Document:

Second Supplemental Indenture

 Exhibit 4.1 
 EXECUTION COPY 
 SECOND SUPPLEMENTAL INDENTURE 
 SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of November 16, 2006, by and among New Alberto-Culver LLC,
a Delaware limited liability company and successor to the company formerly named Alberto-Culver Company (“Alberto-Culver LLC”), Alberto-Culver Company, a Delaware corporation formerly known as New Aristotle Holdings, Inc.
(“Guarantor”), and The Bank of New York Trust Company, N.A., as successor in interest to J.P. Morgan Trust Company, N.A., successor in interest to Bank One, N.A., formerly The First National Bank of Chicago, as trustee (the
“Trustee”) under the Indenture, dated as of June 10, 1998, between Alberto-Culver LLC and the Trustee, as amended and supplemented by the First Supplemental Indenture, dated as of October 5, 2006 (as so amended and
supplemented, the “Indenture”). 
 W I T N E S S E T H 
 WHEREAS, Alberto-Culver LLC has executed and delivered the Indenture, under which there were issued $120,000,000 of aggregate principal amount of
Alberto-Culver LLC’s 6.375% Debentures due June 15, 2028 (the “Alberto-Culver LLC Debentures”) in accordance with the terms of the Indenture; 
 WHEREAS, Alberto-Culver LLC entered into the Investment Agreement, dated as of June 19, 2006, as amended, among Alberto-Culver LLC, New Aristotle Company, Sally Holdings, Inc. (“Sally”), New
Sally Holdings, Inc. (“New Sally”) and CDRS Acquisition LLC (the “Investment Agreement”); 
 WHEREAS,
pursuant to the Investment Agreement, Alberto-Culver LLC agreed, among other things and subject to the terms and conditions of the Investment Agreement, to the distribution of all of the issued and outstanding shares of common stock of Guarantor on
a pro rata basis to the holders of record of New Sally common stock upon the terms and subject to the conditions set forth in the Separation Agreement, dated as of June 19, 2006, as amended, among Alberto-Culver LLC, New Sally, Sally and
Guarantor; and 
 WHEREAS, this Supplemental Indenture amends the Indenture, pursuant to Section IX.1 thereof, to provide for the full and
unconditional guarantee by the Guarantor of the full and punctual payment, when due, of the principal of, premium, if any, and interest on the Alberto-Culver LLC Debentures previously issued under the Indenture and outstanding on the date of this
Supplemental Indenture, and the full and punctual performance within any applicable grace period of all other obligations of Alberto-Culver LLC under the Alberto-Culver LLC Debentures or under the Indenture as applicable to the Alberto-Culver LLC
Debentures (the “Debentures Guarantee”). 
 NOW THEREFORE, in consideration of the foregoing and the mutual premises and
covenants contained herein and for other good and valuable consideration, the parties hereto agree as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Alberto-Culver LLC Debentures: 

