Document:

Exhibit
10.12

 

 

 

 

 

 

AY
DEE KAY LLC

 

LOAN
AND SECURITY A GREEMENT

 

 

 

 

 

 

 

 

 

     

     

    

 

This
LOAN AND SECURITY AGREEMENT (the “Agreement”) is entered into as of January 13, 2015, by and between Square 1 Bank (“Bank”)
and AY DEE KAY LLC (“Borrower”).

 

RECITALS

 

Borrower
wishes to obtain credit from time to time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth the terms
on which Bank will advance credit to Borrower, and Borrower will repay the amounts owing to Bank.

 

AGREEMENT

 

The
parties agree as follows:

 

	1.	DEFINITIONS
                                            AND CONSTRUCTION.

 

1.1 Definitions. As
used in this Agreement, all capitalized terms shall have the definitions set on
Exhibit forth Any term used in the Code and not defined herein
shall have the meaning given to the term A. Code. in the 

 

1.2
Accounting Terms. Any accounting term not specifically defined on Exhibit A shall be construed in accordance with GAAP and all
calculations shall be made in accordance with GAAP (except for non- compliance with FAS 123R in monthly reporting). The term “financial
statements” shall include the accompanying notes and schedules.

 

	2.	LOAN
                                            AND TERMS OF PAYMENT.

 

 2.1 Credit Extensions.

 

(a) Promise
to Pay. Borrower promises to pay to Bank, in lawful money of the United States of America, the aggregate unpaid principal amount
of all Credit Extensions made by Bank to Borrower, together with interest on the unpaid principal amount of such Credit Extensions at
rates in accordance with the terms hereof.

 

 (b) Advances Under Revolving Line.

 

(i)
Amount. Subject to and upon the terms and conditions of this Agreement (I) Borrower may request Advances in an aggregate
outstanding principal amount not to exceed the lesser of (A) the Revolving Line or (8) the Borrowing Base, in each case less any
amounts outstanding under the Ancillary Services Sublimit, and (2) amounts borrowed pursuant to this Section 2.l(b) may be repaid
and reborrowed at any time prior to the Revolving Maturity Date, at which time all Advances under this Section 2. l(b) shall be
immediately due and payable. Borrower may prepay any Advances without penalty or premium.

 

(ii) Form
of Request. Whenever Borrower desires an Advance, Borrower will notify Bank by facsimile transmission, telephone or email no later
than 3:30 p.m. Eastern time (2:30 p.m. Eastern time for wire transfers), on the Business Day that the Advance is to be made. Each such
notification shall be promptly confirmed by a Loan Advance/Paydown Request Form in substantially the form of Exhibit C. Bank is authorized
to make Advances under this Agreement, based upon instructions received from an Authorized Officer, or without instructions if in Bank’s
discretion such Advances arc necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on
any telephonic or email notice given by a person whom Bank reasonably believes to be an Authorized Officer or a designee thereof, and
Borrower shall indemnify and hold Bank harmless for any damages, loss, costs and expenses suffered by Bank as a result of such reliance.
Bank will credit the amount of Advances made under this Section 2.1 (b) to Borrower’s deposit account.

 

     

     

    

 

(iii)
Ancillary Services Sublimit. Subject to the availability under the Revolving Line, at any time and from time to time from the
date hereof through the Business Day immediately prior to the Revolving Maturity Date, Borrower may request the provision of
Ancillary Services from Bank. The aggregate limit of the Ancillary Services shall not exceed the Ancillary Services Sublimit,
provided that availability under the Revolving Line shall be reduced by the aggregate limits of (i) any outstanding and undrawn
amounts under all Letters of Credit issued hereunder, (ii) corporate credit card services provided to Borrower, (iii) the total
amount of any Automated Clearing House processing reserves, (iv) the applicable Foreign Exchange Reserve Percentage, and (v) any
other reserves taken by Bank in connection with other treasury management services requested by Borrower and approved by Bank. In
addition, Bank may, in its sole discretion, charge as Advances any amounts for which Bank becomes liable to third parties in
connection with the provision of the Ancillary Services. The terms and conditions (including repayment and fees) of such Ancillary
Services shall be subject to the terms and conditions of the Bank’s standard forms of application and agreement for the
applicable Ancillary Services, which Borrower hereby agrees to execute.

 

(iv)
Collateralization of Obligations Extending Beyond Maturity. If Borrower has not secured to Bank’s satisfaction its obligations
with respect to any Ancillary Services by the Revolving Maturity Date, then, effective as of such date, the balance in any deposit accounts
held by Bank and the certificates of deposit or time deposit accounts issued by Bank in Borrower’s name (and any interest paid
thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or accounts), shall
automatically secure such obligations to the extent of the then continuing or outstanding Ancillary Services. Borrower authorizes Bank
to hold such balances in pledge and to decline to honor any drafts thereon or any requests by Borrower or any other Person
to pay or otherwise transfer any part of such balances for so long as the applicable Ancillary Services are outstanding or continue.

 

(b)
Term Loan.

 

(i) Subject
to and upon the terms and conditions of this Agreement, Bank agrees to make a term loan to Borrower in an amount equal to S2,000,000
on the Closing Date or as soon thereafter as all conditions precedent to the making thereof have been met. Thereafter, at any time through
the Availability End Date, Borrower may request and Bank agrees to make one (1) or more additional term loans to Borrower in an aggregate
principal amount not to exceed an additional $1,000,000 (each a “Term Loan” and collectively the “Term Loans”).
The proceeds of the Term Loans shall be used for general working capital and to finance the transactions contemplated by the IP License
Agreement.

 

(ii) Interest
shall accrue from the date of each Term Loan at the rate specified in Section 2.3(a), and prior to the Availability End Date shall be
payable monthly beginning on the 13th day of the month next following the making such Term Loan, and continuing on the same day of each
month thereafter. Any Term Loans that are outstanding on the Availability End Date shall be payable in 36 equal monthly installments
of principal, plus all accrued interest, beginning on February 13, 2016 and continuing on the same day of each month thereafter through
the Term Loan Maturity Date, at which time all amounts due in connection with the Term Loans and any other amounts due under this Agreement
shall be immediately due and payable. Tem1 Loans, once repaid, may not be reborrowed. Borrower may prepay any Term Loan without penalty
or premium.

 

(iii) When
Borrower desires to obtain a Tern Loan, Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission to be
received no later than 3:30 p.m. Eastern time on the Business Day prior to the date on which the Term Loan is to be made. Such notice
shall be substantially in the form of Exhibit C. The notice shall be signed by an Authorized Officer.

 

(c) Aggregate
Cap on Credit Extensions. Notwithstanding any other provisions of this Agreement to the contrary, the aggregate principal amount
of all Credit Extensions outstanding hereunder shall not exceed S5,000,000 at any time.

 

2.2 Overadvances.
If the aggregate amount of the outstanding Advances exceeds the lesser of the Revolving Line or the Borrowing Base at any time, Borrower
shall immediately pay lo Bank, in cash, the amount of such excess.

 

    2

     

    

 

 2.3 Interest Rates, Payments, and Calculations.

 

 (a) Interest Rates.

 

(i) Advances.
Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding daily balance thereof, at a variable annual
rate equal to the greater of (A) 0.50% above the Prime Rate then in effect, or (B) 4.00%.

 

(ii) Term
Loans. Except as set forth in Section 2.3(b), the Term Loans shall bear interest, on the outstanding daily balance thereof, at a
variable annual rate equal to the greater of (A) 1.00% above the Prime Rate then in effect, or (B) 4.50%.

 

(b) Late
Fee; Default Rate. If any payment is not made within 15 days after the date such payment is due, Borrower shall pay Bank a late fee
equal to the lesser of (i) 5% of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable
law. All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate
equal to 5 percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default.

 

(c) Payments.
Interest under the Revolving Line shall be due and payable on the 13th calendar day of each month during the term hereof. Bank shall,
at its option, charge such interest, all Bank Expenses, and all Periodic Payments then due against any of Borrower’s deposit accounts
or against the Revolving Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any
interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest
at the rate then applicable hereunder.

 

(d) Computation.
In the event the Prime Rate is changed from time to time hereafter, the applicable rate of interest hereunder shall be increased
or decreased, effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate. All interest chargeable
under the Loan Documents shall be computed on the basis of a 360 day year for the actual number of days elapsed.

 

2.4 Crediting
Payments. Prior to the occurrence of an Event of Default, Bank shall credit a wire transfer of funds, check or other item of payment
to such deposit account or Obligation as Borrower specifies, except that to the extent Borrower uses the Term Loans to purchase Collateral,
Borrower’s repayment of the Term Loans shall apply on a “first-in-first-out” basis so that the portion of the Term
Loans used to purchase a particular item of Collateral shall be paid in the chronological order the Borrower purchased the Collateral.
After the occurrence and during the continuance of an Event of Default, Bank shall have the right, in its sole discretion, to immediately
apply any wire transfer of funds, check, or other item of payment Bank may receive to conditionally reduce Obligations, but such applications
of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until
such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein,
any wire transfer or payment received by Bank after 5:30 p.m. Eastern time shall be deemed to have been received by Bank as of the opening
of business on the immediately following Business Day. Whenever any payment to Bank under the Loan Documents would otherwise be due (except
by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional
fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

 

 2.5 Fees. Borrower shall pay to Bank the following:

 

(a)
Facility Fee. On or before the Closing Date, a fee equal to $5,000, which shall be nonrefundable;

 

(b) Bank
Expenses. On the Closing Date, all Bank Expenses incurred through the Closing Date (provided however that Bank Expenses for legal
fees (other than out of pocket costs for due diligence searches and lien filings) shall not to exceed $15,000 on the Closing Date if
there have been 2 or less reasonable turns of the Loan Documents), and, after the Closing Date, all Bank Expenses, as and when they become
due.

 

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2.6 Term.
This Agreement shall become effective on the Closing Date and, subject to Section 12.7, shall continue in full force and effect for
so long as any Obligations (other than inchoate indemnity obligations) remain outstanding or Bank has any obligation to make Credit Extensions
under this Agreement. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make Credit Extensions
under this Agreement immediately and without notice upon the occurrence and during the continuance of an Event of Default, and Borrower
shall have the right to terminate this Agreement upon (i) prior written notice to Bank, and (ii) payment of all outstanding Obligations
(other than inchoate indemnity obligations).

 

	3.	CONDITIONS
                                            OF LOANS.

 

3.1 Conditions
Precedent to Closing. The agreement of Bank lo enter into this Agreement on the Closing Dale is subject to the condition precedent
that Bank shall have received, in form and substance satisfactory to Bank, each the following items and completed each of the following
requirements:

 

 (a) this Agreement;

 

(b) an
officer’s certificate of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this
Agreement;

 

 (c) a financing statement (Form UCC-1);

 

 (d) an intellectual property security agreement;

 

(e) payment
of the fees and Bank Expenses then due specified in Section 2.5, which may be debited from any of Borrower’s accounts with
Bank;

 

(f) current
SOS Reports indicating that except for Permitted Liens, there are no other security interests or Liens of record in the Collateral;

 

(g) current
financial statements, including audited statements (or such other level required by the Investment Agreement) for Borrower’s
most recently ended fiscal year, together with an unqualified opinion (or an opinion qualified only for going concern so long as
Borrower’s investors provide additional equity as needed), company prepared consolidated and consolidating balance sheets,
income statements and statements of cash flows for the most recently ended month in accordance with Section 6.2, and such other
updated financial information as Bank may reasonably request;

 

 (h) current Compliance Certificate in accordance with Section 6.2;

 

 (i) the IP License Agreement, in form and substance acceptable to Bank;

 

(j)
a Subordination Agreement duly executed by Embry Empreendirnentos e Participacoes Ltda.;

 

 (k) a Borrower Information Certificate;

 

(l)
such other documents or certificates, and completion of such other matters, as Bank may reasonably request; and

 

(m)
Borrower shall have opened and funded not less than $50,000 in deposit accounts held with Bank.

 

    4

     

    

 

3.2 Conditions
Precedent to all Credit Extensions. The obligation of Bank to make each Credit Extension, including the initial Credit Extension,
is contingent upon the Borrower’s compliance with Section 3.1 above, and is further subject to the following conditions:

  

 (a) timely
receipt by Bank of the Loan Advance/Paydown Request Form as provided in Section
2.1;

 

 (b) Borrower shall be in compliance with Section 6.6 hereof;

 

 (c) in Bank’s sole discretion, there has not been a Material Adverse Effect; and

 

(d)
the representations and warranties contained in Section 5 shall be true and correct in all material respects on and as of the date
of such Loan Advance/Paydown Request Form and on the effective date of each Credit Extension as though made at and as of each such
date, and no Event of Default shall have occurred and be continuing, or would exist after giving effect to such Credit Extension
(provided, however, that those representations and warranties expressly referring to another date shall be true, correct and
complete in all material respects as of such date). The making of each Credit Extension shall be deemed to be a representation and
warranty by Borrower on the date of such Credit Extension as to the accuracy of the facts referred to in this Section
3.2.

 

	4.	CREATION
                                            OF SECURITY INTEREST.

 

4.1 Grant
of Security Interest. Borrower grants and pledges to Bank a continuing security interest in the Collateral to secure prompt repayment
of any and all Obligations and to secure prompt performance by Borrower of each of its covenants and duties under the Loan Documents.
Except for Permitted Liens or as disclosed in the Schedule, such security interest constitutes a valid, first priority security interest
in the presently existing Collateral, and will constitute a valid, first priority security interest in later-acquired Collateral. Borrower
also hereby agrees not to sell, transfer, assign, mortgage, pledge, lease, grant a security interest in, or encumber any of
its Intellectual Property Collateral except for Permitted Liens. Notwithstanding any termination of this Agreement or of any filings
undertaken related to Bank’s rights under the Code, Bank’s Lien on the Collateral shall remain in effect for so long as any
Obligations (other than inchoate indemnity obligations) are outstanding.

 

4.2 Perfection
of Security Interest. Borrower authorizes Bank to file at any time financing statements, continuation statements, and amendments
thereto that (i) either specifically describe the Collateral or describe the Collateral as all assets of Borrower of the kind pledged
hereunder, and (ii) contain any other information required by the Code for the sufficiency of filing office acceptance of any financing
statement, continuation statement, or amendment, including whether Borrower is an organization, the type of organization and any organizational
identification number issued to Borrower, if applicable. Borrower shall have possession of the Collateral, except where expressly otherwise
provided in this Agreement or where Bank chooses to perfect its security interest by possession in addition to the filing of a financing
statement. Where Collateral is in possession of a third party bailee, Borrower shall take such commercially reasonable steps as Bank
reasonably requests for Bank to (i) subject to Section 7.10 below, obtain an acknowledgment, in form and substance satisfactory to Bank,
of the bailee that the bailee holds such Collateral for the benefit of Bank, and (ii) obtain “control” of any Collateral
consisting of investment property, deposit accounts (other than the Excluded Accounts), letter-of-credit rights or electronic chattel
paper (as such items and the term “control” are defined in Revised Article 9 of the Code) by causing the securities intermediary
or depositary institution or issuing bank to execute a control agreement in form and substance satisfactory to Bank. Borrower will not
create any chattel paper without placing a legend on the chattel paper acceptable to Bank indicating that Bank has a security interest
in the chattel paper. Borrower from time to time may deposit with Bank specific cash collateral to secure specific Obligations; Borrower
authorizes Bank to hold such specific balances in pledge and to decline to honor any drafts thereon or any request by Borrower or any
other Person to pay or otherwise transfer any part of such balances for so long as the specific Obligations are outstanding. Borrower
shall take such other actions as Bank reasonably requests to perfect its security interests granted under this Agreement.

 

	5.	REPRESENTATIONS
                                            AND WARRANTIES.

 

Borrower
represents and warrants as follows:

 

5.1
Due Organization and Qualification. Borrower and each Subsidiary is duly existing under the laws of the state in which it is
organized and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property
requires that it be so qualified, except where the failure to do so would not reasonably be expected to cause a Material Adverse
Effect.

 

    5

     

    

 

5.2
Due Authorization; No Conflict. The execution, delivery, and performance of the Loan Documents are within Borrower’s powers,
have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in Borrower’s Articles
of Organization or Operating Agreement, nor will they constitute an event of default under any material agreement by which Borrower is
bound, Borrower is not in default under any agreement by which it is bound, except to the extent such default would not reasonably be
expected to cause a Material Adverse Effect.

 

5.3
Collateral. Borrower has rights in or the power to transfer the Collateral, and its title to the Collateral is free and clear of
Liens, adverse claims, and restrictions on transfer or pledge except for Permitted Liens. Other than movable items of personal
property such as laptop computers and inventory held outside of the United States having an aggregate book value in excess of
$2,000,000, all Collateral is located solely in the Collateral States. The Eligible Accounts are bona fide existing obligations. The
property or services giving rise to such Eligible Accounts has been delivered or rendered to the account debtor or its agent for
immediate shipment to and unconditional acceptance by the account debtor. Borrower has not received notice of actual or imminent
Insolvency Proceeding of any account debtor whose accounts are included in any Borrowing Base Certificate as an Eligible Account.
All Inventory is in all material respects of good and merchantable quality, free from all material defects, except for Inventory for
which adequate reserves have been made. Except as set forth in the Schedule or as otherwise disclosed to Bank in writing after the
Closing Date, none of the Borrower’s Cash is maintained or invested with a Person other than Bank or Bank’s
affiliates.

 

5.4 Intellectual
Property Collateral. Borrower’s Intellectual Property Collateral is set forth on Schedule 5.4 hereto. Borrower is the sole
owner of the Intellectual Property Collateral, except for licenses granted by Borrower to its customers in the ordinary course of business.
To the best of Borrower’s knowledge, each of the Copyrights, Trademarks and Patents is valid and enforceable, and no part of the
Intellectual Property Collateral has been judged invalid or unenforceable, in whole or in part, and no claim has been made to Borrower
that any part of the Intellectual Property Collateral violates the rights of any third party except to the extent such claim would not
reasonably be expected to cause a Material Adverse Effect.

 

5.5 Name;
Location of Chief Executive Office. Except as disclosed in the Schedule, Borrower has not done business under any name other than
that specified on the signature page hereof, and its exact legal name is as set forth in the first paragraph of this Agreement. The chief
executive office of Borrower is located at the address indicated in Section IO hereof.

 

5.6 Litigation.
Except as set forth in the Schedule, there are no actions or proceedings pending by or against Borrower or any Subsidiary before
any court or administrative agency in which a likely adverse decision would reasonably be expected to have a Material Adverse Effect.

 

5.7 No
Material Adverse Change in Financial Statements. All consolidated and consolidating financial statements related to Borrower and
any Subsidiary (other than Ell-IOT, Inc.) that are delivered by Borrower to Bank fairly present in all material respects Borrower’s
consolidated and consolidating financial condition as of the date thereof and Borrower’s consolidated and consolidating results
of operations for the period then ended. There has not been a material adverse change in the consolidated or in the consolidating financial
condition of Borrower since the date of the most recent of such financial statements submitted to Bank.

 

5.8 Solvency,
Payment of Debts. Borrower is able to pay its debts (including trade debts) as they mature; the fair saleable value of Borrower’s
assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably
small capital after the transactions contemplated by this Agreement.

 

5.9
Compliance with Laws and Regulations. Borrower and each Subsidiary have met the minimum funding requirements of ERISA with
respect to any employee benefit plans subject to ERISA. No event has occurred resulting from Borrower’s failure to comply with
ERISA that is reasonably likely to result in Borrower’s incurring any liability that could have a Material Adverse Effect.
Borrower is not an “investment company” or a company “controlled” by an “investment company”
within the meaning of the Investment Company Act of 1940. Borrower is not engaged principally, or as one of its important
activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of
Regulations T and U of the Board of Governors of the Federal Reserve System). Borrower has not violated any statutes, laws,
ordinances or rules applicable to it, the violation of which would reasonably be expected to have a Material Adverse Effect.
Borrower and each Subsidiary have filed or caused to be filed all tax returns required to be filed, and have paid, or have made
adequate provision for the payment of, all taxes reflected therein except those being contested in good faith with adequate reserves
under GAAP or where the failure to file such returns or pay such taxes would not reasonably be expected to have a Material Adverse
Effect.

 

    6

     

    

 

5.10 Subsidiaries.
Borrower does not own any stock, partnership interest or other equity securities of any Person, except for Permitted Investments.

 

5.11
Government Consents. Borrower and each Subsidiary have obtained all consents, approvals and authorizations of, made all
declarations or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation
of Borrower’s business as currently conducted, except where the failure to do so would not reasonably be expected to cause a
Material Adverse Effect.

 

5.12
Inbound Licenses. Except as disclosed on the Schedule, Borrower is not a party to, nor is bound by, any material license or
other agreement important for the conduct of Borrower’s business that prohibits or otherwise restricts Borrower from granting
a security interest in Borrower’s interest in such license or agreement or any other property important for the conduct of
Borrower’s business, other than this Agreement or the other Loan Documents.

 

	6.	AFFIRMATIVE
                                            COVENANTS.

 

Borrower
covenants that, until payment in full of all outstanding Obligations (other than inchoate indemnity obligations), and for so long as
Bank may have any commitment to make a Credit Extension hereunder, Borrower shall do all of the following:

 

6.1
Good Standing and Government Compliance. Borrower shall maintain its and each of its Subsidiaries’ corporate existence and
good standing in the respective states of formation, shall maintain qualification and good standing in each other jurisdiction in
which the failure to so qualify would reasonably be expected to have a Material Adverse Effect, and shall furnish to Bank the
organizational identification number issued to Borrower by the authorities of the state in which Borrower is organized, if
applicable. Borrower shall meet, and shall cause each Subsidiary lo meet, the minimum funding requirements of ERISA with respect to
any employee benefit plans subject to ERISA. Borrower shall comply, and shall cause each Subsidiary to comply, with all statutes,
laws, ordinances and government rules o and regulations to which it is subject, and shall maintain, and shall cause each of its
Subsidiaries to maintain, in frce all licenses, approvals and agreements, the loss of which or failure to comply with which would
reasonably be expected to have a Material Adverse Effect.

 

6.2
Financial Statements, Reports, Certificates. Borrower shall deliver lo Bank: (i) as soon as available, but in any event within
30 days after the end of each calendar month, a company prepared consolidated and consolidating balance sheet, income statement and
statement of cash flows covering Borrower’s operations during such period, in a form reasonably acceptable to Bank and
certified by a Responsible Officer; (ii) as soon as available, but in any event within 150 days after the end of Borrower’s
fiscal year, audited (or such other level as is required by the Investment Agreement) consolidated and consolidating (if applicable)
financial statements of Borrower prepared in accordance with GAAP, consistently applied, together with an opinion which is either
unqualified, qualified only for going concern so long as Borrower’s investors provide additional equity as needed or otherwise
consented lo in writing by Bank on such financial statements of an independent certified public accounting fim1 reasonably
acceptable to Bank; (iii) annual budget approved by Borrower’s Board of Directors as soon as available but not later than
January 15th of each year during the term of this Agreement; (iv) if applicable, copies of all statements, reports and
notices sent or made available generally by Borrower to its security holders or to any holders of Subordinated Debt and all reports
on Forms 10-K and 10-Q filed with the Securities and Exchange Commission; (v) promptly upon receipt of notice thereof, a report of
any legal actions pending or threatened against Borrower or any Subsidiary that could reasonably be expected to result in damages or
costs to Borrower or any Subsidiary of $250,000 or more; (vi) promptly upon receipt, each management letter prepared by
Borrower’s independent certified public accounting firm regarding Borrower’s management control systems; and (vii) such
budgets, sales projections, operating plans or other financial information generally prepared by Borrower in the ordinary course of
business as Bank may reasonably request from time to time; and (viii) within 30 days of the last day of each fiscal quarter, a
report signed by Borrower, in form reasonably acceptable to Bank, listing any applications or registrations that Borrower has made
or filed in respect of any Patents, Copyrights or Trademarks and the status of any outstanding applications or registrations, as
well as any material change in Borrower’s Intellectual Property Collateral, including but not limited to any subsequent
ownership right of Borrower in or to any Trademark, Patent or Copyright not specified in Exhibits A, B, and C of any Intellectual
Property Security Agreement delivered to Bank by Borrower in connection with this Agreement.

 

    7

     

    

 

(a) Within
30 days after the last day of each month, Borrower shall deliver to Bank a Borrowing Base Certificate calculated as of the last day of
the applicable month and signed by a Responsible Officer in substantially the form of Exhibit D hereto, together with aged listings by
invoice date of accounts receivable and accounts payable.

 

(b) Within
JO days after the last day of each month, Borrower shall deliver to Bank with the monthly financial statements a Compliance Certificate
certified as of the last day of the applicable month and signed by a Responsible Officer in substantially the form of Exhibit E hereto.

 

(c) As
soon as possible and in any event within 3 calendar days after becoming aware of the occurrence or existence of an Event of Default hereunder,
a written statement of a Responsible Officer setting forth details of the Event of Default, and the action which Borrower has taken or
proposes to take with respect thereto.

 

(d) Bank
(through any of its officers, employees, or agents) shall have the right, upon reasonable prior notice, from time to time during Borrower’s
usual business hours but no more than twice a year (unless an Event of Default has occurred and is continuing), to inspect Borrower’s
Books and lo make copies thereof and to check, test, inspect, audit and appraise the Collateral at Borrower’s expense in order
to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. The first
such audit shall be completed prior to the initial Advance under the Revolving Line.

 

Borrower
may deliver to Bank on an electronic basis any certificates, reports or information required pursuant to this Section 6.2, and Bank shall
be entitled to rely on the information contained in the electronic files, provided that Bank in good faith believes that the files were
delivered by a Responsible Officer. Borrower shall include a submission date on any certificates and reports to be delivered electronically.

 

6.3 Inventory
and Equipment; Returns. Borrower shall keep all Inventory and Equipment in good and merchantable condition, free from all material
defects except for Inventory and Equipment (i) sold in the ordinary course of business, and (ii) for which adequate reserves have been
made, in all cases in the United States and such other locations as to which Borrower gives prior written notice. Returns and allowances,
if any, as between Borrower and its account debtors shall be on the same basis and in accordance with the usual customary practices of
Borrower, as they exist on the Closing Date. Borrower shall promptly notify Bank of all returns and recoveries and of all disputes and
claims involving inventory having a book value of more than $100,000.

 

6.4 Taxes.
Borrower shall make, and cause each Subsidiary to make, due and timely payment or deposit of all material federal, state, and local
taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income taxes, F.I.C.A.,
F.U.T.A. and state disability, and will execute and deliver to Bank, on demand, proof satisfactory to Bank indicating that Borrower or
a Subsidiary has made such payments or deposits and any appropri.1te certificates attesting to the payment or deposit thereof; provided
that Borrower or a Subsidiary need not make any payment if the amount or validity of such payment is contested in good faith by appropriate
proceedings and is reserved against (to the extent required by GAAP) by Borrower or such Subsidiary.

 

6.5
Insurance. Borrower, at its expense, shall (i) keep the Collateral insured against loss or damage, and (ii) maintain liability
and other insurance, in each case in as ordinarily insured against by other owners in businesses similar to Borrower’s. All
such policies of insurance shall be in such form, with such companies, and in such amounts as reasonably satisfactory to Bank
provided that, Bank acknowledges that such policies of insurance in place as of the Closing Date are satisfactory to Bank. All
policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to Bank, showing Bank
as an additional loss payee, and all liability insurance policies shall show Bank as an additional insured and specify that the
insurer must give at least 20 days notice to Bank before canceling its policy for any reason. Within 30 days of the Closing Date,
Borrower shall cause to be furnished to Bank a copy of its policies or certificate of insurance including any endorsements covering
Bank or showing Bank as an additional insured. Upon Bank’s request, Borrower shall deliver to Bank certified copies of the
policies of insurance and evidence of all premium payments. Proceeds payable under any casualty policy will, at Borrower’s
option, be payable to Borrower to replace the property subject to the claim, provided that any such replacement property shall be
deemed Collateral in which Bank has been granted a first priority security interest, provided that if an Event of Default has
occurred and is continuing, all proceeds payable under any such policy shall, at Bank’s option, be payable to Bank to be
applied on account of the Obligations.

 

    8

     

    

 

6.6 Primary
Depository. Borrower shall maintain the majority of its depository and operating accounts with Bank and its primary investment accounts
with Bank or Bank’s affiliates; provided that prior to maintaining any investment accounts with Bank’s affiliates, Borrower,
Bank, and any such affiliate shall have entered into a securities account control agreement with respect to any such investment accounts,
in form and substance satisfactory to Bank; provided further that Borrower may maintain up to 2 accounts outside Bank, each with aggregate
balances not to exceed S 150,000 at any time (the “Excluded Accounts”), and such accounts shall not be required to be subject
to control agreements in favor of Bank.

 

6.7
Financial Covenants. Borrower shall at all times maintain the following financial ratios and covenants:

 

(a)
Cumulative GAAP EBITDA. Borrower shall maintain cumulative 2015 year lo date GAAP EBITDA of not less than (i) (S600,000) for the
January 2015 measuring period, (ii) ($1,000,000) for the February 2015 measuring period (iii) ($250,000) for the March and April
2015 measuring periods, (iv) ($500,000) for the May 2015 measuring period and (iii) Sl.00 for each subsequent measuring period,
measured monthly as of the last day of each month. Bank and Borrower hereby agree to reset the foregoing covenants based on
Borrower’s board approved financial projections delivered to and approved in writing by Bank pursuant to an amendment to this
Agreement which Borrower and Bank hereby agree to execute promptly after receipt of such projections.

 

(b) Capital
Expenditures. Borrower shall not incur capital expenditures of more than S 1,000,000 in any calendar year; provided however that
Borrower may make an additional $2,000,000 of capital expenditures in connection with the IP License Agreement in the 2015 calendar year.

 

6.8 Registration of Intellectual Property Rights.

 

(a) Borrower
shall execute and deliver such additional instruments and documents from time to time as Bank shall reasonably request to perfect and
maintain the perfection and priority of Bank’s security interest in the Intellectual Property Collateral.

 

(b) Borrower
shall use commercially reasonable efforts to (i) protect, defend and maintain the validity and enforceability of the trade secrets,
Trademarks, Patents and Copyrights, (ii) detect infringements of the Trademarks, Patents and Copyrights and promptly advise Bank in
writing of material infringements detected and (iii) not allow any material Trademarks, Patents or Copyrights to be abandoned,
forfeited or dedicated to the public without the written consent of Bank, which shall not be unreasonably withheld.

 

(c) Bank
shall have the right, but not the obligation, to take, at Borrower’s sole expense, any actions that Borrower is required under
this Section 6.8 to take but which Borrower fails to take, after 30 days’ notice to Borrower. Borrower shall reimburse and indemnify
Bank for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights under this Section 6.8.

 

6.9
Consent of Inbound Licensors. Prior to entering into or becoming bound by any material inbound license or agreement, Borrower shall:
(i) provide written notice to Bank of the material terms of such license or agreement with a description of its likely impact on Borrower’s
business or financial condition; and (ii) in good faith use commercially reasonable efforts to obtain the consent of, or waiver by, any
person whose consent or waiver is necessary for Borrower’s interest in such licenses or contract rights to be deemed Collateral
and for Bank to have a security interest in it that might otherwise be restricted by the terms of the applicable license or agreement,
whether now existing or entered into in the future, provided, however, that the failure to obtain any such consent or waiver shall not
constitute a default under this Agreement.

 

    9

     

    

 

6.10 Creation/Acquisition
of Subsidiaries. In the event any Borrower or any Subsidiary of any Borrower creates or acquires any Subsidiary, Borrower or such
Subsidiary shall promptly notify Dank of such creation or acquisition, and Borrower or such Subsidiary shall take all actions reasonably
requested by Bank to achieve any of the following with respect to such “New Subsidiary” (defined as a Subsidiary
formed after the date hereof during the term of this Agreement): (i} to cause New Subsidiary to become either a co-Borrower hereunder,
if such New Subsidiary is organized under the laws of the United States, or a secured guarantor with respect to the Obligations; and
(ii) to grant and pledge to Bank a perfected security interest in 100% of the stock, units or other evidence of ownership held by Borrower
or its Subsidiaries of any such New Subsidiary which is organized under the laws of the United States, and 65% of the stock, units or
other evidence of ownership held by Borrower or its Subsidiaries of any such New Subsidiary which is not organized under the laws of
the United States. This clause 6.10 shall not apply to Borrower’s subsidiary, Ell-IOT, Inc.

 

6.11 Further
Assurances. At any time and from time to time Borrower shall execute and deliver such further instruments and take such further action
as may reasonably be requested by Bank to effect the purposes of th.is Agreement.

 

	7.	NEGATIVE
                                            COVENANTS.

 

Borrower
covenants and agrees that, so long as any credit hereunder shall be available and until the outstanding Obligations (other than inchoate
indemnity obligations) are paid in full or for so long as Bank may have any commitment to make any Credit Extensions, Borrower will not
do any of the following without Bank’s prior written consent, which shall not be unreasonably withheld:

 

7.1 Dispositions.
Convey, sell, lease, license, transfer or otherwise dispose of (collectively, to “Transfer”), or permit any of its Subsidiaries
to Transfer, all or any part of its business or property, or move cash balances on deposit with Bank to accounts opened at another financial
institution, other than Permitted Transfers.

 

7.2 Change
in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change in Control. Change
its name or the state of Borrower’s formation or relocate its chief executive office without IO days prior written notification
to Bank; replace or suffer the departure of its chief executive officer or chief financial officer without delivering written notification
to Bank within IO days; foil to appoint an interim replacement or fill a vacancy in the position of chief executive officer or chief
financial officer for more than 90 consecutive days, take action to liquidate, wind up, or otherwise cease to conduct business in the
ordinary course; engage in any business, or permit any of its Subsidiaries to engage in any business, other than or reasonably related
or incidental to the businesses currently engaged in by Borrower; change its fiscal year end without 10 days’ prior written notification
to Bank; have a Change in Control.

 

7.3 Mergers
or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other business
organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower}, or acquire, or permit any
of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person except where (a) each of
the following conditions is applicable:

 

(i)
the cash consideration paid in connection with such transactions (including assumption of liabilities) does not in the aggregate
exceed SS00,000 during any fiscal year, (ii) no Event of Default has occurred, is continuing or would exist after giving effect to
such transactions, (iii} such transactions do not result in a Change in Control, and (iv} Borrower is the surviving entity; or (b)
the Obligations are repaid in full concurrently with the closing of any merger or consolidation of Borrower in which Borrower is not
the surviving entity; provided, however, that Borrower shall not, without Bank’s prior written consent, enter into any binding
contractual arrangement with any Person to attempt to facilitate a merger or acquisition of Borrower, unless (i) no Event of Default
exists when such agreement is entered into by Borrower, (ii) such agreement docs not give such Person the right to claim any fee,
payment or damages from any parties, other than from Borrower or Borrower’s investors, in connection with a sale of
Borrower’s stock or assets pursuant to or resulting from an assignment for the benefit of creditors, an asset turnover to
Borrower’s creditors (including, without limitation, Bank), foreclosure, bankruptcy or similar liquidation, and (iii) Borrower
notifies Bank in advance of entering into such an agreement {provided, the failure to give such notification shall not be deemed a
material breach of this Agreement).

 

    10

     

    

 

7.4 Indebtedness.
Create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or permit any Subsidiary (other than Ell-IOT,
Inc.) so to do, other than Permitted Indebtedness, or prepay any Indebtedness (other than unsecured Indebtedness to trade creditors in
the ordinary course of business) or take any actions which impose on Borrower an obligation to prepay any Indebtedness (other than unsecured
Indebtedness to trade creditors in the ordinary course of business), except Indebtedness to Bank.

 

7.5
Encumbrances. Create, incur, assume or allow any Lien with respect to its property, or assign or otherwise convey any right to receive
income, including the sale of any Accounts, or pem1it any of its Subsidiaries (other than EII-IOT, Inc.) so to do, except for Permitted
Liens, or covenant to any other Person other than (i) the licensors of in-licensed property with respect to such property or (ii) the
lessors of specific equipment or lenders financing specific equipment with respect to such leased or financed equipment) that Borrower
or such subsidiary in the future will refrain from creating, incurring, assuming or allowing any Lien with respect to any of Borrower’s
property.

 

7.6
Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption, retirement or
purchase of any capital stock, except that Borrower and its Subsidiaries may (i) repurchase the stock of former employees or
directors pursuant to stock repurchase agreements in an aggregate amount not to exceed $250,000 in any fiscal year, so long as an
Event of Default does not exist prior to such repurchase or would not exist after giving effect to such repurchase, (ii) repurchase
the stock of former employees or directors pursuant to stock repurchase agreements in any amount where the consideration for the
repurchase is the cancellation of indebtedness owed by such former employees or directors to Borrower regardless of whether an Event
of Default exists, (iii) pay dividends in equity securities, (iv) convert any securities into other equity securities pursuant to
the terms of such convertible securities; and (v) make payments in lieu of the issuance of fractional shares.

 

7.7 Investments.
Directly or indirectly acquire or own an Investment in, or make any Investment in or to any Person, or pem1it any of its Subsidiaries
(other than Ell-IOT, Inc.) so to do, other than Permitted Investments, or maintain or invest any of its investment property with a Person
other than Bank or permit any Subsidiary (other than Ell-IOT, Inc.) to do so unless such Person has entered into a control agreement
with Bank, in form and substance satisfactory to Bank, or suffer or permit any Subsidiary (other than Ell-JOT, Inc.) to be a party to,
or be bound by, an agreement that restricts such Subsidiary from paying dividends or otherwise distributing property to Borrower.

 

7.8 Transactions
with Affiliates. Directly or indirectly enter into or pem1it to exist any material transaction with any Affiliate of Borrower except
for (i) transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable ten11s that are no less favorable
to Borrower than would be obtained in an arm’s length transaction with a non-affiliated Person, (ii) transactions between Borrower
and any of its Subsidiaries that is not otherwise prohibited under this Agreement; (iii) reasonable and customary fees paid to, and the
reimbursement of expenses incurred by, members of the board of directors of Borrower and its Subsidiaries; (iv) compensation arrangements
and benefit plans for officers and other employees of Borrower and its Subsidiaries entered into or maintained in the ordinary course
of business; and (v) equity and Subordinated Debt financings that do not result in a Change of Control.

 

7.9 Subordinated
Debt. Make any payment in respect of any Subordinated Debt, or permit any of its Subsidiaries (other than Ell-IOT, Inc.) to make
any such payment, except in compliance with the terms of such Subordinated Debt, or amend any provision affecting Bank’s rights
contained in any documentation relating to the Subordinated Debt without Bank’s prior written consent.

 

    11

     

    

 

7.10
Inventory and Equipment. Store the Inventory or the Equipment of a book value in excess of $250,000 with a bailee, warehouseman,
collocation facility or similar third party unless the third party has been notified of Bank’s security interest and Bank (a)
has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Bank’s
benefit or (b) is in possession of the warehouse receipt, where negotiable, covering such Inventory or Equipment. Except for
Inventory sold in the ordinary course of business and for movable items of personal property having an aggregate book value not in
excess ofS250,000, and except for such other locations as Bank may approve in writing, Borrower shall keep the Inventory and
Equipment only at locations set forth in Section 10 and such other locations of which Borrower gives Bank prior written notice and
as to which Bank is able to take such actions as may be necessary to perfect its security interest or to obtain a bailee’s
acknowledgment of Bank’s rights in the Collateral; provided however that Borrower may maintain up to S2,000,000 of Inventory
with ASE Global in ChungLi and Global Test or Sigurd in Hsinchu, Taiwan or other locations disclosed to Bank in writing without
obtaining a bailee agreement.

 

7.11 No
Investment Comp1my; Margin Regulation. Become or be controlled by an “investment company,” within the meaning of the Investment
Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit
for the purpose of purchasing or carrying margin stock, or use the proceeds of any Credit Extension for such purpose.

 

	8.	EVENTS
                                            OF DEFAULT.

 

Any
one or more of the following events shall constitute an Event of Default by Borrower under this Agreement:

 

 8.1 Payment Default. If Borrower fails to pay any of the Obligations when due;

 

 8.2 Covenant Default.

 

(a) If
Borrower fails to perform any obligation under Sections 6.2 (financial reporting), 6.4 (taxes), 6.5 (insurance), 6.6 (primary accounts)
or 6.7 (financial covenants), or violates any of the covenants contained in Article 7 of this Agreement; or

 

(b) If
Borrower fails or neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement,
in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default under such
other term, provision, condition or covenant that can be cured, has failed to cure such default within IO days after Borrower receives
notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured
within the 10 day period or cannot after diligent attempts by Borrower be cured within such 10 day period, and such default is likely
to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed 30
days) to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed
an Event of Default but no Credit Extensions will be made;

 

8.3 Material
Adverse Change. If there occurs any circumstance or any circumstances which would reasonably be expected to have a Material Adverse
Effect;

 

8,4
Attachment. If any material portion of Borrower’s assets is attached, seized, subjected to a writ or distress warrant, or is
levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure,
writ or distress warrant or levy has not been removed, discharged or rescinded within 10 days, or if Borrower is enjoined, restrained,
or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment
or other claim becomes a lien or encumbrance upon any material portion of Borrower’s assets, or if a notice of lien, levy, or assessment
is filed of record with respect to any material portion of Borrower’s assets by the United States Government, or any department,
agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency, and the same is not paid within ten days
after Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of Default where such action or
event is stayed or an adequate bond has been posted pending a good faith contest by Borrower (provided that no Credit Extensions will
be made during such cure period);

 

    12

     

    

 

8.5 Insolvency.
If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if an Insolvency Proceeding is commenced against
Borrower and is not dismissed or stayed within 45 days (provided that no Credit Extensions will be made prior to the dismissal of such
Insolvency Proceeding);

 

8.6 Other
Agreements. If there is a default or other failure to perform in any agreement to which Borrower is a party with a third party or
parties (a) resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness
in an amount in excess ofS250,000, (b} in connection with any lease of real property, or (c) that would reasonably be expected to have
a Material Adverse Effect;

 

8.7 Judgments.
If a final, uninsured judgment or judgments for the payment of money in an amount, individually or in the aggregate, of at least
$250,000 shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of IO days (provided that no Credit
Extensions will be made prior to the satisfaction or stay of the judgment); or

 

8.8 Misrepresentations.
If any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth herein
or in any certificate delivered to Bank by any Responsible Officer pursuant to this Agreement or to induce Bank to enter into this Agreement
or any other Loan Document.

 

	9.	BANK’S
                                            RIGHTS AND REMEDIES.

 

9.1 Rights
and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, at its election, without notice of
its election and without demand, do any one or more of the following, all of which are authorized by Borrower:

 

(a) Declare
all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and payable (provided
that upon the occurrence of an Event of Default described in Section 8.5 (insolvency), all Obligations shall become immediately due and
payable without any action by Bank);

 

(b) Demand
that Borrower (i) deposit cash with Bank in an amount equal to the amount of any Letters of Credit remaining undrawn, as collateral security
for the repayment of any future drawings under such Letters of Credit, and (ii) pay in advance all Letter of Credit fees scheduled to
be paid or payable over the remaining term of the Letters of Credit, and Borrower shall promptly deposit and pay such amounts;

 

(c) Cease
advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement between Borrower
and Bank;

 

(d) Settle
or adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order that Bank reasonably considers
advisable;

 

(e) Make
such payments and do such acts as Bank considers necessary or reasonable to protect its security interest in the Collateral. Borrower
agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Borrower authorizes
Bank to enter the premises where the Collateral is located, to take and maintain possession of the Collateral, or any part of it, and
to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Bank’s determination appears to be prior or
superior lo its security interest and to pay all expenses incurred in connection therewith. With respect to any of Borrower’s owned
premises, Borrower hereby grants Bank a license to enter into possession of such premises and to occupy the same, without charge, in
order to exercise any of Bank’s rights or remedies provided herein, at law, in equity, or otherwise;

 

(f) Set
off and apply to the Obligations any and all (i) balances and deposits of Borrower held by Bank, and (ii) indebtedness al any
time owing to or for the credit or the account of Borrower held by Bank;

 

    13

     

    

 

(g) Ship,
reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for herein)
the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to use, without
charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks,
and advertising matter, or any property of a similar nahue, as it pertains to the Collateral, in completing production of, advertising
for sale, and selling any Collateral and, in connection with Bank’s exercise of its rights under this Section 9.1, Borrower’s
rights under all licenses and all franchise agreements shall inure to Bank’s benefit;

 

(h) Sell
the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash or on terms, in
such manner and at such places (including Borrower’s premises) as Bank determines is commercially reasonable, and apply any proceeds
to the Obligations in whatever manner or order Bank deems appropriate. Bank may sell the Collateral without giving any warranties as
to the Collateral. Bank may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely
to affect the commercial reasonableness of any sale of the Collateral. If Bank sells any of the Collateral upon credit, Borrower
will be credited only with payments actually made by the purchaser, received by Bank, and applied to the indebtedness of the purchaser.
If the purchaser fails to pay for the Collateral, Bank may resell the Collateral and Borrower shall be credited with the proceeds of
the sale;

 

 (i) Bank may credit bid and purchase at any public sale;

 

(j) Apply
for the appointment of a receiver, trustee, liquidator or conservator of the Collateral, without notice and without regard to the adequacy
of the security for the Obligations and without regard to the solvency of Borrower, any guarantor or any other Person liable for any
of the Obligations; and

 

(k) Any
deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower.

 

Bank
may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will
not be considered adversely to affect the commercial reasonableness of any sale of the Collateral.

 

9.2
Power of Attorney. effective only upon the occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably
appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true and lawful attorney to: (a) send requests
for verification of Accounts or notify account debtors of Bank’s security interest in the Accounts; (b) endorse Borrower’s
name on any checks or other forms of payment or security that may come into Bank’s possession; (c) sign Borrower’s name on
any invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications
of Accounts, and notices to account debtors; (d) dispose of any Collateral; (e) make, settle, and adjust all claims under and decisions
with respect to Borrower’s policies of insurance; (f) settle and adjust disputes and claims respecting the accounts directly with
account debtors, for amounts and upon terms which Bank determines to be reasonable; (g) enter into a short-form intellectual property
security agreement consistent with the terms of this Agreement for recording purposes only or modify, in its sole discretion, any intellectual
property security agreement entered into between Borrower and Bank without first obtaining Borrower’s approval of or signature
to such modification by amending Exhibits A, B, and C, thereof, as appropriate, to include reference to any right, title or interest
in any Copyrights, Patents or Trademarks acquired by Borrower after the execution hereof or to delete any reference to any right, title
or interest in any Copyrights, Patents or Trademarks in which Borrower no longer has or claims to have any right, title or interest;
and (h) file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative to any of the
Collateral; provided Bank may exercise such power of attorney to sign the name of Borrower on any of the documents described in clauses
(g) and (h) above, regardless of whether an Event of Default has occurred. The appointment of Bank as Borrower’s attorney in fact,
and each and every one of Bank’s rights and powers, being coupled with an interest, is irrevocable until all of the Obligations
have been fully repaid and performed and Bank’s obligation to provide advances hereunder is terminated.

 

9.3
Accounts Collection. At any time after the occurrence and during the continuation of an Event of Default, Bank may notify any
Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall
collect all amounts owing to Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such
payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit.

 

    14

     

    

 

9.4 Bank
Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third persons or entities, as required
under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to Borrower: (a) make payment
of the same or any part thereof; (b) set up such reserves under the Revolving Line as Bank deems necessary to protect Bank from the exposure
created by such failure; or (c) obtain and maintain insurance policies of the type discussed in Section 6.5 of this Agreement, and take
any action with respect to such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute Bank Expenses,
shall be immediately due and payable, and shall bear interest at the then applicable rate hereinabove provided, and shall be secured
by the Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar payments in the future or a waiver
by Bank of any Event of Default under this Agreement.

 

9.5 Bank’s
Liability for Collateral. Bank has no obligation to clean up or otherwise prepare the Collateral for sale. All risk of loss, damage
or destruction of the Collateral shall be borne by Borrower.

 

9.6 No
Obligation to Pursue Others. Bank has no obligation to attempt to satisfy the Obligations by collecting them from any other person
liable for them and Bank may release, modify or waive any collateral provided by any other Person to secure any of the Obligations, all
without affecting Bank’s rights against Borrower. Borrower waives any right it may have to require Bank to pursue any other Person
for any of the Obligations.

 

9.7
Remedies Cumulative. Bank’s rights and remedies under this Agreement, the Loan Documents, and all other agreements shall
be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in
equity. No exercise by Bank of one right or remedy shall be deemed an election, and no waiver b)’ Bank of any Event of Default
on Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence
by it. No waiver by Bank shall be effective unless made in a written document signed on behalf of Bank and then shall be effective
only in the specific instance and for the specific purpose for which it was given. Borrower expressly agrees that this Section 9.7
may not be waived or modified by Bank by course of performance, conduct, estoppel or otherwise.

 

9.8 Demand;
Protest. Except as otherwise provided in this Agreement, Borrower waives demand, protest, notice of protest, notice of default or dishonor,
notice of payment and nonpayment and any other notices relating to the Obligations.

 

	10.	NOTICES.

 

Unless
otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement entered into
in connection herewith shall be in writing and (except for financial statements and other informational documents which may be sent by
first-class mail, postage prepaid) shall be personally delivered or sent by a recognized overnight delivery service, certified mail,
postage prepaid, return receipt requested, or by telefacsimile to Borrower or to Bank, as the case may be, at its addresses set forth
below:

 

		If
to Borrower:	AY
DEE KAY LLC
	 	 	32451 Golden Lantern

                                                                                #304 Laguna,

Niguel 

CA 92677

                                                                                Attn: Donald McClymont

FAX: (949) 293-9692

	 	 	 
	 	If
to Bank:	Square
1 Bank
	 	 	406
Blackwell Street,

Suite 240 Durham, 

North Carolina 27701 

Attn: Loan Operations Manager 

FAX: (919) 314-3080

 

    15

     

    

 

	 	with
a copy to:	Square I Bank
	 	 	233 Wilshire Boulevard, 

Suite 320

                                                                                Santa Monica,

                                                                                CA 90401

                                                                                Attn:
Chris Erro

                                                                                FAX: (310) 361-7686

 

The
parties hereto may change the address at which they are to receive notices hereunder, by notice in writing in the foregoing manner given
to the other.

 

	11.	CHOICE
                                            OF LAW AND VENUE; JURY TRIAL WAIVER.

 

This
Agreement shall be governed by, and construed in accordance with, the internal laws of the State of California, without regard to
principles of conflicts of law. Jurisdiction shall lie in the State of California. All disputes, controversies, claims, actions and
similar proceedings arising with respect to Borrower’s account or any related agreement or transaction shall be brought in the
Superior Court of San Mateo County, California or the United States District Court for the Northern District of California, except
as provided below with respect to arbitration of such matters. BANK AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS
A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH OF THEM, AFTER CONSUL TING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH
COUNSEL OF THEIR CHOICE, KNOWINGLY, VOLUNTARJLY AND INTENTIONALLY WAIVES ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN ANY
LITIGATION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTION OF ANY OF THEM.
THESE PROVISIONS SH ALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY BANK OR BORROWER, EXCEPT BY A WRITTEN
INSTRUMENT EXECUTED BY EACH OF THEM. If the jury waiver set forth in this Section 11 is not enforceable, then any dispute,
controversy, claim, action or similar proceeding arising out of or relating to this Agreement, the Loan Documents or any of the
transactions contemplated therein shall be settled by final and binding arbitration held in San Mateo County, California in
accordance with the then current Commercial Arbitration Rules of the American Arbitration Association by one arbitrator appointed in
accordance with those rules. The arbitrator shall apply California law to the resolution of any dispute, without reference to rules
of conflicts of law or rules of statutory arbitration. Judgment upon any award resulting from arbitration may be entered into and
enforced by any state or federal court having jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to any
court of competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in accordance with this
Section. The costs and expenses of the arbitration, including without limitation, the arbitrator’s fees and expert witness
fees, and reasonable attomeys’ fees, incurred by the parties to the arbitration may be awarded to the prevailing party, in the
discretion of the arbitrator, or may be apportioned between the parties in any manner deemed appropriate by the arbitrator. Unless
and until the arbitrator decides that one party is to pay for all (or a share) of such costs and expenses, both parties shall share
equally in the payment of the arbitrator’s fees as and when billed by the arbitrator.

 

	12.	GENERAL
                                            PROVISIONS.

 

12.l
Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and pem1itted assigns of
each of the parties and shall bind all persons who become bound as a debtor to this Agreement; provided, however, that neither this Agreement
nor any rights hereunder may be assigned by Borrower without Bank’s prior written consent, which consent may be granted or withheld
in Bank’s sole discretion. Bank shall have the right without the consent of or notice to Borrower to sell, assign, transfer, negotiate,
or grant participation in all or any part of, or any interest in, Bank’s obligations, rights and benefits hereunder. Notwithstanding
the foregoing, unless an Event of Default has occurred and is continuing, Bank shall not assign any interest in the Loan Documents to
an operating company which is a direct competitor of Borrower.

 

12.2
Indemnification. Borrower shall defend, indemnify and hold harmless Bank and its officers, employees, and agents (each an “Indemnified
Person”) against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with
the transactions contemplated by this Agreement; and (b) all losses or Bank Expenses in any way suffered, incurred, or paid by Bank,
its officers, employees and agents as a result of or in any way arising out of, following, or consequential to transactions between Bank
and Borrower whether under this Agreement, or otherwise (including without limitation reasonable attorney’s fees and expenses),
except, in each case, for losses caused by Bank’s or any Indemnified Person’s gross negligence or willful misconduct.

 

    16

     

    

 

12.3 Time
of Essence. Time is of the essence for the performance of all obligations set forth in this Agreement.

 

12.4 Severability
of Provisions. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of
determining the legal enforceability of any specific provision.

 

12.5 Amendments
in Writing, Integration. All amendments to or terminations of this Agreement or the other Loan Documents must be in writing. All
prior agreements, understandings, representations, warranties, and negotiations between the parties hereto with respect to the subject
matter of this Agreement and the other Loan Documents, if any, are merged into this Agreement and the Loan Documents.

 

12.6
Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall
constitute but one and the same Agreement. Executed copies of the signature pages of this Agreement sent by facsimile or transmitted
electronically in Portable Document Format (“PDF”), or any similar format, shall be treated as originals, fully binding
and with full legal force and effect, and the parties waive any rights they may have to object to such treatment.

 

12.7 Survival.
All covenants, representations and warranties made in this Agreement shall continue in full force and effect so long as any Obligations
(other than inchoate indemnity obligations) remain outstanding or Bank has any obligation to make any Credit Extension to Borrower. The
obligations of Borrower to indemnify Bank with respect to the expenses, damages, losses, costs and liabilities described in Section 12.2
shall survive until all applicable statute of limitations periods with respect to actions that may be brought against Bank have run.

 

 12.8 Termination and Release.

 

(n)
At such time as the Obligations shall have been paid in full (other than contingent indemnification obligations) and the Revolving Linc
has been terminated, and Ancillary Services have been collateralized in accordance with the provisions of this Agreement, the Collateral
shall be released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive
such termination) of the Borrower and its Subsidiaries hereunder shall terminate, all without delivery of any instrument or any further
action by any party, and all rights to the Collateral shall revert to the Borrower and its Subsidiaries. At the request and sole expense
of the Borrower following any such termination, the Bank shall deliver to Borrower any Collateral held by it, and execute and deliver
to Borrower such documents as Borrower shall reasonably request to evidence such termination.

