Document:

exv4w8

	 	 	 	 	 

Exhibit 4.8

REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT dated September 20, 2011, (this “Agreement”) is
entered into by and among Xylem Inc., an Indiana corporation (the “Company”), ITT
Corporation, an Indiana corporation (the “Initial Guarantor”), and J.P. Morgan
Securities LLC, RBS Securities Inc. and Wells Fargo Securities, LLC (the
“Representatives”), as representatives of the initial purchasers listed on Schedule 1
(the “Initial Purchasers”) to the Purchase Agreement dated as of September 15, 2011
among the Company, the Initial Guarantor and the Representatives (the “Purchase
Agreement”).

     The Company, the Initial Guarantor and the Representatives are parties to the Purchase
Agreement, which provides for the sale by the Company to the Initial Purchasers of $600,000,000
aggregate principal amount of the Company’s 3.550% Senior Notes due 2016 (the “2016 notes”) and
$600,000,000 aggregate principal amount of the Company’s 4.875% Senior Notes due 2021 (the “2021
notes” and, together with the 2016 notes, the “Securities”) which initially will be
guaranteed on an unsecured senior basis by the Initial Guarantor pursuant to the terms of the
Indenture (as defined below). As an inducement to the Initial Purchasers to enter into the
Purchase Agreement, the Company and the Initial Guarantor have agreed to provide to the Initial
Purchasers and their direct and indirect transferees the registration rights set forth in this
Agreement. The execution and delivery of this Agreement is a condition to the closing under the
Purchase Agreement.

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

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

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

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

     “Closing Date” shall mean the Closing Date as defined in the Purchase
Agreement.

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

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

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

 

 

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

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

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

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

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

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

     “Guarantees” shall mean the guarantees of the Securities and guarantees of the
Exchange Securities by the Guarantors under the Indenture.

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

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

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

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

     “Indenture” shall mean the Indenture relating to the Securities dated as of
September 20, 2011 among the Company, the Guarantors and Union Bank,

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N.A., as trustee, and as the same may be amended from time to time in accordance with
the terms thereof.

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

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

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

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

     “Notice and Questionnaire” shall mean a notice of registration statement and
selling security holder questionnaire distributed to a Holder by the Company upon receipt of a
Shelf Request from such Holder.

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

     “Participating Holder” shall mean any Holder of Registrable Securities that has
returned a completed and signed Notice and Questionnaire to the Company in accordance with
Section 2(b) hereof.

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

     “Prospectus” shall mean the prospectus included in, or, pursuant to the rules and
regulations of the Securities Act, deemed a part of, a Registration Statement, including any
preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus
supplement, including a prospectus supplement with respect to the terms of the offering of any
portion of the Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to such prospectus, and in each case including any document
incorporated by reference therein.

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

     “Registrable Securities” shall mean the Securities; provided that the
Securities shall cease to be Registrable Securities (i) when a Registration Statement with
respect to such Securities has become effective under the Securities Act and such Securities
have been exchanged or disposed of pursuant to such Registration Statement, (ii) when such
Securities cease to be outstanding or (iii) except in the case of Securities that otherwise
remain Registrable Securities and that are held by an Initial Purchaser and that are ineligible
to be exchanged in the Exchange Offer, when the Exchange Offer is consummated.

     “Registration Default” shall mean the occurrence of any of the following: (i) the
Exchange Offer is not completed on or prior to the Target Registration Date, (ii) the Shelf
Registration Statement, if required pursuant to Section 2(b)(i) or Section 2(b)(ii) hereof, has
not become effective on or prior to the Target Registration Date, (iii) if the Company receives
a Shelf Request pursuant to Section 2(b)(iii), the Shelf Registration Statement required to be
filed thereby has not become effective by the later of (a) the Target Registration Date and (b)
90 days after delivery of such Shelf Request, (iv) the Shelf Registration Statement, if required
by this Agreement, has become effective and thereafter ceases to be effective or the Prospectus
contained therein ceases to be usable, in each case whether or not permitted by this Agreement,
at any time during the Shelf Effectiveness Period, and such failure to remain effective or
usable exists for more than 30 days (whether or not consecutive) in any 12-month period or (v)
the Shelf Registration Statement, if required by this Agreement, has become effective and
thereafter, on more than two occasions in any 12-month period during the Shelf Effectiveness
Period, the Shelf Registration Statement ceases to be effective or the Prospectus contained
therein ceases to be usable, in each case whether or not permitted by this Agreement.

     “Registration Expenses” shall mean any and all expenses incident to performance of
or compliance by the Company and the Guarantors with this Agreement, including without
limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and
expenses incurred in connection with compliance with state securities or blue sky laws
(including reasonable fees and disbursements of counsel for any Underwriters or Holders in
connection with blue sky qualification of any Exchange Securities or Registrable Securities),
(iii) all expenses of any Persons in preparing or assisting in preparing, word processing,
printing and distributing any Registration Statement, any Prospectus, any Free Writing
Prospectus and any amendments or supplements thereto, any underwriting agreements, securities
sales agreements or other similar agreements and any other documents relating to the performance
of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and
disbursements relating to the qualification of the Indenture under applicable securities laws,
(vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements
of counsel for the Company and the Guarantors and, in the case of a Shelf Registration
Statement, the reasonable fees and

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disbursements of one counsel for the Participating Holders (which counsel shall be selected by
the Participating Holders holding a majority of the aggregate principal amount of Registrable
Securities held by such Participating Holders and which counsel may also be counsel for the
Initial Purchasers) and (viii) the fees and disbursements of the independent registered public
accountants of the Company and the Guarantors, including the expenses of any special audits or
“comfort” letters required by or incident to the performance of and compliance with this
Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and
expenses set forth in clause (ii) above) or the Holders and underwriting discounts and
commissions, brokerage commissions and transfer taxes, if any, relating to the sale or
disposition of Registrable Securities by a Holder.

