Document:

Exhibit 4.23

 

YIXIA TECH CO LTD.

 

AMENDED AND RESTATED SERIES E PREFERRED SHARE PURCHASE AGREEMENT

 

This AMENDED AND RESTATED SERIES E PREFERRED SHARE PURCHASE AGREEMENT (this “Agreement”) is made on November 15, 2016, by and among:

 

1)             Yixia Tech Co Ltd. (the “Company”), an exempted limited liability company incorporated and existing under the Laws of the Cayman Islands;

 

2)             WB Online Investment Limited (“Weibo” or the “Purchaser”);

 

3)             The Persons listed on Schedule 1 Part A attached to this Agreement (each a “Founder Holdco” and together the “Founder Holdcos”);

 

4)             The Persons listed on Schedule 1 Part B attached to this Agreement (each a “Founder” and together the “Founders”, and together with the Founder Holdcos, the “Key Holders” and each a “Key Holder”);

 

5)             The Persons listed on Schedule 1 Part C attached to this Agreement (each a “Group Company” and together with the Company, the “Group Companies”);

 

Each of the Company, the Purchaser, the Key Holders, the HK Company, the Domestic Company and the WFOE shall be referred to individually as a “Party” and collectively as the “Parties”. Capitalized terms used herein shall have the meaning set forth in Schedule 2 attached hereto. Each Purchaser shall become a Party to this Agreement by executing and delivering a counterpart signature page hereto as of such relevant date.

 

RECITALS

 

WHEREAS, Parties have entered into a Series E Preferred Shares Purchase Agreement dated August 26, 2016 (the “Original SPA”) and now intend to amend and restate the Original SPA with respect to the rights and obligations among Founders, Founder Holdcos, Group Companies and Weibo.

 

WHEREAS, the Purchaser desires to purchase from the Company the Purchased Shares and the Company desires to sell the Purchased Shares to the Purchaser pursuant to the terms and subject to the conditions of this Agreement.

 

NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

 

1.              PURCHASE AND SALE OF PREFERRED SHARES.

 

1.1.         Sale and Issuance of Preferred Shares.

 

Subject to the terms and conditions of this Agreement, Weibo agrees to purchase at the Closing and the Company agrees to sell and issue to Weibo at the Closing 186,878,047  Series E-1 Preferred Shares at a purchase price of US$0.6421 per share for an aggregate purchase price of US$120,000,000 (the “Purchase Price”).

 

1

 

1.2.         Closings; Delivery.

 

(a)                   The purchase and sale of the Purchased Shares shall take place remotely via the exchange of documents and signatures, on a date specified by the Parties, or at such other time and place as the Company and the Purchaser mutually agreed upon, which date shall be no later than five (5) Business Days after the satisfaction or waiver of each condition to the Closing set forth in Section 2 and Section 3 (which time and place are designated as the “Closing”).

 

(b)                   At the Closing, the Company shall (i) cause its register of members to be updated to reflect the Purchased Shares purchased by the Purchaser at the Closing and shall deliver a copy of such updated register of members to the Purchaser certified as a true and correct copy by the Company’s registered agent.

 

(c)                    Within five (5) Business Days after the Closing, the Company shall deliver to the Purchaser one or more certificates representing the Purchased Shares being purchased by such Purchaser hereunder at such Closing as set forth on Schedule 1.

 

(d)                   At the Closing, the Purchaser shall deposit the Purchase Price by wire transfer of immediately available US$ funds into the Closing Account (as defined below), which account information shall be provided by the Company to the Purchaser in writing not less than five (5) Business Days prior to the Closing.

 

1.3.         Closing Account.

 

Payment of the Purchase Price by the Purchaser to the Company shall be made by remittance of immediately available funds to a bank account of the Company acceptable to the Purchaser (the “Closing Account”).

 

2.              CONDITIONS TO THE OBLIGATIONS OF THE PURCHASER AT CLOSING(S).

 

The obligations of the Purchaser to purchase the Purchased Shares at the Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions and such other conditions as set forth on Schedule 9, unless otherwise waived in writing by the Purchaser:

 

2.1.         Completion of Due Diligence.

 

The Purchaser shall have satisfactorily completed its business, legal and financial due diligence review.

 

2.2.         Material Adverse Effect.

 

Since August 26, 2016, no event, circumstance or change shall have occurred that, individually or in the aggregate with one or more other events, circumstances or changes, have had or reasonably could be expected to have a Material Adverse Effect on the Company or any other Group Company.

 

2

 

2.3.         Proceedings and Documents.

 

All corporate and other proceedings in connection with the transactions contemplated at the Closing and all documents incidental thereto shall be reasonably satisfactory in form and substance to the Purchaser, and the Purchaser (or their legal counsel) shall have received all such counterpart original and certified or other copies of such documents as reasonably requested. Such documents may include (i) good standing certificates or analogous certificates of the Company and (ii) all necessary shareholders’ resolutions and/or board resolutions of the Founder Holdcos and the Group Companies. The Group Companies shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by such Group Companies on or before the Closing.

 

2.4.         Authorizations.

 

The Warrantors shall have obtained all authorizations, approvals, waivers or permits of any Person or any Governmental Authority necessary for the consummation of all of the transactions contemplated by this Agreement and other Transaction Documents, including without limitation any authorizations, approvals, waivers or permits that are required in connection with the lawful issuance of the Purchased Shares and the transactions contemplated by the VIE Control Documents, and all such authorizations, approvals, waivers and permits shall be effective as of the Closing. The Company shall have fully satisfied (including with respect to rights of timely notification) or obtained enforceable waivers in respect of any preemptive or similar rights directly or indirectly affecting any of its shares or securities, as applicable.