 

(b)
If any of the Collateral shall be sold, transferred or otherwise disposed of by Borrower or its Subsidiaries in a transaction pem1itted
by this Agreement, then the Lien created pursuant to this Agreement in such Collateral shall be released, and the Bank, at the request
and sole expense of the Borrower, shall execute and deliver to Borrower all releases and other documents reasonably necessary or advisable
for the release of the Liens created hereby on such Collateral; provided that the Borrower shall provide to the Bank evidence of such
transaction’s compliance with the this Agreement and the other Loan Documents as the Bank shall reasonably request.

 

12.9
Confidentiality. In handling any confidential information, Bank and Borrower and all employees and agents of each such party
shall exercise the same degree of care that such party exercises with respect to its own proprietary information of the same types
to maintain the confidentiality of any non-public information thereby received or received pursuant to this Agreement except that
disclosure of such information may be made (i) in the case of Bank, to the subsidiaries or Affiliates of Bank or Borrower in
connection with their present or prospective business relations with Borrower, (ii) in the case of Bank, to prospective transferees
or purchasers of any interest in the Credit Extensions, provided that they have entered into a comparable confidentiality agreement
in favor of Borrower and have delivered a copy to Borrower, (iii) as required by law, regulations, rule or order, subpoena, judicial
order or similar order, (iv) in the case of Bank, as may be required in connection with the examination, audit or similar
investigation of Bank and (v) as Bank may determine in connection with the enforcement of any remedies hereunder. Confidential
information hereunder shall not include information that either: (a) is in the public domain or in the knowledge or possession of
the receiving party when disclosed to such party, or becomes part of the public domain after disclosure lo such receiving party
through no fault of such receiving party; or (b) is disclosed to such receiving party by a third party, provided the receiving party
does not have actual knowledge that such third party is prohibited from disclosing such information.

 

    17

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the dale first above written.

 

	 	AY
    DEE KAY LLC
	 	 	 
	 	By:	                         
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	SQUARE
    I BANK
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    18

     

    

 

EXHIBIT
A

 

DEFINITIONS

 

“Accounts”
means all presently existing and hereafter arising accounts, contract rights, payment intangibles and all other forms of obligations
owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and other technology)
or the rendering of services by Borrower and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise
returned to or reclaimed by Borrower and Borrower’s Books relating to any of the foregoing.

 

“Advance”
or “Advances” means a cash advance or cash advances under the Revolving Line.

 

“Affiliate”
means, with respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that controls or is
controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and
general partners.

 

“Ancillary
Services” means any of the following products or services requested by Borrower and approved by Bank under the Revolving Line,
including, without limitation, Automated Clearing House transactions, Letters of Credit, corporate credit card services, FX Contracts
or other treasury management services.

 

“Ancillary
Services Sublimit” means a sublimit for Ancillary Services under the Revolving Line not to exceed $500,000.

 

“Authorized
Officer” means someone designated as such in the corporate resolution provided by Borrower to Bank in which this Agreement and
the transactions contemplated hereunder are authorized by Borrower’s board of directors. If Borrower provides subsequent corporate
resolutions to Bank after the Closing Date, the individual(s) designated as “Authorized Officer(s)” in the most-recently
provided resolution shall be the only “Authorized Officers” for purposes of this Agreement.

 

“Availability
End Date” means January 13, 2016.

 

‘‘Bank
Expenses” means all reasonable costs or expenses (including reasonable attorneys’ fees and expenses, whether generated in-house
or by outside counsel) incurred in connection with the preparation, negotiation, administration, and enforcement of the Loan Documents;
reasonable Collateral audit fees; and Bank’s reasonable attorneys’ fees and expenses (whether generated in-house or by outside
counsel) incurred in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal), incurred before, during
and after an Insolvency Proceeding, whether or not suit is brought.

 

“Borrower’s
Books” means all of Borrower’s books and records including: ledgers; records concerning Borrower’s assets or liabilities,
the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such
information.

 

“Borrowing
Base” means an amount equal to 80% (the “Advance Rate”) of Eligible Accounts, as determined by Bank with reference
to the most recent Borrowing Base Certificate delivered by Borrower pursuant to Section 6.2(a) of this Agreement.

 

“Borrowing
Base Certificate” means a borrowing base certificate, in substantially the form of Exhibit D attached hereto, executed by a Responsible
Officer of the Borrower.

 

“Business
Day” means any day that is not a Saturday, Sunday, or other day on which banks in the State of North Carolina are authorized or
required to close.

 

“Capitalized
Expenditures” means current period unfinanced cash expenditures that are capitalized and amortized over a period of time in accordance
with GAAP, including but not limited to capitalized cash expenditures for capital equipment, capitalized manufacturing and labor costs
as they relate to inventory, and software development.

 

    19

     

    

 

“Cash”
means unrestricted cash and cash equivalents.

 

“Change
in Control” shall mean a transaction other than a bona fide equity financing or series of financings on terms and from investors
reasonably acceptable to Bank in which any “person” or “group” (within the meaning of Section 13(d) and 14(d)(2)
of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule l 3d-3 under the Securities Exchange
Act of 1934), directly or indirectly, of a sufficient number of shares of all classes of stock then outstanding of Borrower ordinarily
entitled to vote in the election of directors, empowering such “person” or “group” to elect a majority of the
Board of Directors of Borrower, who did not have such power before such transaction.

 

“Closing
Date” means the date of this Agreement.

 

“Code”
means the California Uniform Commercial Code as amended or supplemented from time to time.

 

“Collateral”
means the property described on Exhibit B attached hereto and all Negotiable Collateral and Intellectual Property Collateral to the extent
not described on Exhibit B, except to the extent any such property (i) is nonassignable by its terms without the consent of the licensor
thereof or another party (but only to the extent such prohibition on transfer is enforceable under applicable law, including, without
limitation, 9406 and 9408 of the Code), (ii) the granting of a security interest therein is contrary to applicable law, provided that
upon the cessation of any such restriction or prohibition, such property shall automatically become part of the Collateral, (iii) constitutes
the capital stock of a controlled foreign corporation (as defined in the IRC), in excess of 65% of the voting power of all
classes of capital stock of such controlled foreign corporations entitled to vote, or (iv) property (including any attachments, accessions
or replacements) that is subject to a Lien that is permitted pursuant to clause (c) of the definition of Permitted Liens, if the grant
of a security interest with respect to such property pursuant to this Agreement would be prohibited by the agreement creating such Permitted
Lien or would otherwise constitute a default thereunder, provided, that such property will be deemed “Collateral” hereunder
upon the termination and release of such Permitted Lien.

 

“Collateral
State” means the state or states where the Collateral is located, which is California.

 

“Compliance
Certificate” means a compliance certificate, in substantially the form of Exhibit E attached hereto, executed by a Responsible
Officer of the Borrower.

 

“Contingent
Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect
to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation
directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in respect of which that
Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards
or merchant services issued for the account of that Person; and (iii) all obligations arising under any interest rate, currency or commodity
swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to protect
a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent
Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent
Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such
Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined
by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations
under the guarantee or other support arrangement.

 

“Copyrights”
means any and all copyright rights, copyright applications, copyright registrations and like protections in each work or authorship and
derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret, now or hereafter
existing, created, acquired or held.

 

“Credit
Extension” means each Advance, Term Loan, or any other extension of credit by Bank, to or for the benefit of Borrower hereunder.

 

    20

     

    

 

“Eligible
Accounts” means those Accounts that arise in the ordinary course of Borrower’s business that comply with all of Borrower’s
representations and warranties to Bank set forth in Section 5.3; provided, that Bank may change the Advance Rate and the standards of
eligibility based on the results of Bank’s collateral audits by giving Borrower 10 days prior written notice. Unless otherwise
agreed to by Bank, Eligible Accounts shall not include the following:

 

(a)
Account balances that the account debtor has failed to pay in full within 90 days of invoice date;

 

 (b) Account credit balances greater than 90 days from invoice date;

 

(c) Accounts
with respect to an account debtor, 50% of whose Accounts the account debtor has failed to pay within 90 days of invoice date;

 

(d) Accounts
with respect to an account debtor, including the account debtor’s subsidiaries and Affiliates, whose total obligations to Borrower
exceed 25% of all Accounts, to the extent such obligations exceed the aforementioned percentage, except as approved in writing by Bank;

 

(e)
Accounts with respect to which the account debtor does not have its principal place of business in the United States, except for
Eligible Foreign Accounts;

 

(I)
Accounts with respect to which the account debtor is the United States or any department, agency, or instrumentality of the United States,
except for Accounts of the United States if the payee has assigned its payment rights to Bank and the assignment has been acknowledged
under the Assignment of Claims Act of 1940 (31 U.S.C. 3727);

 

(g) Accounts
with respect to which Borrower is liable to the account debtor for goods sold or services rendered by the account debtor to Borrower,
but only to the extent of any amounts owing to the account debtor against amounts owed to Borrower;

 

(h) Accounts
with respect to which the account debtor is an officer, employee, agent, Subsidiary or Affiliate of Borrower;

 

(i) Accounts
with respect to which goods are placed on consignment, guaranteed sale, sale or return, sale on approval, bill and hold, demo or promotional,
or other terms by reason of which the payment by the account debtor may be conditional;

 

(j) “Advanced
Billings,” i.e., accounts that have not yet been billed to the account debtor or that relate to deposits (such as good faith deposits)
or other property of the account debtor held by Borrower for the performance of services or delivery of goods which Borrower has not
yet perfom1ed or delivered;

 

(k) Accounts
with respect to which the account debtor disputes liability or makes any claim with respect thereto as to which Bank believes, in its
sole discretion, that there may be a basis for dispute (but only to the extent of the amount subject to such dispute or claim), or is
subject to any Insolvency Proceeding, or becomes insolvent, or goes out of business;

 

(1) Accounts
the collection of which Bank reasonably determines after inquiry and consultation with Borrower to be doubtful;

 

 (m) Retentions and hold-backs;

 

(n) “Progress
Billings,” i.e., accounts that are billed based on project milestones and not on an actual time and materials basis; and

 

 (o) Pre-Billed accounts (subject to review and pre-approval for inclusion).

 

    21

     

    

 

“Eligible
Foreign Accounts” means Accounts: (x) with respect to which the account debtor does not have its principal place of business
in the United States; and (y) which do not otherwise fall within any of subsections (a) through (d) and (t) through (n) of the
definition of “Eligible Accounts,” and that are: (i) supported by one or more letters of credit in an amount and of a
tenor, and issued by a financial institution, acceptable to Bank, (ii) insured by the Export Import Bank of the United States or
such other insurance company as approved by the Bank in writing, (iii) generated by an account debtor with its principal place of
business in Canada, except for the Province of Quebec, or (iv) approved by Bank on a case-by-case basis. All Eligible Foreign
Accounts must be calculated in U.S. Dollars, and must be billed by the Borrower from a location within the United States of
America.

 

“Equipment”
means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in
which Borrower has any interest.

 

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

 

“Event
of Default” has the meaning assigned in Article 8.

 

“FX
Contracts” means contracts between Borrower and Bank for foreign exchange transaction$.

 

“Foreign
Exchange Reserve Percentage” means a percentage of reserves for FX Contracts as determined by Bank, in its sole discretion from
time to time.

 

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

 

“GAAP
EBJTDA” means with respect to any fiscal period an amount equal to the sum of (a) Consolidated Net Income of the Borrower and its
Subsidiaries for such fiscal period, plus (b) in each case to the extent deducted in the calculation of the Borrower’s Consolidated
Net Income and without duplication, (i) depreciation and amortization for such period, plus (ii) income tax expense for such period,
plus (iii) Consolidated Total Interest Expense paid or accrued during such period, plus (iv) non-cash expense associated with granting
stock options, and minus, to the extent added in computing Consolidated Net Income, and without duplication, all extraordinary and non-recurring
revenue and gains (including income tax benefits) for such period, all as detem1ined in accordance with GAAP.

 

“Indebtedness”
means (a) all indebtedness for borrowed money or the deferred purchase price of property or services, including without limitation reimbursement
and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or
similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations, including but not limited to any sublimit
contained herein.

 

“Insolvency
Proceeding” means any proceeding commenced by or against any Person or entity under any provision of the United States Bankruptcy
Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal
moratoria, compositions, extension generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

 

“Intellectual
Property Collateral” means all of Borrower’s right, title, and interest in and to the following:

 

 (a) Copyrights, Trademarks and Patents;

 

(b) Any
and all trade secrets, and any and all intellectual property rights in computer software and computer software products now or hereafter
existing, created, acquired or held;

 

(c) Any
and all design rights which may be available to Borrower now or hereafter existing, created, acquired or held;

 

    22

     

    

 

(d) Any
and all claims for damages by way of past, present and fun1re infringement of any of the rights included above, with the right, but not
the obligation, to sue for and collect such damages for said use or infringement of the intellectual property rights identified above;

 

(e) All
licenses or other rights to use any of the Copyrights, Patents or Trademarks, and all license fees and royalties arising from such use
to the extent pem1itted by such license or rights;

 

(f)
All amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents; and

 

(g)
All proceeds and products of the foregoing, including without limitation all payments under insurance or any indemnity or warranty
payable in respect of any of the foregoing. “Inventory” means all present and future inventory in which Borrower has any
interest. “Investment” means any beneficial ownership of (including stock, partnership or limited liability company
interest or other securities) any Person, or any loan, advance or capital contribution to any Person.

 

“Investment
Agreement” means, collectively, Borrower’s stock purchase and other agreement(s) pursuant to which Borrower most recently
issued its preferred stock.

 

“IRC”
means the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

 

“IP
License Agreement” means that certain License Agreement dated January 13, 2015 by and between Borrower and STMicroelectronics International
NV.

 

“Letter
of Credit” means a commercial or standby letter of credit or similar undertaking issued by Bank at Borrower’s request.

 

“Lien”
means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.

 

“Loan
Documents” means, collectively, this Agreement, any note or notes executed by Borrower, and any other document, instrument or agreement
entered into in connection with this Agreement, all as amended or extended from time to time.

 

“Material
Adverse Effect” means a material adverse effect on (i) the operations, business or financial condition of Borrower and its Subsidiaries
taken as a whole, (ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under the Loan Documents,
or (iii) Borrower’s interest in, or the value, perfection or priority of Bank’s security interest in the Collateral.

 

‘‘Negotiable
Collateral” means all of Borrower’s present and future letters of credit of which it is a beneficiary, drafts, instruments
(including promissory notes), securities, documents of title, and chattel paper, and Borrower’s Books relating to any of the foregoing.

 

“Obligations”
means all debt, principal, interest, Bank Expenses and other amounts owed to Bank by Borrower pursuant to this Agreement or any other
agreement, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues
after the commencement of an Insolvency Proceeding and including any debt, liability, or obligation owing from Borrower to others that
Bank may have obtained by assignment or otherwise.

 

“Patents”
means all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals,
reissues, extensions and continuations-in-part of the same.

 

    23

     

    

 

“Periodic
Payments” means all installments or similar recurring payments that Borrower may now or hereafter become obligated to pay to Bank
pursuant to the terms and provisions of any instrument, or agreement now or hereafter in existence between Borrower and Bank.

 

“Permitted
Indebtedness” means:

 

(a)
Indebtedness of Borrower in favor of Bank arising under this Agreement or any other Loan Document;

 

(b)
Indebtedness existing on the Closing Date and disclosed in the Schedule;

 

(c) Indebtedness
not to exceed S250,000 in the aggregate at any time secured by a lien described in clause (c) of the defined term “Permitted Liens,”
provided such Indebtedness does not exceed at the time it is incurred the lesser of the cost or fair market value of the property financed
with such Indebtedness;

 

 (d) Subordinated Debt;

 

(e)
Indebtedness to trade creditors incurred in the ordinary course of business;

 

(a)
Indebtedness with respect to surety bonds and similar obligations incurred in the ordinary course of business;

 

(g)
Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business;

 

(h)
Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business;

 

(i)
Other unsecured Indebtedness not to exceed $250,000 outstanding at any time;

 

(j) Extensions,
refinancing and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the terms modified
to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be.

 

“Permitted
Investment” means:

 

 (a) Investments existing on the Closing Date disclosed in the Schedule;

 

(b) (i)
Marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State
thereof maturing within one year from the date of acquisition thereof, (ii) commercial paper maturing no more than one year from the
date of creation thereof and currently having rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or
Moody’s Investors Service, (iii) Bank’s certificates of deposit maturing no more than one year from the date of
investment therein, and (iv) Bank’s money market accounts; (v) Investments in regular deposit or checking accounts held with
Bank or as otherwise permitted by, and subject to the terms and conditions of, Section 6.6 of this Agreement; and (vi) Investments
consistent with any investment policy adopted by the Borrower’s board of directors;

 

 (c) Investments accepted in connection with Permitted Transfers;

 

 (d) Investments of Subsidiaries in or to other Subsidiaries or Borrower

 

(e) Investments
by Borrower in Subsidiaries (other than Ell-JOT, Inc.) not to exceed S250,000 in the aggregate in any fiscal year;

 

    24

     

    

 

(f)
Investments by Borrower in EII-IOT, Inc. after the Closing Date not to exceed $200,000 in the aggregate;

 

(g) Investments
not to exceed S250,000 outstanding in the aggregate at any time consisting of (i) travel advances and employee relocation loans and other
employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase
of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plan agreements approved by Borrower’s
Board of Directors;

 

(h)
Investments in unfinanced capital expenditures in any fiscal year, not to exceed $250,000;

 

(i) Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in
settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of
Borrower’s business;

 

(j) Investments
consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates,
in the ordinary course of business, provided that this subparagraph (h) shall not apply to Investments of Borrower or any Subsidi.1ry
in any Subsidiary;

 

(k) Joint
ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the non-exclusive licensing of technology,
the development of technology or the providing of technical support, provided that any cash Investments by Borrower do not exceed S250,000
in the aggregate in any fiscal year;

 

(l) Other
Investments not otherwise permitted under Section 7.7, in an-aggregate amount not to exceed $250,000 in any fiscal year; and

 

(m) Investments
permitted under Section 7.3. “Permitted Liens” means the following:

 

(a) Any
Liens existing on the Closing Date and disclosed in the Schedule (excluding Liens to be satisfied with the proceeds of the Credit Extensions)
or arising under this Agreement, the other Loan Documents, or any other agreement in favor of Bank;

 

(b) Liens
for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate
proceedings and for which Borrower maintains adequate reserves;

 

(c) Liens
not to exceed S250,000 in the aggregate at any time (i) upon or in any Equipment (other than Equipment financed by a Credit Extension)
acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such Equipment or indebtedness incurred solely
for the purpose of financing the acquisition or lease of such Equipment, or (ii) existing on such Equipment at the time of its acquisition,
in each case provided that the Lien is confined solely to the property so acquired and improvements thereon, and the proceeds of such
Equipment;

 

(d) Liens
incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of the type described in clauses
(a) through (c) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing
Lien and the principal amount of the indebtedness being extended, renewed or refinanced does not increase;

 

(e) Liens
securing Subordinated Debt; and

 

(f) Liens
arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Sections 8.4 (attachment)
or 8.7 (judgments).

 

    25

     

    

 

(g) Liens
incurred in connection with Permitted Transfers;

 

(h)
Liens of materialmen, mechanics, warehousemen, carriers, artisans or other similar Liens arising in the ordinary course of Borrower’s
business or by operation of law, which are not past due or which are being contested in good faith by appropriate proceedings and for
which reserves have been established in accordance with GAAP;

 

(i) Liens
in favor of customs and revenue authorities arising as a matter of law, in the ordinary course of Borrower’s business, to secure
payment of customs duties in connection with the importation of goods;

 

(j) Deposits
in the ordim1ry course of business under worker’s compensation, unemployment insurance, social security and other similar laws,
or to secure the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure indemnity,
performance or other similar bonds for the performance of bids, tenders or contracts (other than for the repayment of borrowed money)
or to secure statutory obligations (other than liens arising under ERJSA or environmental liens) or surety or appeal bonds, or to secure
indemnity, performance or other similar bonds; and

 

(k) Subject
to Section 6.6, Liens in favor of other financial institutions arising in connection with Borrower’s deposit accounts held at
such institutions to secure standard fees for deposit services charged by, but not financing made available by such institutions,
provided that Bank has a perfected security interest in the amounts held in such deposit accounts. ♦

 

“Permitted
Transfer” means the conveyance, sale, lease, transfer or disposition by Borrower or any Subsidiary of;

 

 (a) Inventory in the ordinary course of business;

 

(b) licenses
and similar arrangements for the use of the property of Borrower or its Subsidiaries in the ordinary course of business;

 

(c)
worn-out, surplus or obsolete Equipment not financed with the proceeds of Credit Extensions;

 

 (d) grants of security interests and other Liens that constitute Permitted Liens;

 

(e) equity
interests in Ell-TOT, Inc. so long as the proceeds thereof are deposited into accounts at Bank or accounts subject to an account
control agreement in favor of Bank;

 

(f) Cash
in the ordinary course of its business for the payment of ordinary course business expenses in a manner that is not prohibited by the
terms of this Agreement or the other Loan Documents; and

 

(g) other
assets of Borrower or its Subsidiaries that do not in the aggregate exceed $250,000 during any fiscal year.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability companyy, joint venture, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency.

 

“Prime
Rate” means the variable rate of interest, per annum, most recently announced by Bank, as its “prime rate,” whether
or not such announced rate is the lowest rate available from Bank.

 

“Responsible
Officer” means each of the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, Vice President of
Finance and the Controller of Borrower, as well as any other officer or employee identified as an Authorized Officer in the corporate
resolution delivered by Borrower to Bank in connection with this Agreement.

 

 

    26

     

    

 

“Revenue”
means revenue recognized in accordance with GAAP.

 

“Revolving
Line” means a Credit Extension of up to $5,000,000 (inclusive of any amounts outstanding under the Ancillary Services Sublimit).

 

“Revolving
Maturity Date” means the date 364 days from the Closing Date.

 

“Schedule”
means the schedule of exceptions attached hereto and approved by Bank, if any.

 

“SOS
Reports” means the official reports from the Secretaries of State of each Collateral State, the state where Borrower’s chief
executive office is located, the state of Borrower’s formation and other applicable federal, state or local government offices
identifying all current security interests filed in the Collateral and Liens of record as of the date of such report.

 

“Subordinated
Debt” means any debt incurred by Borrower that is subordinated in writing to the debt owing by Borrower to Bank on terms reasonably
acceptable to Bank (and identified as being such by Borrower and Bank).

 

“Subsidiary”
means any corporation, partnership or limited liability company or joint venture in which (i) any general partnership interest or (ii)
more than 50% of the stock, limited liability company interest or joint venture of which by the terms thereof ordinary voting power to
elect the Board of Directors, managers or trustees of the entity, at the time as of which any determination is being made, is owned by
Borrower, either directly or through an Affiliate.

 

“Term
Loan Maturity Date” means January 13, 2019.

 

“Trademarks”
means any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like
protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks.

 

    27

     

    

 

	DEBTOR
SECURED PARTY:	AYDEE
KAY LLC SQUARE 1 BANK

 

EXHIBIT
B

 

COLLATERAL
DESCRIPTION ATTACHMENT TO LOAN AND SECURITY AGREEMENT

 

All
personal property of Borrower (herein referred to as “Borrower” or “Debtor”) whether presently existing or hereafter
created or acquired, and wherever located, including, but not limited to:

 

(a) all
accounts {including health-care-insurance receivables), chattel paper (including tangible and electronic chattel paper), deposit accounts,
documents {including negotiable documents), equipment (including all accessions and additions thereto), financial assets, general intangibles
(including patents, trademarks, copyrights, goodwill, payment intangibles, domain names and software), goods (including fixtures), instruments
(including promissory notes), inventory (including all goods held for sale or lease or to be furnished under a contract of service, and
including returns and repossessions), investment property (including securities and securities entitlements), letter of credit rights,
money, and all of Debtor’s books and records with respect to any of the foregoing, and the computers and equipment containing said
books and records;

 

(b) any
and all cash proceeds and/or noncash proceeds of any of the foregoing, including, without limitation, insurance proceeds, and all supporting
obligations and the security therefor or for any right to payment. All terms above have the meanings given to them in the California
Uniform Commercial Code, as amended or supplemented from time to time, including revised Division 9 of the Uniform Commercial Code- Secured
Transactions.

 

    28

     

    

 

EXHIBIT
C

 

LOAN
ADVANCE/ PAYDOWN REQUEST FORM

 

[Please
refer to New Borrower Kit}

 

    29

     

    

 

EXHIBIT
D

 

BORROWING BASE CERTIFICATE

 

[Please
refer to New Borrower Kit]

 

    30

     

    

 

EXHIBIT
E 

 

COMPLIANCE
CERTIFICATE

 

[Please
refer to New Borrower Kit]

 

    31

     

    

 

SCHEDULE
OF EXCEPTIONS

 

Permitted
Indebtedness (Exhibit A) - Loan on Agilent USB oscilloscope/analyzer in favor of Ascentium Capital, LLC in the amount of $65,280.

 

Permitted
Investments (Exhibit A) - Borrower owns (i) approximately 80% of the issued and outstanding equity securities of Ell-IOT, Inc. and
(ii) 100% of UK subsidiary, Ay Dee Kay, Ltd.

 

Permitted
Liens (Exhibit A)- Lien on oscilloscope/analyzer (equipment) in favor of Asccntium Capital, LLC.

 

Intellectual
Property (Section 5.4)- None.

 

Prior
Names (Section 5.5)-None.

 

Litigation
(Section 5.6) - None.

 

Inbound
Licenses (Section 5.12)-None.

 

    32

     

    

 

Ninth
Amendment to Loan and 

Security Agreement

 

		Borrower:	Ay Dee Kay LLC

		Date:	January 30, 2020

 

TIDS NINTH
AMENDMENT TO LOAN AND SECURITY AGREEMENT is entered into between PACIFIC WESTERN BANK, a California
state chartered bank (“Bank”) and the borrower named above (“Borrower”).

 

Bank and
Borrower agree to amend the Loan and Security Agreement between them, dated January 13, 2015 (as amended, the “Loan Agreement”),
as follows, effective as of the date hereof. (Capitalized terms used but not defined in this Amendment shall have the meanings set forth
in the Loan Agreement.)

 

1. Limited
Waiver of Certain Events of Default. Borrower has advised Bank that Borrower has failed to comply with the financial covenants set
forth in Section 6.7 of the Loan Agreement for various compliance periods ending prior to the date of the Ninth Amendment (collectively,
the “Existing Financial Covenant Defaults”). This will confirm that Bank hereby waives the Existing Financial Covenant Defaults.
This waiver does not constitute a waiver of Borrower’s
obligation to comply with the covenant at any other date or for any other period, nor does it constitute a waiver of any other term or
provision of the Loan Agreement or any related document, nor an agreement to waive in the future this covenant or any other term or provision
of the Loan Agreement or any related document, all of which are hereby ratified and confirmed.

 

2. Payment
of Term Loan Obligations. Concurrently with the execution of the Ninth Amendment, Borrower shall request an Advance, and Bank shall
make an Advance to Borrower, in the amount of all outstanding Obligations pertaining to the Te1m Loan, and the proceeds of such Advance
shall repay in full all outstanding Obligations pertaining to
the Term Loan. Upon such repayment in full of the Obligations pe1taining to the Term Loan, Borrower acknowledges and agrees that Section
2.1(c) of the Loan Agreement shall be of no further force and effect, and Borrower covenants and agrees that Borrower shall not request,
and Bank shall be under no obligation to make, any Term Loan Credit Extensions.

 

3.
Conditions Precedent to Future Advances. Borrower acknowledges and agrees that, as of the date of the Ninth Amendment and
at all times thereafter, Borrower shall not request, and Bank shall be
under no obligation to make, any Advances (other than Advances, if any, necessary to pay in full all outstanding Obligations
pertaining to the Tem1 Loan as provided for in Section 1 of
the Ninth Amendment) until such time as Bank shall have received each of the following: (i) the results of an updated inspection and
audit (conducted by Bank through any of its officers, employees or agents), with the results thereof satisfactory to Bank in its
good faith business judgment and (ii) evidence satisfactory to Bank in its good faith business judgment of Borrower’s
satisfaction of the February Milestone.

 

     

    	Pacific Western Bank	Amendment to Loan Agreement

    

 

4. Modified
Financial Covenants. Section 6.7 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

6.7 Financial Covenants. Borrower
shall at all times maintain the following financial ratios and covenants:

 

(a) Minimum
Cash. A balance of Cash at Bank at all times of not less than $1,500,000, monitored on a daily basis.

 

(b)
February Milestone. By February 28, 2020, Borrower shall have received at least $2,500,000 net Cash proceeds from either (i) the
issuance of Borrower’s equity securities after the date of the Ninth Amendment to investors and on terms acceptable to Bank in
its good faith business judgment and provided evidence thereof acceptable to Bank in its good faith business judgment or (ii) the
issuance of Subordinated Debt after the date of the Ninth Amendment provided that the holder of such Subordinated Debt executes and
delivers a subordination agreement on Bank’s standard form with such changes thereto as are acceptable to Bank in its good
faith business judgment (together with the equity securities described in clause (i), the “February Milestone
Contribution”); provided that Bank acknowledges that as of the date hereof, Borrower has already received $2,000,000 of the
February Milestone Contribution in the form of Subordinated Debt from Tropez Fund Limited, together with the requisite subordination
agreement.

 

(c) Equity
Milestone. By May 15, 2020, Borrower shall have received at least $15,000,000 net Cash proceeds from the issuance of
Borrower’s equity securities after the date of the Ninth Amendment to investors and on terms acceptable to Bank acceptable to Bank
in its good faith business judgment and provided evidence thereof acceptable to Bank acceptable to
Bank in its good faith business judgment.

 

5. Modified
Definition of Aggregate Borrowing Limit. The definition of “Aggregate Borrowing Limit” set forth in Exhibit A to the Loan
Agreement, is hereby amended and restated to read as follows:

 

“Aggregate
Borrowing Limit” means $5,000,000; provided, however, upon the satisfaction of the Equity Milestone (set forth in Section
6.7(c) of the Loan Agreement), the Aggregate Borrowing Limit will mean

$10,000,000.

 

    2

    	Pacific Western Bank	Amendment to Loan Agreement

    

 

6.
Modified Definition of Eligible Accounts Regarding Concentration Limit. Subclause
(d) of the list identifying Accounts not deemed Eligible Accounts, which list is contained within the definition of “Eligible Accounts”
set forth in Exhibit A of the Loan Agreement, is hereby amended and restated to read as follows:

 

(d) Accounts
with respect to an account debtor, including the account debtor’s subsidiaries and Affiliates, whose total obligations to Borrower
exceed 25% (the “Concentration Limit”) of all Accounts, to the extent such obligations
exceed the aforementioned percentage, except for Accounts (i) of account debtor Delphi, for which the Concentration Limit shall be
50%, (ii) of account debtor Aptiv, for which the Concentration Limit shall be 50% and (iii) as approved by Bank;

 

7. Added
Definition of Ninth Amendment. The definition of “Ninth Amendment” is hereby added, in alphabetical order, to Exhibit
A to the Loan Agreement and shall read as follows:

 

“Ninth
Amendment” means that certain Ninth Amendment to Loan and Security Agreement between Borrower and Bank and dated on or about January
30, 2020.

 

8. Modified
Definition of Revolving Line. The definition of “Revolving Line’’ set forth in Exhibit A to the Loan Agreement is
hereby amended and restated in its entirety to read as follows:

 

“Revolving
Line” means a Credit Extension of up to $5,000,000 (inclusive of any amounts outstanding under the Ancilla1y Services Sublimit);
provided, however, upon the satisfaction of the Equity Milestone (set forth in Section 6.7(c) of the Loan Agreement), the Revolving
Line will mean a Credit Extension of up to $10,000,000.

 

9. Modified
Definition of Revolving Maturity Date. The definition of “Revolving Maturity Date” set forth in Exhibit A to the Loan
Agreement is hereby amended and restated in its entirety to read as follows:

 

“Revolving Maturity Date”
means January I, 2021.

 

10. Modified
Definition of Term Loan Maturity Date. The definition of “Term Loan Maturity Date” set forth in Exhibit A to the Loan
Agreement is hereby amended and restated in its entirety to read as follows:

 

“Te1m
Loan Maturity Date’, means September 30, 2020; provided, however, upon payment in full of the Term Loan in conjunction with
the Ninth Amendment, Term Loan Maturity Date shall be omitted.

 

11. Fee.
In consideration for Bank entering into this Amendment, Borrower shall concurrently pay Bank a fee in the amount of $5,000, which shall
be non-refundable and in addition to all interest and other fees payable to Bank under the Loan Documents. Bank is authorized to charge
said fee to Borrower’s loan account or any of Borrower’s deposit accounts with Bank.

 

    3

    	Pacific Western Bank	Amendment to Loan Agreement

    

 

12. Representations
True. Borrower represents and warrants to Bank that all representations and warranties set forth in the Loan Agreement, as
amended hereby, are true and correct.

 

13. General
Release, In consideration for Bank entering into this Amendment, Borrower hereby irrevocably releases and forever discharges
Bank, and its successors, assigns, agents, shareholders, directors, officers, employees, agents, attorneys, parent corporations, subsidiary
corporations, affiliated corporations, affiliates, participants, and each of them (collectively, the “Releasees”), from any
and all claims, debts, liabilities, demands, obligations, costs, expenses, actions and causes of action; of every nature and description,
known and unknown, which Borrower now has or at any time may hold, by reason of any matter, cause or thing occurred, done, omitted or
suffered to be done prior to the date of this Amendment (collectively, the “Released Claims”). Borrower hereby irrevocably
waives the benefits of any and all statutes and rules of law to the extent the same provide in substance that a general release does not
extend to claims which the creditor does not know or suspect to exist in its favor at the time of executing the release, and, without
limiting the foregoing, and without limiting the stipulation to governing law in Section 11
of the Loan Agreement, Borrower irrevocably waives any benefits it may have under California Civil Code Section 1542 which provides:
“A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her
favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with
the debtor or released party.” Borrower represents and warrants that it has not assigned to any other Person any Released Claim,
and agrees to indemnify Bank against any and all actions, demands, obligations, causes of action, decrees, awards, claims, liabilities,
losses and costs, including but not limited to reasonable attorneys’ fees of counsel of Bank’s choice and costs, which Bank
may sustain or incur as a result of a breach or purported breach of the foregoing representation and warranty.

 

14. No
Waiver. Nothing herein constitutes a waiver of any default or Event of Default under the Loan Agreement or any other Loan Documents,
whether or not known to Bank, except as otherwise provided for in Section 1 above.

 

15.
Governing Law; Jurisdiction; Venue; Arbitration. This Amendment and all acts, transactions, disputes and controversies
arising hereunder or relating hereto, and all rights and obligations of the parties shall be governed by, and construed in
accordance with, the internal laws (and not the conflict of laws rules) of the State of California. All disputes, controversies,
claims, actions and other proceedings involving, directly or indirectly, any matter in any way arising out of, related to, or
connected with, this Amendment or the relationship between Borrower and Bank, and ru1y and all other claims of B01Tower against Bank
of any kind, shall be brought only in the Superior Court of San Mateo, California or the United States District Court for the
Northern District of California, and each consents to the jurisdiction of any such court, and waives any and all rights the party
may have to object to the jurisdiction of any such court, or to transfer or change the venue of any such action or proceeding,
including, without limitation, any objection to venue or request for change in venue based on the doctrine of forum
non conveniens; provided that, notwithstanding the foregoing, nothing herein shall limit the right of Bank to bring
proceedings against Borrower in the courts of any other jurisdiction. Borrower consents to service of process in any action or
proceeding brought against it by Bank, by personal delivery, or by mail addressed as set forth
in the Loan Agreement or by any other method permitted by law. If the jury waiver set forth in Section 17
below is not enforceable, then any dispute, controversy, claim, action or similar proceeding
arising out of or relating to this Amendment, the Loan Documents or any of the transactions contemplated therein shall be settled by
final and binding arbitration held in San Mateo County, California in accordance with the then current Commercial Arbitration Rules
of the American Arbitration Association by one arbitrator appointed in accordance with those rules. The arbitrator shall apply
California law to the resolution of any dispute, without reference to rules of conflicts of law or rules of statutory arbitration.
Judgment upon any award resulting from arbitration may be entered into and enforced by any state or federal court having
jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or
interim equitable relief, or to compel arbitration in accordance with this Section. The costs and expenses of the arbitration,
including without limitation, the arbitrator’s fees and expert witness fees, and reasonable attorneys’ fees, incurred by
the parties to the arbitration may be awarded to the prevailing patty, in the discretion of the arbitrator, or may be apportioned
between the parties in any manner deemed appropriate by the arbitrator. Unless and until the arbitrator decides that one party is to
pay for all (or a share) of such costs and expenses, both parties shall share equally in the payment of the arbitrator’s fees
as and when billed by the arbitrator.

 

    4

    	Pacific Western Bank	Amendment to Loan Agreement

    

 

16. General
Provisions. Borrower hereby ratifies and confirms the continuing validity, enforceability and effectiveness of the Loan Agreement
and all other Loan Documents. This Amendment, the Loan Agreement, any prior written amendments to the Loan Agreement signed by Bank and
Borrower, and the other written documents and agreements between Bank and Borrower set forth in full all of the representations and agreements
of the parties with respect to the subject matter hereof and supersede all prior discussions, representations, agreements and understandings
between the patties with respect to the subject hereof. Except as herein expressly amended, all of the terms and provisions of the Loan
Agreement, and all other documents and agreements between Bank and Borrower shall continue in full force and effect and the same are hereby
ratified and confirmed. This Amendment may be executed in multiple counterparts, by different parties signing separate counterparts, and
all of the same taken together shall constitute one and the same agreement.

 

17. Mutual
Waiver of Jury Trial. BANK AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS
A CONSTITUTIONAL RIGHT, BUT THAT IT MAY BE WAIVED. EACH OF THE PARTIES, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH
COUNSEL OF THEIR CHOICE, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED
UPON OR ARISING OUT OF THIS AMENDMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AMENDMENT
OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), ACTION OR INACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT
BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY BANK OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF
THEM. IF FOR ANY REASON THE PROVISIONS OF THIS SECTION ARE VOID, INVALID OR UNENFORCEABLE, THE SAME SHALL NOT AFFECT ANY OTHER TERM OR
PROVISION OF THIS AMENDMENT, AND ALL OTHER TERMS AND PROVISIONS OF THIS AMENDMENT SHALL BE UNAFFECTED BY THE SAME AND CONTINUE IN FULL
..FORCE AND EFFECT.

 

Version-5

 

[Signatures on Next Page]

 

    5

    	Pacific Western Bank	Amendment to Loan Agreement

    

 

	 	Borrower:
	 	 
	 	AY DEE KAY LLC
	 	By	               
	 	Title	 
	 	 
	 	Bank:
	 	 
	 	PACIFIC WESTERN BANK
	 	 
	 	By	 
	 	Title	 

 

{Signature Page-Amendment to Loan Agreement]

 

    6

     

    

 

Tenth
Amendment to Loan and Security Agreement

 

	Borrower:	Ay Dee Kay LLC
	Date:	April 17, 2020

 

THIS TENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT is
entered into between PACIFIC WESTERN BANK, a California state chartered bank (“Bank”) and the borrower named above
(“Borrower”).

 

Bank and Borrower agree to
amend the Loan and Security Agreement between them, dated January 13, 2015 (as amended, the “Loan Agreement”), as follows,
effective as of the date hereof. (Capitalized terms used but not defined in this Amendment shall have the meanings set forth in the Loan
Agreement.)

 

1. Limited
Waiver of Certain Reporting Covenant Events of Default. Borrower failed to deliver to Bank the reports and documents required under
Section 6.2 of the Loan Agreement for the month ending January 31, 2020 within the time period required therein (collectively, the “January
2020 Reporting Defaults”). This will confirm that Bank hereby waives the January 2020 Reporting Defaults. This waiver does not constitute
a waiver of Borrower’s obligation to comply with the covenant at any other date or for any other period, nor does it constitute
a waiver of any other term or provision of the Loan Agreement or any related document, nor an agreement to waive in the future this covenant
or any other term or provision of the Loan Agreement or any related document, all of which are hereby ratified and confirmed.

 

2. Limited
Waiver of Minimum Cash Financial Covenant Events of Default. Borrower has advised Bank that Borrower has failed to comply with the
Minimum Cash financial covenants set forth in Section 6.7(a) of the Loan Agreement for various compliance periods ending prior to the
date of the Tenth Amendment (collectively, the “Existing Minimum Cash Defaults”). This will confirm that Bank hereby waives
the Existing Minimum Cash Defaults. This waiver does not constitute a waiver of Borrower’s obligation to comply with the covenant
at any other date or for any other period, nor does it constitute a waiver of any other term or provision of the Loan Agreement or any
related document, nor an agreement to waive in the future this covenant or any other term or provision of the Loan Agreement or any related
document, all of which are hereby ratified and confirmed.

 

3. Limited
Waiver of February Milestone Contribution Default. Borrower failed to comply with the February Milestone Contribution
requirement set forth in Section 6.7(b) of the Loan Agreement by failing to receive, by February 28, 2020, at least $2,500,000 from
the issuance of either Borrower’s equity securities or Subordinated Debt in accordance with such Section 6.7(b) (the
“February Milestone Default”). This will confirm that Bank hereby waives the February Milestone Default. This waiver
does not constitute a waiver of Borrower’s obligation to comply with the covenant, if applicable, at any other date or for any
other period, nor does it constitute a waiver of any other term or provision of the Loan Agreement or any related document, nor an
agreement to waive in the future this covenant or any other term or provision of the Loan Agreement or any related document, all of
which are hereby ratified and confirmed

 

     

     

    

 

	Pacific Western Bank

	Amendment to Loan Agreement

 

4. Modified
Equity Milestone Financial Covenant. Section 6.7(c) of the Loan Agreement is hereby amended and restated in its entirety to read as
follows:

 

		(c)	Equity Milestone. Borrower shall provide to Bank the following:

 

		(i)	by June 1, 2020, a fully executed term sheet providing for
(A) Borrower’s receipt of at least $15,000,000 net Cash proceeds (and exclusive of any proceeds received prior to June 1, 2020)
from the issuance of Borrower’s equity securities to investors and on terms acceptable to Bank in its good faith business judgment
and (B) a closing date of such transaction, and the receipt by Borrower of such funds, by July 15, 2020 and

 

		(ii)	by July 15, 2020, evidence satisfactory to Bank in its good
faith business judgment of Borrower’s receipt of such funds.

 

5. Added
Definition of Tenth Amendment. The definition of “Tenth Amendment” is hereby added, in alphabetical order, to Exhibit
A to the Loan Agreement and shall read as follows:

 

“Tenth Amendment” means that certain
Tenth Amendment to Loan and Security Agreement between Borrower and Bank and dated on or about April 17, 2020.

 

 6. Fee. [Omitted].

 

7. Representations
True. Borrower represents and warrants to Bank that all representations and warranties set forth in the Loan Agreement, as amended
hereby, are true and correct.

 

8. General
Release. In consideration for Bank entering into this Amendment, Borrower hereby irrevocably releases and forever discharges
Bank, and its successors, assigns, agents, shareholders, directors, officers, employees, agents, attorneys, parent corporations,
subsidiary corporations, affiliated corporations, affiliates, participants, and each of them (collectively, the
“Releasees”), from any and all claims, debts, liabilities, demands, obligations, costs, expenses, actions and causes of
action, of every nature and description, known and unknown, which Borrower now has or at any time may hold, by reason of any matter,
cause or thing occurred, done, omitted or suffered to be done prior to the date of this Amendment (collectively, the “Released
Claims”). Borrower hereby irrevocably waives the benefits of any and all statutes and rules of law to the extent the same
provide in substance that a general release does not extend to claims which the creditor does not know or suspect to exist in its
favor at the time of executing the release, and, without limiting the foregoing, and without limiting the stipulation to governing
law in Section 11 of the Loan Agreement, Borrower irrevocably waives any benefits it may have under California Civil Code Section
1542 which provides: “A general release does not extend to claims that the creditor or releasing party does not know or
suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially
affected his or her settlement with the debtor or released party.” Borrower represents and warrants that it has not assigned
to any other Person any Released Claim, and agrees to indemnify Bank against any and all actions, demands, obligations, causes of
action, decrees, awards, claims, liabilities, losses and costs, including but not limited to reasonable attorneys’ fees of
counsel of Bank’s choice and costs, which Bank may sustain or incur as a result of a breach or purported breach of the
foregoing representation and warranty.

 

    -2-

     

    

 

	Pacific Western Bank

	Amendment to Loan Agreement

 

9. No
Waiver. Nothing herein constitutes a waiver of any default or Event of Default under the Loan Agreement or any other Loan Documents,
whether or not known to Bank, except as otherwise provided for in Sections 1, 2 and 3 above.

 

10. Governing
Law; Jurisdiction; Venue; Arbitration. This Amendment and all acts, transactions, disputes and controversies arising hereunder or
relating hereto, and all rights and obligations of the parties shall be governed by, and construed in accordance with, the internal laws
(and not the conflict of laws rules) of the State of California. All disputes, controversies, claims, actions and other proceedings involving,
directly or indirectly, any matter in any way arising out of, related to, or connected with, this Amendment or the relationship between
Borrower and Bank, and any and all other claims of Borrower against Bank of any kind, shall be brought only in the Superior Court of San
Mateo, California or the United States District Court for the Northern District of California, and each consents to the jurisdiction of
any such court, and waives any and all rights the party may have to object to the jurisdiction of any such court, or to transfer or change
the venue of any such action or proceeding, including, without limitation, any objection to venue or request for change in venue based
on the doctrine of forum non conveniens; provided that, notwithstanding the foregoing, nothing herein shall limit the right of
Bank to bring proceedings against Borrower in the courts of any other jurisdiction. Borrower consents to service of process in any action
or proceeding brought against it by Bank, by personal delivery, or by mail addressed as set forth in the Loan Agreement or by any other
method permitted by law. If the jury waiver set forth in Section 12 below is not enforceable, then any dispute, controversy, claim, action
or similar proceeding arising out of or relating to this Amendment, the Loan Documents or any of the transactions contemplated therein
shall be settled by final and binding arbitration held in San Mateo County, California in accordance with the then current Commercial
Arbitration Rules of the American Arbitration Association by one arbitrator appointed in accordance with those rules. The arbitrator shall
apply California law to the resolution of any dispute, without reference to rules of conflicts of law or rules of statutory arbitration.
Judgment upon any award resulting from arbitration may be entered into and enforced by any state or federal court having jurisdiction
thereof. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or interim equitable
relief, or to compel arbitration in accordance with this Section. The costs and expenses of the arbitration, including without limitation,
the arbitrator’s fees and expert witness fees, and reasonable attorneys’ fees, incurred by the parties to the arbitration
may be awarded to the prevailing party, in the discretion of the arbitrator, or may be apportioned between the parties in any manner deemed
appropriate by the arbitrator. Unless and until the arbitrator decides that one party is to pay for all (or a share) of such costs and
expenses, both parties shall share equally in the payment of the arbitrator’s fees as and when billed by the arbitrator.

 

    -3-

     

    

 

	Pacific Western Bank

	Amendment to Loan Agreement

 

11. General
Provisions. Borrower hereby ratifies and confirms the continuing validity, enforceability and effectiveness of the Loan Agreement
and all other Loan Documents. This Amendment, the Loan Agreement, any prior written amendments to the Loan Agreement signed by Bank and
Borrower, and the other written documents and agreements between Bank and Borrower set forth in full all of the representations and agreements
of the parties with respect to the subject matter hereof and supersede all prior discussions, representations, agreements and understandings
between the parties with respect to the subject hereof. Except as herein expressly amended, all of the terms and provisions of the Loan
Agreement, and all other documents and agreements between Bank and Borrower shall continue in full force and effect and the same are hereby
ratified and confirmed. This Amendment may be executed in multiple counterparts, by different parties signing separate counterparts, and
all of the same taken together shall constitute one and the same agreement.

 

12. Mutual
Waiver of Jury Trial. BANK AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL RIGHT, BUT THAT IT MAY BE
WAIVED. EACH OF THE PARTIES, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF THIS AMENDMENT OR ANY
RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AMENDMENT OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS
(WHETHER ORAL OR WRITTEN), ACTION OR INACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT
OR RELINQUISHED BY BANK OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF THEM. IF FOR ANY REASON THE PROVISIONS OF THIS
SECTION ARE VOID, INVALID OR UNENFORCEABLE, THE SAME SHALL NOT AFFECT ANY OTHER TERM OR PROVISION OF THIS AMENDMENT, AND ALL OTHER TERMS
AND PROVISIONS OF THIS AMENDMENT SHALL BE UNAFFECTED BY THE SAME AND CONTINUE IN FULL FORCE AND EFFECT.

 

Version-0

 

[Signatures on Next Page]

 

    -4-

     

    

 

	Pacific
                                            Western Bank

	Amendment
                                            to Loan Agreement

 

	 	Borrower:
	 	 
	 	AY DEE KAY LLC
	 	 
	 	By	          
	 	Title	 
	 	 	 
	 	Bank:	 
	 	 	 
	 	PACIFIC WESTERN BANK
	 	 	 
	 	By 	 
	 	Title 	 

 

[Signature Page – Amendment to Loan Agreement]

 

    5 

     

    

 

Eleventh
Amendment to Loan and Security Agreement

 

	Borrower:  	Ay Dee Kay LLC
	Date:	October 1, 2020

 

THIS ELEVENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT is
entered into between PACIFIC WESTERN BANK, a California state chartered bank (“Bank”) and the borrower named above
(“Borrower”).

 

Bank and Borrower agree to amend the
Loan and Security Agreement between them, dated January 13, 2015 (as amended, the “Loan Agreement”), as follows, effective
as of the date hereof. (Capitalized terms used but not defined in this Amendment shall have the meanings set forth in the Loan Agreement.)

 

1.
Limited Waiver of Annual Financial Statements Default. Borrower failed to provide Lender by May 31, 2020 the annual financial statements
of Borrower for the fiscal year ending December 31, 2019 in accordance with Section 6.2(ii) of the Loan Agreement, as amended (the “2019
Annual Financial Statements Default”). Lender hereby waives the 2019 Annual Financial Statements Default. This waiver does not constitute
a waiver of Borrower’s obligation to comply with the covenant at any other date or for any other period, nor does it constitute
a waiver of any other term or provision of the Loan Agreement or any related document, nor an agreement to waive in the future this covenant
or any other term or provision of the Loan Agreement or any related document, all of which are hereby ratified and confirmed.

 

2.
Limited Waiver of Primary Depository Covenant Default. Borrower failed to comply with the Primary Depository covenant under Section
6.6 of the Loan Agreement at various times prior to the date of the Eleventh Amendment (collectively, the “Primary Depository Defaults”).
This will confirm that Bank hereby waives the Primary Depository Defaults. This waiver does not constitute a waiver of Borrower’s
obligation to comply with the covenant at any other date or for any other period, nor does it constitute a waiver of any other term or
provision of the Loan Agreement or any related document, nor an agreement to waive in the future this covenant or any other term or provision
of the Loan Agreement or any related document, all of which are hereby ratified and confirmed.

 

3.
Potential Limited Waiver of Equity Milestone Default. Borrower failed to comply with the Equity Milestone financial covenant set
forth in Section 6.7(c) of the Loan Agreement by failing to receive, by July 15, 2020, at least $15,000,000 from the issuance of
Borrower’s equity securities in accordance with such Section 6.7(c) (the “Equity Milestone Default”). This will
confirm that, upon Borrower’s satisfaction of both the Investor Requirement and the Trinity Capital Requirement (each as
defined herein), the Equity Milestone Default will automatically be waived without further action by any party. This waiver, if it
does occur, will not constitute a waiver of Borrower’s obligation to comply with the covenant, if applicable, at any other
date or for any other period, nor will it constitute a waiver of any other term or provision of the Loan Agreement or any related
document, nor an agreement to waive in the future this covenant or any other term or provision of the Loan Agreement or any related
document, all of which are hereby ratified and confirmed.

 

     

     

    

 

4.
Consent to Amended and Restated Trinity Loan Agreement. Borrower and Trinity Capital Inc. (as successor in interest to Trinity Capital
Fund II, L.P.) (“Trinity”) are parties to that certain Loan and Security Agreement by and among Borrower and Trinity dated
on or about March 30, 2018 (as amended, the “Trinity Loan Agreement”). Borrower has advised Bank that Borrower and Trinity
are going to amend and restate the Trinity Loan Agreement or have amended and restated the Trinity Loan Agreement on or about the date
hereof (the “Trinity Restated Loan Agreement”). Pursuant to the Trinity Restated Loan Agreement, among other things, Borrower
will pay interest only on the obligations owed under the Trinity Restated Loan Agreement for the twelve (12) month period immediately
following the date of the Trinity Restated Loan Agreement, and after such twelve (12) month period, Borrower shall repay the principal
and interest obligations owed under the Trinity Restated Loan Agreement over a thirty- six (36) month amortization period. Borrower has
requested that Bank consent to the Trinity Restated Loan Agreement, and Bank hereby consents to the same subject to Bank’s receipt
of an executed copy of the Trinity Restated Loan Agreement reflecting the terms described above and an Amended and Restated Subordination
Agreement executed by Trinity in form and substance satisfactory to Bank in its good faith business judgment (collectively, the “Trinity
Documents”).

 

5.
Modified Due Date for 2019 Annual Financial Statements. The date by which Borrower is to provide its annual financial statements,
in accordance with 6.2(ii) of the Loan Agreement, for its fiscal year ending December 31, 2019 only is hereby extended to November 1,
2020.

 

6.
Modified Primary Depository Covenant. Section 6.6 of the Loan Agreement is hereby amended and restated in its entirety to read as
follows:

 

6.6 Primary Depository. Subject
to the provisions of Section 3.2(b), Borrower (i) shall maintain all of its investment accounts with Bank or Bank’s affiliate, and
(ii) on and after the date of the Eleventh Amendment, may maintain up to $2,000,000 in bank accounts held outside the United States for
purposes of providing for current operating expenses of Borrower’s foreign Subsidiaries.

 

7.
Potential Modified Financial Covenants. Upon Borrower’s satisfaction of both the Investor Requirement and the Trinity Capital
Requirement, Section 6.7 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

 6.7 Financial Covenants. Borrower shall at all times maintain the following financial ratios and covenants:

 

		(a)	Minimum Cash. A balance of Cash at Bank at all times of not less than $2,300,000,
monitored on a daily basis. Borrower acknowledges and agrees that any request by Borrower or any other Person to pay or otherwise transfer
funds that would cause Borrower’s Cash at Bank to be
less than the amount required pursuant to this Section 6.7(a) will constitute an immediate Event of Default under the Agreement.

 

    2

     

    

 

8.
Modified Definition of Aggregate Borrowing Limit. The definition of “Aggregate Borrowing Limit” set forth in Exhibit A
to the Loan Agreement, is hereby amended and restated to read as follows:

“Aggregate Borrowing Limit” means
$2,000,000.

 

9.
Modified Eligible Foreign Accounts. Subclause (iv) of the definition of Eligible Foreign Accounts set forth in Exhibit A to the Loan
Agreement that currently reads as follows:

 

(iv) to the extent
that such Accounts do not exceed $750,000 of total Eligible Accounts.

 

is hereby amended and restated to read as follows:

 

(iv) to the extent that such Accounts do not exceed $1,500,000
of total Eligible Accounts.

 

10.
Added Definition of Eleventh Amendment. The definition of “Eleventh Amendment” is hereby added, in alphabetical order,
to Exhibit A to the Loan Agreement and shall read as follows:

 

“Eleventh Amendment” means
that certain Eleventh Amendment to Loan and Security Agreement between Borrower and Bank and dated on or about October 1, 2020.