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

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

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

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

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

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

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

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

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

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     “Staff” shall mean the staff of the SEC.

     “Target Registration Date” shall mean 365 days after the Closing Date.

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

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

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

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

     2. Registration Under the Securities Act. (a) To the extent not prohibited by any
applicable law or applicable interpretations of the Staff, the Company and the Guarantors shall
use their reasonable best efforts to (x) cause to be filed with the SEC an Exchange Offer
Registration Statement covering an offer to the Holders to exchange all the Registrable
Securities for Exchange Securities and (y) have such Registration Statement become and remain
effective until 180 days after the last Exchange Date for use by one or more Participating
Broker-Dealers. The Company and the Guarantors shall commence the Exchange Offer for each series
promptly after the Exchange Offer Registration Statement is declared effective by the SEC and
use their reasonable best efforts to complete the Exchange Offer for such series not later than
60 days after such effective date.

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

	(i)	 	that the Exchange Offer is being made pursuant to this Agreement and that all
Registrable Securities of such series validly tendered and not properly withdrawn will be
accepted for exchange;
	 
	(ii)	 	the dates of acceptance for exchange (which shall be a period of at least 20 Business
Days from the date such notice is mailed (or longer if required by applicable law)) (the
“Exchange Dates”);
	 
	(iii)	 	that any Registrable Security not tendered will remain outstanding and continue to
accrue interest but will not retain any rights under this Agreement, except as otherwise
specified herein;
	 
	(iv)	 	that any Holder electing to have a Registrable Security of a series exchanged pursuant to
the Exchange Offer for such series will be required

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	 	 	to (A) surrender such Registrable Security, together with the appropriate letters of
transmittal, to the institution and at the address and in the manner specified in the
notice, or (B) effect such exchange otherwise in compliance with the applicable
procedures of the depositary for such Registrable Security, in each case prior to the
close of business on the last Exchange Date with respect to such Exchange Offer; and
	 
	(v)	 	that any Holder of Registrable Securities of a series will be entitled to withdraw its
election, not later than the close of business on the last Exchange Date with respect to the
Exchange Offer for such series, by (A) sending to the institution and at the address specified
in the notice, a telegram, facsimile transmission or letter setting forth the name of such
Holder, the principal amount of Registrable Securities delivered for exchange and a statement
that such Holder is withdrawing its election to have such Securities exchanged or (B) effecting
such withdrawal in compliance with the applicable procedures of the depositary for the
Registrable Securities.

     As a condition to participating in the Exchange Offer, a Holder will be required to
represent to the Company and the Guarantors that prior to the consummation of the Exchange Offer
(which representation shall be contained in the letter of transmittal or other document
accompanying the Exchange Offer Registration Statement) (1) any Exchange Securities to be
received by it will be acquired in the ordinary course of its business, (2) at the time of the
commencement of the Exchange Offer it has no arrangement or understanding with any Person to
participate in the distribution (within the meaning of the Securities Act) of the Exchange
Securities in violation of the provisions of the Securities Act, (3) it is not an “affiliate”
(within the meaning of Rule 405 under the Securities Act) of the Company or any Guarantor and
(4) if such Holder is a broker-dealer that will receive Exchange Securities for its own account
in exchange for Registrable Securities that were acquired as a result of market-making or other
trading activities, then such Holder will deliver a Prospectus (or, to the extent permitted by
law, make available a Prospectus to purchasers) in connection with any resale of such Exchange
Securities.

     As soon as practicable after the last Exchange Date with respect to an Exchange Offer
for Registrable Securities of a series, the Company and the Guarantors shall use their
reasonable best efforts:

	(I)	 	accept for exchange Registrable Securities of such series or portions thereof validly
tendered and not properly withdrawn pursuant to such Exchange Offer; and
	 
	(II)	 	deliver, or cause to be delivered, to the Trustee for cancellation all Registrable
Securities of such series or portions thereof so accepted for exchange by the Company and
issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange
Securities of such

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	 	 	series equal in principal amount to the principal amount of the Registrable Securities
of such series validly tendered by such Holder and accepted for exchange pursuant to
such Exchange Offer.

     The Company and the Guarantors shall use their reasonable best efforts to complete the
Exchange Offer as provided above and shall comply with the applicable requirements of the
Securities Act, the Exchange Act and other applicable laws and regulations in connection with
the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that
the Exchange Offer does not violate any applicable law or applicable interpretations of the
Staff.