 ARTICLE I 
 DEFINITIONS 
 Capitalized terms used herein but not defined herein shall have the specified meanings
therefor set forth in the Indenture. 
 ARTICLE II 
 GUARANTEE 
 SECTION 2.01. Subject to the provisions of the Indenture and any supplemental
indenture thereto, Guarantor hereby irrevocably and unconditionally guarantees to each Holder of a Alberto-Culver LLC Debenture outstanding on the date hereof or any Alberto-Culver LLC Debenture thereafter authenticated and delivered by the Trustee
and to the Trustee and its successors and assigns: (i) the full payment of principal of (and premium, if any) and interest on the Alberto-Culver LLC Debentures when due, whether at maturity, by acceleration or otherwise, (ii) in case of
any extension of time in payment or renewal of any Alberto-Culver LLC Debentures or pursuant to any cure period provisions of the Alberto-Culver LLC Debentures or the Indenture, the full payment when due in accordance with the terms of the extension
or renewal or cure period, (iii) the full and punctual payment of all other monetary obligations of Alberto-Culver LLC under the Indenture with respect to the Alberto-Culver LLC Debentures and (iv) the full and punctual performance within
any applicable grace period of all other obligations of Alberto-Culver LLC under the Indenture with respect to the Trustee or the Alberto-Culver LLC Debentures. Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.
For the avoidance of doubt, the Debentures Guarantee does not extend to nor shall it benefit the Holder of any Security issued under the Indenture other than the Alberto-Culver LLC Debentures, including any Security authorized and issued after the
date hereof, unless the terms of such Security specifically make this Debentures Guarantee applicable thereto and Guarantor consents to such application. 
 Guarantor hereby agrees that its obligations with regard to the Debentures Guarantee shall be unconditional, irrespective of any circumstances which might otherwise constitute a legal or equitable defense of a
guarantor. In the event of a default in the payment of principal, interest or premium (if any), the Trustee or any Holder of a Alberto-Culver LLC Debenture may seek to enforce the Debentures Guarantee against Guarantor without first proceeding
against Alberto-Culver LLC. Guarantor further, to the extent permitted by law, hereby waives (a) any defense that may arise by reason of the incapacity, lack of authority, death or disability of any other person or the failure of the Trustee,
the Holders or Alberto-Culver LLC (each a “Benefitted Party”) to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any other person, (b) notice of the existence, creation or
incurring of any new or additional indebtedness or obligation, (c) any defense based upon an election of remedies by a Benefitted Party, including, but not limited to, an election law which provides that the obligation of a surety must be
neither larger in amount nor in other respects more burdensome than that of the principal, (d) any defense arising because of a Benefitted Party’s election, in any proceeding instituted under Federal bankruptcy law, of the application of
11 U.S.C. Section 1111(b)(2) or (e) any defense based on any borrowing or grant of a security interest under 11 U.S.C. Section 364. Guarantor hereby covenants that the Debentures Guarantee shall not be discharged except by complete
payment of principal, interest and premium (if any) in accordance with the provisions contained in the Alberto-Culver LLC Debentures, the Debentures Guarantee, the Indenture and any supplemental indenture thereto. 
  

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 If any Holder or the Trustee is required by any court or otherwise to return to either Alberto-Culver LLC
or Guarantor, or any custodian acting in relation to either Alberto-Culver LLC or Guarantor, any amount paid by Alberto-Culver LLC or Guarantor to the Trustee or such Holder, the Debentures Guarantee, to the extent theretofore discharged, shall be
reinstated in full force and effect. Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders or the Trustee in respect of any obligations guaranteed hereby until payment in full of all obligations
guaranteed hereby. 
 The Debentures Guarantee is a continuing guarantee and shall remain in full force and effect and shall be binding upon
Guarantor and its successors and assigns until full and final payment of all of principal, interest and premium (if any) under the Alberto-Culver LLC Debentures and shall inure to the benefit of the successors and assigns of the Trustee and the
Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to the
terms and conditions hereof. 
 Guarantor acknowledges that it will receive direct and indirect benefits from the arrangements contemplated
by this Second Supplemental Indenture. 
 SECTION 2.02. RELEASES. 
 (a) In the event that the indebtedness on all outstanding Alberto-Culver LLC Debentures shall have been deemed satisfied pursuant to the Indenture
(including Section IV.1 thereof), the Guarantor shall thereby become released from and relieved of its Debentures Guarantee and all its other obligations hereunder, the Debentures Guarantee and such other obligations shall be of no further force or
effect, and upon request of the Guarantor, accompanied by an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the release of the Debentures Guarantee have been complied
with, the Trustee shall execute and deliver to the Guarantor a satisfaction and discharge with respect to the Debentures Guarantee and such other obligations and the Trustee shall execute any other documents reasonably required to evidence the
release of the Guarantor from the Debentures Guarantee and such other obligations. 
 (b) In the event that (i) there is effected a sale
or other disposition of all or substantially all the assets of Alberto-Culver LLC (as a result of a sale or other disposition of assets or securities, a merger or consolidation or otherwise) to an entity that is not immediately after giving effect
to such transaction an Affiliate of Guarantor or (ii) at any time Guarantor ceases to Beneficially Own Voting Stock carrying at least a majority of the Voting Power of all the then outstanding Voting Stock of Alberto-Culver LLC (as a result of
a sale or other disposition of capital stock, a merger or consolidation or otherwise), then the Guarantor shall thereupon become released and relieved of its Debentures Guarantee and all its other obligations hereunder, and all provisions
referencing or relating to the Guarantor, the Debentures Guarantee or such other obligations shall be of no further force or effect, and upon the request of the 
  