 

2.5.         Representations and Warranties.

 

The representations and warranties of the Warrantors contained in Schedule 4 shall be true, complete and correct in all material respects as of the Closing, except for those representations and warranties (i) that already contain any materiality qualification, which such representations and warranties, to the extent already so qualified, shall instead be true and correct in all respects as so qualified as of such respective dates and (ii) that address matters only as of a particular date, which representations will have been true and correct in all material respects (subject to clause (i)) as of such particular date.

 

2.6.         Restated Articles.

 

The Fifth Amended and Restated Memorandum and Articles of Association of the Company shall have been amended as set forth in the form attached hereto as Exhibit A (the “Restated Articles”). Such Restated Articles shall have been duly adopted by all necessary actions of the Board of Directors and the members of the Company.

 

2.7.         Restated Shareholders’ Agreement.

 

The Company, the Key Holders, the Domestic Company, the HK Company and the WFOE shall have executed and delivered the Fourth Amended and Restated Shareholders’ Agreement (the “Restated Shareholders’ Agreement”), in a form and substance substantially in the form attached as Exhibit B to this Agreement.

 

3

 

2.8.         Compliance Certificates.

 

The Purchaser shall have received a compliance certificate executed and delivered by the chief executive officer of the Company in the form attached hereto as Exhibit C.

 

2.9.         Investment Committee Approval.

 

With respect to the Purchaser’s obligations at the Closing, the investment committee of the Purchaser shall have approved the execution of this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby.

 

2.10.  VIE Control Documents.

 

The Domestic Company, the WFOE and the relevant shareholders of the Domestic Company shall have entered into VIE Control Documents to the reasonable satisfaction of the Purchaser.

 

2.11 Board of Directors.

 

The Board of Directors shall have been constituted pursuant to Section 5.1 of the Restated Shareholders’ Agreement.

 

3.              CONDITIONS TO THE OBLIGATIONS OF THE COMPANY AT CLOSING.

 

The obligations of the Company to sell the Purchased Shares to the Purchaser at the Closing are subject to the fulfillment of each of the following conditions by the Purchaser, on or before the Closing, unless otherwise waived in writing by the Company:

 

3.1.         Representations and Warranties.

 

The representations and warranties of the Purchaser contained in Schedule 6 shall be true, complete and correct in all material respects as of the Closing.

 

3.2.         Performance.

 

The Purchaser shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

 

3.3.         Qualifications.

 

All authorizations, approvals or permits, if any, of any Governmental Authority that are required in connection with the lawful issuance and sale of the Purchased Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

 

3.4.         Restated Shareholders’ Agreement.

 

The Purchaser shall have executed and delivered the Restated Shareholders’ Agreement.

 

4

 

4.              REPRESENTATIONS AND WARRANTIES OF THE WARRANTORS.

 

The Warrantors, jointly and severally, represent and warrant to the Purchaser that the statements contained in Schedule 4 attached hereto are true, correct and complete with respect to each Warrantor, (i) on and as of August 26, 2016, and (ii) on and as of the date of the Closing (with the same effect as if made on and as of the date of the Closing), except as set forth on the Disclosure Schedule attached hereto as Schedule 5, which exceptions shall be deemed to be representations and warranties as if made hereunder.

 

5.              REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.

 

The Purchaser represents and warrants to the Company that the statements contained in Schedule 6 attached hereto are true, correct and complete with respect to the Purchaser as of the Closing applicable to the Purchaser.

 

6.              UNDERTAKINGS.

 

The Warrantors hereby undertake to do each of the following and such other undertakings as set forth on Schedule 10.

 

6.1.         Ordinary Course of Business.

 

From August 26, 2016 until the earlier of the Termination Date or the Closing, the Founders shall cause each of the Group Companies to be conducted in the ordinary course of business and shall use its commercially reasonable efforts to maintain the present character and quality of the business, including without limitation, its present operations, physical facilities, working conditions, goodwill and relationships with lessors, licensors, suppliers, customers, employees and independent contractors.

 

6.2.         Exclusivity.

 

From August 26, 2016 until the earlier of the Termination Date or the Closing, except otherwise agreed by Weibo, the Group Companies agree not to (i) discuss the sale of any equity securities or any other instruments convertible into the equity securities of any Group Company with any third party other than with respect to the Closing; (ii) to provide any information with respect to any Group Company to a third party in connection with a potential investment by such third party in any equity securities or any other instruments convertible into the equity securities of such Group Company; or (iii) to close any financing transaction of any equity securities or any other instruments convertible into the equity securities of any Group Company with any third party (the “Exclusivity Period”). This Section 6.2 shall terminate and be of no further force and effect immediately following the Closing.

 

6.3.         Use of Proceeds.

 

In accordance with the directions of the Company’s Board of Directors, as it shall be constituted in accordance with the Restated Shareholders’ Agreement, the Company will use the proceeds from the sale of the Purchased Shares for the Repurchase contemplated under Schedule 9, general working capital and other general corporate purposes for the Group Companies; provided, however, that the Company may use part of the proceeds from the sale of the Purchased Shares to pay the fees and expenses in accordance with Section  8.8 hereof. Unless otherwise contemplated under this Agreement, the Company shall not use such proceeds to pay any debt of the Group Companies or to repurchase or cancel any securities held by any shareholder of the Group Companies or to make any payments to the shareholders or affiliates of any Group Company or for any other purposes without the prior written consent of the Board (including affirmative vote of the Majority Preferred Directors).

 

5

 

6.4.         Notice of Certain Events.

 

If at any time before the Closing, any Warrantor comes to know of any material fact or event which: (i) is in any way materially inconsistent with any of the representations and warranties in this Agreement; (ii) suggests that any material fact warranted hereunder may not be as warranted or may be misleading; or (iii) might affect the willingness of a prudent investor to purchase the Purchased Shares on the terms contained in the Transaction Documents or the amount of the consideration a prudent investor would be prepared to pay for the Purchased Shares; then the Warrantors shall immediately notify the Purchaser in writing, describing the fact or event in reasonable detail.