 

11.
Added Definition of Investor Requirement. The definition of “Investor Requirement” is hereby added, in alphabetical order,
to Exhibit A to the Loan Agreement and shall read as follows:

 

“Investor Requirement”
means Borrower’s receipt at least $7,000,000 net Cash proceeds from either (i) the issuance of Borrower’s equity securities
after September 1, 2020 to investors and on terms acceptable to Bank in its good faith business judgment and Borrower having provided
evidence thereof acceptable to Bank in its good faith business judgment or (ii) the issuance of Subordinated Debt in the form of Simple
Agreement for Future Equity (SAFE) Notes dated after September 1, 2020 provided that the each holder of such Subordinated Debt executes
and delivers a subordination agreement on Bank’s standard form with such changes thereto as are acceptable to Bank in its good faith
business judgment or, if applicable, a Reaffirmation of Subordination Agreement in form acceptable to Bank in its good faith business
judgment.

 

    3

     

    

 

12.
Modified Definition of Revolving Line. The definition of “Revolving Line” set forth in Exhibit A to the Loan Agreement
is hereby amended and restated in its entirety to read as follows:

 

“Revolving Line” means
a Credit Extension of up to $2,000,000 (inclusive of any amounts outstanding under the Ancillary Services Sublimit).

 

13.
Added Definition of Trinity Capital Requirement. The definition of “Trinity Capital Requirement” is hereby added, in alphabetical
order, to Exhibit A to the Loan Agreement and shall read as follows:

 

“Trinity Capital Requirement”
means Bank’s receipt of the Trinity Documents (as defined in the Eleventh Amendment), including, without limitation, the Trinity
Restated Loan Agreement (as defined in the Eleventh Amendment).

 

 14. Fee. [Omitted].

 

15.
Representations True. Borrower represents and warrants to Bank that all representations and warranties set forth in the Loan Agreement,
as amended hereby, are true and correct.

 

16.
General Release. In consideration for Bank entering into this Amendment, Borrower hereby irrevocably releases and forever discharges
Bank, and its successors, assigns, agents, shareholders, directors, officers, employees, agents, attorneys, parent corporations, subsidiary
corporations, affiliated corporations, affiliates, participants, and each of them (collectively, the “Releasees”), from any
and all claims, debts, liabilities, demands, obligations, costs, expenses, actions and causes of action, of every nature and description,
known and unknown, which Borrower now has or at any time may hold, by reason of any matter, cause or thing occurred, done, omitted or
suffered to be done prior to the date of this Amendment (collectively, the “Released Claims”). Borrower hereby irrevocably
waives the benefits of any and all statutes and rules of law to the extent the same provide in substance that a general release does not
extend to claims which the creditor does not know or suspect to exist in its favor at the time of executing the release, and, without
limiting the foregoing, and without limiting the stipulation to governing law in Section 11 of the Loan Agreement, Borrower irrevocably
waives any benefits it may have under California Civil Code Section 1542 which provides: “A general release does not extend to claims
that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that,
if known by him or her, would have materially affected his or her settlement with the debtor or released party.” Borrower represents
and warrants that it has not assigned to any other Person any Released Claim, and agrees to indemnify Bank against any and all actions,
demands, obligations, causes of action, decrees, awards, claims, liabilities, losses and costs, including but not limited to reasonable
attorneys’ fees of counsel of Bank’s choice and costs, which Bank may sustain or incur as a result of a breach or purported
breach of the foregoing representation and warranty.

 

17.
No Waiver. Nothing herein constitutes a waiver of any default or Event of Default under the Loan Agreement or any other Loan Documents,
whether or not known to Bank, except as otherwise provided for in Sections 1, 2 and 3 above.

 

    4

     

    

 

18.
Governing Law; Jurisdiction; Venue; Arbitration. This Amendment and all acts, transactions, disputes and controversies arising
hereunder or relating hereto, and all rights and obligations of the parties shall be governed by, and construed in accordance with,
the internal laws (and not the conflict of laws rules) of the State of California. All disputes, controversies, claims, actions and
other proceedings involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this
Amendment or the relationship between Borrower and Bank, and any and all other claims of Borrower against Bank of any kind, shall be
brought only in the Superior Court of San Mateo, California or the United States District Court for the Northern District of
California, and each consents to the jurisdiction of any such court, and waives any and all rights the party may have to object to
the jurisdiction of any such court, or to transfer or change the venue of any such action or proceeding, including, without
limitation, any objection to venue or request for change in venue based on the doctrine of forum non conveniens; provided
that, notwithstanding the foregoing, nothing herein shall limit the right of Bank to bring proceedings against Borrower in the
courts of any other jurisdiction. Borrower consents to service of process in any action or proceeding brought against it by Bank, by
personal delivery, or by mail addressed as set forth in the Loan Agreement or by any other method permitted by law. If the jury
waiver set forth in Section 20 below is not enforceable, then any dispute, controversy, claim, action or similar proceeding arising
out of or relating to this Amendment, the Loan Documents or any of the transactions contemplated therein shall be settled by final
and binding arbitration held in San Mateo County, California in accordance with the then current Commercial Arbitration Rules of the
American Arbitration Association by one arbitrator appointed in accordance with those rules. The arbitrator shall apply California
law to the resolution of any dispute, without reference to rules of conflicts of law or rules of statutory arbitration. Judgment
upon any award resulting from arbitration may be entered into and enforced by any state or federal court having jurisdiction
thereof. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or interim
equitable relief, or to compel arbitration in accordance with this Section. The costs and expenses of the arbitration, including
without limitation, the arbitrator’s fees and expert witness fees, and reasonable attorneys’ fees, incurred by the
parties to the arbitration may be awarded to the prevailing party, in the discretion of the arbitrator, or may be apportioned
between the parties in any manner deemed appropriate by the arbitrator. Unless and until the arbitrator decides that one party is to
pay for all (or a share) of such costs and expenses, both parties shall share equally in the payment of the arbitrator’s fees
as and when billed by the arbitrator.

 

19.
General Provisions. Borrower hereby ratifies and confirms the continuing validity, enforceability and effectiveness of the Loan Agreement
and all other Loan Documents. This Amendment, the Loan Agreement, any prior written amendments to the Loan Agreement signed by Bank and
Borrower, and the other written documents and agreements between Bank and Borrower set forth in full all of the representations and agreements
of the parties with respect to the subject matter hereof and supersede all prior discussions, representations, agreements and understandings
between the parties with respect to the subject hereof. Except as herein expressly amended, all of the terms and provisions of the Loan
Agreement, and all other documents and agreements between Bank and Borrower shall continue in full force and effect and the same are hereby
ratified and confirmed. This Amendment may be executed in multiple counterparts, by different parties signing separate counterparts, and
all of the same taken together shall constitute one and the same agreement.

 

20.
Mutual Waiver of Jury Trial. BANK AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL RIGHT, BUT THAT
IT MAY BE WAIVED. EACH OF THE PARTIES, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE,
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT
OF THIS AMENDMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AMENDMENT OR ANY COURSE
OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), ACTION OR INACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED
TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY BANK OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF THEM.
IF FOR ANY REASON THE PROVISIONS OF THIS SECTION ARE VOID, INVALID OR UNENFORCEABLE, THE SAME SHALL NOT AFFECT ANY OTHER TERM OR
PROVISION OF THIS AMENDMENT, AND ALL OTHER TERMS AND PROVISIONS OF THIS AMENDMENT SHALL BE UNAFFECTED BY THE SAME AND CONTINUE IN
FULL FORCE AND EFFECT.

 

Version-3f

 

[Signatures on Next Page]

 

    5

     

    

 

	Borrower:	 	Bank:
	 	 	 
	AYDEEKAYLLC  	 	PACIFIC WESTERN BANK
	 	 	 
	By	                 	 	By	              
	Title	 	 	Title	 

 

[Signature Page - Amendment to loan
Agreement]

 

    6

     

    

 

TWELFTH AMENDMENT TO

LOAN AND SECURITY AGREEMENT

 

This Twelfth Amendment to Loan and Security Agreement
(this “Amendment”) is made and entered into as of February 26, 2021 by and between PACIFIC WESTERN BANK, a California
state chartered bank (“Bank”), and AY DEE KAY LLC (“Borrower”).

 

RECITALS

 

Borrower and Bank are parties to that certain
Loan and Security Agreement dated as of January 13, 2015 (as amended from time to time, the “Agreement”). The
parties desire to amend the Agreement in accordance with the terms of this Amendment.

 

NOW, THEREFORE, the parties agree as follows:

 

		1)	Pursuant to Section 6.2(ii) of the Agreement, Borrower is required to deliver to Bank its audited consolidated
and consolidating financial statements for each fiscal year (the “Audited Financials”) within 150 days after the end of such
fiscal year. Bank previously extended to November 1, 2020 the deadline for Borrower to deliver to Bank its Audited Financials for its
2019 fiscal year (the “2019 Audited Financials”). As of such date, Borrower had not delivered to Bank the 2019 Audited Financials,
resulting in a violation of the Agreement (the “2019 Audited Financials Violation”). Bank hereby waives the 2019 Audited Financials
Violation. The foregoing waiver does not constitute a waiver of Borrower’s obligation to comply with the covenant at any other date
or for any other period, nor does it constitute a waiver of any other term or provision of the Agreement or any related document, nor
an agreement to waive in the future this covenant or any other term or provision of the Agreement or any related document, all of which
are hereby ratified and confirmed.

 

		2)	Pursuant to Section 6.2(a) of the Agreement, Borrower is required to deliver to Bank certain monthly reporting,
including, without limitation, a Borrowing Base Certificate within 30 days after the last day of each month (the “Borrowing Base
Reporting”). Borrower failed to deliver the Borrowing Base Reporting for the month ending October 31, 2020 within 30 days thereafter,
resulting in a violation of the Agreement (the “October 2020 BB Violation”). Bank hereby waives the October 2020 BB Violation.
The foregoing waiver does not constitute a waiver of Borrower’s obligation to comply with the covenant at any other date or for
any other period, nor does it constitute a waiver of any other term or provision of the Agreement or any related document, nor an agreement
to waive in the future this covenant or any other term or provision of the Agreement or any related document, all of which are hereby
ratified and confirmed.

 

		3)	The following defined term in Exhibit A to the Agreement is hereby amended and restated, as follows:

 

“Revolving Maturity Date” means April 1, 2021.

 

     

     

    

 

		4)	A dispute currently exists between Borrower and Bank with respect to Section 6.12 of the Agreement and
the obligation of Borrower to deliver a fully executed Warrant to Purchase Stock to Bank (such dispute, the “Warrant Claim”).
Nothing contained herein, nor the execution, delivery, or performance of this Amendment shall operate as a waiver of, or as an amendment
of, any right, power, or remedy of either party with respect to the Warrant Claim, and the parties hereby expressly reserve any and all
rights related to the Warrant Claim.

 

		5)	Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the
Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and
hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this
Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect
prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with
the Agreement.

 

		6)	Borrower represents and warrants that the representations and warranties contained in the Agreement are
true and correct as of the date of this Amendment, and that no Event of Default has occurred and is continuing.

 

		7)	This Amendment may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one instrument.

 

		8)	As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance
satisfactory to Bank, the following:

 

		(a)	this Amendment, duly executed by Borrower;

 

		(b)	payment of all Bank Expenses, including Bank’s expenses
for the documentation of this Amendment and any related documents, and any UCC, good standing or intellectual property search or filing
fees, which may be debited from any of Borrower’s accounts; and

 

		(c)	such other documents and completion of such other matters,
as Bank may reasonably deem necessary or appropriate.

 

[Signature Page Follows]

 

    2

     

    

 

IN
WITNISS WHEREOF, the undersigned have executed this amendment as of the first date ____
above written.

 

Borrower

 

AY DEE KAY

 

By:

Its:

 

Bank:

 

PACIFIC WESTERN BANK

 

By:

Its:

 

     

     

    

 

Thirteenth
Amendment to Loan and Security Agreement

 

Borrower:
Ay Dee Kay LLC

Date:June
3, 2021

 

THIS
THIRTEENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT is entered into between PACIFIC WESTERN BANK, a California state
chartered bank (“ Bank”) and the borrower named above (“Borrower”).

 

Bank
and Borrower agree to amend the Loan and Security Agreement between them, dated January 13, 2015 (as amended, the “Loan Agreement”),
as follows, effective as of April 1, 2021. (Capitalized terms used but not defined in this Amendment shall have the meanings set forth
in the Loan Agreement.)

 

1.
Modified Definition of Revolving Maturity Date. The definition of “ Revolving Maturity Date’’ set forth in Exhibit
A to the Loan Agreement is hereby amended and restated in its entirety to read as follows:

 

“Revolving
Maturity Date” means July 20, 2021.

 

2.
Added Definition of Thirteenth Amendment. The definition of “Thirteenth Amendment” is hereby added, in alphabetical order,
to Exhibit A to the Loan Agreement and shall read as follows:

 

“Thirteenth
Amendment’’ means that certain Thirteenth Amendment to Loan and Security Agreement between Borrower and Bank and dated on
or about June 3, 2021.

 

3.
Fee. In consideration for Bank entering into this Amendment, Borrower shall concurrently pay Bank a fee in the amount of $2,500,
which shall be non-refundable and in addition to all interest and other fees payable to Bank under the Loan Documents. Bank is authorized
to charge said fee to Borrower’s loan account or any of Borrower’s deposit accounts with Bank.

 

4.
Representations True. Borrower represents and warrants to Bank that all representations and warranties set forth in the Loan Agreement,
as amended hereby, are true and correct.

 

5.
No Waiver. Nothing herein constitutes a waiver of any default or Event of Default under the Loan Agreement or any other Loan Documents,
whether or not known to Bank.

 

     

     

    

 

	Pacific Western Bank	Amendment to Loan Agreement

 

6.
Governing Law; Jurisdiction; Venue; Arbitration. This Amendment and all acts, transactions, disputes and controversies arising hereunder
or relating hereto, and all rights and obligations of the parties shall be governed by, and construed in accordance with, the internal
laws (and not the conflict of laws rules) of the State of California. All disputes, controversies, claims, actions and other proceedings
involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this Amendment or the relationship
between Borrower and Bank, and any and all other claims of Borrower against Bank of any kind, shall be brought only in the Superior Court
of San Mateo, California or the United States District Court for the Northern District of California, and each consents to the jurisdiction
of any such court, and waives any and all rights the party may have to object to the jurisdiction of any such court, or to transfer or
change the venue of any such action or proceeding, including, without limitation, any objection to venue or request for change in venue
based on the doctrine of forum non conveniens; provided that, notwithstanding the foregoing, nothing herein shall limit the right
of Bank to bring proceedings against Borrower in the courts of any other jurisdiction. Borrower consents to service of process in any
action or proceeding brought against it by Bank, by personal delivery, or by mail addressed as set forth in the Loan Agreement or by
any other method permitted by law. If the jury waiver set forth in Section 8 below is not enforceable, then any dispute, controversy,
claim, action or similar proceeding arising out of or relating to this Amendment, the Loan Documents or any of the transactions contemplated
therein shall be settled by final and binding arbitration held in San Mateo County, California in accordance with the then current Commercial
Arbitration Rules of the American Arbitration Association by one arbitrator appointed in accordance with those rules. The arbitrator
shall apply California law to the resolution of any dispute, without reference to rules of conflicts of law or rules of statutory arbitration.
Judgment upon any award resulting from arbitration may be entered into and enforced by any state or federal court having jurisdiction
thereof. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or interim equitable
relief, or to compel arbitration in accordance with this Section. The costs and expenses of the arbitration, including without limitation,
the arbitrator’s fees and expert witness fees, and reasonable attorneys’ fees, incurred by the parties to the arbitration
may be awarded to the prevailing party, in the discretion of the arbitrator, or may be apportioned between the parties in any manner
deemed appropriate by the arbitrator. Unless and until the arbitrator decides that one party is to pay for all (or a share) of such costs
and expenses, both parties shall share equally in the payment of the arbitrator’s fees as and when billed by the arbitrator.

 

7.
General Provisions. Borrower hereby ratifies and confirms the continuing validity, enforceability and effectiveness of the Loan Agreement
and all other Loan Documents. This Amendment, the Loan Agreement, any prior written amendments to the Loan Agreement signed by Bank and
Borrower, and the other written documents and agreements between Bank and Borrower set forth in full all of the representations and agreements
of the parties with respect to the subject matter hereof and supersede all prior discussions, representations, agreements and understandings
between the parties with respect to the subject hereof. Except as herein expressly amended, all of the terms and provisions of the Loan
Agreement, and all other documents and agreements between Bank and Borrower shall continue in full force and effect and the. same are
hereby ratified and confirmed. This Amendment may be executed in multiple counterparts, by different parties signing separate counterparts,
and all of the same taken together shall constitute one and the same agreement.

 

     

     

    

 

	Pacific Western Bank	Amendment to Loan Agreement

 

8.
Mutual Waiver of Jury Trial. BANK AND BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL RIGHT, BUT THAT IT
MAY BE WAIVED. EACH OF THE PARTIES, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF THIS AMENDMENT
OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AMENDMENT OR ANY COURSE OF CONDUCT, DEALING,
STATEMENTS (WHETHER ORAL OR WRITTEN), ACTION OR INACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN
ANY RESPECT OR RELINQUISHED BY BANK OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF THEM. IF FOR ANY REASON THE PROVISIONS
OF THIS SECTION ARE VOID, INVALID OR UNENFORCEABLE, THE SAME SHALL NOT AFFECT ANY OTHER TERM OR PROVISION OF THIS AMENDMENT, AND ALL
OTHER TERMS AND PROVISIONS OF THIS AMENDMENT SHALL BE UNAFFECTED BY THE SAME AND CONTINUE IN FULL FORCE AND EFFECT.

 

Version-2

 

[Signatures
on Next Page]

 

     

     

    

 

	Pacific Western Bank	Amendment to Loan Agreement

  

	Borrower:	 	Bank:
	 	 	 	 	 
	AY DEE KAY LLC	 	PACIFIC WESTERN BANK
	By	           	 	By	          
	Title	 	 	By	 

  

[Signature
Page-Amendment to Loan Agreement]EX-4.1

 Exhibit 4.1 
  

 
 COTY INC. 

AND 
 THE GUARANTORS FROM TIME TO
TIME PARTY HERETO 
 €700,000,000 3.875% SENIOR SECURED NOTES DUE 2026 

INDENTURE 
 Dated as of
June 16, 2021 
 DEUTSCHE BANK TRUST COMPANY AMERICAS 

As Trustee, Registrar and Collateral Agent 

AND 
 DEUTSCHE BANK AG, LONDON
BRANCH 
 As Paying Agent 
  

 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	 ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE
	  

 

			
	 Section 1.01.
	 	 Definitions
	  	 	1	 
	 Section 1.02.
	 	 Other Definitions
	  	 	44	 
	 Section 1.03.
	 	 Trust Indenture Act Not Applicable
	  	 	45	 
	 Section 1.04.
	 	 Rules of Construction
	  	 	45	 
	
	 ARTICLE 2

THE NOTES
	  

 

			
	 Section 2.01.
	 	 Amount of Notes
	  	 	48	 
	 Section 2.02.
	 	 Form and Dating
	  	 	49	 
	 Section 2.03.
	 	 Execution and Authentication
	  	 	52	 
	 Section 2.04.
	 	 Agents
	  	 	52	 
	 Section 2.05.
	 	 Paying Agent to Hold Money in Trust
	  	 	53	 
	 Section 2.06.
	 	 Holder Lists
	  	 	53	 
	 Section 2.07.
	 	 Transfer and Exchange
	  	 	54	 
	 Section 2.08.
	 	 Replacement Notes
	  	 	66	 
	 Section 2.09.
	 	 Outstanding Notes
	  	 	66	 
	 Section 2.10.
	 	 Treasury Notes
	  	 	67	 
	 Section 2.11.
	 	 Temporary Notes
	  	 	67	 
	 Section 2.12.
	 	 Cancellation
	  	 	67	 
	 Section 2.13.
	 	 Defaulted Interest
	  	 	67	 
	 Section 2.14.
	 	 ISINs, Common Code Numbers, Etc
	  	 	68	 
	
	 ARTICLE 3

REDEMPTION AND PREPAYMENT
	  

 

			
	 Section 3.01.
	 	 Notices to Trustee
	  	 	68	 
	 Section 3.02.
	 	 Selection of Notes to Be Redeemed
	  	 	69	 
	 Section 3.03.
	 	 Notice of Optional Redemption
	  	 	69	 
	 Section 3.04.
	 	 Effect of Notice of Redemption
	  	 	70	 
	 Section 3.05.
	 	 Deposit of Redemption Price
	  	 	70	 
	 Section 3.06.
	 	 Notes Redeemed in Part
	  	 	70	 
	 Section 3.07.
	 	 Optional Redemption
	  	 	70	 
	 Section 3.08.
	 	 Mandatory Redemption
	  	 	72	 
	 Section 3.09.
	 	 Redemption for Tax Reasons
	  	 	72	 
	 Section 3.10.
	 	 Additional Amounts
	  	 	72	 

  
 i 

							
	 ARTICLE 4

COVENANTS
	  

 

			
	 Section 4.01.
	 	 Payment of Notes
	  	 	76	 
	 Section 4.02.
	 	 Maintenance of Office or Agency
	  	 	76	 
	 Section 4.03.
	 	 Reports
	  	 	76	 
	 Section 4.04.
	 	 Compliance Certificate
	  	 	78	 
	 Section 4.05.
	 	 [Reserved]
	  	 	78	 
	 Section 4.06.
	 	 Limitation on Liens
	  	 	78	 
	 Section 4.07.
	 	 Offer to Repurchase upon Change of Control Triggering Event
	  	 	79	 
	 Section 4.08.
	 	 Limitation on Restricted Payments
	  	 	80	 
	 Section 4.09.
	 	 Limitation on Incurrence of Indebtedness
	  	 	86	 
	 Section 4.10.
	 	 Asset Sales
	  	 	94	 
	 Section 4.11.
	 	 Transactions with Affiliates
	  	 	97	 
	 Section 4.12.
	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	100	 
	 Section 4.13.
	 	 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries

	  	 	101	 
	 Section 4.14.
	 	 Additional Guarantees
	  	 	104	 
	 Section 4.15.
	 	 Waiver of Stay, Extension or Usury Laws
	  	 	104	 
	 Section 4.16.
	 	 Covenant Suspension when Notes Obtain Investment Grade Rating 
	  	 	105	 
	 Section 4.17.
	 	 No Impairment of the Security Interests
	  	 	106	 
	 Section 4.18.
	 	 Further Assurances
	  	 	107	 
	 Section 4.19.
	 	 Maintenance of Properties and Insurance
	  	 	107	 
	
	 ARTICLE 5

SUCCESSORS
	  

 

			
	 Section 5.01.
	 	 Merger, Consolidation, or Sale of Assets
	  	 	107	 
	
	 ARTICLE 6

DEFAULTS AND REMEDIES
	  

 

			
	 Section 6.01.
	 	 Events of Default
	  	 	109	 
	 Section 6.02.
	 	 Acceleration
	  	 	111	 
	 Section 6.03.
	 	 Other Remedies
	  	 	114	 
	 Section 6.04.
	 	 Waiver of Past Defaults
	  	 	114	 
	 Section 6.05.
	 	 Control by Majority
	  	 	115	 
	 Section 6.06.
	 	 Limitation on Suits
	  	 	115	 
	 Section 6.07.
	 	 Rights of Holders of Notes to Receive Payment
	  	 	115	 
	 Section 6.08.
	 	 Collection Suit by Trustee
	  	 	116	 
	 Section 6.09.
	 	 Trustee May File Proofs of Claim
	  	 	116	 
	 Section 6.10.
	 	 Priorities
	  	 	116	 
	 Section 6.11.
	 	 Undertaking for Costs
	  	 	117	 

  
 ii 

							
	 ARTICLE 7

TRUSTEE
	  

 

			
	 Section 7.01.
	 	 Duties of Trustee
	  	 	117	 
	 Section 7.02.
	 	 Rights of Trustee
	  	 	118	 
	 Section 7.03.
	 	 Individual Rights of Trustee
	  	 	120	 
	 Section 7.04.
	 	 Trustee’s Disclaimer
	  	 	120	 
	 Section 7.05.
	 	 Notice of Defaults
	  	 	120	 
	 Section 7.06.
	 	 Compensation and Indemnity
	  	 	120	 
	 Section 7.07.
	 	 Replacement of Trustee
	  	 	122	 
	 Section 7.08.
	 	 Successor Trustee by Merger, Etc
	  	 	123	 
	 Section 7.09.
	 	 Eligibility; Disqualification
	  	 	123	 
	
	 ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  

 

			
	 Section 8.01.
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	123	 
	 Section 8.02.
	 	 Legal Defeasance and Discharge
	  	 	123	 
	 Section 8.03.
	 	 Covenant Defeasance
	  	 	124	 
	 Section 8.04.
	 	 Conditions to Legal or Covenant Defeasance
	  	 	125	 
	 Section 8.05.
	 	 Deposited Money or Euro Government Obligations to Be Held in Trust; Other
Miscellaneous Provisions
	  	 	126	 
	 Section 8.06.
	 	 Repayment to Company
	  	 	127	 
	 Section 8.07.
	 	 Reinstatement
	  	 	127	 
	
	 ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER
	  

 

			
	 Section 9.01.
	 	 Without Consent of Holders of Notes
	  	 	127	 
	 Section 9.02.
	 	 With Consent of Holders of Notes
	  	 	129	 
	 Section 9.03.
	 	 Revocation and Effect of Consents
	  	 	130	 
	 Section 9.04.
	 	 Notation on or Exchange of Notes
	  	 	131	 
	 Section 9.05.
	 	 Trustee and Collateral Agent to Sign Amendments, Etc
	  	 	131	 
	
	 ARTICLE 10

COLLATERAL AND SECURITY
	  

 

			
	 Section 10.01.
	 	 Security Documents
	  	 	131	 
	 Section 10.02.
	 	 New Guarantors; After-Acquired Property
	  	 	133	 
	 Section 10.03.
	 	 Authorized Representative; Collateral Agent
	  	 	134	 
	 Section 10.04.
	 	 Release of Liens
	  	 	136	 
	 Section 10.05.
	 	 Authorization of Actions to be Taken by the Trustee Under the Security
Documents
	  	 	138	 
	 Section 10.06.
	 	 Authorization of Receipt of Funds by the Authorized Representative Under the Security
Documents
	  	 	138	 
	 Section 10.07.
	 	 Termination of Security Interest
	  	 	138	 
	 Section 10.08.
	 	 Purchaser Protected
	  	 	139	 
	 Section 10.09.
	 	 Powers Exercisable by Receiver or Trustee
	  	 	139	 

  
 iii 

							
	 ARTICLE 11

GUARANTEES
	  

 

			
	 Section 11.01.
	 	 Guarantee
	  	 	139	 
	 Section 11.02.
	 	 Limitation on Guarantor Liability
	  	 	141	 
	 Section 11.03.
	 	 Guarantors May Consolidate, Etc., on Certain Terms
	  	 	141	 
	 Section 11.04.
	 	 Releases
	  	 	141	 
	
	 ARTICLE 12

SATISFACTION AND DISCHARGE
	  

 

			
	 Section 12.01.
	 	 Satisfaction and Discharge
	  	 	142	 
	 Section 12.02.
	 	 Application of Trust Money
	  	 	143	 
	
	 ARTICLE 13

MISCELLANEOUS
	  

 

			
	 Section 13.01.
	 	 Notices
	  	 	143	 
	 Section 13.02.
	 	 Communication by Holders of Notes with Other Holders of Notes
	  	 	145	 
	 Section 13.03.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	145	 
	 Section 13.04.
	 	 Statements Required in Certificate or Opinion
	  	 	146	 
	 Section 13.05.
	 	 Rules by Trustee and Agents
	  	 	146	 
	 Section 13.06.
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders

	  	 	146	 
	 Section 13.07.
	 	 Governing Law
	  	 	146	 
	 Section 13.08.
	 	 Jurisdiction; Waiver of Jury Trial
	  	 	146	 
	 Section 13.09.
	 	 Successors
	  	 	147	 
	 Section 13.10.
	 	 Severability
	  	 	147	 
	 Section 13.11.
	 	 Counterpart Originals
	  	 	147	 
	 Section 13.12.
	 	 Table of Contents, Headings, Etc
	  	 	147	 
	 Section 13.13.
	 	 [Reserved]
	  	 	147	 
	 Section 13.14.
	 	 [Reserved]
	  	 	147	 
	 Section 13.15.
	 	 USA PATRIOT Act Compliance
	  	 	147	 
	 Section 13.16.
	 	 Currency Indemnity and Calculation of Euro-denominated Restriction
	  	 	148	 

  

			
	 Exhibit A
	 	 FORM OF NOTE

		
	 Exhibit B
	 	 FORM OF CERTIFICATE OF TRANSFER

		
	 Exhibit C
	 	 FORM OF CERTIFICATE OF EXCHANGE

		
	 Exhibit D
	 	 FORM OF SUPPLEMENTAL INDENTURE

  
 iv 

 INDENTURE dated as of June 16, 2021 among Coty Inc., a corporation duly organized and
existing under the laws of the State of Delaware (the “Company”), the Guarantors (as defined herein) from time to time party hereto and Deutsche Bank Trust Company Americas, a New York banking corporation, as Trustee, Registrar and
Collateral Agent (each as defined below) and Deutsche Bank AG, London Branch, as Paying Agent (as defined below). 
 Each party agrees as
follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined herein) of (a) the €700,000,000 aggregate principal amount of the Company’s 3.875% Senior Secured Notes due 2026 (the
“Initial Notes”) and (b) any Additional Notes (as defined herein) that may be issued after the date hereof (together with the Initial Notes, the “Notes”): 

ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01.    Definitions. For purposes of this Indenture, unless otherwise specifically indicated, the
term “consolidated” with respect to any Person refers to such Person consolidated with the Company and its Restricted Subsidiaries, and excludes from such consolidation any Unrestricted Subsidiary as if such Unrestricted Subsidiary were
not an Affiliate of such Person. 
 “144A Global Note” means a Global Note substantially in the form of Exhibit A,
hereto bearing the applicable Global Note Legend and the Restricted Notes Legend and deposited with or on behalf of, and registered in the name of, the Common Depositary or its nominee that will be issued in a denomination equal to the outstanding
principal amount of the Notes sold in reliance on Rule 144A. 
 “Additional Notes” means additional Notes (other than the
Initial Notes) issued under this Indenture after the Issue Date in accordance with Section 2.01 hereof, as part of the same series as the Initial Notes. 

“Acquired Indebtedness” means, with respect to any specified Person: 

(1)     Indebtedness of any other Person existing at the time such other Person is merged with or into or became a
Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into or becoming a Restricted Subsidiary of such specified Person, and 

(2)     Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Adjusted EBITDA” means, for any period, the total of the following calculated without duplication for such period: 

(1)     the Consolidated EBITDA of the Company and its Restricted Subsidiaries; plus 

 (2)     the pro forma Consolidated EBITDA (as adjusted by any increases
pursuant to clauses (3) and (4) below) and cash distributions of any Person (or, as applicable, the Consolidated EBITDA and such cash distributions of any such Person attributable to the assets acquired from such Person), for any portion of the
Measurement Period occurring prior to the date of the acquisition of such Person (or the related assets, as the case may be); plus 

(3)     extraordinary, unusual or non-recurring items; plus 

(4)     restructuring charges and related charges, accruals or reserves; costs, charges, accruals, reserves or expenses
attributable to the undertaking and/or implementation of cost savings initiatives, operating expense reductions, operating improvements, business optimization, synergies and similar initiatives, including costs related to the opening, closure and/or
consolidation of offices and facilities and the termination of distributor and joint venture arrangements (including the termination or discontinuance of activities constituting a business), retention charges, contract termination costs, recruiting
and signing bonuses and expenses, systems establishment costs, severance expenses and any cost associated with any modification to any pension and post-retirement employee benefit plan, software and other systems development, establishment and
implementation costs, costs relating to entry into a new market, project startup costs, costs relating to any strategic initiative or new operations or conversion costs and any business development, consulting fees or legal fees or costs relating to
the foregoing; plus 
 (5)     (i) all fees, commissions, costs and expenses incurred or paid by the Company and
its Subsidiaries and (ii) transaction separation and integrations costs, in each case in connection with the Original Transactions, the Transactions and any acquisition; plus 

(6)     pro forma cost savings, operating expense reductions and synergies related to, and net of the amount of actual
benefits realized during such Measurement Period from, Specified Transactions, restructurings and cost savings initiatives or other similar initiatives that are reasonably identifiable, factually supportable and projected by the Company in good
faith to result from actions that have been taken or with respect to which substantial steps have been taken, committed to be taken or are expected to be taken (in the good faith determination of the Company), in each case within twenty four
(24) months after such Specified Transaction, restructuring, cost savings initiative or other initiative; plus 

(7)     pro forma cost savings, operating expense reductions and synergies related to, and net of the amount of actual
benefits realized during such Measurement Period from, the Original Transactions that are reasonably identifiable, factually supportable and projected by the Company in good faith to be realized, and to result from actions that have been taken,
committed to be taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Company); provided that such pro forma cost savings, operating expense reductions and
synergies 

  
 2 

 
shall not exceed, for (x) the Measurement Periods ending on or prior to June 30, 2019, $375,000,000, (y) the Measurement Periods ending September 30, 2019, December 31, 2019,
March 31, 2020 and June 30, 2020, $150,000,000 and (z) for each Measurement Period thereafter, zero; plus 

(8)     the amount of any charge, cost or expense in connection with a single or
one-time event, including, without limitation, in connection with (x) any acquisition or other investment consummated before or after the Issue Date and (y) the consolidation, closing or
reconfiguration of any facility during such Measurement Period; minus 
 (9)     the Consolidated EBITDA of any
Restricted Subsidiary (a “Prior Company”), all of whose Equity Interests, or all or substantially all of whose assets have been disposed of, in a transaction permitted by this Indenture and, as applicable but without duplication,
the Consolidated EBITDA of the Company and each of its Restricted Subsidiaries attributable to all assets (“Prior Assets”) comprising a division or branch of the Company or a Restricted Subsidiary disposed of in a transaction
permitted by this Indenture which would not make the seller a Prior Company, in each case for any portion of such Measurement Period occurring prior to the date of the disposal of such Prior Company or Prior Assets. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control
with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise. 
 “Agent” means any Registrar, co-registrar, Paying Agent, transfer agent, additional paying agent
or other agent appointed hereunder. 
 “Applicable Premium” means the greater of: 

(1)     1.0% of the then outstanding principal amount of such Note; and 

(2)     the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of such
Note that would apply if such Note were redeemed on April 15, 2023 (such redemption price (expressed in percentage of principal amount) being set forth in the table appearing in Section 3.07(b), plus (ii) all remaining scheduled payments
of interest due on such Note to and including April 15, 2023 (excluding accrued but unpaid interest, if any, to, but excluding, the redemption date), with respect to each of subclause (i) and (ii), computed using a discount rate equal to
the Bund Rate as of such redemption date plus 50 basis points; over (b) the principal amount of such Note. 
 The Trustee shall have no
obligation to calculate or verify the calculation of the Applicable Premium. 

  
 3 

 “Applicable Procedures” means, with respect to any transfer or exchange of
or for beneficial interests in any Global Note, the rules and procedures of the relevant Depositary, including Euroclear and/or Clearstream, that apply to such transfer or exchange. 

“Asset Sale” means, with respect to the Company or any of its Restricted Subsidiaries, (i) a Disposition of any asset,
including any Equity Interest owned by it, having a fair market value in excess of $7,500,000 in a single transaction or series of transactions or (ii) an issuance of any additional Equity Interest of any Restricted Subsidiary, in each case,
other than: 
 (1)     Dispositions of inventory (including on an intercompany basis), vehicles, obsolete, used, worn-out or surplus assets or property no longer useful to the business of such Person or economically impracticable to maintain and Cash Equivalents in the ordinary course of business; 

(2)     Dispositions of assets to a Company or a Restricted Subsidiary; 

(3)     Dispositions of property subject to or resulting from casualty losses and condemnation proceedings (including in
lieu thereof or any similar proceedings); 
 (4)     Asset Swaps; provided that immediately after giving effect
to such Asset Swap, the Company could, on a Pro Forma Basis, incur $1.00 of additional Indebtedness pursuant to the Total Net Leverage Ratio test set forth in Section 4.09(a) and no Event of Default shall exist or result therefrom; 

(5)     Dispositions in connection with any sale and leaseback transaction or any similar transaction; provided
that the fair market value of all property so disposed of shall not exceed $150,000,000 from and after the Existing Debt Issue Date; 

(6)     Dispositions permitted by Sections 4.06 (including the Liens thereunder), 5.01 (so long as any Disposition
pursuant to a liquidation permitted thereunder shall be done on a pro rata basis among the equity holders of the applicable Subsidiary), 4.08 and 4.11 hereof; 

(7)     the issuance of Equity Interests by a Restricted Subsidiary to the Company or to another Restricted Subsidiary
(and each other equity holder on no greater than a pro rata basis); 
 (8)     (i) Dispositions of Investments and
accounts receivable in connection with the collection, settlement or compromise thereof in the ordinary course of business or (ii) any surrender or waiver of contract rights pursuant to a settlement, release, recovery on or surrender of
contract, tort or other claims of any kind; 
 (9)     Dispositions consisting of (i) the abandonment of
intellectual property which, in the reasonable good faith determination of the Company, is not material to the conduct of the business of the Company and its Subsidiaries and (ii) licensing, sublicensing and cross-licensing arrangements
involving any technology or other intellectual property or general intangibles of the Company or its Subsidiaries entered into in the ordinary course of business; 

  
 4 

 (10)     Dispositions of residential real property and related assets in
the ordinary course of business in connection with relocation activities for directors, officers, members of management, employees or consultants of the Company or any of the Guarantors; 

(11)     terminations of Hedging Obligations; 

(12)     Dispositions of the Equity Interests of, or the assets or securities of, Unrestricted Subsidiaries; 

(13)     Dispositions of Investments in joint ventures to the extent required by, or made pursuant to, buy/sell
arrangements between the joint venture parties set forth in the joint venture agreement or similar binding agreements entered into with respect to such Investment in such joint venture; 

(14)     the expiration of any option agreement with respect to real or personal property; 

(15)     Dispositions of Equity Interests deemed to occur upon the exercise of stock options, warrants or other
convertible securities if such Equity Interests represent (i) a portion of the exercise price thereof or (ii) withholding incurred in connection with such exercise; 

(16)     leases, subleases, licenses or sublicenses of property or intellectual property in the ordinary course of
business; 
 (17)     Dispositions of non-core assets (which may include real
property) acquired in an acquisition permitted under this Indenture to the extent such Disposition is consummated within two (2) years of such acquisition; 

(18)     other Dispositions in an aggregate amount not to exceed the greater of $150,000,000 and 9.0% of Adjusted EBITDA
(as determined at the time any such Disposition is made (calculated on a Pro Forma Basis) as of the last day of the most recently ended Measurement Period on or prior to the date of determination) in any fiscal year; 

(19)     Dispositions of letters of credit and/or bank guarantees (and/or the rights thereunder) to banks or other
financial institutions in the ordinary course of business in exchange for cash and/or Cash Equivalents; 
 (20)    
Dispositions by the Company or its Restricted Subsidiaries as of the Issue Date contemplated by one or more disposition plans disclosed in the Company’s public filings; 

  
 5 

 (21)     any Disposition of cash where that Disposition is not otherwise
prohibited by this Indenture; 
 (22)     the issuance of Equity Interests by a Restricted Subsidiary that represents
all or a portion of the consideration paid by the Company or a Restricted Subsidiary in connection with any Investment permitted under Section 4.08 hereof and the definition of “Permitted Investments,” including in connection with the
formation of a joint venture with a Person other than a Restricted Subsidiary; and 
 (23)     sales of receivables
pursuant to any Permitted Receivables Facility and sales of receivables by any Swiss, French, Dutch, United Kingdom, Spanish, German or Italian Subsidiary pursuant to factoring arrangements entered into in the ordinary course of business consistent
with past practices. 
 “Asset Swap” means a concurrent purchase and sale or exchange of Related Business Assets (or assets
which prior to their sale or exchange have ceased to be Related Business Assets of the Company or any of its Restricted Subsidiaries) between the Company or any of its Restricted Subsidiaries and another Person; provided that the Company or
such Restricted Subsidiary, as the case may be, receives consideration at least equal to the fair market value (such fair market value to be determined on the date of the contractually agreeing to such transaction) as determined in good faith by the
Company. 
 “Authorized Representative” means (i) in the case of the Notes, the Collateral Agent, (ii) in the
case of the Credit Agreement, the Credit Agreement Agent and (iii) in the case of any other series of First-Priority Obligation that become subject to the Intercreditor Agreement, the person named as the authorized representative for such
series in the applicable joinder agreement. 
 “Bankruptcy Law” means (i) Title 11, United States Code or any similar
U.S. federal or state law for the relief of debtors or the administration or liquidation of debtors’ estates for the benefit of their creditors and (ii) any other similar federal or local law for the relief of debtors or the administration
or liquidation of debtors’ estates for the benefit of their creditors in any other applicable jurisdiction, now or hereinafter in effect. 

“Board of Directors” means the Board of Directors of the Company (including any committee thereof duly authorized to act on
behalf of the Board of Directors). 
 “Board Resolution” means a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification. 

“Bund Rate” means, with respect to any relevant date, the rate per annum equal to the equivalent yield to maturity as of such
date of the Comparable German Bund Issue, 

  
 6 

 
assuming a price for the Comparable German Bund Issue (expressed as a percentage of its principal amount) equal to the Comparable German Bund Price for such relevant date, where: 

(1)     “Comparable German Bund Issue” means the German Bundesanleihe security selected by any Reference
German Bund Dealer as having a fixed maturity most nearly equal to the period from the applicable redemption date to April 15, 2023 and that would be utilized at the time of selection and in accordance with customary financial practice, in
pricing new issues of euro denominated corporate debt securities in a principal amount approximately equal to the then outstanding principal amount of the Notes and of a maturity most nearly equal to April 15, 2023; provided, however, that, if
the period from the applicable redemption date to April 15, 2023 is less than one year, a fixed maturity of one year shall be used; 

(2)     “Comparable German Bund Price” means, with respect to any redemption date, the average of all
Reference German Bund Dealer Quotations for such date (which, in any event, must include at least two such quotations), after excluding the highest and lowest such Reference German Bund Dealer Quotations, or if the Company obtains fewer than four
such Reference German Bund Dealer Quotations, the average of all such quotations; 
 (3)     “Reference German
Bund Dealer” means any dealer of German Bundesanleihe securities appointed by the Company in good faith; and 

(4)     “Reference German Bund Dealer Quotations” means, with respect to each Reference German Bund
Dealer and any redemption date, the average as determined by the Company of the bid and offered prices for the Comparable German Bund Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such
Reference German Bund Dealer at 3:30 p.m. Frankfurt, Germany, time on the third Business Day preceding such redemption date; 
 provided,
however, that in no case for any purposes under this Indenture shall the Bund Rate be less than 0.00%. 
 “Business
Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York or London United Kingdom, in the country or U.S. state in which the Corporate Trust Office is located, or in the place of
payment are authorized or required by law to close and on which the Trans-European Automated Real-time Gross Settlement Express Transfer System (the TARGET 2 system), or any successor thereto, operates, or, if at any time the Notes shall be listed
on the official list of The International Stock Exchange, a day on which banking institutions in Guernsey are authorized or obligated by law or executive order to close. 

“Capital Lease” means any Indebtedness represented by a lease obligation of a Person incurred with respect to real property
or equipment acquired or leased by such Person and used in its business that is required to be recorded as a capital lease on such Person’s balance sheet in accordance with GAAP as in effect on the Issue Date, and the amount of such obligations
shall be the capitalized amount thereto; provided, however, that all obligations of any Person that are or would have been treated as operating leases (including for avoidance of doubt, any network lease or any operating indefeasible
right of use) for purposes of GAAP prior to the issuance by the Financial Accounting 

  
 7 

 
Standards Board on February 25, 2016 of an Accounting Standards Update (the “ASU”) shall continue to be accounted for as operating leases for purposes of all financial definitions
and calculations for purpose of this Indenture (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive
basis or otherwise) to be treated as a Capital Lease in any financial statements to be delivered pursuant to Section 4.03 hereof. 

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease
of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided, however, that all obligations of any Person that are or would have been treated as operating leases (including for
avoidance of doubt, any network lease or any operating indefeasible right of use) for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (the
“ASU”) shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations for purpose of this Indenture (whether or not such operating lease obligations were in effect on such date)
notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be treated as Capital Lease Obligations in the financial statements to be delivered pursuant to
Section 4.03 hereof. 
 “Capital Stock” means: 

(1)     in the case of a corporation, capital stock, shares or share capital; 

(2)     in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of capital stock; 
 (3)     in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4)     any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Captive Insurance Subsidiary” means any Subsidiary of the Company that is subject to regulation as an insurance company (or
any Subsidiary thereof). 
 “Cash Equivalents” means: 

(1)     Dollars; 

(2)     Canadian Dollars, Pounds, Japanese Yen, euros, Sterling, Swiss Franc any national currency of any participating
member state of the EMU, Swiss Franc and any other alternative currency; 

  
 8 

 (3)     securities issued or directly and fully and unconditionally
guaranteed or insured by the U.S. government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 12 months or less from the date
of acquisition; 
 (4)     certificates of deposit, time deposits and eurodollar time deposits with maturities of 12
months or less from the date of acquisition, demand deposits, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any domestic or foreign commercial bank having capital and surplus of not
less than $500,000,000 in the case of U.S. banks and $100,000,000 (or the U.S. dollar equivalent as of the date of determination) in the case of non-U.S. banks; 

(5)     repurchase obligations for underlying securities of the types described in clauses (3), (4) and (8) entered
into with any financial institution or recognized securities dealer meeting the qualifications specified in clause (4) above; 

(6)     commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another rating agency) and in each case maturing within 24 months after the date of
creation or acquisition thereof and Indebtedness or preferred stock issued by Persons with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s with maturities of 24
months or less from the date of acquisition; 
 (7)     marketable short-term money market and similar funds having a
rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an
equivalent rating from another rating agency); 
 (8)     readily marketable direct obligations issued by any state,
commonwealth or territory of the United States or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such
obligations, an equivalent rating from another rating agency) with maturities of 24 months or less from the date of acquisition; 

(9)     readily marketable direct obligations issued by any foreign government or any political subdivision or public
instrumentality thereof, in each case having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another rating agency) with
maturities of 24 months or less from the date of acquisition; 
 (10)     Investments with average maturities of 12
months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or, if at any time
neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another rating agency); 

(11)     other investments described in the Company’s investment policy as of the Issue Date; and 

  
 9 

 (12)     investment funds investing at least 90.0% of their assets in
securities of the types described in clauses (1) through (11) above. 
 In the case of Investments by any Foreign Subsidiary that is a
Restricted Subsidiary or Investments made in a country outside the United States of America, Cash Equivalents shall also include investments of the type and maturity described in clauses (1) through (8) and clauses (10) through (12) above
of foreign obligors (including investments that are denominated in currencies other than those set forth in clauses (1) and (2) above; provided that such amounts are converted into any currency listed in clauses (1) and (2) as
promptly as practicable and in any event within ten (10) Business Days following the receipt of such amounts), which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalent ratings from
comparable foreign rating agencies. 
 “CFC” means a “controlled foreign corporation” within the meaning of
Section 957(a) of the Code. 
 “CFC Holdco” means a Domestic Subsidiary substantially all of whose assets consist
(directly or indirectly through entities that are disregarded for United States federal income tax purposes) of the Equity Interests and/or Indebtedness of one or more CFCs. 

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

(1)     the merger or consolidation of the Company with or into another Person or the merger of another Person with or
into the Company, or the sale, lease, transfer or other conveyance, in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person (other than the Company or
any of its Subsidiaries), other than any such merger or consolidation where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting
Stock of the surviving person or parent entity thereof immediately after giving effect to such transaction; or 

(2)     the consummation of any transaction the result of which is that any “person” or “group” (as
such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the Company, its Subsidiaries or any employee benefit plan of the Company or its Subsidiaries or the Owner Group or any “group” that is controlled by the
Owner Group, files a Schedule 13D or Schedule TO (or any successor schedule, form or report) pursuant to the Exchange Act disclosing that such person has become the direct or indirect “beneficial owner” (as such term is used in Rules 13d-3 and 13d-5 under the Exchange Act), in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or
purchase of beneficial ownership, directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company or any entity of which it is a Subsidiary; provided, however, that a transaction will not be deemed
to involve a Change of Control under this clause (2) if (a) the Company becomes a direct or indirect wholly owned subsidiary of a holding 

  
 10 

 
company, and (b)(i) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the
Company’s Voting Stock immediately prior to that transaction or (ii) immediately following that transaction no “person” or “group” (other than a holding company satisfying the requirements of this sentence) is the
beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. 
 “Change of Control
Triggering Event” means the occurrence of (1) a Change of Control that is accompanied or followed by a downgrade of the Notes within the Ratings Decline Period for such Change of Control by each of Moody’s and S&P (or, in the
event Moody’s or S&P or both shall cease rating the Notes (for reasons outside the control of the Company) and the Company shall select any other nationally recognized rating agency, the equivalent of such ratings by such other nationally
recognized rating agency) and (2) the rating of the Notes on any day during such Ratings Decline Period is below the lower of the rating by such nationally recognized rating agency in effect (a) immediately preceding the first public
announcement of the Change of Control (or occurrence thereof if such Change of Control occurs prior to public announcement) and (b) on the Issue Date. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have
occurred in connection with (i) any particular Change of Control unless and until such Change of Control has actually been consummated or (ii) any reduction in rating if the rating agencies making the reduction in rating to which this
definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing, at its request, that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in
respect of, a Change of Control (whether or not the Change of Control shall have occurred at the time of the reduction in rating). 

“Clearstream” means Clearstream Banking, S.A. and any successor thereto. 

“Collateral” has the meaning given to such term in the Security Agreement. 

“Collateral Agent” means Deutsche Bank Trust Company Americas, or its successors or assigns, as collateral agent for the
Holders and the Trustee under this Indenture and the Security Documents. 
 “Commission” means the U.S. Securities and
Exchange Commission. 
 “Common Depositary” means Deutsche Bank AG, London Branch, its nominees and their respective
successors. 
 “Consolidated EBITDA” means, with respect to any Person for any Measurement Period, Consolidated Net Income
for such period, plus the following (without duplication) to the extent deducted or otherwise excluded in calculating Consolidated Net Income in such Measurement Period: 

(1)     Consolidated Non-cash Charges; 

(2)     Consolidated Interest Expense; 

  
 11 

 (3)     Consolidated Income Tax Expense; 

(4)     the amount of any fee, cost, expense or reserve to the extent actually reimbursed or reimbursable by third parties
pursuant to indemnification or reimbursement provisions or similar agreements or insurance, provided that, such Person in good faith expects to receive reimbursement for such fee, cost, expense or reserve within the next four fiscal quarters
(it being understood that to the extent not actually received within such fiscal quarters, such reimbursement amounts shall be deducted in calculating Consolidated EBITDA for such fiscal quarters); 

(5)     the amount of any expense or deduction associated with any subsidiary of such Person attributable to non-controlling interests or minority interests of third parties; 
 (6)     the
amount of loss on sales of receivables and related assets to the Company or any Restricted Subsidiary in connection with a permitted receivables financing; 

(7)     proceeds of business interruption insurance in an amount representing the earnings for the applicable Measurement
Period where such proceeds are intended to replace (whether or not received so long as such Person in good faith expects to receive the same within the next four fiscal quarters (it being understood that to the extent not actually received within
such fiscal quarters, such proceeds shall be deducted in calculating Consolidated EBITDA for such fiscal quarters)); and 

(8)     any earn-out obligation and contingent consideration obligations
(including adjustments thereof and purchase price adjustments) incurred in connection with any investment, including any investment consummated prior to the Issue Date, which is paid or accrued during such period. 

“Consolidated Income Tax Expense” means, with respect to any Person for any period, the provision for (or benefit of)
federal, state, local and foreign income and franchise taxes of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP, including any penalties and interest related to such taxes or
arising from any tax examinations, to the extent the same were deducted (or added back, in the case of income tax benefit) in computing Consolidated Net Income. 

“Consolidated Interest Expense” means, with respect to any Person for any period, without duplication, the total interest
expense (including the interest portion of obligations under Capital Leases) of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP to the extent deducted in calculating
Consolidated Net Income, of such Person and its Restricted Subsidiaries. 
 “Consolidated Net Income” means, with respect
to any Person, for any period, the consolidated net income (or loss) of such Person and its Restricted Subsidiaries, after deduction of net income (or loss) attributable to non-controlling interests, for such
period as determined in accordance with GAAP, adjusted, to the extent included in calculating such net income, by excluding, without duplication, the following (or, to the extent 

  
 12 

 
attributable to a non-wholly owned consolidated entity, a portion of the following amounts proportionate to the Subject Person’s allocable ownership
interest in such entity): 
 (1)     all extraordinary, non-recurring, non-operating or unusual gains, charges or losses and/or any non-cash gains, charges or losses (including (x) costs and payments in connection with actual or prospective
litigation, legal settlements, fines, judgments or orders, (y) costs of, and payments of, corporate reorganizations and (z) gains, income, losses, expenses or charges (less all fees and expenses chargeable thereto) attributable to any
sales or dispositions of Equity Interests or assets (including asset retirement costs) or returned surplus assets of any employee benefit plan outside of the ordinary course of business); 

(2)     the income (or loss) of (1) any Unrestricted Subsidiary, (2) other Person that is not a Restricted
Subsidiary but whose accounts would be consolidated with those of such Person in such Person’s consolidated financial statements in accordance with GAAP or (3) any other Person (other than a Restricted Subsidiary) in which such Person or a
Subsidiary has an ownership interest (including any joint venture); provided, however, that Consolidated Net Income shall include amounts in respect of the income of such other Person when actually received in cash or Cash Equivalents
by such Person or such Subsidiary in the form of dividends or similar distributions; 
 (3)     the income (or loss) of
any Person acquired by such Person or a Subsidiary for any period prior to the date of such acquisition (provided such income or loss may be included in the calculation of Adjusted EBITDA to the extent provided in the definition thereof);

 (4)     the cumulative effect of any change in accounting principles or policies in accordance with GAAP during such
period; 
 (5)     any net gains, income, charges, losses, expenses or charges with respect to (x) disposed,
abandoned, closed and discontinued operations (other than assets held for sale) and any accretion or accrual of discounted liabilities and on the disposal of disposed, abandoned, and discontinued operations and (y) facilities, plants or
distribution centers that have been closed during the relevant Measurement Period; 
 (6)     effects of adjustments
(including the effects of such adjustments pushed down to such Person) in such Person’s consolidated financial statements pursuant to GAAP (including in the inventory, property and equipment, software, goodwill, intangible assets, in-process research and development, deferred revenue, deferred rent and debt line items thereof) resulting from the application of recapitalization accounting or acquisition accounting, as the case may be, in
relation to the Original Transactions or any consummated recapitalization or acquisition transaction or similar investment or the amortization or write-off of any amounts thereof; 

  
 13 

 (7)     any net income or loss (less all fees and expenses or charges
related thereto) attributable to the early extinguishment of Indebtedness (and the termination of any associated Hedging Obligations); 

(8)     any (x) write-off or amortization made in the relevant Measurement
Period of deferred financing costs and premiums paid or other expenses incurred directly in connection with any early extinguishment of Indebtedness, (y) good will or other asset impairment charges, write-offs or write-downs or
(z) amortization of intangible assets; 
 (9)     any non-cash compensation
charge, cost, expense, accrual or reserve, including any such charge, cost, expense, accrual or reserve arising from the grant of stock appreciation or similar rights, stock options, restricted stock or other management equity plan, profits interest
plan, pension plan, employee benefit plan, deferred compensation arrangement, distributor equity plan or any other equity incentive programs, plans, arrangements or schemes (including any compensation charge and any charge related to any repricing,
amendment or other change thereto) and any cash charges associated with the rollover, acceleration or payment of management equity; 

(10)     any fees, costs, commissions and expenses incurred or paid by such Person (or any JAB Affiliate) during the
relevant Measurement Period (including rationalization, legal, tax and structuring fees, costs and expenses), or any amortization or write-off thereof for such period in connection with or pursuant to
(i) the Original Transactions or the Transactions (including shared costs and tax formation costs, in each case, relating solely to the consummation of the Transactions, whether incurred before or after the Issue Date) or the documents related
to the Credit Agreement and (ii) any transaction (other than any transaction among the Company and its Subsidiaries in the ordinary course of operations), including any acquisition, investment, disposition, recapitalization, incurrence or
repayment of Indebtedness (other than the incurrence or repayment of Indebtedness among the Company and its Subsidiaries in the ordinary course of operations), issuance of Equity Interests, refinancing transaction or amendment, waiver or
modification of any Indebtedness (in each case, including any such transaction consummated prior to the Issue Date and any such transaction undertaken but not completed) and any charges or non-recurring
merger, consolidation or amalgamation costs incurred during such Measurement Period as a result of any such transaction; 

(11)     accruals and reserves that are established or adjusted after the Issue Date that are so required to be
established or adjusted during such period as a result of the adoption or modification of accounting policies; 

(12)     any unrealized or realized net foreign currency translation gains or losses and unrealized net foreign currency
transaction gains or losses, in each case impacting net income (including currency re-measurements of Indebtedness, any applicable net gains or losses resulting from Hedging Obligations for currency exchange
risk associated with the above or any other currency related risk and those resulting from intercompany Indebtedness); and 

  
 14 

 (13)     unrealized net losses, charges or expenses and unrealized net
gains in the fair market value of any arrangements under Hedging Obligations. 
 “Consolidated
Non-cash Charges” means, with respect to any Person for any period determined on a consolidated basis in accordance with GAAP, the aggregate (i) depreciation, (ii) amortization (including
amortization of goodwill, other intangibles, deferred financing fees, debt issuance costs, commissions, fees and expenses), (iii) non-cash compensation charge, cost, expense, accrual or reserve, including any
such charge, cost, expense, accrual or reserve arising from the issuance of Equity Interests or the grant of stock appreciation or similar rights, stock options, restricted stock or other equity incentive programs to any director, officer, employee
or consultant of such Person or any Restricted Subsidiary; and other non-cash charge, cost, expense, accrual or reserve of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such
Person and its Restricted Subsidiaries for such period (excluding any such charge which requires an accrual of or a reserve for cash charges for any future period). 