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 Guarantor, accompanied by an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the release of the Debentures Guarantee have been complied with, the Trustee shall execute and deliver to the Guarantor a satisfaction and discharge with respect to the Debentures Guarantee and such other
obligations and the Trustee shall execute any other documents reasonably required to evidence the release of the Guarantor from the Debentures Guarantee and such other obligations. For purposes of this Section only, (i) “Beneficially
Own” shall have the meaning specified in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), (ii) “Voting Stock” shall mean, as to any Person, capital stock or other equity
interests of any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person, (iii) “Voting Power” shall mean, as to any Voting Stock of a
Person at any time, the number of votes the holder of such Voting Stock is entitled to cast for directors, managers or other voting members of the governing body of such Person at any meeting of the holders of Voting Stock held at such time for such
purpose, and (iv) “Affiliate” shall have the meaning specified in Rule 12b-2 under the Exchange Act. 
 (c) For the
avoidance of doubt, the Debentures Guarantee shall terminate upon (i) the merger or consolidation of Alberto-Culver LLC with the Guarantor or (ii) the sale or other disposition of all or substantially all the assets of Alberto-Culver LLC
by Alberto-Culver LLC to the Guarantor, and the Guarantor shall thereupon become released from and relieved of all its other obligations hereunder, the Debentures Guarantee and such other obligations shall be of no further force or effect, and upon
request of the Guarantor, accompanied by an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the release of the Debentures Guarantee have been complied with, the Trustee
shall execute and deliver to the Guarantor a satisfaction and discharge with respect to the Debentures Guarantee and such other obligations and the Trustee shall execute any other documents reasonably required to evidence the release of the
Guarantor from the Debentures Guarantee and such other obligations. 
 SECTION 2.03. SUCCESSORS AND ASSIGNS. Except as provided
in Section 2.02, this Article II shall be binding upon the Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights
by any Holder or the Trustee, the rights and privileges conferred upon that party in this Supplemental Indenture and in the Alberto-Culver LLC Debentures shall automatically extend to and be vested in such transferee or assignee, all subject to the
terms and conditions of this Supplemental Indenture. 
 SECTION 2.04. NO WAIVER, ETC. Neither a failure nor a delay on the part of
either the Trustee or the Holders in exercising any right, power or privilege under this Article II shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or
privilege. The rights, remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article II at law, in equity, by
statute or otherwise. 
  

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 ARTICLE III 
 MISCELLANEOUS 
 SECTION 3.01. EFFECTIVENESS OF SUPPLEMENTAL INDENTURE. This Supplemental
Indenture shall become operative immediately prior to the closing of the Transactions (as defined in the First Supplemental Indenture) (the “Operative Time”), following which Alberto-Culver LLC will notify the Trustee that such
Operative Time has occurred. 
 SECTION 3.02. RATIFICATION OF INDENTURE; SUPPLEMENTAL INDENTURE PART OF INDENTURE. Except as expressly
set forth herein, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes,
and every Holder shall be bound hereby. 
 SECTION 3.03. CONCERNING 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 Alberto-Culver LLC and Guarantor. The Trustee enters into this
Supplemental Indenture in reliance on delivery of an Officers’ Certificate and Opinion of Counsel, as contemplated by Section IX.3 of the Indenture, and subject to Section VI.1 of the Indenture makes no independent determination that this
Supplemental Indenture is authorized or permitted by the Indenture. The Trustee accepts the trusts created by the Indenture, as amended and supplemented by this Supplemental Indenture, and agrees to perform the same upon the terms and conditions of
the Indenture, as amended and supplemented by this Supplemental Indenture. All of the provisions contained in the Indenture in respect of the rights, privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of the
Supplemental Indenture as fully and with like force and effect as though fully set forth in full herein. Alberto-Culver LLC agrees to pay all amounts due to the Trustee under Section VI.7 of the Indenture arising under or in connection with this
Supplemental Indenture. 
 SECTION 3.04. GOVERNING LAW. This Supplemental Indenture shall be governed by and construed in accordance
with the laws of the State of New York without giving effect to the conflict of laws provisions thereof. 
 SECTION 3.05. EFFECT OF
HEADINGS. The Article and Section headings herein are for convenience only and shall not affect the construction thereof. 
 SECTION
3.06. COUNTERPARTS. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 [Signatures on following page] 
  

