of 

  
 Page 16 of 74

	 	
EUR 1,688,814.18 (in words: one million six hundred eighty eight thousand eight hundred fourteen Euro and eighteen Cent). MACH S.à r.l., a limited liability company incorporated under
the laws of Luxembourg with its registered office at 15, rue Edmond Reuter, L-5326 Contern, Grand Duchy of Luxembourg, and registered with the Registre de Commerce et des Sociétés in Luxembourg under B89824 (MACH
S.à r.l.), as lender, and Evenex ApS, as borrower, have in place an inter-company loan with an outstanding principal loan amount of EUR 219,627.44 (in words: two hundred nineteen thousand six hundred twenty seven Euro and forty
four Cent). MACH Mobile Solutions Private Limited (formerly known as Transcibernet India Private Limited), as lender, and Evenex ApS, as borrower, have in place an inter-company loan with an outstanding principal loan amount of EUR 383,218.78
(in words: three hundred eighty three thousand two hundred eighteen Euro and seventy eight Cent) (the Evenex Loan and the intercompany loans mentioned in this clause 1.2(d) including the Evenex Loan collectively the Evenex
Intercompanies). The Evenex Loan Amount shall be an amount equal to EUR 1,391,000 (in words: one million three hundred and ninety one thousand Euro). All references in this clause 1.2(d) to outstanding principal loan
amount means the outstanding principal loan amount as of 31 May 2012. 

  

	(e)	With effect from closing (the Evenex Closing) of the sale and purchase agreement relating to the sale of the issued share capital of Evenex ApS in the
form set out in Exhibit 1.2(e) to be entered into by MACH Denmark (as seller) and the Seller (as purchaser) (the Evenex SPA) prior to Closing, MACH Denmark shall have the right to the receivable in the form set out in Annex 1 to
the Evenex SPA to be entered into between MACH Denmark and the Seller pursuant to the Evenex SPA, together with all accrued but unpaid interest thereon as of the Closing Date (the Evenex Note). 

 

	(f)	WP Roaming Holdings, S.A., as borrower, and WP Roaming I S.à r.l., as lender, have in place an intercompany loan agreement (the Shareholder
Intercompany) with an outstanding principal loan amount of EUR 1,695,000 (in words: one million six hundred ninety five thousand Euro) (the Shareholder Intercompany Amount) as of 31 May 2012. 

2. SALE AND PURCHASE 

 

	2.1	The Seller, pursuant to the terms and conditions of this Agreement, hereby sells with commercial effect (mit wirtschaftlicher Wirkung) as of 31 December
2011 (the Locked Box Accounts Date) and undertakes to: (i) assign (abtreten) the MACH Shares and the Shareholder Instruments; and (ii) subject to the Evenex Closing occurring, transfer the obligation to pay under the
Evenex Note, in each case, on the Scheduled Closing Date (as defined in clause 2.2 below) or the Delayed Closing Date (as defined in clause 10.5) (if later) or the Repeated Closing Date (as defined in clause 6.2(c)) (as applicable) as part of the
Closing Events (as defined in Clause 10.2 below), with in rem effect (mit dinglicher Wirkung) as of the Closing Date (as defined in clause 10.1 below), to the Purchaser. 

 

	2.2	The Scheduled Closing Date shall be: 

  

	(a)	 the fifth
(5th) Business Day (as defined in clause 29.1 below)
after the day on which the last of the Closing Conditions (as defined in clause 5.1 below) has been satisfied, or waived; or 

  

	(b)	 if the Marketing Period has not ended on the fifth (5th) Business Day after the day on which the last of the Closing Conditions has been satisfied, or waived:

  

	 	(i)	a date during the Marketing Period specified by the Purchaser on not less than three (3) Business Days written notice to the Seller; or 

  
 Page 17 of 74

	 	(ii)	the third Business Day following the final day of the Marketing Period, 

 (subject in each case to the fulfillment or waiver of all of the Closing Conditions as of the date determined pursuant to this clause 2.2(b)); or 

 

	(c)	any other Business Day agreed in writing between the Parties, which is after the day on which the last of the Closing Conditions has been satisfied, or waived.

  

	2.3	The Purchaser, upon the terms and conditions of this Agreement, hereby purchases from the Seller and undertakes to accept on the Scheduled Closing Date or the Delayed
Closing Date (if later) or the Repeated Closing Date (as applicable) the assignment of the MACH Shares, the Shareholder Instruments and (subject to the Evenex Closing occurring), the payable under the Evenex Note by way of assumption in accordance
with clause 2.1 above and to pay the consideration therefor in accordance with clause 10.2 below. 

  

	2.4	The sale and transfer of the MACH Shares shall include all rights and claims pertaining to the MACH Shares, including the right to receive all dividends for financial
years (Geschäftsjahre) commencing on or subsequent to 1 January 2012 and prior financial years, in each case to the extent such dividends have not been distributed prior to or on the Closing Date. For the avoidance of doubt,
(i) the provisions of the preceding sentence shall be without prejudice to the no leakage undertaking of the Seller pursuant to clause 7.2 below and any other provision of this Agreement restricting the payment of dividends by the Target
Companies prior to the Closing Date and (ii) economic ownership within the meaning of the German Abgabenordnung or the Luxembourg Steueranpassungsgesetz in, and beneficial ownership for US federal income tax purposes of, the MACH
Shares, the Shareholder Instruments and (subject to the Evenex Closing occuring) the payable under the Evenex Note shall only be transferred as of the Closing Date. 

3. PRICE 
  

	3.1	Subject to clause 4 below, the consideration for the sale of the MACH Shares, the Shareholder Instruments and, subject to the Evenex Closing occurring, the payable
under the Evenex Note, by the Seller to the Purchaser shall be the payment by the Purchaser, at Closing (as defined in clause 5.1 below) of: 

  

	(a)	an amount equal to (i) EUR 172,661,878 (in words: Euro one hundred and seventy two million, six hundred and sixty one thousand, eight hundred and seventy
eight) (the Base Amount) in respect of the MACH Shares, the Shareholder Instruments and, subject to the Evenex Closing occurring, the payable under the Evenex Note; less (ii) an amount equal to the sum of all Deduction Items and
Leakage, in each case as set out in the Preliminary Calculation, if any, plus (iii) an amount equal to the sum of all Capital Injections, as set out in the Preliminary Calculation, if any (together, the MACH Price); and

  

	(b)	an amount of EUR 250,000 (in words: Euro two hundred and fifty thousand) per month from and including the Locked Box Accounts Date up to but excluding the Closing Date,
calculated for any partial months elapsed pro-rata temporis on the basis of the actual number of days elapsed (together with the MACH Price, the MACH Consideration). 

 

	3.2	Deduction Items: 

  

	(a)	 Deduction Items shall mean the following items, in each case to the extent that they: (i) do not constitute Permitted
Items as set out in Exhibit 3.2; (ii) have not been permitted by the 

  
 Page 18 of 74

	 	
Purchaser in writing (which permission expressly states that such matters constitute Permitted Items) to the Seller; or (iii) have not been included as deduction items in the equity bridge
set out in Exhibit 3.2(a) (the Equity Bridge): 

  

	 	(i)	any costs, financial penalties (including increased interest payments) or pre-payment or other fees paid by any Target Company after the Locked Box Accounts Date,
increased interest payment obligations or other payment obligations outstanding under the Finance Documents, accrued or contingent, as of the Closing Date and in each case resulting from, or in connection with, any covenant breaches prior to and
including the Closing Date, or waivers or curing thereof, under the Finance Documents; 

  

	 	(ii)	any payments (in cash or in kind) made after the Locked Box Accounts Date by any Target Company, or any obligations or liabilities of any Target Company, accrued or
contingent as of the Closing Date to pay to transaction advisers, brokers, finders, consultants, investment banks, lawyers or other advisers for services rendered in connection with the Proposed Transaction (save for any costs, payments, expenses,
obligations or liabilities incurred by the Target Companies in connection with the Target Companies’ or the Seller’s compliance with clauses 8.9 to 8.11 or to be borne by the Purchaser in accordance with clause 8.14);

  

	 	(iii)	any payments (in cash or in kind) made after the Locked Box Accounts Date by any Target Company of, or any obligations or liabilities of any Target Company, accrued or
contingent as of the Closing Date to pay any exit, change of control, transaction, retention or similar bonuses to board members, directors, officers or employees of any Target Company (including any wage taxes, wage withholding taxes and social
security contributions related to any of the foregoing) in connection with the Proposed Transaction to the extent they are not part of, or in connection with, the management retention bonus scheme of the Target Companies known as the “MLT
Retention Bonus Scheme” existing at the date of this Agreement (the Scheme) (for the avoidance of doubt including wage taxes, wage withholding taxes and social security contributions related to the Scheme);

  

	 	(iv)	any payments (in cash or in kind) made after the Locked Box Accounts Date by any Target Company, or any obligations or liabilities of any Target Company, accrued or
contingent as of the Closing Date resulting from or in connection with the restructuring at MACH ApS pursuant to the framework agreement entered into in January 2012; or 

 

	 	(v)	any payments (in cash or in kind) made after the Locked Box Accounts Date by any Target Company, or any obligations or liabilities of any Target Company, accrued or
contingent as of the Closing Date in relation to the settlement or determination of the arbitration proceedings in relation to the Claims (as defined in clause 15.2) but excluding the AAT Dubai Claim (as defined in clause 15.2) to the counterparties
of such proceedings which in aggregate exceed EUR 2,000,000 (in words: Euro two million). 

 The Deduction Items
shall include the amount of any Tax incurred by the Target Companies that would not have been triggered but for the items described in paragraphs (i) through (v) of this clause 3.2(a) to the extent that such Tax has been assessed (or will
be assessed which is to be proved by the Purchaser by a “should” level expert opinion). The Purchaser shall and shall procure, to the extent permitted by law, that the Target Companies (i) notify the Seller of any Tax that would not
have been triggered but for the Deduction Items in writing and promptly (unverzüglich) after having become aware that such Tax has been or will on the basis of the expert opinion be assessed and in any event not later than ten
(10) days after having received 

  
 Page 19 of 74

 
a respective Tax assessment or expert opinion; and (ii) contest upon and in accordance with instructions of the Seller (and at the expense of the Seller) any such Tax. If the Purchaser fails
to comply with the obligations set forth in this clause 3.2(a) the Seller shall not be liable for the respective Tax in connection with a Deduction Item, unless and to the extent that the Purchaser proves that the respective Tax would have been, or
will be, triggered notwithstanding the Purchaser’s failure to so comply. Clause 12.7 shall apply mutatis mutandis. 
  

	(b)	The Seller shall no later than four (4) Business Days prior to the Scheduled Closing Date, the Delayed Closing Date or the Repeated Closing Date (as applicable)
submit to the Purchaser a good-faith preliminary calculation (including an estimate for the outstanding time period until the Closing Date) prepared with the care of a prudent business man of the Deduction Items, Leakage and Capital Injections (as
defined in clause 3.3 below) specifying in reasonable detail the underlying facts and circumstances of such Deduction Items, Leakage and Capital Injections (each including supporting documentation) (the Preliminary Calculation). In
case of manifest errors, the Purchaser shall notify the Seller without undue delay but no later than three (3) Business Days prior to the Scheduled Closing Date, the Delayed Closing Date or the Repeated Closing Date (as applicable) and the
Seller shall resubmit a calculation in good faith two (2) Business Days prior to Closing, in which case such corrected calculation shall constitute the Preliminary Calculation. The MACH Price payable on Closing shall be determined on the basis
of the Preliminary Calculation and shall be subject to the post-closing adjustment set forth below. 

  

	(c)	After Closing has occurred, the Purchaser shall be entitled to further review the Preliminary Calculation and raise objections, specifying in reasonable detail the
reasons for such objections, if any, within a period of ninety (90) calendar days following the Closing Date. If and to the extent, Deduction Items, Leakage or Capital Injections are not objected to by the Purchaser within the aforementioned
time period, their calculation will be binding on the Parties. If and to the extent the Parties reach agreement with respect to the objections raised by the Purchaser, the calculation of the Deduction Items, Leakage and Capital Injections as agreed
shall be final and binding on the Parties. If and to the extent that the Seller and the Purchaser cannot reach agreement on the relevant disputed Deduction Items, Leakage or Capital Injections, the Purchaser and the Seller may refer the dispute to
such individual at a firm of chartered accountants of international repute as the Purchaser and the Seller may agree in good faith or, failing such agreement within fifteen (15) Business Days, to such independent firm of chartered accountants
of international repute in Frankfurt am Main as the President of the Institute of Chartered Accountants in Dusseldorf (Institut der Wirtschaftsprüfer in Deutschland e.V.) may, on the application of either the Seller or the Purchaser,
nominate (the Expert), on the basis that the Expert is to make a decision on the dispute and the amount of the disputed Deduction Items, Leakage and Capital Injections with final and binding effect save in the case of fraud, manifest
error, and further save that the decisions of the Expert in respect of each of the items in dispute may not fall outside the positions of the Parties (together with all non-disputed or agreed Deduction Items, Leakage and Capital Injections, the
Binding Calculation) and notify the Purchaser and the Seller of its decision within ten (10) Business Days of receiving the reference or such longer reasonable period as the Expert may determine. The difference between the
Preliminary Calculation and the Binding Calculation shall be settled within five (5) Business Days as of the date of determination of the Binding Calculation by (i) the Purchaser paying the difference to the Seller if the Binding
Calculation is less than the Preliminary Calculation; or (ii) the Seller paying the difference to the Purchaser if the Binding Calculation is more than the Preliminary Calculation, in each case without set-off or counterclaim and in immediately
available funds. 

  

	(d)	 Each party shall bear its own costs with respect to the finalization of the Deduction Items, Leakage and Capital Injections. The costs of the Expert
shall be borne by the Parties as set out 

  
 Page 20 of 74

	 	
below. In any reference to the Expert in accordance with the foregoing paragraphs: (i) the Expert shall act as an expert and not as an arbitrator; (ii) shall be directed to determine
any dispute by reference to the accounting policies, principles, practices, bases and methodologies that were used for the purposes of preparing, and reflected in the Locked Box Accounts; (iii) the decision of the Expert shall, in the absence
of fraud or manifest error, be final and binding on the Purchaser and the Seller; (iv) the costs of the Expert shall be paid by the Seller and the Purchaser as determined by the Expert in accordance with the principles set out in sec. 91 et seq
of the German Code of Civil Procedure (Zivilprozessordnung, ZPO); and (v) each of the Seller and the Purchaser shall respectively provide or procure the provision to the Expert of all such information as the Expert shall reasonably
require. 

  

	(e)	No amount of Leakage shall be taken into account in the Binding Calculation to the extent that such amount of Leakage is the subject of a claim that has been raised
pursuant to clause 7. 

  

	(f)	All claims of either the Purchaser or the Seller pursuant to this clause 3.2 shall become time barred (verjähren) on the date falling twelve
(12) months after Closing, provided that claims pursuant to this clause 3.2 with respect to Taxes shall become time barred six (6) months after the respective Tax assessment has become final and binding, non-appealable
(unanfechtbar) and unchangeable. The provisions of this clause 3.2 are subject to the limitations set out in clause 13 below with the exception of clauses 13.3, 13.4 and 13.5 below. Clause 13.2 below shall apply. 

 

	3.3	For the purposes of this Agreement, Capital Injection shall mean (i) any amount of funding or capital contributed, subscribed in or paid to any
Target Company (regardless of the form or structure of such funding or capital including by way of the allotment or issue of shares of the Company (in which case the definition of MACH Shares contained in clause 1.1(a) of this Agreement shall be
deemed to include such new shares for all purposes under this Agreement as from the earlier of (x) the date of the Capital Injection or (y) the date of the issuance of new shares or equivalent action under other applicable laws), any
capital contribution to the share capital or reserves of any Target Company) by the Seller or any other member of the Seller Group; or (ii) a dividend distribution or other return of capital from Evenex ApS to any Target Company, in each
case between the date of this Agreement and the Closing Date (each inclusive), and in each case, in cash. The Seller shall notify the Purchaser in writing promptly (and in any event prior to the Unconditional Date) following the making of any
Capital Injection (together with reasonable details of any such Capital Injection). 

  

	3.4	Subject to clause 4 below, upon Closing, the MACH Consideration shall be satisfied by the Purchaser paying: 

 

	(a)	an amount equal to the MACH Consideration less an amount equal to EUR 20,000,000 (in words: Euro twenty million) (the Escrow Amount) to the Seller
(or as the Seller may direct) in accordance with clause 21 below; and 

  

	(b)	the Escrow Amount to the Escrow Agent (as defined in clause 17.1 below), which shall be held subject to the terms of this Agreement. 

 

	3.5	The MACH Consideration shall be due for payment (fällig) and payable (zahlbar) on the Scheduled Closing Date, the Delayed Closing Date or the
Repeated Closing Date (as defined in clause 6.2(c) below) (as applicable). 

  

	3.6	 The Purchaser shall be entitled to deduct and withhold from any consideration payable or otherwise deliverable pursuant to this Agreement such amounts
as are required to be deducted or withheld therefrom under any provision of US or non-US federal, state or local Tax law 

  
 Page 21 of 74

	 	
and to request any necessary Tax forms, including IRS Form W-9 or the appropriate series of IRS Form W-8, as applicable. To the extent such amounts are so deducted or withheld, such amounts shall
be treated for all purposes under this Agreement as having been paid to the person to whom such amounts would otherwise have been paid. 

  

	3.7	Any payment made in satisfaction of a liability arising under any guarantee or undertaking or indemnity given by the Seller to the Purchaser under this Agreement or any
guarantee or undertaking given by the Purchaser to the Seller under this Agreement shall be treated as an adjustment of the MACH Consideration to the extent of such payment. 

 

	3.8	No later than ten (10) Business Days prior to Closing, the Seller shall notify the Purchaser of the final allocation of the MACH Consideration as between the MACH
Shares and the Shareholder Instruments (excluding any adjustments to be made pursuant to clause 10.2(a)(ii)), which allocation shall follow the following principles: 

 

	(a)	EUR 1 (in words: Euro one) to be allocated to the MACH Shares; and 

  

	(b)	an amount equal to the remainder of the MACH Consideration to be allocated to the Shareholder Instruments (such amount to be allocated amongst the Shareholder
Instruments in accordance with their relative rankings). 

 4. DEPOSIT 

On the first Business Day after Signing, the Purchaser shall in view of its payment obligations under this Agreement vis-à-vis the Seller pay to
the Seller, or upon Seller’s instruction to an Affiliate of the Seller (including any fund managed or advised by Warburg Pincus International LLC), as a deposit an amount of EUR 30,000,000 (in words: Euro thirty million) (such amount being
exclusive of VAT in the case that the payment is made to the Seller; and provided that the Seller or its Affiliate shall bear applicable VAT, if any, in case payment is made to an Affiliate of the Seller) (the Deposit). The Deposit
shall be credited against (i) the payment obligations of the Purchaser set out in clause 6 below, or (ii) the Purchaser’s obligation to pay the MACH Consideration. For the avoidance of doubt, this means that in case of (i) a
recission or other termination of this Agreement, or (ii) Closing (as defined in clause 5.1 below) taking place, the Purchaser shall only be obliged to pay to the Seller the difference between the Deposit paid to the Seller and the amount then
due as Termination Fee (as defined in clause 6.1 below) or MACH Consideration, as the case may be. 
 5.
CONDITIONS TO CLOSING 
  

	5.1	The closing (Vollzug) of the transactions contemplated under this Agreement (the Closing) pursuant to clause 10 below shall be conditional on the
following conditions precedent (aufschiebende Bedingungen) (the Closing Conditions) having been satisfied or waived by Notice in writing (provided that the Closing Conditions remain fulfilled or waived on the Closing Date) in
accordance with the terms of this Agreement: 

  

	(a)	To the extent that the Proposed Transaction constitutes a concentration falling within the scope of Council Regulation 139/2004 (as amended) (the
Regulation), the European Commission (the Commission) taking a decision (or being deemed to have taken a decision, e.g. because of the lapse, expiration or termination of the applicable waiting periods) under Article 6(1)(b)
or, if the Commission has initiated proceedings pursuant to Article 6(1)(c), under Article 8 of the Regulation declaring the Proposed Transaction as compatible with the common market. 

  
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	(b)	In the event and to the extent that the Proposed Transaction does not constitute a concentration falling within the scope of the Regulation but falls under the merger
control jurisdiction of the Member States of the European Union (save the United Kingdom) and of any State that is a member of the European Free Trade Association that forms part of the European Economic Area, the competition authorities of those
Member States or States shall have taken a decision (or being deemed to have taken a decision, e.g. because of the lapse, expiration or termination of the applicable waiting periods) equivalent to a decision by the Commission under Article 6(1)(b)
or Article 8 of the Regulation anticipated in clause (a) above. 

  

	(c)	The competition authorities of Brazil, Colombia, Jersey, Taiwan and the Ukraine shall have taken a decision (or being deemed to have taken a decision, e.g. because of
the lapse, expiration or termination of the applicable waiting periods) equivalent to a decision by the Commission under Article 6(1)(b) or Article 8 of the Regulation anticipated in clause (a) above. 

 

	(d)	No other Relevant Competition Authority (as defined in clause 5.2(a)) has prohibited, restrained or enjoined the Closing by way of formal injunction (which is
continuing), or has commenced proceedings to prohibit, restrain or enjoin the Closing of the transactions contemplated by this Agreement. 