     (b) In the event that (i) the Company and the Guarantors determine that the Exchange Offer
Registration provided for in Section 2(a) hereof is not available or the Exchange Offer for
Registrable Securities of a series may not be completed as soon as practicable after the last
Exchange Date with respect to such Exchange Offer because it would violate any applicable law or
applicable interpretations of the Staff, (ii) the Exchange Offer is not for any other reason
completed by the Target Registration Date or (iii) upon receipt of a written request (a
“Shelf Request”) from any Initial Purchaser representing that it holds Registrable
Securities of the applicable series that are or were ineligible to be exchanged in the Exchange
Offer, the Company and the Guarantors shall use their reasonable best efforts to cause to be
filed as soon as practicable after such determination, date or Shelf Request, as the case may
be, a Shelf Registration Statement providing for the sale of all the Registrable Securities of
such series by the Holders thereof and to have such Shelf Registration Statement become
effective; provided that no Holder will be entitled to have any Registrable Securities
included in any Shelf Registration Statement, or entitled to use the prospectus forming a part
of such Shelf Registration Statement, until such Holder shall have delivered a completed and
signed Notice and Questionnaire and provided such other information regarding such Holder to the
Company as is contemplated by Section 3(b) hereof.

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

     The Company and the Guarantors agree to use their reasonable best efforts to keep the
Shelf Registration Statement continuously effective until the Securities cease to be
Registrable Securities (the “Shelf Effectiveness Period”). The Company and the
Guarantors further agree to supplement or amend the

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

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

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

     If a Registration Default occurs, with respect to a series of Registrable Securities the
interest rate on the Registrable Securities of such series will be increased by (i) 0.25% per
annum for the first 90-day period beginning on the day immediately following such Registration
Default and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, in
each case until and including the date such Registration Default ends, up to a maximum increase
of 1.00% per annum. A Registration Default ends when the Securities of such series cease to be
Registrable Securities or, if earlier, (1) in the case of a Registration Default under clause
(i) of the definition thereof, when the Exchange Offer for such series is completed, (2) in the
case of a Registration Default under clause (ii) or clause (iii) of the definition thereof, when
the Shelf Registration Statement becomes effective or (3) in the case of a Registration Default
under clause (iv) or clause (v) of the definition thereof, when the Shelf Registration Statement
again becomes effective or the Prospectus again becomes usable. If at any time more than one
Registration Default has occurred and is continuing, then, until the next date that there is no
Registration Default, the increase in interest rate provided for by this paragraph shall apply
as if there occurred a single Registration Default that begins on the date that the earliest
such Registration Default occurred and ends on such next date that there is no Registration
Default.

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

     3. Registration Procedures. (a) In connection with their obligations pursuant
to Section 2(a) and Section 2(b) hereof, the Company and the Guarantors shall as soon as
practicable:

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

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

     (iii) to the extent any Free Writing Prospectus is used, file with the SEC any Free Writing
Prospectus that is required to be filed by the Company or the Guarantors with the SEC in
accordance with the Securities Act and to retain any Free Writing Prospectus not required to be
filed;

     (iv) in the case of a Shelf Registration, furnish to each Participating Holder, to counsel
for the Initial Purchasers (if any Registrable Securities held by the Initial Purchasers are
included in such Registration Statement), to counsel for such Participating Holders and to each
Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as
many copies of each Prospectus, preliminary prospectus or Free Writing Prospectus, and any
amendment or supplement thereto, as such Participating Holder, counsel or Underwriter may
reasonably request in order to facilitate the sale or other

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disposition of the Registrable Securities thereunder; and, subject to Section 3(c) hereof, the
Company and the Guarantors consent to the use of such Prospectus, preliminary prospectus or such
Free Writing Prospectus and any amendment or supplement thereto in accordance with applicable
law by each of the Participating Holders and any such Underwriters in connection with the
offering and sale of the Registrable Securities covered by and in the manner described in such
Prospectus, preliminary prospectus or such Free Writing Prospectus or any amendment or
supplement thereto in accordance with applicable law;

     (v) use their reasonable best efforts to register or qualify the Registrable Securities
under all applicable state securities or blue sky laws of such jurisdictions as any
Participating Holder shall reasonably request in writing by the time the applicable Registration
Statement becomes effective; cooperate with such Participating Holders in connection with any
filings required to be made with FINRA; and do any and all other acts and things that may be
reasonably necessary or advisable to enable each Participating Holder to complete the
disposition in each such jurisdiction of the Registrable Securities owned by such Participating
Holder; provided that neither the Company nor any Guarantor shall be required to (1)
qualify as a foreign corporation or other entity or as a dealer in securities in any such
jurisdiction where it would not otherwise be required to so qualify, (2) file any general
consent to service of process in any such jurisdiction, (3) subject itself to taxation in any
such jurisdiction if it is not so subject or (4) make any changes to its incorporating
organization documents;

     (vi) notify counsel for the Initial Purchasers and, in the case of a Shelf Registration,
notify each Participating Holder and counsel for such Participating Holders promptly and, if
requested by any such Participating Holder or counsel, confirm such advice in writing (1) when a
Registration Statement has become effective, when any post-effective amendment thereto has been
filed and becomes effective, when any Free Writing Prospectus has been filed or any amendment or
supplement to the Prospectus or any Free Writing Prospectus has been filed, (2) of any request
by the SEC or any state securities authority for amendments and supplements to a Registration
Statement, Prospectus or any Free Writing Prospectus or for additional information after the
Registration Statement has become effective, (3) of the issuance by the SEC or any state
securities authority of any stop order suspending the effectiveness of a Registration Statement
or the initiation of any proceedings for that purpose, including the receipt by the Company of
any notice of objection of the SEC to the use of a Shelf Registration Statement or any
post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if,
between the applicable effective date of a Shelf Registration Statement and the closing of any
sale of Registrable Securities covered thereby, the representations and warranties of the
Company or any Guarantor contained in any underwriting agreement, securities sales agreement or
other similar agreement, if any, relating to an offering of such Registrable Securities cease to
be true and correct in all material respects or if the Company or any Guarantor receives any
notification with respect to the suspension of the qualification of the Registrable Securities
for sale in any