“Consolidated Senior Secured First Lien Debt Ratio” means, as of any date of determination, the ratio of (a) Total
Indebtedness of the Company and its Restricted Subsidiaries on such date that is secured by a Lien on any asset or property of the Company or any Guarantor that is not subordinated to the Liens securing the obligations of the Company or such
Guarantor under the Credit Agreement (other than Indebtedness in respect of (i) unreimbursed obligations in respect of drawn letters of credit until five days after such amount is drawn, and (ii) if, upon or prior to the maturity thereof,
such Person has irrevocably deposited with the proper Person in trust or escrow the necessary funds (or evidences of Indebtedness) for the payment, redemption or satisfaction of such Indebtedness, and thereafter such funds and evidences of such
obligation, liability or indebtedness or other security so deposited are not included in the calculation of unrestricted cash (such Indebtedness, “First Lien Indebtedness”)), less unrestricted cash and Cash Equivalents (or
cash and Cash Equivalents that would be unrestricted but for Liens thereon pursuant to a Permitted Lien), as determined in accordance with GAAP, to (b) Adjusted EBITDA of the Company and its Subsidiaries for the relevant Measurement Period.

 For purposes of this definition, (x) Consolidated Senior Secured First Lien Debt Ratio, Adjusted EBITDA and Consolidated EBITDA
shall be calculated after giving effect on a Pro Forma Basis for the applicable Measurement Period to any Specified Transactions that have occurred during such Measurement Period or at any time subsequent to the last day of such Measurement Period
and on or prior to the date of the transaction in respect of which Adjusted EBITDA or Consolidated EBITDA is being determined as if such Specified Transaction occurred on the first day of such Measurement Period and (y) pro forma calculations
shall be made in good faith by a responsible financial or accounting officer of the Company; provided that such pro forma calculations may include cost savings, operating expense reductions and synergies for such period resulting from the
transaction that is being given Pro Forma Effect that are reasonably identifiable and factually supportable (in the good faith determination of the Company) and have been realized or for which the steps necessary for realization have been taken or
committed or have been identified and are reasonably expected to be taken 

  
 15 

 
within 24 months following any such transaction; provided that the Company shall not be required to give Pro Forma Effect to any transaction that it does not in good faith deem material.
If any Indebtedness bears a floating rate of interest and is being given Pro Forma Effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date such calculation is being made had been the applicable rate for the
entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on obligations with respect to Capital Leases shall be deemed to accrue at an interest rate determined in good faith by a responsible financial or
accounting officer of the Company to be the rate of interest implicit in such Capital Lease in accordance with GAAP. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a
eurocurrency rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate. 

With respect to any transaction that requires the calculation of Consolidated Senior Secured First Lien Debt Ratio, Adjusted EBITDA or
Consolidated EBITDA, the Company may, at its option, use the date that the definitive agreement (or other relevant definitive documentation) for such transaction is entered into (the “Agreement Date”) as the applicable date of
determination of such calculations, in each case with such pro forma adjustments as are appropriate and consistent with the provisions set forth in the above paragraphs to this definition. For the avoidance of doubt, if the Company elects to use the
Agreement Date as the applicable date of determination in accordance with the foregoing, any fluctuation or change in the applicable ratio, Adjusted EBITDA or Consolidated EBITDA of the Company or its Restricted Subsidiaries occurring at or prior to
the consummation of the relevant transaction will not be taken into account for purposes of determining compliance of the transaction with this Indenture. 

“Corporate Trust Office” means the designated corporate trust office of the Trustee at which at any time its corporate trust
business shall be administered, presently located at 60 Wall Street, 24th Floor, MS: NYC60-2405, New York, NY 10005, or such other address as the Trustee may designate from time to time, or the designated corporate trust office of any successor
Trustee (or such other address as such successor Trustee may designate from time to time by notice). 
 “Credit Agreement”
means that certain Amended and Restated Credit Agreement, dated as of April 5, 2018, among the Company, Coty B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the
laws of the Netherlands, the lenders and other parties party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, including any related notes, guarantees, collateral documents, instruments and
agreements executed in connection therewith, as amended, restated, supplemented, modified, renewed, refunded, replaced (whether at maturity or thereafter) or refinanced from time to time in one or more agreements or indentures (in each case with the
same or new lenders or institutional investors), including any agreement adding or changing the borrower or guarantor or extending the maturity thereof or otherwise restructuring all or any portion of the Indebtedness thereunder or increasing the
amount loaned or issued thereunder or altering the maturity thereof. 

  
 16 

 “Credit Agreement Agent” means the collateral agent under the Credit
Agreement. 
 “Credit Facilities” means, with respect to the Company or any of its Restricted Subsidiaries, one or more
debt facilities, including the Credit Agreement or other financing arrangements (including commercial paper facilities, indentures and sale and leaseback transactions) providing for revolving credit loans, term loans, letters of credit or other
long-term indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings
thereof, in whole or in part, and any indentures or credit facilities or commercial paper facilities that replace, refund, supplement or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such
replacement, refunding, supplemental or refinancing facility, arrangement or indenture that increases the amount permitted to be borrowed or issued thereunder or alters the maturity thereof or adds Subsidiaries as additional borrowers or guarantors
thereunder and whether by the same or any other agent, trustee, lender or group of lenders or holders. 
 “Default” means
any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 
 “Definitive
Note” means a certificated non-Global Note registered in the name of the Holder thereof and issued in accordance with Section 2.07 hereof, substantially in the form of Exhibit A, except that
such Note shall not bear the applicable Global Note Legend and shall not have the “Schedule of Increases and Decreases of Interests in the Global Note” attached thereto. 

“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in
Section 2.02(c) hereof as the Depositary, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture, including Euroclear and/or Clearstream. 

“Derivative Instrument” with respect to a Person, means any contract, instrument or other right to receive payment or
delivery of cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection with such Person’s investment in the Notes (other than a Screened Affiliate) is a party (whether or
not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by the value and/or performance of the Notes and/or the creditworthiness of the Company and/or any one
or more of the Guarantors (the “Performance References”). 
 “Designated Non-Cash
Consideration” means the fair market value (as determined by the Company in good faith) of non-cash consideration received by the Company or a Restricted Subsidiary in connection with a Disposition
pursuant to Section 4.10 hereof that is designated as Designated Non-Cash Consideration pursuant to a 

  
 17 

 
certificate of a Responsible Officer of the Company, setting forth the basis of such valuation (which amount will be reduced by the amount of cash or Cash Equivalents received in connection with
a subsequent sale or conversion of such Designated Non-Cash Consideration to cash or Cash Equivalents). 

“Disposition” means any sale, transfer, lease or other disposition. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms (or by the terms
of any security into which it is convertible or for which it is putable or exchangeable), or upon the happening of any event, matures or is mandatorily redeemable (other than as a result of a change of control or asset sale), pursuant to a sinking
fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than as a result of a change of control or asset sale), in whole or in part, in each case prior to the date that is 91 days after the earlier of the final
maturity date of the Notes or the date the Notes are no longer outstanding; provided, however, that (1) any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to
require such Person to purchase or redeem such Capital Stock upon the occurrence of a “change of control” occurring prior to the date that is 91 days after the earlier of the final maturity date of the Notes or the date the Notes are no
longer outstanding shall not constitute Disqualified Stock if the “change of control” provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the terms applicable to such Notes and
described under Section 4.07, (2) if such Capital Stock is issued to any plan for the benefit of directors, officers, employees, managers, members of management or consultants of the Company or any of its Subsidiaries or transferred by any such
plan to such directors, officers, employees, managers, members of management or consultants, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or any of its Subsidiaries in
order to satisfy applicable statutory or regulatory obligations, and (3) no Capital Stock held by any future, present or former director, officer, employee, manager, member of management or consultant (or their respective Affiliates or
immediate family members) of the Company or any of its Subsidiaries shall be considered Disqualified Stock because such stock is redeemable or subject to repurchase pursuant to any management equity subscription agreement, stock option, stock
appreciation right or other stock award agreement, stock ownership plan, put agreement, stockholder agreement or similar agreement that may be in effect from time to time. 

“Domestic Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is not a Foreign Subsidiary. 

“DTC” means The Depository Trust Company. 

“EMU” means the economic and monetary union as contemplated in the Treaty on European Union. 

  
 18 

 “Equity Interests” means Capital Stock and all warrants, options or other
rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Equity Offering” means a public or private offering for cash by the Company, or any direct or indirect parent of the
Company, of Capital Stock or options, warrants or rights with respect to the Capital Stock (in the case of an offering by any direct or indirect parent of the Company, to the extent such cash proceeds are contributed to the Company), other than
(1) public offerings registered on Form S-8, (2) an issuance to any Subsidiary or other affiliate or (3) Disqualified Stock. 

“euro” means the single currency of participating member states of the EMU. 

“Euro Government Obligations” means any security that is (i) a direct obligation of Ireland, Belgium, the Netherlands,
France, Germany or any country that is a member of the EMU on the Issue Date, for the payment of which the full faith and credit of such country is pledged or (ii) an obligation of a person controlled or supervised by and acting as an agency or
instrumentality of any such country the payment of which is unconditionally guaranteed as a full faith and credit obligation by such country, which, in either case under the preceding clause (i) or (ii), is not callable or redeemable at the
option of the issuer thereof. 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system, and any
successor thereto. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission promulgated thereunder. 
 “Excluded Accounts” shall have the meaning given to such term in the Security
Agreement. 
 “Excluded Assets” shall have the meaning given to such term in the Security Agreement. 

“Excluded Contribution” means the Net Proceeds actually received in cash by the Company from and after the Existing Debt
Issue Date to such date from any capital contributions to, or the sale of Equity Interests of, the Company other than (a) Disqualified Stock, (b) Equity Interests issued or sold to a Restricted Subsidiary or an employee stock ownership
plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or Guaranteed by the Company or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the
date of determination, (c) Equity Interests the Net Proceeds of which are used to repay long-term Indebtedness for borrowed money (other than revolving loans) and (d) amounts that have previously been (or are simultaneously being) applied
to make a Restricted Payment under clause (C) of Section 4.08(a). 
 “Excluded Equity Interest” shall have the
meaning given to such term in the Security Agreement. 

  
 19 

 “Excluded Subsidiary” means, with respect to the Company, (a) any
Subsidiary that is not a Wholly Owned Subsidiary of the Company, (b) any Foreign Subsidiary, (c) any Domestic Subsidiary (i) that is a direct or indirect subsidiary of a Foreign Subsidiary or CFC Holdco or (ii) that is a CFC
Holdco, (d) any Subsidiary, including any regulated entity that is subject to net worth or net capital or similar capital and surplus restrictions, that is prohibited or restricted by applicable law, accounting policies or by contractual
obligation existing on the Issue Date (or, with respect to any Subsidiary acquired by the Company or a Restricted Subsidiary after the Issue Date (and so long as such contractual obligation was not incurred in contemplation of such acquisition, on
the date such Subsidiary is so acquired) from providing a Guarantee, or if such Guarantee would require governmental (including regulatory) or third party consent, approval, license or authorization, (e) any special purpose securitization
vehicle (or similar entity), (f) any Captive Insurance Subsidiary, (g) any not for profit Subsidiary, (h) any Immaterial Subsidiary, (i) each Unrestricted Subsidiary, (j) any Restricted Subsidiary acquired with Indebtedness
assumed pursuant to the terms of this Indenture to the extent such Restricted Subsidiary would be prohibited from providing the Guarantee, or consent would be required (that has not been obtained), pursuant to the terms of such Indebtedness,
(k) any Subsidiary with respect to which the Guarantee would result in material adverse tax consequences as reasonably determined by the Company and (l) any other Subsidiary with respect to which the Company reasonably concludes that the
burden or cost of providing the Guarantee outweighs the benefits to be obtained by the Holders of the Notes therefrom. 
 “Existing
Debt Issue Date” means April 5, 2018. 
 “Existing Notes” means the Existing Secured Notes and the Existing
Unsecured Notes. 
 “Existing Secured Notes” means the 5.000% Senior Secured Notes due 2026 issued by the Company and
outstanding on the Issue Date. 
 “Existing Unsecured Notes” means (i) the 6.500% Senior Notes due 2026, (ii) the
4.000% Senior Notes due 2023, and (iii) the 4.750% Senior Notes due 2026, in each case issued by the Company and outstanding on the Issue Date. 

“First-Priority Liens” means all Liens that secure First-Priority Obligations. 

“First-Priority Obligations” means (i) all Obligations with respect to the Notes (other than Additional Notes) and the
Note Guarantees and (ii) other Indebtedness or Obligations of the Company or any Guarantor that is secured by Liens on the Collateral ranking pari passu to the Liens on the Collateral securing the Notes (including the Credit Facilities and the
Existing Secured Notes), as permitted by this Indenture. 
 “Fitch” means Fitch, Inc. and any successor to its rating
agency business. 
 “Foreign Subsidiary” means, with respect to any Person, (i) any Subsidiary of such Person that is
not organized or existing under the laws of the United States, any state thereof or the District of Columbia, (ii) any direct or indirect Subsidiary of such Person if 

  
 20 

 
substantially all of its assets consist of Equity Interests of one or more direct or indirect Subsidiaries described in clause (i) of this definition and (iii) any Subsidiary of a
Subsidiary described in clauses (i) or (ii) of this definition. 
 “GAAP” means generally accepted accounting
principles in the United States. 
 “Global Note Legend” means the legend set forth in Section 2.07(f)(v)(A) hereof,
which is required to be placed on all Global Notes issued under this Indenture. 
 “Guarantee” means a guarantee other than
by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, through letters of credit or reimbursement agreements in respect thereof, of all or any part
of any Indebtedness or other obligations. When used as a verb, “Guarantee” shall have a corresponding meaning. The amount of Indebtedness or other obligations of another Person Guaranteed by the specified Person or one or more of such
Persons as of any date shall be equal to the lesser of: (a) the principal amount of such Indebtedness of such other Person and (b) the maximum amount of such Indebtedness payable under the Guarantee or Guarantees (without duplication in
the case of one or more Guarantees of the same Indebtedness by Subsidiaries). 
 “Guarantor” means any Person that provides
a Note Guarantee, either on the Issue Date or after the Issue Date in accordance with the terms of this Indenture; provided that upon the release and discharge of such Person from its Note Guarantee in accordance with this Indenture, such
Person shall cease to be a Guarantor. 
 “Hedging Obligations” means, with respect to any Person, the obligations of such
Person under: 
 (1)     currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate
or commodity cap agreements and currency exchange, interest rate or commodity collar agreements; and 
 (2)     other
agreements or arrangements (i) involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing
risk or value or any similar transaction or any combination of these transactions or (ii) designed to manage, hedge or protect such Person with respect to fluctuations in currency exchange, interest rates or commodity prices. 

“Holder” means the Person in whose name a Note is registered on the registrar’s books. 

“IAI” means an institutional “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act. 
 “Immaterial Subsidiary” means, any Restricted Subsidiary of the Company designated by the Company from
time to time as an “Immaterial Subsidiary” pursuant to 

  
 21 

 
an Officer’s Certificate delivered to the Trustee; provided that for the most recently ended Measurement Period prior to such date, (a) the revenue of any Immaterial Subsidiary
shall not exceed 5% of the revenue of the Company and its Restricted Subsidiaries and (b) the gross assets of any Immaterial Subsidiary (after eliminating intercompany obligations) shall not exceed 5% or more of the total assets of the Company
and its Restricted Subsidiaries; provided, further, that for the most recently ended Measurement Period prior to such date, the combined (a) revenue of all Immaterial Subsidiaries shall not exceed 7.5% or more of the revenue of
the Company and its Restricted Subsidiaries or (b) gross assets of all Immaterial Subsidiaries (after eliminating intercompany obligations) shall not exceed 7.5% or more of the total assets of the Company and its Restricted Subsidiaries. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money;
(b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments; (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person;
(d) all obligations of such Person in respect of the deferred purchase price of property (excluding (i) trade payables, (ii) any earn-out obligation until such obligation becomes a liability on
the balance sheet of such Person in accordance with GAAP, (iii) expenses accrued in the ordinary course of business and (iv) obligations resulting from
take-or-pay contracts entered into in the ordinary course of business) which purchase price is due more than six (6) months after the date of placing such property
in service or taking delivery of title thereto; (e) all Indebtedness of others secured by any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed; provided that the amount
of such Indebtedness will be the lesser of (i) the fair market value of such asset as determined by such Person in good faith on the date of determination and (ii) the amount of such Indebtedness of other Persons; (f) all Capital
Lease Obligations of such Person; (g) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit, bankers’ acceptances or other similar instruments; (h) all obligations of such Person
in respect of mandatory redemption or cash mandatory dividend rights on Disqualified Stock; (i) all obligations of such Person under any Hedging Obligations; (j) to the extent not otherwise included, Indebtedness or other similar
obligations (including, if applicable, net investment amounts) pursuant to any Permitted Receivables Facility; and (k) all Guarantees by such Person in respect of the foregoing clauses (a) through (j). The Indebtedness of any Person shall
include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such
entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. The amount of the obligations of the Company or any Restricted Subsidiary in respect of any Hedging Obligation shall, at any time of
determination and for all purposes under this Indenture, be the maximum aggregate amount (giving effect to any netting agreements) that the Company or such Restricted Subsidiary would be required to pay if such Hedging Obligation were terminated at
such time giving effect to current market conditions notwithstanding any contrary treatment in accordance with GAAP. For purposes of clarity and avoidance of doubt, any joint and several Tax liabilities arising by operation of consolidated return,
fiscal unity or similar provisions of applicable law shall not constitute Indebtedness for purposes hereof. 

  
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 Notwithstanding the foregoing, for purposes of determining compliance with any covenant
contained herein, Indebtedness of the Company and its Restricted Subsidiaries shall be determined without giving effect to (i) any election under Accounting Standards Codification
825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard
having a similar result or effect) to value any Indebtedness or other liabilities of the Company or any subsidiary at “fair value,” as defined therein and (ii) any treatment of Indebtedness in respect of convertible debt instruments
under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or
bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof). 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

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

“Intercreditor Agreement” means the First Lien/First Lien Intercreditor Agreement with respect to the Collateral, dated
April 21, 2021, between the Credit Agreement Agent and the collateral agent for the Existing Secured Notes, as supplemented by Joinder Agreement No. 1, dated as of the Issue date by and among the Credit Agreement Agent, the collateral
agent for the Existing Secured Notes and the Collateral Agent and as it may be further amended, restated, supplemented or otherwise modified from time to time. 

“Investment” means to purchase, hold or acquire (including pursuant to any merger with any Person that was not a Wholly Owned
Subsidiary prior to such merger) any Equity Interests in or evidences of Indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee
any Indebtedness of, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit or all or substantially all of the assets of a division or branch of
any Person. For purposes of the definition of “Unrestricted Subsidiary” and Section 4.08 hereof: 

(1)     “Investments” shall include the portion (proportionate to the Company’s direct or indirect equity
interest in such Subsidiary) of the fair market value (as determined in good faith by the Company) of the net assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided,
however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company or applicable Restricted Subsidiary shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an
amount (if positive) equal to: 
 (a) the Company’s direct or indirect “Investment” in such Subsidiary at the
time of such redesignation; less 

  
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 (b) the portion (proportionate to the Company’s direct or indirect
equity interest in such Subsidiary) of the fair market value of the net assets of such Subsidiary at the time of such redesignation; and 

(2)     any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the
time of such transfer, as determined in good faith by the Company. 
 The amount of any Investment outstanding at any time shall be the
amount actually invested (or, with respect to Investments other than in cash and Cash Equivalents, the fair market value (as determined in good faith by the Company)) of such Investment at the time such Investment was made, reduced by any dividend,
distribution, interest payment, return of capital, repayment or other amount received in cash by the Company or a Restricted Subsidiary in respect of such Investment. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, equal to or higher
than BBB- (or the equivalent) by S&P and equal to or higher than BBB- (or the equivalent) by Fitch or, if the applicable instrument is not then rated by Moody’s
or S&P, an equivalent rating by any other rating agency. 
 “Issue Date” means June 16, 2021. 

“JAB Affiliate” means (i) any JAB Entity and (ii) any Person that (a) is organized by a JAB Entity or an
Affiliate of a JAB Entity, and (b), directly or indirectly, is controlled by the JAB Entities, but excluding any operating portfolio companies of the foregoing. 

“JAB Entity” means each of JAB Holding Company S.a.r.l and JAB Consumer Fund SCA SICAR. 

“Junior Indebtedness” means any contractually subordinated junior lien Indebtedness and any Indebtedness of the Company or
any Restricted Subsidiary that is by its terms subordinated or required to be subordinated in right of payment to any of the Obligations. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance;
provided that in no event shall an operating lease (determined in accordance with GAAP) be deemed to constitute a Lien. 

“Limited Condition Transactions” means (a) any Investment or acquisition (whether by merger, amalgamation, consolidation
or other business combination or the acquisition of Capital Stock or otherwise and which may include, for the avoidance of doubt, a transaction that may constitute a Change of Control) or other transaction, (b) any redemption, repurchase,
defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock, (c) any Restricted Payment and (4) any Asset Sale or a Disposition excluded from the definition of “Asset Sale.” 

  
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 “Long Derivative Instrument” means a Derivative Instrument (i) the
value of which generally increases, and/or the payment or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value of which generally decreases, and/or the payment or
delivery obligations under which generally increase, with negative changes to the Performance References. 
 “Material
Indebtedness” means (i) Indebtedness incurred under the Credit Agreement and (ii) any other Indebtedness of the Company or any of its Restricted Subsidiaries (other than any Excluded Subsidiary) incurred under a Credit Facility
that has an aggregate principal amount or committed amount of at least $150.0 million; provided that in the case of clauses (i) and (ii) above, in no event shall Material Indebtedness include Indebtedness incurred by a Foreign
Subsidiary of the Company that does not Guarantee, or become an obligor under, any Indebtedness of the Company or any of its Subsidiaries that is not a Foreign Subsidiary or an Excluded Subsidiary. 

“Material Subsidiary” means a Restricted Subsidiary that is not an Immaterial Subsidiary. 

“Measurement Period” means, at any date of determination, the most recently completed four fiscal quarters of the Company for
which financial statements have been filed with the Commission, or in the event that, at any date of determination, the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the most recently completed
four fiscal quarters of the Company for which internal financial statements are available. 
 “Moody’s” means
Moody’s Investors Service, Inc. and any successor to its rating agency business. 
 “Net Proceeds” means, with respect
to Section 4.10 hereof (or, for purposes of the aggregate amount available under clause (C) of Section 4.08(a) hereof) (a) the cash proceeds received in respect of such event including (i) any cash received in respect of any
non-cash proceeds, but only as and when received, (ii) in the case of a casualty, insurance proceeds, and (iii) in the case of a condemnation or similar event, condemnation awards and similar
payments, net of (b) the sum of (i) all fees and out-of-pocket expenses (including underwriting discounts, investment banking fees, commissions, collection
expenses and other customary transaction costs) paid or reasonably estimated to be payable by the Company and its Restricted Subsidiaries in connection with such event, (ii) in the case of a Disposition of an asset (including pursuant to a sale
and leaseback transaction or a casualty or a condemnation or similar proceeding), the principal amount, premium or penalty, if any, interest, breakage, costs and other amounts on any Indebtedness (other than (A) Indebtedness under the Credit
Agreement and (B) in the case of any Indebtedness permitted under Section 4.09 hereof (other than the Notes) that is secured by the Collateral on an equal and ratable basis with the Obligations, any amounts in excess of the ratable portion
of such other permitted 

  
 25 

 
Indebtedness) subject to mandatory prepayment as a result of such event, (iii) in the case of any Disposition, casualty, condemnation or similar event by a Restricted Subsidiary that is a non-Wholly Owned Subsidiary, the pro-rata portion of the Net Proceeds thereof (calculated without regard to this clause (iii)) attributable to minority interests and not
available for distribution to or for the account of the Company or a Restricted Subsidiary that is a Wholly Owned Subsidiary as a result thereof, (iv) the amount of all Taxes paid (or reasonably estimated to be payable) by the Company and the
Restricted Subsidiaries, and (v) the amount of any reserves established by the Company and the Restricted Subsidiaries to fund contingent liabilities reasonably estimated to be payable, in each case that are directly attributable to such event
(as determined reasonably and in good faith by a Financial Officer of the Company). 
 “Net Short” means, with respect to a
Holder or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative Instruments exceeds the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as of such
date of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 International Swaps and Derivatives Association, Inc. Credit Derivatives
Definitions) to have occurred with respect to the Company or any Guarantor immediately prior to such date of determination. 
 “Non-Guarantor Subsidiary” means any Restricted Subsidiary that is not the Company or a Guarantor. 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

“Not Otherwise Applied” means, with reference to any amount of Net Proceeds of any transaction or event, that such amount
(a) was not required to be applied pursuant to Section 4.10 hereof and (b) was not previously (and is not concurrently being) applied in determining the permissibility of a transaction under this Indenture where such permissibility
was or is (or may have been) contingent on receipt of such amount or utilization of such amount for a specified purpose. 
 “Note
Guarantee” means any Guarantee of the obligations of the Company under this Indenture and the Notes issued hereunder by a Guarantor in accordance with the provisions of this Indenture. 

“Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and any Additional Notes shall be
treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 

“Obligations” means any principal (including any accretion), interest (including any interest accruing subsequent to the
filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), penalties,
fees, indemnifications, reimbursements (including reimbursement 

  
 26 

 
obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal (including any accretion), interest,
penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 

“Offering Memorandum” means that certain final offering memorandum, dated June 9, 2021, relating to the offering and
sale of the Initial Notes. 
 “Officer” means the Chairman of the Board, the Chief Executive Officer, the President, the
Chief Financial Officer, the Chief Accounting Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or any Assistant Treasurer or the Secretary or any Assistant Secretary, or any equivalent, of the Company.

 “Officer’s Certificate” means a certificate signed on behalf of the Company by an Officer of the Company who shall
be the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the Treasurer or the Chief Accounting Officer, or the equivalent, of the Company. 

“Opinion of Counsel” means a written opinion (which opinion may be subject to customary assumptions and exclusions) from
legal counsel that meets the requirements of Section 13.04 hereof. The counsel may be an employee of, or outside counsel to, the Company or a Guarantor. 

“Original Transactions” shall have the meaning provided to “Transactions” in the Credit Agreement. 

“Owner Group” means the collective reference to the JAB Entities and their JAB Affiliates. 

“Pari Passu Indebtedness” means Indebtedness of the Company or a Guarantor that is secured equally and ratably by Liens on
the Collateral having the same priority as the Liens securing the Notes. 
 “Participant” means, with respect to a
Depositary, a Person who has an account with such Depositary. 
 “Permitted Investments” means: 

(1)     Investments in the form of cash, Cash Equivalents and Investments that were Cash Equivalents when such Investments
were made; 
 (2)     Investments (i) existing on, or contractually committed as of, the Issue Date,
(ii) consisting of intercompany Investments outstanding on the Issue Date, and (iii) any modification, replacement, renewal or extension of the foregoing; provided that the amount of the original Investment is not increased except
by the terms of such Investment or as otherwise permitted under Section 4.08 hereof; 

  
 27 

 (3)     Investments among the Company and its Restricted Subsidiaries
(including between or among Restricted Subsidiaries and including in connection with the formation of Restricted Subsidiaries); 
 (4)
    Guarantees constituting Indebtedness permitted under Section 4.09 hereof and payments thereon or Investments in respect thereof in lieu of such payments; provided that (i) the aggregate principal amount of
Indebtedness of Subsidiaries that are Unrestricted Subsidiaries that is Guaranteed by the Company or any Guarantor shall be subject to the limitation set forth in clause (16) below (it being understood that any such Guarantee in reliance upon
the reference to such clause (16) shall reduce the amount otherwise available under such clause (16) while such Guarantee is outstanding); (ii) if such Guarantee is by a Person other than the Company or any Guarantor, such Person would
have been able to incur the Guaranteed Indebtedness directly under Section 4.09 hereof (for the avoidance of doubt, without duplication of the primary and Guaranteed obligations with respect to underlying primary Indebtedness of a Person other
than the Company or any Guarantor); and (iii) if the Guaranteed Indebtedness is subordinated, the Guarantee of such Indebtedness is subordinated on the same terms; 

(5)     Investments received (i) in connection with the bankruptcy or reorganization of, or settlement of delinquent
accounts or disputes with or judgments against, any Person, or foreclosure or deed in lieu of foreclosure with respect to any Lien held as security for an obligation, in each case in the ordinary course of business, (ii) upon the foreclosure
with respect to any secured Investment, (iii) as a result of the settlement, compromise or resolution of litigation, arbitration or other disputes or (iv) in settlement of debt created in the ordinary course of business; 

(6)     notes and other non-cash consideration received as part of the purchase
price of assets subject to a Disposition pursuant to Section 4.10 hereof; 
 (7)     advances or extensions of
trade credit in the ordinary course of business; 
 (8)     Investments arising in connection with Hedging Obligations
permitted by Section 4.09(b)(vii) hereof; provided that the aggregate amount of Investments by the Company and the Guarantors in or for the benefit of Unrestricted Subsidiaries shall be subject to the limitation set forth in clause
(16) below (it being understood that any such Investment in reliance upon the reference to such clause (16) shall reduce the amount otherwise available under such clause (16) while such Hedging Obligations are outstanding); 

(9)     loans and advances to future, present or former officers, directors, employees, members of management or
consultants of the Company and its Restricted Subsidiaries made (i) in the ordinary course of business for travel and entertainment expenses, relocation costs and similar purposes or consistent with past practices and (ii) in connection
with such Person’s purchase of Equity Interests of the Company; provided that, to the extent such loans or advances are made in cash, the amount of such loans and advances used to acquire such Equity Interests shall be contributed or
paid to the Company in cash, and (iii) for any other purpose in an aggregate amount not to exceed $20,000,000 for all such loans and advances in the aggregate at any one time outstanding; 

  
 28 

 (10)     the Company and the Restricted Subsidiaries may make
Investments using the Net Proceeds actually received by the Company from and after the Issue Date from the sale of Equity Interests of the Company (other than (i) Disqualified Stock, (ii) Equity Interests issued or sold to a Restricted
Subsidiary or an employee stock ownership plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or Guaranteed by the Company or any Restricted Subsidiary unless such loans have
been repaid with cash on or prior to the date of determination and (iii) Equity Interests the Net Proceeds of which are used to repay long-term Indebtedness for borrowed money (other than revolving loans) so long as such Net Proceeds are Not
Otherwise Applied); 
 (11)     any Investment by the Company or any of its Restricted Subsidiaries in a Person that is
engaged in a Related Business if as a result of such Investment: 
 (i)     such Person becomes a
Restricted Subsidiary; or 
 (ii)     such Person, in one transaction or a series of related
transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary, 

and, in each case, any Investment held by such Person; provided that such Investment was not acquired by such Person in contemplation of
such acquisition, merger, consolidation or transfer; 
 (12)     any transaction to the extent it constitutes an
Investment that is permitted and made in accordance with Section 4.11(b) hereof (except transactions described in clauses (ii), (v), (vi), (x), (xi) and (xvi) thereof); 

(13)     advances of payroll payments to employees in the ordinary course of business; 

(14)     Guarantees by the Company and the Restricted Subsidiaries of leases of the Company and Restricted Subsidiaries
(other than Capital Lease Obligations) or of other obligations not constituting Indebtedness, in each case entered into in the ordinary course of business and payments thereon or Investments in respect thereof in lieu of such payments; 

(15)     Investments (i) consisting of endorsements for collection or deposit, (ii) resulting from pledges
and/or deposits permitted by Section 4.06 hereof and (iii) consisting of the licensing, sublicensing or contribution of intellectual property pursuant to joint marketing arrangements, in each case, in the ordinary course of business; 

(16)     in addition to the Investments otherwise permitted by this definition of “Permitted Investments,” the
Company and the Restricted Subsidiaries may make 

  
 29 

 
Investments in an aggregate amount not to exceed the greater of $500,000,000 and 26.0% of Adjusted EBITDA (in each case as determined at the time any such Investment is made (calculated on Pro
Forma Basis) as of the last day of the most recently ended Measurement Period on or prior to the date of determination) at any time outstanding; 

(17)     (i) any Investments in any Subsidiary or joint venture in connection with intercompany cash management
arrangements or related activities arising in the ordinary course of business; provided that any entity that serves to hold cash balances for the purposes of making such advances to Subsidiaries or joint ventures is either the Company or a
Guarantor and (ii) Investments by the Company in any Subsidiary or joint venture to enable it to obtain cash management and similar arrangements described in Section 4.09(b)(xvi); 

(18)     any acquisition of assets or Equity Interests solely in exchange for, or out of the Net Proceeds received from,
the substantially contemporaneous issuance of Equity Interests (other than Disqualified Stock) of the Company; 
 (19)
    endorsements of negotiable instruments and documents in the ordinary course of business; 
 (20)
    Investments made in connection with the funding of contributions under any non-qualified retirement plan or similar employee compensation plan in an amount not to exceed the amount of
compensation expense recognized by the Company and its Restricted Subsidiaries in connection with such plans; 

(21)     Investments in Restricted Subsidiaries in connection with reorganizations or other activities related to Tax
planning; provided that, after giving effect to any such reorganization or other activity related to Tax planning, the security interest of the Collateral Agent in the Collateral, taken as a whole, is not materially impaired; 

(22)     (i) Investments held by any Restricted Subsidiary acquired after the Issue Date, or of any Person acquired by, or
merged into or consolidated or amalgamated with the Company or any Restricted Subsidiary after the Issue Date, in each case as part of an Investment otherwise permitted by this definition of “Permitted Investments” to the extent that such
Investments were not made in contemplation of or in connection with such acquisition, merger, amalgamation or consolidation and were in existence on the date of the relevant acquisition, merger, amalgamation or consolidation and (ii) any
modification, replacement, renewal or extension of any Investment permitted under clause (i) of this clause (22) so long as no such modification, replacement, renewal or extension thereof increases the amount of such Investment except as
otherwise permitted by this definition of “Permitted Investments”; 
 (23)     (x) Investments made in joint
ventures or Unrestricted Subsidiaries as required by, or made pursuant to, buy/sell arrangements (including put and call arrangements) between the joint venture parties set forth in joint venture agreements and similar binding arrangements existing
on the Existing Debt Issue Date and disclosed in filings with the Commission prior to that date in an aggregate amount not to exceed 

  
 30 

 
$275,000,000 and (y) any other Investments made in joint ventures or Unrestricted Subsidiaries in an aggregate amount not to exceed the greater of $275,000,000 and 16.0% of Adjusted EBITDA
(in each case as determined at the time any such Investment is made (calculated on Pro Forma Basis) as of the last day of the most recently ended Measurement Period on or prior to the date of determination) at any time outstanding; 

(24)     Investments (i) constituting deposits, prepayments and/or other credits to suppliers, (ii) made in
connection with obtaining, maintaining or renewing client and customer contracts and/or (iii) in the form of advances made to distributors, suppliers, licensors and licensees, in each case, in the ordinary course of business; 

(25)     other Investments in an amount such that the Total Net Leverage Ratio on a Pro Forma Basis as of the end of the
most recent Measurement Period is less than or equal to 3.75:1.00; provided that prior to and after giving effect thereto no Event of Default shall exist or result therefrom; provided, further, that if the proceeds of the
Investment will be applied to finance a Limited Condition Transaction, compliance with this clause (25) shall be determined in accordance with Section 1.04(b) hereof; 

(26)     Asset Swaps consummated in compliance with Section 4.10 hereof; and 

(27)     Investments in the form of loans and other funding arrangements to salons, (i) existing on the Issue Date or
(ii) made after the Issue Date in an amount not to exceed $175,000,000 in any fiscal year. 
 “Permitted Liens” means:

 (1)     Liens securing any Indebtedness of the Company or any Subsidiary of the Company pursuant to
Section 4.09(b)(i), (xxvi) or (xxxi)(A) or (B); 
 (2)     Liens existing as of the Issue Date (other than Liens
referred to in the immediately preceding clause (1)); 
 (3)     Liens created in favor of the Holders of the Existing
Secured Notes; 
 (4)     Liens on any assets created solely to secure obligations incurred to finance the replacement,
repair, refurbishment, improvement or construction of such asset, which obligations are incurred prior to or no later than 12 months after completion of such replacement, repair, refurbishment, improvement or construction, and all amendments,
medications, renewals, extensions, refinancings, replacements or refundings of such obligations; 
 (5)     Liens given
to secure the payment of the purchase price or other acquisition, installation or construction costs incurred in connection with the acquisition (including acquisition through merger or consolidation) of any property, including Capital Lease
transactions in connection with any such acquisition and including any purchase money Liens; provided that the Liens shall be given prior to or no later than 12 months after such acquisition and shall attach solely to the property acquired or
purchased and any improvements then or thereafter placed thereon and any proceeds or products thereof and after-acquired property subjected to a Lien pursuant to the terms existing at the time of such acquisition; 

  
 31 

 (6)     Liens given to secure the payment of or financing of all or any
part of the purchase price or other acquisition, installation, construction, alteration, improvement or repair costs incurred in connection with the acquisition (including acquisition through merger or consolidation) of any property, including
Capital Lease transactions in connection with any such acquisition and including any purchase money Liens; provided that the Liens shall be given within 12 months after the later of (i) such acquisition and/or the completion of any
construction, alteration, improvement or repair, whichever is later, and (ii) the placing into commercial operation of such property after such acquisition or completion of any construction, alteration, improvement or repair, and shall attach
solely to the property acquired or purchased and any additions, accessions or improvements then or thereafter placed thereon and any proceeds thereof; 

(7)     Liens existing on any property at the time of acquisition of such property or Liens existing on equipment,
fixtures, real property or other assets of a Person and its Subsidiaries on or prior to the time such Person becomes a Subsidiary (including, in each case, acquisition through merger or consolidation) or at the time of such acquisition by the
Company or any Subsidiary of the Company whether or not such existing Liens were given to secure the payment of the purchase price other acquisition, installation or construction costs of the property or assets to which they attach; provided that
such Liens do not extend to other assets of the Company or its other Subsidiaries (other than any improvements then or thereafter placed thereon and any proceeds or products thereof and after-acquired property subjected to a Lien pursuant to the
terms existing at the time of such acquisition); 
 (8)     Liens in favor of the Company or a Subsidiary of the
Company; 
 (9)     Liens on any property in favor of the United States of America or any State thereof (or the District
of Columbia) or any other country or any department, agency, instrumentality or political subdivision thereof to secure progress or other payments or to secure Indebtedness incurred for the purpose of financing the cost of acquiring, replacing,
constructing, installing, improving, altering, refurbishing, or repairing such property; 
 (10)     Liens in favor of
customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods and Liens deemed to exist in connection with investments in repurchase agreements; 

(11)     (i) Liens imposed by law, such as carriers’, warehousemen’s, mechanic’s, materialmen’s,
repairmen’s and landlord’s Liens and other similar Liens arising in the ordinary course of business, (ii) Liens in connection with legal proceedings and in respect of judgements, awards, attachments and/or decrees and notices of
lis pendens and associated rights related to legal proceedings being contested and (iii) Liens arising solely by virtue of any statutory or common law provision relating to banker’s Liens, rights of
set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; 

  
 32 

 (12)     Liens for taxes, assessments or other governmental charges not
yet overdue for a period of more than 30 days or subject to penalties for non-payment or which are being contested in good faith by appropriate proceedings; 

(13)     Liens to secure the performance of, or granted in lieu of, bids, trade or commercial contracts, government
contracts, purchase, construction, sales and servicing contracts (including utility contracts), leases, statutory obligations, surety, stay, customs and appeal bonds, performance bonds, performance and completion guarantees, and other obligations of
a like nature, in each case in the ordinary course of business or consistent with industry practice and to secure letters of credit, Guarantees, bonds or other sureties given in connection with the foregoing or in connection with pension obligations
that arise in the ordinary course of business, workers’ compensation, health, disability or other employee benefits, unemployment insurance or other types of social security or similar laws and regulations, property, casualty or liability
insurance or premiums related thereto or self-insurance obligations; 
 (14)     (i) Leases, subleases, licenses or
sublicenses (including with respect to intellectual property and software of the Company and its Subsidiaries) granted to others in the ordinary course of business and any interest of co-sponsors, co-owners or co-developers of intellectual property (or other agreements under which the Company or any of its Subsidiaries has granted rights to end users to access and use
the Company’s or any of its Subsidiary’s product, technologies or services in the ordinary course of business) and (ii) the rights reserved to or vested in any Person by the terms of any lease, license, franchise, grant or permit held
by the Company or any of its Subsidiaries or by a statutory provision to terminate any such lease, license, franchise, grant or permit or to require periodic payments as a condition to the continuation thereof; 

(15)     Liens to secure any Indebtedness incurred by Foreign Subsidiaries or Excluded Subsidiaries; 

(16)     Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s
obligation in respect of banker’s acceptances or letters of credit issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment, or storage of such inventory or other goods; 

(17)     Liens to secure Qualified Securitization Financings or Permitted Receivables Facilities or from other sales of
receivables pursuant to factoring permitted pursuant to clause (23) of the definition of “Asset Sale”; 
 (18)
    Liens on stock, partnership or other equity interests in any joint venture of the Company or any of its Subsidiaries or in any Subsidiary of the Company that owns an equity interest in a joint venture to secure Indebtedness
contributed or advanced solely to that joint venture; provided that, in each case, the Indebtedness secured by such Lien is not secured by a Lien on any other property of the Company or any Subsidiary of the Company; 

  
 33 

 (19)     Liens (i) and deposits securing netting services, business
credit card programs, overdraft protection and other treasury, depository and cash management services, (ii) of a collection bank arising under Section 4-208 of the Uniform Commercial Code or other
similar provision of applicable laws on items in the course of collection, (iii) encumbering reasonable customary initial deposits and margin deposits, (iv) granted in the ordinary course of business by the Company or any of its
Subsidiaries to any bank with whom it maintains accounts to the extent required by the relevant bank’s (or custodian’s or trustee’s, as applicable) standard terms and conditions, in each case, which are within the general parameters
customary in the banking industry or (v) incurred in connection with any automated clearing-house transfers of funds or other fund transfer or payment processing services; 

(20)     Liens on, and consisting of, deposits made by the Company to discharge or defease the Notes and this Indenture,
or any other Indebtedness; 
 (21)     Liens (i) on insurance policies and the proceeds thereof incurred in
connection with the financing of insurance premiums, (ii) on liabilities in respect of indemnification obligations under leases or other provisions of any security issued by the Company or its Subsidiaries or any agreement, instrument or other
undertaking to which such Person is a party or by which it or any of its property is bound, and (iii) to secure letters of credit, Guarantees, bonds or other sureties given in connection with the foregoing; 

(22)     Liens securing Hedging Obligations; 

(23)     Liens arising from Uniform Commercial Code (or similar law of any jurisdiction) financing statement filings or
similar public filings, registrations or agreements in any foreign jurisdiction regarding leases and consignment or bailee arrangements entered into by the Company and its Subsidiaries in the ordinary course of business and Liens securing
liabilities in respect of indemnification obligations thereunder as long as each such Lien only encumbers the assets that are the subject of the related lease (or contained in such leasehold) or consignment or bailee, and other precautionary
statements, filings or agreements; 
 (24)     easements, rights of way, minor encroachments, protrusions, municipal and
zoning and building ordinances and similar charges, encumbrances, title defects or other irregularities, governmental restrictions on the use of property or conduct of business, and Liens in favor of governmental authorities and public utilities,
that do not materially interfere with the ordinary course of business of the Company and its Subsidiaries, taken as a whole; 
 (25)
    Liens (i) on advances of cash or Cash Equivalents in favor of the seller of any property to be acquired by the Company or its Subsidiaries to be applied against the purchase price for such acquisition,
(ii) consisting of an agreement to dispose of any property in a disposition permitted by this Indenture and (iii) on cash earnest money deposits made by the Company or any of its Subsidiaries in connection with any letter of intent or
purchase agreement; 

  
 34 

 (26)     Liens on (i) deposits or other amounts held in escrow to
secure contractual payments (contingent or otherwise) payable by the Company or any of its Subsidiaries to a seller after consummation of an acquisition and (ii) Indebtedness incurred in connection with any transaction not restricted by this
Indenture for so long as the proceeds thereof have been deposited in an escrow account on customary terms to secure such Indebtedness pending the application of such proceeds to fund such transaction; 

(27)     Liens in favor of a commodity, brokerage, futures or security intermediary who holds a commodity, brokerage or,
as applicable, a futures or security account on behalf of the Company or any of its Subsidiaries; provided such Lien encumbers only the related account and the property held therein; 

(28)     Liens that are contractual rights of set-off relating to purchase orders
and other similar agreements entered into in the ordinary course of business; 
 (29)     Liens representing the
interest of a purchaser of goods sold by the Company or any of its Subsidiaries in the ordinary course of business under conditional sale, title retention and extended title retention, consignment, bailee or similar arrangements; provided
that such Liens arise only under the applicable conditional sale, title retention, consignment, bailee or similar arrangements and such Liens only encumber the good so sold thereunder; 

(30)     (i) deposits of cash with the owner or lessor of premises leased or operated by the Company or any of its
Subsidiaries and (ii) cash collateral on deposit with banks or other financial institutions issuing letters of credit (or backstopping such letters of credit) or other equivalent bank guarantees issued naming as beneficiaries the owners or
lessors of premises leased or operated by the Company or any of its Subsidiaries, in each case in the ordinary course of business of the Company and such Subsidiaries to secure the performance of the Company’s or such Subsidiary’s
obligations under the terms of the lease for such premises; 
 (31)     Liens given to a public utility or any
municipality or governmental or other public authority when required by such utility or other authority; provided that such Liens do not interfere in any material respect with the business of the Company and its Subsidiaries, taken as a
whole; 
 (32)     other Liens securing Indebtedness in an aggregate principal amount not to exceed the greater of
$425,000,000 and 25.0% of Adjusted EBITDA (determined at the time of incurrence of any such Lien (calculated on a Pro Forma Basis) as of the last day of the most recently ended Measurement Period on or prior to the date of determination) at any time
outstanding; 
 (33)     any amendment, modification, extension, renewal, substitution or replacement (or successive
amendments, modifications, extensions, renewals, substitutions or replacements), in whole or in part, of any Lien referred to in this or the preceding clauses of this definition (other than clauses (1) or (32)), or any Liens that secure an
amendment, modification, extension, renewal, replacement, refinancing or 

  
 35 

 
refunding (including any successive amendments, modifications, extensions, renewals, replacements, refinancings or refundings) of any Indebtedness within 12 months of the maturity, retirement or
other repayment or prepayment of the Indebtedness (including any such repayment pursuant to amortization obligations with respect to such Indebtedness) being amended, modified, extended, renewed, substituted, replaced, refinanced or refunded, which
Indebtedness is or was secured by a Lien referred to in this or the preceding clauses of this definition; 
 (34)
    Liens on the Equity Interests of Unrestricted Subsidiaries that secure Indebtedness of such Unrestricted Subsidiaries; and 

(35)     Liens then existing with respect to assets of an Unrestricted Subsidiary on the day such Unrestricted Subsidiary
is redesignated as a Restricted Subsidiary as described under Section 4.12; provided that such Liens do not extend to any assets other than those of such Unrestricted Subsidiary and to the extent that such Liens were not created or
incurred in contemplation of or in connection with such redesignation. 
 “Permitted Receivables Facility” means any
program for the transfer by the Company or any of its Subsidiaries (other than the Receivables Subsidiary), to any buyer, purchaser or lender of interests in accounts receivable (including any Subsidiary of the Company), so long as the aggregate
outstanding principal amount of Indebtedness incurred pursuant to such program shall not exceed $400,000,000 at any one time. 

“Permitted Refinancing Indebtedness” means any Indebtedness issued in exchange for, or the net proceeds of which are used to
refinance, replace, defease or refund (collectively, to “Refinance” or a “Refinancing”), the Indebtedness being Refinanced (or previous refinancings thereof constituting Permitted Refinancing Indebtedness);
provided that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced (plus unpaid
accrued interest and premium thereon, any committed or undrawn amounts and underwriting discounts, fees, commissions and expenses, associated with such Permitted Refinancing Indebtedness), except as otherwise permitted under Section 4.09
hereof, (b) the final maturity date of such Permitted Refinancing Indebtedness is no earlier than the final maturity date of the Indebtedness being refinanced and the Permitted Refinancing Indebtedness shall not have a weighted average life to
maturity that is less than the weighted average life to maturity of the Indebtedness being refinanced thereby, (c) if the original Indebtedness being Refinanced is by its terms subordinated in right of payment to the Obligations under this
Indenture, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to the Obligations under this Indenture on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness
being Refinanced, taken as a whole (as determined by the Company in good faith), (d) no Permitted Refinancing Indebtedness shall have obligors or contingent obligors that were not obligors or contingent obligors (or that would not have been required
to become obligors or contingent obligors) in respect of the Indebtedness being Refinanced except to the extent permitted under Section 4.08 hereof and the definition of “Permitted Investments” and (e) if the Indebtedness being
Refinanced is (or would have 

  
 36 

 
been required to be) secured by any collateral of the Company or a Guarantor (whether equally and ratably with, or junior to, the Secured Parties or otherwise), such Permitted Refinancing
Indebtedness may be secured by such collateral on terms no less favorable, taken as a whole, to the Collateral Agent and the Holders than those contained in the documentation governing the Indebtedness being Refinanced, taken as a whole (as
determined by the Company in good faith). 
 “Person” means any individual, corporation, partnership, joint venture,
association, joint stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Preferred Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation,
dissolution, or winding up. 
 “Pro Forma Basis,” “Pro Forma Compliance” or “Pro Forma
Effect” means, with respect to any proposed Specified Transaction or other transaction requiring the calculation of a financial metric on a Pro Forma Basis, such financial metric calculated: (a) for the most recent four (4) fiscal
quarter period then ended on a pro forma basis as if such Specified Transaction or other transaction as applicable, had occurred as of the first day of such period, (b) to include any Indebtedness incurred, assumed or repaid in connection
therewith (assuming, to the extent such Indebtedness bears interest at a floating rate, the rate in effect at the time of calculation for the entire period of calculation) as if such indebtedness was incurred, assumed or repaid on the first day of
such period, (c) based on the assumption that any sale of Subsidiaries or lines of business which occurred during such period occurred on the first day of such period, and (d) with respect to an acquisition or investment, as if the target
were a “Person” for purposes of calculating Adjusted EBITDA. 
 “QIB” means a “qualified institutional
buyer” as defined in Rule 144A. 
 “Qualified Equity Interests” means any Equity Interest of a Person that is not
Disqualified Stock. 
 “Qualified Securitization Financing” means any Securitization Financing of a Securitization
Subsidiary that meets the following conditions: (i) the senior management of the Company shall have determined in good faith that such Qualified Securitization Financing (including financing terms, covenants, termination events and other
provisions) is in the aggregate economically fair and reasonable to the Company and the Securitization Subsidiary, (ii) all sales of Securitization Assets and related assets to the Securitization Subsidiary are made at fair market value (as
determined in good faith by the Company) and (iii) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith by the Company) and may include Standard Securitization
Undertakings. The grant of a security interest in any Securitization Assets of the Company or any of its Subsidiaries (other than a Securitization Subsidiary) to secure Indebtedness under the Credit Agreement and any refinancing Indebtedness with
respect thereto shall not be deemed a Qualified Securitization Financing. 

  
 37 

 “Ratings Decline Period” means, with respect to any Change of Control, the
period that (1) begins on the earlier of (a) the date of the first public announcement of the occurrence of such Change of Control or of the intention by the Company to effect such Change of Control or (b) the occurrence of such
Change of Control and (2) ends on the 60th calendar day following consummation of such Change of Control; provided, however, that such period shall be extended for so long as the rating of the Notes, as noted by the applicable
rating agency, is under publicly announced consideration for downgrade by the applicable rating agency. 
 “Receivables
Subsidiary” means the special purpose entity established as a “bankruptcy remote” Subsidiary of the Company for the purpose of acquiring accounts receivable under any Permitted Receivables Facility, which shall engage in no
operations or activities other than those related to such Permitted Receivables Facility. 
 “Regulation S” means
Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” means a Transfer Restricted Regulation S
Global Note or an Unrestricted Regulation S Global Note, as appropriate. 
 “Related Business” means any business which is
the same as or related, ancillary or complementary to, or a reasonable extension or expansion of, any of the businesses of the Company and its Restricted Subsidiaries on the Issue Date. 

“Related Business Assets” means any property, plant, equipment or other assets (excluding assets that are qualified as
current assets under GAAP) to be used or useful by the Company or a Restricted Subsidiary in a Related Business or capital expenditures relating thereto. 