 

6.5.         Compliance.

 

The Company and each Group Company shall comply with all applicable laws and regulations in all material respect, including without limitation compliance the regulations of social insurance and housing fund.

 

6.6.         Filing of Restated Articles.

 

Within ten (10) Business Days following the Closing, the Restated Articles shall have been duly filed with the Registrar of Companies of the Cayman Islands.

 

6.7.         SAFE Circular 37 Registration.

 

Each of the Founders and any other direct or indirect equity interest holder of the Company shall comply with all applicable SAFE rules and regulations, including without limitation, the SAFE Circular 37 and/or its implementation rules.

 

6.8.         Founders’ Commitments to the Company.

 

Each Founder hereby agrees to devote one hundred percent (100%) of his or her working time to the business and operations of the Group Companies.

 

6.9.         Availability of Ordinary Shares.

 

The Company hereby covenants that at all times there shall be made available, free of any liens, for issuance upon conversion of the Series E Preferred Shares such number of Ordinary Shares or other shares of share capital of the Company.

 

6.10.  Business Plan.

 

As soon as reasonably practicable but in any event within three (3) months after the Closing, the Company shall complete and deliver to the Purchaser a detailed business plan (“Business Plan”) and a 12-month budget for the Company (“Budget”), each in a form reasonably satisfactory to the Purchaser.

 

6

 

6.11.  Board of Directors of the Group Companies.

 

Upon the written request from the Purchaser, each of the Group Companies other than the Company shall cause such Group Company’s board of directors to have substantially the same composition as the Board to the extent commercially practicable.

 

6.12.  Risk Control Policies.

 

As soon as reasonably practicable after the Closing, the Group Companies shall establish internal risk control and compliance polices suitable for the Group Companies’ development stage with respect to users’ terms of use and data collection, retention, protection and usage pursuant to applicable laws.

 

6.13.  Use of Purchaser’s Name or Logo.

 

Without the prior written consent of the Purchaser, which consent shall not be unreasonably withheld, the Warrantors may not use, publish or reproduce the Purchaser’s English or Chinese name, logo, brand or trademark in any of their marketing, advertising or promotion materials, or claim themselves as partners of the Purchaser.

 

7.              CURE OF BREACHES; INDEMNITY.

 

7.1.         In the event of:

 

(a)                   any breach or violation of, or inaccuracy or misrepresentation in, any representation or warranty made by the Warrantors contained herein or any of the other Transaction Documents,

 

(b)                   any breach or violation of any covenant or agreement contained herein or any of the other Transaction Documents (each of (a) and (b), a “Breach”).

 

the Key Holders shall, jointly and severally, or cause the other Warrantors to, cure such Breach (to the extent that such Breach is curable) to the satisfaction of the Purchaser (it being understood that any cure shall be without recourse to cash or assets of any of the Group Companies). Notwithstanding the foregoing, the Warrantors shall also, jointly and severally, indemnify the Purchaser and its Affiliates, limited partners, members, stockholders, employees, agents and representatives (each, an “Indemnitee”) for any and all losses, liabilities, damages, liens, claims, obligations, penalties, diminution in the value of the Purchaser’s interest in the Company, settlements, deficiencies, costs and expenses, including without limitation reasonable advisor’s fees and other reasonable expenses of investigation, defense and resolution of any Breach paid, suffered, sustained or incurred by the Indemnitees (each, an “Indemnifiable Loss”), resulting from, or arising out of, or due to, directly or indirectly, any Breach.

 

7

 

7.2.         Notwithstanding the foregoing, the Warrantors shall, jointly and severally, indemnify and keep indemnified the Indemnitees at all times and hold them harmless against any and all Indemnifiable Losses resulting from, or arising out of, or due to, directly or indirectly, any claim for tax which has been made or may hereafter be made against the Domestic Company and any other Group Company wholly or partly in respect of or in consequence of any event occurring or any income, profits or gains earned, accrued or received by the Domestic Company and any other Group Company on or before the Closing and any reasonable costs, fees or expenses incurred and other liabilities which the Domestic Company and any other Group Company may properly incur in connection with the investigation, assessment or the contesting of any claim, the settlement of any claim for tax, any legal proceedings in which the Domestic Company or any other Group Company claims in respect of the claim for tax and in which an arbitration award or judgment is given for the Domestic Company or any other Group Company and the enforcement of any such arbitration award or judgment whether or not such tax is chargeable against or attributable to any other person, provided, however, that the Warrantors shall be under no liability in respect of taxation:

 

(a)                   that is promptly cured without recourse to cash or other assets of any Group Company;

 

(b)                   to the extent that provision, reserve or allowance has been made for such tax in the audited consolidated financial statement of the Company;

 

(c)                    if it has arisen in and relates to the ordinary course of business of the Domestic Company since the Statement Date;

 

(d)                   to the extent that the liability arises as a result only of a provision or reserve in respect of the liability made in the Financial Report being insufficient by reason of any increase in rates of tax announced after the Closing with retrospective effect; and

 

(e)                    to the extent that the liability arises as a result of legislation which comes into force after the Closing and which is retrospective in effect.

 

The survival period for any indemnity obligation relating to claims for tax matters arising under this Section 7.2 shall be the applicable statute of limitations for tax claims.

 

7.3.         Notwithstanding anything to the contrary in Section 7.1 and 7.2, the Key Holders’ indemnity obligations shall be secondary to those of the Group Companies and shall solely be satisfied with the Ordinary Shares or other equity interests in any of the Group Companies held (either directly or indirectly) or acquired after August 26, 2016 by the Key Holders (with each Ordinary Share, to the extent such shares are used, valued at the higher of (i) the price paid for each Purchased Share hereunder (as adjusted for share splits, combinations, recapitalizations, reclassifications and similar transactions) and (ii) the fair market value of such Ordinary Share (determined pursuant to Section 8.14 if the parties to such dispute cannot agree). To the extent the Purchaser is able to recover any Indemnifiable Loss from the Group Companies, the Key Holders shall not be obligated to indemnify the Purchaser with respect to such amount of Loss.