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jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any
event during the period a Registration Statement is effective that makes any statement made in
such Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in
any material respect or that requires the making of any changes in such Registration Statement
or Prospectus or any Free Writing Prospectus in order to make the statements therein not
misleading and (6) of any determination by the Company or any Guarantor that a post-effective
amendment to a Registration Statement or any amendment or supplement to the Prospectus or any
Free Writing Prospectus would be appropriate;

     (vii) use their reasonable best efforts to obtain the withdrawal of any order suspending
the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the
resolution of any objection of the SEC pursuant to Rule 401(g)(2) under the Securities Act,
including by filing an amendment to such Registration Statement on the proper form, at the
earliest possible moment and provide immediate notice to each Holder or Participating Holder of
the withdrawal of any such order or such resolution;

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

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

     (x) upon the occurrence of any event contemplated by
Section 3(a)(vi)(5) hereof, use their reasonable best efforts to prepare and file with the SEC a
supplement or post-effective amendment to the applicable Exchange Offer Registration Statement
or Shelf Registration Statement or the related Prospectus or any Free Writing Prospectus or any
document incorporated therein by reference or file any other required document so that, as
thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the
Registrable Securities, such Prospectus or Free Writing Prospectus, as the case may be, will not
contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not
misleading; and the Company and the Guarantors shall notify the Participating Holders (in the
case of a Shelf Registration Statement) and the Initial Purchasers and any Participating
Broker-Dealers known to the Company (in the case of an Exchange Offer Registration Statement) to
suspend use of the Prospectus or any Free Writing Prospectus as

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promptly as practicable after the occurrence of such an event, and such Participating Holders,
such Participating Broker-Dealers and the Initial Purchasers, as applicable, hereby agree to
suspend use of the Prospectus or any Free Writing Prospectus, as the case may be, until the
Company and the Guarantors have amended or supplemented the Prospectus or the Free Writing
Prospectus, as the case may be, to correct such misstatement or omission;

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

     (xii) obtain a CUSIP number for all Exchange Securities of each series or Registrable
Securities of each series, as the case may be, not later than the initial effective date of a
Registration Statement covering such Exchange Securities or Registrable Securities;

     (xiii) cause the Indenture to be qualified under the Trust Indenture Act in connection with
the registration of the Exchange Securities or Registrable Securities, as the case may be;
cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be
required for the Indenture to be so qualified in accordance with the terms of the Trust
Indenture Act; and execute, and use their reasonable best efforts to cause the Trustee to
execute, all documents as may be required to effect such changes and all other forms and
documents required to be filed with the SEC to enable the Indenture to be so qualified in a
timely manner;

13

 

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

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

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

     (xvii) in the case of a Shelf Registration, enter into such customary agreements and take
all such other actions in connection therewith (including those requested by the Holders of a
majority in principal amount of the Registrable Securities covered by the Shelf Registration
Statement) in order to expedite or facilitate the disposition of such Registrable Securities
including, but not limited to, an Underwritten Offering and in such connection, (1) to the
extent possible, make such representations and warranties to the Participating Holders and any
Underwriters of such Registrable Securities with respect to the business of the Company and its
subsidiaries and the Registration Statement, Prospectus, any Free Writing Prospectus and
documents incorporated by reference or deemed incorporated by reference, if any, in each case,
in form, substance and scope as are customarily made by issuers to underwriters in underwritten
offerings and confirm the same if and when required by the applicable underwriting agreement,
(2) obtain opinions of counsel to the Company and the Guarantors (which counsel and opinions, in
form, scope and substance, shall be

14

 

reasonably satisfactory to the Participating Holders and such Underwriters and their respective
counsel) addressed to each Participating Holder and Underwriter of Registrable Securities, in
customary form subject to customary limitations, assumptions and exclusions and covering the
matters customarily covered in opinions requested in underwritten offerings, (3) obtain
“comfort” letters from the independent registered public accountants of the Company and the
Guarantors (and, if necessary, any other registered public accountant of any subsidiary of the
Company or any Guarantor, or of any business acquired by the Company or any Guarantor for which
financial statements and financial data are or are required to be included in the Registration
Statement) addressed to each Participating Holder (to the extent permitted by applicable
professional standards) and Underwriter of Registrable Securities, such letters to be in
customary form and covering matters of the type customarily covered in “comfort” letters in
connection with underwritten offerings, including but not limited to financial information
contained in any preliminary prospectus, Prospectus or Free Writing Prospectus and (4) deliver
such documents and certificates as may be reasonably requested by the Holders of a majority in
principal amount of the Registrable Securities being sold or the Underwriters, and which are
customarily delivered in underwritten offerings, to evidence the continued validity of the
representations and warranties of the Company and the Guarantors made pursuant to clause (1)
above and to evidence compliance with any customary conditions contained in the applicable
underwriting agreement; and

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

     (b) In the case of a Shelf Registration Statement, the Company may require each Holder of
Registrable Securities to furnish to the Company a Notice and Questionnaire and such other
information regarding such Holder and the proposed disposition by such Holder of such
Registrable Securities as the Company and the Guarantors may from time to time reasonably
request in writing. For greater certainty, the Company and the Guarantors shall be entitled to
refuse to include for registration the Registrable Securities held by a Holder who fails to
comply with such request and such Holder shall not be entitled to include for registration its
Registrable Securities until it provides such information.