“Responsible Officer” means the chief executive officer, president, any vice president, any Financial Officer or Secretary of
the Company (or such other entity to which such reference relates). 
 “Responsible Officer,” when used with respect to the
Trustee, means any officer within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his
or her knowledge of and familiarity with the particular subject, in each case having direct responsibility for the administration of this Indenture. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Notes Legend” means the legend set forth in Section 2.07(f)(i) hereof to be placed on all Notes issued under
this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Restricted Period” means the 40-day distribution compliance period as defined in Regulation S, which period shall terminate (a) on July 26, 2021 with respect to the Initial Notes and (b) on such date as set forth in the
applicable supplemental indenture entered into pursuant to Section 11.01 with respect to any Additional Notes. 

  
 38 

 “Restricted Subsidiary” means, at any time, each direct and indirect
Subsidiary of the Company (including any Foreign Subsidiary) that is not then an Unrestricted Subsidiary; provided, however, that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such
Subsidiary shall be included in the definition of “Restricted Subsidiary.” 
 “Rule 144” means Rule 144
promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and any successor to its rating agency business.

 “Screened Affiliate” means any Affiliate of a Holder (i) that makes investment decisions independently from such
Holder and any other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder and any other Affiliate of such Holder that is not a Screened Affiliate and such
screens prohibit the sharing of information with respect to the Company or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or any other Affiliate of such Holder that is acting in concert with such Holder in
connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or any other Affiliate of such Holder that is acting in concert with such Holder in connection with
its investment in the Notes. 
 “Secured Credit Documents” means (i) in respect of the Credit Facilities, the
collective reference to the Credit Facilities, any notes issued pursuant thereto and the guarantees thereof, and the collateral documents relating thereto, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid,
refinanced or otherwise modified, in whole or in part, from time to time, (ii) in respect of the Notes, this Indenture, the Notes, the Guarantees and the Security Documents and (iii) any other documents or instrument evidencing or
governing any other First-Priority Obligations. 
 “Secured Indebtedness” means any Indebtedness of the Company or any of
its Restricted Subsidiaries secured by a Lien. 
 “Secured Net Leverage Ratio” means, as of any date of determination, the
ratio of (a) Total Indebtedness of the Company and its Restricted Subsidiary on such date that is secured by a Lien on any asset or property of the Company or any Guarantor minus unrestricted cash and Cash Equivalents (or cash and Cash
Equivalents that would be unrestricted but for Liens thereon pursuant to a Permitted Lien) of the Company and its Restricted Subsidiaries as determined in accordance with GAAP to (b) Adjusted EBITDA for the most recently ended Measurement
Period. 

  
 39 

 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder. 
 “Securitization Assets” means any accounts receivable or
other revenue streams subject to a Qualified Securitization Financing. 
 “Securitization Financing” means any transaction
or series of transactions that may be entered into by the Company or any of its Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Securitization Subsidiary (in the case of a
transfer by the Company or any of its Subsidiaries) and (b) any other Person (in the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets (whether now existing or arising in the
future) of the Company or any of its Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such Securitization Assets, all contracts and all guarantees or other obligations in respect of such
Securitization Assets, proceeds of such Securitization Assets and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving
Securitization Assets and any Hedging Obligations entered into by the Company or any such Subsidiary in connection with such Securitization Assets. 

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified
Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including, without limitation, as a result of a receivable or portion thereof becoming subject to
any asserted defense, dispute, off set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means any Subsidiary of the Company (or another Person) formed for the purposes of engaging in
one or more Qualified Securitization Financings and other activities reasonably related thereto. 
 “Security Agreement”
means the Security Agreement, dated as of the Issue Date, among the Company, the other grantors party thereto and the Collateral Agent, as it may be amended, supplemented, restated, replaced or otherwise modified from time to time. 

“Security Documents” means, collectively, the Security Agreement, each of the mortgages (if any), the intellectual property
security agreements or other similar agreements delivered to the Collateral Agent and the Holders, and each of the other agreements, instruments or documents that creates or purports to create a Lien in favor of the Collateral Agent for the benefit
of the Holders. 
 “Short Derivative Instrument” means a Derivative Instrument (i) the value of which generally
decreases, and/or the payment or delivery obligations under which 

  
 40 

 generally increase, with positive changes to the Performance References and/or (ii) the value of which
generally increases, and/or the payment or delivery obligations under which generally decrease, with negative changes to the Performance References. 

“Significant Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as defined under
clauses (1) or (2) of Rule 1-02(w) of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the Issue Date (except, with
respect to each test contained therein, substituting 20 percent instead of 10 percent as the applicable threshold). 

“Specified Transactions” means any asset sales or other dispositions or acquisitions, investment, mergers, consolidations,
amalgamations and discontinued operations by the Company and its Subsidiaries, or any incurrence or repayment (including by repurchase, redemption, repayment, retirement or extinguishment) of Indebtedness (other than Indebtedness incurred or repaid
under any revolving credit facility in the ordinary course of business for working capital purposes) or other event that by the terms of this Indenture requires Adjusted EBITDA, Consolidated EBITDA or a financial ratio or test to be calculated on a
Pro Forma Basis. 
 “Standard Securitization Undertakings” means representations, warranties, covenants and indemnities
entered into by the Company or any Subsidiary of the Company which the Company has determined in good faith to be customary in a Securitization Financing, including, without limitation, those relating to the servicing of the assets of a
Securitization Subsidiary, it being understood that any Securitization Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. 

“Stated Maturity,” when used with respect to any Note or any installment of principal thereof or interest thereon, means the
date specified in such Note as the fixed date on which the principal of such Note or such installment of principal or interest is due and payable. 

“Subsidiary” means, with respect to any specified Person: 

(1)     any corporation, association or other business entity, of which more than 50% of the total voting power of shares
of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and 
 (2)     any partnership, joint venture, limited liability
company or similar entity of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by
such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise and (y) such Person or any Wholly Owned Subsidiary of such
Person is a controlling general partner or otherwise controls such entity. 

  
 41 

 “Taxes” means all present or future taxes, levies, imposts, duties
(including customs, stamp or mortgage duties), deductions, charges or withholdings (including backup withholdings) imposed by any governmental authority including any interest, additions to tax or penalties applicable thereto. 

“TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 

“Total Indebtedness” means, at the time of determination, the sum of the following determined for the Company and the
Restricted Subsidiaries on a consolidated basis (without duplication) in accordance with GAAP: (a) all obligations for borrowed money; plus (b) all Capital Lease Obligations and purchase money indebtedness; plus (c) unreimbursed
obligations in respect of drawn letters of credit, bankers acceptances or similar instruments (provided that cash collateralized amounts under drawn letters of credit, bankers acceptances and similar instruments shall not be counted as Total
Indebtedness); provided that Total Indebtedness shall not include Indebtedness in respect of (i) unreimbursed obligations in respect of drawn letters of credit until five (5) days after such amount is drawn, (ii) obligations
under Hedging Obligations and (iii) if, upon or prior to the maturity thereof, such Person has irrevocably deposited with the proper Person in trust or escrow the necessary funds (or evidences of indebtedness) for the payment, redemption or
satisfaction of such Indebtedness, and thereafter such funds and evidences of such obligation, liability or indebtedness or other security so deposited are not included in the calculation of unrestricted cash. 

“Total Net Leverage Ratio” means, as of any date of determination, the ratio of (a) Total Indebtedness of the Company
and its Restricted Subsidiaries on such date minus unrestricted cash and Cash Equivalents (or cash and Cash Equivalents that would be unrestricted but for Liens thereon pursuant to a Permitted Lien) of the Company and its Restricted Subsidiaries as
determined in accordance with GAAP to (b) Adjusted EBITDA for the most recently ended Measurement Period. 

“Transactions” means the issuance of the Notes and the repayment of a portion of the obligations outstanding under the Credit
Agreement and the transactions related to the foregoing, including the payment of all fees, costs and expenses incurred in connection therewith as further described in the Offering Memorandum. 

“Transfer Restricted Definitive Note” means a Definitive Note bearing the Restricted Notes Legend. 

“Transfer Restricted Global Note” means a Global Note bearing the Restricted Notes Legend. 

“Transfer Restricted Regulation S Global Note” means a Global Note in the form of Exhibit A hereto, bearing the Global
Note Legend and the Restricted Notes Legend and deposited with or on behalf of and registered in the name of the Common Depositary or its nominee, issued in a denomination equal to the outstanding principal amount at maturity of the Notes initially
sold in reliance on Rule 903 of Regulation S. 

  
 42 

 “Trustee” means Deutsche Bank Trust Company Americas, until a successor
replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

“Uniform Commercial Code” or “UCC” means the Uniform Commercial Code as the same may from time to time be in
effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required to apply to any item or items of Collateral. 

“Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Restricted Notes
Legend. 
 “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Restricted
Notes Legend. 
 “Unrestricted Regulation S Global Note” means a permanent Global Note in the form of Exhibit A
hereto bearing the Global Note Legend but not the Restricted Notes Legend, deposited with or on behalf of and registered in the name of the Common Depositary or its nominee and issued upon expiration of the Restricted Period. 

“Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors of the Company as
an Unrestricted Subsidiary pursuant to a Board Resolution in compliance with Section 4.12 hereof, and any Subsidiary of such Subsidiary. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time ordinarily entitled to
vote in the election of the Board of Directors of such Person. 
 “Wholly Owned Domestic Subsidiary” of any Person means a
Wholly Owned Subsidiary of such Person that is not a Foreign Subsidiary. 
 “Wholly Owned Foreign Subsidiary” of any Person
means a Wholly Owned Subsidiary of such Person that is a Foreign Subsidiary. 
 “Wholly Owned Subsidiary” of any Person
means a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares and shares issued to foreign nationals under applicable law) shall at the time be owned by
such Person or by one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of such Person. 

  
 43 

 Section 1.02.    Other Definitions. 

 

			
	Term	  	Section
	 Acceptable Commitment
	  	4.10
	 Additional Amounts
	  	3.10
	 Additional Interest
	  	6.02(b)(ii)
	 Advance Offer
	  	4.10(d)
	 Advance Portion
	  	4.10(d)
	 Agent Members
	  	2.02(b)(i)
	 Applicable Law
	  	13.15
	 Asset Sale Offer
	  	4.10(c)
	 Authentication Order
	  	2.03
	 Carryover Amount
	  	4.08(b)(iii)
	 Change of Control Offer
	  	4.07(a)
	 Change of Control Payment
	  	4.07(a)
	 Change of Control Payment Date
	  	4.07(a)
	 Code
	  	3.07(f)
	 Covenant Defeasance
	  	8.03
	 Covenant Suspension Event
	  	4.16(h)
	 Declined Amounts
	  	4.10(e)
	 Directing Holder
	  	6.02(b)(ii)
	 Event of Default
	  	6.01
	 Fixed Amounts
	  	1.04(b)
	 Global Notes
	  	2.02
	 Incur
	  	4.09(a)
	 Incurrence
	  	4.09(a)
	 Incurrence-Based Amounts
	  	1.04(b)
	 Initial Default
	  	6.01(d)
	 Initial Lien
	  	4.06
	 LCT Election
	  	1.04(b)
	 LCT Test Date
	  	1.04(b)
	 Legal Defeasance
	  	8.02
	 Minimum Denomination
	  	2.02
	 Non-U.S. Holder
	  	3.10(a)
	 Noteholder Direction
	  	6.02(b)(ii)
	 Paying Agent
	  	2.04
	 Position Representation
	  	6.02(b)(ii)
	 Registrar
	  	2.04
	 Regulation S Global Notes
	  	2.02(b)(i)
	 Regulation S Permanent Global Note
	  	2.02(b)(i)
	 Regulation S Temporary Global Note
	  	2.02(b)(i)
	 Restricted Indebtedness
	  	4.08(a)(iii)
	 Reversion Date
	  	4.16(h)
	 Rule 144A Global Notes
	  	2.02(b)(i)
	 Second Commitment
	  	4.10
	 Successor Company
	  	5.01(a)(i)
	 Suspended Covenants
	  	4.16(a)
	 Taxes
	  	3.10(a)
	 Verification Covenant
	  	6.02(b)(ii)
	 Yearly Limit
	  	4.08(b)(iii)

  
 44 

 Section 1.03.     Trust Indenture Act Not Applicable. 

This Indenture has not been qualified under the TIA and no provision of the TIA shall be deemed a part of this Indenture. 

Section 1.04.     Rules of Construction. 

(a)    Unless the context otherwise requires: 

(i)    a term has the meaning assigned to it; 

(ii)    an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 (iii)    “or” is not exclusive; 

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

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

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

(vii)    any gender used in this Indenture shall be deemed to include the neuter, masculine or feminine
gender; 
 (viii)    provisions apply to successive events and transactions; and 

(ix)    references to sections of or rules under the Securities Act will be deemed to include substitute,
replacement of successor sections or rules adopted by the Commission from time to time; and 
 (x)    All
references in this Indenture to the payment of the principal, premium or interest, if any, on any Notes or any payment made under the Guarantees in respect thereof shall be deemed to include Additional Amounts to the extent that, in that context,
Additional Amounts are, were or would be payable. 
 (b)     For purposes of determining compliance at any time with
Sections 4.06, 4.08, 4.09, 4.10, 4.11 and 5.01 hereof, in the event that any Indebtedness, Disqualified Stock, Preferred Stock, Lien, Restricted Payment, Permitted Investment, Disposition or Affiliate Transaction, as applicable, meets the criteria
of more than one of the categories of 

  
 45 

 
transactions or items permitted pursuant to any clause of, or exception from, such Sections, the Company, in its sole discretion, from time to time, may classify or reclassify such transaction or
item (or portion thereof) and will only be required to include the amount and type of such transaction (or portion thereof) in any one category; provided that Indebtedness under the Credit Agreement outstanding on the Issue Date shall at all
times be classified as incurred under Section 4.09(b)(i). For purposes of determining the permissibility of any action, change, transaction or event that by the terms of this Indenture requires a calculation of any financial ratio or test
(including the Consolidated Senior Secured First Lien Debt Ratio, the Total Net Leverage Ratio or the Secured Net Leverage Ratio), such financial ratio or test shall, except as expressly permitted under this Indenture, be calculated at the time such
action is taken, such change is made, such transaction is consummated or such event occurs, as the case may be, and no default or Event of Default shall be deemed to have occurred solely as a result of a change in such financial ratio or test
occurring after the time such action is taken, such change is made, such transaction is consummated or such event occurs, as the case may be. It is understood and agreed that any Indebtedness, Disqualified Stock, Preferred Stock, Lien, Restricted
Payment, Disposition or Affiliate Transaction need not be permitted solely by reference to one category of permitted Indebtedness, Disqualified Stock, Preferred Stock, Liens, Restricted Payments, Permitted Investment, Dispositions or Affiliate
Transactions, respectively, but may instead be permitted in part under any combination thereof (it being understood that compliance with each such Section is separately required). Notwithstanding anything to the contrary herein, (i) when
calculating the availability under any basket, financial ratio or test (including any Consolidated Senior Secured First Lien Debt Ratio test, any Secured Net Leverage Ratio test, any Total Net Leverage Ratio test or the amount of Consolidated Net
Income or Adjusted EBITDA) in connection with the incurrence of Indebtedness, the issuance of Disqualified Stock or Preferred Stock, the creation of Liens, the making of any Disposition, the making of an Investment, the making of a Restricted
Payment or the designation of any Restricted Subsidiaries or Unrestricted Subsidiaries, (ii) determining compliance with any provision of this Indenture which requires that no default or Event of Default (or any type of default or Event of
Default) has occurred, is continuing or would result therefrom or (iii) determining the satisfaction of all other conditions precedent to the incurrence of Indebtedness, the issuance of Disqualified Stock or Preferred Stock, the creation of
Liens, the making of any Disposition, the making of an Investment, the making of a Restricted Payment or the designation of any Restricted Subsidiaries or Unrestricted Subsidiaries, in each case in connection with a Limited Condition Transaction and
any actions or transactions related thereto, the date of determination of such ratio or other provisions, determination of whether any default or Event of Default has occurred, is continuing or would result therefrom, determination of compliance
with any representations or warranties or the satisfaction of any other conditions shall, at the option of the Company (the Company’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT
Election,” which LCT Election may be in respect of one or more of clauses (i), (ii) or (iii)) be deemed to be the date the definitive agreements or other relevant definitive documentation (or, if applicable, the date of delivery of a notice,
declaration or making of a Restricted Payment or similar event) for such Limited Condition Transaction are entered into (the “LCT Test Date”). If on a Pro Forma Basis after giving effect to such Limited Condition Transaction and the other
transactions to be entered into in connection 

  
 46 

 
therewith (including any incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock, and the use of proceeds thereof), with such ratios, tests, baskets and other provisions
calculated as if such Limited Condition Transaction or other transactions had occurred at the beginning of the most recent Measurement Period ending prior to the LCT Test Date for which financial statements have been (or are required to be)
delivered pursuant to Section 4.03 hereof, the Company could have taken such action on the relevant LCT Test Date in compliance with the applicable ratios, tests, baskets or other provisions, such provisions shall be deemed to have been
complied with, unless an Event of Default pursuant to Section 6.01(a)(i) or (ii) or, solely with respect to the Company, Section 6.01(a)(v), shall be continuing on the date such Limited Condition Transaction is consummated;
provided that if financial statements for one or more subsequent fiscal quarters shall have become available, the Company may elect, in its sole discretion, to re-determine all such ratios, tests,
baskets or other provisions on the basis of such financial statements, in which case, such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date for purposes of such ratios, tests, baskets or such other provisions.
For the avoidance of doubt, (i) if, following the LCT Test Date, any of such ratios, tests, baskets or other provisions are exceeded or breached as a result of fluctuations in such ratio, test or basket (including due to fluctuations in
Adjusted EBITDA or other components of such ratio, test or basket) or other provisions at or prior to the consummation of the relevant Limited Condition Transactions, such ratios, tests, baskets and other provisions will not be deemed to have been
exceeded or failed to have been satisfied as a result of such fluctuations solely for purposes of determining whether the Limited Condition Transaction is permitted hereunder; provided that if such ratios, tests or baskets improve as a result
of such fluctuations, such improved ratios, tests and/or baskets may be utilized, and (ii) such ratios and compliance with such conditions shall not be tested at the time of consummation of such Limited Condition Transaction or related
Specified Transactions, unless, other than if an Event of Default pursuant to Section 6.01(a)(i) or (ii) or, solely with respect to the Company, Section 6.01(a)(v), shall be continuing on such date, the Company elects, in its sole
discretion, to test such ratios and compliance with such conditions on the date such Limited Condition Transaction or related Specified Transactions is consummated. If the Company has made an LCT Election for any Limited Condition Transaction, then
in connection with any subsequent calculation of any ratio, test, basket availability or compliance with any other provision hereunder on or following the relevant LCT Test Date and prior to the earliest of the date on which such Limited Condition
Transaction is consummated, the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction or the date the Company makes an election pursuant to
clause (ii) of the immediately preceding sentence, any such ratio, test, basket or compliance with any other provision hereunder shall be calculated on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in
connection therewith (including any incurrence or issuance of Indebtedness or Disqualified Stock, and the use of proceeds thereof) had been consummated on the LCT Test Date; provided that, for purposes of any Restricted Payment or payment of
Restricted Indebtedness, such ratio, test, basket or compliance with any other provision hereunder shall also be tested as if such Limited Condition Transaction and other transactions in connection therewith (including any incurrence or issuance of
Indebtedness or Disqualified Stock, and the use of proceeds thereof) had not been consummated. 

  
 47 

 Notwithstanding anything to the contrary herein, with respect to any amounts incurred or
transactions entered into (or consummated) in reliance on a provision of this Indenture that does not require compliance with a financial ratio (any such amounts, the “Fixed Amounts”) under any negative covenant set forth under
Article 4 or the determination of the Incremental Amount substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on a provision under such negative covenant or the determination of the
Incremental Amount that requires compliance with a financial ratio (including any Consolidated Senior Secured First Lien Debt Ratio test, any Secured Net Leverage Ratio test and any Total Net Leverage Ratio test) (any such amounts, the
“Incurrence-Based Amounts”), it is understood and agreed that such Fixed Amounts shall be disregarded in the calculation of the financial ratio or test applicable to any substantially concurrent utilization of such Incurrence-Based
Amounts. 
 If the Company or any Restricted Subsidiary takes an action which at the time of the taking of such action would in the good
faith determination of the Company be permitted under the applicable provisions of this Indenture based on the financial statements available at such time, such action shall be deemed to have been made in compliance with this Indenture
notwithstanding any subsequent adjustments, modifications or restatements made in good faith to such financial statements affecting any applicable financial metric (including Consolidated Net Income and Adjusted EBITDA). 

ARTICLE 2 
 THE
NOTES 
 Section 2.01.    Amount of Notes. 

The aggregate principal amount of Initial Notes which may be authenticated and delivered under this Indenture on the Issue Date is
€700,000,000. 
 After the Issue Date, the Company may from time to time, without notice to or the consent of the Holders or beneficial
owners of the Notes, but subject to compliance with the covenants described herein, create and issue Additional Notes of the same series as the Notes issued under this Indenture, having the same terms (except for the Issue Date and, in some case,
the initial issue price and the first interest payment date) and being equal with the Notes in all respects (or in all respects other than the payment of interest accruing prior to the Issue Date of such Additional Notes except for the first payment
of interest following the issue date of such Additional Notes); provided that if such Additional Notes are not fungible with the Notes offered hereunder for U.S. federal income tax purposes, then such Additional Notes will have a separate
ISIN and/or “Common Code” number, as applicable. Such Additional Notes will be consolidated and form a single series with the Notes issued under this Indenture, including, without limitation, waivers, consents, amendments, redemptions and
offers to purchase. 

  
 48 

 With respect to any Additional Notes issued after the Issue Date, there shall be
(a) established in or pursuant to a resolution of the Board of Directors of the Company and (b) (i) set forth or determined in the manner provided in an Officer’s Certificate or (ii) established in one or more indentures
supplemental hereto, prior to the issuance of such Additional Notes: 
  

	 	(1)	 the aggregate principal amount of such Additional Notes which may be authenticated and delivered under this
Indenture; 

  

	 	(2)	 the issue price and issue date of such Additional Notes, including the date from which interest on such
Additional Notes shall accrue; and 

  

	 	(3)	 if applicable, that such Additional Notes shall be issuable in whole or in part in the form of one or more
Global Notes and, in such case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes in addition to or in lieu of those set forth in Exhibit A hereto and any
circumstances in addition to or in lieu of those set forth in Section 2.07 in which any such Global Note may be exchanged in whole or in part for Additional Notes registered, or any transfer of such Global Note in whole or in part may be
registered, in the name or names of Persons other than the depositary for such Global Note or a nominee thereof. 

 If any
of the terms of any Additional Notes are established by action taken pursuant to a resolution of the Board of Directors, a copy of an appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Officer’s Certificate or an indenture supplemental hereto setting forth the terms of the Additional Notes. 

Section 2.02.    Form and Dating. (a) General. The Notes and the Trustee’s certificate of
authentication will be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes
shall be in minimum denominations of €100,000 (the “Minimum Denomination”) and any integral multiple of €1,000 in excess thereof. 

The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company, the
Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b)    Global Notes.
(i) Except as provided in Section 2.07(d) below, Rule 144A Notes initially shall be represented by one or more Notes in definitive, fully registered, global form without interest coupons (collectively, the “Rule 144A Global
Notes”). 

  
 49 

 Regulation S Notes initially shall be represented by one or more Notes in fully registered,
global form without interest coupons (collectively, the “Regulation S Temporary Global Note” and, together with the Regulation S Permanent Global Note (defined below), the “Regulation S Global Notes”), which shall
be registered in the name of the Common Depositary or the nominee of the Common Depositary for the accounts of designated agents holding on behalf of Euroclear Bank S.A./N.V., as operator of Euroclear or Clearstream. 

Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note shall be exchanged for
beneficial interests in a permanent Global Note (the “Regulation S Permanent Global Note”) pursuant to the Applicable Procedures. Simultaneously with the authentication of the Regulation S Permanent Global Note, the Common
Depositary shall cancel the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made
on the records of the Registrar and the Common Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

The term “Global Notes” means the Rule 144A Global Notes and the Regulation S Global Notes. The Global Notes shall bear the
Global Note Legend. The Global Notes shall bear the Restricted Notes Legend and be deposited on behalf of the purchasers of such Notes represented thereby with the Common Depositary and registered in the name of the Common Depositary or a nominee of
the Common Depositary, for the accounts of Euroclear and Clearstream, duly executed by the Company and authenticated by the Trustee or an authentication agent as provided in this Indenture. 

Members of, or direct or indirect participants in Euroclear and Clearstream (“Agent Members”) shall have no rights under this
Indenture with respect to any Global Note held on their behalf by the applicable Depositary or the Trustee as its custodian, the Common Depositary or under the Global Notes. The applicable Depositary and the Common Depositary may be treated by the
Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company
or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the applicable Depositary, or impair, as between the applicable Depositary and its Agent Members, the operation of customary practices
governing the exercise of the rights of the Holder of any Note. 
 (ii)    Transfers of Global Notes shall be limited to
transfers in whole, but not in part, to the Common Depositary, its successors or its nominee. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with the Applicable Procedures
and the provisions of Section 2.07. In addition, a Global Note shall be exchangeable for Definitive Notes if (x) Euroclear or Clearstream, as applicable, acting through itself or the Common Depositary, (a) notifies the Company that it
is unwilling or unable to continue as a clearing system in respect of such Global Note or (b) has ceased to be a clearing system and in each case a successor 

  
 50 

 
clearing system is not appointed, or (y) there shall have occurred and be continuing an Event of Default with respect to the Notes; provided that in no event shall the Regulation S
Temporary Global Note be exchanged by the Company for Definitive Notes prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the
Securities Act. In all cases, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the applicable
Depositary in accordance with its Applicable Procedures. 
 (iii)    In connection with the transfer of a Global Note as
an entirety to beneficial owners pursuant to subsection (ii) of this Section 2.02(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and, upon written order of the Company
signed by an Officer, the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by the applicable Depositary in writing in exchange for its beneficial interest in such Global Note, an equal aggregate
principal amount of Definitive Notes of authorized denominations. 
 (iv)    Any Transfer Restricted Global Note
delivered in exchange for an interest in a Global Note pursuant to Section 2.07 shall, except as otherwise provided in Section 2.07, bear the Restricted Notes Legend. 

(v)    Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in a Regulation S Global Note
may be held only through Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.07. 

(vi)    The Holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and
Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(c)    The Company has initially appointed the Common Depositary for the accounts of Euroclear and Clearstream to act as
Depositary with respect to the Global Notes relating to the Notes. 
 (d)    None of the Trustee or any Agent shall have
any responsibility or obligation to any beneficial owner of an interest in a Global Note, a member of, or a Participant or Indirect Participant in, a Depositary or other Person, with respect to the accuracy of the records of the Depositary or its
nominee or of any Participant, Indirect Participant or member thereof, with respect to any ownership interest in the Global Notes or with respect to the delivery to any Participant, Indirect Participant, member, beneficial owner or other Person
(other than a Depositary) of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to be given to the
Holders and all payments to be made to Holders in respect of the Notes shall be given 

  
 51 

 
or made only to or upon the order of the registered Holders (which shall be the Common Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note
shall be exercised only through the applicable Depositary subject to the Applicable Procedures. The Trustee and each Agent may conclusively rely and shall be fully protected in relying upon information furnished by a Depositary with respect to its
members, Participants, Indirect Participants and any beneficial owners. 
 (e)    Euroclear and Clearstream
Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and
“Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Global Notes that are held by participants through Euroclear or Clearstream. 

Section 2.03.    Execution and Authentication. At least one Officer must sign each of the Notes for the
Company by manual or facsimile signature, which may be delivered by .pdf attachment to an email or by other electronic means. 
 If an
Officer whose signature is on a Note no longer holds that office at the time such Note is authenticated, the Note will nevertheless be valid. 

A Note will not be valid until authenticated by the manual, electronic or facsimile signature of an authorized signatory of the Trustee. The
signature will be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a
written order of the Company signed by an Officer of the Company (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate
principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in Section 2.08 hereof. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the
Company. 
 Section 2.04.    Agents. The Company will maintain an office or agency where Notes may be
presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their
transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agents. The Company may change any Paying Agent or Registrar without notice
to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such.
The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

  
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 The Company may remove any Registrar or Paying Agent upon written notice to such Registrar
or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the
Company and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in
accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Company and the Trustee; provided, however, that the Trustee may resign as Paying Agent or Registrar only if the
Trustee also resigns as Trustee in accordance with Section 7.07. 
 The Company initially appoints the Trustee to act as the Registrar
for the Notes. The Company initially appoints Deutsche Bank AG, London Branch to act as the Paying Agent with respect to the Global Notes representing the Notes. 

In addition, as long as the Notes remain outstanding, the Company has also agreed that it will, to the extent permitted as a matter of law,
ensure that there is an applicable paying agent with respect to the Notes in a European Union Member State or the United Kingdom that is not obliged to withhold or deduct tax pursuant to the European Union Council Directive 2003/48/EC (as amended)
on the taxation of savings income in the form of interest payments which was adopted by the ECOFIN Council on June 3, 2003, and amended by Council Decision on July 19, 2004, or any law implementing or complying with, or introduced to
conform to, such Directive. 
 Section 2.05.    Paying Agent to Hold Money in Trust. The Company will
require each Paying Agent other than the Trustee to agree in writing that such Paying Agent will hold in trust for the benefit of relevant Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or interest,
or Additional Amounts, if any, on the Notes, and will notify the Trustee in writing of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the
Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a
Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any
bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes. 

Section 2.06.    Holder Lists. The Trustee will preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Company will furnish or cause the Registrar to furnish to the Trustee at least seven Business Days before each interest

  
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payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders
of Notes. 
 Section 2.07.    Transfer and Exchange. The Notes shall be issued in registered form and shall
be transferable only upon the surrender of a Note for registration of transfer and in compliance with the terms herein. When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as
requested if its requirements (including, among other things, the furnishing of appropriate endorsements and transfer documents) therefor are met. When Notes are presented to the Registrar with a request to exchange them for an equal principal
amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges, the Company shall execute and the Trustee shall, in accordance with
Section 2.03, authenticate Notes at the Registrar’s request. The Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this
Section 2.07. The Company shall not be required to make, and the Registrar need not register, transfers or exchanges of any Notes selected for redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be
redeemed) or of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed. 
 Any Holder of a
beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system maintained by (a) the Holder of such Global
Note (or its agent) or (b) any Holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book-entry. 

All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to
the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 The Trustee shall have no obligation or
duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among
Depositary participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the
terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

None of the Trustee, Registrar or Paying Agent shall have any responsibility for any actions taken or not taken by the applicable Depositary.

 (a)    Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set
forth in Section 2.02(b). Global Notes will not be 

  
 54 

 
exchanged by the Company for Definitive Notes except under the circumstances described in Section 2.02(b)(ii). Global Notes also may be exchanged or replaced, in whole or in part, as
provided in Section 2.08 of this Indenture. Beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.07(b). 

(b)    Transfer and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial
interests in the Global Notes shall be effected through the applicable Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in Transfer Restricted Global Notes shall be subject to
restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes. Transfers and exchanges
of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i)    Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any
Transfer Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global Note in accordance with the transfer restrictions set forth in the Restricted Notes
Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person. A
beneficial interest in an Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to
the Registrar to effect the transfers described in this Section 2.07(b)(i). 
 (ii)    All Other
Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests in any Global Note that is not subject to Section 2.07(b)(i), the transferor of such beneficial interest
must deliver to the Registrar (1) a written order from an Agent Member given to the applicable Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another
Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Agent Member account to be credited with such
increase. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the
principal amount of the relevant Global Note pursuant to Section 2.07(g). 
 (iii)    Transfer of
Beneficial Interests to Another Restricted Global Note. A beneficial interest in a Transfer Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another

  
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Transfer Restricted Global Note if the transfer complies with the requirements of Section 2.07(b)(ii) above and the Registrar receives the following: 

(A)    if the transferee will take delivery in the form of a beneficial interest in a Rule 144A Global
Note, then the transferor must deliver a certificate in the form of Exhibit B hereto; and 
 (B)    if
the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto. 

(iv)    A beneficial interest in a Transfer Restricted Global Note may be exchanged by any Holder thereof
for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of
Section 2.07(b)(ii) above and the Registrar receives the following: 
 (A)    if the Holder of such
beneficial interest in a Transfer Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto; or 

(B)    if the Holder of such beneficial interest in a Transfer Restricted Global Note proposes to transfer
such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, 

and, in each such case, if the Company or the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Company and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer
required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and,
upon receipt of a written order of the Company in the form of an Officer’s Certificate in accordance with Section 2.01, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the
aggregate principal amount of beneficial interests transferred or exchanged pursuant to this subparagraph (iv). 

(v)    Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to
Persons who take delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Note. 

  
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 (c)    Transfer and Exchange of Beneficial Interests in Global Notes
for Definitive Notes. A beneficial interest in a Global Note may not be exchanged for a Definitive Note except under the circumstances described in Section 2.02(b)(ii). A beneficial interest in a Global Note may not be transferred to a
Person who takes delivery thereof in the form of a Definitive Note except under the circumstances described in Section 2.02(b)(ii). In any case, beneficial interests in Global Notes shall be transferred or exchanged only for Definitive Notes.

 (d)    Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. Transfers and
exchanges of Definitive Notes for beneficial interests in the Global Notes also shall require compliance with either subparagraph (i), (ii) or (iii) below, as applicable: 

(i)    Transfer Restricted Definitive Notes to Beneficial Interests in Transfer Restricted Global
Notes. If any Holder of a Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in a Transfer Restricted Global Note or to transfer such Transfer Restricted Definitive Note to
a Person who takes delivery thereof in the form of a beneficial interest in a Transfer Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

(A)    if the Holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer
Restricted Note for a beneficial interest in a Transfer Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto; 

(B)    if such Transfer Restricted Definitive Note is being transferred to a QIB in accordance with Rule
144A under the Securities Act, a certificate from such Holder in the form of Exhibit B hereto; 

(C)    if such Transfer Restricted Definitive Note is being transferred to a Non U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such Holder in the form of Exhibit B hereto; 

(D)    if such Transfer Restricted Definitive Note is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such Holder in the form of Exhibit B hereto; 

(E)    if such Transfer Restricted Definitive Note is being transferred to an IAI in reliance on an
exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such Holder in the form of Exhibit B hereto, including the certifications, certificates and
Opinion of Counsel, if applicable; or 

  
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 (F)    if such Transfer Restricted Definitive Note is
being transferred to the Company or a Subsidiary thereof, a certificate from such Holder in the form of Exhibit B hereto; 
 the Trustee
shall cancel the Transfer Restricted Definitive Note, and increase or cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Note. 

(ii)    Transfer Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
Holder of a Transfer Restricted Definitive Note may exchange such Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Transfer Restricted Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 

(A)    if the Holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer
Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto; or 

(B)    if the Holder of such Transfer Restricted Definitive Notes proposes to transfer such Transfer
Restricted Definitive Note to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, 

and, in each such case, if the Company or the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Company and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer
required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer Restricted Definitive Notes and increase or cause to be increased the aggregate
principal amount of the Unrestricted Global Note. If any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of a
written order of the Company in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Notes
transferred or exchanged pursuant to this subparagraph (ii). 
 (iii)    Unrestricted Definitive Notes
to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive
Note to a Person 

  
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who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel
the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time
when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of a written order of the Company in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes
in an aggregate principal amount equal to the aggregate principal amount of Unrestricted Definitive Notes transferred or exchanged pursuant to this subparagraph (iii). 

(iv)    Unrestricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes.
An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Note. 

(e)    Transfer and Exchange of Definitive Notes for Definitive Notes. Upon the written request by a Holder of
Definitive Notes and such Holder’s compliance with the provisions of this Section 2.07(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder
shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In
addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.07(e). 

(i)    Transfer Restricted Definitive Notes to Transfer Restricted Definitive Notes. A
Transfer Restricted Note may be transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Definitive Note if the Registrar receives the following: 

(A)    if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor
must deliver a certificate in the form of Exhibit B hereto; 
 (B)    if the transfer will be made
pursuant to Rule 903 or Rule 904 under the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto; 

(C)    if the transfer will be made pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144 under the Securities Act, a certificate in the form of Exhibit B hereto; 

(D)    if the transfer will be made to an IAI in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (A) through (D) above, a certificate in the form of Exhibit B hereto; and 

  
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 (E)    if such transfer will be made to the Company or
a Subsidiary thereof, a certificate in the form of Exhibit B hereto. 
 (ii)    Transfer Restricted
Definitive Notes to Unrestricted Definitive Notes. Any Transfer Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note if the Registrar receives the following: 
 (A)    if the Holder of such
Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto; or 

(B)    if the Holder of such Transfer Restricted Definitive Note proposes to transfer such Notes to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, 

and, in each such case, if the Company or the Registrar so request, an Opinion of Counsel in form reasonably acceptable to the Company and the
Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the
Securities Act. 
 (iii)    Unrestricted Definitive Notes to Unrestricted Definitive Notes. A
Holder of an Unrestricted Definitive Note may transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note at any time. Upon receipt of a written request to register such a
transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 

(iv)    Unrestricted Definitive Notes to Transfer Restricted Definitive Notes. An Unrestricted
Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Note. 

At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has
been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.12 of this Indenture. At any time prior to such cancellation, if
any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal

  
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amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the
Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased
accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(f)    Legend. 

(i)    Restricted Notes Legend. Except as permitted by the following paragraph (ii), (iii) or (iv),
each Note certificate evidencing the Global Notes and any Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear the Restricted Notes Legend (each defined term in the legend being defined as such for
purposes of the legend only): 
 “THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF
THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT: 
 (A) SUCH SECURITY MAY BE OFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED, ONLY: 
 (i)(a) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED
STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 UNDER THE SECURITIES ACT, (d) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE
501(a)(1),(2),(3) OR (7) OF THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”)) THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE WITH A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH CAN
BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, 

  
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AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, OR (e) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL AND OTHER CERTIFICATIONS AND DOCUMENTS IF THE ISSUER SO REQUESTS); 

(ii) TO THE ISSUER; OR 

(iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT 

AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION
AND IN EACH CASE SUBJECT TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF THIS SECURITY BY THE HOLDER OR BY ANY INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL; AND 

(B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY
OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 THIS SECURITY MAY NOT BE ACQUIRED OR HELD WITH THE ASSETS OF (I) AN
“EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” THAT IS DEFINED IN AND SUBJECT TO
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (III) A GOVERNMENTAL PLAN, CHURCH PLAN OR NON-U.S. PLAN SUBJECT TO ANY LAW OR REGULATION THAT IS SIMILAR IN PURPOSE OR
EFFECT TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”) OR (IV) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY OF THE FOREGOING BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY
(EACH EMPLOYEE BENEFIT PLAN, PLAN OR ENTITY DESCRIBED IN (I), (II), (III) OR (IV), A “PLAN”), UNLESS THE ACQUISITION, HOLDING AND DISPOSITION OF THIS SECURITY BY THE PURCHASER OR TRANSFEREE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS
SECURITY, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR LAW. BY ITS ACQUISITION OR
HOLDING OF THIS SECURITY, EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THE FOREGOING REQUIREMENTS HAVE BEEN SATISFIED. 

IN ADDITION, WITHOUT LIMITING THE FOREGOING, BY ACQUIRING THIS SECURITY, EACH PURCHASER AND TRANSFEREE THAT IS A PLAN,

  
 62 

 
INCLUDING THE PLAN’S FIDUCIARY RESPONSIBLE AT ANY TIME FOR THE PLAN’S INVESTMENT IN THIS SECURITY, WILL BE DEEMED TO REPRESENT AND WARRANT, AND ACKNOWLEDGE, AS APPLICABLE, AS LONG AS IT
HOLDS SUCH INVESTMENT THAT: NONE OF THE ISSUER, THE INITIAL PURCHASERS, THE TRUSTEE OR ANY OF THEIR AFFILIATES OR AGENTS IS OR WILL BE A FIDUCIARY WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS SECURITY BY THE PLAN.” 

In addition, each Definitive Note shall bear the following additional Legend: 

“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS
SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

(ii)    Upon any sale or transfer of a Transfer Restricted Definitive Note, the Registrar shall permit the
Holder thereof to exchange such Transfer Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Definitive Note if the Holder certifies in writing
to the Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Note). 

(iii)    Upon a sale or transfer after the expiration of the Restricted Period of any Initial Note acquired
pursuant to Regulation S, all requirements that such Initial Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such Initial Note be issued in global form shall continue to apply. 

(iv)    Any Additional Notes sold in a registered offering shall not be required to bear the Restricted
Notes Legend. 
 (v)    Global Note Legend. Each Global Note will bear a legend in substantially
the following form (each defined term in the legend being defined as such for purposes of the legend only): 
 “THIS GLOBAL NOTE IS
HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY
MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO
THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE 

  
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TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK S.A./N.V. AS
OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”) OR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF BT GLOBENET NOMINEES LIMITED OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM (AND ANY PAYMENT IS MADE TO BT GLOBENET NOMINEES LIMITED, OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, BT GLOBENET NOMINEES LIMITED, HAS AN
INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO EUROCLEAR OR CLEARSTREAM, TO
NOMINEES OF EUROCLEAR OR CLEARSTREAM OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED
TO ON THE REVERSE HEREOF.” 
 (g)    Cancellation or Adjustment of Global Note. At such time as all
beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and
canceled by the Trustee in accordance with Section 2.12 of this Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the
Common Depositary at the direction of the Trustee, as applicable, to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in
another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Common Depositary at the direction of the Trustee, as applicable, to reflect such increase. 

  
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 (h)    Obligations with Respect to Transfers and Exchanges of Notes.

 (i)    To permit registrations of transfers and exchanges, the Company shall execute and the Trustee
shall authenticate, Definitive Notes and Global Notes at the Registrar’s request. 
 (ii)    No
service charge shall be made for any registration of transfer or exchange of Notes, but the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other
than any such transfer taxes, assessments or similar governmental charge payable upon exchanges pursuant to this Indenture). 

(iii)    Prior to the due presentation for registration of transfer of any Note, the Company, the Trustee,
a Paying Agent or the Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever,
whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Registrar shall be affected or incur any liability by notice to the contrary. 

(iv)    All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall
evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

(i)    No Obligation of the Trustee. 

(i)    The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a
member of, or a participant in the applicable Depositary or any other Person with respect to the accuracy of the records of the applicable Depositary or any nominee or of any participant or member thereof, with respect to any ownership interest in
the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Common Depositary) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with
respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to the Holders under the Notes shall be given or made only to the registered Holders (which shall be the Common Depositary or any nominee
thereof in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Common Depositary, subject to the Applicable Procedures. The Trustee may conclusively rely and shall be fully protected in
relying upon information furnished by the applicable Depositary with respect to any members, participants and any beneficial owners thereof. 

(ii)    The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with
any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in 

  
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any Note (including any transfers between or among participants, members or beneficial owners of the applicable Depositary in any Global Note) other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof. 
 Section 2.08.    Replacement Notes. If any mutilated Note is surrendered to the Trustee or the
Company and the Trustee and the Company receives evidence to their satisfaction of the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if
the Trustee’s requirements are met. An indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any losses,
claims, expenses and liabilities that any of them may suffer if a Note is replaced. The Company may charge for their expenses in replacing a Note. 

Every replacement Note is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 Section 2.09.    Outstanding Notes. The Notes
outstanding at any time are all the Notes authenticated by the Trustee except (i) Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; (ii) Notes for the payment or redemption of which money in the
necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside, segregated and held in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of
such Notes; provided that, if such Notes are to be redeemed prior to the maturity thereof, written notice of such redemption has been duly given pursuant to this Indenture, or provision satisfactory to the Trustee shall have been made for
giving such notice; and (iii) Notes in substitution for which other Notes shall have been authenticated and delivered, or which shall have been paid, pursuant to the terms of this Indenture (except with respect to any such Note as to which
proof satisfactory to the Trustee is presented that such Note is held by a Person in whose hands such Note is a legal, valid and binding obligation of the Company). Except as set forth in Section 2.09 hereof, a Note does not cease to be
outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of Section 9.02 hereof. 

If a Note is replaced pursuant to Section 2.08 hereof, it ceases to be outstanding unless the Trustee and the Registrar receive proof
satisfactory to each of them that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered
paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 

  
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 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof)
holds, on a redemption date or maturity date, money sufficient to pay all principal, premium and accrued interest and Additional Amounts, if any, with respect to the outstanding Notes payable on that date and the Paying Agent is not prohibited from
paying such money to the Holders on that date pursuant to the terms of this Indenture then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 

Section 2.10.    Treasury Notes. In determining whether the Holders of the required principal amount of Notes
have concurred in any direction, request, waiver or consent in the exercise of any power or authority (whether contained in this Indenture or vested by operation of law) which the Trustee is required expressly to exercise in or by reference to the
interests of the Holders or any of them, Notes owned by the Company or any Guarantor, or by an Affiliate of the Company or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee
will be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned will be so disregarded. 

Section 2.11.    Temporary Notes. Until certificates representing Notes are ready for delivery, the Company
may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for
temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will prepare and the Trustee will, upon receipt of an Authentication Order, authenticate definitive Notes in exchange for temporary Notes.

 Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.12.    Cancellation. The Company at any time may deliver Notes to the Trustee for cancellation. The
Registrar and each Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and will dispose of such canceled Notes in accordance with its then customary procedures (subject to the record retention requirement of the Exchange Act). Evidence of the disposal of all canceled Notes will be
delivered to the Company upon the Company’s written request. The Company may not issue new Notes to replace Notes that it has redeemed, purchased or paid or that have been delivered to the Trustee for cancellation. 

Section 2.13.    Defaulted Interest. If the Company defaults in a payment of interest on the Notes, it will
pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders of the Notes on a subsequent special record date, in each case at the rate provided in the Notes
and in Section 4.01 hereof. The Company will notify the Trustee (and the Collateral Agent) in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be

  
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fixed each such special record date and payment date; provided that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At
least 15 days before the special record date, the Company (or, upon the written request of the Company delivered at least five days (or such shorter period as the Trustee may agree) before such notice is requested to be sent to Holders, the Trustee
in the name and at the expense of the Company) will give or cause to be given to Holders in accordance with Section 13.01 a notice prepared by the Company that states the special record date, the related payment date and the amount of such
interest to be paid. The Trustee shall have no duty to determine whether defaulted interest is payable or the amount of such defaulted interest. 

Section 2.14.    ISINs, Common Code Numbers, Etc. The Company in issuing the Notes may use “ISINs”
and “Common Code” numbers (in each case if then generally in use), and, if so, the Trustee shall use any such “ISINs” and “Common Code” numbers in notices of redemption as a convenience to Holders; provided that
any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers
printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the “ISINs” or “Common Code” numbers. 

ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01.    Notices to Trustee. If the Company elects to redeem Notes pursuant to the optional redemption
provisions of Section 3.07 hereof, it must furnish to the Trustee and the Paying Agent, at least five days prior to the date notice of redemption is to be delivered to the Holders of the Notes in accordance with Section 3.03 (unless a
shorter time is acceptable to the Trustee), an Officer’s Certificate setting forth: 
 (i)    the
clause of this Indenture pursuant to which the redemption shall occur; 
 (ii)    the redemption date;

 (iii)    the principal amount of Notes to be redeemed; 

(iv)    the redemption price and the amount of accrued interest and Additional Amounts, if any, to, but
excluding, the redemption date; 
 (v)    the name and address of the Paying Agent; and 

(vi)    the applicable ISINs or “Common Code” numbers, as applicable. 

  
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 Section 3.02.    Selection of Notes to Be Redeemed. If fewer
than all of the Notes are to be redeemed at any time, the Registrar will select Notes for redemption as follows: 

(i)    if the Notes are listed on any national securities exchange, in compliance with the requirements of
the principal national securities exchange on which the Notes are listed; or 
 (ii)    if the Notes are
not so listed, on a pro rata basis or by lot or pool factor or by a method the Registrar deems fair and appropriate, in each case, subject to the Applicable Procedures. 

In the event of partial redemption or repurchase by lot, the particular Notes to be redeemed or repurchased will be selected, unless otherwise
provided herein, not less than 10 days nor more than 60 days prior to the redemption date by the Registrar from the outstanding Notes not previously called for redemption or otherwise in accordance with the Applicable Procedures. 

The Trustee will promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial
redemption or repurchase, the principal amount thereof to be redeemed. No Notes in principal amounts equal to or less than the Minimum Denomination can be redeemed in part. 

Section 3.03.    Notice of Optional Redemption. (a) With respect to any redemption of Notes pursuant to
Section 3.07, notices of optional redemption will be given at least 10 but not more than 60 days before the redemption date to each Holder of Notes to be redeemed in accordance with Section 13.01, except that notices of redemption may be
given more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture. 

(b)    If any Note is to be optionally redeemed, the notice of redemption that relates to that Note will state: 

(i)    the clause of this Indenture pursuant to which the redemption shall occur; 

(ii)    the redemption date; 

(iii)    the principal amount of Notes to be redeemed; 

(iv)    the redemption price and the amount of accrued interest and Additional Amounts, if any, to, but
excluding, the redemption date; 
 (v)    the name and address of the Paying Agent; and 

(vi)    the applicable ISINs or “Common Code” numbers, as applicable. 

(c)    At the Company’s written request delivered at least 35 days prior to the redemption date unless the Trustee
consents to a shorter period, the Trustee will give the notice of optional redemption in the Company’s name and at its expense; in such event, the Company shall provide the Trustee with the information required by this Section 3.03 

  
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 (d)    If any optional redemption or notice is subject to satisfaction
of one or more conditions precedent, the notice shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole
discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived) by the redemption date, or by the redemption date so delayed and such redemption
provisions may be adjusted to comply with the requirements of the applicable Depositary. 

Section 3.04.    Effect of Notice of Redemption. Once notice of redemption is given in accordance with
Section 3.03 hereof, Notes called for redemption become, subject to Section 3.03(d), irrevocably due and payable on the redemption date at the redemption price and interest will cease to accrue on such Notes or portions thereof called for
redemption on the applicable redemption date unless the Company defaults in the payment of the redemption price or accrued interest and Additional Amounts, if any. 

Section 3.05.    Deposit of Redemption Price. At or prior to 11:00 a.m., London time, on the redemption date,
the Company will deposit with the Trustee or with the Paying Agent, money sufficient to pay the redemption price of and accrued interest and Additional Amounts, if any, on all Notes to be redeemed on the redemption date. The Trustee or the Paying
Agent will promptly return to the Company any money deposited with the Trustee or such Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest and Additional Amounts, if any, on all Notes
to be redeemed following the redemption date. 
 If the Company complies with the provisions of the preceding paragraph, then, on and after
the redemption date, subject to Section 3.03(d), interest will cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest
payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption is not so paid upon surrender for redemption
because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid
principal, in each case at the rate provided in the applicable Notes and in Section 4.01 hereof. 

Section 3.06.    Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Company will
issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 

Section 3.07.    Optional Redemption. Except pursuant to Section 3.07(a), (b) or (c) herein, the
Notes will not be optionally redeemable by the Company; provided, however, the Company may acquire the Notes by means other than an optional redemption. 

  
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 (a)    At any time and from time to time prior to April 15, 2023,
the Company may redeem some or all of the Notes at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus the Applicable Premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

 (b)    At any time on or after April 15, 2023, the Company may redeem some or all of the Notes at the redemption
prices (expressed in percentage of principal amount) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if redeemed during the twelve-month period beginning on April 15 of each of the years
indicated below: 
  

					
	 Year
	  	Redemption Price	 
	 2023
	  	 	101.938	% 
	 2024
	  	 	100.969	% 
	 2025 and thereafter
	  	 	100.000	% 

 (c)    In addition, at any time prior to April 15, 2023, the Company may redeem up to
40% of the original principal amount of the outstanding Notes (including Additional Notes, if any) with the net cash proceeds of one or more Equity Offerings at a redemption price (expressed as a percentage of principal amount) of 103.875%, plus
accrued and unpaid interest, if any, to, but excluding, the redemption date; provided that (i) at least 55% of the aggregate principal amount of Notes originally issued on the date of this Indenture remains outstanding after each such
redemption, and (ii) notice of any such redemption is delivered to the Trustee within 90 days of the closing of each such Equity Offering. 

Notwithstanding anything in this Section 3.07 to the contrary, installments of interest on the Notes that are due and payable on interest
payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the Notes and this Indenture. 

(d)    In the event that Holders of not less than 90% in aggregate principal amount of the then outstanding Notes accept a
Change of Control Offer and the Company (or any third party making such Change of Control Offer in lieu of the Company as described in Section 4.07) purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or
such third party shall have the right, upon not less than 10 nor more than 60 days’ prior notice, given not more than 60 days following the Change of Control Payment Date relating to the Change of Control Offer described above, to redeem all of
the Notes that remain outstanding following such Change of Control Payment Date at a redemption price equal to the Change of Control Payment, plus to the extent not included in the Change of Control Payment, accrued and unpaid interest on the Notes
that remain outstanding, to, but excluding, the date of repurchase. In determining whether the holders of not less than 90% in aggregate principal amount of the then outstanding Notes accept a Change of Control Offer, Notes owned by an Affiliate of
the Company shall be deemed to be outstanding for the purposes of such Change of Control Offer. 

  
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 Section 3.08.    Mandatory Redemption. The Company is not
required to make any mandatory redemption or sinking fund payments with respect to the Notes. However, under certain circumstances, the Company may be required to offer to repurchase Notes as described under Section 4.07. The Company may at any
time and from time to time purchase Notes in the open market, pursuant to negotiated transactions or otherwise, which may include a consent solicitation. 

Section 3.09.    Redemption for Tax Reasons. 

(a)    The Company may, at its option, redeem the Notes, in whole but not in part, at a redemption price equal to 100% of
the principal amount of the Notes to be redeemed, together with any accrued and unpaid interest thereon to, but excluding, the redemption date, at any time, if the Company has or, based upon a written opinion of independent tax counsel of nationally
recognized standing selected by the Company, will become obliged to pay Additional Amounts with respect to the Notes as a result of any change in, or amendment to, the laws, regulations, treaties, or rulings of the United States or any political
subdivision of or in the United States or any taxing authority thereof or therein affecting taxation, or any change in, or amendment to, the application, official interpretation, administration or enforcement of such laws, regulations, treaties or
rulings (including a holding by a court of competent jurisdiction in the United States), which change or amendment is enacted, adopted, announced or becomes effective on or after the date of the Offering Memorandum. 

(b)    Notice of any redemption will be given pursuant to the procedures described under Section 3.03 hereof;
provided, that the notice of redemption shall not be given earlier than 90 days before the earliest date on which the Company would be obligated to pay such Additional Amounts on the Notes if a payment was then due. 