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

			
	NEW ALBERTO-CULVER LLC
		
	By:	 	 /s/ Gary P. Schmidt

	Name:	 	Gary P. Schmidt
	Title:	 	Senior Vice President,
		 	General Counsel and Secretary
	
	ALBERTO-CULVER COMPANY, as Guarantor
		
	By:	 	 /s/ Gary P. Schmidt

	Name:	 	Gary P. Schmidt
	Title:	 	Senior Vice President,
		 	General Counsel and Secretary
	
	 THE BANK OF NEW YORK TRUST
 COMPANY, N.A., as
Trustee

		
	By:	 	 /s/ Sharon McGrath

	Name:	 	Sharon McGrath
	Title:	 	Vice President

 [Signature Page to Second Supplemental Indenture]Form of Common Unit Subscription Agreement between NCM Inc. & NCM LLC.

 Exhibit 10.2 
 COMMON UNIT SUBSCRIPTION AGREEMENT 
 THIS COMMON UNIT SUBSCRIPTION AGREEMENT dated as of
[            ], 2007 (this “Agreement”), is between National CineMedia, Inc., a Delaware corporation (“NCM Inc.”), and National CineMedia, LLC, a Delaware
limited liability company (“NCM LLC”). Certain terms used in this Agreement are defined in Section 1.1. 
 RECITALS

 A. NCM Inc. is contemplating an offer and sale of its Common Stock to the public in an underwritten initial public offering (the
“IPO”). 
 B. NCM Inc. desires to purchase with the proceeds of the IPO, and NCM LLC desires to issue and sell to NCM Inc.,
a number of LLC Common Units equal to the number of shares of Common Stock sold in the IPO at a price per LLC Common Unit equal to the Net Proceeds per share of the Common Stock sold in the IPO. 
 C. Immediately prior to or simultaneously with the consummation of the transactions contemplated by this Agreement, NCM Inc. and the Founding Members
shall enter into the Amended and Restated Operating Agreement pursuant to which NCM Inc. will be admitted as a member, and appointed as the manager, of NCM LLC. 
 AGREEMENT 
 In consideration of the covenants and agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, NCM Inc. and NCM LLC agree as follows: 
 1. Definitions

 1.1 Certain Definitions. For purposes of this Agreement, the following terms shall have the meanings specified in this
Section 1.1: 
 “Amended and Restated Operating Agreement” means the Third Amended and Restated Limited Liability
Company Operating Agreement of National CineMedia, LLC, to be entered into among NCM Inc. and each of the Founding Members substantially in the form attached hereto as Exhibit A. 
 “Common Stock” means the common stock, par value $0.01 per share, of NCM Inc. 