     (c) Each Participating Holder agrees that, upon receipt of any notice from the Company and
the Guarantors of the happening of any event of the kind described in Section 3(a)(vi)(3) or
Section 3(a)(vi)(5) hereof, such Participating Holder will forthwith discontinue disposition of
Registrable Securities pursuant to the Shelf Registration Statement until such Participating
Holder’s receipt of the copies of the supplemented or amended Prospectus and any Free Writing

15

 

Prospectus contemplated by Section 3(a)(x) hereof and, if so directed by the Company and the
Guarantors, such Participating Holder will deliver to the Company and the Guarantors all copies
in its possession, other than permanent file copies then in such Participating Holder’s
possession, of the Prospectus and any Free Writing Prospectus covering such Registrable
Securities that is current at the time of receipt of such notice.

     (d) If the Company and the Guarantors shall give any notice to suspend the disposition of
Registrable Securities pursuant to a Registration Statement, the Company and the Guarantors
shall extend the period during which such Registration Statement shall be maintained effective
pursuant to this Agreement by the number of days during the period from and including the date
of the giving of such notice to and including the date when the Holders of such Registrable
Securities shall have received copies of the supplemented or amended Prospectus or any Free
Writing Prospectus necessary to resume such dispositions. The Company and the Guarantors may
give any such notice only twice during any 365-day period and any such suspensions shall not
exceed 30 days for each suspension and there shall not be more than two suspensions in effect
during any 365-day period.

     (e) The Participating Holders who desire to do so may sell such Registrable Securities in
an Underwritten Offering. In any such Underwritten Offering, the investment bank or investment
banks and manager or managers (each an “Underwriter”) that will administer the offering
will be selected by the Holders of a majority in principal amount of the Registrable Securities
included in such offering.

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

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

16

 

     (b) In light of the above, and notwithstanding the other provisions of this Agreement, the
Company and the Guarantors agree to amend or supplement the Prospectus contained in the Exchange
Offer Registration Statement for a period of up to 180 days after the last Exchange Date (as
such period may be extended pursuant to Section 3(d) hereof), in order to expedite or facilitate
the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the
positions of the Staff recited in Section 4(a) above. The Company and the Guarantors further
agree that Participating Broker-Dealers shall be authorized to deliver such Prospectus (or, to
the extent permitted by law, make available) during such period in connection with the resales
contemplated by this Section 4.

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

     5. Indemnification and Contribution. (a) The Company and each Guarantor, jointly
and severally, agree to indemnify and hold harmless each Initial Purchaser and each Holder,
their respective affiliates, directors and officers and each Person, if any, who controls any
Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, from and against any and all losses, claims, damages and
liabilities (including, without limitation, legal fees and other expenses incurred in connection
with any suit, action or proceeding or any claim asserted, as such fees and expenses are
incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or
alleged untrue statement of a material fact contained in any Registration Statement or any
omission or alleged omission to state therein a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, or (2) any untrue statement or
alleged untrue statement of a material fact contained in any Prospectus, any Free Writing
Prospectus or any “issuer information” (“Issuer Information”) filed or required to be
filed pursuant to Rule 433(d) under the Securities Act, or any omission or alleged omission to
state therein a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading, in each case except insofar as
such losses, claims, damages or liabilities arise out of, or are based upon, any untrue
statement or omission or alleged untrue statement or omission made in reliance upon and in
conformity with any information relating to any Initial Purchaser or information relating to any
Holder furnished to the Company in writing through the Representatives or any selling Holder,
respectively, expressly for use therein. In connection with any Underwritten Offering permitted
by Section 3, the Company and the Guarantors, jointly and severally, will also indemnify the
Underwriters, if any, selling brokers, dealers and similar securities industry professionals
participating in the distribution, their respective affiliates and each Person who controls such
Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as
provided above with respect to the indemnification of the Holders, if requested in connection
with any Registration

17

 

Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information.

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

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

18

 

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

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

19

 

access to information and opportunity to correct or prevent such statement or omission.

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

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

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

     6. General.

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

20

 

     (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of
this sentence, may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given unless the Company and the Guarantors
have obtained the written consent of Holders of at least a majority in aggregate principal
amount of the outstanding Registrable Securities affected by such amendment, modification,
supplement, waiver or consent; provided that no amendment, modification, supplement,
waiver or consent to any departure from the provisions of Section 5 hereof shall be effective as
against any Holder of Registrable Securities unless consented to in writing by such Holder. Any
amendments, modifications, supplements, waivers or consents pursuant to this Section 6(b) shall
be by a writing executed by each of the parties hereto.

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

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

21

 

obligation to the Company or the Guarantors with respect to any failure by a Holder to comply
with, or any breach by any Holder of, any of the obligations of such Holder under this
Agreement.