 (clauses (a) to (d) inclusive together being the Anti-Trust Conditions) 
  

	5.2	The Purchaser shall: 

  

	(a)	have sole responsibility for obtaining, in a timely manner, all consents, approvals or avoiding prohibition, injunction, applications for an injunction to restrain the
closing of the Proposed Transaction by or from any competition authority of the jurisdictions set out in Exhibit 5.2(a) (each a Relevant Competition Authority and together the Relevant Competition Authorities) and
shall, at its own cost, take, or cause to be taken, all actions and do, or cause to be done, all things necessary, proper or advisable to satisfy or procure the satisfaction of the Anti-Trust Conditions, including without limitation offering,
accepting and/or agreeing undertakings, conditions and/or commitments including divestments with any Relevant Competition Authority, by a date that would permit Closing to occur no later than on the date which is the date twelve (12) months
after the Signing Date less five Business Days (the Longstop Date) provided that, notwithstanding the foregoing or any other provision of this Agreement, the Purchaser shall not be required to offer, agree and accept a remedy that
would constitute substantially unacceptable economic hardship (im Wesentlichen unzumutbare wirtschaftliche Härte) for purposes of this clause; 

  

	(b)	make any necessary filings, notifications, submissions or correspondence to the applicable Relevant Competition Authority in a timely manner; 

 

	(c)	promptly provide the Seller and its legal counsel with drafts of any filings, notifications, submissions or correspondence (other than correspondence of a purely
administrative nature) which it intends to make to any Relevant Competition Authority and give the Seller a reasonable opportunity to comment upon such drafts (provided that the Purchaser and the Seller shall not be obliged to disclose to each other
any commercially sensitive information relating to their own businesses otherwise than through their legal counsels on a “counsel to counsel” basis); 

 

	(d)	engage in other communications of a substantive and material nature with any Relevant Competition Authority with respect to the Proposed Transaction and the matters
referred to in this clause 5 only after having consulted with the Seller or its respective legal counsel in advance (and taking into account, as far as reasonably practicable, any reasonable comments and requests of the Seller and its respective
legal counsel); and 

  
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	(e)	where permitted by any applicable Relevant Competition Authority, offer to the Seller the option to nominate persons (including but not limited to their respective
legal counsel) to attend and participate in all meetings, and participate in all telephone or other conversations (other than those of a purely administrative nature) with the Relevant Competition Authority in question, where practicable having
given the Seller sufficient advance notice of such meetings or telephone calls to allow them to attend. 

  

	5.3	The Seller shall between the date of this Agreement and the Closing Date only enter into bi-lateral communications or interactions of any kind with any Relevant
Competition Authority in relation to the transactions contemplated hereby with the prior consent of the Purchaser (other than that of a purely administrative nature) and in particular provide to the Purchaser and its legal counsel with drafts of any
filings, notifications, submissions or correspondence (other than correspondence of a purely administrative nature) which it intends to make to any Relevant Competition Authority in relation to the transactions contemplated hereby for its review and
consent (provided that the Seller shall not be obliged to disclose to the Purchaser any commercially sensitive information relating to its own business otherwise than through its legal counsel on a “counsel to counsel” basis).

  

	5.4	The Purchaser shall procure that any co-operation from its shareholders that would be necessary or desirable in connection with the satisfaction of the Anti-Trust
Conditions is given promptly to it and to the Seller (as appropriate) and the Seller shall procure that any co-operation from its shareholders that would be necessary or desirable in connection with the satisfaction of the Anti-Trust Conditions is
given promptly to it and to the Purchaser (as appropriate). 

  

	5.5	The Seller and its shareholders shall provide the Purchaser with any and all such reasonable assistance that the Purchaser may request in procuring satisfaction of the
Anti-Trust Conditions, including providing any Relevant Competition Authority with any necessary information and documents reasonably required for the purpose of making any submissions, notifications and filings to any such Relevant Competition
Authority. 

  

	5.6	The Anti-Trust Conditions may only be waived by the Purchaser by Notice to the Seller, as defined in clause 25.1. 

 

	5.7	The Seller and the Purchaser shall each notify the other in writing without undue delay (unverzüglich) upon becoming aware that any of the Anti-Trust
Conditions have been satisfied or will definitively (endgültig) not be satisfied. The first Business Day on or by which all Closing Conditions have been satisfied (or waived in accordance with clause 5.6 above) is the Unconditional
Date. 

 6. TERMINATION RIGHTS AND
TERMINATION FEE 
  

	6.1	Unless otherwise terminated, this Agreement shall automatically terminate (with this clause 6, however, remaining in full force and effect notwithstanding the
termination) immediately following any of the following events taking place: 

  

	(a)	if (i) any Relevant Competition Authority blocks or injuncts the Proposed Transaction for whatever reason (including if the European Commission adopts a decision
under Article 8 (3) of the Regulation blocking the Proposed Transaction), unless the Anti-Trust Conditions with regard to this Relevant Competition Authority have been waived in accordance with clause 5.6 above, or (ii) the Anti-Trust
Conditions are not satisfied or waived on the Longstop Date; 

  
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	(b)	if the Insolvency Situation subsists on the Delayed Closing Date (as defined in clause 10.5 below) (which for the avoidance of doubt can be no later than the Longstop
Date); or 

  

	(c)	if the Marketing Period has not completed by the Longstop Date. 

  

	6.2	If: 

  

	(a)	on the Scheduled Closing Date, the Delayed Closing Date (if later) or the Repeated Closing Date (as applicable), the Purchaser’s Closing Events (as defined in
clause 10.2(a) below) have not taken place, or have not been duly waived, the Seller shall, without prejudice to any other claims or rights the Seller may have in such case, solely in its own discretion be entitled to rescind
(zurücktreten) this Agreement with effect for both Parties, provided, however, that the right to rescind (zurücktreten) this Agreement under this sub-clause shall not be available to the Seller if the Seller was on the
Scheduled Closing Date, the Delayed Closing Date (if later) or the Repeated Closing Date (as applicable), either: (i) not present at the Closing Venue (as defined in clause 10.1 below); or (ii) not ready and in a position to deliver the
documents referred to in clause 10.2(b), (on the assumption that the payment by or on behalf of the Purchaser of the Discharge Amount as set forth in clause 10.2(a)(i) and of the other amounts as set forth in clause 10.2(a)(ii), in each case, would
have been made on Closing and also subject to the Purchaser being prepared to deliver the assumption agreement referred to in clause 10.2(a)(iii) on Closing); 

 

	(b)	on the Scheduled Closing Date, the Delayed Closing Date (if later) or the Repeated Closing Date (as applicable), the Seller’s Closing Events have not taken place
(on the assumption that the payment by the Purchaser of the Discharge Amount as set forth in clause 10.2(a)(i) would have been made on Closing), or have not been duly waived, the Purchaser shall, without prejudice to any other claims or rights the
Purchaser may have in such case, solely in its own discretion be entitled to rescind (zurücktreten) this Agreement with effect for both Parties, provided, however, that the right to rescind (zurücktreten) this Agreement under
this sub-clause shall not be available to the Purchaser if the Purchaser was on the Scheduled Closing Date, the Delayed Closing Date (if later) or the Repeated Closing Date (as applicable), either: (i) not present at the Closing Venue; or
(ii) not ready and in a position to comply with its obligations in accordance with clause 10.2(a) (subject to the agents and the Seller’s Lending Banks referred to in clause 10.2(b)(i) below being prepared to deliver the confirmations
referred to in clause 10.2(b)(i) and the Seller being prepared to deliver the transfer agreements and the assumption agreement referred to in clause 10.2(b)(ii) and the confirmation of receipt referred to in clause 10.2(b)(iii) on Closing); or

  

	(c)	the Deposit is not, or not fully, paid by the Purchaser to the Seller on the first Business Day after Signing, the Seller shall solely in its own discretion be entitled
to rescind (zurücktreten) this Agreement with effect for both Parties, 

 provided that in the case of
each of paragraphs (a) or (b) above, the Parties shall first be obligated to consummate the Closing on the day that is five (5) Business Days after the Scheduled Closing Date or the Delayed Closing Date (if later) (the Repeated
Closing Date), and a Party entitled to rescind this Agreement pursuant to paragraph (a) or (b) above, as the case may be, shall only be entitled to do so if the requirements of paragraph (a) or (b) above, as the case may
be, are also fulfilled on such Repeated Closing Date, provided further that the Repeated Closing Date shall be the last Business Day prior to the Longstop Date if it would otherwise fall on or beyond the Longstop Date. 

 

	(d)	In the event a Party elects in accordance with this clause 6.2 to rescind the Agreement, such Party will effect such rescission by way of written Notice to the other
Party. 

  
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	6.3	In the event of: 

  

	(a)	a termination of this Agreement pursuant to clause 6.1, neither Party (nor any of their respective Affiliates nor the Purchaser’s Lenders) shall have any
claim under this Agreement of any nature whatsoever against the other Party (or any of their respective Affiliates or the Purchaser’s Lenders); or 

  

	(b)	a rescission of this Agreement pursuant to clause 6.2, neither Party (nor their respective Affiliates nor the Purchaser’s Lenders) shall have any claim under
this Agreement of any nature whatsoever against the other Party (or any of their respective Affiliates or the Purchaser’s Lenders) other than any breaches of this Agreement (including any such breaches which gave rise to the relevant Party
having the right to rescind this Agreement) occurring prior to the rescission, 

 in each of the cases referred to
in the preceding paragraphs (a) and (b), and except that (i) clause 4 above (Deposit), this clause 6 (Termination Rights and Termination Fee), clauses 22 through 31 below and the right of the Seller to receive the Termination Fee
in accordance with this clause 6 shall survive any termination or rescission, and (ii) nothing herein shall relieve either Party from liability for any intentional (vorsätzlich) breach of this Agreement or fraud occurring prior to a
termination or rescission. 
  

	6.4	In all cases of a rescission or termination of this Agreement, the Purchaser shall pay to the Seller or the Seller’s nominee a termination fee in the amount of
EUR 60,000,000 (in words: Euro sixty million) (the Termination Fee), provided that the amount of the Termination Fee shall be reduced to EUR 30,000,000 (in words: Euro thirty million) if, but only if, the Purchaser has
rescinded this Agreement pursuant to clause 6.2(b). For the avoidance of doubt, (i) the obligation of the Purchaser to pay the Termination Fee is not dependent upon the Purchaser having breached any of its obligations under this Agreement and
(ii) in all cases of a termination or rescission of this Agreement pursuant to this clause 6, subject to clause 6.3 above, the payment to the Seller of the Termination Fee shall be the Seller’s exclusive remedy. The afore-mentioned amounts
of the Termination Fee are exclusive of VAT, if any, in case payment is made to the Seller. In case payment is made to a nominee of the Seller, the Seller or its nominee (to be procured by the Seller) shall bear applicable VAT, if any.

  

	6.5	The Termination Fee shall be due for payment (fällig) within five (5) Business Days of the termination or rescission of this Agreement having become
effective. For the avoidance of doubt, the Deposit in an amount of EUR 30,000,000 (in words: Euro thirty million) paid by the Purchaser in accordance with clause 4 above shall be credited against any payment obligations of the Purchaser
pursuant to this clause 6. 

 7. NO LEAKAGE UNDERTAKING

  

	7.1	Leakage means: 

  

	(a)	any payment of any dividend (in cash or in kind), withdrawal of profit or other distribution, transfer of any funds, assets or benefits corresponding economically to a
distribution or withdrawal (including by way of assuming any guarantee or similar instrument), or payment of any fees by any of the Target Companies (except to other wholly owned Target Companies) in each case to, or to the benefit of, the Seller or
any of its Affiliates (for the avoidance of doubt including the Evenex Companies) excluding the Target Companies (together with the Seller the Seller Group), or any return by repayment of its paid-up share capital (whether by repayment
as a consequence of reduction of share capital, redemption or repurchase of shares or otherwise) to the Seller Group; 

  
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	(b)	any entering into, amendment or consummation of any transaction of any kind between a Target Company and a member of the Seller Group that results in any payment or
transfer of funds, assets or benefit by any Target Company to (including without limitation granting or increase of loans, transfers of any funds, assets or benefits, sales, provision of goods and services, gifts, granting of indemnifications,
supplies or intra-group trading) a member of the Seller Group (other than performance of the TSA (as defined in clause 8.3(h) below) in accordance with its contractual terms as of the date of this Agreement or in respect of the Evenex Loan), or any
waiver of any amounts owed to any of the Target Companies by any member of the Seller Group, in each case, other than an arm’s length terms transaction between any Target Company and any ‘portfolio company’ (as such term is commonly
understood among institutional private equity fund investors) of any fund managed or advised by Warburg Pincus International LLC relating to agreements for goods and services directly related to the business operations of any Target Company
(i.e. in particular excluding management service agreements or arrangements similar therewith); 

  

	(c)	any payment by any Target Company of interest on, or repayment of principal of, any indebtedness owed by any Target Company to a member of the Seller Group; and

  

	(d)	any incurring of an obligation or liability, accrued or contingent, or entering into any agreement resulting in any of the afore-mentioned, by any Target Company with
respect to any of the above, 

 in each case, save for any of the items (i) set out in Exhibit 7.1
(Permitted Leakage); (ii) that have been permitted by the Purchaser in writing (which permission expressly states that such matters constitute Permitted Leakage) to the Seller; or (iii) that have been included as
deduction items in the Equity Bridge. 
  

	7.2	The Seller hereby undertakes to the Purchaser to procure that during the period as from the date of this Agreement until and including the Closing Date, no Leakage
shall occur and confirms that no Leakage has already occurred as from the Locked Box Accounts Date until and including the date of this Agreement. 

  

	7.3	The Seller hereby undertakes to the Purchaser that if there has been any Leakage during the period from the Locked Box Accounts Date until and including the Closing
Date, which is not taken into account in the Preliminary Calculation or does not give rise to a payment claim of the Purchaser pursuant to the last sentence of clause 3.2(c), then the Seller shall, following Closing, indemnify the Purchaser, or at
the Purchaser’s direction any Target Company, on a Euro for Euro after Tax basis from and against any such obligation, liability or damage resulting from or in connection with any such Leakage (such term for the purpose of this Agreement at all
times includes, for the avoidance of doubt, incurring of any Tax by any Target Company that would not have been triggered but for the Leakage to the extent that such Tax has been assessed (or will be assessed which is to be proved by the Purchaser
by a “should” level expert opinion)). The Purchaser shall and shall procure, to the extent permitted by law, that the Target Companies (i) notify the Seller of any Tax that would not have been triggered but for the Leakage in writing
and promptly (unverzüglich) after having become aware that such Tax has been or will, on the basis of the expert opinion, be assessed and in any event not later than ten (10) days after having received a respective Tax assessment or
expert opinion; and (ii) contest upon and in accordance with instructions of the Seller (and at the expense of the Seller) any such Tax. If the Purchaser fails to comply with the obligations set forth in this clause 7.2 the Seller shall not be
liable for the respective Tax in connection with the Leakage, unless and to the extent that the Purchaser proves that the respective Tax would have been, or will be, triggered notwithstanding the Purchaser’s failure to so comply. Clause 12.7
shall apply mutatis mutandis. 

  
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	7.4	All claims of the Purchaser pursuant to this clause 7 shall become time barred (verjähren) on the date falling twelve (12) months after Closing,
provided that claims pursuant to this clause 7 with respect to Taxes shall become time barred six (6) months after the respective Tax assessment has become final and binding, non-appealable (unanfechtbar) and unchangeable. The provisions
of this clause 7 are subject to the limitations set out in clause 13 below with the exception of clauses 13.3, 13.4 and 13.5 below. Clause 13.2 below shall apply. 

 

	7.5	The Seller shall not be liable for and the Purchaser shall not be entitled to bring any claim: (i) in the case of a claim for a Deduction Item, in relation to
Leakage; or (ii) in the case of a claim for Leakage, in relation to a Deduction Item. 

 8.
PRE-CLOSING SELLER UNDERTAKINGS 
  

	8.1	During the period between the Signing Date and the Closing Date (as defined in clause 10.1 below), Seller shall procure, to the extent within its power as a (direct or
indirect) shareholder or any other steps within its power, that the Target Companies conduct their respective businesses in the ordinary and normal course of business and in a manner substantially consistent with past practice and in respect of the
Target Companies listed in Exhibit 8.1 (the Material Target Companies) use all efforts that can reasonably be expected to maintain all governmental authorizations and licenses necessary for the conduct of their respective
businesses. 

  

	8.2	Prior to the Closing Date, the Seller shall enter into and shall procure that MACH Denmark enters into, the Evenex SPA. 

 

	8.3	Without prejudice to the generality of the foregoing, to the extent within its power as a (direct or indirect) shareholder or any other steps within its power and to
the extent permitted by law (including but not limited to any relevant merger control laws), for the period between the Signing Date and the Closing Date (as defined in clause 10.1 below), the Seller shall procure that the Target Companies shall,
except as otherwise contemplated in this Agreement or with the prior consent of the Purchaser, such consent, if any, to be given in text form (Textform) pursuant to Section 126b of the German Civil Code (Bürgerliches
Gesetzbuch - the BGB) and not to be unreasonably withheld or delayed (and in any event, the decision of the Purchaser regarding the granting of the consent to be rendered within five (5) Business Days from the receipt of a
request for consent describing the underlying matter and circumstances in reasonable detail), not: 

  

	(a)	adopt, amend or terminate any mid- or long-term business policy or strategy of any of the Target Companies which in any case results in a fundamental change of the
business of any of the Target Companies; 

  

	(b)	issue or allot, acquire (including subscription for), dispose or redeem any share capital, convertible or exchangeable securities, or any similar interest (except
(i) to another wholly owned Target Company; (ii) as set out in Exhibit 8.3(b); or (iii) pursuant to a Capital Injection); 

  

	(c)	amend or otherwise alter the articles of association or partnership agreements, as the case may be, of any Target Company; 

 

	(d)	 enter into, amend or terminate any agreement with any Seller or any other member of the Seller Group, other than on arms length terms transactions
between any Target Company and 

  
 Page 28 of 74

	 	
any ‘portfolio company’ (as such term is commonly understood among institutional private equity fund investors) of any fund managed or advised by Warburg Pincus International LLC
relating to agreements for goods and services directly related to the business operations of any Target Company (excluding management service agreements or arrangements economically similar thereto); 

 

	(e)	(i) amend or terminate (other than for “cause”) an employment agreement with a Key Employee (as defined in clause 11.1(i)(i) below) or enter into, amend or
terminate (other than for “cause”) any agreement with an employee of any Target Company not employed on the date of this Agreement but which belongs to a hierarchy level represented in the group of the Key Employees or (ii) loan or
advance any money or other property to, or grant any equity or equity-based awards to, any board member, director, employee or other service provider, or any affiliate thereof, of any of the Target Companies; 

 

	(f)	save in respect of the bonuses under the Scheme, make changes in terms of employment or establish or increase any employee benefits (including any pension fund
commitments) other than in the ordinary and normal course of business of the respective Target Company in accordance with past practice, or establish, adopt, enter into or amend any Company Plan or company benefit plan or other arrangement that
would be a Company Plan if it were in existence as of the date of this Agreement; 

  

	(g)	make any single material capital expenditure in excess of EUR 500,000 (in words: Euro five hundred thousand) in the individual case or EUR 1,000,000 (in
words: Euro one million) per annum, except for expenditures (i) already approved in any budget of the Target Companies provided such budget is consistent with the information documents on financial matters prepared by Ernst & Young and
dated 6 February 2012 (volume 1.1), 6 March 2012 (volume 1.3) and 5 April 2012 (volume 1.4) disclosed in the electronic data room operated by Ansarada Pty Limited (the Data Room), (collectively the Relevant
Budget); and (ii) such expenditure is incurred at arm’s length terms and conditions; 

  

	(h)	make any variation or amendment to the transitional services agreement dated 18 July 2011 between Evenex ApS and MACH ApS, as amended on 22 March 2012 (the
TSA), which variation or amendment would result in the TSA becoming more onerous for MACH ApS (other than any full or partial termination of the TSA in connection with a full or partial disposal of the shares or assets of the Evenex
Business); 

  

	(i)	make any acquisition or disposal regarding any asset (including, for the avoidance of doubt, any internal restructuring or other transfer of any asset between Target
Companies) in excess of EUR 250,000 (in words: Euro two hundred and fifty thousand) in the individual case, other than in the ordinary and normal course of business of the respective Target Company at arm’s length terms and conditions;

  

	(j)	make any acquisition or disposal of any company, business, business line or business segment, in each case for an amount in excess of EUR 500,000 (in words: Euro
five hundred thousand) in the individual case; 

  

	(k)	other than in the ordinary and normal course of business of the respective Target Company: (i) abandon, sell, assign, dispose or grant any security interest in, to
or under any of the Target Companies’ Owned IP, IP Licenses or IT Assets (as defined in clause 11.1(h)(iv) below); (ii) grant to any third party or amend any license with respect to any of the Target Companies’ Owned IP; or
(iii) disclose any confidential Owned IP (or any confidential information in relation to such Owned IP) to any person or entity, other than to employees of the Target Companies or to the Purchaser in connection with the Proposed Transaction;

  
 Page 29 of 74

	(l)	create any interest or equity of any person (including any right to acquire, option or right of pre-emption or conversion) or any mortgage, charge, pledge, lien,
assignment, hypothecation, security interest, encumbrance of any kind, title retention or any other security agreement or arrangement, or any agreement to create any of the above (each a Third Party Right) over the shares or assets of
any Target Company other than any rights and interests of the Seller in respect of the Evenex Companies pursuant to the Evenex SPA or any Third Party Rights in connection with an Evenex Disposal; 

 

	(m)	other than as explicitly contemplated in this Agreement, enter into or consummate any merger, spin-off, split-off, consolidation, conversion or similar corporate
reorganization, material restructuring of any business (including lay off or dismiss by reason of redundancy any employees (other than any proposed layoffs or redundancies which have been disclosed the Purchaser prior to the date hereof or any
layoffs or redundancies of less than 50 employees in any six-month period in the ordinary and normal course of business consistent with past practice of the respective Target Company) or implement any early retirement or separation program, or any
program providing early retirement window benefits or announce or plan any such action or program for any future layoff with respect to a significant part of the workforce); 

 

	(n)	(i) discontinue or close any business segment, unit, operation or material facility; or (ii) engage in any business segment unrelated to the current business
segment of the respective Target Company; 

  

	(o)	incur any incremental (zusätzliche) liability for borrowed money or other financial debt, accrued or contingent, of the respective Target Company or a third
party (including granting of guarantees, sureties, letters of credit or other collateral) vis-à-vis any person other than another wholly owned Target Company in excess of EUR 250,000 (in words: Euro two hundred and fifty thousand) in
aggregate, save that the Target Companies may draw down additional monies under the revolving credit facility up to a maximum total drawn amount of EUR 18,400,000 (in words: Euro eighteen million, four hundred thousand) the details of which are set
out in Exhibit 8.3(o), under the Evenex Loan and under the Shareholder Intercompany; 

  

	(p)	make, change or revoke any Tax election (other than the making of any election to treat a Target Company as a disregarded entity for US federal income tax purposes);
adopt or change any method of Tax accounting; file any amended Tax return; enter into any closing agreement; settle or compromise any Tax claim or assessment; surrender any right to claim a material refund of Taxes; consent to any extension or
waiver of the limitation period applicable to any Tax claim or assessment; or take any other similar action relating to the filing of any Tax return or the payment of any material Tax, in each case of or with respect to any Target Company;

  

	(q)	make any change in any method of accounting or accounting practice or policy, other than those required by law; 

 

	(r)	save in respect of those court, arbitration or administrative proceedings as set out in items 1, 2 and 3 in Exhibit 8.3(r), initiate, settle, or terminate any
court, arbitration or administrative proceedings involving amounts in dispute (excluding interest and costs, if any) in excess of EUR 500,000 (in words: Euro five hundred thousand) in the individual case; or 

 

	(s)	agree or commit to do any of the foregoing. 