 

8

 

7.4.         If the Purchaser or other Indemnitee believes that it has a claim that may give rise to an obligation of any Warrantor pursuant to this Section 7, it shall give prompt notice thereof to the Warrantors stating specifically the basis on which such claim is being made, the material facts related thereto, and the amount of the claim asserted. In the event of a third party claim against an Indemnitee for which such Indemnitee seeks indemnification from the Warrantors pursuant to this Section 7, no settlement shall be deemed conclusive with respect to whether there was an Indemnifiable Loss or the amount of such Indemnifiable Loss unless such settlement is consented to by one Key Holder acting on behalf of the other Key Holders, which shall not be unreasonably withheld or delayed. Any dispute related to this Section 7 shall be resolved pursuant to Section 8.14.

 

7.5.         Notwithstanding any other provision contained herein, the Warrantors shall not be liable in respect of a claim unless and until the amount recoverable from the Warrantors in respect of that claim exceeds US$500,000.

 

7.6.         Absent fraud, gross negligence and/or willful misconduct by any of the Warrantors, the aggregate amount of the Indemnifiable Losses of the Purchaser shall not exceed the purchase price actually received by the Company from the Purchaser.

 

8.              MISCELLANEOUS.

 

8.1.         Survival of Warranties.

 

The representations and warranties of the Warrantors contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing for a period of five (5) years following the Closing in respect of tax and two (2) years following the Closing in respect of those other than tax shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of the Purchaser or the Company.

 

8.2.         Confidentiality.

 

(a)                   Disclosure of Terms. The terms and conditions of this Agreement, any term sheet or memorandum of understanding entered into pursuant to the transactions contemplated hereby, all exhibits and schedules attached hereto and thereto, and the transactions contemplated hereby and thereby (collectively, the “Transaction Terms”), including their existence, shall be considered confidential information and shall not be disclosed by any party hereto to any third party except as permitted in accordance with the provisions set forth below.

 

(b)                   Permitted Disclosures. Notwithstanding the foregoing, the Company may disclose (i) the existence of the investment to its bona fide prospective purchasers, employees, bankers, lenders, accountants, legal counsels and business partners, or to any person or entity to which disclosure is approved in writing by the Purchaser, such approval not to be unreasonably withheld; and (ii) the transaction terms to its current shareholders, employees, bankers, lenders, accountants and legal counsels, in each case only where such persons or entities are under appropriate nondisclosure obligations substantially similar to those set forth in this Section 8.2, or to any person or entity to which disclosure is approved in writing by the Purchaser, which such approval is not to be unreasonably withheld. The Purchaser may disclose (x) the existence of the investment and the Transaction Terms to any Affiliate, partner, limited partner, former partner, potential partner or potential limited partner of the Purchaser or other third parties and (y) the fact of the investment to the public, in each case as it deems appropriate in its sole discretion. Any Party hereto may also provide disclosure in order to comply with applicable Laws, as set forth in Section 8.2(c) below.

 

9

 

(c)                    Legally Compelled Disclosure. In the event that any Party is requested or becomes legally compelled (including without limitation, pursuant to any applicable tax, securities, or other Laws and regulations of any jurisdiction) to disclose the existence of this Agreement or content of any of the Transaction Terms, such party (the “Disclosing Party”) shall provide the other parties with prompt written notice of that fact and shall consult with the other parties regarding such disclosure. At the request of another party, the Disclosing Party shall, to the extent reasonably possible and with the cooperation and reasonable efforts of the other parties, seek a protective order, confidential treatment or other appropriate remedy. In any event, the Disclosing Party shall furnish only that portion of the information that is legally required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information.

 

(d)                   Other Exceptions. Notwithstanding any other provision of this Section 8.2, the confidentiality obligations of the parties shall not apply to: (i) information which a restricted party learns from a third party having the right to make the disclosure, provided the restricted party complies with any restrictions imposed by the third party; (ii) information which is rightfully in the restricted party’s possession prior to the time of disclosure by the protected party and not acquired by the restricted party under a confidentiality obligation; or (iii) information which enters the public domain without breach of confidentiality by the restricted party.

 

(e)                    Press Releases, Etc. No announcements regarding the Purchaser’s investment in the Company may be made by any party hereto in any press conference, professional or trade publication, marketing materials or otherwise to the public without the prior written consent of the Purchaser and the Company, provided, that any such announcement made by any partner, limited partner, bona fide potential partner or bona fide potential limited partner of the Purchaser shall not be subject to the consent of the Company.

 

(f)                     Other Information. The provisions of this Section 8.2 shall terminate and supersede the provisions of any separate nondisclosure agreement executed by any of the Parties with respect to the transactions contemplated hereby.

 

8.3.         Transfer; Successors and Assigns.

 

The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties, provided that the Purchaser cannot transfer or assign any of its rights and obligations hereunder to any third party except for the Purchaser’s Affiliates. Save as expressly provided in this Agreement, nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement.

 

10

 

8.4.         Governing Law.

 

This Agreement shall be governed by and construed in accordance with the Law of the State of New York as to matters within the scope thereof, without regard to its principles of conflicts of laws.

 

8.5.         Counterparts; Facsimile.

 

This Agreement may be executed and delivered by facsimile, scanned-copy or other electronic signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

8.6.         Titles and Subtitles.

 

The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

8.7.         Notices.

 

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next Business Day; (c) five (5) days after having been delivered by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) day after delivery by an internationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth on the signature pages, or Schedule 8, as the case may be, or to such e-mail address, facsimile number or address as subsequently modified by written notice given in accordance with this Section 8.7.