(c)    Notice of any redemption described above or notice thereof may, at the Company’s discretion, be subject to one
or more conditions precedent as provided under Section 3.03 hereof. 
 Section 3.10.    Additional
Amounts. 
 (a)    All payments of principal and interest in respect of the Notes by the Company or the Paying Agent
on its behalf will be made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, duties, assessments or other similar governmental charges imposed or levied by the United States or any political
subdivision or taxing authority of or in the United States (collectively, “U.S. Taxes”), unless such withholding or deduction is required by law. In the event such withholding or deduction for U.S. Taxes is required by law, subject
to the limitations described below, the Company will pay to or on account of any Non-U.S. Holder or any non-U.S. entity that is treated as a partnership for U.S. federal
income tax purposes such additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amount received by the beneficial owner of a Note, after withholding or deduction for such U.S. Taxes, will be equal to
the amount such person would have received in the absence of such withholding or deduction. For purposes of this Section 3.10, “Non-U.S. Holder”

  
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means a beneficial owner of a Note other than a beneficial owner that, for U.S. federal income tax purposes, is an individual, corporation, estate or trust and is (i) an individual who is a
U.S. citizen or a resident of the United States, (ii) a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created in or organized under the law of the United States, any state thereof or the District of
Columbia, (iii) an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a U.S.
court and with respect to which one or more “United States persons” (within the meaning of the Code) have the authority to control all substantial decisions of the trust or (B) that has in effect a valid election under United States
Department of the Treasury regulations to be treated as a United States person. Notwithstanding the foregoing, no Additional Amounts shall be payable with respect to any U.S. Taxes if such U.S. Taxes are imposed or levied for reasons unrelated to
the Holder’s or beneficial owner’s ownership or disposition of such Notes, nor shall Additional Amounts be payable for or on account of: 

(i)    any U.S. Taxes which would not have been so imposed, withheld or deducted but for: 

(A)    the existence of any present or former connection between the Holder or beneficial owner (or
between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a person having a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, a trust, a limited liability company, a
partnership, a corporation or other entity) and the United States, including, without limitation, such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or other equity owner or person having such a power)
being or having been a citizen or resident or treated as a resident of the United States, being or having been engaged in a trade or business in the United States, being or having been present in the United States, or having or having had a
permanent establishment in the United States; 
 (B)    the failure of the Holder or any other person to
comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the Holder or beneficial owner of the Notes, if compliance is required by
statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to partial or complete exemption from such tax, assessment or other
governmental charge (including, but not limited to, the requirement to provide Internal Revenue Service Form W-8BEN, Form
W-8BEN-E, Form W-8ECI, Form W-8IMY (and related documentation) or any subsequent versions
thereof or successor thereto); or 

  
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 (C)    the Holder’s or beneficial owner’s
present or former status as a personal holding company with respect to the United States, as a controlled foreign corporation with respect to the United States, as a passive foreign investment company with respect to the United States, as a foreign
tax exempt organization with respect to the United States or as a corporation that accumulates earnings to avoid United States federal income tax; 

(ii)    any U.S. Taxes which would not have been imposed, withheld or deducted but for the failure of the
holder or beneficial owner to meet the requirements (including the certification requirements) of Section 871(h) or Section 881(c) of the United States Internal Revenue Code of 1986, as amended (the “Code”); 

(iii)    any U.S. Taxes which would not have been imposed, withheld or deducted but for the presentation by
the Holder or beneficial owner of such Note for payment on a date more than 30 days after the date on which such payment become due and payable or the date on which payment of the Note is duly provided for and notice is given to Holders, whichever
occurs later, except to the extent that the Holder or beneficial owner would have been entitled to such Additional Amounts on presenting such Note on any date during such 30-day period; 

(iv)    any estate, inheritance, gift, sales, excise, transfer, personal property, wealth or similar U.S.
Taxes; 
 (v)    any U.S. Taxes which are payable otherwise than by withholding or deduction from a
payment on such Note; 
 (vi)    any U.S. Taxes which are imposed, withheld or deducted with respect to,
or payable by, a Holder that is not the beneficial owner of the Note, or a portion of the Note, or that is a fiduciary, partnership, limited liability company or other similar entity, but only to the extent that a beneficial owner, a beneficiary or
settlor with respect to such fiduciary or member of such partnership, limited liability company or similar entity would not have been entitled to the payment of an Additional Amount had such beneficial owner, settlor, beneficiary or member received
directly its beneficial or distributive share of the payment; 
 (vii)    any U.S. Taxes required to be
withheld or deducted by the Paying Agent from any payment on any Note, if such payment can be made without such withholding or deduction by the Paying Agent; 

(viii)    any U.S. Taxes required to be withheld or deducted where such withholding or deduction is imposed
pursuant to European Union Council Directive 2003/48/EC on the taxation of savings income, or any law implementing or complying with, or introduced in order to conform to, such European Union Council Directive; 

  
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 (ix)    any U.S. Taxes imposed, withheld or deducted
under Sections 1471 through 1474 of the Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code or any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code; 

(x)    any U.S. Taxes that would not have been imposed, withheld or deducted but for a change in any law,
treaty, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the applicable payment becomes due or is duly provided for, whichever occurs later; or 

(xi)    any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (x). 

(b)    For purposes of this Section 3.10, the acquisition, ownership, enforcement, or holding of or the receipt of
any payment with respect to the Notes will not constitute a connection (1) between the Holder or beneficial owner and the United States or (2) between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a
person having a power over, such Holder or beneficial owner if such Holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity and the United States. 

(c)    Except as specifically provided under this Section 3.10, the Company will not be required to make any payment
with respect to any tax, duty, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority. 

(d)    If the Company is required to pay Additional Amounts with respect to the Notes, the Company will notify the Trustee
and the Paying Agent pursuant to an Officer’s Certificate that specifies the Additional Amounts payable with respect to the Notes and when the Additional Amounts are payable. If the Trustee and the Paying Agent do not receive such an
Officer’s Certificate from the Company, the Trustee and the Paying Agent may rely conclusively on the absence of such an Officer’s Certificate in assuming that no such Additional Amounts are payable. 

(e)    In addition, the Company undertakes that, to the extent permitted by law, it will maintain a Paying Agent that will
not require withholding or deduction of tax pursuant to European Union Council Directive 2003/48/EC on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such European Union Council
Directive. 

  
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 ARTICLE 4 

COVENANTS 

Section 4.01.    Payment of Notes. The Company will pay or cause to be paid the principal of, premium, if any,
and interest and Additional Amounts, if any, on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest and Additional Amounts, if any, will be considered paid on the date due if the Paying Agent, if
other than the Company or a Subsidiary thereof, holds as of 11:00 a.m. London Time on the same Business Day of the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal of,
premium, if any, and interest and Additional Amounts, if any, then due and the Paying Agent is not prohibited from paying such money to the Holders on the due date pursuant to the terms of this Indenture. The Company will confirm payment to the
Paying Agent by providing it with a copy of the SWIFT confirmation. It is understood that no Agent will be obliged to make payment to the Holders until such time as the necessary funds have been received from the Company. 

The Company will pay interest on overdue principal at the rate specified therefor in the Notes, and it shall pay interest on overdue
installments of interest at the same rate borne by the Notes to the extent lawful. 

Section 4.02.    Maintenance of Office or Agency. (a) The Company will maintain in one or more offices or
agencies (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of
the Notes and this Indenture may be made. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or
agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made at the Corporate Trust Office of the Trustee. 

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

(c)    The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company
in accordance with Section 2.04 hereof. 
 Section 4.03.    Reports. (a) The Company shall provide
to the Trustee, within 30 days after the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time
to time by rules and regulations 

  
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prescribe) which the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act or, if the Company is not required to file
information, documents, or reports pursuant to either of such Sections, then to provide to the Trustee and the Holders of the Notes: 

(i)    within 90 days after the end of each fiscal year of the Company, its audited consolidated balance
sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by independent public
accountants of recognized national standing to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Company and its Subsidiaries on a consolidated
basis in accordance with GAAP; and 
 (ii)    within 45 days after the end of each fiscal quarter of the
Company not corresponding with the fiscal year end, its unaudited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of
the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by its chief financial officer as
presenting fairly in all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year end audit adjustments and the
absence of footnotes, and accompanied by a statement by the directors of the Company commenting on the performance of the Company and its subsidiaries for the quarter to which the financial statements relate and any material developments or
proposals affecting the Company or business. 
 (b)    The requirement for the Company to provide information may be
satisfied by filing of such reports, documents and information via the Commission’s EDGAR system (or any successor electronic filing system) or posting such reports, documents and information on its website, in each case within the time periods
specified herein, it being understood that the Trustee shall have no responsibility whatsoever to determine if such filings have been made, and that delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). To the extent any information is not provided within the time periods specified in clause (a) herein and such information is subsequently provided, the
Company will be deemed to have satisfied its obligations with respect thereto at such time and any default or Event of Default with respect thereto shall be deemed to have been cured. 

(c)    At any time when the Notes are “restricted securities” under Rule 144 under the Securities Act, the
Company will furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

  
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 Section 4.04.    Compliance Certificate. (a) The
Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company (commencing with the fiscal year ending June 30, 2021), an Officer’s Certificate certifying that in the course of the performance by the
signer of his or her duties as an Officer of the Company they would normally have knowledge of any Default and whether or not the signer knows of any Default that occurred during such period. If he or she does, the certificate shall describe the
Default, its status and what action the Company is taking or proposes to take with respect thereto. 
 (b)    So long as
any of the Notes are outstanding, the Company will deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and the remedial
action the Company proposes to take in connection therewith. 
 Section 4.05.    [Reserved]. 

Section 4.06.    Limitation on Liens. (a) The Company shall not, and shall not permit any of its
Guarantors, to enter into, create, incur or assume any Lien (except Permitted Liens) (the “Initial Lien”) on any property owned by any of them, whether now owned or hereafter acquired, in order to secure any Indebtedness (other than
Indebtedness among the Company and the Guarantors), except, in the case of any property that does not constitute Collateral, for any Initial Lien securing any Indebtedness if the Notes are secured equally and ratably with (or prior to) the
obligations so secured for so long as such obligations are so secured. Any Lien that is granted to secure the Notes pursuant to the preceding sentence shall be automatically and unconditionally released and discharged without any further action by
any Person at the same time as the release and discharge of the Initial Lien that gave rise to the obligation to secure the Notes under this Section 4.06. 

(b)    For purposes of this Section 4.06, (i) a Lien securing an item of Indebtedness need not be permitted solely by
reference to one category of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” but may be permitted in part under any combination thereof and (ii) in the event that a Lien meets the criteria of
more than one of the types of Permitted Liens, the Company, in its sole discretion, shall classify, and may reclassify, such Lien and only be required to include the amount and type of such Lien as a Permitted Lien, and a Lien may be divided and
classified and reclassified into more than one of such types of Liens. In addition, (A) for purposes of calculating compliance with Section 4.06(a), in no event will the amount of any Indebtedness or Liens securing any Indebtedness be
required to be included more than once despite the fact that more than one Person is or becomes liable with respect to such Indebtedness and despite the fact that such Indebtedness is secured by the property of more than one Person (for example, and
for avoidance of doubt, in the case where there are Liens on the property of one or more of the Company and its Subsidiaries securing any Indebtedness, the amount of such Indebtedness secured shall only be included once for

  
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purposes of such calculations) and (B) the expansion of Liens by virtue of accrual of interest, the accretion of accreted value, the payment of interest or dividends in the form of
additional Indebtedness, amortization of original issue discount and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies will not be deemed to be an incurrence of Liens for
purposes of this Section 4.06. 
 Section 4.07.    Offer to Repurchase upon Change of Control Triggering
Event. (a) If a Change of Control Triggering Event occurs with respect to the Notes, unless the Company at such time has given notice of redemption pursuant to paragraph (a) or (b) of Section 3.07(a) or Section 3.09 with
respect to all outstanding Notes, the Company shall offer to repurchase all or any part (in a minimum principal amount equal to the Minimum Denomination and integral multiples of €1,000) of each Holder’s Notes pursuant to an offer to
repurchase on the terms set forth in this Indenture (the “Change of Control Offer”). In the Change of Control Offer, the Company will offer a payment in cash equal to 101% of the aggregate principal amount of the Notes being
repurchased plus accrued and unpaid interest on the Notes being repurchased, to, but excluding, the Change of Control Payment Date (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event
with respect to Notes, unless the Company at such time has given notice of redemption under the applicable provision of Section 3.07 or Section 3.09 referred to above with respect to all outstanding Notes, the Company will give written
notice to the Trustee and each Holder of Notes describing the transaction or transactions and ratings downgrade that constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice (the
“Change of Control Payment Date”), which date will be no earlier than 10 days and no later than 60 days from the date such notice is given, pursuant to the procedures required by this Indenture and described in such notice. The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder, if any, to the extent those
laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control
Triggering Event provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.07 by virtue of such conflict. 

(b)    At or prior to 11:00 a.m., London time, on the Change of Control Payment Date, the Company shall, to the extent
lawful, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered. 

(c)    On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(i)    accept for payment all Notes or portions of Notes properly tendered and not withdrawn pursuant to
the Change of Control Offer; and 

  
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 (ii)    deliver or cause to be delivered to the Trustee
the Notes properly accepted, together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased by the Company. 

(d)    The Paying Agent shall promptly deliver to each Holder properly tendered the Change of Control Payment for such
Notes, and the Trustee shall, upon receipt of an Authentication Order, authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any;
provided that each new Note will be in a minimum principal amount equal to the Minimum Denomination and integral multiples of €1,000 in excess thereof. The Company shall publicly announce the results of the Change of Control Offer on or
as soon as practicable after the Change of Control Payment Date. 
 (e)    The Company shall not be required to make a
Change of Control Offer upon a Change of Control Triggering Event if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a
Change of Control Offer made by the Company and repurchases all Notes properly tendered and not withdrawn under the Change of Control Offer or (ii) a valid notice of redemption for all of the Notes has been given, or will be given
contemporaneously with the Change of Control Triggering Event, pursuant to Section 3.07 and Section 3.09 unless and until such notice has been validly revoked or there is a default in the payment of the applicable redemption price.
Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control Triggering Event or conditional upon the occurrence of a Change of Control Triggering Event, if a definitive agreement is in
place for the Change of Control Triggering Event at the time the Change of Control Offer is made. 
 (f)    Subject to
Sections 6.04 and 9.02(b), the Company’s obligation to make an offer to repurchase the Notes as a result of a Change of Control Triggering Event pursuant to this Section 4.07 may be waived or modified with the written consent of Holders in
a majority in principal amount of the Notes outstanding. 
 Section 4.08.    Limitation on Restricted
Payments. 
 (a)    The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly: 
 (i)    declare or make any dividend or other distribution (whether in cash, securities or
other property) with respect to any Equity Interests in the Company or any Restricted Subsidiary, except that: 

(A)    the Company may declare and pay dividends or other distributions with respect to its Equity
Interests payable solely in additional shares of its Equity Interests; or 
 (B)    Restricted
Subsidiaries may declare and make dividends or other distributions with respect to their Equity Interests (provided that if any such Restricted Subsidiary is not a Wholly Owned Subsidiary of the

  
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 Company, such dividends or other distributions must be made on a pro rata basis to the
holders of its Equity Interests or on a greater than ratable basis to the extent such greater payments are made solely to the Company and/or one or more Restricted Subsidiaries); 

(ii)    declare or make any payment (whether in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Equity Interests in the Company, in each case held by a Person other than the Company or a Restricted Subsidiary; 

(iii)    make any payment in respect of any purchase, redemption, retirement, acquisition, cancellation or
termination of any Junior Indebtedness prior to the scheduled maturity thereof (it being understood that payments of regularly scheduled principal, interest, mandatory prepayments, mandatory offers to purchase, fees, expenses and indemnification
obligations shall be permitted) (such Indebtedness, collectively, “Restricted Indebtedness”), or any other payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit,
on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Restricted Indebtedness or any other payment (including any payment under any Hedging Obligation) that has a substantially similar effect to any of
the foregoing, other than Indebtedness permitted under Section 4.09(b)(iv) and (v); or 

(iv)    make any Restricted Investment (all such payments and other actions set forth in clauses
(i) through (iv) above being collectively referred to as “Restricted Payments”), 
 unless, at the time of such Restricted
Payment: 
 (A)    no Event of Default shall exist or would result therefrom; 

(B)    in the case of any Restricted Payment under clause (i), (ii) or (iii) above, immediately after
giving effect to such transaction on a Pro Forma Basis, the Company could incur $1.00 of additional Indebtedness pursuant to the Total Net Leverage Ratio test set forth in Section 4.09(a) hereof (in the case of Restricted Payments under clause
(i) or (ii) above, to be determined, at the election of the Company, at the time of (x) declaration of such Restricted Payment or (y) the making or consummation, as applicable, of such Restricted Payment); and 

(C)    such Restricted Payment, together with the aggregate amount of all other Restricted Payments made
by the Company and its Restricted Subsidiaries after the Existing Debt Issue Date, including Restricted Payments permitted by Section 4.08(b)(i) hereof but excluding all other Restricted Payments permitted by Section 4.08(b) hereof, is
less than the sum of (without duplication): 
 (1)    $425,000,000; plus 

  
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 (2)    an amount, not less than zero in the aggregate,
equal to 50% of Consolidated Net Income of the Company and its Restricted Subsidiaries for the period (taken as one accounting period) from the Existing Debt Issue Date to the end of the fiscal quarter most recently ended; plus 

(3)    the Net Proceeds (or, if the proceeds thereof (including any assets acquired in connection with
acquisitions permitted hereunder for which the Company issued Equity Interests as consideration) are other than cash, the fair market value (as determined in good faith by the Company) of such proceeds) actually received by the Company from and
after the Existing Debt Issue Date to such date from any capital contributions to, or the sale or issuance of Equity Interests of the Company (other than (i) Disqualified Stock, (ii) Equity Interests issued or sold to a Restricted
Subsidiary or an employee stock ownership plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or Guaranteed by the Company or any Restricted Subsidiary unless such loans have
been repaid with cash on or prior to the date of determination, (iii) Equity Interests the Net Proceeds of which are used to repay long-term Indebtedness for borrowed money (other than (i) revolving loans or (ii) Indebtedness of a
Person, or Indebtedness secured by a Lien on the assets, being acquired in connection with acquisitions permitted hereunder for which the Company issues Equity Interests as consideration) and (iv) Excluded Contributions); plus 

(4)    the Net Proceeds of Indebtedness and Disqualified Stock of the Company and its Restricted
Subsidiaries, in each case issued after the Existing Debt Issue Date, which have been exchanged or converted into Equity Interests (other than of Disqualified Stock) of the Company, together with any cash and Cash Equivalents and the fair market
value (as determined in good faith by the Company) of any assets that are received by the Company or any Restricted Subsidiary upon such exchange or conversion; plus (e) the Net Proceeds received by the Company and its Restricted Subsidiaries
of Dispositions of Restricted Investments previously made under this clause (C); plus 

(5)    returns received in cash or Cash Equivalents by the Company and its Restricted Subsidiaries on
Investments made using this clause (C); plus 

  
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 (6)    (x) the Investments of the Company and its
Restricted Subsidiaries made using this clause (C) in any Unrestricted Subsidiary that has been re-designated as a Restricted Subsidiary or that has been merged or consolidated with or into the Company or
any of its Restricted Subsidiaries (up to the fair market value (as determined in good faith by the Company) of the Investments of the Company and its Restricted Subsidiaries in such Unrestricted Subsidiary at the time of such redesignation or
merger or consolidation) and (y) the fair market value (as determined in good faith by the Company) of the assets of any Unrestricted Subsidiary acquired by such Unrestricted Subsidiary with the proceeds of Investments of the Company and its
Restricted Subsidiaries made using this clause (C) in such Unrestricted Subsidiary that have been transferred, conveyed or otherwise distributed to the Company and its Restricted Subsidiaries (up to the fair market value (as determined in good
faith by the Company) of the Investments of the Company and its Restricted Subsidiaries in such Unrestricted Subsidiary at the time of such transfer, conveyance or other distribution); plus 

(7)    Declined Amounts (as defined below). 

(b)    The foregoing provisions will not prohibit: 

(i)    the making of any dividend, payment or other distribution or the consummation of any irrevocable
redemption within 180 days after the date of declaration of such dividend, payment or other distribution or giving of the redemption notice, as applicable, will not be prohibited if, at the date of declaration or notice such dividend, payment or
other distribution or redemption would have complied with the terms of this Indenture; 

(ii)    repurchases by the Company of partial interests in its Equity Interests for nominal amounts which
are required to be repurchased in connection with the exercise of stock options or warrants to permit the issuance of only whole shares of Equity Interests; 

(iii)    the Company may pay for the repurchase, retirement or other acquisition or retirement for value of
Equity Interests of the Company (including related stock appreciation rights or similar securities) held by any future, present or former director, officer, member of management, employee or consultant of the Company or any of its Subsidiaries (or
the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing); provided that (A) at the time of any such repurchase, retirement or other acquisition or retirement for value
no Default has occurred and is continuing or would result therefrom, (B) the aggregate amount of Restricted Payments made under this clause (B) in any fiscal year does not exceed (x) $20,000,000 (the “Yearly Limit”) plus
(y) the portion of the Yearly Limit from each of the 

  
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immediately preceding four fiscal years (not including any fiscal year ending prior to 2018) which was not expended by the Company for Restricted Payments in such fiscal years (the
“Carryover Amount” and in calculating the Carryover Amount for any fiscal year, the Yearly Limit applicable to the previous fiscal years shall be deemed to have been utilized first by any Restricted Payments made under this clause
(B) in such fiscal year) plus (z) an amount equal to the cash proceeds from the sale of Equity Interests to directors, officers, members of management, employees or consultants of the Company or of its Subsidiaries (or the estate, heirs,
family members, spouse or former spouse of any of the foregoing) in such fiscal year; 
 (iv)    the
repurchase of Equity Interests of the Company that occurs upon the cashless exercise of stock options, warrants or other convertible securities as a result of the Company accepting such options, warrants or other convertible securities as
satisfaction of the exercise price of such Equity Interests; 
 (v)    the Company and any Restricted
Subsidiary may pay cash payments in lieu of fractional shares in connection with (i) any dividend, split or combination of its Equity Interests or any permitted acquisition (or similar Investment) or (ii) the exercise of warrants, options
or other securities convertible into or exchangeable for Equity Interests of the Company or any of its Subsidiaries; 

(vi)    repurchase of Equity Interests deemed to occur upon the
non-cash exercise of Equity Interests to pay Taxes; 

(vii)    the Company and its Restricted Subsidiaries may make Restricted Payments under clause (a)(i) or
(a)(ii) above in an aggregate amount in any fiscal year not to exceed the greater of $400,000,000 and 23.0% of Adjusted EBITDA (in each case as determined at the time any such Restricted Payment is made (calculated on a Pro Forma Basis) as of the
last day of the most recently ended Measurement Period on or prior to the date of determination), it being agreed that the Company shall be permitted to carry forward unused amounts to subsequent fiscal years (beginning with unused amounts in the
fiscal year ending June 30, 2018); provided that as of the date of any such Restricted Payment and after giving effect thereto on a Pro Forma Basis, the Company could incur $1.00 of additional Indebtedness pursuant to the Total Net
Leverage Ratio test set forth in Section 4.09(a) hereof and no Event of Default shall exist or result therefrom; 

(viii)    the Company and its Restricted Subsidiaries may make Restricted Payments under clause (a)(i) or
(a)(ii) above if the Total Net Leverage Ratio on a Pro Forma Basis as of the end of the most recent Measurement Period is less than or equal to 3.25:1.00; provided that no Event of Default shall exist or result therefrom; 

(ix)    the Company and its Restricted Subsidiaries may make Restricted Payments under clause (a)(i) or
(a)(ii) above in an aggregate amount not to exceed $500,000,000; provided that as of the date of any such Restricted Payment and after giving effect thereto, no Event of Default shall exist or result therefrom; 

  
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 (x)    the Company may make Restricted Payments in an
amount not to exceed the amount of Excluded Contributions previously received by the Company and Not Otherwise Applied; 

(xi)    repurchases of the Company’s Class A common stock pursuant to the share repurchase
authorization described in that certain Form 8-K of the Company dated August 13, 2015 and the Company’s share repurchase program referenced therein; 

(xii)    refinancings of Restricted Indebtedness to the extent permitted by Section 4.09 hereof; 

(xiii)    payments or other distributions in respect of principal or interest on, or payment or other
distribution on account of the purchase, redemption, retirement, acquisition, cancellation or termination of, Restricted Indebtedness, if the Total Net Leverage Ratio on a Pro Forma Basis as of the end of the most recent Measurement Period is less
than or equal to 3.50:1.00 and no Event of Default shall exist or would result from the making of such payment or distribution; 

(xiv)    payments or other distributions in respect of the purchase, redemption, retirement, acquisition,
cancellation or termination of, Restricted Indebtedness, in an aggregate amount not to exceed in any fiscal year the greater of $25,000,000 and 1.5% of Adjusted EBITDA (as determined at the time any such payment or distribution is made (calculated
on a Pro Forma Basis) as of the last day of the most recently ended Measurement Period on or prior to the date of determination) (it being understood that the Company shall be permitted to carry forward unused amounts to subsequent fiscal years);
provided that at the time of any such payment or other distribution, no Event of Default shall exist or would result therefrom; 

(xv)    payment-in-kind
interest with respect to Restricted Indebtedness permitted by this Indenture; 
 (xvi)    payments as
part of an “applicable high yield discount obligation” catch up payment with respect to Restricted Indebtedness permitted by this Indenture; 

(xvii)    the conversion of any Restricted Indebtedness to Equity Interests (other than Disqualified Stock)
or the prepayment of Restricted Indebtedness in an amount not to exceed the amount of Excluded Contributions previously received by the Company; and 

(xviii)    payments or other distributions in respect of the purchase, redemption, retirement, acquisition,
cancellation or termination of, Restricted 

  
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Indebtedness, in an aggregate amount not to exceed the greater of $25,000,000 and 1.5% of Adjusted EBITDA (as determined at the time any such payment or other distribution is made (calculated on
a Pro Forma Basis) as of the last day of the most recently ended Measurement Period on or prior to the date of determination); provided that at the time of any such payment or other distribution, no Event of Default shall exist or would
result therefrom. 
 (c)    As of the Issue Date, all of the Company’s Subsidiaries are Restricted Subsidiaries.
The Company will not permit any Restricted Subsidiary to become an Unrestricted Subsidiary except pursuant to Section 4.12 hereof. For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments
by the Company and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be an Investment in an amount determined as set forth in the definition of “Investment.” Such designation will
be permitted only if an Investment in such amount would be permitted at such time, whether as a Restricted Payment or a Permitted Investment, and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted
Subsidiaries will not be subject to any of the covenants set forth in this Indenture. 
 (d)    The amount of all
Restricted Payments (other than cash) will be the fair market value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant
to the Restricted Payment. The fair market value of any assets or securities that are required to be valued by this covenant will be determined by the Board of Directors of the Company or senior management thereof whose good faith determination will
be conclusive. 
 Section 4.09.    Limitation on Incurrence of Indebtedness. 

(a)    The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently, or otherwise (collectively, “incur” and collectively, an “incurrence”) with respect to any Indebtedness (including
Acquired Indebtedness) and the Company will not issue any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or Preferred Stock; provided, however, that the Company may
incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock and issue shares of Preferred
Stock, if the Total Net Leverage Ratio at the time such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued would have been no greater than 5.50 to 1.00, determined on a Pro Forma Basis (including the
application on a Pro Forma Basis of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had
occurred at the beginning of the most recently ended Measurement Period; provided further, however, that Non-Guarantor Subsidiaries may not incur Indebtedness or issue Disqualified Stock or
Preferred Stock if, after giving Pro Forma Effect to such incurrence or issuance, the amount of Indebtedness or Disqualified Stock or Preferred Stock of Non-Guarantor Subsidiaries

  
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outstanding pursuant to this Section 4.09(a) (together with any Refinancing Indebtedness in respect thereof) and clause (31) below exceeds the greater of (x) $300.0 million and (y)
18.0% of Adjusted EBITDA as of the last day of the most recently ended Measurement Period on or prior to the date of determination. 

(b)    The foregoing limitations will not apply to: 

(i)    Indebtedness under the Credit Facilities (including the Notes issued on the Issue Date) by the
Company or any of its Restricted Subsidiaries and the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face
amount thereof); provided, however, that immediately after giving effect to any such incurrence, the then outstanding aggregate principal amount of all Indebtedness under this clause (i) does not exceed at any one time the sum of
(A) $5,350 million and (B) (x) $1,750 million (the “Fixed Incremental Amount”), plus (y)(1) additional amounts of First Lien Indebtedness if, after giving effect to the incurrence thereof (but excluding the cash proceeds thereof
for the purposes of calculating such ratio) the Company is in compliance, on a Pro Forma Basis, with a Consolidated Senior Secured First Lien Debt Ratio of not more than 3.00:1.00 and (2) additional amounts of Secured Indebtedness (other than
First Lien Indebtedness) if, after giving effect to the incurrence thereof but excluding the cash proceeds thereof for the purposes of calculating such ratio, the Company is in compliance, on a Pro Forma Basis, with a Secured Net Leverage Ratio of
not more than 4.75:1.00 (such amounts under subclauses (1) and (2), the “Ratio Incremental Amount” and, together with the Fixed Incremental Amount, the “Incremental Amount”) as of the end of the most recent Measurement
Period; provided that for purposes of clause (y), if the proceeds will be applied to finance a Limited Condition Transaction, the Ratio Incremental Amount will be determined in accordance with Section 1.04(b) hereof; provided,
further, that if the Company or any Restricted Subsidiary incurs Indebtedness using the Fixed Incremental Amount on the same date that it incurs Indebtedness using the Ratio Incremental Amount, the Consolidated Senior Secured First Lien Debt
Ratio will be calculated without regard to any incurrence of Indebtedness under the Fixed Incremental Amount; 

(ii)    [Reserved]; 

(iii)    Indebtedness of the Company or any of its Restricted Subsidiaries existing, or any Preferred Stock
of the Company or any Preferred Stock of the Company or any of its Restricted Subsidiaries issued, on the Issue Date (other than Indebtedness described in clauses (i) and (xxv)); 

(iv)    Indebtedness among the Company and its Subsidiaries (including between or among Subsidiaries);
provided that any such Indebtedness, individually, of the Company or any Guarantor owing to a Non-Guarantor Subsidiary in excess of $15,000,000 must be expressly subordinated to the Obligations under
this Indenture within 30 days of the incurrence of such Indebtedness; 

  
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 (v)    Guarantees by the Company of Indebtedness of any
Restricted Subsidiary and by any Restricted Subsidiary of Indebtedness of the Company or any other Restricted Subsidiary; provided that (A) Guarantees by the Company or any Restricted Subsidiary of Indebtedness of any Unrestricted
Subsidiary shall be subject to compliance with Section 4.08 hereof (other than clause (5) of the definition of “Permitted Investments”); (B) Guarantees permitted under this clause (v) shall be subordinated to the Obligations
under this Indenture of the applicable Restricted Subsidiary to the same extent and on terms not materially less favorable to the Holders as the Indebtedness so Guaranteed is subordinated to the Obligations under this Indenture; and (C) no
Indebtedness incurred pursuant to Section 4.09(a) hereof or clauses (i), (ii) or (xxxi) of this Section 4.09(b), or any Permitted Refinancing Indebtedness in respect thereof shall be Guaranteed by any Restricted Subsidiary unless such
Restricted Subsidiary is a Guarantor; 
 (vi)    (A) Indebtedness of the Company or any Restricted
Subsidiary incurred to finance the acquisition, lease, construction, replacement, repair or improvement of any assets or other Investments permitted hereunder (including rolling stock), including Capital Lease Obligations, mortgage financings,
purchase money indebtedness (including any industrial revenue bonds, industrial development bonds and similar financings); provided that such Indebtedness is incurred prior to or within two hundred seventy (270) days after such
acquisition or lease or the completion of such construction, replacement, repair or improvement and (B) the aggregate amount of Indebtedness permitted pursuant to this clause (vi)(A) shall not exceed the greater of $100,000,000 and 13.0% of
Adjusted EBITDA (determined at the time of incurrence of such Indebtedness (calculated on a Pro Forma Basis) as of the last day of the most recently ended Measurement Period on or prior to the date of determination) at any time outstanding, and
(B) any Permitted Refinancing Indebtedness in respect thereof; 
 (vii)    Indebtedness arising in
connection with (A) Hedging Obligations entered into to hedge or mitigate risks to which the Company or any Restricted Subsidiary has actual or potential exposure (other than those in respect of Equity Interests of the Company or any of its
Restricted Subsidiaries), except as may be related to convertible indebtedness, including to hedge or mitigate foreign currency and commodity price risks, (B) Hedging Obligations entered into in order to effectively cap, collar or exchange
interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or Investment of the Company or any Restricted Subsidiary and (C) any accelerated share
repurchase contract, prepaid forward purchase contract or similar contract with respect to the purchase by the Company of its Equity Interest, which purchase is permitted by Section 4.08 hereof; provided that Guarantees by the Company or
any Guarantor of such Indebtedness of any Unrestricted Subsidiary shall be subject to compliance with Section 4.08 hereof; 

  
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 (viii)    (A) Indebtedness of any Person that becomes a
Restricted Subsidiary after the date hereof (including any Indebtedness assumed in connection with the acquisition of a Restricted Subsidiary); provided that (1) such Indebtedness exists at the time such Person becomes a Restricted
Subsidiary and is not created in contemplation of or in connection with such Person becoming a Restricted Subsidiary and (2) the Company, on a Pro Forma Basis, could incur $1.00 of additional Indebtedness pursuant to the Total Net Leverage
Ratio test set forth in (a) and (B) any Permitted Refinancing Indebtedness in respect thereof; 

(ix)    obligations in respect of workers compensation claims, health, disability or other employee
benefits, unemployment insurance and other social security laws or regulations or property, casualty or liability insurance and premiums related thereto, self-insurance obligations, obligations in respect of bids, tenders, trade contracts,
governmental contracts and leases, statutory obligations, customs, surety, stay, appeal and performance bonds, and performance and completion guarantees and similar obligations incurred by the Company or any Restricted Subsidiary, in each case in
the ordinary course of business; 
 (x)    to the extent constituting Indebtedness, contingent
obligations arising under indemnity agreements to title insurance companies to cause such title insurers to issue title insurance policies in the ordinary course of business with respect to the real property of the Company or any Restricted
Subsidiary; 
 (xi)    to the extent constituting Indebtedness, customary indemnification and purchase
price adjustments or similar obligations (including earn-outs) incurred or assumed in connection with Investments and Dispositions otherwise permitted hereunder; 

(xii)    to the extent constituting Indebtedness, unfunded pension fund and other employee benefit plan
obligations and liabilities to the extent they are permitted to remain unfunded under applicable law; 

(xiii)    to the extent constituting Indebtedness, deferred compensation or similar arrangements payable to
future, present or former directors, officers, employees, members of management or consultants of the Company and the Restricted Subsidiaries; 

(xiv)    Indebtedness in respect of repurchase agreements constituting Cash Equivalents; 

(xv)    Indebtedness consisting of promissory notes issued by the Company or any Restricted Subsidiary to
future, present or former directors, officers, members of management, employees or consultants of the Company or any of its Subsidiaries or their respective estates, executors, administrators, heirs, family members, legatees, distributees, spouses
or former spouses, domestic partners or former domestic partners to finance the purchase or redemption of Equity Interests of the Company permitted by Section 4.08 hereof; 

  
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 (xvi)    cash management obligations and Indebtedness
incurred by the Company or any Restricted Subsidiary in respect of netting services, overdraft protections, commercial credit cards, stored value cards, purchasing cards and treasury management services, automated clearing-house arrangements,
employee credit card programs, controlled disbursement, ACH transactions, return items, interstate deposit network services, dealer incentive, supplier finance or similar programs, Society for Worldwide Interbank Financial Telecommunication
transfers, cash pooling and operational foreign exchange management and similar arrangements, in each case entered into in the ordinary course of business in connection with cash management, including among the Company and its Restricted
Subsidiaries, and deposit accounts; 
 (xvii)    (A) Indebtedness consisting of the financing of
insurance premiums and (B) take-or-pay obligations constituting Indebtedness of the Company or any Restricted Subsidiary, in each case, entered into in the ordinary
course of business; 
 (xviii)    Indebtedness incurred by the Company or any Guarantor with respect to
letters of credit, bank guarantees or similar instruments issued for the purposes described in clauses (13), (14), (16), (29) and (30) of the definition of “Permitted Liens” or issued to secure trade payables, warehouse receipts or
similar facilities entered into in the ordinary course of business or consistent with past practice and the obligations arising under drafts accepted and delivered in connection with a drawing thereunder; provided that (A) upon the
drawing of any such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within thirty (30) days following such drawing or incurrence and (B) the aggregate outstanding face amount of all such letters of
credit or bank guarantees does not exceed $50,000,000 at any time; 
 (xix)    obligations, contingent or
otherwise, for the payment of money under any non-compete, consulting or similar agreement entered into with the seller of a Person that is to be acquired, in whose Equity Interests an Investment is to be made
or whose (or whose business unit’s, line’s or division’s) assets are to be acquired in an acquisition permitted by Section 4.08 hereof or any other similar arrangements providing for the deferred payment of the purchase price for
an acquisition permitted hereby; 
 (xx)    Indebtedness of the type described in clause (e) of the
definition thereof to the extent the related Lien is permitted under Section 4.06 hereof; 

(xxi)    other Indebtedness of the Company and its Restricted Subsidiaries; provided that the
aggregate principal amount of Indebtedness permitted by this clause (xxi) shall not exceed the greater of $425,000,000 and 25.0% of Adjusted EBITDA (determined at the time of incurrence of such Indebtedness (calculated on a Pro Forma Basis) as
of the last day of the most recently ended Measurement Period on or prior to the date of determination) at any time outstanding; 

  
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 (xxii)    unsecured Indebtedness in respect of
obligations of the Company or any Restricted Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided that such obligations are incurred in connection with
open accounts extended by suppliers on customary trade terms in the ordinary course of business and not in connection with the borrowing of money; 

(xxiii)    Indebtedness of Non-Guarantor Subsidiaries in an
aggregate amount outstanding not to exceed the greater of $125,000,000 and 7.0% of Adjusted EBITDA (determined at the time of incurrence of such Indebtedness (calculated on a Pro Forma Basis) as of the last day of the most recently ended Measurement
Period on or prior to the date of determination) in the aggregate; provided such Indebtedness is either (i) unsecured or (ii) secured by only the Equity Interests in or assets of such
Non-Guarantor Subsidiary; 
 (xxiv)    to the extent constituting
Indebtedness, Guarantees in the ordinary course of business of the obligations of suppliers, customers, franchisees and licensees of the Company and its Subsidiaries including Guarantees and Investments permitted under clause (27) of the
definition of “Permitted Investments”; 
 (xxv)    the Existing Unsecured Notes and any
Permitted Refinancing Indebtedness in respect thereof; 
 (xxvi)    Indebtedness of the Company that is
secured by Liens on the Collateral ranking junior to the Liens securing the Obligations under this Indenture; provided that after giving effect to the incurrence of such Indebtedness, a Secured Net Leverage Ratio, on a Pro Forma Basis, shall
not exceed 4.75:1.00; 
 (xxvii)    Indebtedness in respect of any letter of credit or bank guarantee
issued in favor of any issuing bank to support any defaulting lender’s participation in letters of credit otherwise permitted under this Section 4.09; 

(xxviii)    Indebtedness of the Company or any Restricted Subsidiary to the extent that 100% of such
Indebtedness is supported by any letter of credit issued under the Credit Agreement; 

(xxix)    customer deposits and advance payments received in the ordinary course of business from customers
for goods and services purchased in the ordinary course of business; 
 (xxx)    (A) unsecured
Indebtedness of the Company or any Restricted Subsidiary in an aggregate outstanding principal amount not to exceed 100% of the amount of Net Proceeds received by the Company from the issuance or sale of Qualified Equity Interests to the extent the
relevant Net Proceeds are Not Otherwise Applied and (B) any Permitted Refinancing Indebtedness in respect thereof; 

  
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 (xxxi)    Indebtedness incurred to finance an Investment
permitted under this Indenture subject to the following conditions: (A) if such Indebtedness is incurred by the Company or a Guarantor and secured by the Collateral on a pari passu basis to the Notes, the Consolidated Senior Secured First Lien
Debt Ratio would be no greater than the Consolidated Senior Secured First Lien Debt Ratio immediately prior to giving effect to such incurrence of Indebtedness on a Pro Forma Basis; (B) if such Indebtedness is incurred by the Company or a
Guarantor and secured by the Collateral on a junior basis to the Notes, the Secured Net Leverage Ratio would be no greater than the Secured Net Leverage Ratio immediately prior to giving effect to such incurrence of Indebtedness on a Pro Forma
Basis; and (C) if such Indebtedness is (x) unsecured and incurred by the Company or a Guarantor or (y) incurred by a non-Guarantor Subsidiary, the Total Net Leverage Ratio would be no greater
than the Total Net Leverage Ratio immediately prior to giving effect to such incurrence of Indebtedness on a Pro Forma Basis, in each case together with any Permitted Refinancing Indebtedness in respect thereof; provided that Non-Guarantor Subsidiaries may not incur Indebtedness pursuant to this clause (xxxi) if, after such incurrence, on a Pro Forma Basis, the amount of Indebtedness of
Non-Guarantor Subsidiaries outstanding pursuant to this clause (xxxi) and Section 4.09(a) hereof exceeds the greater of $300,000,000 and 18.0% of Adjusted EBITDA as of the last day of the most
recently ended Measurement Period on or prior to the date of determination; 
 (xxxii)    Permitted
Refinancing Indebtedness in respect of Indebtedness incurred pursuant to Section 4.09(a) hereof or clause (iii) of this Section 4.09(b); 

(xxxiii)    Indebtedness of any Restricted Subsidiary incurred for local working capital purposes in an
aggregate amount outstanding not to exceed $150,000,000; 
 (xxxiv)    Indebtedness of a Receivables
Subsidiary pursuant to any Permitted Receivables Facility; and 
 (xxxv)    Indebtedness of the Company
and the Guarantors arising under a declaration of joint and several liability used for the purpose of section 2:403 Dutch Civil Code (and any residual liability under such declaration arising pursuant to section 2:404(2) Dutch Civil Code and
Indebtedness arising as a result of a fiscal unity (fiscale eenheid) of two entities for Dutch tax purposes). 

(c)    The Company will be entitled to divide and classify an item of Indebtedness in more than one of the types of
Indebtedness described in clause (a) and clauses (b)(i) through (b)(xxxv) above. 
 (d)    The accrual of interest,
the accretion of accreted value, the payment of interest in the form of additional Indebtedness, the payment of dividends on Disqualified 

  
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Stock in the form of additional shares of Disqualified Stock, accretion or amortization of original issue discount or liquidation preferences and increases in the amount of Indebtedness
outstanding solely as a result of fluctuations in the exchange rate or currencies will not be deemed to be an incurrence of Indebtedness for purposes of this Section 4.09. The principal amount of any
non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be shown on a consolidated balance sheet of the Company dated
such date prepared in accordance with GAAP. 
 (e)    Notwithstanding the above, if any Indebtedness is incurred as
Permitted Refinancing Indebtedness originally incurred pursuant to this Section 4.09, and such Permitted Refinancing Indebtedness would cause any applicable Dollar-denominated or Adjusted EBITDA restriction described under this
Section 4.09 to be exceeded if calculated on the date of such Permitted Refinancing Indebtedness, such Dollar-denominated or Adjusted EBITDA restriction, as applicable, shall be deemed not to have been exceeded so long as the principal amount
of such Permitted Refinancing Indebtedness is permitted to be incurred pursuant to the definition of “Permitted Refinancing Indebtedness.” 

(f)    If Indebtedness, Disqualified Stock or Preferred Stock originally incurred in reliance upon a percentage of
Adjusted EBITDA under this Section 4.09 is being refinanced and such refinancing would cause the maximum amount of Indebtedness, Disqualified Stock or Preferred Stock thereunder to be exceeded at such time, then such refinancing will
nevertheless be permitted thereunder and such additional Indebtedness, Disqualified Stock or Preferred Stock will be deemed to have been incurred under the applicable provision so long as the principal amount or liquidation preference of such
refinancing Indebtedness, Disqualified Stock or Preferred Stock does not exceed the principal amount or liquidation preference of Indebtedness, Disqualified Stock or Preferred Stock being refinanced, plus additional Indebtedness, Disqualified Stock
or Preferred Stock incurred to pay accrued but unpaid interest or dividends, premiums (including tender premiums), defeasance costs, underwriting or initial purchaser discounts, fees, costs and expenses (including original issue discount, upfront
fees or similar fees) in connection with such refinancing. 
 (g)    The principal amount or liquidation preference of
any Indebtedness, Disqualified Stock or Preferred Stock incurred to refinance other Indebtedness, Disqualified Stock or Preferred Stock, if incurred in a different currency from the Indebtedness, Disqualified Stock or Preferred Stock being
refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness, Disqualified Stock or Preferred Stock is denominated that is in effect on the date of such refinancing. This
Indenture will not treat (1) unsecured Indebtedness as subordinated or junior to Secured Indebtedness merely because it is unsecured or (2) Indebtedness as subordinated or junior to any other Indebtedness merely because it has a junior
priority with respect to the same collateral or because it is secured by different collateral or issued or guaranteed by other obligors. 

  
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 Section 4.10.    Asset Sales. 

(a)    the Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale, unless:

 (i)    the Company or any such Restricted Subsidiary, as the case may be, receives consideration
(including, but not limited to, by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise, in connection with, such Asset Sale) at the time of such Asset Sale at least equal to the fair
market value (as determined in good faith by the Company at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and 

(ii)    except in the case of an Asset Swap, in the Company’s good faith determination, at least 75%
of the consideration therefor, together with all other Asset Sales since the Issue Date (on a cumulative basis), received by the Company or any such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents;
provided that the amount of: 
 (A)    any liabilities (as shown on the Company’s most
recent consolidated balance sheet or in the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Company’s consolidated balance sheet or in the
footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet, as determined in good faith by the Company) of the Company or such Restricted Subsidiary (other than contingent obligations and
liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are assumed by the transferee of any such assets (or are otherwise extinguished by the transferee in connection with the transactions relating to such Asset
Sale) or are acquired and extinguished by the Company or such Restricted Subsidiary and, in each case, for which the Company and all such Restricted Subsidiaries shall have no further obligation with respect thereto, 

(B)    any notes or other obligations or securities received by the Company or such Restricted Subsidiary
from such transferee that are converted by the Company or such Restricted Subsidiary or reasonably expected by the Company acting in good faith to be converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents, or by their
terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within 180 days following the closing of such Asset Sale, 

(C)    any Designated Non-Cash Consideration received by the
Company or such Restricted Subsidiary in such Asset Sale having an aggregate fair market value (as determined in good faith by the Company), taken together with all other Designated Non-Cash Consideration
received pursuant to this clause (C) that is at that time outstanding (but, to the extent that any such Designated Non-Cash Consideration is sold or 

  
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otherwise liquidated for cash, minus the lesser of (I) the amount of the cash received (less the cost of disposition, if any) and (II) the initial amount of such Designated Non-Cash Consideration) not to exceed the greater of (x) $200,000,000 and (y) 12.5% of Adjusted EBITDA (as determined at the time any such Asset Sale is made (calculated on a Pro Forma Basis) as of the last day of
the most recently ended Measurement Period on or prior to the date of determination, with the fair market value (as determined in good faith by the Company) of each item of Designated Non-Cash Consideration
being measured at the time received and without giving effect to subsequent changes in value, and 

(D)    any Capital Stock or assets described in clauses (b)(ii)(A) and (b)(ii)(B) below, 

shall be deemed to be cash for purposes of this provision and for no other purpose. 

(b)    Within 450 days after the receipt of any Net Proceeds of any Asset Sale, the Company or such Restricted Subsidiary,
at its option, may apply an amount equal to the Net Proceeds from such Asset Sale (or, if the Company’s Secured Net Leverage Ratio is lower than or equal to 2.50:1.00 on a Pro Forma Basis, 50% of such Net Proceeds), 

(i)    to permanently reduce: 

(A)    Obligations under the Notes or any other Pari Passu Indebtedness (including obligations under the
Credit Facilities and the Existing Secured Notes) of the Company or a Guarantor (and to correspondingly reduce commitments with respect thereto, if applicable); provided that if such Net Proceeds are applied to other Pari Passu Indebtedness
then the Company shall (I) equally and ratably reduce Obligations under the Notes (x) as provided under Section 3.07 or (y) through open market purchases or (II) make an offer (in accordance with the procedures set forth
below for an Asset Sale Offer (as defined below)) to all Holders of Notes to purchase their Notes at 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, on the principal amount of Notes that would otherwise
be redeemed under clause (i), or 
 (B)    Indebtedness of a
Non-Guarantor Subsidiary, other than Indebtedness owed to the Company or another Restricted Subsidiary; or 

(ii)    to (A) make an Investment in any one or more businesses; provided that such Investment
in any business is in the form of the acquisition of Capital Stock and results in the Company or another of its Restricted Subsidiaries, as the case may be, owning an amount of the Capital Stock of such business, such that it constitutes a
Restricted Subsidiary, (B) acquire properties (other than Capital Stock) or (C) make capital expenditures that, in the case of each of (A), 

  
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(B) and (C) are either (x) used or useful in a Related Business or (y) replace, repair, improve or maintain assets to be used or useful in a Related Business (provided that
such assets or Capital Stock shall become Collateral (unless such assets or Capital Stock are Excluded Assets or otherwise are not pledged to secure any other First-Priority Obligations) under the Security Documents and in accordance with this
Indenture substantially simultaneously with such Investment or acquisition to the extent the assets disposed of constituted Collateral); or 

(iii)    any combination of the foregoing; 

provided that, in the case of clause (ii) above, a binding commitment shall be treated as a permitted application of the Net
Proceeds from the date of such commitment so long as the Company or such other Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Proceeds will be applied to satisfy such commitment within 180 days of
such commitment (an “Acceptable Commitment”); and provided, further, that if any Acceptable Commitment is later cancelled or terminated for any reason before such Net Proceeds are applied, the Company or such
Restricted Subsidiary enters into another Acceptable Commitment (a “Second Commitment”) within 180 days of such cancellation or termination; provided, further, that if any Second Commitment is later cancelled or
terminated for any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds. 

(c)    Any Net Proceeds from an Asset Sale that are not invested or applied as provided and within the time period set
forth in Section 4.10(b) hereof will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, the Company or any Restricted Subsidiary shall make an offer to all Holders of
the Notes and, if required by the terms of any Pari Passu Indebtedness, to the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”) to purchase the maximum aggregate principal amount of Notes in minimum denominations of
€1,000 and integral multiples of €1,000 in excess thereof and such Pari Passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued
and unpaid interest, if any (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for or permitted by the terms of such Pari Passu Indebtedness), to the date fixed for the closing of such offer, in accordance
with the procedures set forth in this Indenture. 
 (d)    The Company will commence an Asset Sale Offer with respect to
Excess Proceeds within fifteen Business Days after the date that Excess Proceeds exceed $50.0 million by electronically delivering or mailing the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. The Company
may satisfy the foregoing obligations with respect to any Excess Proceeds by making an Asset Sale Offer with respect to such Excess Proceeds prior to the time period that may be required by this Indenture with respect to all or a part of the
available Excess Proceeds (the “Advance Portion”) in advance of being required to do so by this Indenture (an “Advance Offer”). 

(e)    To the extent that the aggregate principal amount (or accreted value, if applicable) of Notes and such Pari Passu
Indebtedness tendered pursuant to an Asset Sale 

  
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Offer is less than the Excess Proceeds (or in the case of an Advance Offer, the Advance Portion), the Company may use any remaining Excess Proceeds (or in the case of an Advance Offer, the
Advance Portion) (the “Declined Amounts”) for any purpose, subject to clause (f) below and the other covenants contained in this Indenture. If the aggregate amount (or accreted value, if applicable) of Notes and the Pari Passu
Indebtedness surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds (or in the case of an Advance Offer, the Advance Portion), the Trustee shall select the Notes and the Company or the agent for such Pari Passu Indebtedness shall
select such Pari Passu Indebtedness to be purchased (i) if the Notes or such Pari Passu Indebtedness are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the
Notes or such Pari Passu Indebtedness, as applicable, are listed, (ii) on a pro rata basis based on the amount (determined as set forth above) of the Notes and such Pari Passu Indebtedness tendered or (iii) by lot or such similar method in
accordance with the procedures of DTC, Euroclear and Clearstream, as applicable; provided that no Notes of €100,000 or less shall be repurchased in part. Upon completion of any such Asset Sale Offer (or Advance Offer), the amount of
Excess Proceeds (or in the case of an Advance Offer, the Advance Portion) shall be reset at zero. 
 (f)    An Asset
Sale Offer or Advance Offer may be made at the same time as consents are solicited with respect to an amendment, supplement or waiver of this Indenture, Notes and/or Note Guarantees (but the Asset Sale Offer or Advance Offer may not condition
tenders on the delivery of such consents). 
 (g)    Pending the final application of any Net Proceeds pursuant to this
Section 4.10, the holder of such Net Proceeds may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise use such Net Proceeds in any manner not prohibited by this Indenture. 

(h)    The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue
thereof. 
 Section 4.11.    Transactions with Affiliates. 

(a)    The Company will not, and will not permit any of its Restricted Subsidiaries to, sell, lease or otherwise transfer
any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates involving aggregate payments, for any such transaction or series of related
transactions (each of the foregoing, an “Affiliate Transaction”), in excess of $15,000,000, unless: 

(i)    such Affiliate Transactions are at prices and on terms and conditions, taken as a whole, not
materially less favorable to the Company or such 

  
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Restricted Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties or, if in the good faith judgment of the Company no
comparable transaction is available with which to compare such transactions, such Affiliate Transactions are otherwise fair to the Company or such Restricted Subsidiary from a financial point of view as determined by the Company in good faith; or

 (ii)    with respect to such Affiliate Transactions, the Company has obtained a letter from an
independent financial advisor stating that such transactions are fair from a financial point of view. 
 (b)    The
foregoing provisions will not apply to the following: 
 (i)    transactions between or among the Company
and its Restricted Subsidiaries not involving any other Affiliate; 
 (ii)    any Restricted Payment
(including any transaction specifically excluded from the definition of the term “Restricted Payments”) that is permitted under Section 4.08 and any Permitted Investment; 

(iii)    the payment of reasonable and customary fees and expenses, and the provision of customary
indemnification to directors, officers, employees, members of management and consultants of the Company and the Subsidiaries; 

(iv)    sales or issuances of Equity Interests to Affiliates of the Company which are otherwise permitted
or not restricted by this Indenture; 
 (v)    loans and other transactions by and among the Company
and/or the Subsidiaries to the extent permitted under the covenants contained in this Indenture; 

(vi)    transactions with joint ventures for the purchase or sale of goods and services entered into in the
ordinary course of business; 
 (vii)    employment and severance arrangements (including options to
purchase Equity Interests of the Company, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits plans) between the Company and any Restricted Subsidiary and their
directors, officers, employees, members of management and consultants in the ordinary course of business; 

(viii)    the existence of, and the performance of obligations of the Company or any of its Restricted
Subsidiaries under the terms of any agreement in existence or contemplated as of the Issue Date, as these agreements may be amended, restated, amended and restated, supplemented, extended, renewed or otherwise modified from time to time;
provided, however, that any future amendment, restatement, amendment and restatement, supplement, extension, renewal or other modification entered into after the Issue Date will be permitted to the extent that its terms are not more
disadvantageous in any material respect, taken as a whole, to the Holders than the terms of the agreements on the Issue Date; 

  
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 (ix)    any agreement between any Person and an
Affiliate of such Person existing at the time such Person is acquired by or merged into the Company or its Restricted Subsidiaries pursuant to the terms of this Indenture; provided that such agreement was not entered into in contemplation of
such acquisition or merger, or any amendment thereto (so long as any such amendment is not disadvantageous to the Holders in any material respect in the good faith judgment of the Company when taken as a whole as compared to such agreement as in
effect on the date of such acquisition or merger); 
 (x)    payments to or from, and transactions with,
joint ventures (to the extent any such joint venture is only an Affiliate as a result of Investments by the Company and the Restricted Subsidiaries in such joint venture), non-Wholly Owned Subsidiaries and
Unrestricted Subsidiaries in the ordinary course of business to the extent otherwise permitted under the definition of “Permitted Investments”; 

(xi)    transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or
transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Company and its Restricted
Subsidiaries, in the reasonable determination of the board of directors of the Company, or are on terms at least as favorable, in all material respects, as might reasonably have been obtained at such time from an unaffiliated party; 

(xii)    the entering into of any Tax sharing agreement or arrangement to the extent payments under such
agreement or arrangement would otherwise be permitted under Section 4.08 hereof; 
 (xiii)    any
contribution to the capital of the Company or any of its Restricted Subsidiaries; 
 (xiv)    the
formation and maintenance of any consolidated group or subgroup for Tax, accounting or cash pooling or management purposes in the ordinary course of business; 

(xv)    transactions undertaken in good faith (as certified by a Responsible Officer of the Company) for
the purpose of improving the consolidated Tax efficiency of the Company and its Subsidiaries and not for the purpose of circumventing any covenant set forth in this Indenture; 

(xvi)    any other transaction with an Affiliate, which is approved by a majority of disinterested members
of the board of directors (or equivalent governing body) of the Company in good faith; and 

  
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 (xvii)    (A) investments by any Affiliate in securities
of the Company or any Restricted Subsidiary (and payment of reasonable out-of-pocket expenses incurred by such Affiliate in connection therewith) so long as the
investment is being offered by the Company or such Restricted Subsidiary generally to other investors on the same or more favorable terms, and (B) payments to such Affiliates in respect of securities of the Company or any Restricted Subsidiary
contemplated in the foregoing subclause (A) or that were acquired from Persons other than the Company or any Restricted Subsidiary, in each case, in accordance with the terms of such securities. 