  

	8.4	 The obligations of this clause 8 shall however not restrict or prevent the Seller and/or any Target Company from taking any actions or steps (i)
required to implement or effect the Proposed Transaction including, without limitation, any measures required under or in connection with the regulatory proceedings referred to in clause 5 above and any full or partial disposal

  
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of the shares or assets of the Evenex Business (including the execution of the Evenex SPA, but provided that this does not result in any ongoing obligations upon any Target Company), (ii) to
prevent, avoid or cure any insolvency-related situation or to effect a Capital Injection, including for the purposes of avoiding an Insolvency Situation provided that, in relation to an insolvency situation, the Seller and/or any Target Company may
not take any action if to do so would be a breach of the Senior Credit Agreement, (iii) to increase the principal amount that may be borrowed by Evenex ApS under the Evenex Loan, (iv) to make such amendments to the terms of the Evenex SPA
as are necessary or desirable in order to effect a sale of all or any part of Evenex ApS to a third party provided that this does not result in any ongoing obligations upon any Target Company, (v) to increase the level of cover provided by any
directors’ and officers’ liability insurance policies relating to any director or officer of any Target Company to a level suitable for a director or officer of an SEC registered company; or (vi) which would otherwise result in the
relevant Target Company breaching applicable laws. 

  

	8.5	Any requests by the Company or the Seller for the Purchaser’s consent shall be addressed to the persons set forth in Exhibit 8.5 (the Contact
Persons) by email and fax. The Purchaser’s consent shall be deemed given if and to the extent no response by email or fax is received by the Company or the Seller as the case may be within five (5) Business Days after receipt of
the request for consent. 

  

	8.6	In the period between the Signing Date and the Closing Date, subject to any limitation under any applicable laws or regulations (including, without limitation,
competition laws), the Seller shall, and shall to the extent within its power as a (direct or indirect) shareholder or any other steps within its power, procure that the Target Companies shall, grant the Purchaser reasonable access to
(i) relevant business and financial information relating to the Target Companies as reasonably requested by the Purchaser (including any and all material Tax returns, Tax assessments or written correspondence with any Tax authorities, in each
case to the extent such information is available in its final form or such final form can be obtained by the relevant Target Company upon exercising reasonable efforts) and (ii) management of the Target Companies (in both cases to the extent
necessary to effect a seamless transition of the business) and cooperate with the Purchaser with respect to pre-closing matters (including with respect to the Seller’s obligations under clause 5.5 above), subject in all cases to suitable
safeguards regarding the extent of disclosure and use of any such information to be agreed upon between the Purchaser and the Seller in good faith from time to time and provided that the Seller will not be required to disclose any commercially
sensitive information unless such information is required solely to comply with its obligations under clause 5.5 above, in which case any such information may only be used for these purposes and may not be disclosed to anyone else and may be made
available only on a counsel-to counsel-basis. Any information disclosed to the Purchaser under this clause 8.6 is subject to the confidentiality provision of this Agreement (clause 24 below) and any other more stringent confidentiality restrictions
agreed from time to time when any commercially sensitive information is disclosed. 

  

	8.7	The Seller shall notify the Purchaser in writing of its good faith estimate of the Deduction Items, Leakage and Capital Injections (with reasonable details) on and as
at the date which falls on or around the expiry of each three-month period commencing upon the Signing Date until Closing. Not less than four (4) Business Days prior to the Closing Date, the Seller shall notify the Purchaser in writing of the
amount of the MACH Consideration. 

  

	8.8	 The Seller and the Purchaser shall ensure that, on Closing, all debt and any hedging arrangements (including all principal and interest as well as any
break or early termination fees or penalties and any other amounts) outstanding under or in respect of the Finance Documents, other than debt for borrowed money that is not under or in respect of the Senior Credit

  
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Agreement or related hedging arrangements and is not to exceed EUR 1,500,000 (in words: Euro one million five hundred thousand) in the aggregate (the De Minimis Debt), (the
Discharge Amount) is repaid to any person holding such debt for borrowed money under the Finance Documents (including, without limitation, any relevant finance parties and ancillary lenders under the Senior Credit Agreement) (the
Seller’s Lending Banks) and that, in each case, all related guarantees and Securities are released. 
 For
this purpose, the Seller shall procure that the Purchaser receives (i) without undue delay a draft of each discharge and release agreement (the Release Agreements), pursuant to which the agents (including any relevant agent and
the security agent under the Senior Credit Agreement) or the Seller’s Lending Banks under any Finance Documents will approve the repayment or prepayment of the Discharge Amount and declare, subject to the timely receipt of a specified discharge
amount (being specified in clause (ii) below for the Scheduled Closing Date plus daily interest in case payment occurs later) and in respect of which the principal amount repayable under the Finance Documents (excluding interest and any other
fees, costs and expenses relating thereto) shall not exceed, as of the Closing Date, an amount of EUR 347,882,441.11 (in words: Euro three hundred and forty seven million, eight hundred and eighty two thousand, four hundred and forty one euros and
eleven cents), and USD 88,802,673.94 (in words: U.S. dollars eighty eight million, eight hundred and two thousand, six hundred and seventy three dollars and ninety four cents), the discharge of all obligations, all liabilities and all amounts
outstanding (both actual and contingent) of the Target Companies under or in respect of the Finance Documents (excluding the De Minimis Debt) and the release of all guarantees and Securities granted by the Target Companies or in respect of their
equity interests and (ii) three (3) Business Days before the Closing Date a copy of each Release Agreement duly executed by the Seller’s Lending Banks or the agents under the relevant Finance Documents (including any relevant agent
and the security agent under the Senior Credit Agreement), each acting at the direction of each of the Seller’s Lending Banks or for itself as the sole Seller’s Lending Bank under such Finance Document, and the relevant Target Companies
together with, in respect of the Securities over the shares of the Company, any original documentation or certificates provided in respect of such Securities and, after the use of the Seller’s reasonable best efforts, in respect of each of the
other Target Companies (other than the Company), any original documentation or certificates provided in respect of the shares of such entities to the extent required to effect the full release thereof. The Purchaser shall have the right to review
and comment upon each draft of each Release Agreement, and the Seller shall give due consideration to and discuss with the Purchaser and its Representatives (as defined in clause 24.1(b) below) any comments submitted by the Purchaser. 

 

	8.9	Prior to Closing, the Seller shall, and shall cause the Company to, use its reasonable best efforts to, and shall use its reasonable best efforts to cause their
respective Representatives to, provide to the Purchaser such cooperation (including, without limitation, with respect to timeliness) reasonably requested by the Purchaser to assist the Purchaser in causing the conditions in the Purchaser Commitment
Letter (as defined in clause 9.1 below or as may be amended, restated, supplemented or otherwise modified) to be satisfied and such other cooperation as is otherwise necessary or reasonably requested by the Purchaser in connection with obtaining the
Debt Funds (as defined in clause 9.1 below), including cooperation that consists of: 

  

	(a)	assisting in preparation for and participation in a reasonable number of meetings, presentations, road shows, due diligence sessions and sessions with rating agencies,
prospective lenders, legal counsel and investors; 

  

	(b)	providing customary authorization letters to the Purchaser’s Lenders (as defined in clause 9.1 below) authorizing the distribution of information to prospective
lenders or investors; 

  

	(c)	 executing and delivering, or procuring the delivery of, effective as of the Closing Date, any

  
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definitive financing documents, interest hedging arrangements, other certificates and documents and back-up thereto, and legal opinions as may be reasonably requested by the Purchaser or
Purchaser’s Lenders (including consents of the Company’s accountants for use of their reports in any materials relating to the debt financing contemplated by clause 9.1 below); 

 

	(d)	providing the Purchaser and the Purchaser Lenders as promptly as reasonably practicable with the following financial and other information regarding the Target
Companies: 

  

	 	(i)	audited (in accordance with either US Generally Accepted Auditing Standards (GAAS) or PCAOB GAAS) consolidated balance sheets and related statements of
operations, equity and cash flows of the Target Companies (reflecting the Evenex Business as a discontinued operation) prepared in accordance with International Financial Reporting Standards as adopted by the International Accounting Standards Board
(IFRS) for the three most recently completed fiscal years ended at least one hundred (100) days before the Closing Date (provided that the Seller shall, and shall cause the Company to, use commercially reasonable efforts to
provide such audited financial statements for the three most recently completed fiscal years ended at least ninety (90) days before the Closing Date) as well as a reconciliation to generally accepted accounting principles in the United States
of America (GAAP) for each such year; 

  

	 	(ii)	unaudited consolidated balance sheets and related statements of operations, equity and cash flows of the Target Companies (reflecting the Evenex Business as a
discontinued operation) for each subsequent fiscal quarter after the most recently completed fiscal year ended at least fifty (50) days (or in the case of fiscal quarter ending on June 30, 2012, sixty (60) days) before the Closing
Date and for the comparable period of the prior fiscal year as well as a reconciliation to GAAP for each such period; 

  

	 	(iii)	an unaudited consolidated statement of income of the Target Companies (giving pro forma effect to the Evenex Disposals) as of and for the twelve (12) month period
ending on the last day of the most recently completed four fiscal quarter period ended at least fifty (50) days (or, in the case of twelve (12) month period ending on June 30, 2012, sixty (60) days) before the Closing Date,
including a reconciliation to GAAP; 

  

	 	(iv)	audit reports and business and other financial data of the type and to the extent required in a registered offering on Form S-1 of debt securities of the Purchaser (in
connection with the Proposed Transactions) by Regulation S-X and S-K promulgated under the Securities Act of 1933, as amended (the Securities Act) (subject to exceptions customary for private placements pursuant to Rule 144A under the
Securities Act for similar financings to the Debt Financing, which exceptions for the avoidance of doubt, shall include financial statements or information required by rules 3-09, 3-10 or 3-16 of Regulation S-X, Compensation Discussion and Analysis
required by Regulation S-K Item 402(b)) or as otherwise necessary to receive from the Company’s independent accountants (and any other accountant to the extent financial statements audited or reviewed by such accountants are or would be
included in the offering memorandum) customary “comfort” (including “negative assurance” comfort as would be appropriate under professional standards governing comfort letters) and, in the case of annual financial statements, the
unqualified auditors reports thereon, together with drafts of customary comfort letters that such accountants are prepared to deliver upon the “pricing” of any high-yield bonds being issued in connection with or in lieu of the Debt
Financing, with respect to the financial information to be included in the related offering memorandum; and 

  

	 	(v)	 customary authorization letters contemplated by clause 8.8(b) above, 

  
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(all such information and documents in this clause (d) together with (i) any replacements or restatements thereof, and supplements thereto if any such information would go stale under
Regulation S-X promulgated under the Securities Act); and (ii) if necessary, approval of the Company’s auditors to make customary use of applicable information in connection with the debt financing contemplated by clause 9.1 below (the
Debt Financing) (the Required Information)); 

  

	(e)	providing the Purchaser and the Purchaser’s Lenders as promptly as reasonably practicable with all other financial and non-financial information regarding the
Target Companies as may be reasonably requested by the Purchaser in connection with the Debt Financing in connection with the preparation of the offering memorandum and/or the confidential information memorandum contemplated by the Purchaser
Commitment Letter, including audit reports and business and other financial data of the type required under applicable filing requirements of the Purchaser or its Dependent Entities with the U.S. Securities and Exchange Commission (the
SEC), including in a registered offering on Form S-1 of debt securities by Regulation S-X and S-K promulgated under the Securities Act (subject to exceptions customary for private placements pursuant to Rule 144A under the Securities
Act for similar financings to the Debt Financing); 

  

	(f)	furnishing the Purchaser and the Purchaser Lenders promptly with all documentation and other information which any lender providing or arranging Debt Funds has
reasonably requested and that such lender has determined is required by regulatory authorities in connection with the Debt Financing under applicable “know your customer” and anti-money laundering rules and regulations, including without
limitation the PATRIOT Act; 

  

	(g)	otherwise cooperating with the marketing efforts of the Purchaser and the Purchaser Lenders for any of the financing as reasonably requested (taking into account the
Marketing Period) by the Purchaser or its Purchaser Lenders; and 

  

	(h)	using reasonable best efforts to cause the Company’s independent auditors to cooperate in connection with the Debt Financing. 

 

	8.10	The Seller shall or shall cause the Company to supplement the Required Information on a reasonably current basis to the extent that any such Required Information, to
the knowledge of the Company, contains any material misstatement of fact or omits to state any material fact necessary to make such information not materially misleading. 

 

	8.11	The Seller shall cause the Company to consent to the reasonable use of all of its logos, names, and trademarks in connection with the Debt Financing; provided, that
such logos, names and trademarks shall be used solely in a manner that is not intended or reasonably likely to harm or disparage the Company, or its reputation or goodwill and on such other customary terms and conditions as the Company shall
reasonably impose. 

  

	8.12	 The Seller shall take all necessary steps (taking into account the available resources of the MACH Group Companies) to prepare and timely file, or
cause to be prepared and filed, all federal, state, and local Tax returns in respect of the MACH Group Companies that are required to be filed (taking into account any applicable extensions validly obtained) on or before the Closing Date. The Seller
shall deliver or cause to be delivered to the Purchaser a draft of each Tax return the Seller intends to file, for the Purchaser’s review, at least twenty (20) days prior to the due date, if any, for the filing of each such Tax return
(taking into account any applicable extensions validly obtained), together with any additional information that the Purchaser may reasonably request. The Purchaser shall have the right to review and comment upon such Tax returns (or any amendments
thereof) prior to the filing of such Tax return, and the Seller shall not unreasonably refuse to follow the comments submitted by the 

  
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Purchaser prior to the due date for the filing of such Tax returns (taking into account any applicable extensions validly obtained), provided such comments are in accordance with applicable Tax
law. For the avoidance of doubt, the Purchaser shall prepare and file, or cause to be prepared and filed, all other Tax returns and shall not be required to share such Tax returns with, or solicit comments from, the Seller. Subject to anything
contained in this Agreement, the Seller, on its own behalf and on behalf of its Affiliates (excluding the Target Companies) and to the extent permitted by applicable law, hereby waives any right to use, apply or otherwise receive the benefit of any
Tax asset, including any net capital loss, net operating loss, foreign Tax credit, charitable contribution credit or research and development credit, of any MACH Group Company. For the avoidance of doubt, the Seller on its own behalf and on behalf
of its Affiliates and the Affiliates on their own behalf may use any Tax attributes (in particular any Tax loss carry forward and net operating losses) to offset any gain arising from the Evenex Disposal. 

 

	8.13	Nothing in clauses 8.9, 8.10 or 8.11 above shall require (i) the cooperation of the Seller, the Company or their respective Representatives to the extent it would
interfere unreasonably with the business or operations of the Seller, the Company or their respective direct and indirect subsidiaries; (ii) except as contemplated by clause 8.9(b) above, the Seller or the Company or any of their respective
direct or indirect subsidiaries to enter into any agreement or other document with respect to the Debt Financing that would be effective prior to the Closing Date; and (iii) the Seller, the Company or any of their respective direct or indirect
subsidiaries to take any action that would subject it or any of them to actual or potential liability, to bear any cost or expense or to pay any commitment or other similar fee or make any other payment (other than reasonable out-of-pocket costs) or
incur any other liability or provide or agree to provide any indemnity in connection with obtaining the Debt Financing or any of the foregoing, prior to the Closing Date to the extent such liability, cost, expense, fee, payment or indemnity is not
subject to the indemnification and reimbursement obligations of the Purchaser in this clause 8.13. The Purchaser shall indemnify and hold harmless the Company, its direct and indirect subsidiaries and its and their Representatives from and against
any and all liabilities, losses, damages, claims, costs, expenses, interest, awards, judgments and penalties suffered or incurred by it or any of them in connection with the obtaining of the Debt Financing (including any action taken in connection
with the obtaining of the Debt Financing in accordance with this clause 8), other than those addressed by and reimbursed pursuant to, clause 8.14 below, and any information utilized in connection therewith (other than information provided in
writing expressly for use in connection with the Debt Financing by or on behalf of the Seller, the Company or any of their respective subsidiaries), other than to the extent any of the foregoing arises from (i) the willful misconduct, gross
negligence, or material breach of this Agreement or (ii) any information provided by or on behalf of the Company or any of its Affiliates expressly for use in connection with the Debt Financing to the extent such information is the subject of
any of the guarantees in clause 11 below and where such information would constitute a breach of any such guarantee. The Purchaser shall, promptly upon request by the Seller, reimburse the Seller or the Company for all documented and reasonable
out-of-pocket costs and expenses (including advisers fees other than those addressed by and reimbursed pursuant to, clause 8.14 below) incurred by the Seller or the Company or their respective direct and indirect subsidiaries in connection with the
cooperation of the Seller and the Company and their respective subsidiaries with the Debt Financing as contemplated by clauses 8.9, 8.10 and 8.11 above. 

  

	8.14	The Purchaser shall bear an amount equal to fifty (50) per cent. of all documented and reasonable out-of-pocket costs and expenses (including advisers’ fees)
incurred by the Target Companies and the Evenex companies in relation to the tax advice as regards the Proposed Transaction including the Evenex Disposal. 

  
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	8.15	Prior to Closing, the Seller shall: (i) cause each Target Company created or organized under non-US law (other than WP Merger IV S.à r.l., Link2One, AEIE,
MACH FZ-LLC, Cibernet Limited, TransCibernet Cyprus Limited and MACH Mobile Solution private limited, India) to validly elect to be disregarded as a separate entity for US federal income tax purposes as of a date that is at least thirty
(30) days before the Closing Date; and (ii) provide to the Purchaser, copies reasonably acceptable to the Purchaser, of the relevant completed and filed IRS Forms 8832 demonstrating that each Target Company has made such election.

 9. PRE-CLOSING PURCHASER UNDERTAKINGS

 9.1 
  

	(a)	In respect of the Debt Financing, Barclays Bank PLC, Deutsche Bank Trust Company Americas, Deutsche Bank AG Cayman Islands Branch, Deutsche Bank Securities Inc., Credit
Suisse AG, Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA (the Purchaser’s Lenders) have entered into a commitment letter (the Purchaser Commitment Letter), pursuant to which, upon the terms and
subject to the conditions set forth therein, each of the Purchaser’s Lenders has committed severally and not jointly to lend or otherwise finance on or prior to the Closing Date up to the respective amount specified in the Purchaser Commitment
Letter (the aggregate amount of such funds, the Debt Funds, and together with other funds available to the Purchaser, the Funds) (including pursuant to one or more private placements of notes as contemplated therein). The
Purchaser has delivered to the Seller true and complete copies, as of the date of this Agreement, of the executed Purchaser Commitment Letter and redacted versions of the related fee letter (the Fee Letter and, together with the
Purchaser Commitment Letter, the Debt Financing Letters). Copies of the Debt Financing Letters are attached as Purchaser Schedule 9.1(a). The Debt Financing Letters have not been amended or modified prior to the date of this
Agreement (provided that the existence or exercise of the “flex” provisions contained in the Fee Letter shall not constitute an amendment or modification of the Debt Financing Letters) and, as of the date of this Agreement, the respective
commitments contained in the Purchaser Commitment Letter have not been withdrawn or rescinded in any respect. The Purchaser has fully paid or caused to be paid any and all commitment fees or other fees in connection with the Debt Financing Letters
that are due and payable on or prior to the date hereof, and shall continue to pay or cause to be paid any and all such fees that are due and payable on or prior to the Closing Date, and as of the date hereof each of the Debt Financing Letters are
in full force and effect and constitute the legal, valid, binding and enforceable obligations of the Purchaser and, to the best knowledge of the Purchaser, each of the other parties thereto. As of the date hereof, there are no conditions precedent
or other contractual contingencies related to the funding of the full amount of the Debt Funds other than as expressly set forth in the Debt Financing Letters. 

 

	(b)	As of the date hereof, no event has occurred which, with or without notice, lapse of time or both, would constitute a default or breach on the part of Purchaser or, to
the best knowledge of the Purchaser, any other party thereto under any of the Debt Financing Letters. 