 

8.8.         Fees and Expenses.

 

(a)                   The Company shall pay all of its own costs and expenses incurred in connection with the negotiation, execution, delivery and performance of this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby.

 

(b)                   The Company shall pay or reimburse at the Closing all reasonable costs and expenses incurred or to be incurred by the Purchaser up to US$100,000 in the aggregate, which shall include all expenses and costs, including out-of-pocket expenses and third party consulting or advisory expenses incurred in connection with the transactions contemplated by the Transaction Documents; provided that if the Closing fails to occur (i) in respect to the Purchaser, for any reason not attributable to the Purchaser, or because there exist material negative differences between the findings of the due diligence made by the Purchaser and the information disclosed by the Company, the Company shall reimburse all expenses incurred by the Purchaser within three (3) Business Days upon the demand of the Purchaser; or (ii) for any reason solely attributable to any of the Purchaser, the Purchaser shall bear its own expenses incurred by the Purchaser; or (iii) for any reason not attributable to any Party, each Party shall bear its own Expenses incurred by such Party.

 

11

 

8.9.         Attorney’s Fees.

 

If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Documents, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

 

8.10.  Amendments and Waivers.

 

Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived, either generally or in a particular instance and either retroactively or prospectively, only with the written consent of (i) the Company and (ii) the Purchaser. Any amendment or waiver effected in accordance with this paragraph shall be binding upon the Company, the Purchaser and all the other Parties. For further avoidance of doubt, this Agreement may not be amended or terminated and the observance of any term hereunder may not be waived with respect to the Purchaser without the written consent of the Purchaser. The Company shall give prompt written notice of any amendment or termination hereof or waiver hereunder to any Party hereto that did not consent in writing to such amendment, termination or waiver. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

 

8.11.  Severability.

 

The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

8.12.  Delays or Omissions.

 

No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

12

 

8.13.  Entire Agreement.

 

This Agreement (including the Schedules and Exhibits hereto), the Restated Articles and other Transaction Documents constitute the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly canceled.

 

8.14.  Dispute Resolution.

 

(a)                   Any dispute, controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof, shall first be subject to resolution through consultation of the parties to such dispute, controversy or claim. Such consultation shall begin within seven (7) days after one Party hereto has delivered to the other Parties involved a written request for such consultation. If within thirty (30) days following the commencement of such consultation the dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of any Party with notice to the other Parties.

 

(b)                   The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “HKIAC”). There shall be three arbitrators. The complainant and the respondent to such dispute shall each select one arbitrator within thirty (30) days after giving or receiving the demand for arbitration. Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The Chairman of the HKIAC shall select the third arbitrator, who shall be qualified to practice Law in the State of New York. If either party to the arbitration does not appoint an arbitrator who has consented to participate within thirty (30) days after selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the HKIAC.

 

(c)                    The arbitration proceedings shall be conducted in English. The arbitration tribunal shall apply the Arbitration Rules of the HKIAC in effect at the time of the arbitration. However, if such rules are in conflict with the provisions of this Section 8.14, including the provisions concerning the appointment of arbitrators, the provisions of this Section 8.14 shall prevail.

 

(d)                   The arbitrators shall decide any dispute submitted by the parties to the arbitration strictly in accordance with the substantive Law of the State of New York and shall not apply any other substantive law.

 

(e)                    Each Party hereto shall cooperate with any party to the dispute in making full disclosure of and providing complete access to all information and documents requested by such party in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on the Party receiving the request.

 

(f)                     The award of the arbitration tribunal shall be final and binding upon the disputing parties, and any party to the dispute may apply to a court of competent jurisdiction for enforcement of such award.

 

13

 

(g)                    Any party to the dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal.

 

8.15.  No Commitment for Additional Financing.

 

The Company acknowledges and agrees that no Purchaser has made any representation, undertaking, commitment or agreement to provide or assist the Company in obtaining any financing, investment or other assistance, other than the purchase of the Purchased Shares as set forth herein and subject to the conditions set forth herein. In addition, the Company acknowledges and agrees that (i) no oral statements made by any Purchaser or its representatives on or after August 26, 2016 shall create an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment, (ii) the Company shall not rely on any such statement by any Purchaser or its representatives and (iii) an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment may only be created by a written agreement, signed by the Purchaser and the Company, setting forth the terms and conditions of such financing or investment and stating that the parties intend for such writing to be a binding obligation or agreement. Each Purchaser shall have the right, in its sole and absolute discretion, to refuse or decline to participate in any other financing of or investment in the Company, and shall have no obligation to assist or cooperate with the Company in obtaining any financing, investment or other assistance.

 

8.16.  Rights Cumulative.

 

Each and all of the various rights, powers and remedies of a Party will be considered to be cumulative with and in addition to any other rights, powers and remedies which such Party may have at law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party.

 

8.17.  No Waiver.

 

Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy power hereunder at any one or more times be deemed a waiver or relinquishment of such right, power or remedy at any other time or times.

 

8.18.  No Presumption.

 

The Parties acknowledge that any applicable law that would require interpretation of any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of this Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel.

 

14

 

8.19.  Exculpation among Purchasers.

 

The Purchaser acknowledges that it is not relying upon any person, firm or corporation, other than the Company and its officers and directors, in making its investment or decision to invest in the Company. The Purchaser agrees that no other purchasers of the Company’s Series E Preferred Shares nor the respective controlling persons, officers, directors, partners, agents, or employees of any of such purchasers shall be liable to it for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Company’s Series E Preferred Shares.

 

8.20.  Third Party Beneficiaries.

 

Each of the Indemnitees shall be a third party beneficiary of this Agreement with the full ability to enforce Section 7 of this Agreement as if it were a Party hereto.