 “Encumbrance” means, with respect to any specified asset, any security interest, lien,
mortgage, claim, charge, pledge, restriction, option, reservation, equitable interest, deed of trust, right of first refusal, easement, servitude or encumbrance of any nature. 
 “Equity Incentive Plan” means the National CineMedia Inc. 2006 Equity Incentive Plan. 
 “Founding Members” means each of (i) National Cinema Network, Inc., a Delaware corporation, (ii) Cinemark Media, Inc., a
Delaware corporation, and (iii) Regal CineMedia Holdings, LLC, a Delaware limited liability company. 
 “LLC Common
Units” means the Common Units of NCM LLC as described in the Amended and Restated Operating Agreement as they may be adjusted in connection with the IPO (but excluding any LLC Preferred Units). 
 “LLC Preferred Units” means the Preferred Units of NCM LLC as described in the Amended and Restated Operating Agreement. 
 “LLC Units” means the LLC Common Units and the LLC Preferred Units. 
 “Net Proceeds” means the price per share at which shares of Common Stock are sold to the public in the IPO, less underwriting discounts
and commissions. 
 “Prospectus” means the final prospectus for the IPO contained in the registration statement filed on
Form S-1 with the Securities and Exchange Commission. 
 “Tax Receivable Agreement” means the Tax Receivable Agreement
substantially in the form attached hereto as Exhibit B, to be entered into by and among NCM Inc. and the Founding Members. 
 “Underwriting Agreement” means the underwriting agreement to be entered into among NCM Inc. and the managing underwriters for the IPO. 
  

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 1.2 Additional Terms. In addition to defined terms identified in Section 1.1, the following
terms have the meanings assigned in the Sections referred to in the table below: 
  

							
	 Term
	  	Section	  	 Term
	  	Section
	 Closing
	  	2.3	  	Manager	  	Preamble
	 Closing Date
	  	2.3	  	Purchase Price	  	2.2
	 IPO
	  	Recitals	  	Purchased Units	  	2.1
		  		  	NCM Inc.	  	Preamble

 2. Purchase of NCM LLC Units; Purchase Price; Closing. 
 2.1 Transfer. NCM LLC hereby agrees to issue and sell to NCM Inc. on the Closing Date, and NCM Inc. hereby agrees to buy and accept on the Closing
Date, free and clear of all Encumbrances, a number of LLC Common Units equal to the number of shares of Common Stock sold in the IPO (collectively, the “Purchased Units”). 
 2.2 Purchase Price. The price for each of the Purchased Units shall be an amount equal to the Net Proceeds (the “Purchase
Price”), which shall be delivered to NCM LLC at Closing by wire transfer of immediately available in accordance with Section 2.4(b)(ii). 
 2.3 Closing. The closing (the “Closing”) of the transactions contemplated hereby shall be held at the offices of Holme Roberts & Owen LLP, 1700 Lincoln Street, Suite 4100, Denver,
Colorado at the time and date on which all the conditions set forth in Section 5 have been satisfied or waived, or at such later time and date as NCM Inc. and NCM LLC shall agree in writing (such time and date, the “Closing
Date”). 
 2.4 Closing Deliverables. 
 (a) NCM LLC shall deliver, or cause to be delivered, the following documents to NCM Inc. at Closing: 
 (i) a certificate or certificates representing the Purchased Units being issued and sold to NCM Inc. identifying NCM Inc. as the
registered holder thereof; 
 (ii) the Tax Receivable Agreement signed by each Founding Member; and 
  

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 (iii) all other customary documents, instruments or certificates as shall be reasonably
requested by NCM Inc. and as shall be consistent with the terms of this Agreement. 
 (b) NCM Inc. shall deliver, or cause to
be delivered, the following documents to NCM LLC at Closing: 
 (i) the Tax Receivable Agreement signed by NCM Inc.; and

 (ii) the Purchase Price by wire transfer of immediately available funds to an account designated by NCM LLC at least three
business days prior to Closing. 
 2.5 Closing Costs; Transfer Taxes and Fees. NCM LLC shall be responsible for the documentary and
transfer taxes and any sales or other taxes, if any, imposed by reason of the sale of the LLC Common Units under this Agreement and any deficiency, interest or penalty asserted with respect thereto. 
 3. Representations and Warranties of NCM LLC. As of the date of this Agreement and as of the Closing Date, NCM LLC represents and warrants to NCM Inc. as follows:

 3.1 Organization; Good Standing; Qualification. NCM LLC is a limited liability company, duly organized and validly existing under
the laws of the State of Delaware and is in good standing under such laws. NCM LLC has the requisite power and authority to own and operate its properties and assets, and to carry on its business as presently conducted and as proposed to be
conducted. NCM LLC is in good standing and qualified to do business in every jurisdiction where the failure to so qualify would have a material adverse effect on its business or financial condition or its ability to enter into this Agreement or to
consummate the transactions contemplated hereby. 
 3.2 Authorization. The execution, delivery and performance of this Agreement and
the issuance and sale of the LLC Common Units have been duly authorized by NCM LLC. This Agreement constitutes the legal, valid and binding obligation of NCM LLC enforceable against NCM LLC in accordance with its terms, except as may be limited by
(i) applicable bankruptcy, insolvency, reorganization or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and (ii) the effect of rules of law governing the availability of
equitable remedies. 
 3.3 Consents. Except as has been obtained or will be obtained prior to Closing, no consent, approval or
authorization of, or designation, declaration or filing with, any governmental authority or other third party on the part of NCM LLC is required in connection with the execution and delivery of this Agreement or the consummation of the transactions
contemplated hereby. 
  

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 3.4 Capitalization of NCM LLC. Immediately prior to the execution and delivery of this Agreement,
there are (i) [            ] LLC Common Units issued and outstanding, (ii) [            ] LLC Preferred
Units issued and outstanding, and (iii) [            ] LLC Common Units reserved for issuance upon exercise of options granted under the NCM LLC 2006 Unit Option Plan. There are
no outstanding options, warrants, rights (including conversion or preemptive rights), voting agreements, investor or other type of agreement with respect to the LLC Units or other agreements for the purchase or acquisition from NCM LLC of any LLC
Units, except pursuant to the NCM LLC 2006 Unit Option Plans. The assets and liabilities of NCM LLC are as set forth in the financial statements included in the Prospectus as of the date indicated. 
 4. Representations and Warranties of NCM Inc. As of the date of this Agreement and as of the Closing Date, NCM Inc. hereby represents and warrants to NCM LLC as
follows: 
 4.1 Organization; Good Standing; Qualification. NCM Inc. is a corporation duly organized and validly existing under the
laws of the State of Delaware and is in good standing under such laws. NCM Inc. has the requisite power and authority to own and operate its properties and assets, and to carry on its business as presently conducted and as proposed to be conducted.
NCM Inc. is in good standing and qualified to do business in every jurisdiction where the failure to so qualify would have a material adverse effect on its ability to enter into this Agreement or to consummate the transactions contemplated hereby.

 4.2 Authorization. The execution, delivery and performance of this Agreement and the purchase of the Purchased Units have been duly
authorized by NCM Inc. This Agreement constitutes the legal, valid and binding obligation of NCM Inc. enforceable against NCM Inc. in accordance with its terms, except as may be limited by (i) applicable bankruptcy, insolvency, reorganization
or other laws of general application relating to or affecting the enforcement of creditors’ rights generally and (ii) the effect of rules of law governing the availability of equitable remedies. 
 4.3 Consents. Except as has been obtained or will be obtained prior to Closing, no consent, approval or authorization of, or designation,
declaration or filing with, any governmental authority or other third party on the part of NCM Inc. is required in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. 