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

     (f) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement.

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

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

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

22

 

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

	 	 	 	 	 
	 	XYLEM INC.

 	 
	 	By  	/s/ Michael Speetzen
 	 
	 	 	Name:  	Michael Speetzen 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	ITT CORPORATION

 	 
	 	By  	/s/ Colleen Ostrowski
 	 
	 	 	Name:  	Colleen Ostrowski 	 
	 	 	Title:  	Vice President and Treasurer 	 

23

 

	 	 	 	 	 

Confirmed and accepted as of the date first above written:

J. P. MORGAN SECURITIES LLC

RBS SECURITIES INC.

WELLS FARGO SECURITIES, LLC

For themselves and on behalf of the

several Initial Purchasers

	 	 	 	 	 
	 	J. P. MORGAN SECURITIES LLC

 	 
	 	By  	/s/ Maria Sramek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	RBS SECURITIES INC.

 	 
	 	By  	/s/ Steven Fitzpatrick
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	WELLS FARGO SECURITIES, LLC

 	 
	 	By  	/s/ Carolyn Hurley
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

24

 

	 	 	 	 	 

Annex A

Counterpart to Registration Rights Agreement

     The undersigned hereby absolutely, unconditionally and irrevocably agrees as a Guarantor
(as defined in the Registration Rights Agreement, dated September 20, 2011 by and among Xylem
Inc., an Indiana corporation, ITT Corporation, an Indiana corporation and J.P. Morgan
Securities LLC, RBS Securities Inc. and Wells Fargo Securities, LLC, on behalf of themselves
and the other Initial Purchasers) to be bound by the terms and provisions of such Registration
Rights Agreement.

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

	 	 	 	 	 
	 	[GUARANTOR]

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:exv10w1

EXHIBIT 10.1

SHARE REPURCHASE AGREEMENT

     THIS SHARE REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of this
15th day of September, 2011, by and between ML Global Private Equity Fund, L.P. and ML HCA
Co-Invest, L.P. (collectively, the “Sellers”) and HCA Holdings, Inc., a Delaware
corporation (the “Purchaser”).

RECITALS

     WHEREAS, after due consideration the board of directors of the Purchaser has approved the
Repurchase Transaction (as defined below) and related transactions that may be required in
connection with the Repurchase Transaction.

     WHEREAS, the Sellers desire to sell shares beneficially owned by them of common stock, par
value $0.01 per share, of the Purchaser (“Common Shares”) to the Purchaser and the
Purchaser desires to purchase Common Shares from the Sellers, on the terms and conditions set forth
in this Agreement (the “Repurchase Transaction”).

     WHEREAS, at or prior to the Closing Date (as defined below), the Sellers will receive a
distribution of the Common Shares to be sold in the Repurchase Transaction from Hercules Holding
II, LLC, a Delaware limited liability company (“Hercules”), resulting from the Sellers’
interests in Hercules (the “Distribution”).

     WHEREAS, the Coordination Committee of Hercules has approved the Distribution as required in
accordance with the Amended and Restated Limited Liability Company Agreement of Hercules, dated as
of November 17, 2006, as amended (the “Approval”).

     NOW, THEREFORE, in consideration of the premises and the agreements set forth below, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

ARTICLE I

SALE AND PURCHASE OF COMMON SHARES

     Section 1.1 Purchase. Subject to the terms and conditions of this Agreement, on
September 21, 2011 or such date as prescribed in Section 1.2 hereof (in each case, the “Closing
Date”), the Sellers shall sell, assign, transfer, convey and deliver to the Purchaser, and the
Purchaser shall purchase, acquire and accept from the Sellers, 80,771,143 Common Shares (the
“Shares”), as shown in further detail in Schedule A hereto. The purchase price for
the shares shall be $18.61 per share, resulting in a total purchase price of $1,503,150,971.23 (the
“Purchase Price”).

     Section 1.2 Closing. On the Closing Date, the Sellers shall deliver or cause to be
delivered to the Purchaser all of the Sellers’ right, title and interest in and to the Shares by an
appropriate method reasonably agreed to by the Purchaser and the Sellers, together, in each case,
with all documentation reasonably necessary to transfer to Purchaser right, title and interest in
and to the Shares. On the Closing Date, the Purchaser shall pay to the Sellers the Purchase Price
in cash by wire transfer of immediately available funds in accordance with the wire transfer
instructions provided by the Sellers to the Purchaser. In no case shall the Closing Date occur
prior to the first business day after which the Sellers have received the Shares pursuant to the
Distribution.

 

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF THE SELLERS

     Each Seller hereby makes the following representations and warranties to the Purchaser as to
itself, each of which is true and correct on the date hereof and the Closing Date and shall survive
the Closing Date.

     Section 2.1 Existence and Power.

          (a) Seller has the power, authority and capacity to execute and deliver this
Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated
hereby.