  

	9.2	The copy of the Purchaser’s Credit Agreement (the Credit Agreement) as filed with the SEC as Exhibit 10.1 to Form 8-K on April 26, 2012 and
indenture (the Indenture) governing its 9.125% Senior Notes due 2019 as filed with the SEC as Exhibit 4.1 to Form S-4 on August 18, 2011 are true and complete copies of such documents as of the date of this Agreement. The
Purchaser shall not amend or modify the terms of the Credit Agreement or the Indenture in any way that would adversely affect in any material respect the ability of the Purchaser or its subsidiaries to obtain the financing contemplated by the
Purchaser Commitment Letter. 

  
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	9.3	The Purchaser shall not replace, amend or otherwise modify the Debt Financing Letters without the prior written consent by the Seller; provided that the Purchaser may
replace or amend or otherwise modify the Debt Financing Letters without the prior written consent of the Seller: 

  

	(a)	to add or replace lenders, lead arrangers, book runners or similar entities; or 

 

	(b)	to otherwise amend, modify or replace the Debt Financing Letters, so long as such amendment, modification or replacement does not adversely affect, in any material
respect, the ability of the Purchaser or its subsidiaries to obtain the Debt Funds contemplated by the Purchaser Commitment Letter; 

 except in each case, any amendment, modification or replacement that would have the effect of: 
  

	 	(i)	reducing the aggregate committed amount of the Debt Funds; or 

  

	 	(ii)	imposing new or additional conditions, or otherwise expanding, amending or modifying any of the conditions, to the receipt of the Debt Funds in a manner that would
reasonably be expected to: 

  

	 	(A)	prevent or delay the Closing; 

  

	 	(B)	make the funding of the Debt Funds (or satisfaction of the conditions to obtaining the Debt Funds) less likely to occur; or 

 

	 	(C)	extend or permit extension of the Marketing Period. 

 The Purchaser shall promptly notify the Seller of any replacement of, or material amendment or modification to, the Debt Financing Letters (or any replacement letters). 

 

	9.4	The Purchaser shall, subject to the terms of this Agreement (including clauses 8.8 and 8.9 above), at the Purchaser’s sole expense, use reasonable best efforts
(taking into account the anticipated timing of the Marketing Period) to: 

  

	(a)	satisfy in all material respects, on a timely basis, all conditions applicable to the Purchaser set forth in the Debt Financing Letters (or any replacement letters)
that are within its control (other than any condition where the failure to be so satisfied is a direct result of the Company’s failure to furnish information described in clause 8.9 and 8.10 above); 

 

	(b)	maintain in effect the Debt Financing Letters (or any replacement letters) in accordance with the terms and subject to the conditions thereof, subject to the
Purchaser’s replacement, amendment and modification rights set forth in clause 9.3 above; 

  

	(c)	enter into definitive agreements with respect to the Purchaser Commitment Letter (or any replacement letter) on the terms and conditions (including the flex provisions)
contemplated thereby (or on terms no less favorable to the Purchaser than the terms and conditions (including the flex provisions) in the Purchaser Commitment Letter (or the applicable replacement letter)); 

 

	(d)	upon satisfaction or waiver of the conditions set forth in the Debt Financing Letters, consummate the Debt Financing on or prior to the Closing Date; and

  
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	(e)	respond accurately and in good faith to the Seller’s reasonable inquiries with respect to all material activity concerning the status or attainment of the Debt
Financings provided that any such responses shall be subject to any customary confidentiality obligations to which they are subject. 

  

	9.5	If at any time prior to the Closing Date, the Purchaser Commitment Letter shall expire or terminate for any reason or any committed lender under the Purchaser
Commitment Letter notifies the Purchaser in writing that such party no longer intends to provide the portion of the financing contemplated by such Purchaser Commitment Letter (in either case, for reasons other than due to failure of a condition to
the consummation of the Debt Financing resulting from a breach of any guarantee or covenant of the Seller set forth in this Agreement) and such portion is reasonably required to fund the amounts contemplated to be paid by the Purchaser pursuant to
this Agreement, (A) the Purchaser shall notify the Seller promptly, and in any event within five (5) Business Days thereafter and (B) the Purchaser shall use reasonable best efforts to arrange alternative debt financing, including
from alternative sources, on terms and conditions (including flex provisions) that are no less favourable to the Purchaser and its Affiliates than those contained in the Purchaser Commitment Letter, in an amount such that the aggregate funds that
would be available to the Purchaser on the Closing Date under such alternative financing (together with other funds available to the Purchaser, including cash on hand) will be sufficient to pay amounts required by this Agreement to be paid by the
Purchaser on the Closing Date, and to obtain a new financing commitment letter with respect to such alternative financing, which shall replace the then existing Purchaser Commitment Letter, a true and complete copy of which shall be promptly
provided to the Seller. 

  

	9.6	For the avoidance of doubt, the failure of the Purchaser to enter into definitive financing documents contemplated by the Purchaser Commitment Letter (or any
substitution of such letters) or the failure of the Purchaser’s Lenders to make available the Debt Funds, vis à vis the Purchaser, shall not relieve the Purchaser from its obligations under this Agreement, including any of its payment
obligations. 

 10. CLOSING 

 

	10.1	Closing shall take place at the offices of Freshfields Bruckhaus Deringer LLP, Bockenheimer Anlage 44, 60332 Frankfurt am Main, Germany (the Closing
Venue), commencing at 9 a.m. CET on the Scheduled Closing Date or the Delayed Closing Date (if later) or the Repeated Closing Date (as applicable). The Closing Date shall be the day on which all, and not only some, of the
Closing Events (as defined in clause 10.2 below) shall have taken place or shall have been duly waived. 

  

	10.2	At the Closing, the Parties shall simultaneously (Zug um Zug) take the following actions (the Closing Events): 

 

	(a)	the Purchaser shall: 

  

	 	(i)	pay for the account of the relevant Target Companies: (i) the relevant portion of the Discharge Amount directly to the agent for the Seller’s Lending Banks
under the Senior Credit Agreement; and (ii) as the relevant Target Companies direct, to the relevant Seller’s Lending Banks (or to the relevant agent on their behalf) the relevant portion of the Discharge Amount for the discharge of any
other debt for borrowed money held by any Seller’s Lending Banks, in each case as calculated and otherwise in accordance with the relevant Release Agreement; and 

  
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	 	(ii)	in accordance with clauses 3 and 4 above: 

  

	 	(A)	pay to the Escrow Agent the Escrow Amount; 

  

	 	(B)	pay to the Seller (or as the Seller may direct) in the case that clause 3.4 above applies, the MACH Consideration less the Deposit and the Escrow Amount; provided that,
if on the Closing Day the amount outstanding under the Evenex Intercompanies (if any) is: 

  

	 	(aa)	more than the Evenex Loan Amount, the MACH Consideration shall be decreased by an amount equal to the difference between such amount outstanding and the Evenex Loan
Amount; or 

  

	 	(bb)	less than the Evenex Loan Amount, the MACH Consideration shall be increased by an amount equal to the difference between such amount outstanding and the Evenex Loan
Amount, and 

 provided that, if on the Closing Date the amount outstanding under the Shareholder Intercompany (if
any) is: 
  

	 	(cc)	more than the Shareholder Intercompany Amount, the MACH Consideration shall be decreased by an amount equal to the difference between such amount outstanding and the
Shareholder Intercompany Amount; or 

  

	 	(dd)	less than the Shareholder Intercompany Amount, the MACH Consideration shall be increased by an amount equal to the difference between such amount outstanding and the
Shareholder Intercompany Amount, 

 as a consequence of which (as applicable) the Evenex Intercompanies and the
Shareholder Intercompany shall be deemed to be repaid in full; and 
  

	 	(iii)	deliver to the Seller an assumption agreement duly executed by the Purchaser regarding the transfer of the payable under the Evenex Note from the Seller to the
Purchaser, 

 (together the Purchaser’s Closing Events); and 

 

	(b)	the Seller shall: 

  

	 	(i)	deliver to the Purchaser a written confirmation by each of: 

  

	 	(A)	the agent under the Senior Credit Agreement and any other agent under any Finance Document or, in the case any Seller’s Lending Bank is the sole holder of debt
under any Finance Documents, such Seller’s Lending Bank, if applicable, confirming the receipt of the relevant portion of the Discharge Amount as contemplated by the relevant Release Agreement; and 

 

	 	(B)	the security agent under the Senior Credit Agreement and any other security agent or, in the case any Seller’s Lending Bank is the sole holder of debt under any
Finance Documents, such Seller’s Lending Bank, if applicable, confirming the release of all of the Securities as contemplated by the relevant Release Agreement; 

  
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	 	(ii)	deliver to the Purchaser duly executed transfer agreements into the name of the Purchaser in respect of all the MACH Shares and the Shareholder Instruments as well as
an assumption agreement duly executed by the Seller regarding the transfer of the payable under the Evenex Note from the Seller to the Purchaser; and 

  

	 	(iii)	deliver to the Purchaser a confirmation of receipt by the Company of a notification in substantially the form set out in Exhibit 10.2(b)(iii) 

(together, the Seller’s Closing Events). 

 

	10.3	At Closing: 

  

	(a)	the Purchaser shall also: 

  

	 	(i)	deliver to the Seller a copy of a resolution (certified by a duly appointed officer as true and correct) of the board and/or supervisory board (as necessary to provide
valid authorization) of directors and/or managers of the Purchaser (or, if required by the law of its jurisdiction or the memorandum or articles of association, by-laws or equivalent constitutional documents (the Constitutional
Documents), of its shareholders) authorizing the execution of and the performance by the relevant company of its obligations under this Agreement and each of the other Transaction Documents to be executed by it; 

 

	 	(ii)	deliver to the Seller any required documents in connection with the appointment of the new managers of the Company to replace any resigning directors (the
Replacement Directors) as of the Closing; 

  

	 	(iii)	deliver evidence to the Seller of the valid existence or issuance of the D&O Insurance (as defined in clause 19 below) purchased in accordance with clause 18.2(b)
below; and 

  

	 	(iv)	procure that the Evenex Intercompanies and the Shareholder Intercompany, in each case to the extent held by Target Companies be duly and validly transferred to the
Purchaser and then repaid in accordance with clause 10.2(a)(ii)(B); and 

  

	(b)	the Seller shall also: 

  

	 	(i)	procure that the Evenex Closing (to the extent it has not occurred prior to Closing) takes place and that the Evenex Intercompanies and the Shareholder Intercompany, in
each case to the extent held by the members of the Seller Group be duly and validly transferred to the Seller and then repaid in accordance with clause 10.2(a)(ii)(B); 

 

	 	(ii)	deliver to the Purchaser resignation letters and other required documents effecting the resignation as of Closing of those, if any, of the Target Companies’
directors and/or managers, as appropriate, as the Seller shall have specified to the Purchaser by written notice at the latest twenty (20) Business Days prior to the Scheduled Closing Date; 

 

	 	(iii)	deliver to the Purchaser a copy (certified as true and correct by a manager) of a resolution of the sole shareholder of the Company authorizing, subject to Closing
taking place, the appointment of the Replacement Directors; 

  
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	 	(iv)	deliver to the Purchaser a copy (certified as true and correct by a manager) of a resolution of the sole shareholder of the Company approving, subject to Closing taking
place, the transfer of the Shares to the Purchaser and the Purchaser as new shareholder of the Company; 

  

	 	(v)	deliver to the Purchaser a copy (certified as true and correct by a manager) of a resolution of the board of managers of the Seller authorizing the execution of and the
performance by the Seller of its obligations under this Agreement and each of the Transaction Documents to be executed by it; 

  

	 	(vi)	deliver to the Purchaser the shareholder register of the MACH Shares; 

  

	 	(vii)	deliver a properly executed statement signed by MACH Americas, Inc. to the effect that all issued and outstanding shares of stock of MACH Americas, Inc. are not
“United States real property interests” within the meaning of Section 897 of the Code (as defined in clause 18.5 below) (Section 897), and a properly executed statement signed by CB Holdings, Inc. to the effect that all
issued and outstanding shares of stock of CB Holdings, Inc. are not “United States real property interests” within the meaning of Section 897, in each case as of Closing; and 

 

	 	(viii)	deliver to the Purchaser the registers of the Shareholder Instruments; and 

 

	(c)	the Seller and Purchaser shall also execute a closing protocol confirming the due fulfillment of the Closing Conditions and the due performance, or waiver, as the case
may be, of all Closing Events. 

  

	10.4	All documents and items delivered at Closing pursuant to clause 10.2 above shall be held by the recipient to the order of the person delivering the same until such time
as Closing shall be deemed to have taken place. Simultaneously with: 

  

	(a)	delivery of all documents and all items required to be delivered at Closing pursuant to clause 10.2 above (or waiver of the delivery of it by the person entitled
to receive the relevant document or item); and 

  

	(b)	receipt of an electronic funds transfer to the Seller’s Bank Account in immediately available funds of the amounts referred to in clause 10.2(a)(ii) above,

 the documents and items delivered in accordance with clause 10.2 above shall cease to be held to the order of
the person delivering them and Closing shall be deemed to have taken place. 
  

	10.5	If there is an Insolvency Situation on the Scheduled Closing Date or the Repeated Closing Date (as applicable), the Scheduled Closing Date or the Repeated Closing Date
(as applicable) shall be delayed by twenty (20) Business Days (such delayed Scheduled Closing Date or Repeated Closing Date (as applicable) is referred to as the Delayed Closing Date), provided that neither the Scheduled Closing
Date nor the Repeated Closing Date (as applicable) can be extended to beyond the Longstop Date. 

 11.
SELLER’S GUARANTEES 
  

	11.1	 The Seller hereby guarantees, subject to any limitations contained in this Agreement, in particular the remedies (clause 12 below), the time
limitations (clause 13.1 below), the exclusion 

  
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of de minimis claims (clause 13.3 below), the deductible (clause 13.3 below) and the liability cap (clause 13.4 below), by way of an independent guarantee (selbständiges
Garantieversprechen) pursuant to Section 311 (1) BGB that the statements set forth in (a) through (j) are true and correct as of the Signing Date and – only as regards the statements set forth in (a) and (b)(i) to
(b)(vii) – as of the Closing Date (or such other specific date set out in any guarantee), and except as set out in the schedules and exhibits to this Agreement (collectively the Seller’s Guarantees): 

 

	(a)	Enforceability 

 The Transaction
Documents constitute – assuming due and valid authorization of any execution by the Purchaser – a legally binding obligation of the Seller, enforceable under German law against Seller in accordance with its terms, except to the extent that
the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, or other similar laws relating to or affecting the rights of creditors generally. 

 

	(b)	The Seller, the MACH Shares 

  

	 	(i)	Authorizations. The Seller has obtained all corporate authorizations and (other than to the extent relevant to the Anti-Trust Condition) all other governmental,
statutory and regulatory or third-party consents required for it to enter into and perform its obligations under this Agreement and/or any other Transaction Document and the execution and performance of this Agreement and any other Transaction
Document do not and will not (x) breach any provisions of its articles of association, by-laws or any constitutional documents, or (y) (subject, where applicable, to the fulfillment of the Anti-Trust Condition) result in a breach of any
laws or regulations in its jurisdiction of incorporation or of any order, decree, judgment of any court, arbitral tribunal or any governmental or regulatory authority and not related proceedings are pending or threatened in writing against the
Seller. 

  

	 	(ii)	Except as disclosed in Schedule 11.1(b)(ii), each of the Seller, the Company and the Target Companies are validly incorporated, in existence and duly registered
under the laws of its jurisdiction of incorporation and has all corporate powers and authority to conduct its business as conducted. 

  

	 	(iii)	The MACH Shares constitute the whole of the issued share capital of the Company. All MACH Shares are fully paid-in, non-assessable (keine Nachschusspflicht),
have not been (deemed) repaid or refunded (whether openly or concealed) and, except for the Securities which will be discharged upon repayment of the Discharge Amount by the Purchaser at Closing, the Seller is or will at Closing be: (A) the
sole legal and beneficial owner of the MACH Shares free from all Third Party Rights and there are no rights or claims of third parties for the granting of such rights or for the transfer of the MACH Shares; and (B) entitled to transfer or
procure the transfer of the MACH Shares on the terms of this Agreement. Other than the Shareholder Instruments, there are no securities of the Company convertible or exchangeable for shares in the Company and there are also no trust agreements,
sub-participations or other agreements having a comparable economic effect exist with respect to the MACH Shares or the profits of the Company. Other than in respect of the Shareholder Instruments, the Company has no obligation to issue, and no
third party has a right to acquire or otherwise receive from the Company, any shares in the Company or securities convertible or exchangeable for such shares. 

 

	 	(iv)	 The Seller will at Closing be: (A) the sole legal and beneficial owner of the Share

  
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holder Instruments and the sole debtor of the payable under the Evenex Note free from all Third Party Rights and there are no rights or claims of third parties for the granting of such rights or
obligation or for the transfer of the Shareholder Instruments or the payable under the Evenex Note; and (B) entitled to transfer or procure the transfer of the Shareholder Instruments and of the payable under the Evenex Note, each on the terms
of this Agreement and the Shareholder Instruments constitute all of the shareholder instruments of the Company. The Shareholder Instruments constitute the whole of the issued equity certificates of the Company. No trust agreements,
sub-participations or other agreements having a comparable economic effect exist with respect to the Shareholder Instruments or the payable under the Evenex Note. The Company has no obligation to issue, and no third party has a right to acquire or
otherwise receive from the Company, any shareholder instruments in the Company and no third party has a right to acquire the payable under the Evenex Note, other than the Purchaser. 

 

	 	(v)	Except for the Securities which will be discharged upon repayment of the Discharge Amount by the Purchaser pursuant to clause 10.2(a)(i) at Closing, the shares and
partnership interests held indirectly by Seller in the Target Companies (the Target Companies Shares) (x) are legally and beneficially solely owned by the Target Companies as set out in Exhibit (B), (y) are fully
paid-in, non-assessable (keine Nachschusspflicht), have not been (deemed) repaid or refunded (whether openly or concealed) and (z) are free from all Third Party Rights and there are no rights or claims of third parties for the granting
of such rights or for the transfer of the Target Companies Shares. There are no securities of any of the Target Companies convertible or exchangeable for shares in any of the Target Companies and also no trust agreements, sub-participations or other
agreements having a comparable economic effect exist with respect to the Target Companies Shares or the profits of the Target Companies. None of the Target Companies has an obligation to issue, and no third party has a right to acquire or otherwise
receive from any Target Company, any shares in any Target Company or securities convertible or exchangeable for such shares. 

  

	 	(vi)	No member of the Seller Group has entered into any agreement whereby any person (other than a Target Company) has the right (exercisable now or in the future and
whether contingent or not) to call for the issue of any share or loan capital in any Target Company. 

  

	 	(vii)	Other interests. No Target Company owns any shares in any company or other legal entity (other than another Target Company or, in the case of MACH Denmark, in
Evenex ApS) and has not entered into any not yet consummated agreement to acquire any shares or interest in any other entity or to establish any other entity. 

 

	(c)	Financial Matters 

  

	 	(i)	The Locked Box Accounts. The audited consolidated accounts of the Company in respect of the twelve (12) month period ended on the Locked Box Accounts Date
provided in the Data Room (the Locked Box Accounts): 

  

	 	(A)	have been prepared in accordance with the IFRS and in accordance with the laws of Luxembourg; and 

 

	 	(B)	give in all material respects a true and fair view of the state of affairs of the MACH Group on a consolidated basis and its consolidated assets and liabilities as at
the Locked Box Accounts Date and of the results thereof for the financial year ended on the Locked Box Accounts Date. 

  
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	 	(ii)	The Management Accounts. The Management Accounts of the Company for the Management Accounts Period were properly prepared in all material respects using
accounting policies consistent with those adopted in the preparation of the Locked Box Accounts. The Management Accounts: 

  

	 	(A)	do not materially over state the value of the assets nor materially under state the liabilities of the Target Companies as at the dates to which they were drawn up; and

  

	 	(B)	do not materially over state the profits or materially under-state the losses of the Target Companies in respect of the periods to which they relate.

  

	 	(iii)	Position since Locked Box Accounts Date. Except as disclosed in Schedules 11.1(c)(iii)(A) and (B), since the Locked Box Accounts Date:

  

	 	(A)	the Target Companies have carried on their business, in all material respects, in the ordinary and normal course of business substantially in line with past practice;

  

	 	(B)	no Target Company has declared, authorized, paid or made any dividend or other distribution to any person outside of the Company and each of the other Target Companies,
which are direct or indirect wholly owned Dependent Entities of the Company, nor has any Target Company reduced its paid up share capital; and 

  

	 	(C)	no Target Company has issued or agreed to issue any share or loan capital to any person outside of the Company and each of the other Target Companies, which are direct
or indirect wholly owned Dependent Entities of the Company. 

  

	(d)	Regulatory Matters 

  

	 	(i)	Licences. Other than is set out in Schedules 11.1(b)(ii) and Schedule 11.1(d)(i), the Target Companies have all governmental, regulatory and other
permits, licenses, authorizations, registrations and consents which are required by them under any applicable laws, statutes, directives, regulations, decrees, directions, orders, decisions or any undertaking or written assurance given to any
Governmental Entity (as defined below) (the Legal Requirements) in order to operate their businesses as conducted, or planned to be conducted pursuant to the Business Plan, (the Permits), and no Permit has been cancelled,
revoked or restricted by any supra-national, national, state, municipal or local government (including any subdivision, court, administrative agency, or commission or other authority thereof) or any quasi-governmental or private body exercising any
regulatory, taxing, importing or other governmental or quasi-governmental authority, including the European Union, (each a Governmental Entity), nor are there any circumstances which may reasonably be expected to result in any such
cancellation, revocation or restriction. No Target Company has received any written notice from any Governmental Entity in the twelve (12) months before the date of this Agreement alleging that any Target Company does not have any material
licence, permission, authorization (public or private) or consent required for carrying on its business effectively in the places and in the manner in which it is carried on at the date of this Agreement in accordance with all applicable laws and
regulations. 