 

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 5. Conditions to Closing. 
 5.1 Conditions to the Obligations of All Parties. The obligations of the parties under this Agreement are subject to the fulfillment or waiver of the following conditions: 
 (a) There shall not have been issued and be in effect any order, decree or judgment of, or in, any court, tribunal of competent
jurisdiction or governmental authority which makes the issue and sale of the Purchased Units or any of the other transactions contemplated by this Agreement illegal or invalid; 
 (b) NCM Inc. shall have entered into the Underwriting Agreement with respect to the IPO and all conditions to the consummation thereof
shall have been, or will contemporaneously be, satisfied, except for conditions to be satisfied at the Closing under this Agreement; and 
 (c) NCM LLC shall have been recapitalized in the manner described in the Prospectus. 
 5.2 Condition to
Obligations of NCM Inc. In addition to the conditions specified in Section 5.1, the obligations of NCM Inc. under this Agreement are subject to the fulfillment or waiver of the following conditions: 
 (a) all covenants, agreements and conditions contained in this Agreement to be performed by NCM LLC on or prior to the Closing shall have
been performed or complied with in all material respects; 
 (b) each of the representations and warranties of NCM LLC set
forth in this Agreement that is qualified as to a material adverse effect shall be true and correct, and each of the representations and warranties of NCM LLC set forth in this Agreement that is not so qualified shall be true and correct in all
material respects, in each case, as of the date of this Agreement and as of the Closing Date as though made on and as of the Closing Date (except to the extent in either case that such representations and warranties speak as of another date); and

 (c) NCM LLC shall have delivered, or caused to be delivered, to NCM Inc. instruments of transfer and other transaction
documents, in form and substance reasonably satisfactory to NCM Inc., to effect the issue and sale of the Purchased Units to NCM Inc. and the other transactions contemplated by this Agreement, including those documents identified in
Section 2.4(a). 
  

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 5.3 Conditions to the Obligations of NCM LLC. In addition to the conditions specified in
Section 5.1, the obligations of NCM LLC under this Agreement are subject to the fulfillment or waiver of the following conditions: 
 (a) all covenants, agreements and conditions contained in this Agreement to be performed by NCM Inc. on or prior to the Closing shall have been performed or complied with in all material respects; 
 (b) each of the representations and warranties of NCM Inc. set forth in this Agreement that is qualified as to a material adverse effect
shall be true and correct, and each of the representations and warranties of NCM Inc. set forth in this Agreement that is not so qualified shall be true and correct in all material respects, in each case, as of the date of this Agreement and as of
the Closing Date as though made on and as of the Closing Date (except to the extent in either case that such representations and warranties speak as of another date); and 
 (c) NCM Inc. shall have delivered to NCM LLC instruments of transfer and other transaction documents, in form and substance reasonably
satisfactory to NCM LLC, to effect the issue and sale of the Purchased Units to NCM Inc. and the other transactions contemplated by this Agreement, including those documents identified in Section 2.4(b). 
 6. Termination. If the conditions set forth in Section 5 are not satisfied or waived on or before
[                 , 2007] or if the registration statement with respect to the IPO is withdrawn for any reason prior to that date, this Agreement shall
become null and void and be of no further force or effect whatsoever and neither NCM LLC nor NCM Inc. shall have any further obligations hereunder or with respect hereto. 
 7. Covenants. 
 7.1 Further Assurances. From time-to-time and after the date hereof, NCM LLC
shall deliver or cause to be delivered to NCM Inc. such further documents and instruments and shall do and cause to be done such further acts as NCM Inc. shall reasonably request to carry out more effectively the provisions and purposes of this
Agreement. 
 7.2 No Transfer or Encumbrance. Between the date hereof and the Closing Date and except as specifically disclosed
in the Prospectus, NCM LLC shall not issue, grant or sell any additional LLC Units or any rights to any LLC Units (except pursuant to the Equity Incentive Plan). 
 7.3 Conduct of the Business. Between the date hereof and the Closing Date and except as specifically disclosed in the Prospectus, NCM LLC shall (i) conduct the business of NCM LLC in the ordinary course
consistent with past practice, (ii) use all commercially reasonable efforts to (A) retain the services of its key employees, (B) preserve NCM LLC’s relationships with material customers, suppliers, sponsors, licensors and
creditors, and (C) maintain and keep NCM LLC’s properties and assets in 
  