(c)    If the Company or any of its Restricted Subsidiaries (i) purchases or otherwise acquires assets or properties
from a Person which is not an Affiliate, the purchase or acquisition by an Affiliate of the Company or any Restricted Subsidiary of an interest in all or a portion of the assets or properties acquired shall not be deemed an Affiliate Transaction (or
cause such purchase or acquisition by the Company or a Restricted Subsidiary to be deemed an Affiliate Transaction) or (ii) sells or otherwise disposes of assets or other properties to a Person who is not an Affiliate, the sale or other
disposition by an Affiliate of the Company or any Restricted Subsidiary of an interest in all or a portion of the assets or properties sold shall not be deemed an Affiliate Transaction (or cause such sale or other disposition by the Company or a
Restricted Subsidiary to be deemed an Affiliate Transaction). 
 Section 4.12.    Designation of Restricted and
Unrestricted Subsidiaries. 
 (a)    The Board of Directors of the Company may designate any Restricted Subsidiary of
the Company to be an Unrestricted Subsidiary; provided that: 
 (i)    any Guarantee by the
Company or any Restricted Subsidiary thereof of any Indebtedness of the Subsidiary being so designated will be deemed to be an incurrence of Indebtedness by the Company or such Restricted Subsidiary (or both, if applicable) at the time of such
designation, and such incurrence of Indebtedness would be permitted under Section 4.09; 

(ii)    the aggregate value (as determined in accordance with this Indenture) of all outstanding
Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary being so designated (including any Guarantee by the Company or any Restricted Subsidiary thereof of any Indebtedness of such Subsidiary) will be deemed to be an
Investment made as of the time of such designation and that such Investment would be permitted under Section 4.08 hereof; 

(iii)    the Subsidiary being so designated has not Guaranteed or otherwise directly or indirectly provided
credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries, except (A) to the extent such Guarantee or credit support would be released upon such designation or (B) a pledge of the Equity Interests of the
Unrestricted Subsidiary that is the obligor thereunder; and 

  
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 (iv)    no Default or Event of Default would be in
existence following such designation. 
 (b)    Any designation of a Restricted Subsidiary of the Company as an
Unrestricted Subsidiary will be evidenced to the Trustee by delivering to the Trustee the Board Resolution giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the preceding conditions
and was permitted by this Indenture. If, at any time, any Unrestricted Subsidiary would fail to meet any of the preceding requirements described in clause (iii) above, it will thereafter cease to be an Unrestricted Subsidiary for purposes of
this Indenture and any Indebtedness, Investments, or Liens on the property, of such Subsidiary will be deemed to be incurred or made by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness, Investments or Liens are not
permitted to be incurred or made as of such date under this Indenture, the Company will be in default under this Indenture. 

(c)    The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted
Subsidiary; provided that: 
 (i)    such designation will be deemed to be an incurrence of
Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness (including any Obligations that are non-recourse) of such Unrestricted Subsidiary and such designation will only be
permitted if such Indebtedness is permitted under Section 4.09 hereof; and 
 (ii)    no Default or
Event of Default would be in existence following such designation. 
 Section 4.13.    Dividend and Other
Payment Restrictions Affecting Restricted Subsidiaries. 
 (a)    The Company will not, and will not permit any of
its Non-Guarantor Subsidiaries, to, directly or indirectly, create or otherwise cause or become effective any consensual encumbrance or consensual restriction on the ability of any such Non-Guarantor Subsidiary to: 
 (i)    (A) pay dividends or make any
other distributions to the Company or any Guarantors on its Capital Stock or with respect to any other interest or participation in, or measured by, its profits, or (B) pay any Indebtedness owed to the Company or any Guarantor; 

(ii)    make loans or advances to the Company or any Guarantor; or 

(iii)    sell, lease or transfer any of its properties or assets to the Company or any Guarantor, except
(in each case) for such encumbrances or restrictions existing under or by reason of: 

(A)    contractual encumbrances or restrictions (I) in effect on the Issue Date, or
(II) pursuant to the Credit Facilities and the related documentation and related Hedging Obligations; 

  
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 (B)    (I) this Indenture, the Notes and the Note
Guarantees, (II) the indentures governing the Existing Notes, the Existing Notes and the guarantees thereof, including any future guarantees, (III) the Security Documents and (IV) any agreement governing Indebtedness permitted to be
incurred pursuant to Section 4.09 hereof; provided that the provisions relating to restrictions of the type described in clauses (i) through (iii) above contained in such agreement, taken as a whole, (x) are not materially more
restrictive, taken as a whole, as determined in good faith by the Company, than the provisions contained in the Credit Facilities, the Security Documents (including, for the avoidance of doubt, in each case any amendments, supplements,
modifications, restatements or refinancings thereof), or in this Indenture or in the indentures governing the Existing Notes, as applicable, in each case as in effect when initially executed or (y) will not, in the good faith judgment of the
Company, affect the ability of the Company to make anticipated payments of principal, premium, if any, interest or any other payments on the Notes; 

(C)    purchase money obligations and Capital Lease Obligations that impose restrictions of the nature
discussed in clause (iii) above on the property so acquired or leased; 
 (D)    applicable law or
any applicable rule, regulation, license, permit or order; 
 (E)    (I) in the case of the
redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or consolidation of an Unrestricted Subsidiary into the Company or a Restricted Subsidiary or the transfer of all or substantially all of the assets
of an Unrestricted Subsidiary to the Company or a Restricted Subsidiary, any agreement or other instrument of such Unrestricted Subsidiary (but, in any such case, not created in contemplation thereof) and (II) any agreement or other instrument
of a Person acquired by or merged or consolidated with or into the Company or any of its Restricted Subsidiaries (including the acquisition of a minority interest of such Person) in existence at the time of such transaction (but not created in
contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so
acquired; 
 (F)    contracts for the direct or indirect sale or disposition of assets (including
agreements in connection with a sale and leaseback transaction or merger), including customary restrictions with respect to a 

  
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Subsidiary of the Company pursuant to an agreement that has been entered into for the direct or indirect sale or disposition of any of the Capital Stock or assets of such Subsidiary; 

(G)    Secured Indebtedness otherwise permitted to be incurred pursuant to Sections 4.06 and 4.09 hereof
that limit the right of the debtor to dispose of the assets securing such Indebtedness; 

(H)    restrictions on cash, Cash Equivalents or other deposits or net worth imposed by suppliers,
customers or landlords under contracts entered into in the ordinary course of business or arising in connection with any Permitted Liens; 

(I)    other Indebtedness, Disqualified Stock or Preferred Stock of
Non-Guarantor Subsidiaries permitted to be incurred subsequent to the Issue Date pursuant to Section 4.09 hereof; 

(J)    customary provisions in joint venture agreements or arrangements and other similar agreements or
arrangements relating solely to such joint venture or other arrangements; 
 (K)    customary provisions
contained in leases, sub-leases, licenses or sub-licenses and other agreements, including with respect to intellectual property, in each case, entered into in the
ordinary course of business or as is typical in the same or similar industries or that in the judgment of the Company would not materially impair the Company’s ability to make payments under the Notes when due; 

(L)    restrictions in agreements or instruments that prohibit the payment or making of dividends other
than on a pro rata basis; 
 (M)    provisions restricting assignment of any agreement entered into
prior to the date of this Indenture in the ordinary course of business; 
 (N)    customary provisions
restricting subletting or assignment of any lease governing a leasehold interest of any Restricted Subsidiary or the assignment of any license or sub-license agreement; 

(O)    restrictions or conditions contained in any trading, netting, operating, construction, service,
supply, purchase, sale or other agreement to which the Company or any of its Restricted Subsidiaries is a party entered into in the ordinary course of business; provided that such agreement prohibits the encumbrance of solely the property or
assets of the Company or such Restricted Subsidiary that are the subject to such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of the Company or such Restricted Subsidiary
or the assets or property of another Restricted Subsidiary; and 

  
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 (P)    any encumbrances or restrictions of the type
referred to in clauses (i), (ii) and (iii) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in
clauses (A) through (O) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, no more restrictive in
any material respect with respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

(b)    For purposes of determining compliance with this Section 4.13, (i) the priority of any Preferred Stock in
receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common equity shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of
(including the application of any standstill requirements to) loans and advances made to the Company or a Restricted Subsidiary to other Indebtedness incurred by the Company or such Restricted Subsidiary shall not be deemed a restriction on the
ability to make loans or advances. 
 Section 4.14.    Additional Guarantees. On or after the Issue Date, if
the Company or any Wholly Owned Domestic Subsidiary acquires or creates another Wholly Owned Domestic Subsidiary (other than an Excluded Subsidiary) that provides a Guarantee of the Company’s or any Guarantor’s obligations, or any Wholly
Owned Domestic Subsidiary (other than an Excluded Subsidiary) becomes an obligor, under any Material Indebtedness, then, within 30 days after such Wholly Owned Domestic Subsidiary provides such Guarantee or becomes such an obligor, the Company shall
cause each such Wholly Owned Domestic Subsidiary to execute a supplemental indenture substantially in the form attached hereto as Exhibit D, providing for a Note Guarantee by such Wholly Owned Domestic Subsidiary, and deliver such Security Documents
or supplements thereto as may be necessary to provide a Lien on all of such Guarantor’s assets (other than Excluded Assets) (provided that any extensions of time or waivers as are granted by the administrative agent under the Credit
Agreement for the comparable requirement under the Credit Agreement or any related loan document shall automatically be granted under this Indenture and the Security Documents). 

The Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to provide a Note Guarantee to become a
Guarantor, in which case such Subsidiary shall not be required to comply with the 30-day period described above. 

Section 4.15.    Waiver of Stay, Extension or Usury Laws. The Company and each Guarantor covenants (to the
extent permitted by applicable law) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the
Company from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in 

  
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force, or which may affect the covenants or the performance of this Indenture, and (to the extent permitted by applicable law) the Company and each Guarantor hereby expressly waives all benefit
or advantage of any such law, and covenants (to the extent permitted by applicable law) that it shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power
as though no such law had been enacted. 
 Section 4.16.    Covenant Suspension when Notes Obtain Investment
Grade Rating. 
 (a)    Beginning on the day of a Covenant Suspension Event (as defined below) and ending on a
Reversion Date (as defined below) (such period a “Suspension Period”) with respect to the Notes, Sections 4.08, 4.09, 4.10, 4.11, 4.13, 4.14 (but only with respect to any Person that is required to become a Guarantor after the date of the
commencement of the applicable Suspension Period) and 5.01(a)(iv) hereof will not be applicable to the Notes (collectively, the “Suspended Covenants”). 

(b)    On each Reversion Date, (i) all Indebtedness Incurred, or Disqualified Stock or Preferred Stock issued, during
the Suspension Period (or deemed incurred or issued in connection with a Limited Condition Transaction entered into during the Suspension Period) will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under
Section 4.09(b)(iii); (ii) any Affiliate Transaction entered into after such reinstatement pursuant to an agreement entered into during any Suspension Period shall be deemed to be permitted pursuant to Section 4.11(b)(viii) hereof;
(iii) any encumbrance or restriction on the ability of any Restricted Subsidiary that is not a Guarantor to take any action described in clauses (a)(i) through (a)(iii) of Section 4.13 hereof that becomes effective during any Suspension
Period shall be deemed to be permitted pursuant to Section 4.13(b) hereof; (iv) no Subsidiary of the Company shall be required to comply with Section 4.14 hereof after such reinstatement with respect to any Guarantee or obligation
entered into by such Subsidiary during any Suspension Period; and (v) all Investments made during the Suspension Period (or deemed made in connection with a Limited Condition Transaction entered into during the Suspension Period) will be
classified to have been made under clause (2)(i) of the definition of “Permitted Investments.” 

(c)    Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under
Section 4.08 hereof will be made as though Section 4.08 hereof had been in effect since the Issue Date and prior, but not during, the Suspension Period (including with respect to a Limited Condition Transaction entered into during the
Suspension Period). Accordingly, Restricted Payments made during the Suspension Period will not reduce the amount available to be made as Restricted Payments under Section 4.08(a) hereof. 

(d)    As described above, (i) no Default or Event of Default will be deemed to have occurred on the Reversion Date
as a result of any actions taken by the Company or its Restricted Subsidiaries during the Suspension Period that were permitted at such time and none of the Company nor any of its Subsidiaries shall bear any liability for any actions

  
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taken or events occurring during the Suspension Period, or any actions taken at any time pursuant to any contractual obligation arising during any Suspension Period, in each case as a result of a
failure to comply with the Suspended Covenants during the Suspension Period (or, upon termination of the Suspension Period or after that time based solely on any action taken or event that occurred during the Suspension Period), and
(ii) following a Reversion Date, the Company and each Restricted Subsidiary will be permitted, without causing a Default or Event of Default, to honor, comply with or otherwise perform any contractual commitments or obligations entered into or
arising during any Suspension Period and to consummate the transactions contemplated thereby, including any payments thereunder. 

(e)    Notwithstanding the foregoing, during the Suspension Period the Company shall not designate any of its Restricted
Subsidiaries to be Unrestricted Subsidiaries unless the Company would have been permitted to designate such Subsidiary as an Unrestricted Subsidiary if a Suspension Period had not been in effect for any period, and, following the Reversion Date,
such designation shall be deemed to have created an Investment or Restricted Payment pursuant to Section 4.08(d) hereof at the time of such designation. 

(f)    For purposes of Section 4.10 hereof, on the Reversion Date, the unutilized Excess Proceeds amount will be
reset to zero. 
 (g)    The Note Guarantees will be suspended during the Suspension Period. 

(h)    Any period of time that (i) the Notes have Investment Grade Ratings from at least two of Moody’s, S&P
and Fitch and (ii) no Default has occurred and is continuing under this Indenture is referred to as a “Covenant Suspension Event.” If on any subsequent date (the “Reversion Date”) any of Moody’s, S&P and
Fitch withdraws its Investment Grade Rating or downgrades the rating assigned to the Notes below an Investment Grade Rating (in each case, to the extent any such rating agency has given an Investment Grade Rating) the result of which is that the
Notes cease to have an Investment Grade Rating from at least two of Moody’s, S&P and Fitch, then the Company and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants with respect to future events. 

(i)    The Company shall deliver promptly to the Trustee an Officer’s Certificate notifying it of the occurrence of
any Covenant Suspension Event or Reversion Date; provided, however, that the Trustee shall have no obligation to ascertain or verify the occurrence of any Covenant Suspension Event or Reversion Date. 

(j)    There can be no assurance that the Notes will ever achieve or maintain Investment Grade Ratings. 

Section 4.17.    No Impairment of the Security Interests. Neither the Company nor any of the Guarantors will
be permitted to take any action, or knowingly or negligently omit to take any action, which action or omission would have the result of materially impairing the security interest with respect to the Collateral for the benefit of the Holders and the
Trustee, it being understood that any release of Collateral as permitted by this Indenture and the Security Documents will not be deemed to impair such security interests. 

  
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 Section 4.18.    Further Assurances. 

(a)    The Company and each Guarantor shall execute and file any and all further documents, financing statements,
amendments to financing statements, continuation statements, agreements and instruments, and take all such further actions that may be required under any applicable law, or that the Collateral Agent may reasonably request, to ensure that the Liens
of the Security Documents on the Collateral remain perfected with the priority contemplated thereby, all at the expense of the Company and Guarantors and provide to the Collateral Agent and the Trustee, from time to time upon reasonable request,
evidence reasonably satisfactory to the Collateral Agent and the Trustee as to the perfection and priority of the Liens created or intended to be created by the Security Documents. 

(b)    Upon request of the Collateral Agent at any time after an Event of Default has occurred and is continuing, the
Company will, and will cause its Restricted Subsidiaries to deliver to the Collateral Agent such reports relating to any such property or any Lien thereon as the Collateral Agent may reasonably request. 

Section 4.19.    Maintenance of Properties and Insurance. 

(a)     The Company will cause all material properties used in the conduct of its business or the business of any of the
Guarantors to be maintained and kept in good condition, repair and working order as is necessary in the reasonable judgment of the Company; provided that nothing in this Section 4.01 prevents the Company or any Restricted Subsidiary from
discontinuing the use, operation or maintenance of any of such properties or disposing of any of them, if such discontinuance or disposal is, in the judgment of the Company, desirable in the conduct of the business of the Company and its Restricted
Subsidiaries taken as a whole and such disposal otherwise complies with this Indenture. 
 (b)    The Company will
provide or cause to be provided, for itself and its Restricted Subsidiaries, insurance (including appropriate self-insurance) against loss or damage of the kinds customarily insured against by companies similarly situated and owning like properties,
including, but not limited to, products liability insurance and public liability insurance, with reputable insurers, in such amounts, with such deductibles and by such methods as are customary for companies similarly situated in the industry in
which the Company and its Restricted Subsidiaries are then conducting business 
 ARTICLE 5 

SUCCESSORS 

Section 5.01.    Merger, Consolidation, or Sale of Assets. (a) The Company may not: (1) consolidate
or merge with or into another Person (whether or not the Company is the surviving entity); or (2) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of the properties or assets of the Company and its
Restricted 

  
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Subsidiaries, taken as a whole, in one or more related transactions, to another Person, unless: 

(i)    either: (A) the Company is the surviving entity in such consolidation or merger; or
(B) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance, lease or other disposition has been made is an entity organized or existing under the
laws of any state of the United States or the District of Columbia (the Company or such Person, including the Person to which such sale, assignment, transfer, conveyance, lease or other disposition has been made, as the case may be, being herein
called the “Successor Company”); provided that at any time the Successor Company is not a corporation, there shall be a co-issuer of the Notes that is a corporation that satisfies the
requirements of this Section 5.01(a); 
 (ii)    the Successor Company (if other than the Company)
assumes all the obligations of the Company under the Notes, this Indenture and the Security Documents pursuant to a supplemental indenture; 

(iii)    immediately after such transaction, no Default or Event of Default exists; 

(iv)    (A) the Company (or its Successor Company, as applicable), on a Pro Forma Basis, would be permitted
to incur at least $1.00 of additional Indebtedness pursuant to the Total Net Leverage Ratio test set forth in Section 4.09(a) hereof, or (B) the Total Net Leverage Ratio for the Company (or the Successor Company, as applicable) and its
Restricted Subsidiaries would be less than or equal to such ratio for the Company and its Restricted Subsidiaries immediately prior to such transaction; and 

(v)    in any transaction in which the Company is not the Successor Company, the Company or the Successor
Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such transaction complies with this Indenture and, if applicable, all conditions precedent in this Indenture relating to the execution of the
supplemental indenture have been satisfied, and, with respect to the Opinion of Counsel, that such supplemental indenture is the legal, valid and binding obligation of the Successor Company. 

The foregoing provision shall also apply to any Guarantor with all references to the Company being substituted with such Guarantor;
provided that the foregoing provision shall not apply to a transaction pursuant to which such Guarantor shall be released from its obligations pursuant to Article 11 of this Indenture. 

(b)    For purposes of this Article 5, the sale, lease, conveyance, assignment, transfer or other disposition of all or
substantially all of the properties and assets of one or more Restricted Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Restricted Subsidiaries, would constitute all or substantially all of

  
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the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the
properties and assets of the Company. 
 (c)    Upon the execution and delivery of the supplemental indenture referred
to in Section 5.01(a)(ii), the predecessor company shall be released from its obligations under this Indenture and the Security Documents and the Successor Company shall succeed to, and be substituted for, and may exercise every right and power
of, the predecessor company under this Indenture, but, in the case of a lease of all or substantially all its assets, the predecessor shall not be so released. 

(d)    Notwithstanding the foregoing, clauses (iii) and (iv) of Section 5.01(a) shall not apply to (A) a
sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Company and its Restricted Subsidiaries, (B) any Restricted Subsidiary consolidating with, merging into or selling, assigning, transferring,
conveying, leasing or otherwise disposing of all or part of its properties and assets to the Company or to another Restricted Subsidiary (provided that, in the event that such Restricted Subsidiary is a Guarantor, it may consolidate with,
merge into or sell, assign, transfer, convey, lease or otherwise dispose of all or part of its properties and assets solely to the Company or another Guarantor) or (C) the Company or a Guarantor merging with an Affiliate solely for the purpose
and with the sole effect of reorganizing the Company or such Guarantor in another jurisdiction. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01.    Events of Default. (a) Each of the following is an “Event of Default”
with respect to the Notes: 
 (i)    the Company defaults in payment when due and payable, upon
redemption, acceleration or otherwise, of principal of, or premium, if any, on the Notes; 
 (ii)    the
Company defaults in the payment when due of interest on or with respect to the Notes and such default continues for a period of 30 days; 

(iii)    the Company defaults in the performance of, or breaches any covenant, warranty or other agreement
contained in, this Indenture (other than a default in the performance or breach of a covenant, warranty or agreement which is specifically dealt with in clauses (i) or (ii) above) or the Security Documents and such default or breach continues
for a period of 60 days after either the Trustee or Holders of at least 25% in aggregate principal amount of the outstanding Notes have given the Company (with a copy to the Trustee if given by such Holders) written notice of the breach in the
manner required by this Indenture; 

  
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 (iv)    (a) the Company fails to make any payment at
maturity, after giving effect to any applicable grace period, on any Indebtedness in a principal amount in excess of $150.0 million and continuance of this failure to pay or (b) the Company defaults on any Indebtedness which default
results in the acceleration of Indebtedness in a principal amount in excess of $150.0 million without such Indebtedness having been discharged or the acceleration having been cured, waived, rescinded or annulled, for a period of, in the case of
clause (a) or (b) of this Section 6.01(a)(iv), 30 days or more after the Company receives written notice from the Trustee or the Trustee receives written notice from the Holders of at least 25% in aggregate principal amount of the Notes
then outstanding; provided, however, that if the failure, default or acceleration referred to in clause (a) or (b) of this Section 6.01(a)(iv) shall cease or be cured, waived, rescinded or annulled, then the Event of Default
(and the consequences thereof) shall be deemed cured, annulled and cease to exist; 
 (v)    the Company
or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

(A)    commences a voluntary case; 

(B)    consents to the entry of an order for relief against it in an involuntary case; 

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

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

(E)    takes any comparable action under any foreign laws relating to insolvency; 

(vi)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A)    is for relief against the Company or any Significant Subsidiary in an involuntary case; 

(B)    appoints a custodian of the Company or any Significant Subsidiary or for all or substantially all
of the property or assets of the Company or any Significant Subsidiary; or 
 (C)    orders the
liquidation of the Company or any Significant Subsidiary, 
 and the order or decree remains unstayed and in effect for 60
days; 

  
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 (vii)    the Note Guarantee of a Significant Subsidiary
or any group of Restricted Subsidiaries that, taken together as of the date of the most recent audited financial statements of the Company, would constitute a Significant Subsidiary ceases to be in full force and effect (except as contemplated by
the terms of this Indenture) or any Guarantor denies or disaffirms its obligations under this Indenture, the Security Documents or any Note Guarantee, other than by reason of the release of such Note Guarantee in accordance with the terms of this
Indenture; or 
 (viii)    (A) the Liens created by the Security Documents securing the Notes or Note
Guarantees thereof shall at any time not constitute perfected Liens on any portion of the Collateral intended to be covered thereby (to the extent perfection is required by this Indenture or such Security Documents) other than in accordance with the
terms of such relevant Security Document and this Indenture and other than the satisfaction in full of all Obligations under this Indenture or release or amendment of any such Lien in accordance with the terms of this Indenture or such Security
Documents, or (B) except for expiration in accordance with its terms or amendment, modification, waiver, termination or release in accordance with the terms of this Indenture and such relevant Security Document, any such Security Document shall
for whatever reason be terminated or cease to be in full force and effect, if, in the case, such default continues for 30 days after notice by the Collateral Agent or the Holders of at least 30% in principal amount of the then total outstanding
Notes and such default occurs with respect to a portion of the Collateral exceeding $50.0 million in fair market value, or (c) the enforceability thereof shall be contested by the Company or any Guarantor. 

Section 6.02.    Acceleration. (a) If an Event of Default specified in clause (v) or (vi) of
Section 6.01(a) with respect to the Company occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on all of the outstanding Notes shall automatically become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any Holder. 
 (b)    (i) If any Event of
Default (other than an Event of Default specified in clauses (v) or (vi) of Section 6.01(a) with respect to the Company) shall occur and be continuing, the Trustee or the Holders of at least 25% in principal amount of outstanding Notes
issued under this Indenture may declare the principal of, premium, if any, and accrued interest and Additional Amounts, if any, on the Notes to be immediately due and payable by notice in writing to the Company and the Trustee (if given by the
Holders) specifying the respective Event of Default and that it is a “notice of acceleration” (the “Acceleration Notice”), and the same shall become immediately due and payable. 

(ii)    Any notice of Default, Acceleration Notice or instruction to the Trustee to provide a notice of
Default, Acceleration Notice or take any other action (a “Noteholder Direction”) provided by any one or more Holders (each a “Directing Holder”) must be accompanied by a written representation from each such Holder
to the Company and the Trustee that such Holder is not (or, in the case such Holder is the Common Depositary or its nominee, that such Holder is 

  
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being instructed solely by beneficial owners that have represented to such Holder that they are not) Net Short (a “Position Representation”), which representation, in the case of
a Noteholder Direction relating to a notice of Default shall be deemed repeated at all times until the resulting Event of Default is cured or otherwise ceases to exist or the Notes are accelerated. In addition, each Directing Holder must, at the
time of providing a Noteholder Direction, covenant to provide the Company with such other information as the Company may reasonably request from time to time in order to verify the accuracy of such Holder’s Position Representation within five
Business Days of request therefor (a “Verification Covenant”). The Trustee shall have no duty whatsoever to provide this information to the Company or to obtain this information for the Company. In any case in which the Holder is
the Common Depositary or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial owner of the Notes in lieu of the Common Depositary or its nominee. If, following the delivery of a
Noteholder Direction, but prior to the acceleration of the Notes, the Company determines in good faith that there is a reasonable basis to believe a Directing Holder providing such Noteholder Direction was, at any relevant time, in breach of its
Position Representation and provides to the Trustee evidence that the Company has filed papers with a court of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and
seeking to invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Event of Default shall be automatically stayed pending a final and
non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Company provides to the
Trustee an Officer’s Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be automatically
stayed pending satisfaction of such Verification Covenant. Any breach of the Position Representation shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without the participation of such Holder,
the percentage of Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such
Event of Default shall be deemed never to have occurred and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of such Event of Default; provided, however, this shall not invalidate any indemnity
or security provided by the Directing Holders to the Trustee which obligations shall continue to survive. With their acquisition of the Notes, each Holder and subsequent purchaser of the Notes consents to the delivery of its Position Representation
by the Trustee to the Company in accordance with the terms of this Section. Each Holder and subsequent purchaser of the Notes waives any and all claims, in law and/or in equity, against the Trustee and agrees not to commence any legal proceeding
against the Trustee in respect of, and agrees that the Trustee will not be liable for any action that the Trustee takes in accordance 

  
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with this Section, or arising out of or in connection with following instructions or taking actions in accordance with a Noteholder Direction. The Company hereby agrees to waive any and all
claims, in law and/or in equity, against the Trustee, and not to commence any legal proceeding against the Trustee in respect of, and agrees that the Trustee will not be liable for any action that the Trustee takes in accordance with this Section,
or arising out of or in connection with following instructions or taking actions in accordance with a Noteholder Direction except to the extent of the Trustee’s gross negligence or willful misconduct. The Company confirms that any and all other
actions that the Trustee takes or omits to take under this Section and all fees, costs and expenses of the Trustee and its agents and counsel arising hereunder and in connection herewith shall be covered by the Company’s indemnifications under
the indemnification section of this Indenture. 
 Notwithstanding the foregoing, if the Company so elects and communicates in writing to the
Trustee, the sole remedy of the Holders for a failure to comply with Section 4.03, will for the first 180 days after the occurrence of such failure consist exclusively of the right to receive additional interest (“Additional
Interest”) on the Notes at a rate per annum equal to 0.25% for the first 180 days after the occurrence of such failure. The Additional Interest will accrue on all outstanding Notes from and including the date on which such failure first
occurs until such violation is cured or waived and shall be payable on each interest payment date to Holders of record on the regular record date immediately preceding the interest payment date. On the 181st day after such failure (if such violation
is not cured or waived prior to such 181st day), such failure will then constitute an Event of Default without any further notice or lapse of time and the Notes will be subject to acceleration as provided herein. 

(c)    At any time after a declaration of acceleration of the unpaid principal, premium (if any) and accrued and unpaid
interest has occurred with respect to the Notes as described in Section 6.02(a) or (b), the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind and cancel such declaration and its consequences by
written notice to the Company and the Trustee: 
 (i)    if the rescission would not conflict with any
judgment or decree; 
 (ii)    if all existing Events of Default have been cured or waived except
nonpayment of principal, premium, if any, or accrued interest and Additional Amounts, if any, that has become due solely because of the acceleration; 

(iii)    to the extent the payment of such interest is lawful, interest on overdue installments of interest
and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; 

(iv)    if the Company has paid the Trustee its compensation and reimbursed the Trustee for its expenses
(including the fees and expenses of its counsel), disbursements and advances; and 

  
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 (v)    in the event of the cure or waiver of an Event of
Default under this Indenture of the type described in clause (iv) of Section 6.01(a), the Trustee shall have received an Officer’s Certificate that such Event of Default has been cured or waived. 

No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

(d)    If a Default for a failure to report or failure to deliver a required certificate in connection with another
default (the “Initial Default”) occurs, then at the time such Initial Default is cured, such Default for a failure to report or failure to deliver a required certificate in connection with another default that resulted solely
because of that Initial Default will also be cured without any further action. 
 (e)    Any Default or Event of Default
for the failure to comply with the time periods prescribed in Section 4.03 or otherwise to deliver any notice or certificate pursuant to any other provision of this Indenture shall be deemed to be cured upon the delivery of any such report
required by Section 4.03 or such notice or certificate, as applicable, even though such delivery is not within the prescribed period specified in this Indenture. 

Section 6.03.    Other Remedies. (a) If a Default occurs and is continuing, the Trustee may pursue any
available remedy by proceeding at law or in equity to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

(b)    The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them
in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon a Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Default. No remedy is exclusive of
any other remedy. All available remedies are cumulative to the extent permitted by law. 
 (c)    Holders of the Notes
may not enforce this Indenture or the Notes, except as provided in this Indenture. The Trustee is under no obligation to exercise any of its rights or powers under this Indenture at the request, order or direction of any of the Holders, unless such
Holders have offered to the Trustee indemnity or security satisfactory to the Trustee. 

Section 6.04.    Waiver of Past Defaults. The Holders of a majority in aggregate principal amount of Notes at
the time then outstanding may on behalf of the Holders of all the Notes waive any Default with respect to such Notes and its consequences by providing written notice thereof to the Company and the Trustee, except a Default in the payment of the
principal of, premium, if any, or interest on the Notes or a covenant or provision of this Indenture which cannot be modified or amended without the consent of the Holder of each outstanding Note affected. In the case of any such waiver, the
Company, the Trustee and the Holders shall be restored to their former positions and rights under this Indenture, respectively; provided that no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereto. 

  
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 Section 6.05.    Control by Majority. Subject to the other
provisions of this Indenture and applicable law, the Holders of not less than a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee or exercising any trust or power conferred on it. The Trustee may refuse to follow any direction that conflicts with any law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of another Holder, or that
may involve the Trustee in personal liability, it being expressly understood that the Trustee shall not have an affirmative duty to ascertain whether such action is prejudicial; provided that the Trustee may take any other action deemed
proper by the Trustee which is not inconsistent with such direction. In the event the Trustee takes any action or follows any direction pursuant to this Indenture, the Trustee shall be indemnified to its satisfaction against any losses, expenses,
claims and liabilities caused by taking such action or following such direction. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default if it determines that withholding notice is in their interest,
except a Default or Event of Default relating to the payment of the principal of, premium, if any, or interest on the Notes. 

Section 6.06.    Limitation on Suits. A Holder may not pursue any remedy with respect to this Indenture or the
Notes unless: 
 (i)    the Holder gives to the Trustee written notice of a continuing Event of Default;

 (ii)    the Holder or Holders of at least 25% in principal amount of the outstanding Notes make a
written request to the Trustee to pursue the remedy; 
 (iii)    such Holder or Holders offer and provide
to the Trustee indemnity reasonably satisfactory to the Trustee against any loss, claim, liability or expense; 

(iv)    the Trustee does not comply with the request within 45 days after receipt of the request and the
offer and the provision of indemnity; and 
 (v)    during such 45-day period the Holder or Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a direction in accordance with
Section 6.04 which is inconsistent with the request. 
 Section 6.07.    Rights of Holders of Notes
to Receive Payment. Notwithstanding any other provision of this Indenture, the contractual right of any Holder to receive payment of principal of and interest on a Note, on or after the respective due dates expressed in such Note, or to bring
suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of the Holder. 

  
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 Section 6.08.    Collection Suit by Trustee. If a Default in
payment of principal or interest specified in clauses (i) or (ii) of Section 6.01(a) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or any other obligor on
the Notes for the whole amount of principal and accrued interest and Additional Amounts, if any, and fees remaining unpaid, together with interest on overdue principal and, to the extent that payment of such interest is lawful, interest on overdue
installments of interest, in each case at the rate per annum borne by the Notes and such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable expenses, disbursements and
advances of the Trustee, its agents and counsel. 
 Section 6.09.    Trustee May File Proofs of Claim. The
Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relating to the Company, its creditors or its property and shall be entitled and empowered to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute the same, and any custodian in any such judicial proceedings is hereby authorized by each Holder to make such payments to the Trustee and, in the event such payments shall be made directly to the
Holders, to pay to each of the Trustee and the Agents any amount due to it for the compensation, expenses, disbursements and advances of the Trustee, the Agents and their respective agents and counsel, and any other amounts due the Trustee and the
Agents under Section 7.06. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the
Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. The Trustee shall be entitled to participate as a member of any official committee of creditors in the
matters as it deems necessary or advisable. 
 Section 6.10.    Priorities. Subject to the provisions of
Article 11, if the Trustee or the Collateral Agent, as the case may be, collects any money or property pursuant to this Article 6 (including upon any realization of any Lien upon Collateral), it shall, subject to the terms of the Security Documents
and the Intercreditor Agreement, pay out the money or property in the following order: 
 First: to the Trustee and the Agents for
amounts due under Section 7.06; 
 Second: to Holders for interest accrued on the Notes, ratably, without preference or priority
of any kind, according to the amounts due and payable on the Notes for interest; 
 Third: to Holders for principal amounts due and
unpaid on the Notes, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal; and 

  
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 Fourth: to the Company or, if applicable, the Guarantors, as their respective
interests may appear. 
 The Trustee, upon prior notice to the Company, may fix a record date and payment date for any payment to Holders
pursuant to this Section 6.10. 
 Section 6.11.    Undertaking for Costs. In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or Holders of more than 10% in principal amount of the outstanding Notes.

 ARTICLE 7 

TRUSTEE 

Section 7.01.    Duties of Trustee. (a) The Trustee, prior to the occurrence of an Event of Default of
which a Responsible Officer of the Trustee shall have actual knowledge and after the curing of all such Events of Defaults which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture. If an Event of Default of which a Responsible Officer of the Trustee shall have actual knowledge has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same
degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

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

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

(ii)    the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, with respect to certificates or opinions specifically required by any provision hereof to be furnished
to it, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture; provided, however, that the Trustee shall not be responsible for the accuracy or content of
any resolution, certificate, statement, opinion, report, document, order or other instrument furnished to it hereunder. 

  
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 (c)    The Trustee may not be relieved from liabilities for its own
grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that: 

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

 (ii)    the Trustee will not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; and 

(iii)    the Trustee will not be liable with respect to any action it takes or omits to take in good faith
in accordance with a direction received by it pursuant to Section 6.05 hereof. 
 (d)    No provision of this
Indenture will require the Trustee to expend or risk its own funds or incur any liability for the performance of any of its duties hereunder or the exercise of any of its rights or powers. The Trustee will be under no obligation to exercise any of
its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to the Trustee against any loss, liability or expense. 

(e)    The Trustee will not be liable for interest on, and will not be obligated to invest, any money received by it
except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02.    Rights of Trustee. (a) The Trustee may conclusively rely upon any document believed in
good faith by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. It shall not be the duty of the Trustee to see that any duties or obligations
imposed herein upon the Company or other persons are performed, and the Trustee shall not be liable or responsible for the failure of the Company or other persons perform any act required of them by this Indenture. 

(b)    Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of
Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel of its own selection and the advice of
such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c)    The Trustee may execute any of the trusts or powers hereunder and perform any duties hereunder either directly or
through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with due care. 

  
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 (d)    The Trustee will not be liable for any action it takes or omits
to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture and any Security Document. 

(e)    Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company
will be sufficient if signed by an Officer of the Company. 
 (f)    The Trustee will be under no obligation to exercise
any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the losses, claims, liabilities
and expenses that might be incurred by it in compliance with such request or direction. 
 (g)    In no event shall the
Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action. 
 (h)    The Trustee shall not be deemed to have notice of any
Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and
such notice references the Notes and this Indenture. 
 (i)    The rights, privileges, protections, immunities and
benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Agents, and the Trustee, in each of its capacities hereunder, the Collateral Agent (including in its
capacity as the Authorized Representative), each other Agent and each agent, custodian, and other Person employed to act hereunder. 

(j)    The Trustee may request that the Company and each Guarantor deliver an Officer’s Certificate setting forth the
names of individuals and titles of Officers authorized at such time to take specified actions pursuant to this Indenture. 

(k)    The right of the Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a
duty, and the Trustee shall not be answerable for other than its gross negligence or willful misconduct in the performance of such act. 

(l)    Notwithstanding any provision herein to the contrary, in no event shall the Trustee be liable for any failure or
delay in the performance of its obligations under this Indenture because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, pandemics, epidemics, recognized public
emergencies, quarantine restrictions, fire, riot, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated by
this Indenture, inability to obtain material, equipment, or communications or computer facilities, or the failure of equipment or interruption of communications or computer 

  
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facilities or unavailability of the Federal Reserve Bank wire or facsimile or other wire communication facility, use or infiltration of the Trustee’s technological infrastructure exceeding
authorized access and other causes beyond its control whether or not of the same class or kind as specifically named above. 

(m)    The rights, powers duties and obligations and actions of the Trustee under this Indenture are several and not joint
or joint and several. 
 (n)    The Paying Agent shall be entitled to deal with money paid to it by the Company for the
purposes of this Indenture in the same manner as other money paid to a banker by its customers and shall not be liable to account to the Company for any interest or other amounts in respect of the money. 

(o)    In acting under this Indenture and in connection with the Notes, the Paying Agents shall act solely as agents of
the Company and will not assume any obligations towards or relationship of agency or trust for or with any of the owners or Holders of the Notes. 

Section 7.03.    Individual Rights of Trustee. The Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must
eliminate such conflict within 90 days, apply to the Commission for permission to continue as trustee or resign. The Trustee is also subject to Section 7.09 hereof. 

Section 7.04.    Trustee’s Disclaimer. The Trustee will not be responsible for and makes no
representation as to the validity or adequacy of this Indenture, any related offering material or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the
Company’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital
herein, any statement in the Notes, the Offering Memorandum or any other document in connection with the sale of the Notes or pursuant to this Indenture or the legality or validity of the Notes or this Indenture other than its certificate of
authentication. 
 Section 7.05.    Notice of Defaults. If a Default or Event of Default occurs and is
continuing and if it is actually known to a Responsible Officer of the Trustee in accordance with Section 7.02(h), the Trustee will provide to Holders a notice of the Default or Event of Default within 90 days after the Trustee has such actual
knowledge thereof. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on, any Note, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the
notice is in the interests of the Holders. 
 Section 7.06.    Compensation and Indemnity. (a) The
Company will pay to the Trustee and Agents from time to time compensation for its acceptance of this Indenture 

  
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and services hereunder as shall previously have been agreed upon between the Company and the Trustee. The Trustee’s compensation will not be limited by any law on compensation of a trustee
of an express trust. The Company will reimburse the Trustee and Agents promptly upon request for all reasonable and documented disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such
expenses will include the reasonable and documented compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(b)    The Company and each Guarantor, jointly and severally, will indemnify the Trustee and Agents and any director,
officer, employee or agent of the Trustee and hold each of them harmless for, from and against any and all losses, liabilities, claims, damages or expenses incurred by it (i) arising out of or in connection with the acceptance and/or
administration of its duties under this Indenture, including, without limitation, the reasonable and documented costs and expenses (including the costs and expenses of the Trustee’s agents and counsel) of enforcing this Indenture against the
Company and the Guarantors (including this Section 7.06) and defending itself against any claim (whether asserted by the Company, the Guarantors, any Holder or any other Person) or (ii) arising out of or in connection with the exercise or
performance of any of its powers or duties hereunder and/or the exercise of its rights, except to the extent any such loss, liability or expense may be attributable to its own gross negligence or willful misconduct, as determined by a court of
competent jurisdiction in a final non-appealable order. The Trustee will notify the Company promptly of any claim of which a Responsible Officer has received written notice for which it may seek indemnity.
Failure by the Trustee to so notify the Company will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor, as the case may be, will defend the claim and the Trustee will cooperate in the
defense. The Trustee may have separate counsel of its selection and the Company and the Guarantors, as applicable, will pay the reasonable and documented fees and expenses of such counsel; provided, however, that the Company and any
Guarantor shall not be required to pay such fees and expenses if it assumes such indemnified party’s defense and, in such indemnified party’s reasonable judgment, there is no conflict of interest or potential conflict of interest between
the Company and the Guarantors, as applicable, and such party in connection with such defense. Neither the Company nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld, conditioned
or delayed. 
 (c)    The obligations of the Company and the Guarantors under this Section 7.06 will survive
payment of the Notes, resignation or removal of the Trustee or any Agent, the satisfaction and discharge of this Indenture or other termination of this Indenture. 

(d)    To secure the Company’s and the Guarantors’ payment obligations in this Section 7.06, the Trustee
will have a senior claim to the Notes on all money or property held or collected by the Trustee, except with respect to amounts held in trust to pay principal and interest on particular Notes. Such claim will survive the satisfaction and discharge
of this Indenture. 
 (e)    When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(a)(v) or (vi) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

  
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 Section 7.07.    Replacement of Trustee. (a) A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.07. 

(b)    The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the
Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee upon written notice to the Trustee at
any time and for any reason, including if: 
 (i)    the Trustee fails to comply with Section 7.09
hereof; 
 (ii)    the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with
respect to the Trustee under any Bankruptcy Law; 
 (iii)    a custodian, receiver or public officer
takes charge of the Trustee or its property; or 
 (iv)    the Trustee becomes incapable of acting. 

(c)    If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company
will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor
Trustee appointed by the Company. 
 (d)    If a successor Trustee does not take office within 30 days after the
retiring Trustee resigns or is removed, the retiring Trustee (at the expense of the Company), the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction
for the appointment of a successor Trustee. 
 (e)    If the Trustee, after written request by any Holder who has been a
Holder for at least six months, fails to comply with Section 7.09 hereof, such Holder may petition at the expense of the Company any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f)    A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the
Company. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its
succession to Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in
Section 7.06. Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the Company’s and the Guarantors’ obligations under Section 7.06 will continue for the benefit of the retiring Trustee. 

  
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 Section 7.08.    Successor Trustee by Merger, Etc. If the
Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business (including any corporate trust business contemplated by this Indenture) to, another corporation, or banking association, the
successor corporation or banking association without any further act will be the successor Trustee. 

Section 7.09.    Eligibility; Disqualification. There will at all times be a Trustee hereunder that is a
corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trust powers, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. 

ARTICLE 8 
 LEGAL
DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01.    Option to Effect Legal Defeasance or Covenant Defeasance. The Company may at any time, at the
option of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate delivered to the Trustee, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes and Note Guarantees upon
compliance with the conditions set forth below in this Article 8. 
 Section 8.02.    Legal Defeasance and
Discharge. Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors will, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, be deemed to have been released from their obligations with respect to all outstanding Notes (including the related Note Guarantees), and have Liens, if any, on the Collateral securing the Notes released, on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented
by the outstanding Notes (including the Note Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (i) and
(ii) below, and to have satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on written demand of and at the expense of the Company, shall execute instruments acknowledging the same, such
instruments to be prepared and delivered to the Trustee by the Company), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

(i)    the rights of Holders of outstanding Notes issued hereunder to receive payments in respect of the
principal of, or interest or premium, if any, on the Notes when such payments are due from the trust referred to below; 

  
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 (ii)    the Company’s obligations with respect to
the Notes issued hereunder, including, but not limited to, its right to be indemnified, concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment;

 (iii)    the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
obligations of the Company and the Guarantors in connection therewith; and 
 (iv)    this Article 8.

 Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03 hereof. 
 Section 8.03.    Covenant Defeasance. Upon the
Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released
from each of their obligations under the covenants contained in Sections 4.03, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.17, 4.18, 4.19 and 5.01(a)(iii) hereof with respect to the outstanding Notes, and have Liens, if any, on the
Collateral securing the Notes released, on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other
purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and the Note Guarantees, the Company and the
Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by
reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default with respect to the Notes under Section 6.01 hereof, but,
except as specified above, the remainder of this Indenture and such Notes and Note Guarantees, will be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this
Section 8.03 with respect to the Notes, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, and clauses (iii), (iv), (v) (with respect to a Significant Subsidiary), (vi) (with respect to a Significant
Subsidiary) and (vii) of Section 6.01(a) will not constitute Events of Default with respect to such Notes. 

  
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 Section 8.04.    Conditions to Legal or Covenant Defeasance.
(a) In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 

(i)    the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of
the Notes cash in euro, non-callable Euro Government Obligations, or a combination of cash in euro and non-callable Euro Government Obligations, in amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants delivered to the Trustee,
to pay the principal of, and interest and premium, if any, on the outstanding Notes issued hereunder on the Stated Maturity or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased
to maturity or to a particular redemption date; 
 (ii)    in the case of an election under
Section 8.02 hereof, the Company has delivered to the Trustee an Opinion of Counsel confirming that (a) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the Issue Date,
there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel will confirm that, the beneficial owners of the outstanding Notes issued hereunder will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred; 
 (iii)    in the case of an election under Section 8.03 hereof, the
Company has delivered to the Trustee an Opinion of Counsel confirming that the beneficial owners of the outstanding Notes issued hereunder will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant
Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(iv)    no Default or Event of Default shall have occurred and be continuing on the date of such deposit
(other than a Default or Event of Default resulting from, or arising in connection with, the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowing); 

(v)    such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or
constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 

(vi)    the Company must deliver to the Trustee an Officer’s Certificate stating that the deposit
referred to in clause (i) was not made by the Company with the intent of preferring the Holders of the Notes over the other creditors of the Company or any Guarantor or with the intent of defeating, hindering, delaying or defrauding creditors
of the Company or any Guarantor or others; and 

  
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 (vii)    the Company must deliver to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance of the Notes have been complied with. 

(b)    Notwithstanding the foregoing, the Opinion of Counsel required by clauses (a)(ii) and (a)(iii) above with respect
to a Legal Defeasance or a Covenant Defeasance, as applicable, need not be delivered if all the Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable on the
maturity date within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 

(c)    Upon satisfaction of the conditions set forth herein and upon the written request of the Company, the Trustee shall
acknowledge in writing the discharge of those obligations that the Company terminates, such instrument of acknowledgment to be prepared and delivered to the Trustee by the Company. 

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

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

  
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 Section 8.06.    Repayment to Company. Any money or property
deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for the earlier of (i) two years after such principal,
premium, if any, or interest has become due and payable and (ii) such time as the money or property escheats to the state, shall be paid to the Company on its request or (if then held by the Company) will be discharged from such trust; and the
Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, will
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall Street
Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining
will be repaid to the Company. 
 Section 8.07.    Reinstatement. If the Trustee or Paying Agent is unable
to apply any euros or non-callable Euro Government Obligations in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s and the Guarantors’ obligations under this Indenture and the applicable Notes and related Note Guarantees
will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as
the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the
Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01.    Without Consent of Holders of Notes. Without the consent of any Holder of Notes, the Company,
the Guarantors, the Trustee and the Collateral Agent may amend or supplement this Indenture, the Security Documents, the Notes or the Note Guarantees: 

(i)    to cure any ambiguity, mistake, defect or inconsistency; 

(ii)    to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(iii)    to provide for the assumption by a Successor Company or a successor company of a Guarantor, as
applicable, of the Company’s or such Guarantor’s obligations under this Indenture; 

  
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 (iv)    to make any change that would provide any
additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights hereunder of any Holder in any material respect; 

(v)    to secure the Notes; 

(vi)    to add a Note Guarantee; 

(vii)    to conform the text of this Indenture or the Notes (including the related Note Guarantees) to any
provision of the “Description of Notes” included in the Offering Memorandum; 
 (viii)    to
provide for the issuance of Additional Notes in accordance with the provisions set forth in this Indenture; 

(ix)    to release a Guarantor from its Note Guarantee; provided that such release is in accordance
with the applicable provisions of this Indenture; 
 (x)    to evidence and provide for the acceptance of
appointment by a successor trustee or a successor collateral agent under the Security Documents; 

(xi)    to release any Lien granted in favor of the Holders of the Notes pursuant to Section 4.06 upon
release of the Lien securing the underlying obligation that gave rise to such Lien; or 
 (xii)    to
provide for the accession of any parties to the Security Documents (and other amendments that are administrative or ministerial in nature) in connection with an incurrence of additional First-Priority Obligations permitted by this Indenture, 

provided that the Company has delivered to the Trustee an Opinion of Counsel and an Officer’s Certificate, each stating that such
amendment or supplement complies with the provisions of this Section 9.01. 
 In addition, without the consent of holders of at least
66 2/3% in principal amount of Notes then outstanding, no amendment, supplement or waiver may modify any Security Document or the provisions in this Indenture dealing with the Collateral or the Security Documents that would have the impact of
releasing all or substantially all of the Collateral from the Liens of the Security Documents (except as permitted by the terms of this Indenture and the Security Documents) or change or alter the priority of the security interests in the
Collateral. 
 Notwithstanding the foregoing, if the euro is unavailable to the Company due to the imposition of exchange controls or other
circumstances beyond the Company’s control (including the dissolution of the euro) or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the
settlement of transactions by public institutions of or within the international banking community, the Company and the Trustee and Paying Agent shall 

  
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be permitted, without the consent of any other Person, to amend the terms of this Indenture and the Notes to change the currency in which the obligations of the Company hereunder are payable in a
manner consistent with then-prevailing market practice for similarly situated issuers. 
 Section 9.02.    With
Consent of Holders of Notes. (a) Subject to Section 6.07, the Company, the Guarantors and the Trustee, together, with the written consent of the Holder or Holders of a majority in aggregate principal amount of the Notes then
outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), may amend or supplement this Indenture, the Security Documents or the Notes without notice to any
other Holders. Subject to Section 6.07, the Holder or Holders of a majority in aggregate principal amount of the Notes then outstanding may waive any existing default or compliance with any provision of this Indenture or the Notes (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes) without notice to any other Holders (except a default in respect of the payment of principal of, premium, if any, or interest
on the Notes or a covenant or provision of this Indenture which cannot be modified or amended without the consent of the Holder of each outstanding Note affected). 

(b)    Notwithstanding Section 9.02(a), without the consent of each Holder of an outstanding Note affected, an
amendment or waiver of this Indenture, including a waiver pursuant to Section 6.04, the Security Documents, the Notes or the Note Guarantees may not: 

(i)    reduce the principal amount of Notes issued hereunder whose Holders must consent to an amendment,
supplement or waiver; 
 (ii)    reduce the principal of or change the fixed maturity of any Note issued
hereunder or alter the provisions with respect to the redemption of the outstanding Notes issued under this Indenture (other than provisions relating to Section 4.07 hereof, except as set forth in clause (x) below); 

(iii)    reduce the rate of or change the time for payment of interest on any Note issued hereunder; 

(iv)    waive a Default or Event of Default in the payment of principal of, or interest or premium, if any,
on the outstanding Notes issued hereunder (except a rescission of acceleration of the Notes issued hereunder by the Holders of a majority in aggregate principal amount of the then outstanding Notes issued hereunder with respect to a nonpayment
default and a waiver of the payment default that resulted from such acceleration); 
 (v)    make any
Note payable in money other than that stated in the Notes (subject to the provisions set forth in the final paragraph of Section 9.01); 

(vi)    make any change in the provisions of this Indenture relating to waivers of past Defaults or the
rights of Holders of Notes hereunder to receive 

  
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payments of principal of, or interest or premium, if any, on the Notes or impair the right of any Holder of the Notes to institute suit for the enforcement of any payment on or with respect to
the Notes; 
 (vii)    waive a redemption payment with respect to any Note issued under this Indenture
(other than a payment required by Section 4.07 hereof, except as set forth in clause (x) of this Section 9.02(b)); 

(viii)    make any change in the ranking or priority in right of payment of any Note issued hereunder that
would adversely affect the Holders of the Notes (other than with respect to provisions relating to Section 4.06); 

(ix)    modify the Note Guarantees in any manner adverse to the Holders of Notes; 

(x)    amend, change or modify in any material respect the obligation of the Company to make and consummate
a Change of Control Offer with respect to the Notes in respect of a Change of Control that has occurred; or 

(xi)    make any change in the preceding amendment and waiver provisions. 

(c)    It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular
form of any proposed amendment, supplement or waiver but it shall be sufficient if such consent approves the substance thereof. 

(d)    After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall give to
the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to give such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment,
supplement or waiver. 
 Section 9.03.    Revocation and Effect of Consents. (a) Until an amendment,
waiver or supplement becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the
consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to his or her Note or portion of his or her Note by written notice to the Trustee or the Company received before the date on which the Trustee
receives an Officer’s Certificate certifying that the Holders of the requisite principal amount of Notes have consented (and not theretofore revoked such consent) to the amendment, supplement or waiver. 

(b)    The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders
entitled to consent to any amendment, supplement or waiver which record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then notwithstanding the last sentence of Section 9.03(a), those
Persons who were Holders at such record date (or their duly designated proxies), and 

  
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only those Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or
effective for more than 90 days after such record date. The Company shall inform the Trustee in writing of the fixed record date if applicable. 

(c)    After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change
described in any of clauses (i) through (xi) of Section 9.02(b), in which case, the amendment, supplement or waiver shall bind only each Holder of a Note who has consented to it and every subsequent Holder of a Note or portion of a Note
that evidences the same debt as the consenting Holder’s Note; provided that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of and interest on a Note, on or after the respective due
dates expressed in such Note, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder. 