  

	 	(ii)	Compliance. Except as disclosed in Schedule 11.1(d)(ii)(A) and (B), so far as the Seller is aware no Target Company currently is or has been within the
last five years, and no management board member, director, officer or employee thereof currently is or has been within the last five (5) years in the context of the business of the Target Companies, 

  
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	 	(A)	involved in any agreements, conduct (including any act of omission) which is or may be a breach of any Legal Requirement or Permit and which could reasonably be
expected to result in a fine (Bußgeld), penalty (Strafe), profit disgorgements, damages or losses in excess of EUR 200,000 (in words: Euro two hundred thousand) on the part of any Target Company, the Seller Group as a whole
or any management board member, director, officer or employee; and 

  

	 	(B)	the subject of any investigation, inquiry or enforcement proceedings by a Governmental Entity or action by any other party with respect to suspected or alleged material
non-compliance with any Legal Requirements or Permits, nor have any such investigations, inquiries, enforcement proceedings or actions been threatened in writing. 

 So far as Seller is aware, during the past five years: (i) neither the Target Companies nor any of their directors, employees or agents (in each case, acting in such capacity on behalf of the
relevant Target Company), have corruptly made, promised, or authorized any payment of money or anything of value to any official or employee of any government (including officials of entities owned or controlled by governments), public international
organisation, or private entity for the purpose of inducing such official or employee to do or fail to do any act or use his or her influence or to otherwise provide an improper advantage to assist any of the Target Companies in obtaining or
retaining business or taken any act that violated any applicable anti-corruption or anti-bribery law or regulation (including but not limited to the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the UK Bribery Act 2010) (collectively
the Anti-corruption Compliance Laws), as applicable; and (ii) the Target Companies have conducted their businesses in compliance with such applicable Anti-corruption Compliance Laws. The Target Companies are currently seeking to
institute policies and procedures designed to maintain compliance therewith. There are no actions, suits or proceedings by or before any court or governmental agency, authority or body or any arbitrator alleging any violations of applicable
Anti-corruption Compliance Laws pending or, so far as the Seller is aware, threatened, against any Target Companies. 
  

	 	(iii)	Tax matters. No Target Company has (i) prepared, filed, or omitted to file, any Tax return (or other statement vis-à-vis a Tax authority),
(ii) determined its Tax liability, or (iii) failed to pay any Tax, in a manner that is fraudulent under the laws of any jurisdiction. The scope and content of information regarding Taxes which the Seller and its Affiliates disclosed
(or failed to be disclosed) to the Purchaser with respect to the Target Companies until the Signing Date, as well as the manner in which this information has been disclosed (or failed to be disclosed), has not been fraudulent.

  

	 	(iv)	State aids. Except as disclosed in Schedule 11.1(d)(vi), during a period of ten (10) years prior to the date hereof none of the Target Companies
(including any of their predecessors) have applied for, been granted or received any state aids or subsidies. 

  

	(e)	The Business Assets 

  

	 	(i)	For the purposes of this paragraph (e), a Material Asset shall mean an asset with a book value of EUR 500,000 (in words: Euro five hundred thousand)
or more. 

  
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	 	(ii)	Except as disclosed in Schedule 11.1(e)(ii), no Target Company has (outside the ordinary and normal course of business consistent with past practice and at
arm’s length terms and conditions) disposed of, or agreed to dispose of, any Material Asset of its business included in the Locked Box Accounts. 

  

	 	(iii)	Except as disclosed in Schedule 11.1(e)(iii), each of the Target Companies has full, unrestricted and unencumbered title to, and possession of, all tangible and
intangible assets, which serve, or are destined to serve in accordance with the Business Plan, their respective businesses except for those tangible assets which are leased or those intangible assets which are licensed from persons and companies
other than members of the Sellers Group in the ordinary and normal course of business at arm’s length terms and conditions or which are still subject to usual reservations of title by suppliers pending payment. 

 

	 	(iv)	The Discharge Amount (excluding interest and any other fees, costs or expenses relating thereto) and any amounts owing under any other financing agreements relating to
the Target Companies (other than between the Target Companies) does not exceed: (i) EUR 355,000,000 (in words: Euro three hundred and fifty five million), USD 90,000,000 (in words: US Dollars ninety million) and EUR 1,500,000 (in words: Euro
one million five hundred thousand). 

  

	 	(v)	No member of the Seller Group owns any real property, tangible or intangible assets, including Intellectual Property Rights or rights (including contracts and
agreements) used in any business as currently conducted, or planned to be conducted pursuant to the Business Plan, by any Target Company, and no Target Company requires any supplies and services from any member of the Seller Group in order to carry
on its business as currently conducted, or planned to be conducted pursuant to the Business Plan. 

  

	(f)	Litigation 

  

	 	(i)	Except as disclosed in Schedule 11.1(f)(i), no Target Company is involved as a defendant in any litigation, arbitration or contentious administrative proceedings
being material or capable of adversely affecting the operation of its business (together, the Proceedings) and, so far as the Seller is aware, no such Proceedings have been threatened in writing against a Target Company or are
reasonably to be expected. For this purpose material means Proceedings claimed against a Target Company for which the quantum of the claim (excluding interest and costs, if any) pursuant to such Proceedings is at least EUR 200,000
(in words: Euro two hundred thousand) in the individual case. 

  

	 	(ii)	No Target Company is subject to any judgment, order, decree or settlement that imposes any outstanding or ongoing obligation on such company in excess of
EUR 250,000 (in words: Euro two hundred and fifty thousand). 

  

	(g)	Insolvency etc. 

  

	 	(i)	Winding up. Except as disclosed in Schedule 11.1(g)(i), no order has been made, petition presented or resolution passed for the winding up of any Target
Company or for the appointment of a liquidator or provisional liquidator to any Target Companies. 

  

	 	(ii)	Administration and receivership. Except as disclosed in Schedule 11.1(g)(i), so far as the Seller is aware, no Target Company has received any written
notice concerning the appointment of a receiver (including any administrative receiver or the equivalent 

  
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to a receiver or administrative receiver in the relevant jurisdiction) in respect of the whole or any material part of the property, assets and/or undertaking of the Target Companies. No
bankruptcy, insolvency, liquidation or similar proceedings (whether voluntary or mandatory) are pending, and no filing for any such proceedings has been made, or is required or permitted, or would be required safe for a positive prognosis as to a
going concern pursuant to Section 19 (2) German Insolvency Code (Insolvenzordnung), or similar law, statute, directive, regulation, decree, direction, order, permit or decision by, or any undertaking or written assurance given to,
any Governmental Entity in other relevant jurisdictions with respect to any Target Company on a stand-alone basis not taking into account subordination claims (other than claims of any Target Company), or parental guarantees (other than granted by
any Target Company) in favor of such Target Company. So far as the Seller is aware, there are no facts or events which may reasonably be expected to result in any proceedings or events as referred to in this (ii). 

 

	 	(iii)	Voluntary arrangements. So far as the Seller is aware, no Target Company has made any voluntary arrangement with its creditors in the two years prior to the date
of this Agreement. 

  

	(h)	IP and data protection 

  

	 	(i)	Intellectual Property Rights or IPR means patents, trade marks, service marks, logos, trade names, internet domain names, copyrights
(including rights in computer software) and moral rights, database rights, semi-conductor topography rights, utility models, rights in designs, rights in get-up, rights in inventions, rights in know-how and trade secrets, and other intellectual
property rights, in each case, whether registered or unregistered, including all goodwill symbolized thereby or associated therewith, and all rights or forms of protection having equivalent or similar effect anywhere in the world and
registered includes registrations and applications for registration. 

  

	 	(ii)	Business IP. Except as disclosed in Schedule 11.1(h)(ii), so far as the Seller is aware, the Intellectual Property Rights owned by the Target Companies
(the Owned IP) are not subject to any security interest or other encumbrance for the benefit of third parties. So far as the Seller is aware, the Target Companies are not in default of any of the licences of Intellectual Property
Rights to which they are a party (the IP Licenses), and so far as the Seller is aware, none of the other parties to the IP Licenses are in default thereof, and there are no grounds on which they might be terminated.

  

	 	(iii)	Infringement. Except as disclosed in Schedule 11.1(h)(iii), the Target Companies and the operation of the Target Companies’ businesses do not, and
have not in the last six (6) years, infringed, misappropriated or otherwise violated the IPR of any other person or entity. There is no Proceeding pending or, so far as the Seller is aware, threatened by or against the Target Companies
concerning any of the matters in this clause 11.1(h)(iii). The Target Companies have not received any notification that a license under any other person’s or entity’s IPR is or may be required. 

 

	 	(iv)	 IT Assets. Except as disclosed in Schedules 11.1(h) (ii), (iii) and (iv), the software, systems, servers, hardware, networks and all
other information technology equipment, and all associated documentation, in each case, used or held for use by the Target Companies’ (the IT Assets): (A) are adequate for, and operate and perform in all material respects as
required in connection with, the operation of the Target Companies’ businesses, (B) do not contain any material viruses, worms or other contaminants that would adversely affect their functionality, and (C) have not materially mal

  
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functioned or failed within the past three (3) years. The Target Companies have implemented reasonable backup, security and disaster recovery measures and technology consistent with industry
practices, and no person or entity has gained unauthorized access to any of the IT Assets. 

  

	 	(v)	Data protection. Except as disclosed in Schedule 11.1(h)(v), the Target Companies have maintained and complied at all times in all material respects with
adequate privacy and data security policies and practices concerning their use, collection, storage and dissemination of personal and user data. The execution and consummation of the transactions contemplated by the Transaction Documents will not
breach or otherwise cause any violation of any such policies or practices, or require the consent, waiver or authorization of, or declaration, filing or notification to, any person or entity thereunder. The Target Companies are in compliance with
all applicable data protection laws and no Target Company has, in the twelve (12) months before the date of this Agreement, received a written notice alleging it has not complied with applicable data protection laws. 

 

	(i)	Employment 

  

	 	(i)	Key Employees. None of those employees whose names are set out in Schedule 11.1(i)(i) (each a Key Employee) has given or received
notice in writing which has not yet expired terminating his or her employment. 

  

	 	(ii)	Anonymised copies of all current contracts of employment or engagement of the Key Employees and of all material Company Plans (as defined in clause 11.1(i)(iii)) (such
materiality to be determined by reference to the economic costs or value of such Company Plans) have been disclosed in the Data Room. 

  

	 	(iii)	Except as disclosed in Schedule 11.1(i)(iii), so far as the Seller is aware, material details have been disclosed of any ongoing or proposed redundancies of any of the
employees of the Target Companies (the Employees). Any Employee dismissals conducted by a Target Company in connection with any such ongoing or proposed Employee redundancies have been conducted in accordance with all applicable laws,
the terms of any applicable written and unwritten share option, share purchase, other share-based incentive scheme, profit sharing, bonus, commission or other incentive schemes, pension, retirement, post-retirement medical, long-term disability
schemes, life assurance, private medical, directors’ and officers’ insurance, travel, severance and any other material benefit and fringe benefit schemes plans, programs, arrangements or agreements (A) to which any Target Company is a
party or (B) that are maintained, contributed to or sponsored by a Target Company for the benefit of any Employee, director of any Target Company (the Directors) or any individual who provides services to any Target Company on a
consultancy or self-employed basis (the Consultants) or former employee, director or consultant (each a Service Provider) of a Target Company (the Company Plans) and any framework agreement entered into by
such Target Company related to such ongoing or proposed dismissals. 

  

	 	(iv)	So far as the Seller is aware, the Target Companies have paid or discharged in full or will pay or discharge in full in respect of the period up to and including
Closing the salaries, wages and fees and other benefits of all of the Service Providers (including reimbursement of all expenses properly due to such persons) and shall make or have made all related payments to any third-party benefit providers and
all related payments (including but not limited to payments of income tax and social security) to the relevant taxation authorities. 

  
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	 	(v)	Except as disclosed in Schedule 11.1(i)(v), so far as the Seller is aware, the Target Companies have, in relation to each of the Service Providers, complied in
all material respects with all applicable legislation, regulations, codes of conduct, codes of practice, collective agreements, terms and conditions of employment, orders, agreements with third parties, and awards relevant to their conditions of
service or to the relations between them and such persons or any recognized trade union or employee representative body representing such persons and have complied in all material respects with all of their obligations concerning the health and
safety at work of such persons and have not incurred any material liability to any such persons in respect of any accident or injury. 

  

	 	(vi)	So far as the Seller is aware, each Company Plan adopted or contributed to by a Target Company has at all times been operated in accordance with the governing rules or
terms of such Company Plan (including by the making of contributions on a timely basis) and in accordance with all applicable laws, and all documents which are required to be filed with any regulatory authority have been so filed. So far as the
Seller is aware, all employer and employee contributions to each Company Plan (including any pension schemes of a Target Company) required by law, by any relevant employment agreement, or by the terms of such Company Plan (including contributions to
all mandatory provident fund schemes) have been made or, if applicable, accrued in accordance with generally accepted accounting practices in the applicable jurisdiction applied to such matters. 

 

	 	(vii)	Except as disclosed in Schedule 11.1(i)(vii), no Target Company is proposing to introduce any new benefit scheme for the benefit of any Employee, Director or
Consultant, or amend any Company Plan. 

  

	 	(viii)	So far as the Seller is aware, there are no outstanding offers of employment or engagement to work in any Target Company to any person who would, if such offer was
accepted, have an annual base salary or fees equal to or in excess of EUR 100,000 (in words: Euro one hundred thousand) per annum (or the equivalent in local currency at the date hereof), and no person has accepted such an offer but not yet
taken up the position accepted. 

  

	 	(ix)	Except as disclosed in Schedule 11.1(i)(ix), so far as the Seller is aware, there are no contracts of employment or engagement (written or unwritten) with any
Employee, Director or Consultant which require the employing or engaging company to give more than six (6) months’ notice to terminate the employment or engagement of such person. 

 

	 	(x)	Except as disclosed in Schedule 11.1(i)(x): 

  

	 	(A)	so far as the Seller is aware, there are no unresolved material complaints, disputes, claims or litigation of any kind pending or threatened against any Target Company
of whatsoever nature in relation to any Service Provider where the value of such complaint, dispute, claim or litigation may exceed EUR 100,000 (in words: Euro one hundred thousand) (or the equivalent in local currency as at the date hereof) and, so
far as the Seller is aware, there are no matters which could rise to any such complaints, disputes, claims or litigation; and 

  

	 	(B)	no Target Company is a party to any collective bargaining, trade union, works council agreement or other labor union contract applicable to, and there are no
organizational campaigns, petitions or other unionization activities seeking recognition of a collective bargaining unit relating to, any Service Provider. 

  
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	 	(xi)	There are no controversies, strikes, slowdowns or work stoppages pending or threatened between a Target Company and any of their respective Service Providers, and no
Target Company has experienced any such controversy, strike, slowdown or work stoppage within the past three (3) years. No Target Company has breached or otherwise failed to comply in any respect with the provisions of any collective
bargaining, trade union, works council agreement or other labor union contract, and there are no grievances outstanding or threatened against any Target Company under any such agreement or contract. The consent of, consultation of or the rendering
of formal advice by any labor or trade union, works council or any other employee representative body is not required for the Seller to enter into this Agreement or for the Seller or any Target Company to consummate the Proposed Transaction.

  

	 	(xii)	Other than the compulsory contributions-only schemes, to which Service Providers of the relevant Target Companies contribute a fixed amount of their fixed gross salary
on a monthly basis, which is matched by a payment from the relevant Target Company (the Target Pension Schemes) and any state pension arrangement, there is no arrangement in respect of the Service Providers that any Target Company is
or may become liable to contribute to, under which benefits are payable on retirement. 

  

	 	(xiii)	None of the Target Pension Schemes provide any retirement pension or other benefits which are calculated on a defined benefit basis. None of the Target Companies have
at any time participated in any pension scheme which provided benefits calculated on a defined benefit basis. 

  

	 	(xiv)	So far as the Seller is aware, neither the execution of this Agreement nor the consummation of the Proposed Transaction shall entitle any employee to a payment or any
other right that may be triggered solely by virtue of the terms of his or her contract of employment. 

  

	(j)	Agreements 

  

	 	(i)	Except as set forth in Schedule 11.1(j)(i)(A) and (F), no Target Company is bound by, or has any outstanding obligations or liabilities under, any of the
following agreements: 

  

	 	(A)	 agreements relating to the acquisition, disposal or encumbrance of any shareholding, company, business, business line, business unit with any
outstanding obligation or liability; 

  

	 	(B)	 agreements relating to the acquisition, disposal or encumbrance of any real property or other fixed asset with a fair market value in excess of
EUR 500,000 (in words: Euro five hundred thousand) as from the Locked Box Date; 

  

	 	(C)	agreements with any Seller or any other member of the Seller Group (including service agreements or arrangements relating to group charges); 

 

	 	(D)	agreements (excluding permissible customary territorial restrictions in supplier or reseller agreements) that prohibit the freedom of any Target Company to compete in
any line of business or geographic area or with any third party; or 

  
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	 	(E)	agreements between a Target Company and the 10 largest customers by revenue of the business of the MACH Group and which provide for any adverse consequence for any
Target Company (including but not limited to, the loss of any right or benefit), as a result of the execution or implementation of this Agreement. 

  

	 	(ii)	Unless otherwise disclosed in Schedule 11.1(j)(ii): (A) any agreement listed in Schedule 11.1(j)(i) (collectively the Material Agreements) has
been validly entered into on behalf of the respective Target Company and is so far as the Seller is aware in full force and effect and fully enforceable in accordance with its terms; and (B) no written notice of termination has been given, nor
has any such termination been threatened or announced in writing, to a Target Company with respect to any Material Agreement and (C) so far as the Seller is aware, there is no material default outstanding under any of the Material Agreements.

  

	11.2	Each of the Seller’s Guarantees shall be construed separately and independently. The Seller does not give or assume any guarantees other than those set forth in
Section 11.1 above and none of the Seller’s Guarantees shall be qualified and construed as neither quality guarantees concerning the object of the purchase (Garantien für die Beschaffenheit der Sache) within the meaning of
Sections 443 and 444 BGB nor quality agreements (Beschaffenheitsvereinbarungen) within the meaning of Section 434 (1) sentence 1 BGB and that Section 444 BGB shall not and does not apply to the guarantees contained herein.

  

	11.3	The Parties agree that if any disclosure of events or documents made in the Disclosure Schedules is below any materiality threshold provided for such disclosure
requirement, or contains additional information, such disclosure shall not be used to construe the extent of the required disclosure (including any standard of materiality) pursuant to the relevant Seller’s Guarantee. 

 

	11.4	For the purpose of this Agreement, knowledge of the Seller (reference to which is, in particular, indicated by the expression so far as the Seller is
aware or any similar expression) shall mean the actual knowledge (positive Kenntnis) of those individuals set forth in Exhibit 11.4 at the Signing Date. All Schedules referred to in clause 11.1 above are herein collectively
referred to as the Disclosure Schedules. 

 12. REMEDIES 

 

	12.1	In the event of any breach or non-fulfillment by the Seller of any of the Seller’s Guarantees or any of the undertakings in clause 8 (the
Purchaser Claim), the Seller shall be liable as follows: 

  

	(a)	in the case of Purchaser Claims for breaches of the Seller’s Guarantees pursuant to clauses 11.1(a) through 11.1(b)(vii) above or Purchaser Claims arising as a
result of willful deceit (arglistige Täuschung) or intentional behavior (Vorsatz) by the Seller, the Seller shall be liable for putting the Purchaser or, at the election of the Purchaser, the respective Target Company into the
same position that it would have been in if the respective Seller’s Guarantee or undertaking in clause 8 had been correct or had not been breached (Naturalrestitution). If this should not be legally or commercially possible or if the
Purchaser so elects, the Seller shall compensate the Purchaser or, at the sole discretion of the Purchaser, the respective Target Company in cash for the damages resulting from the respective breach (Schadenskompensation); and

  

	(b)	in the case of all other Purchaser Claims, the Seller shall compensate the Purchaser or, at the sole discretion of the Purchaser, the respective Target Company in cash
for the damages resulting from the respective breach (Schadenskompensation). 

  
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 For purposes of determining the liability of the Seller, only the actual damages incurred by
the Purchaser shall be taken into account, including all liabilities of the Purchaser or any company of the MACH Group, but excluding (i) any potential or actual reduction in value (Minderung) beyond the actual damage incurred,
(ii) any consequential damages (Folgeschäden) or indirect damages (mittelbare Schäden), (iii) any lost profits (entgangener Gewinn), (iv) any frustrated expenses (frustrierte Aufwendungen) or
(v) any incidental or internal costs and expenses incurred by the Target Companies or the Purchaser (such non-excluded amounts, the Losses). 
 As to the reimbursement of Losses, the following shall further apply: 
  

	(c)	if and to the extent damages are paid to any of the Target Companies, such payments shall, if and to the extent legally permissible, be treated as a reduction of the
MACH Consideration as between the Seller and the Purchaser. Any reimbursement, and any other indemnification payment made pursuant to this Agreement to the Purchaser, shall be treated as an adjustment to the MACH Consideration, for Tax purposes,
unless otherwise required by applicable Tax law; and 

  

	(d)	in no event shall the Seller owe to the Purchaser any gross-up for any Taxes falling due in any jurisdiction in connection with a loss compensation payment received by
the Target Companies from the Seller. 