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 as good repair and condition as at present, ordinary wear and tear excepted, (iii) maintain its capital structure as
it exists on the date of this Agreement, except as specifically contemplated hereunder, and (iv) refrain from making (A) any distributions to the Founding Members or their affiliates, or (B) any direct or indirect redemption,
retirement, purchase or other acquisition of any LLC Units or membership interests of any nature. 
 8. Miscellaneous 
 8.1 Governing Law. This Agreement shall be governed by and construed in all respects in accordance with the laws of the State of Delaware without
giving effect to principles of conflicts of law. 
 8.2 Notices. All notices, demands or other communications to be given under or by
reason of this Agreement shall be in writing and shall be deemed to have been received when delivered personally, or when transmitted by overnight delivery service, addressed as follows: 
  

			
	 If to NCM Inc.:
  
 National CineMedia, Inc.
 9110 East Nichols Avenue
 Suite 200
 Centennial CO 80112-3405
 Attention: General Counsel
  
 with a copy to:
  
 Holme Roberts & Owen
LLP
 1700 Lincoln Street, Suite 4100
 Denver, Colorado
80203-4541
 Attention: W. Dean Salter
 Fax: (303)
866-0200
	  	 If to NCM LLC:
  
 National CineMedia, LLC
 9110 East Nichols Avenue
 Suite 200
 Centennial CO 80112-3405
 Attention: General Counsel
  
 with a copy to:
  
 Holme Roberts & Owen
LLP
 1700 Lincoln Street, Suite 4100
 Denver, Colorado
80203-4541
 Attention: W. Dean Salter
 Fax: (303)
866-0200

 Any party to this Agreement may change its address for notices, demands and other communications
under this Agreement by giving notice of such change to the other party hereto in accordance with this Section 8.2. 
 8.3
Survival. The representations, warranties, covenants and agreements made herein shall survive any investigation made by any of the parties hereto and the closing of the transactions contemplated hereby. 
  

 8 

 8.4 Benefit of Parties; Assignment. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors, legal representatives and permitted assigns. This Agreement may not be assigned by either NCM Inc. or NCM LLC except with the prior written consent NCM LLC, in the case of an assignment
by NCM Inc., or NCM Inc., in the case of an assignment by NCM LLC. Nothing herein contained shall confer or is intended to confer on any third party or entity that is not a party to this Agreement any rights under this Agreement. 
 8.5 Amendment. This Agreement may not be amended, modified, altered or supplemented except by means of a written instrument executed on behalf of
each of NCM Inc. and NCM LLC. 
 8.6 Waiver. No failure on the part of either party hereto to exercise any power, right, privilege or
remedy under this Agreement, and no delay on the part of either party hereto in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver thereof; and no single or partial exercise of any such power, right,
privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. 
 8.7
Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held
invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable. 
 8.8
Entire Agreement. This Agreement sets forth the entire understanding of parties hereto and supersedes all other agreements and understandings between the parties hereto relating to the subject matter hereof. 
 8.9 Counterparts and Facsimiles. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same
agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other. The parties hereto may execute the signature pages hereof and exchange such signature pages by facsimile
transmission. 
 8.10 Interpretation of Agreement. 
 (a) As used in this Agreement, the words “include” and “including,” and variations thereof, shall not be deemed to be
terms of limitation, and shall be deemed to be followed by the words “without limitation.” 
 (b) Unless otherwise
specified, references in this Agreement to “Sections” and “Exhibits” are intended to refer to Sections of, and Exhibits to, this Agreement. 
  

 9 

 (c) The Section headings contained in this Agreement are solely for the purpose of
reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 
 (d) Each party hereto and its counsel cooperated in drafting and preparation of this Agreement and the documents referred to in this Agreement. Any rule of law or any legal decision that would require interpretation
of any ambiguities in this Agreement against the party that drafted it is of no application and is hereby expressly waived. 
 [Signature
page to follow] 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year
first above written. 
  

			
	NCM INC.:
	
	NATIONAL CINEMEDIA, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	NCM LLC:
	
	NATIONAL CINEMEDIA, LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 [Signature page of
Common Unit Subscription Agreement]

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