          (b) Subject to receipt of the Approval, the execution and delivery of this Agreement
by Seller and the consummation by the Seller of the transactions contemplated hereby (i) do not
require the consent, approval, authorization, order, registration or qualification of, or (except
for filings pursuant to Section 16 or Regulation 13D under the Securities Exchange Act of 1934)
filing with, any governmental authority or court, or body or arbitrator having jurisdiction over
the Sellers; and (ii) except as would not have an adverse effect on the ability of Seller to
consummate the transactions contemplated by this Agreement, do not and will not constitute or
result in a breach, violation or default under any note, bond, mortgage, deed, indenture, lien,
instrument, contract, agreement, lease or license, whether written or oral, express or implied, to
which such Seller is a party or with the Seller’s organizational documents, or any statute, law,
ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court,
administrative or regulatory body, governmental authority, arbitrator, mediator or similar body on
the part of Seller or cause the acceleration or termination of any obligation or right of the
Seller or any other party thereto.

     Section 2.2 Valid and Enforceable Agreement; Authorization. This Agreement has been
duly executed and delivered by Seller and, subject to receipt of the Approval, constitutes a legal,
valid and binding obligation of Seller, enforceable against the Sellers in accordance with its
terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and other similar laws of general application affecting enforcement of
creditors’ rights generally and general principles of equity.

     Section 2.3 Title to Shares. After giving effect to the Distribution, Seller will
have good and valid title to the Shares beneficially owned by it (as reflected on Schedule
A hereto) free and clear of any lien, encumbrance, pledge, charge, security interest, mortgage,
title retention agreement, option, equity or other adverse claim, and has not, in whole or in part,
(a) assigned, transferred, hypothecated, pledged or otherwise disposed of the Shares or its
ownership rights in such Shares, or (b) given any person or entity any transfer order, power of
attorney or other authority of any nature whatsoever with respect to such Shares.

     Section 2.4 Sophistication of Seller. Seller acknowledges and agrees that, except as
set forth in this Agreement, the Purchaser is not making any express or implied warranties in
connection with the Repurchase Transaction. Seller has such knowledge and experience in financial
and business matters and in making investment decisions of this type that it is capable of
evaluating the merits and risks of making their investment decision regarding the Repurchase
Transaction and of making an informed investment decision. Seller and/or Seller’s advisor(s) have
had a reasonable opportunity to ask questions of and receive answers from a person or persons
acting on behalf of the Purchaser concerning the Shares and the Purchaser and all such questions
have been answered to the Seller’s full satisfaction. Seller is not relying

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on the Purchaser with respect to the tax and other economic considerations of the Repurchase
Transaction, and Seller has relied on the advice of, or have consulted with, Seller’s own advisors.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

     The Purchaser hereby makes the following representations and warranties to the Sellers, each
of which is true and correct on the date hereof and the Closing Date and shall survive the Closing
Date.

     Section 3.1 Existence and Power.

          (a) The Purchaser is a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware and has the power, authority and capacity to
execute and deliver this Agreement, to perform the Purchaser’s obligations hereunder, and to
consummate the transactions contemplated hereby.

          (b) The execution and delivery of this Agreement by the Purchaser and the
consummation by the Purchaser of the transactions contemplated hereby (i) does not require the
consent, approval, authorization, order, registration or qualification of, or filing with, any
governmental authority or court, or body or arbitrator having jurisdiction over the Purchaser; and
(ii) except as would not have an adverse effect on the ability of Purchaser to consummate the
transactions contemplated by this Agreement, does not and will not constitute or result in a
breach, violation or default under, any note, bond, mortgage, deed, indenture, lien, instrument,
contract, agreement, lease or license, whether written or oral, express or implied, to which
Purchaser is a party, with the Purchaser’s articles of incorporation or code of regulations, or
any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of
any court, administrative or regulatory body, governmental authority, arbitrator, mediator or
similar body on the part of the Purchaser or cause the acceleration or termination of any
obligation or right of the Purchaser or any other party thereto.

     Section 3.2 Valid and Enforceable Agreement; Authorization. This Agreement has been
duly executed and delivered by the Purchaser and constitutes a legal, valid and binding obligation
of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as limited
by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other
similar laws of general application affecting enforcement of creditors’ rights generally and
general principles of equity.

     Section 3.3 Sufficient Funds. Purchaser has as of the date hereof and will have as of
the Closing Date access to fully committed funds sufficient to consummate the transactions
contemplated by this Agreement.

ARTICLE IV

MISCELLANEOUS PROVISIONS

     Section 4.1 Notice. Any notice provided for in this Agreement shall be in writing and
shall be either personally delivered, or mailed first class mail (postage prepaid) with return
receipt requested or sent by reputable overnight courier service (charges prepaid) to the address
and to the attention of the person set forth in this Agreement. Notices will be deemed to have been
given hereunder when delivered personally, three business days after deposit in the U.S. mail
postage prepaid with return receipt requested and two business days after deposit postage prepaid
with a reputable overnight courier service for delivery on the next business day.

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If delivered to the Purchaser, to:

HCA Holdings, Inc.

One Park Plaza

Nashville, TN 37203

Attention: General Counsel

with a copy to:

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Attention: Joseph Kaufman

                 Sean Rodgers

if to the Sellers, to:

Merrill Lynch Global Private Equity

767 Fifth Avenue, 7th Floor

New York, NY 10153

Attention: General Counsel

with a copy to:

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, NY 10019

Attention: Nicholas G. Demmo

     Section 4.2 Entire Agreement. This Agreement and the other documents and agreements
executed in connection with the Repurchase Transaction embody the entire agreement and
understanding of the parties hereto with respect to the subject matter hereof and supersede all
prior and contemporaneous oral or written agreements, representations, warranties, contracts,
correspondence, conversations, memoranda and understandings between or among the parties or any of
their agents, representatives or affiliates relative to such subject matter, including, without
limitation, any term sheets, emails or draft documents.