  

	12.2	In the event of any alleged Purchaser Claim, the Purchaser will give the Seller written notice of the alleged breach or non-fulfillment of the respective Seller’s
Guarantee or Pre-Closing Seller Undertaking, with such notice stating the nature thereof and the amount involved to the extent that such amount has been determined at the time when such notice is given, as soon as reasonably possible (but not later
than sixty (60) calendar days) after discovery by the Purchaser of such breach or non-fulfillment. Without prejudice to the validity of the Purchaser Claim or alleged Purchaser Claim in question, the Purchaser shall allow, and shall cause the
Target Companies to allow, the Seller and its accountants and professional advisers to examine the matter or circumstances alleged to give rise to such Purchaser Claim, and whether and to what extent any amount is payable in respect of such
Purchaser Claim or alleged Purchaser Claim, and, for such purpose, the Purchaser shall give, and shall cause the Target Companies to give, subject to them being paid their reasonable out-of-pocket costs and expenses, such reasonable information and
access to the Purchaser’s and the Target Companies’ premises and personnel during normal business hours without causing substantial disruption of the business operations of the respective Target Company and including the right to examine
and copy or photograph such assets, accounts, documents and records, as are necessary to examine the matter or circumstances alleged to give rise to the relevant Purchaser Claim. The Seller agrees that all information obtained under this clause 12.2
shall be treated as Confidential Information (as defined in clause 24.1(a) below). 

  

	12.3	The Seller shall not be liable for, and the Purchaser shall not be entitled to bring, any Purchaser Claim or any other claim under or in connection with this Agreement,
to the extent that: 

  

	(a)	the matter to which the Purchaser Claim relates has been fairly disclosed in the financial statements of any Target Company (as disclosed in the Data Room) by way of an
accounting provision (Rückstellung), liability (Verbindlichkeit), exceptional depreciation (außerplanmäßige Abschreibung) or depreciation to reflect lower market values (Abschreibung auf den niedrigeren
beizulegenden Wert), or is fairly disclosed, allowed, provided or reserved for in the Locked Box Accounts, has been included as a Deduction Item or Leakage or in the computation of the MACH Price by reference to the Equity Bridge;

  
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	(b)	the amount of the Purchaser Claim is recovered from a third party or under an insurance policy (with the undertaking of the Purchaser to pursue such insurance claims
with the care of a prudent business man and considering that the net present value of any increase of the insurance premium directly caused by such insurance payment shall not be deducted) or would have been covered if the policies of insurance
effected by or for the benefit of the Target Companies had been maintained after Closing on no less favorable terms than those existing at the date of this Agreement; 

 

	(c)	the payment or settlement of any item giving rise to a Purchaser Claim results in any benefits by refund, set-off or reduction of Taxes, including (without limitation)
benefits resulting from the lengthening of any amortization or depreciation periods, higher depreciation allowances, a step-up in the Tax basis of assets or the non-recognition of liabilities or provisions for tax purposes
(Phasenverschiebung) to the Target Companies, the Purchaser and/or any Affiliate of the Purchaser, provided that in respect of the lengthening of any amortization or depreciation periods the counter effects shall be calculated with the Tax
rate applicable to the relevant Target Company, Purchaser and/or Affiliate of the Purchaser (or where applicable, the combined, consolidated or unitary Tax group of which the Target Company is a member), at the time the Purchaser Claim is raised and
discounted at a rate of seven (7) per cent. per annum; 

  

	(d)	the Purchaser, any Affiliate of the Purchaser and/or (post-Closing) any of the Target Companies has participated in causing (mitverursacht) such Purchaser Claim
within the meaning of Section 254 (1) BGB or has failed to comply with its duty to mitigate damages pursuant to Section 254 (2) BGB; 

  

	(e)	the matter to which the Purchaser Claim relates was actually known (positive Kenntnis) as of the Signing Date by the Purchaser or any of the individuals on the
Purchaser’s own deal-team or its professional advisers from Shearman & Sterling LLP, PricewaterhouseCoopers LLP and Debevoise & Plimpton LLP who were involved in the due diligence review relating to, or structuring,
preparation, or negotiation of, the transactions contemplated by this Agreement; provided that the Purchaser shall be deemed to have actual knowledge of all matters fairly disclosed in the documents listed immediately below (other than in relation
to Taxes), in each case to the extent disclosed to the Purchaser prior to the Signing Date: 

  

	 	(i)	the legal assistance report prepared by Freshfields Bruckhaus Deringer LLP and addressed to the Seller dated 14 February 2012; 

 

	 	(ii)	the information documents on financial matters prepared by Ernst & Young and dated 6 February 2012 (volume 1.1), 6 March 2012 (volume 1.3) and
5 April 2012 (volume 1.4); 

  

	 	(iii)	the confidential information memorandum prepared by Barclays Capital and dated 20 December 2011 (the documents listed under (i) to (iii) are referred to
as the Vendor Factbooks); 

  

	 	(iv)	any presentation materials delivered to Purchaser, its representatives and/or professional advisers at the management presentation and several expert meetings held in
connection with the transactions contemplated under this Agreement in May 2012 and June 2012 and any answers in writing or in text form (Textform) given by Seller or its representatives and/or professional advisers in connection with the
question & answer process until and including 23 June 2012 if those answers are included in the Data Room; 

  
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	 	(v)	the documents contained in the Data Room which have been saved on two DVDs of identical content by Ansarada UK Limited which for purposes of providing evidence will be
handed over within ten (10) Business Days after the date of this Agreement to the officiating notary public (the Notary) (beurkundender Notar) who shall take them into custody for a period of two (2) years after the
Closing Date, it being understood that Ansarada UK Limited will confirm in a letter that the status quo of the Data Room was frozen as of the date of this Agreement. Each Party may at its own costs request at any time after Closing copies of such
DVD. The Notary shall release one DVD to each of Seller and Purchaser upon expiry of the above two year period. 

  

	 	(vi)	the Disclosure Schedules, the Exhibits or elsewhere in this Agreement; 

  

	(f)	the Purchaser Claim results from, or is increased by, the passing of, or any change in any law, statute, ordinance, rule, regulation, common law rule or administrative
practice of any government, governmental department, agency or regulatory body after the date of this Agreement; 

  

	(g)	the procedures set forth in clause 12.2 or 12.8 were not observed by the Purchaser or the Target Companies, unless the Seller was not prejudiced by the non-compliance
with such procedures. 

  

	12.4	The Purchaser shall not be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity: 

 

	(a)	more than once in respect of any one Loss which gives rise to more than one Purchaser Claim; and 

 

	(b)	in respect of any Purchaser Claim made under the Seller’s Guarantee set out in clause 11.1(c)(iii)(B) if the Purchaser makes a claim relating to the same
matter or set of facts under clause 7. 

  

	12.5	The Purchaser waives and relinquishes any right of set-off (aufrechnen) or counterclaim deduction or retention (Zurückbehaltungsrecht) which the
Purchaser might otherwise have in respect of any Purchaser Claim against or out of any payments which the Purchaser is or may be obliged to make (or procure to be made) to the Seller or any other party pursuant to this Agreement or otherwise.

  

	12.6	When calculating the amount of the liability of the Seller under or in connection with this Agreement, the legal principles as to the off-setting of losses by
advantages due to the damaging event (Vorteilsausgleich) pursuant to Section 249 et seq. of the BGB shall apply to Purchaser Claims, provided that with respect to Tax advantages, solely clause 12.3(c) applies.

  

	12.7	Where the Seller has made a payment to the Purchaser in relation to any Purchaser Claim and the Purchaser or any Dependent Entity of the Purchaser (together with the
Purchaser, the Purchaser Entities) has recovered on a cash basis under an insurance policy or otherwise from a third party a sum which indemnifies or compensates the Loss (in whole or in part) which is the subject of a Purchaser Claim,
the respective Purchaser Entity shall: (i) notify the Seller without undue delay (unverzüglich) (and in any event within ten (10) Business Days) of the fact and provide such information as the Seller may reasonably require and
(ii) pay to the Seller as soon as practicable an amount equal to the amount recovered under an insurance policy or from a third party (net of reasonable costs, expenses and Taxes incurred, and Tax benefits or savings, by the Purchaser Group as
a result of such recovery and less any reasonable costs of recovery). 

  
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	12.8	If (i) an order of any Governmental Entity is issued or threatened to be issued against the Purchaser or any of the Target Companies or (ii) any of the Target
Companies or the Purchaser are sued or threatened to be sued by a third party, including any Governmental Entity, in each case in a manner which may give rise to a Purchaser Claim (the Third Party Claim), the Purchaser shall give the
Seller within ten (10) Business Days of becoming aware of it notice of such Third Party Claim and the following principles shall apply: 

  

	(a)	Purchaser shall procure (steht dafür ein) to the extent legally permissible that Seller shall be provided with all materials, information and reasonable
assistance (against reimbursement of incurred reasonable costs and expenses) reasonably relevant in relation to the Third Party Claim and shall be given reasonable opportunity to comment or discuss with the Purchaser any measures which the Seller
proposes to take or to omit in connection with such Third Party Claim. In particular, the Seller shall be given an opportunity at its own cost to comment on, participate in, and review any reports, audits or other measures and shall receive against
reimbursement of incurred costs and expenses copies of all relevant orders of any Governmental Entity without undue delay (unverzüglich), but in any event at least ten (10) Business Days prior to the expiry of any relevant objection
period. 

  

	(b)	No admission of liability shall be made by or on behalf of any of the Purchaser or its Affiliates or the Target Companies, and the Third Party Claim shall not be
compromised, disposed of or settled, without the prior written consent of Seller. 

  

	(c)	If the Purchaser becomes aware of any Third Party Claim, the Purchaser shall subject to the Purchaser or the relevant member of the Purchaser Group being indemnified by
the Seller against all reasonable out of pocket costs and expenses incurred in respect of that Third Party Claim ensure that it and each member of the Purchaser Group shall: 

 

	 	(i)	take such action as the Seller may reasonably request to avoid, resist, dispute, appeal, compromise or defend the Third Party Claim; 

 

	 	(ii)	allow the Seller (if it elects to do so) to take over the conduct of all proceedings and/or negotiations arising in connection with the Third Party Claim, except where
to do so would, in the reasonable opinion of the Purchaser, be materially prejudicial to the commercial interests or relationships of the Purchaser or the Target Companies or their business, provided that where the Seller elects to exercise its
rights under this clause 12.8(c), it shall defend, or procure the defense against any such Third Party Claim by all appropriate proceedings and with the diligence of a prudent and orderly business man and shall keep the Purchaser informed on a
regular basis with respect to all material developments of such proceedings and shall take into account all such reasonable suggestions regarding the conduct of such proceedings rendered by the Purchaser; and 

 

	 	(iii)	provide such information and assistance as the Seller may reasonably require in connection with the preparation for and conduct of any proceedings and/or negotiations
relating to the Third Party Claim. 

  

	(d)	The Seller agrees that all information obtained under this clause 12.8 shall be treated as Confidential Information. 

  
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 13. EXPIRATION AND LIMITATION
OF CLAIMS 
  

	13.1	All claims of the Purchaser arising: 

  

	(a)	(i) in relation to the performance claim (Erfüllungsanspruch) to transfer title to the MACH Shares and the Shareholder Instruments as well as the payable
under the Evenex Note (clause 2 above) and (ii) for breaches of the Seller’s Guarantees pursuant to clauses 11.1(a) through 11.1(b)(vii) above, shall be time-barred (verjährt) five (5) years after the Closing Date;

  

	(b)	as a result of willful deceit (arglistige Täuschung) or intentional behavior (Vorsatz) by the Seller, shall be time-barred (verjährt) in
accordance with the relevant statutory provisions of the BGB; 

  

	(c)	in relation to a no Leakage undertaking (clause 7.1 above) shall be time-barred (verjährt) in accordance with clause 7.4 above and in relation to clause 3.2
above shall be time-barred (verjährt) in accordance with clause 3.2(f) above; 

 (all claims of the
Purchaser referred to under (a) through (c) above and any claims of Purchaser against Seller for payment of any difference between the Preliminary Calculation and the Binding Calculation pursuant to clause 3.2 above are herein collectively
referred to as Exempted Claims); 
  

	(d)	in relation to breach of a Seller’s Guarantee pursuant to clause 11 above shall be time-barred (verjährt) within the later of (i) eighteen
(18) months after the Closing Date and (ii) nine (9) months from the end of the calendar year in which Closing occurs; and 

  

	(e)	otherwise under or in connection with this Agreement shall be time-barred (verjährt) in accordance with the relevant statutory provisions of the BGB.

 (the time limitations referred to under (d) and (e) above are herein together with the above time
limitations for the Exempted Claims collectively referred to as the Time Limitations). 
  

	13.2	The expiry period for any claims of the Purchaser under or in connection with this Agreement shall be tolled (gehemmt) only by initiating legal proceedings
pursuant to clause 30.2 below provided, however, that where a Bona Fide Purchaser Claim (as defined in clause 17.2(a) below) has been made during a period of three (3) months following the expiry of the Escrow Period this shall also have a
tolling effect until the expiry of such three (3) month period and upon expiry of such three (3) month period the tolling effect shall only continue if legal proceedings are initiated pursuant to clause 30.2 below within such three
(3) month period. Section 203 BGB shall not apply. 

  

	13.3	No liability for a breach of the Seller’s Guarantees shall attach to the Seller under or in connection with this Agreement if and to the extent the individual
claim is less than EUR 150,000 (in words: Euro one hundred and fifty thousand) (the De Minimis Claims) and until the aggregate amount of claims (excluding De Minimis Claims) exceeds an aggregate amount of EUR 1,500,000 (in
words: Euro one million and five hundred thousand) (Freibetrag) (the Deductible). If the aggregate amount of claims under or in connection with this Agreement (excluding De Minimis Claims) exceeds the Deductible, the Purchaser
may claim only the amount exceeding the Deductible subject to the other provisions of this clause 13. The limitations of this clause 13.3 shall not apply to any Exempted Claims. 

 

	13.4	The liability of the Seller under or in connection with this Agreement (except for any liability of the Seller under or in connection with clause 7.1 above) shall not,
in aggregate, exceed the Escrow Amount (the Liability Cap). The Liability Cap shall not apply to any Exempted Claims, provided, however, that the Seller’s overall liability under and/or in connection with this Agreement, except
for claims of the Purchaser arising as a result of intentional (vorsätzlich) breaches of Seller’s obligations under this Agreement, shall in no event exceed one hundred (100) per cent. of the MACH Consideration.

  
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	13.5	With respect to any Purchaser Claim to which the Liability Cap applies, the Purchaser shall only be entitled to demand from the Seller the release of the relevant
amount from the Escrow Account, and shall not have the right to demand payment by the Seller. With respect to any Purchaser Claim to which the Liability Cap does not apply, the Purchaser shall have the right to demand release from the Escrow account
or demand payment by the Seller. 

  

	13.6	The Parties are in agreement that the remedies that any Party may have against the other Party for breach of any Seller’s Guarantee or Purchaser’s Guarantee,
as the case may be, any other obligations under or in connection with this Agreement are solely governed by this Agreement, and the remedies provided for by this Agreement shall be the exclusive remedies available to such Party under and/or in
connection with this Agreement. Apart from the rights under this Agreement (i) any right of any Party to withdraw (zurücktreten) from this Agreement or to require the winding up of the transactions contemplated under this Agreement
(e.g. by way of großer Schadenersatz or Schadenersatz statt der ganzen Leistung), (ii) any claims for breach of pre-contractual obligations (culpa in contrahendo) between the Purchaser and the Seller or any
member of the Seller Group or the Purchaser Group, including but not limited to claims arising under Sections 241 (2), 311 (2) (3) BGB or ancillary obligations (Nebenpflichten), including but not limited to claims
arising under Sections 241 (2), 280 BGB, (iii) any claims based on frustration of contract pursuant to Section 313 BGB (Störung der Geschäftsgrundlage), (iv) all remedies of Purchaser for defects of the
purchase object including but not limited to claims arising under Sections 437 through 441 BGB are hereby expressly excluded and waived (verzichtet), except for claims based on willful deceit (arglistige Täuschung) or
intentional behavior (Vorsatz). 

  

	13.7	The Purchaser agrees and undertakes with the Seller (the Seller contracting for itself and on behalf of each individual or entity referred to in this clause 13.7 as
agent with their full authority) that neither it nor any other member of the Purchaser Group (other than the Target Companies) has any rights against, and will waive and shall not make any claim against, any employee, director or officer of:
(i) any of the Target Companies; or (ii) any member of the Seller Group, on whom the Purchaser may have relied before agreeing to any term of this Agreement or any other Transaction Document or before entering into this Agreement or any
other Transaction Document. 

  

	13.8	Notwithstanding clause 27 below, the provision of clause 13.7 above may be relied upon and enforced by each individual or entity for whose benefit it is expressed or
intended to be given (echter Vertrag zugunsten Dritter). 

 14. PURCHASER
GUARANTEES 
  

	14.1	The Purchaser hereby guarantees, subject to any limitations contained in this Agreement, to the Seller by way of an independent guarantee (selbständiges
Garantieversprechen) pursuant to Section 311 (1) BGB that the statements set forth in clauses (a) through (f) are true and correct as of the Signing Date and – as regards the statements set forth in clauses
(a) through (d) – as of the Closing Date (collectively the Purchaser Guarantees): 

  

	(a)	the Purchaser is validly incorporated, in existence and duly registered under the laws of its jurisdiction and has full power to conduct its business as conducted at
the date of this Agreement; 

  

	(b)	the Purchaser has obtained all corporate authorizations and (other than to the extent relevant to the Anti-Trust Condition) all other governmental, statutory,
regulatory or third-party contractually required consents, required for it to enter into and perform its obligations under this Agreement; 

  
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	(c)	entry into and performance by the Purchaser of this Agreement and/or any Transaction Document to which it is a party will not: (i) breach any provision of its
Constitutional Documents; or (ii) (subject, where applicable, to fulfillment of the Anti-Trust Condition) result in a breach of any laws or regulations in its jurisdiction of incorporation or of any order, decree or judgment of any court or any
governmental or regulatory authority; 

  

	(d)	neither the Purchaser nor any member of the Purchaser Group which is a party to any Transaction Document is insolvent or bankrupt under the laws of its jurisdiction of
incorporation, unable to pay its debts as they fall due or has proposed or is liable to any arrangement (whether by court process or otherwise) under which its creditors (or any group of them) would receive less than the amounts due to them. There
are no proceedings in relation to any compromise or arrangement with creditors or any winding up, bankruptcy or insolvency proceedings concerning the Purchaser and no events have occurred which would justify such proceedings. No steps have been
taken to enforce any security over any assets of the Purchaser and no event has occurred to give the right to enforce such security; 

  

	(e)	so far as the Purchaser is aware, neither the Purchaser nor any Purchaser Entity is: 

 

	 	(i)	involved as a party in any litigation, arbitration or administrative proceedings and no such proceedings have been threatened in writing by or against the Purchaser or
any Purchaser Entity; or 

  

	 	(ii)	subject to any order, judgment, direction, investigation or other proceedings by any Relevant Competition Authority, 

which will, or are likely to, prevent or delay the fulfillment of any of the Anti-Trust Conditions; and 

 

	(f)	upon receipt of the proceeds contemplated by the Purchaser Commitment Letter, the Purchaser will have access as of the Closing to sufficient cash funds (including
available cash held by members of the Target Companies) to pay the MACH Consideration and meet its other obligations under this Agreement. 

  

	14.2	In the event that the Purchaser is in breach of any Purchaser Guarantee, the Purchaser shall compensate the Seller or any other member of the Seller Group damages
incurred by the Seller or any other member of the Seller Group. Clause 12, above applies mutatis mutandis. All claims of the Seller arising under this clause 14 shall become time-barred three (3) years after the Closing Date.

 15. COVENANTS 

 

	15.1	 The Seller will, on an after Tax basis, indemnify and hold harmless the Purchaser and the Target Companies (and any Affiliate of any of them) in
respect of any cost (including Taxes, but excluding damages expected to arise from the loss of Tax attributes or tax loss carry forwards of or available to any Target Company), expense, loss or liability paid or payable after the Locked Box Accounts
Date; (i) being a direct consequence of any Target Company having been shareholder of Evenex ApS or indirect shareholder of Evenex AS; or (ii) being a direct consequence of any contractual relationship between any Target Company and any
Evenex Company (other than the TSA), in each case prior to Closing; or (iii) arising directly from the disposal of the Evenex Business or arising as a result of the Evenex Disposal (which, for

  
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the avoidance of doubt, shall include any Taxes that would not have been incurred but for the Evenex Disposal (other than due to the loss of Tax attributes or tax loss carryforwards)). Clauses
12.1(c), 12.1(d), 12.2, 12.3(b) (provided that the undertaking of the Purchaser to pursue the claims referred to in clause 12.3(b) shall not apply), 12.3(c), 12.3(d), 12.3(g) and 12.4 through 12.8 shall apply mutatis mutandis. Payments under
this clause 15.1 shall include the amount of any Tax incurred (or that will be incurred in the future) by the Target Companies that would not have been triggered but for the items described in this clause 15.1 to the extent that such Tax has been
assessed (or will be assessed which is to be proven by the Purchaser by a “should” level expert opinion). The Purchaser shall and shall procure, to the extent permitted by law, that the Target Companies (i) notify the Seller of any
Tax that would not have been triggered but for these items in writing and promptly (unverzüglich) after having become aware that such Tax has been or will on the basis of the expert opinion be assessed and in any event not later than ten
(10) days after having received a respective Tax assessment or expert opinion; and (ii) contest upon and in accordance with instructions of the Seller (and at the expense of the Seller) any such Tax. If the Purchaser fails to comply with
the obligations set forth in this clause 15.1 the Seller shall not be liable for the respective Tax in connection with the items described in this clause 15.1, unless and to the extent the Purchaser proves that the respective Tax would have been, or
will be, triggered notwithstanding the Purchaser’s failure to so comply. For the avoidance of doubt, the limitation on claims in clause 13.3 shall not apply to any Taxes indemnifiable under this clause 15.1. 