 

8.21.  Several Signing.

 

Each Party shall become a party to this Agreement by executing and delivering a counterpart signature page hereto. This Agreement shall be effective as to all Parties as of August 26, 2016 except for any Party whose signature page to this Agreement has not been executed and delivered to the other Parties, with respect to whom this Agreement is effective only upon its execution and delivery of its counter-signed signature page to this Agreement to the other Parties hereto.

 

8.22.  Termination of Agreement.

 

(a)                   This Agreement may be terminated before the Closing as follows:

 

(1)                                           at the election of the Purchaser with respect to itself or the Company on or after November 30, 2016, if the Closing shall not have occurred on or before such date unless such date is extended by the mutual written consent of the Company and the Purchaser; provided that: (i) such electing party is not in material default of any of its obligations hereunder, and (ii) the right to terminate this Agreement pursuant to this Section 8.22(a) shall not be available to a Party if its breach of any provision of this Agreement has been the cause of, or resulted, directly or indirectly in, the failure of the Closing to be consummated by November 30, 2016.

 

(2)                                           by mutual written consent of the Company and the Purchaser as evidenced in writing signed by each of the Company and the Purchaser; or

 

(3)                                           by the Purchaser in respect to itself in the event of any material breach or violation of any representation or warranty, covenant or agreement contained herein or in any of the other Transaction Documents by any Warrantor that is not cured or curable within ten (10) Business Days of written notice.

 

(4)                                           by the Purchaser in respect to itself if any event, circumstance or change have occurred that, individually or in the aggregate with one or more other events, circumstances or changes, have had or is reasonably expected to have a Material Adverse Effect on the Group Companies, provided that, such events, circumstances or changes are not caused by the Purchaser.

 

15

 

(b)                   Effect of Termination. The date of termination of this Agreement pursuant to Section 8.22(a) hereof shall be referred to as “Termination Date”. In the event of termination by the Company and/or any Purchaser pursuant to Section 8.22(a) hereof, written notice thereof shall forthwith be given to the other Parties and this Agreement shall terminate, and the purchase of the relevant Purchased Shares hereunder shall be abandoned and rescinded with respect to the relevant Purchaser(s), without further action by the Parties hereto. Each of the relevant Parties shall be relieved of their duties and obligations arising under this Agreement after the date of such termination and such termination shall be without liability to the other parties, as applicable; provided that no such termination shall relieve any party hereto from liability for any breach of this Agreement. The provisions of this Section 8.22, Section 7, Section 8.1, Section 8.2, Section 8.8, Section 8.9 and Section 8.14, hereof shall survive any termination of this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

16

 

IN WITNESS WHEREOF, the Parties have executed and delivered this Series E Preferred Share Purchase Agreement as of the date first written above.

 

 

	
 
    	
YIXIA TECH CO LTD.
    
	
COMPANY:
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ HAN KUN
    
	
 
    	
Name: HAN KUN
    
	
 
    	
Title: Director
    

 

xvii

 

IN WITNESS WHEREOF, the Parties have executed and delivered this Series E Preferred Share Purchase Agreement as of the date first written above.

 

 

	
HK COMPANY:
    	
XUANYIXIA LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ HAN KUN
    
	
 
    	
Name: HAN KUN
    
	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
 
    
	
WFOE:
    	
FEN XIANG YI XIA (BEIJING) TECH CO., LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ HAN KUN
    
	
 
    	
Name: HAN KUN
    
	
 
    	
Title: Legal Representative
    
	
 
    	
Affix Seal:
    
	
 
    	
 
    
	
 
    	
 
    
	
DOMESTIC COMPANY:
    	
XUANYIXIA (BEIJING) TECH CO., LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ HAN KUN
    
	
 
    	
Name: HAN KUN
    
	
 
    	
Title: Legal Representative
    
	
 
    	
Affix Seal:
    

 

xviii

 

IN WITNESS WHEREOF, the Parties have executed and delivered this Series E Preferred Share Purchase Agreement as of the date first written above.

 

 

	
FOUNDERS:
    	
HAN KUN
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ HAN KUN
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TANG LIJIA(汤力嘉)
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/TANG LIJIA
    
	
 
    	
 
    
	
 
    	
 
    
	
FOUNDER HOLDCOS:
    	
CAPITAL EXPRESS INVESTMENT LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ HAN KUN
    
	
 
    	
Name: HAN KUN
    
	
 
    	
Title: Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
WEALTH GARDEN INVESTMENT LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/TANG LIJIA
    
	
 
    	
Name: TANG LIJIA
    
	
 
    	
Title: Director
    

 

xix

 

IN WITNESS WHEREOF, the Parties have executed and delivered this Series E Preferred Share Purchase Agreement as of the date first written above.

 

 

	
PURCHASER:
    	
WB Online Investment Limited
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles Chao
    
	
 
    	
Name: Charles Chao
    
	
 
    	
Title: Director
    

 

xxEX-4.18

 Exhibit 4.18 

EXECUTION COPY 
 QWEST CORPORATION

 6.75% Notes due 2057 
  

 
 Seventeenth
Supplemental Indenture 
 Dated as of April 27, 2017 
  

 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Trustee 

 SEVENTEENTH SUPPLEMENTAL INDENTURE dated as of April 27, 2017 (this “Supplemental
Indenture”) by and between QWEST CORPORATION, a Colorado corporation (formerly named U S WEST Communications, Inc.) (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, as trustee under the Indenture (as defined below) with respect to
the Notes (as defined below) (the “Trustee”), as amended and supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental
Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture, the Ninth Supplemental Indenture, the Tenth Supplemental Indenture, the Eleventh Supplemental Indenture, the Twelfth Supplemental
Indenture, the Thirteenth Supplemental Indenture, the Fourteenth Supplemental Indenture, the Fifteenth Supplemental Indenture and the Sixteenth Supplemental Indenture, each as defined below. The Trustee, and each other trustee appointed as such with
respect to the Securities (as defined below) of any series issued under the Indenture, shall be the “Trustee” (as defined in the Indenture, as supplemented hereby) for all purposes under the Indenture with respect to the applicable series
of Securities but, for the avoidance of doubt, not with respect to any series of Securities for which such Trustee has not been appointed trustee under the terms of the Indenture or any supplement thereto. 