     Section 4.3 Assignment; Binding Agreement. This Agreement and the various rights and
obligations arising hereunder shall inure to the benefit of and be binding upon the parties hereto
and their successors and assigns.

     Section 4.4 Counterparts. This Agreement may be executed in multiple counterparts,
and on separate counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same instrument. Any counterpart or other signature hereupon
delivered by facsimile shall be deemed for all purposes as constituting good and valid execution
and delivery of this Agreement by such party.

     Section 4.5 Governing Law. This Agreement shall in all respects be construed in
accordance with and governed by the substantive laws of the State of Delaware, without giving
effect to principles of conflicts of laws. Each party hereto waives, to the fullest extent
permitted by applicable law, any right it

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may have to a trial by jury in respect of any action, suit or proceeding arising out of or
relating to this Agreement or any transaction contemplated hereby.

     Section 4.6 No Third Party Beneficiaries or Other Rights. Nothing herein shall grant
to or create in any person not a party hereto, or any such person’s dependents or heirs, any right
to any benefits hereunder, and no such party shall be entitled to sue any party to this Agreement
with respect thereto.

     Section 4.7 Release. Except in respect of any claim of a breach of this Agreement,
(i) the Sellers do hereby release the Purchaser, its shareholders, its affiliates and successors,
and all of the Purchaser’s directors, officers, employees and agents (collectively, the
“Company Parties”), and agree to hold them, and each of them, harmless from any and all
claims or causes of action that the Sellers may now have or know about, or hereafter may learn
about, arising out of or in any way connected with the Repurchase Transaction and the Sellers agree
that the Sellers will not file any claim, charge, or lawsuit for the purpose of obtaining any
monetary awards in connection with the Repurchase Transaction, and (ii) Purchaser does hereby
release Sellers, their respective general and limited partners, affiliates and successors, and all
of the Sellers’ directors, officers, managers, members, employees and agents (collectively, the
“Seller Parties”), and agree to hold them, and each of them, harmless from any and all
claims or causes of action that Purchaser may now have or know about, or hereafter may learn about,
arising out of or in any way connected with the Repurchase Transaction and Purchaser agrees that
Purchaser will not file any claim, charge, or lawsuit for the purpose of obtaining any monetary
awards in connection with the Repurchase Transaction. The parties acknowledge that the foregoing
release includes, but is not limited to, any claim arising under any federal, state, or local law,
whether statutory or judicial, or ordinance, or any administrative regulation.

     Section 4.8 Waiver; Consent. This Agreement and its terms may not be changed,
amended, waived, terminated, augmented, rescinded or discharged (other than in accordance with its
terms), in whole or in part, except by a writing executed by the parties hereto.

     Section 4.9 No Broker. Except as previously disclosed to each other party, no party
has engaged any third party as broker or finder or incurred or become obligated to pay any broker’s
commission or finder’s fee in connection with the transactions contemplated by this Agreement.

     Section 4.10 Further Assurances. Each party hereto hereby agrees to execute and
deliver, or cause to be executed and delivered, such other documents, instruments and agreements,
and take such other actions consistent with the terms of this Agreement as may be reasonably
necessary in order to accomplish the transactions contemplated by this Agreement.

     Section 4.11 Costs and Expenses. Each party hereto shall each pay their own
respective costs and expenses, including, without limitation, any commission or finder’s fee to any
broker or finder, incurred in connection with the negotiation, preparation, execution and
performance of this Agreement.

     Section 4.12 Severability. If any one or more of the provisions contained herein, or
the application thereof in any circumstance, is held invalid, illegal or unenforceable, the
validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions contained herein shall not be affected or impaired thereby.

(Signatures appear on the next page.)

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     IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of
the date first above written.

	 	 	 	 	 
	 	THE PURCHASER:

HCA HOLDINGS, INC.

 	 
	 	By:  	/s/ John M. Franck II
 	 
	 	 	Name:  	John M. Franck 	 
	 	 	Title:  	Vice President and Corporate Secretary 	 
	 

[Signature Page to Share Repurchase Agreement]

 

 

	 	 	 	 	 
	 	AS A SELLER:

ML GLOBAL PRIVATE EQUITY FUND, L.P.

 	 
	 	By:  	  MLGPE LTD, its general partner
 	 
	 	 	 	 
	 	By:  	         /s/ James D. Forbes
 	 
	 	 	Name:  	James D. Forbes 	 
	 	 	Title:  	President 	 
	 

[Signature Page to Share Repurchase Agreement]

 

 

	 	 	 	 	 
	 	AS A SELLER:

ML HCA CO-INVEST, L.P.

 	 
	 	By:  	  ML HCA Co-Invest LTD, its general partner

 	 
	 	By:  	         /s/ James D. Forbes
 	 
	 	 	Name:  	James D. Forbes 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Share Repurchase Agreement]

 

 

Schedule A

	 	 	 	 	 
	Seller	 	Common Shares	 
	ML Global Private Equity Fund, L.P.
	 	 	76,272,414	 
	ML HCA Co-Invest, L.P.
	 	 	4,498,729	 
	TOTAL
	 	 	80,771,143

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