 

	15.2	If the claims detailed in (i) and (ii) below have not both been determined or settled prior to Closing taking place, then the Seller will, on an after-Tax
basis, indemnify and hold harmless the Purchaser and the Target Companies (and any Affiliate of any of them) in respect of any cost (including Taxes, but excluding damages expected to arise from the loss of Tax attributes or tax loss carry forwards
of or available to any Target Company), expense, loss or liability incurred following the Closing Date (together, the Indemnity Liabilities) and relating to (i) the dispute between WorldCell, Inc. and MACH S.a r.l. in connection
with an alleged breach by MACH S.a r.l., of an operating agreement; and (ii) the dispute between AA Technologies Limited (AAT) and MACH S.a r.l. in connection with the termination by MACH S.a r.l. of value added distributor
agreement dated 6 February 2007 and in respect of which, a claim has been filed at the Commercial Court of Zurich; and (iii) the dispute between AAT and MACH ApS relating to the fair market value determination in connection with the buyout
procedure for the shares of AAT in MACH Dubai (the AAT Dubai Claim and together with the other claims in sub-paragraphs (i) and (ii) being the Claims), provided that: 

 

	(a)	the Purchaser or the Target Companies (and any Affiliate of any of them) may only claim under this clause if the aggregate of Indemnity Liabilities exceeds EUR
2 million (in words: Euro two million) in aggregate, in which case, the Purchaser or the Target Companies (and any Affiliate of any of them) may only claim amounts exceeding such amount; 

 

	(b)	these provisions in respect of a Claim shall terminate upon the earlier of: 

 

	 	(i)	that Claim being discontinued (with prejudice, for Claims pending in a court in the United States; or with an analogous concept, if existing, under any other applicable
procedural law, for Claims pending in a court of any other jurisdiction) as notified by the counterparty or its legal advisor in writing; 

  

	 	(ii)	the Claim being time barred pursuant to the laws of any relevant jurisdiction in which such a claim may be brought; 

 

	 	(iii)	a court or arbitral tribunal of competent jurisdiction, as applicable, issuing a final, binding and non-appealable decision in respect of that Claim; or

  
 Page 59 of 74

	 	(iv)	the parties otherwise agreeing in writing; 

 (the Indemnity Termination Date); 
  

	(c)	from the Closing Date, the Purchaser agrees that it will, and will procure that the Target Companies, do all reasonable things, undertake all reasonable actions and
provide the Seller (or any other member of the Seller Group) with access to all employees, information and records of the Target Group, for the period up to and including the Indemnity Termination Date, as reasonably required by the Seller in
connection with the conduct of the Seller (or any member of the Seller Group) in relation to, and the defence of, the Claims and the Seller agrees to bear any reasonable costs and expenses of the Purchaser in complying with the provisions of this
paragraph provided that this shall not require the Purchaser or the Target Companies to take any action to the extent that it would interfere unreasonably with their business; and 

 

	(d)	further, the Purchaser agrees that, in respect of the period following Closing up to and including the Indemnity Termination Date, in relation to the Claims, it will:

  

	 	(i)	promptly give to the Seller (or any other member of the Seller Group) any correspondence or other information it receives from any party, including any member of the
Target Group, in relation to the Claims; 

  

	 	(ii)	provide such information and assistance as the Seller (or any other member of the Seller Group) may reasonably require in connection with the preparation for and
conduct of any proceedings and/or negotiations relating to, and the defence of, the Claims; 

  

	 	(iii)	not (and ensure that each member of the Purchaser Group shall not) admit liability or make any agreement or compromise in relation to the Claims, unless the Purchaser
and the Seller, each acting in good faith, determine to do so; 

  

	 	(iv)	in the event that formal proceedings are issued in a court or arbitral tribunal of competent jurisdiction, as applicable, in relation to any or all aspects of the
Claims, irrevocably grant the Seller (or any other member of the Seller Group) a right of subrogation in relation to the proceedings and any further proceedings in relation to same; 

 

	 	(v)	allow the Seller (or any other member of the Seller Group) to continue to maintain the conduct of all proceedings and/or negotiations arising in connection with the
Claims and not seek to take over the conduct of such proceedings and/or negotiations (including taking any action to recover any monies following an award or decision of a court or arbitral tribunal); and 

 

	 	(vi)	agree to be bound by any agreement reached between the claimants and the Seller (or any other member of the Seller Group) on behalf of the Target Group provided that
this shall not require the Purchaser to be bound by any noncash settlement, or as directed by a court or arbitral tribunal of competent jurisdiction. 

  

	(e)	Clauses 12.1(c), 12.1(d), 12.2, 12.3(b) (provided that the undertaking of the Purchaser to pursue the claims referred to in clause 12.3(b) shall not apply),
12.3(c), 12.3(d), 12.3(g) and 12.4 through 12.8 shall apply mutatis mutandis. 

  
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 16. INSURANCE 
 Upon Closing, all insurance cover arranged in relation to the Target Companies and their businesses by the Seller Group (whether under policies maintained with third party insurers or other members of the
Seller Group) shall cease and neither the Purchaser nor any Purchaser Entity shall make any claim under any such policies in relation to insured events arising either before or after Closing. The Seller shall be entitled to make arrangements with
its insurers to reflect this clause 16. 
 17. ESCROW ACCOUNT 

 

	17.1	The Parties agree that an escrow account (the Escrow Account) shall be opened by such person as the Parties may agree in good faith following the Signing
Date and prior to Closing (and if no agreement is reached, by the Notary) (the Escrow Agent) as notary trust account (Notaranderkonto), into which the Escrow Amount shall be paid in accordance with this Agreement. The Escrow
Account shall be operated, and the Escrow Amount and interest accruing on it (or any part of it) shall be applied, in accordance with this clause 17. 

  

	17.2	To the extent that: 

  

	(a)	prior to the end of the period commencing on the Closing Date and ending on the later of (i) eighteen (18) months after the Closing Date; and (ii) nine
(9) months from the end of the calendar year in which Closing occurs (the Escrow Period), the Purchaser shall have either (i) provided written notice of any Purchaser Claim (other than Exempted Claims), provided that
(x) such Purchaser Claim shall be bona fide and made by the Purchaser in good faith (a Bona Fide Purchaser Claim) and (y) no longer than three (3) months after the expiry of the Escrow Period, the Purchaser shall have
initiated proceedings in accordance with clause 30 in respect of such Bona Fide Purchaser Claim; or (ii) initiated proceedings in accordance with clause 30 in respect of any Purchaser Claim (other than Exempted Claims), in each case made in
accordance with this Agreement and to the extent that such claim is not restricted or prohibited by the limitations set out in this Agreement, including, but not limited to, those set out in clauses 12 and 13 (a Release Claim); and

  

	(b)	such Release Claim has been Determined (as defined in clause 17.3), as soon as reasonably practicable after such Release Claim has been so Determined in favor of
the Purchaser and unless such amount has already been paid in full, (x) in the case of a Determination in accordance with clause 17.3(i), the Purchaser and the Seller shall issue joint written instructions to the Escrow Agent or (y) in the
case of a Determination in accordance with clause 17.3(ii), either Party may deliver written instructions to the Escrow Agent (with a copy simultaneously delivered to the other Party), to pay from the Escrow Account to the Purchaser an amount equal
to the Determined amount of the amount of such Release Claim (the Amount Claimed) (less any amounts which have already been paid in respect of such Release Claim) or, if less, the aggregate amount then standing to the credit of the
Escrow Account. Any such payment shall be made in full and final satisfaction of such Release Claim. 

  

	17.3	A Release Claim shall be regarded as Determined (and Determination shall be construed accordingly) as at the date when (i) an Amount
Claimed is agreed between the Seller and the Purchaser; and (ii) in the absence of such agreement on the Business Day following the date when such Release Claim and the amount of any Amount Claimed has been determined by an arbitral tribunal or
a court, as the case may be, in accordance with clause 30 against which no appeal has been lodged or is capable of being lodged within the statutory time limit. 

 

	17.4	 The Purchaser and the Seller herewith jointly and irrevocably instruct the Escrow Agent to pay from the Escrow Account to the Seller on the first
(1st) Business Day following the end of

  
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the Escrow Period (the Release Date), an amount equal to the sum then standing to the credit of the Escrow Account less an amount equal to the amount of any Release Claims which
have not been Determined or withdrawn in accordance with clause 17.5 (the Release Date Standing Escrow Amount), together with any interest accrued in respect of such Release Date Standing Escrow Amount. 

 

	17.5	If a Release Claim has been initiated in accordance with this Agreement prior to the end of the Escrow Period but such Release Claim is not Determined or withdrawn
prior to the Release Date then an amount equal to the amount of such Release Claim shall be retained in the Escrow Account and, accordingly, on the Release Date, an amount equal to the aggregate of all Release Claims that have not been Determined or
withdrawn shall be retained in the Escrow Account and shall be held by the Escrow Agent (and subsequently paid by the Escrow Agent) in accordance with clause 17.6. 

 

	17.6	The Escrow Agent shall hold the amounts retained in accordance with clause 17.5 until such Release Claim is Determined or withdrawn. On Determination of any such
Release Claim, (x) in the case of a Determination in accordance with clause 17.3(i), the Purchaser and the Seller shall issue joint written instructions to the Escrow Agent or (y) in the case of a Determination in accordance with clause
17.3(ii), either Party may deliver written instructions to the Escrow Agent (with a copy simultaneously delivered to the other Party), to pay from the Escrow Account to the Purchaser an amount equal to the amount of the liability (as so Determined)
in full and final satisfaction of the relevant claim or, if less, the aggregate amount then standing to the credit of the Escrow Account in full and final satisfaction of the relevant claim; provided that, in any event, the aggregate amount paid to
the Purchaser in respect of all claims pursuant to this clause 17 shall not exceed the Escrow Amount. Once all Release Claims (if any) being the subject of clause 17.5 have been Determined or withdrawn and the subject of payments (if any) under
this clause 17.6, the Purchaser and the Seller shall issue joint written instructions to the Escrow Agent to pay from the Escrow Account the remaining balance of all sums (including any interest accrued thereon) then standing to the credit of
the Escrow Account to the Seller. For the avoidance of doubt, the Escrow Account shall remain open until the remaining balance referred to in the preceding sentence has been paid from the Escrow Account. 

 

	17.7	For the avoidance of doubt, interest accruing from time to time on the balance of money standing to the credit of the Escrow Account shall be added to the money
standing to the credit of the Escrow Account (subject to any deduction of tax at source or any bank or other charges properly charged to the Escrow Account) and shall be for the benefit of the Seller to receive pro rata upon payments made to
the Seller in accordance with this clause 17. Accordingly, without prejudice to the Purchaser’s rights hereunder, the Seller and the Purchaser agree that the Seller shall be treated as the beneficial owner of the income and earnings of the
Escrow Account for U.S. state and federal income tax purposes. 

  

	17.8	The Seller and the Purchaser acknowledge that the Escrow Agent may withdraw from the Escrow Account an amount of Tax on the interest earned in respect of money held in
the Escrow Account for which it is or may become liable and any bank or other charges properly charged to the Escrow Account, provided that any bank or other charges, costs or expenses arising on, or in relation to, the Escrow Account shall be
charged to, and settled between, the Purchaser and the Seller equally. 

  

	17.9	If the Escrow Agent is not the Notary, the Parties will prior to Closing execute a separate escrow agreement with such Escrow Agent on terms substantially in line with
this clause 17. 

  
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 18. POST-CLOSING UNDERTAKINGS 

 

	18.1	The Seller undertakes (in the event that any claim under or for breach of this Agreement is made against it in connection with the Proposed Transaction) not to make a
claim against any Target Company or any person who was at any time prior to Closing an officer, director or employee of any Target Company on whom the Seller may have relied in negotiating this Agreement or any other Transaction Document, except in
the case of willful deceit (arglistige Täuschung) or intentional behavior (Vorsatz) or criminal conduct according to the laws of the country in which such Target Company has its registered office or such officer, director or
employees is residing by such Target Company or such officer, director or employee. 

  

	18.2	To the fullest extent legally permitted: 

  

	(a)	as from Closing, the Purchaser shall ensure (steht dafür ein) that any indemnity and/or immunity provisions contained in the Constitutional Documents of any
Target Company relating to any officer, director/manager or employee, with managerial responsibility, of any Target Company who is immediately prior to Closing covered by indemnity and/or immunity provisions contained in the Constitutional Documents
of such Target Company (a Covered Director) are not amended, repealed or modified in any manner that would affect adversely the rights of any Covered Director and that the Covered Director retains the benefit of such indemnity and/or
immunity provisions. 

  

	(b)	for seven (7) years from Closing, the Purchaser shall ensure (steht dafür ein) that each Target Company maintains in force such “run-off”
directors’ and officers’ liability insurance policies as will enable each Covered Director to make claims arising out of any matter, cause or event occurring on or before Closing (a Pre-Closing Event) under those policies on
terms and conditions that are, in every respect, no less advantageous to the Covered Director than the directors’ and officers’ liability insurance policies maintained by that Target Company as at the date of this Agreement.

  

	(c)	the Purchaser shall (and shall ensure that each Target Company shall), from and after Closing waive, release and discharge each officer and director/manager of each
Target Company at any time prior to the Closing (each a Target Company Director) from any and all known or unknown claims, demands, proceedings, causes of action, orders, obligations and liabilities arising out of any Pre-Closing Event
which each Target Company has or may at any time have had against any Target Company Director, except in the case of willful deceit (arglistige Täuschung) or intentional behavior (Vorsatz) by such Target Company Director. The
Purchaser shall to the extent legally permitted and subject to any restrictions imposed under applicable mandatory insolvency, bankruptcy or company law ensure that each Target Company shall not, directly or indirectly, assert any claim or demand,
or commence, institute or cause to be commenced, any proceedings of any kind relating to any Pre-Closing Event against any Target Company Director, except in the case of willful deceit (arglistige Täuschung) or intentional
(Vorsatz) or criminal behavior by such Target Company Director. Without prejudice to the generality of the foregoing, on Closing, the Parties will pass, and will cause all relevant Target Companies to pass, shareholder resolutions discharging
the Target Company Directors from any liability for Pre-Closing Events, each to the extent legally permitted and subject to restrictions imposed under applicable mandatory insolvency, bankruptcy or company law. 

 

	18.3	The provisions of clauses 18.1 and 18.2 are in addition to, and not in substitution for, any other rights to indemnification or contribution that any Covered Director
or Target Company Director (as applicable) may have at law, by contract or otherwise and shall operate to the direct benefit of each Target Company Director (echter Vertrag zugunsten Dritter). 

  
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	18.4	Without undue delay after Closing, the Parties shall make, or cause to be made, all necessary filings with the Registre de Commerce et des Sociétés
in Luxembourg with respect to the change of the shareholder of the Company and the replacement of managers of the Company. 

  

	18.5	The Parties agree that for US federal income tax purposes the Purchase Price shall be allocated in accordance with Section 1060 of the US Internal Revenue Code of
1986, as amended (the Code) among the assets treated as purchased by the Purchaser for US federal income tax purposes. The Purchaser shall present a draft of the allocation (the Proposed Allocation) to the Seller for
review as soon as reasonably practicable after the Closing Date. The Seller shall provide the Purchaser with its written comments to the Proposed Allocation within thirty (30) days of the delivery of the Proposed Allocation. The Seller and the
Purchaser shall negotiate in good faith to resolve any differences for thirty (30) days after delivery of such comments. If Purchaser and Sellers’ Representative reach a written agreement accepting the Proposed Allocation or amending the
Proposed Allocation, the Proposed Allocation, as amended by such written agreement, shall become binding upon the Purchaser and the Seller. Notwithstanding anything herein to the contrary, if the Purchaser and the Seller are unable to reach a
written agreement accepting or amending the Proposed Allocation, then the parties shall not be bound by the Proposed Allocation and shall be free to allocate the purchase price for Tax purposes on an inconsistent basis. If Seller does not cause any
Target Company that is, or has been, created or organized under non-US law to validly elect to be disregarded as a separate entity for US federal income tax purposes as of a date that is at least thirty (30) days before the Closing Date, Seller
shall cooperate with and assist in the election made by the Purchaser and such Target Company (other than Link2One, AEIE, MACH FZ-LLC, Cibernet Limited, TransCibernet Cyprus Limited and MACH Mobile Solution private limited, India) under
Section 338 of the Code (and any comparable provision of state or local law) with respect to the acquisition of the equity interests in such Target Company. 

 

	18.6	The Purchaser undertakes not to implement or cause to be implemented after Closing without prior written approval of the Seller (which approval shall not be
unreasonably delayed, denied or conditioned) any merger or similar reorganization to which a Target Company is a party and with retroactive legal effect (for example, pursuant to the German Reorganization Tax Act
(Umwandlungssteuergesetz)) to a date prior to the Locked Box Accounts Date if such merger or similar reorganization would have an adverse Tax effect on the Seller or any of its Affiliates (excluding the Target Companies).

 19. PROTECTION OF DIRECTORS 

The Purchaser undertakes to the Seller (on its own behalf and on behalf of each of the Target Companies), to the fullest extent legally possible and to
the extent the amount of the Director Related Liability or Director Related Loss (in each case as defined below) exceeds the amount of cover provided by any directors’ and officers’ liability insurance policies relating to any resigning
directors (the D&O Insurance): 
  

	(a)	to the extent legally permitted and subject to any restrictions imposed under applicable mandatory insolvency, bankruptcy or company law, release any resigning
directors from all liability to it or to any Target Company in connection with the holding of the office of director of any Target Company and any of their actions and/or omissions, except in the case of willful deceit (arglistige
Täuschung) or intentional (Vorsatz) or criminal behavior by such Resigning Director (a Director Related Liability); and 

  

	(b)	 that, following such release, it and the Target Companies subject to any restrictions imposed under applicable mandatory insolvency, bankruptcy or
company law shall have no rights 

  
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against and shall not make any claim against any Resigning Director for any loss suffered by it in connection with the holding by the relevant Resigning Director of the office of director of any
Target Company, except in the case of willful deceit (arglistige Täuschung) or intentional (Vorsatz) or criminal behavior by such Resigning Director (a Director Related Loss), 

and further that neither the Purchaser nor any Target Company will take or omit to take any action which would, or would be expected to, have an adverse
effect on the cover provided by the D&O Insurance in relation to Pre-Closing Events and provided that this clause 19 shall operate to the direct benefit of each Resigning Director. 

20. INFORMATION, RECORDS AND ASSISTANCE
POST-CLOSING 
  

	20.1	For three (3) years, or in respect of Tax or regulatory filings seven (7) years, following the Closing Date, the Purchaser shall and shall procure that the
Target Companies shall (i) provide the Seller (at the Seller’s cost) with reasonable access at reasonable times to (and the right to take copies of) the books, accounts, customer lists and all other records held by them after Closing to
the extent that they relate to the Target Companies and to the period up to Closing (the Purchaser Records) but only for the purposes of the preparation of any Tax return or regulatory filing by, or for any accounting purposes of, the
Seller (or any member of the Seller Group or any of its Affiliates). Any records provided pursuant to this clause 20.1 are, subject to the provisions of clause 24. 

 

	20.2	For three (3) years, or in respect of Tax or regulatory filings seven (7) years, following the Closing Date, the Seller shall provide the Purchaser (at the
Purchaser’s cost) with reasonable access at reasonable times to (and the right to take copies of) the books, accounts, customer lists and all other records held by it after Closing to the extent that they relate to the MACH Group (the
Seller Records), including the Evenex Companies and the Evenex Business for as long as the Evenex Companies are held by the Seller, and only for the purposes of the preparation of any Tax return or regulatory filing by, or for any
accounting purposes of, the Purchaser (or any member of the Purchaser Group or any of its Affiliates). This obligation is, and any Seller Records provided pursuant to this clause 20.2 are subject to the provisions of clause 24.

  

	20.3	For seven (7) years following the Closing Date the Purchaser shall not and shall procure that no Target Company shall, dispose of, or destroy any of, the Purchaser
Records necessary for the preparation of any Tax return or regulatory filing by, or for any accounting purposes of, the Seller (or any member of the Seller Group or any of its Affiliates) without first giving the Seller at least two
(2) months’ notice of its intention to do so and giving the Seller a reasonable opportunity to remove and retain any of them (at the Seller’s expense). 

 

	20.4	Following the Closing Date: 

  

	(a)	notwithstanding the obligations of clause 12.8, the Purchaser shall and shall procure that the Target Companies shall (at the Seller’s expense) give such
assistance to any member of the Seller Group as the Seller may reasonably request in relation to any third party proceedings by or against any member of the Seller Group so far as they relate to the Target Companies, including proceedings relating
to employees’ claims or taxation; 

  

	(b)	the Seller shall promptly provide to the Purchaser all written notices, correspondence and information and shall provide details of all enquiries received by it, in
each case, in relation to the Target Companies; 

  
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	(c)	notwithstanding anything to the contrary herein, each of the Seller and the Purchaser shall retain all Tax returns, work papers and all material records or other
documents in its possession (or in the possession of its Affiliates) relating to Tax matters relevant to the MACH Group Companies for any Tax period that includes the Closing Date and for all prior Tax periods until the later of (i) the
expiration of the statute of limitations of the Tax periods to which such Tax returns and other documents relate, or (ii) six (6) years following the due date (without extension) for such Tax returns; 

 

	(d)	the Parties shall fully cooperate with each other in connection with any Tax matter relating to any taxable period, or portion thereof, ending on or before the Locked
Box Accounts Date including the preparation and filing of any Tax return and legally required documentation for Tax purposes. Such cooperation shall include providing or making available, all relevant books, records and documentation and the
assistance of officers and employees. The Parties agree to retain and make available to the respective other Party, until the expiration of any applicable statute of limitations, all books, records and documentation relating to the Target Companies
that may be relevant in connection with any audit or investigation for which the Seller may be responsible or which may result in a Tax liability of the Purchaser or the Target Companies and to provide access to electronic data as required by
applicable law; and 

  

	(e)	the Purchaser shall promptly provide to the Seller all written notices, correspondence and information and shall provide details of all enquiries received by it, in
each case, in relation to any business of the Seller Group not comprised within the Target Companies. 