RECITALS 
 WHEREAS, the
Company and Bank of New York Trust Company, National Association (as successor in interest to Bank One Trust Company, N.A. and J.P. Morgan Trust Company, National Association), are parties to that certain Indenture dated as of October 15, 1999
(the “Base Indenture”, and as amended and supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth
Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture, the Ninth Supplemental Indenture, the Tenth Supplemental Indenture, the Eleventh Supplemental Indenture, the Twelfth Supplemental Indenture, the
Thirteenth Supplemental Indenture, the Fourteenth Supplemental Indenture, the Fifteenth Supplemental Indenture, the Sixteenth Supplemental Indenture and this Supplemental Indenture, the “Indenture”) providing for the issuance from time to
time of senior debt securities of the Company (“Securities”) to be issued in one or more series. 
 WHEREAS, the Company and the
Trustee are parties to the First Supplemental Indenture (the “First Supplemental Indenture”) dated as of August 19, 2004, providing for the amendment and supplement of the terms of the Base Indenture and the issuance by the Company of
a series of Securities designated as its 7.875% Notes due 2011, in an aggregate principal amount of $575,000,000, none of which are currently outstanding. 

WHEREAS, the Company and the Trustee are parties to the Second Supplemental Indenture (the “Second Supplemental Indenture”) dated as
of November 23, 2004, providing for the issuance by the Company of additional notes of a series of Securities designated as its 7.875% Notes due 2011, in an aggregate principal amount of $250,000,000, none of which are currently outstanding.

 WHEREAS, the Company and the Trustee are parties to the Third Supplemental Indenture (the
“Third Supplemental Indenture”) dated as of June 17, 2005, providing for the issuance by the Company of a series of Securities designated as its 7.625% Notes due 2015, in an aggregate principal amount of $400,000,000, none of which
are currently outstanding, and a series of Securities designated as its Floating Rate Notes due 2013, in an aggregate principal amount of $750,000,000, none of which are currently outstanding. 

WHEREAS, the Company and the Trustee are parties to the Fourth Supplemental Indenture (the “Fourth Supplemental Indenture”) dated as
of August 8, 2006, providing for the issuance by the Company of a series of Securities designated as its 7.5% Notes due 2014, in an aggregate principal amount of $600,000,000, none of which are currently outstanding. 

WHEREAS, the Company and the Trustee are parties to the Fifth Supplemental Indenture (the “Fifth Supplemental Indenture”) dated as
of May 16, 2007, providing for the issuance by the Company of a series of Securities designated as its 6.5% Notes due 2017, in an aggregate principal amount of $500,000,000, all of which are currently outstanding. 

WHEREAS, the Company and the Trustee are parties to the Sixth Supplemental Indenture (the “Sixth Supplemental Indenture”) dated as
of April 13, 2009, providing for the issuance by the Company of a series of Securities designated as its 8-3/8% Notes due 2016, in an aggregate principal amount of $810,500,000, none of which are currently outstanding. 

WHEREAS, the Company and the Trustee are parties to the Seventh Supplemental Indenture (the “Seventh Supplemental Indenture”) dated
as of June 8, 2011, providing for the issuance by the Company of a series of Securities designated as its 7.375% Notes due 2051, in an aggregate principal amount of $661,250,000, none of which are currently outstanding. 

WHEREAS, the Company and the Trustee are parties to the Eighth Supplemental Indenture (the “Eighth Supplemental Indenture”) dated as
of September 21, 2011, providing for the issuance by the Company of a series of Securities designated as its 7.50% Notes due 2051, in an aggregate principal amount of $575,000,000, $288,500,000 of which is currently outstanding. 

WHEREAS, the Company and the Trustee are parties to the Ninth Supplemental Indenture (the “Ninth Supplemental Indenture”) dated as
of October 4, 2011, providing for the issuance by the Company of a series of Securities designated as its 6.75% Notes due 2021, in an aggregate principal amount of $950,000,000, all of which are currently outstanding. 

WHEREAS, the Company and the Trustee are parties to the Tenth Supplemental Indenture (the “Tenth Supplemental Indenture”) dated as
of April 2, 2012, providing for the issuance by the Company of a series of Securities designated as its 7.00% Notes due 2052, in an aggregate principal amount of $525,000,000, all of which are currently outstanding. 

WHEREAS, the Company and the Trustee are parties to the Eleventh Supplemental Indenture (the “Eleventh Supplemental Indenture”)
dated as of June 25, 2012, providing for the issuance by the Company of a series of Securities designated as its 7.00% Notes due 2052, in an aggregate principal amount of $400,000,000, all of which are currently outstanding. 

WHEREAS, the Company and the Trustee are parties to the Twelfth Supplemental Indenture (the “Twelfth Supplemental Indenture”) dated
as of May 23, 2013, providing for the issuance by the Company of a series of Securities designated as its 6.125% Notes due 2053, in an aggregate principal amount of $775,000,000, all of which are currently outstanding. 