Section 9.04.    Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of
a Note, the Company may require the Holder of the Note to deliver it to the Trustee. The Company shall provide the Trustee with an appropriate notation on the Note about the changed terms and cause the Trustee to return it to the Holder at the
Company’s expense. Alternatively, if the Company so determines, the Company in exchange for the Note shall issue and the Trustee shall, upon receipt of an Authentication Order, authenticate a new Note that reflects the changed terms. Failure to
make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 

Section 9.05.    Trustee and Collateral Agent to Sign Amendments, Etc. The Trustee and/or the Collateral Agent
shall execute any amendment, supplement or waiver authorized pursuant to this Article 9; provided that the Trustee and/or the Collateral Agent may, but shall not be obligated to, execute any such amendment, supplement or waiver which affects
the Trustee’s and/or the Collateral Agent’s, as applicable, own rights, duties or immunities under this Indenture. The Trustee and/or the Collateral Agent shall receive, and shall be fully protected in relying upon, an Opinion of Counsel
and an Officer’s Certificate each stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article 9 is authorized or permitted by this Indenture and constitutes the legal, valid and binding obligations of
the Company enforceable in accordance with its terms. Such Opinion of Counsel and Officer’s Certificate shall be at the expense of the Company. 

ARTICLE 10 

COLLATERAL AND SECURITY 

Section 10.01.    Security Documents. 

(a)    The due and punctual payment of the Obligations, including payment of the principal of, premium on, if any, and
interest on, the Notes when and as the same shall be due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium on,

  
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if any, and interest on the Notes, according to the terms hereunder or thereunder, are secured as provided in the Security Documents which the Company and Guarantors have entered into
simultaneously with the execution of this Indenture and will be secured by Security Documents hereafter delivered as required by this Indenture. The Trustee and the Company hereby acknowledge and agree that the Collateral Agent holds the Collateral
in trust for the benefit of the Holders and the Trustee, in each case pursuant and subject to the terms of the Security Documents. 

(b)    Each Holder, by its acceptance thereof, consents and agrees to the terms of the Security Documents (including,
without limitation, the provisions providing for possession, use, release and foreclosure of Collateral and the terms of the Intercreditor Agreement) as the same may be in effect or may be amended from time to time in accordance with its terms and
the terms of this Indenture and agrees that it will not contest or support any other person in contesting, in any proceeding (including any insolvency or liquidation proceeding), the perfection, priority, validity or enforceability of a Lien held by
or on behalf of any other holder of First-Priority Obligations in all or any part of the Collateral. Each Holder, by its acceptance thereof, (i) authorizes the Trustee to appoint the Authorized Representative to act on its behalf as the
Authorized Representative under this Indenture and the Security Documents, (ii) authorizes the Trustee and the Authorized Representative to appoint the Collateral Agent to act on its behalf as the Collateral Agent under this Indenture, the
Security Agreement and under each of the other Security Documents, (iii) authorizes and directs the Collateral Agent to enter into the Security Documents and to perform its obligations and exercise its rights thereunder in accordance therewith
and (iv) authorizes the Trustee and the Authorized Representative to authorize the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms of the Security Agreement
and the other Security Documents, including for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any grantor thereunder to secure any of the First-Priority Obligations, together with such powers and discretion
as are reasonably incidental thereto. 
 (c)    Each Holder, by its acceptance thereof, authorizes the Collateral Agent,
the Authorized Representative and the Trustee, as applicable, to enter into the Intercreditor Agreement (or any joinder or supplement thereto) (or, if such agreement is terminated, any substantially identical intercreditor agreement on behalf of,
and binding with respect to, the Holders and their interest in designated assets, in connection with the incurrence of any First-Priority Obligations). The Collateral Agent or the Authorized Representative, as applicable, will enter into any such
future intercreditor agreement at the written request of the Company, provided that the Company will have delivered to the Collateral Agent or the Authorized Representative, as the case may be, an Officer’s Certificate and Opinion of
Counsel to the effect that such other intercreditor agreement is authorized or permitted by this Indenture and the Security Documents and that all conditions precedent thereto have been met or waived. 

(d)    Notwithstanding the foregoing, the Company shall not be required to create or perfect pledges of, or security
interests in, or take other actions with respect, to any Excluded Assets. 

  
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 The Collateral Agent shall, at the written direction of the Holders, grant extensions of
time for the perfection of security interests in particular assets and the delivery of assets where perfection cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required and any extensions of
time or waivers as are granted by the Credit Agreement Agent or the administrative agent under the Credit Agreement for the comparable requirement under the Credit Agreement or any related loan document shall automatically be granted under this
Indenture and the Security Documents. 
 No actions required by the laws of any non-U.S.
jurisdiction shall be required in order to create any security interests in any assets or to perfect or make enforceable such security interests (including any intellectual property registered in any non-U.S.
jurisdiction) (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction or any requirement to make any filings in any foreign
jurisdiction including with respect to foreign intellectual property). 
 No actions shall be required with respect to assets requiring
perfection through control agreements or perfection by “control” (as defined in the UCC) (other than in respect of Indebtedness for borrowed money (other than intercompany Indebtedness) owing to the Company or any Guarantor that is
evidenced by a note in excess of $7,500,000, Indebtedness of any Non-Guarantor Subsidiary that is owing to the Company or any Guarantor and certificated Equity Interests of wholly owned Restricted Subsidiaries
that are Material Subsidiaries otherwise required to be pledged pursuant to the Security Agreement. In addition, neither the Company nor any Guarantor shall be required to take any action not taken for the Credit Agreement (so long as such Credit
Agreement is in place) or the Existing Notes. 
 Section 10.02.    New Guarantors; After-Acquired Property.

 (a)    Subject to this Section 10.02, with respect to any property acquired after the Issue Date by the Company
or any Guarantor other than Excluded Assets that are not automatically subject to the Lien created by any of the Security Documents, the Company or such Guarantor, as applicable, shall promptly (and in any event within sixty (60) days after the
acquisition thereof or such later date as the Collateral Agent may agree; provided that any extensions of time or waivers as are granted by the Credit Agreement Agent for the comparable requirement under the Credit Agreement or any related
loan document shall automatically be granted under this Indenture and the Security Documents) (i) execute, file and deliver to the Trustee and the Collateral Agent such amendments or supplements to the relevant Security Documents or such other
documents as may be required to grant to the Collateral Agent, for its benefit and for the benefit of the Holders, a Lien on such property subject to no Liens other than Liens permitted hereunder; (ii) take all actions reasonably necessary or
advisable to cause such Lien to be duly perfected within the United States to the extent required by such Security Document in accordance with all applicable laws, including the filing of financing statements and amendments thereto in applicable
jurisdictions within the United States; and (iii) to the extent required under this Indenture or the Security Documents, deliver surveys and title insurance for real property. 

  
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 (b)    With respect to any Person that is or becomes a Guarantor after
the Issue Date, the Company shall promptly (and in any event within sixty (60) days after the date such Person becomes a Guarantor or such later date as the Collateral Agent may agree; provided that any extensions of time or waivers as are
granted by the Credit Agreement Agent for the comparable requirement under the Credit Agreement or any related loan document shall automatically be granted under this Indenture and the Security Documents), cause any such Subsidiary (A) to
execute a joinder agreement to the applicable Security Documents (including the Security Agreement), substantially in the form annexed thereto and (B) to take all other actions to cause the Lien created by the applicable Security Documents
(including the Security Agreement) to be duly perfected to the extent required by this Indenture and the Security Documents. Notwithstanding the foregoing, no Lien or similar interest shall be required to be granted, directly or indirectly, in any
Excluded Assets. 
 Section 10.03.    Authorized Representative; Collateral Agent. 

(a)    The Trustee hereby appoints the Collateral Agent to act on its behalf as the Authorized Representative under this
Indenture and each Security Document, and the Collateral Agent agrees to act as such; provided that it is understood and agreed that all communications between the Authorized Representative and the Holders and all instructions or directions
by Holders to the Authorized Representative shall be made or given through the Trustee. 
 (b)    The Trustee and the
Authorized Representative hereby appoint Deutsche Bank Trust Company Americas to act on its behalf as the Collateral Agent under this Indenture, the Security Agreement and under each of the other Security Documents and to exercise such powers and
perform such duties as are expressly delegated to the Collateral Agent by the terms of this Indenture and the Security Documents, and Deutsche Bank Trust Company Americas agrees to act as such. The provisions of this Section 10.03 are solely
for the benefit of the Collateral Agent and none of the Trustee and the Holders shall have any rights as a third party beneficiary of any of the provisions contained herein. Each Holder agrees that any action taken by the Collateral Agent in
accordance with the provisions of this Indenture and the Security Documents, and the exercise by the Collateral Agent of any rights or remedies set forth herein and therein shall be authorized and binding upon all Holders. Notwithstanding any
provision to the contrary contained elsewhere in this Indenture and the Security Documents, the duties of the Collateral Agent shall be ministerial and administrative in nature, and the Collateral Agent shall not have any duties or responsibilities,
except those expressly set forth herein and in the Security Documents to which the Collateral Agent is a party, nor shall the Collateral Agent have or be deemed to have any trust or fiduciary relationship with the Trustee, any Holder or any
Guarantor, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture and the Security Documents or otherwise exist against the Collateral Agent. Without limiting the generality of the
foregoing sentence, the use of the term “agent” in this Indenture with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable
law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 

  
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 (c)    Subject to the provisions of the applicable Security Document,
each Holder, by acceptance of the Notes, agrees that the Collateral Agent shall execute and deliver the Security Documents to which it is a party and all agreements, power of attorney, documents and instruments incidental thereto, and act in
accordance with the terms thereof. The Collateral Agent shall hold (directly or through any agent) and is directed by each Holder to so hold, and shall be entitled to enforce on behalf of the holders of Liens on the Collateral created by the
Security Documents for their benefit, subject to the provisions of the Intercreditor Agreement. 
 (d)    The Collateral
Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, unless the Collateral Agent shall have received written notice from the Trustee or unless a written notice of any event which is in fact such
a Default is received by the Collateral Agent at the address specified in Section 13.01, and such notice references the Notes and this Indenture. The Collateral Agent shall take such action with respect to such Default or Event of Default as
may be requested by the Trustee in accordance with Article 6 or the Holders of a majority in aggregate principal amount of the Notes (subject to this Section 10.03). 

(e)    If at any time or times the Trustee shall receive (i) by payment, foreclosure,
set-off or otherwise, any proceeds of Collateral or any payments with respect to the Obligations arising under, or relating to, this Indenture, except for any such proceeds or payments received by the Trustee
from the Collateral Agent pursuant to the terms of this Indenture, or (ii) payments from the Collateral Agent in excess of the amount required to be paid to the Trustee pursuant to Article 6, the Trustee shall promptly turn the same over to the
Collateral Agent, in kind, and with such endorsements as may be required to negotiate the same to the Collateral Agent such proceeds to be applied by the Collateral Agent pursuant to the terms of this Indenture and the Intercreditor Agreement. 

(f)    The Collateral Agent shall have no obligation whatsoever to the Trustee or any of the Holders to assure that the
Collateral exists or is owned by the Company or any Guarantor or is cared for, protected, or insured or has been encumbered, or that the Collateral Agent’s Liens have been properly or sufficiently or lawfully created, perfected, protected,
maintained or enforced or are entitled to any particular priority, or to determine whether all of the Company’s or any Guarantor’s property constituting Collateral has been properly and completely listed or delivered, as the case may be,
or the genuineness, validity, marketability or sufficiency thereof or title thereto, or to exercise at all or in any particular manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and
powers granted or available to the Collateral Agent pursuant to this Indenture or any other Security Documents, it being understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, the Collateral Agent
shall have no other duty or liability whatsoever to the Trustee or any Holder as to any of the foregoing. 

  
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 (g)    The Collateral Agent may resign at any time by notice to the
Trustee and the Company, such resignation to be effective upon the acceptance of a successor agent to its appointment as Collateral Agent. If the Collateral Agent resigns under this Indenture, the Company shall appoint a successor collateral agent.
If no successor collateral agent is appointed prior to the intended effective date of the resignation of the Collateral Agent (as stated in the notice of resignation), the Collateral Agent may appoint, after consulting with the Trustee, subject to
the consent of the Company (which shall not be unreasonably withheld and which shall not be required during a continuing Event of Default), a successor collateral agent. If no successor collateral agent is appointed and consented to by the Company
pursuant to the preceding sentence within thirty (30) days after the intended effective date of resignation (as stated in the notice of resignation) the Collateral Agent (at the Company’s expense) shall be entitled to petition a court of
competent jurisdiction to appoint a successor. Upon the acceptance of its appointment as successor collateral agent hereunder, such successor collateral agent shall succeed to all the rights, powers and duties of the retiring Collateral Agent, and
the term “Collateral Agent” shall mean such successor collateral agent, and the retiring Collateral Agent’s appointment, powers and duties as the Collateral Agent shall be terminated. After the retiring Collateral Agent’s
resignation hereunder, the provisions of this Section 10.03 (and Article 6) shall continue to inure to its benefit and the retiring Collateral Agent shall not by reason of such resignation be deemed to be released from liability as to any
actions taken or omitted to be taken by it while it was the Collateral Agent under this Indenture. The Collateral Agent shall not be liable or responsible for the failure of the Company or any Guarantors to maintain insurance on the Collateral, nor
shall it be responsible for any loss due to the insufficiency of such insurance or by reason of the failure of any insurer to pay the full amount of any loss against which it may have insured to the Company, the Guarantors, the Trustee, the
Collateral Agent or any other Person. 
 (h)    Notwithstanding anything to the contrary in this Indenture or any
Security Document, but subject in any event to the provisions of Article 7, in no event shall the Collateral Agent or the Trustee be responsible for, or have any duty or obligation with respect to, the recording, filing, registering, perfection,
protection or maintenance of the security interests or Liens intended to be created by this Indenture or the Security Documents (including without limitation the filing or continuation of any UCC financing statements, amendments to financing
statements, mortgages, security agreements, or similar documents or instruments in any U.S. or foreign jurisdiction), nor shall the Collateral Agent or the Trustee be responsible for, and neither the Collateral Agent nor the Trustee makes any
representation regarding, the validity, effectiveness or priority of any of the Security Documents or the security interests or Liens intended to be created thereby. 

(i)    The provisions of Article 7, mutatis mutandis, shall apply to the Collateral Agent. 

Section 10.04.    Release of Liens. 

(a)    The Collateral shall be released from the Lien and security interest created by the Security Documents to secure the
Obligations, all without delivery of any instrument or performance of any act by any party, at any time or from time to time as provided by this 

  
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Section 10.04. Upon such release, subject to the terms of the Security Documents all rights in the Collateral securing Obligations shall revert to the Company and the Guarantors. The
Collateral shall be released from the Lien and security interest created by the Security Documents to secure the Notes Obligations under one or more of the following circumstances: 

(i)    upon release of a Guarantee (with respect to the Liens securing such Guarantee granted by such
Guarantor); 
 (ii)    upon defeasance or discharge of the Notes and this Indenture as provided under
Article 8 and Article 12; 
 (iii)    upon payment in full of principal, interest and all other
Obligations (other than contingent Obligations in respect of which no claims have been made) on the Notes issued under this Indenture; 

(iv)    in whole or in part, in accordance with the provisions set forth under Article 9; 

(v)    in connection with any sale, transfer or other disposition of any Collateral to any Person other
than the Company or any Restricted Subsidiaries (but excluding any transaction subject to Article 5 where the recipient is required to become the obligor on the Notes or a Guarantee) that does not violate any of the terms of this Indenture (with
respect to the Lien on such Collateral); 
 (vi)    in whole or in part, in accordance with the
provisions of the Intercreditor Agreement; or 
 (vii)    as to any Collateral that becomes an Excluded
Asset. 
 (b)    The Collateral Agent and, if necessary, the Trustee shall, at the Company’s expense, execute,
deliver or acknowledge any necessary or proper instruments of termination, satisfaction or release to evidence and shall do or cause to be done all other acts reasonably necessary to effect, in each case as soon as is reasonably practicable, the
release of any Collateral permitted to be released pursuant to this Indenture and the Security Documents, such instruments of release to be prepared and delivered to the Collateral Agent and, if necessary, the Trustee, by the Company. Neither the
Trustee nor the Collateral Agent shall be liable for any such release undertaken in good faith and that it believes to be authorized or within the rights or powers conferred upon it by this Indenture and the Security Documents. 

(c)    The release of any Collateral from the terms of this Indenture and the Security Documents will not be deemed to
impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the terms of the Security Documents. 

  
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 Section 10.05.    Authorization of Actions to be Taken by the
Trustee Under the Security Documents. 
 Subject to the provisions of the Security Documents, the Trustee may direct, on behalf of
Holders of the Notes, the Authorized Representative to take action permitted to be taken by it under the Security Documents. 
 Upon the
occurrence and during the continuation of an Event of Default and subject to the provisions of the Security Agreement, and subject to the provisions of Section 7.01 and Section 7.02, the Trustee may, without the consent of the Holders,
direct, on behalf of the Holders, the Authorized Representative to direct the Collateral Agent to, take all actions it deems necessary or appropriate in order to: 

(a)    enforce any of the terms of the Security Documents; and 

(b)    collect and receive any and all amounts payable in respect of the Obligations of the Company hereunder. 

Subject to the provisions of the Security Agreement and the other Security Documents, the Trustee and the Collateral Agent will have power to
institute and maintain such suits and proceedings, at the expense of the Company, as it may deem expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Security Documents or this Indenture, and
such suits and proceedings as the Trustee or the Collateral Agent may deem expedient to preserve or protect its interests and the interests of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain
the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security
interest hereunder or be prejudicial to the interests of the Holders or of the Trustee or the Collateral Agent). Nothing in this Section 10.05 shall be considered to impose any such duty or obligation to act on the part of the Trustee or the
Collateral Agent. 
 Section 10.06.    Authorization of Receipt of Funds by the Authorized Representative Under
the Security Documents. 
 Subject to the provisions of the Security Agreement, the Authorized Representative is authorized to receive
any funds for the benefit of the Holders distributed under the Security Documents, and to make further distributions of such funds to the Trustee for further distribution to the Holders according to the provisions of this Indenture. 

Section 10.07.    Termination of Security Interest. 

Upon the full and final payment and performance of all Obligations of the Company under this Indenture and the Notes (other than contingent
Obligations in respect of which no claims have been made) or upon Legal Defeasance, Covenant Defeasance or satisfaction and discharge of this Indenture in accordance with Article 8 and Article 12 hereof, the Trustee (or the Authorized Representative
on its behalf) will, at the written request of the Company, deliver a certificate to the Collateral Agent stating that such Obligations have been paid in full, and instruct the Collateral Agent to, as

  
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applicable, either (a) release the Liens securing the Obligations pursuant to this Indenture and the Security Documents or (b) cease to be a party to the Security Documents on behalf of
the Trustee and the Holders. 
 Section 10.08.    Purchaser Protected. 

In no event shall any purchaser or other transferee in good faith of any property or assets purported to be released hereunder be bound to
ascertain the authority of the Collateral Agent or the Trustee to execute the release or to inquire as to the satisfaction of any conditions required by the provisions hereof for the exercise of such authority or to see to the application of any
consideration given by such purchaser or other transferee; nor shall any purchaser or other transferee of any property or assets be under any obligation to ascertain or inquire into the authority of the Company or the applicable Guarantor to make
any such sale or other transfer. 
 Section 10.09.    Powers Exercisable by Receiver or Trustee. 

In case the Collateral shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article 10 upon
the Company or a Guarantor with respect to the release, sale or other disposition of such property or assets may be exercised by such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any
similar instrument of the Company or a Guarantor or of any officer or officers thereof required by the provisions of this Article 10; and if the Trustee shall be in the possession of the Collateral under any provision of this Indenture, then such
powers may be exercised by the Trustee. 
 ARTICLE 11 

GUARANTEES 

Section 11.01.    Guarantee. (a) Subject to this Article 11, each of the Guarantors, from time to time a
party hereto, by executing and delivering this Indenture or a supplemental indenture substantially in the form of Exhibit D hereto hereby, jointly and severally, and fully and unconditionally, Guarantees to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of, this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: (i) the principal of,
premium, if any, and accrued and unpaid interest and defaulted interest, if any, and Additional Amounts, if any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the
overdue principal of, premium, if any, and interest and defaulted interest, if any, on the Notes (pursuant to Section 2.13), if lawful (subject in all cases to any applicable grace period provided herein), and all other obligations of the
Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other
obligations, the same will be promptly paid in full when due in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Failing payment when due of any amount so Guaranteed for

  
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whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a Guarantee of payment and not a Guarantee of collection.

 (b)    Each Guarantor hereby agrees that, to the maximum extent permitted under applicable law, its obligations
hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes or the Trustee with respect
to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Subject to
Section 6.06, each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest,
notice and all demands whatsoever and covenants that its Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 

(c)    If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to any of the Company or the Guarantors, any amount paid by any of them to the Trustee or such Holder, the Note Guarantees, to the extent theretofore discharged, shall be
reinstated with full force and effect. 
 (d)    Each 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. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the
Holders and the Trustee, on the other hand, (x) the maturity of the obligations Guaranteed hereby may be accelerated as provided in Article 6 for the purposes of its Note Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations Guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purpose of its Note Guarantee. The Guarantors shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders or the Trustee under any Note Guarantee. 

(e)    If an Officer whose signature is on this Indenture no longer holds that office at the time the Trustee
authenticates the Note on which a Note Guarantee is endorsed, the Note Guarantee shall be valid nevertheless. 

(f)    The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery
of the Note Guarantee set forth in this Indenture on behalf of the Guarantors. 

  
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 (g)    If required by Section 4.14, the Company shall cause such
Subsidiaries to execute supplemental indentures to this Indenture in accordance with Section 4.14 and this Article 11, to the extent applicable. 

Section 11.02.    Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each
Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute (i) a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal, state or foreign law to the extent applicable to its Note Guarantee or (ii) an unlawful distribution under any applicable state or foreign law prohibiting distributions by an insolvent
entity to the extent applicable to its Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount as will,
after giving effect to all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article 11, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance or such an unlawful distribution. 

Section 11.03.    Guarantors May Consolidate, Etc., on Certain Terms. Each Guarantor may consolidate with or
merge into or sell its assets to the Company or another Guarantor without limitation, or with, into or to any other Persons upon the terms and conditions set forth in Article 5. 

Section 11.04.    Releases. The Note Guarantee of a Guarantor will be automatically and unconditionally
released without any further action by any Person in the event that: 
 (a)    there is a sale, disposition or other
transfer (including through merger or consolidation) of all of the Capital Stock (or any sale, disposition or other transfer of Capital Stock (including through merger or consolidation) following which the applicable Guarantor is no longer a
Subsidiary, including by way of a dividend of the Capital Stock of such Guarantor to the stockholders of the Company), or all or substantially all the assets, of the applicable Guarantor to a Person that is not a Subsidiary of the Company where such
sale, disposition or other transfer is not prohibited by the terms of this Indenture; 
 (b)    if the Company exercises
its Legal Defeasance option or its Covenant Defeasance option as described under Article 8 or if its obligations under this Indenture are discharged in accordance with the terms of this Indenture as described under Article 12; 

(c)    in the case of the Note Guarantees issued on the Issue Date, upon the release or discharge of the Guarantee by such
Guarantor of Indebtedness under the Credit Agreement, or, in all other cases, the release or discharge of such other Guarantee that resulted in the creation of such Note Guarantee, except, in each case, a discharge or release by or as a result of
payment under such Guarantee (it being understood that a release 

  
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subject to a contingent reinstatement is still a release, and that if any such Guarantee is so reinstated, such Note Guarantee shall also be reinstated to the extent that such Subsidiary would
then be required to provide a Note Guarantee pursuant to Section 4.14); provided that the Guarantees by such Guarantor of the Existing Notes are also released at or prior to such time; or 

(d)    the designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary. 

ARTICLE 12 

SATISFACTION AND DISCHARGE 

Section 12.01.    Satisfaction and Discharge. (a) This Indenture will be discharged and will cease to be
of further effect as to all Notes issued hereunder and the Liens, if any, on the Collateral securing the Notes will be released, when: 

(i)    Either: 

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

(B)    all the Notes that have not been delivered to the Trustee for cancellation have become due and
payable by reason of the giving of a notice of redemption or otherwise or will become due and payable by reason of the giving of a notice of redemption or otherwise within one year and the Company has irrevocably deposited or caused to be deposited
with the Trustee as trust funds in trust solely for the benefit of the Holders of the Notes of, cash in euro, non-callable Euro Government Obligations, or a
combination thereof, in amounts as will be sufficient, without consideration of any reinvestment of interest, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, delivered to the
Trustee, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

(ii)    in the case of subclause (i)(B) above, no Default or Event of Default has occurred and is
continuing under this Indenture on the date of the deposit or will occur as a result of the deposit (other than a Default or Event of Default resulting from or arising in connection with borrowing of funds to be applied to such deposit and the grant
of any Lien securing such borrowings) and the deposit will not result in a breach or violation of, or constitute a default under, any other material instrument to which the Company is a party or by which the Company is bound; 

  
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 (iii)    the Company has paid or caused to be paid all
sums due and payable by it under this Indenture; and 
 (iv)    the Company has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes issued hereunder at maturity or the redemption date, as the case may be. 

(b)    In addition, the Company must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee each
stating that all conditions precedent to satisfaction and discharge have been satisfied. 
 (c)    Notwithstanding the
satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to Section 12.01(a)(i)(B), the provisions of Sections 12.02 and 8.06 hereof will survive such satisfaction and discharge. In addition, nothing
in this Section 12.01 will be deemed to discharge those provisions of Section 7.06 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. 

Section 12.02.    Application of Trust Money. Subject to the provisions of Section 8.06 hereof, all money
deposited with the Trustee pursuant to Section 12.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the
Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be
segregated from other funds except to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money in euros or
Euro Government Obligations in accordance with Section 12.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Company’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01 hereof; provided that if the Company has made any
payment of principal of, premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of the Notes to receive such payment from the money or Euro Government
Obligations held by the Trustee or Paying Agent. 
 ARTICLE 13 

MISCELLANEOUS 

Section 13.01.    Notices. Any notice, demand, instruction, request, direction or communication by the
Company, any Guarantor, the Trustee or the Collateral Agent to the others is duly given if in English and in writing and delivered in Person or by first 

  
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class mail (registered or certified, return receipt requested), facsimile transmission or other electronic transmission or overnight air courier guaranteeing next day delivery, to the
others’ address: 
 If to the Company and/or any Guarantor: 

Coty Inc. 
 U R S Corporation
Ltd, 
 5 St George’s Rd, Wimbledon, 

London SW19 4DR, UK 
 Attn:
General Counsel 
 (44) 2038739538 

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

Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York, NY
10036-6522 
 Attn: Laura Kaufmann Belkhayat 

(212) 735-2439 

If to the Trustee or the Collateral Agent: 

Deutsche Bank Trust Company Americas 

Trust and Agency Services 
 60
Wall Street, 24th Floor 
 MS: NYC60-2405 

New York, New York 10005 

Attn: Corporates Team Deal Manager – Coty Inc. – SF5381 

Fax: 732-578-4635 

If to the Paying Agent: 

Deutsche Bank AG, London Branch 

Winchester House 
 1 Great
Winchester Street 
 London, EC2N 2DB 

Email: tss-gds.row@db.com 

Fax no: +44 (0)20 7547 6149 

Attention: Trust & Agency Services - Corporate Trust 

The Company, any Guarantor, the Trustee or the Collateral Agent, by notice to the others, may designate additional or different addresses for
subsequent notices or communications. 
 All notices and communications to the Trustee or any Agent shall be deemed to have been duly given
upon actual receipt thereof by such party. All other notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 

  
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 Any notice or communication to a Holder of a Global Note will be delivered to the applicable
Depositary in accordance with its Applicable Procedures. Any notice or communication to a Holder of a Definitive Note will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing
next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 

Except with respect to the Trustee and the Agents, if a notice or communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it. 
 In respect of this Indenture, the Trustee shall not have any duty
or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports,
notices or other communications or information on behalf of the party purporting to send such electronic transmission; and the Trustee shall not have any liability for any losses, claims, liabilities, costs or expenses incurred or sustained by any
party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information except as a result of the Trustee’s gross negligence or willful misconduct. Each other party
agrees to assume all risks arising out of the use of electronic methods, including any non-secure method, such as, but without limitation, by facsimile or electronic mail, to submit instructions, directions, reports, notices or other communications
or information to the Trustee, including without limitation, the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties. 

If the Company gives a notice or communication to Holders, it will promptly give a copy to the Trustee and each Agent. 

Section 13.02.    Communication by Holders of Notes with Other Holders of Notes. Holders may communicate with
other Holders with respect to their rights under this Indenture or the Notes. 
 Section 13.03.    Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 

(i)    an Officer’s Certificate in form reasonably satisfactory to the Trustee (which must include the
statements set forth in Section 13.04 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

  
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 (ii)    an Opinion of Counsel in form reasonably
satisfactory to the Trustee (which must include the statements set forth in Section 13.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 13.04.    Statements Required in Certificate or Opinion. Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture must include: 
 (i)    a
statement substantially to the effect that the Person making such certificate or opinion has read such covenant or condition; 

(ii)    a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (iii)    a statement
substantially to the effect that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been
satisfied; and 
 (iv)    a statement as to whether or not, in the opinion of such Person, such condition
or covenant has been satisfied; provided, however, that with respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

Section 13.05.    Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a
meeting of Holders. Each Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 13.06.    No Personal Liability of Directors, Officers, Employees and Stockholders. No director,
officer, employee, incorporator or stockholder of the Company, any of its Subsidiaries or any of its direct or indirect parent companies, as such, will have any liability for any obligations of the Company or any Guarantor under any Notes, this
Indenture, the Note Guarantees, the Security Documents, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of such Notes. The waiver may not be effective to waive liabilities under the federal securities laws, and it is the view of the Commission that such waiver is against public policy. 

Section 13.07.    Governing Law. THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 13.08.    Jurisdiction; Waiver of
Jury Trial. (a) Each of the Company and the Guarantors hereby consents to the non-exclusive jurisdiction of any court of the State of New York or any U.S. federal court, in each case, sitting in the
Borough of Manhattan, 

  
 146 

 
The City of New York, New York, United States, and any appellate court from any thereof in any action or proceeding arising out of or related to the Notes, this Indenture or the Note Guarantees.

 (b)    EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Section 13.09.    Successors. All agreements of the Company in this Indenture and the Notes will bind its
successors. All agreements of the Trustee in this Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 11.03 hereof. 

Section 13.10.    Severability. In case any provision in this Indenture or in the Notes is invalid, illegal or
unenforceable, then (to the extent permitted by applicable law) the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 13.11.    Counterpart Originals. The parties may sign any number of copies of this Indenture. Each
signed copy will be an original, but all of them together represent the same agreement. Delivery of an executed counterpart of a signature page to this Indenture by facsimile or .pdf attachment to an email or by other electronic means shall be
effective as delivery of a manually executed counterpart of this Indenture, and may be used in lieu of original signature pages for all purposes. 

Section 13.12.    Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this
Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

Section 13.13.    [Reserved] 

Section 13.14.    [Reserved] 

Section 13.15.    USA PATRIOT Act Compliance. In order to comply with the laws, rules, regulations and
executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the U.S.A. PATRIOT Act of the
United States (“Applicable Law”), the Trustee is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Trustee. Accordingly, each of
the parties agree to provide to the Trustee, upon their request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee to comply with Applicable Law. 

  
 147 

 Section 13.16.    Currency Indemnity and Calculation of
Euro-denominated Restrictions. All payments of interest and principal, including payments made upon any redemption of the Notes, will be payable in euro. If, on or after the issuance of the Notes, the euro is unavailable to the Company due to
the imposition of exchange controls or other circumstances beyond its control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of
transactions by public institutions of or within the international banking community, then all payments in respect of the Notes, will be made in U.S. dollars until the euro is again available to the Company or so used. In such circumstances, the
amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal
Reserve Board has not mandated a rate of conversion, on the basis of the then most recent U.S. dollar/euro exchange rate available on or prior to the second Business Day prior to the relevant payment date as determined by the Company in its sole
discretion. Notwithstanding anything herein to the contrary, any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of Default under the Notes or this Indenture. Neither the Trustee nor any Paying Agent shall have
any responsibility for any calculation or conversion in connection with the foregoing. 
 [Signatures on following pages] 

  
 148 

					
	        Dated as of June 16, 2021
	
	COTY INC.
		
	By:	 	 /s/ Laurent Mercier

		 	Name:	 	Laurent Mercier
		 	Title:	 	Chief Financial Officer

  

  
 [Signature Page to
Indenture] 

 
					
	 CALVIN KLEIN COSMETIC CORPORATION

COTY HOLDINGS INC.
 COTY US HOLDINGS INC.

COTY US LLC
 COTY BRANDS MANAGEMENT INC.

O P I PRODUCTS, INC.
 GALLERIA CO.

GRAHAM WEBB INTERNATIONAL, INC.
 THE WELLA CORPORATION

HFC PRESTIGE INTERNATIONAL U.S. LLC
 HFC PRESTIGE PRODUCTS,
INC.
 NOXELL CORPORATION

		
	By:	 	 /s/ Hemant Gandhi

		 	Name:	 	Hemant Gandhi
		 	Title:	 	Treasurer

  

	
	 [Signature Page to Indenture]

 

	A-1-1

							
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee, Registrar and Collateral Agent
			
		 	By:	 	 /s/ Robert Peschler

		 		 	Name:	 	Robert Peschler
		 		 	Title:	 	Vice President
		 		 		 	
		 	By:	 	 /s/ Annie Jaghatspanyan

		 		 	Name:	 	Annie Jaghatspanyan
		 		 	Title:	 	Vice President

  

	
	 [Signature page to Indenture]

 

	2

					
	 DEUTSCHE BANK AG, LONDON BRANCH, as

Paying Agent

		
	By:	 	 /s/ Paul Yetton

		 	Name:	 	Paul Yetton
		 	Title:	 	Vice President
		
	By:	 	 /s/ David Contino

		 	Name:	 	David Contino
		 	Title:	 	Director

  

	
	 [Signature page to Indenture]

 

	3

 EXHIBIT A 

[Face of Note] 
 [Insert legends
required by the Indenture] 

  
 4 

 FORM OF NOTE 

144A Common Code No.: 235432668 
 144A ISIN: XS2354326683 

Reg S Common Code No.: 235432641 
 Reg S ISIN: XS2354326410 

3.875% Senior Secured Notes due 2026 
  

			
	No. [A][S]-[1][2]	  	€[            ]

 COTY INC. 

promise to pay to [BT GLOBENET NOMINEES LIMITED]
[                    ], the registered holder hereof, as nominee of Deutsche Bank AG, London Branch as common depositary for Euroclear Bank S.A./N.V.
(“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream”), or registered assigns, the principal sum of
                     EUROS [if the Note is a Global Note, add the following: (as revised by the Schedule of Increases and Decreases in Global Note,
attached hereto)] on April 15, 2026. 
 Interest Payment Dates: April 15 and October 15, commencing October 15, 2021. 

Additional provisions of this Note are set forth on the other side of this Note. 

Record Dates: April 1 and October 1. 
 Dated: June 16,
2021 

  
 A-5 

			
	COTY INC.
		
	By:	 	
                     
                                         
                   

		 	Name:
		 	Title:
		 	Date:

  
 A-6 

 Dated: 
 This
is one of the Notes referred to in the within-mentioned Indenture: 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee and Collateral Agent
		
	By:	 	  

		 	Authorized Signatory

  
 A-7 

 [Reverse of Note] 

3.875% Senior Secured Notes due 2026 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1)    INTEREST. Coty Inc., a corporation duly organized and existing under the laws of the State of Delaware (the
“Company”), promises to pay interest on the principal amount of this Note at 3.875% per annum from [June 16, 2021] until maturity. The Company will pay interest, if any, semi-annually in arrears on April 15 and October 15
of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from [the most recent date to which interest has been paid or, if no
interest has been paid, from June 16, 2021 until the principal hereof is due]. The first Interest Payment Date for the Initial Notes shall be October 15, 2021. The Company will pay interest on overdue principal at the rate borne by the
Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

(2)    METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are
registered Holders of Notes at the close of business on the April 1 or October 1 next preceding the Interest Payment Date (whether or not a Business Day), even if such Notes are canceled after such record date and on or before such
Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to defaulted interest. The Company will pay principal, premium, if any, and interest on Definitive Notes at the office of the Paying Agent. Such payment
will be in such coin or currency of the then member states of the European Monetary Union that have adopted the euro as their currency as at the time of payment is legal tender for payment of public and private debts. 

Notwithstanding the foregoing, if the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances
beyond the Company’s control (including the dissolution of the euro) or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of
transactions by public institutions of or within the international banking community, the Company and the Trustee shall be permitted, without the consent of any other Person, to amend the terms of the Indenture and the Notes to change the currency
in which the obligations of the Company hereunder are payable in a manner consistent with then-prevailing market practice for similarly situated issuers. 

(3)    PAYING AGENT. Initially, Deutsche Bank AG, London Branch will act as Paying Agent. The Company may change any
Paying Agent without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

  
 A-8 

 As long as the Notes remain outstanding, the Company has also agreed that it will, to the
extent permitted as a matter of law, ensure that there is a Paying Agent with respect to such Notes in a European Union Member State or the United Kingdom that is not obliged to withhold or deduct tax pursuant to the European Union Council Directive
2003/48/EC (as amended) on the taxation of savings income in the form of interest payments which was adopted by the ECOFIN Council on June 3, 2003, and amended by Council Decision on July 19, 2004, or any law implementing or complying
with, or introduced to conform to, such Directive. 
 (4)    REGISTRAR. Initially, Deutsche Bank Trust Company Americas,
as the Trustee, will act as Registrar. The Company may change any Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

(5)    INDENTURE. The Company issued the Notes under the Indenture dated as of June 16, 2021 (the
“Indenture”) among the Company, the Guarantors party thereto, the Trustee and Agents. The terms of the Notes include those stated in the Indenture. Terms defined in the Indenture and not defined herein have the meanings ascribed
thereto in the Indenture. The Notes are subject to all the terms and provisions of the Indenture, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions
of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 The Notes are secured senior obligations of the
Company, secured by a perfected first-priority Lien (subject to Permitted Liens) on the Collateral (as defined in the Indenture). This Note is one of the Initial Notes referred to in the Indenture. The Notes include the Initial Notes and any
Additional Notes issued in exchange for Initial Notes or Additional Notes pursuant to the Indenture. The Initial Notes and any Additional Notes are treated as a single class of securities under the Indenture. The Indenture imposes certain
limitations on the ability of the Company and its Subsidiaries to, among other things, create or incur Liens and enter into sale and leaseback transactions. The Indenture also imposes limitations on the ability of the Company and each Guarantor to
consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 
 To Guarantee
the due and punctual payment of the principal and interest on the Notes and all other amounts payable by the Company under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise,
according to the terms of the Notes and the Indenture, the Guarantors have, jointly and severally, unconditionally Guaranteed the obligations of the Company under the Notes on a senior secured basis pursuant to the terms of the Indenture. 

(6)    OPTIONAL REDEMPTION. Except pursuant to Section 3.07 of the Indenture, the Notes will not be optionally
redeemable by the Company; provided, however, the Company may acquire the Notes by means other than an optional redemption. 

  
 A-9 

 (7)    MANDATORY REDEMPTION. The Company is not required to make any
mandatory redemption or sinking fund payments with respect to the Notes. 
 (8)    REDEMPTION FOR TAX REASONS. The
Company may redeem the Notes for certain tax reasons pursuant to Section 3.09 of the Indenture. 

(9)    REPURCHASE AT THE OPTION OF HOLDER. If a Change of Control Triggering Event occurs, unless the Company at such time
has given notice of redemption under Section 3.07(a) or Section 3.09 of the Indenture with respect to all outstanding Notes, the Company will offer to repurchase all or any part (in a minimum principal amount of €100,000 and integral
multiples of €1,000 in excess thereof) of each Holder’s Notes pursuant to a change of control offer (the “Change of Control Offer”) on the terms set forth in the Indenture. In the Change of Control Offer, the Company will
offer a payment in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest on the Notes repurchased, to, but excluding, the Change of Control Payment Date. Within 30 days following any Change of
Control Triggering Event, unless the Company at such time has given notice of redemption under Section 3.07(a) or Section 3.09 of the Indenture with respect to all outstanding Notes, the Company will give notice to the Trustee and each
Holder describing the transaction or transactions and ratings downgrade that constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date will be no earlier than 10 days and
no later than 60 days from the date such notice is given, pursuant to the procedures required by the Indenture and described in such notice. The Company shall comply with the requirements of Rule 14e-1 under
the Exchange Act and any other securities laws and regulations thereunder, if any, to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the
extent that the provisions of any securities laws or regulations conflict with the Change of Control Triggering Event provisions of the Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed
to have breached its obligations under Section 4.07 of the Indenture by virtue of such conflict. 

(10)    DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in minimum denominations of
€100,000 and integral multiples of €1,000 in excess thereof. The transfer of Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not register the transfer of or exchange any Note selected for redemption in whole or in part or
subject to purchase in a Change of Control Offer, except the unredeemed or unpurchased portion of any Note being redeemed or purchased in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before
the day the Company gives notice of redemption of the Notes or makes a Change of Control Offer and ending at the close of business on the day notice of redemption is given or the Change of Control Offer is made. 

  
 A-10 

 (11)    PERSONS DEEMED OWNERS. The registered Holder of a Note shall be
treated as its owner for all purposes. 
 (12)    AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the
Indenture or the Notes or the Note Guarantees may be amended or supplemented with the consent of the Company and Holders of a majority in aggregate principal amount of the then outstanding Notes, including Additional Notes, if any, voting as a
single class, and any existing Default or Event of Default or compliance with any provision of the Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then
outstanding Notes, including Additional Notes, if any, voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Notes or the Note Guarantees may be amended or supplemented as specified in the Indenture. 

In addition, without the consent of holders of at least 66 2/3% in principal amount of Notes then outstanding, no amendment, supplement or waiver may modify
any Security Document or the provisions in the Indenture dealing with the Collateral or the Security Documents that would have the impact of releasing all or substantially all of the Collateral from the Liens of the Security Documents (except as
permitted by the terms of the Indenture and the Security Documents) or change or alter the priority of the security interests in the Collateral. 

(13)    DEFAULTS AND REMEDIES. Subject to 6.02(b) of the Indenture, if any Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain
events of bankruptcy or insolvency with respect to the Company, all outstanding Notes will become due and payable immediately without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Holders of a majority in aggregate principal amount of the then
outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of
Default in the payment of the principal of, premium, if any, or interest on the Notes or a covenant or provision of the Indenture which cannot be modified or amended without the consent of the Holder of each outstanding Note affected. The Company is
required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or
Event of Default and the remedial action the Company proposes to take in connection therewith. 
 (14)    DISCHARGE AND
DEFEASANCE. Subject to certain conditions, the Company at any time may terminate some or all of its obligations under the Notes, the Note Guarantees and the Indenture if the Company deposits with the Trustee money in euros or Euro Government
Obligations for the payment of principal of and interest on the Notes to redemption or maturity, as the case may be. 

  
 A-11 

 (15)    TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or
any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 

(16)    NO RECOURSE AGAINST OTHERS. No past, present or future director, manager, officer, employee, incorporator,
stockholder or member of the Company or any Subsidiary, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

(17)    AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of an authorized signatory
of the Trustee or an authenticating agent. 
 (18)    COLLATERAL. The Notes are secured by a security interest in the
Collateral, subject to the terms of the Security Documents, the Intercreditor Agreement and any other applicable intercreditor agreement, subject to release or termination as provided in the Indenture and the Security Documents. 

(19)    ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (=
tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

(20)    Common Code, ISIN AND OTHER IDENTIFYING NUMBERS. The Company has caused Common Code and ISIN numbers to be printed
on the Notes, and the Trustee may use Common Code and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of
redemption, and reliance may be placed only on the other identification numbers placed thereon. 
 (21)    GOVERNING
LAW. THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES. 

(22)    JURISDICTION; WAIVER OF JURY TRIAL. (a) Each of the Company and the Guarantors has consented to the non-exclusive jurisdiction of any court of the State of New York or any U.S. federal court, in each case, sitting in the Borough of Manhattan, The City of New York, New York,
United States, and any appellate court from any thereof in any action or proceeding arising out of or related to this Note, the Indenture or the Note Guarantees. 

  
 A-12 

 (b) EACH OF THE PARTIES TO THE INDENTURE HAS IRREVOCABLY WAIVED ALL RIGHTS TO TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE INDENTURE, THIS NOTE, THE NOTE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Coty Inc. 
 350 Fifth Ave. 

New York, NY 10018 

  
 A-13 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to: 

(Insert assignee’s legal name) 

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

(Print or type assignee’s name, address and zip code) and irrevocably appoint to transfer this Note on the books of the Company. The
agent may substitute another to act for him. 
 Date: 
  

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

  

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

  
 A-14 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.07 of the Indenture, check the box below: 

☐ Section 4.07 
 If you want to elect
to have only part of the Note purchased by the Company pursuant to Section 4.07 of the Indenture, state the amount you elect to have purchased: 

$ 
 Date: 

 

			
	 Your Signature:
	 	 (Sign exactly as your name

		 	 appears on the face of this Note)

		
	Tax Identification No.:	 	
		
	Signature Guarantee*:	 	

  

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

  
 A-15 

 SCHEDULE OF INCREASES AND DECREASES OF INTERESTS IN THE GLOBAL NOTE 

[To be inserted for Rule 144A Global Note] 

The following transfer or exchange of a part of this Rule 144A Global Note for an interest in another Global Note or for a Definitive Note, or
exchanges of a part of another Global Note or Definitive Note for an interest in this Rule 144A Global Note, or to reflect a redemption or repurchase of the Notes and cancellation, have been made: 

 

									
	 Date of

Increase or
 Decrease
	  	 Amount of

decrease in
 Principal

Amount at
 Maturity of this

Global Note
	  	 Amount of

increase in
 Principal

Amount at
 Maturity of this

Global Note
	  	
Principal
Amount at
Maturity of this
Global Note
following such
decrease (or
increase)
	  	 Signature of

authorized
 officer of

Trustee or
 Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 [To be inserted for Regulation S Global Note] 

The following transfer or exchange of a part of this Regulation S Global Note for an interest in another Global Note or for a Definitive Note
or of other Transfer Restricted Global Notes or Definitive Note for an interest in this Regulation S Global Note, or to reflect a redemption or repurchase of the Notes and cancellation, have been made: 

 

									
	 Date of

Increase or
 Decrease
	  	 Amount of

decrease in
 Principal

Amount at
 Maturity of this

Global Note
	  	 Amount of

increase in
 Principal

Amount at
 Maturity of this

Global Note
	  	
Principal
Amount at
Maturity of this
Global Note
following such
decrease (or
increase)
	  	 Signature of

authorized
 officer of

Trustee or
 Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-16 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Coty Inc. 

350 Fifth Ave. 
 New York, NY 10018 

Deutsche Bank Trust Company Americas 
 c/o DB Services Americas,
Inc. 
 5022 Gate Parkway, Suite 200 
 Jacksonville, FL 32256

 Attn: Transfer Department 
 Fax: (615) 866-3889 
 Telephone Assistance: (877) 843-9767 

Re: 3.875% Senior Secured Notes due 2026 

Reference is hereby made to the Indenture, dated as of June 16, 2021 (the “Indenture”), among Coty Inc., a corporation
duly organized and existing under the laws of the State of Delaware, as issuer (the “Company”), the Guarantors from time to time a party thereto, Deutsche Bank Trust Company Americas, as Trustee, Registrar and as Collateral Agent
and Deutsche Bank AG, London Branch, as Paying Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                    , (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $         in such Note[s] or interests (the
“Transfer”), to                      (the “Transferee”), as further specified in Annex A hereto. In
connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1.☐ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Transfer Restricted Definitive Note
pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such
Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in
compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Restricted Notes Legend printed on the 144A Global Note and/or the Transfer Restricted Definitive Note and in the Indenture and the Securities Act. 

  
 B-1 

 2. ☐ Check if Transferee will take delivery of a beneficial interest in a Transfer
Restricted Regulation S Global Note or a Transfer Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor
hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on
its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any
Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under
the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the
transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on Transfer enumerated in the Restricted Notes Legend printed on the Transfer Restricted Regulation S Global Note and/or the Transfer Restricted Definitive Note and in the Indenture and the Securities Act. 

3. ☐ Check and complete if Transferee will take delivery of a beneficial interest in a Transfer Restricted Definitive Note pursuant to
any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Transfer Restricted Global Notes and Transfer Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a) ☐ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 
 (b) ☐ such Transfer
is being effected to the Company or a subsidiary thereof; 
 or 

(c) ☐ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with
the prospectus delivery requirements of the Securities Act; 
 or 

  
 B-2 

 4. ☐ Check if Transferee will take delivery of a beneficial interest in an
Unrestricted Global Note or of an Unrestricted Definitive Note. 
 (a) ☐ Check if Transfer is pursuant to Rule 144. (i) The Transfer
is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Restricted Notes Legend printed on the Transfer Restricted Global Notes, on Transfer Restricted
Definitive Notes and in the Indenture. 
 (b) ☐ Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Restricted Notes Legend printed on the Transfer Restricted Global Notes, on Transfer Restricted
Definitive Notes and in the Indenture. 
 (c) ☐ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being
effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Restricted Notes Legend printed on
the Transfer Restricted Global Notes or Transfer Restricted Definitive Notes and in the Indenture. 
 This certificate and the statements
contained herein are made for your benefit and the benefit of the Company. 
  

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                     

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

1. The Transferor owns and proposes to transfer the following: 

[CHECK ONE OF (a) OR (b)] 
  

	(a)	 ☐ a beneficial interest in the: 

 

	(i)	 ☐ 144A Global Note (Common Code
                    ), or 

  

	(ii)	 ☐ Regulation S Global Note (Common Code
                    ); or 

  

	(b)	 ☐ a Transfer Restricted Definitive Note. 

2. After the Transfer the Transferee will hold: 

[CHECK ONE] 
  

	(a)	 ☐ a beneficial interest in the: 

 

	(i)	 ☐ 144A Global Note (Common Code
                    ), or 

  

	(ii)	 ☐ Regulation S Global Note (Common Code
                    ), or 

  

	(iii)	 ☐ Unrestricted Global Note (Common Code
                    ); or 

  

	(b)	 ☐ a Transfer Restricted Definitive Note; or 

 

	(c)	 ☐ an Unrestricted Definitive Note, in accordance with the terms of the Indenture. 

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Coty Inc. 

350 Fifth Ave. 
 New York, NY 10018 

Deutsche Bank Trust Company Americas 
 c/o DB Services Americas,
Inc. 
 Attention: Transfer Department 
 5022 Gate Parkway,
Suite 200 
 Jacksonville, FL 32256 
 Fax: 615-866-3889 
 Telephone Assistance (877)
843-9767 
 Re: 3.875% Senior Secured Notes due 2026 

Reference is hereby made to the Indenture, dated as of June 16, 2021 (the “Indenture”), among Coty Inc., a corporation
duly organized and existing under the laws of the State of Delaware, as issuer (the “Company”), the Guarantors from time to time a party thereto, Deutsche Bank Trust Company Americas, as Trustee, Registrar and as Collateral Agent
and Deutsche Bank AG, London Branch, as Paying Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     , (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of
$                      (ISIN
                     [; Common Code:
                     ]) in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby
certifies that: 
 1. Exchange of Transfer Restricted Definitive Notes or Beneficial Interests in a Transfer Restricted Global Note for
Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 
 (a) ☐ Check if Exchange is from beneficial
interest in a Transfer Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Transfer Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the
Restricted Notes Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any
state of the United States. 

  
 C-1 

 (b) ☐ Check if Exchange is from beneficial interest in a Transfer Restricted Global
Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Transfer Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Transfer Restricted Global Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States. 
 (c) ☐ Check if Exchange is from Transfer
Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Transfer Restricted Definitive Notes
and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (d)
☐ Check if Exchange is from Transfer Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Transfer Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Transfer Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Restricted Notes Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

2. Exchange of Transfer Restricted Definitive Notes or Beneficial Interests in Transfer Restricted Global Notes for Transfer Restricted
Definitive Notes or Beneficial Interests in Transfer Restricted Global Notes 
 (a) ☐ Check if Exchange is from beneficial interest in
a Transfer Restricted Global Note to Transfer Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Transfer Restricted Global Note for a Transfer Restricted Definitive Note with an equal principal
amount, the Owner hereby certifies that the Transfer Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the
Transfer Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Restricted Notes Legend printed on the Transfer Restricted Definitive Note and in the Indenture and the Securities Act. 

  
 C-2 

 (b) ☐ Check if Exchange is from Transfer Restricted Definitive Note to beneficial
interest in a Transfer Restricted Global Note. In connection with the Exchange of the Owner’s Transfer Restricted Definitive Note for a beneficial interest in the [CHECK ONE] 144A Global Note, Regulation S Global Note with an equal principal
amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the
Transfer Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Restricted Notes Legend printed on the relevant Transfer Restricted Global Note and in the Indenture and the Securities
Act. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                     

  
 C-3 

 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
                     , 20         , among
                     (the “New Guarantor”), a subsidiary of Coty Inc., a corporation duly organized and existing under the
laws of the State of Delaware (the “Company”), the Company and Deutsche Bank Trust Company Americas, as Trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Company has heretofore executed and delivered to the Trustee an indenture (as amended, supplemented or otherwise modified, the “Indenture”), dated as of June 16, 2021 providing for the issuance of €700,000,000
aggregate principal amount of the Company’s 3.875% Senior Secured Notes due 2026 (the “Notes”); 
 WHEREAS,
Section 4.11 of the Indenture provides that under certain circumstances the New Guarantor shall execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally Guarantee all of the
Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee and the Company are authorized to execute and deliver this Supplemental
Indenture without the consent of Holders. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. DEFINED TERMS. Defined terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. AGREEMENT TO GUARANTEE. The New Guarantor hereby agrees, jointly and severally with all existing Guarantors (if any), to provide an
unconditional Note Guarantee on the terms and subject to the conditions set forth in Article 11 of the Indenture and to be bound by all other applicable provisions of the Indenture, and the Notes and to perform all of the obligations and agreements
of a Guarantor under the Indenture. 
 3. NO RECOURSE AGAINST OTHERS. No past, present or future director, manager, officer, employee,
incorporator, stockholder or member of the Company, any parent entity of the Company or any Subsidiary, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note

  
 D-1 

 
Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

4. NOTICES. All notices or other communications to the New Guarantor shall be given as provided in Section 13.01 of the Indenture. 

5. RATIFICATION OF INDENTURE; SUPPLEMENTAL INDENTURES PART OF INDENTURE. Except as expressly amended hereby, 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 of a Note heretofore or hereafter
authenticated and delivered shall be bound hereby. 
 6. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES AND THE NOTE
GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 7. SUBMISSION TO JURISDICTION. THE
PROVISIONS UNDER SECTION 13.08 OF THE INDENTURE IN RESPECT OF SUBMISSION TO JURISDICTION SHALL APPLY TO THIS SUPPLEMENTAL INDENTURE. 
 8.
COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. Delivery of an executed counterpart of a signature page to this
Supplemental Indenture by facsimile or .pdf attachment to an email or by other electronic means shall be effective as delivery of a manually executed counterpart of this Supplemental Indenture, and may be used in lieu of original signature pages for
all purposes. 
 9. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

 10. TRUSTEE MAKES NO REPRESENTATION. The Trustee makes no representation as to the validity or sufficiency of the Note Guarantee of the
New Guarantor or this Supplemental Indenture. 

  
 D-2 

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

 

			
	COTY INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	[NEW GUARANTOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee and Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-3

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