 21.
PAYMENTS 
  

	21.1	Any payment to be made pursuant to this Agreement by the Purchaser to the Seller (or any member of the Seller Group) shall be made to the Seller’s bank account

  

					
		 	Bank:	  	Societe Generale
			
		 	SWIFT Code:	  	SGABLULL
			
		 	IBAN:	  	LU10 0614 5839 3260 0EUR

 (and/or such other account(s) as the Seller may direct) (the Seller’s Bank Account).

  

	21.2	Any payment to be made pursuant to this Agreement by the Seller (or any member of the Seller Group) to the Purchaser (or any member of the Purchaser’s Group) shall
be made to the Purchaser’s bank account 

  

					
		 	Bank:	  	Bank of America
			
		 	SWIFT Code:	  	CELLLULLXXX
			
		 	IBAN:	  	LU750141241012000000
			
		 	Beneficiary name:	  	BOA/Syniverse Technologies Limited Luxembourg Sarl

 (and/or such other account(s) as the Seller and Purchaser may agree in writing) (the
Purchaser’s Bank Account). 

  
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	21.3	Payments under clause 21.1 and 21.2 shall be in immediately available funds, without set-off, by electronic transfer (Überweisung) (in each case free of
charges to the recipient) on the due date for payment. 

  

	21.4	The Purchaser shall not be entitled to set off (aufrechnen), or to assert any right of retention (Zurückbehaltungsrecht) in respect of, any claims it
may have under or in connection with this Agreement (Counterclaim) against any claims for payment of the MACH Consideration of the Seller, unless the Counterclaim has been acknowledged by the Seller in writing or has been finally
adjudicated by a non-appealable decision by the competent arbitration tribunal pursuant to clause 30.2. 

  

	21.5	If any sum due for payment in accordance with this Agreement is not paid on the due date for payment, the person in default shall pay default interest at the base
interest rate (Basiszinssatz) within the meaning of Section 247 BGB plus eight hundred (800) basis points on that sum from, but excluding, the due date to, and including, the date of actual payment calculated on a daily basis.
Seller’s right to assert of any further damage or any other remedy shall not be affected thereby. 

 22.
COSTS, EXPENSES, FEES AND CHARGES 
  

	22.1	Subject to clause 22.2 and except as otherwise provided in this Agreement (or any other Transaction Document), the Seller and the Purchaser shall each be responsible
for their own costs, expenses, fees and charges (together, the Costs) incurred in connection with the Proposed Transaction. 

  

	22.2	The Purchaser shall bear all Costs of the notarization of this Agreement and any other Transaction Document, all official fees charged by any competition authority
relating to satisfying the Anti-Trust Condition or any other filing made by the Purchaser and other transaction duties (including, but not limited to, filings with the Registre de Commerce et des Sociétés in Luxembourg), including in
each case any related interest or penalties arising as a result of this Agreement or of any of the other Transaction Documents or their implementation, and any sales, transfer or stamp taxes (including any real estate transfer taxes), or other
similar Costs, payable by reason of the sale and transfer of the MACH Shares and the Shareholder Instruments. This shall not apply to transaction duties, sales, transfer or stamp taxes, if any, incurred in connection with the Evenex Closing, which
shall be borne by the Seller. 

  

	22.3	It is the Parties’ understanding that, the sale and transfer of the MACH Shares, the Shareholder Instruments and the payable under the Evenex Note do not trigger
VAT. In any event, neither of the Parties shall waive any VAT exemption in relation to the sale and transfer of the MACH Shares, the Shareholder Instruments and the payable under the Evenex Note. If and to the extent that, contrary to the mutual
understanding of the Parties, VAT applies in respect of the sale and transfer of the MACH Shares, the Shareholder Instruments or the Evenex Note, then subject to the terms of clauses 4 and 6.4 above, such VAT shall be exclusively borne by the
Purchaser, and the Seller shall not be responsible for any such VAT and, accordingly, the MACH Consideration will be increased by the amount of any applicable VAT and Purchaser shall pay such increased MACH Consideration to Seller as provided by
this Agreement. 

 23. ANNOUNCEMENTS 

 

	23.1	 Save for the press announcements to be agreed by the Seller and the Purchaser which may be released upon or following the Signing Date and any
disclosure necessary or advisable in 

  
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connection with the Purchaser’s financing, neither the Seller nor the Purchaser (nor any of their respective Affiliates) shall make any public announcement or issue any public communication
in connection with the existence or subject matter of this Agreement (or any other Transaction Document) without the prior written approval of the other (such approval not to be unreasonably withheld or delayed). 

 

	23.2	The restriction in clause 23.1 shall not apply to the extent that the announcement or communication is required by law, by any stock exchange or any regulatory or other
supervisory body or authority of competent jurisdiction, whether or not the requirement has the force of law. If this exception applies, the Party making the announcement or issuing the communication to shareholders shall use its reasonable efforts
to consult with the other Party in advance as to its form, content and the timing of issue. 

 24.
CONFIDENTIALITY 
  

	24.1	For the purposes of this clause 24: 

  

	(a)	Confidential Information means: 

  

	 	(i)	information relating to the provisions of, and negotiations leading to, this Agreement and the other Transaction Documents; 

 

	 	(ii)	(in relation to the obligations of the Purchaser) any information received or held by the Purchaser (or any of its Representatives) relating to the Seller Group or,
before Closing, any of the Target Companies (including all business and trade secrets of the businesses of any Target Company); and 

  

	 	(iii)	(in relation to the obligations of the Seller) any information received or held by the Seller (or any of its Representatives) relating to the Purchaser Group or,
following Closing, any of the Target Companies (including all business and trade secrets of the businesses of any Target Company), 

 and includes written information and information transferred or obtained orally, visually, electronically or by any other means and any information which the Party has determined from information it has
received including any forecasts or projections. 
  

	(b)	Representatives means, in relation to a Party, its respective Affiliates and the directors, officers, employees, agents, advisers, accountants and
consultants of that Party and/or of its respective Affiliates as well as the Purchaser’s existing and prospective financing sources and, in relation to the Seller, includes the Evenex Companies for as long as they are directly or indirectly
controlled by the Seller. 

  

	24.2	Each of the Parties shall (and shall ensure that each of its Representatives shall) maintain Confidential Information in confidence and not disclose Confidential
Information to any person (other than any of its Representatives) or use such Confidential Information for any purpose except: (i) as this clause 24 permits; or (ii) as the Seller and Purchaser approve in writing. The Purchaser shall not
and shall procure that its Representatives shall not, prior to the Closing Date use any Confidential Information for competitive purposes. 

  

	24.3	Clause 24.2 shall not prevent disclosure by a Party or any of its Representatives to the extent it can demonstrate that: 

  
 Page 68 of 74

	(a)	disclosure is required by law or by any stock exchange or any regulatory, governmental or antitrust authority having applicable jurisdiction (provided that the
disclosing party shall first inform the other Party of its intention to disclose such information and take into account the reasonable comments of the other Party); 

 

	(b)	disclosure is appropriate or necessary in connection with the filing of Tax returns or claims for refund or in conducting an audit proceeding; 

 

	(c)	disclosure is of Confidential Information which was lawfully in the possession of that Party or any of its Representatives (in either case as evidenced by written
records) without any obligation of secrecy before its being received or held and in any case only in respect of Confidential Information that does not comprise any exclusive business or trade secret of the business of any Target Company;

  

	(d)	in respect of the Seller, disclosure is to any of the Seller’s Lending Banks and directors, officers, advisers or agents of such Seller’s Lending Banks,
subject, in each case, to binding obligations of confidentiality; 

  

	(e)	disclosure is of Confidential Information which has previously become publicly available other than through that Party’s action or failure to act (or that of its
Representatives); or 

  

	(f)	disclosure is required for the purpose of any arbitral or judicial proceedings arising out of this Agreement (or any other Transaction Document).

  

	24.4	Each of the Parties undertakes that it (and its respective Representatives) shall only disclose Confidential Information as permitted by this clause 24 if it is
reasonably required and, in the case of disclosures under clause 24.3(d), only if the recipient is informed of the confidential nature of the Confidential Information and is subject to an obligation to keep confidential any information so disclosed.

  

	24.5	If this Agreement terminates, the Purchaser shall as soon as practicable on request by the Seller Group: 

 

	(a)	return to the Seller all written documents and other materials relating to the Seller, any Target Company or this Agreement (including any Confidential Information)
which the Seller (or its Representatives) have provided to the Purchaser (or its Representatives) without keeping any copies thereof; 

  

	(b)	destroy all information or other documents derived from such Confidential Information; and 

 

	(c)	so far as it is practicable to do so, expunge such Confidential Information from any computer, word processor or other device. 

 

	24.6	Violation by a Party or its respective Representatives of the provisions of this clause 24 shall entitle the non disclosing Party, at its option, to obtain injunctive
relief without a showing of irreparable harm or injury and without bond. The provisions of this clause 24 shall survive and remain effective for a period of three (3) years after the Closing Date. 

25. NOTICES 
  

	25.1	 Any legal statements and other notices in connection with this Agreement (collectively the Notices) shall be made in writing
(Schriftform) unless notarization or any other specific form is required by mandatory law. The written form shall include transmission by fax (but no other 

  
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transmission by way of telecommunication) and exchange of letters. Any electronic transmission (such as by e-mail) shall not be sufficient to satisfy the requirement that Notices must be made in
writing. 

  

	25.2	Any Notices to be delivered to 

  

	(a)	the Seller shall be addressed as follows: 

 WP Roaming S.à r.l. 
 Att. Guy Sochovsky 

15, rue Edmond Reuter, L-5326 Contern, Grand Duchy of Luxembourg 
 Fax: +352 27 75 62 98 
 with a copy to (for information purposes only): 

 

	 	(i)	Warburg Pincus Deutschland GmbH 

Attn.: Lars Singbartl 
 Liebigstraße 53, 60323 Frankfurt/Main, Germany 
 Fax: +49 69 77 03 55 55

  

	 	(ii)	Warburg Pincus International LLC 

Attn.: Max Fowinkel 
 Almack House, 28 King Street, St. James’s, London, SW1Y 6QW, United Kingdom 

Fax: +44 20 73 21 08 81 
  

	 	(iii)	Freshfields Bruckhaus Deringer LLP 

 Attn.: Dr. Andreas von Werder / Dr. Markus Paul 
 Bockenheimer Anlage 44,
60322 Frankfurt am Main, Germany 
 Fax: +49 69 23 26 64 
 and 
  

	 	(iv)	Freshfields Bruckhaus Deringer LLP 

 Attn.: Adrian Maguire 
 65 Fleet Street, London EC4Y 1HS, United Kingdom

 Fax: +44 20 7832 7001 
  

	(b)	the Purchaser shall be addressed as follows: 

 Syniverse Holdings, Inc. 
 Attn.: Jeffrey S. Gordon 

8125 Highwoods Palm Way, Tampa, 33647, Florida, United States of America 

Fax: +1 813-637-5882 
 and 
 Syniverse Holdings, Inc. 

Attn.: Laura E. Binion 
 8125 Highwoods Palm Way, Tampa, 33647, Florida, United States of America 
 Fax: +1
813-637-5882 
 with a copy to (for information purposes only): 

 

	 	(i)	Shearman & Sterling LLP 

  
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 Attn: Christa D’Alimonte 

599 Lexington Avenue, New York, NY 10022, United States of America 

Fax: +1 212 848 7179 
 and 
  

	 	(ii)	Shearman & Sterling LLP 

Attn: Dr. Martin Neuhaus 
 Breite Strasse 69, 40213 Düsseldorf, Germany 
 Fax: +49 211 17888 990

  

	25.3	The Parties shall communicate in writing changes in any of the addresses set forth in clause 25.2 above as soon as possible to the other Parties. In the absence of
such communication, the address stated above shall remain in place. 

  

	25.4	The receipt of copies of Notices hereunder by the Parties’ advisers shall not constitute or substitute the receipt of such communication by the Parties themselves,
irrespective of whether the delivery of such copy was mandated by this Agreement. 

 26. ENTIRE
AGREEMENT, INTERPRETATION 
  

	26.1	All exhibits and schedules to this Agreement form an integral part of this Agreement. 

 

	26.2	This Agreement and the other Transaction Documents together set out the whole agreement between the Parties in respect of the sale and purchase of the MACH Shares, the
Shareholder Instruments and the payable under the Evenex Note and supersede any prior agreement (whether oral or written) relating to the Proposed Transaction. 

 

	26.3	Changes or amendments to this Agreement (including this clause 26.3) must be made in writing by the Parties or in any other legally required form, if so required.
To the extent any changes or amendments to clauses 27, 30.4, 30.5 and this clause 26.3 is sought which is adverse to the rights of Purchaser’s Lenders, the prior written consent of each of Purchaser’s Lenders shall be required before such
change or amendment is rendered effective. 

  

	26.4	In this Agreement, the headings are inserted for convenience only and shall not affect the interpretation of this Agreement; where a German term has been inserted in
quotation marks and/or italics it alone (and not the English term to which it relates) shall be authoritative for the purpose of the interpretation of the relevant English term in this Agreement. The terms “including” and “in
particular” shall always mean “including, without limitation” and “in particular, without limitation”, respectively. 

  

	26.5	The headings and sub-headings of the clauses and paragraphs contained in this Agreement are for convenience and reference purposes only. They shall be disregarded for
purposes of interpretation of this Agreement. 

  

	26.6	Where a set of facts is to be analyzed by reference to the laws of a foreign jurisdiction, any reference in this Agreement to any German legal term shall be deemed to
include a reference to the equivalent (funktionsgleich) legal term under the laws of such jurisdiction. Where foreign law does not provide for any corresponding legal term, such legal term as functionally comes closest to the German legal
term shall be used instead. 

  
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	26.7	Any reference made in this Agreement to any clauses without further indication of a law or an agreement shall mean clauses of this Agreement. 

27. NO THIRD PARTY RIGHTS 

This Agreement shall not grant any rights to, and is not intended to operate for the benefit of, third parties unless otherwise explicitly provided for
herein. Notwithstanding the foregoing, Purchaser’s Lenders shall be third party beneficiaries under this Agreement with respect to clauses 6.3, 6.4, 26.3, 30.4, 30.5, and this clause 27. Wherever under this Agreement any party other than
Purchaser is to be indemnified by Seller, such other party, in particular the Target Companies, shall not be entitled to bring any claims for indemnification against Seller (kein echter Vertrag zugunsten Dritter). 

28. NO ASSIGNMENT, NO SET-OFF RIGHTS,
FURTHER ASSURANCES 
  

	28.1	Unless otherwise explicitly provided for in this Agreement, no Party shall be entitled to assign any rights or claims under this Agreement without the written consent
of the other Parties. 

  

	28.2	The Seller may assign all or any of its rights under this Agreement without the consent of the other Parties to one or more of members of the Seller Group, subject to
the condition that the Seller will procure that, before any assignee subsequently ceases to be a member of the Seller Group, that assignee shall assign back to the Seller, or to another member of the Seller Group (which itself shall then be deemed
to be an assignee of the Seller for the purposes of this clause 28.2), so much of the benefit of this Agreement as has been assigned to it. 

  

	28.3	The Purchaser may: 

  

	(a)	assign (in whole or in part) the benefit of the Seller’s Guarantees with the consent of the Seller (such consent not to be unreasonably withheld) to any of its
Dependent Entities (together with the Purchaser and from Closing on the Target Companies the Purchaser Group) which is the legal and beneficial owner from time to time of any or all of the MACH Shares and the Shareholder Instruments as
if it were the Purchaser under this Agreement provided that the Purchaser shall ensure that before any such assignee subsequently ceases to be a member of the Purchaser Group it shall re-assign that benefit to the Purchaser or to another continuing
member of the Purchaser Group; and 

  

	(b)	assign or charge (in whole or in part) the benefit of this Agreement to the Purchaser’s Lenders as security for any financing provided in connection with the
transactions contemplated by this Agreement and such benefits may be further assigned to another transferee or assignee bank, financial institution or funds. 

 

	28.4	The Purchaser may at any time between the date of this Agreement and the day that is ten (10) Business Days prior to the Scheduled Closing Date assign (i) its
contractual position under this Agreement or (ii) any or all of its rights under this Agreement, each without the consent of the Seller, to any of its Dependent Entities who will as a consequence in case of (i) above assume all rights and
obligations of the Purchaser under this Agreement (the Designated Purchaser) or in case of (ii) above assume any or all of its rights under this Agreement, if and provided that: 

 

	(a)	such assignment pursuant to (i) above to the Designated Purchaser is made by way of an accession letter between the Designated Purchaser, the Purchaser and the
Seller in the form of Exhibit 28.4 (a), such accession letter to be notarized by a German notary public; 

  
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	(b)	in case of an assignment pursuant to (i) above, the Purchaser remains a party to this Agreement and guarantees the proper, complete and timely fulfillment of any
and all obligations of the Designated Purchaser; and 

  

	(c)	the Purchaser shall ensure that before any such Designated Purchaser or assignee within the meaning of (ii) above subsequently ceases to be a member of the
Purchaser Group it shall re-assign its contractual position under this Agreement (in case of (i) above) or right (in case of (ii) above) to the Purchaser or to another continuing member of the Purchaser Group by way of an accession letter
between the Designated Purchaser, the Purchaser (or another continuing member of the Purchaser Group, as the case may be) and the Seller in the form of Exhibit 28.4 (a) in case of (i) above, such accession letter to be notarized by a
German notary public, and by way of assignment to the assignee in case of (ii) above 

 provided that the
provisions of this clause 28.4 shall apply mutatis mutandis to any such continuing member of the Purchaser Group. 
  

	28.5	If an assignment is made in accordance with this clause 28, the liabilities of any member of the Seller Group to the Purchaser Group under this Agreement shall be no
greater than such liabilities would have been if the assignment had not occurred. 

  

	28.6	No Party, except as provided otherwise in this Agreement, shall be entitled (i) to set-off (aufrechnen) any rights and claims it may have under this
Agreement against any rights or claims any other Party may have under this Agreement or (ii) to refuse to perform any obligation it may have under this Agreement on the grounds that it has a right of retention
(Zurückbehaltungsrecht) unless the rights or claims of the relevant Party claiming a right of set-off (Aufrechnung) or retention (Zurückbehaltung) have been acknowledged (anerkannt) in writing by the relevant
other Party/Parties or have been confirmed by final decision of a competent court (Gericht) or arbitral tribunal (Schiedsgericht). 

  

	28.7	Each of the Seller and the Purchaser shall procure that its respective Affiliates comply with all obligations under the Transaction Documents that are expressed to
apply to any such Affiliates. 

 29. CERTAIN TERMINOLOGY 

 

	29.1	Business Day means a day other than a Saturday or Sunday or public holiday on which banks are open in London, Luxembourg and the City of New York for
general commercial business. 

  

	29.2	Except as expressly provided in this Agreement, interest payable under any provision of this Agreement shall be calculated on the basis of actual days elapsed divided
by 360. 

 30. GOVERNING LAW AND JURISDICTION

  

	30.1	This Agreement shall be exclusively governed by, and be construed in accordance with, the laws of the Federal Republic of Germany, without regard to principles of
conflicts of laws and without regard to the UN Convention on the Sale of Goods. 

  

	30.2	 Any dispute, controversy or claim arising from or in connection with this Agreement or its validity shall be finally settled by three arbitrators in
accordance with the Arbitration Rules of the German Institution of Arbitration e.V. (Deutsche Institution für Schiedsgerichtbarkeit e.V.) (DIS) as applicable at the time of the arbitral proceedings without recourse to the ordinary

  
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courts of law. The arbitral tribunal shall consist of three (3) arbitrators. The place of arbitration shall be Frankfurt am Main. The language of the arbitral proceedings shall be English,
provided, however, that written evidence may be submitted in either the English or German language. 

  

	30.3	If mandatory applicable law requires any matter arising out of, or in connection with, this Agreement and its execution to be decided upon by an ordinary court of law,
the competent courts in Frankfurt am Main shall have exclusive jurisdiction. 

  

	30.4	Notwithstanding the foregoing, each Party hereto agrees that it will not, and it will not cause any of its affiliates to, bring or support any action, cause of action,
claim, cross-claim or third-party claim of any kind or description, whether in law or in equity, whether in contract or in tort or otherwise, against the Purchaser’s Lenders, in any way relating to this Agreement or any of the transactions
contemplated by this Agreement, including, without limitation, any dispute arising out of or relating in any way to the Debt Funds or the performance thereof, in any forum other than a court of competent jurisdiction located within the City of New
York, New York, whether a state or Federal court, and that the provisions of clause 30.5 below relating to the waiver of jury trial shall apply to any such action, cause of action, claim, cross-claim or third-party claim. 

 

	30.5	WITH REGARD TO AN ACTION, CAUSE OF ACTION, CLAIM, CROSS-CLAIM OR THIRD PARTY CLAIM REFERRED TO IN CLAUSE 30.4, THE PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO THIS AGREEMENT AND ANY TRANSACTION CONTEMPLATED HEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT,
CONTRACT OR OTHERWISE. 

 31. INVALID PROVISIONS, UNINTENDED
GAPS (SALVATORISCHE KLAUSEL) 
  

	31.1	In the event that one or more provisions of this Agreement shall, or shall be deemed to, be invalid or unenforceable, the validity and enforceability of the other
provisions of this Agreement shall not be affected thereby. In such case, the Parties hereto agree to recognize and give effect to such valid and enforceable provision or provisions, which correspond as closely as possible with the commercial intent
of the Parties. 

  

	31.2	The same shall apply in the event that this Agreement contains any unintended gaps (unbeabsichtigte Vertragslücken). 

  
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