  
 2 

 WHEREAS, the Company and the Trustee are parties to the Thirteenth Supplemental Indenture (the
“Thirteenth Supplemental Indenture”) dated as of September 29, 2014, providing for the issuance by the Company of a series of Securities designated as its 6.875% Notes due 2054, in an aggregate principal amount of $500,000,000, all of
which are currently outstanding. 
 WHEREAS, the Company and the Trustee are parties to the Fourteenth Supplemental Indenture (the
“Fourteenth Supplemental Indenture”) dated as of September 21, 2015, providing for the issuance by the Company of a series of Securities designated as its 6.625% Notes due 2055, in an aggregate principal amount of $410,000,000, all of
which are currently outstanding. 
 WHEREAS, the Company and the Trustee are parties to the Fifteenth Supplemental Indenture (the
“Fifteenth Supplemental Indenture”) dated as of January 29, 2016, providing for the issuance by the Company of a series of Securities designated as its 7% Notes due 2056, in an aggregate principal amount of $235,000,000, all of which
are currently outstanding. 
 WHEREAS, the Company and the Trustee are parties to the Sixteenth Supplemental Indenture (the “Sixteenth
Supplemental Indenture”) dated as of August 22, 2016, providing for the issuance by the Company of a series of Securities designated as its 6.5% Notes due 2056, in an aggregate principal amount of $977,500,000, all of which are currently
outstanding. 
 WHEREAS, the Company desires and has requested the Trustee to execute and deliver this Supplemental Indenture in order to
establish and provide for the issuance by the Company of a series of Securities designated as its 6.75% Notes due 2057 (the “Notes”). 

WHEREAS, Section 9.01(8) of the Base Indenture provides that a supplemental indenture may be entered into by the Company and the Trustee
without the consent of any Holders to establish the form and terms and conditions of Securities of any Series as permitted by Section 2.02 of the Base Indenture. 

WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this Supplemental Indenture have been complied with. 

WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance with its
terms, and a valid supplement to the Indenture have been done. 
 NOW, THEREFORE, in consideration of the premises and the purchase and
acceptance of the Notes by the holders thereof (the “Holders”), the Company covenants and agrees with the Trustee, for the equal and ratable benefit of the Holders of the Notes, that the Indenture is hereby supplemented, to the extent
expressed herein, as follows: 

  
 3 

 ARTICLE 1 

THE NOTES 
 Section 1.01
Designation of Notes. Pursuant to this Supplemental Indenture, there is hereby created and designated a series of Securities under the Indenture entitled “6.75% Notes due 2057” in an aggregate principal amount initially limited on
the date hereof to $575,000,000 (plus such additional principal amount of Notes, not exceeding $86,250,000, that may be subsequently issued pursuant to an exercise (in whole or in part) of the over-allotment option by the underwriters of the Notes).
Subject to the terms in the Indenture, as supplemented by this Supplemental Indenture, the Company may, at its option, without the consent of the Holders of the Notes, issue additional notes from time to time that will constitute a single series of
Securities under the Indenture together with the previously outstanding Notes. The changes, modifications and supplements to the Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the
Notes, which shall not be limited in aggregate principal amount, and shall not apply to any other Securities that have been or may in the future be issued under the Indenture unless a supplemental indenture with respect to such other Securities
specifically incorporates such changes, modifications and supplements. 
 Section 1.02 Other Terms of the Notes. Without limiting the foregoing
provisions of this Article 1, the terms of the Notes shall be as set forth in the form set forth in Exhibit A hereto and as provided in the Indenture. The terms and provisions contained in the form set forth in Exhibit A hereto shall
constitute, and are hereby expressly made, a part of this Supplemental Indenture as fully as if they were set forth herein. 
 Section 1.03
Agents. 
 (a) The Notes shall be payable and may be presented for payment, purchase, registration of transfer and exchange, without
service charge, at the office of the Company maintained for such purpose in New York, New York, which shall initially be the office or agency of the Trustee. 

(b) The Trustee shall also serve as security registrar for the purpose of registering the Notes and transfers or exchanges of the Notes. 

(c) The Company may from time to time designate one or more additional offices or agencies where Notes may be presented or surrendered for
payment or may be surrendered for registration of transfer or exchange in accordance with the Base Indenture. 
 Section 1.04 Definitions. 

(a) Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Indenture. To the extent
terms defined herein differ from the Indenture, the terms defined herein will govern. 
 (b) For all purposes of the Indenture, except as
otherwise expressly provided or unless the context otherwise requires, the terms defined in this Supplemental Indenture have the meanings assigned to them in this Supplemental Indenture, and include the plural, as well as the singular. 

  
 4 

 ARTICLE 2 

ADDITIONAL TERMS 
 Section 2.01
Form and Dating. 
 (a) The Notes issued shall be represented by one or more global notes substantially in the form set forth in
Exhibit A hereto, deposited with the Trustee, as custodian for The Depository Trust Company, New York, New York, or a successor depository thereto registered under the Securities Exchange Act of 1934, as amended, or other applicable statute
or regulation (the “Depository”), duly executed by the Company and authenticated by the Trustee as hereinafter provided and shall bear any legends required by applicable law (the “Global Notes”). 

(b) The aggregate principal amount of each of the Global Notes may from time to time be increased or decreased by adjustments made by the
Trustee on Schedule I to the Global Notes and on the records of the Trustee, as custodian for the Depository. 
 Section 2.02 Book-Entry Provisions
for Global Notes. 
 (a) The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such
Depository, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear the legends required by the Depository as set forth in Exhibit A. 

(b) Members of, or participants in, the Depository (“Participants”) shall have no rights under this Indenture with respect to any
Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under any such Global Note, and the Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of
the Global Note 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 Depository or impair, as between the Depository and Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 

(c) The Holder of any Global Note may grant proxies and otherwise authorize any Person, including Participants and Persons that may hold
interests through Participants, to take any action which a Holder of any Note is entitled to take under this Indenture or the Notes. 
 (d)
Notwithstanding any other provisions of the Indenture, a Global Note may only be transferred in whole, and not in part, and may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository
to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. Certificated Notes shall be transferred to all beneficial owners in exchange for
their beneficial interests in Global Notes if (i) the Depository notifies the Company that it is unwilling or unable to act as Depository for any Global Note and a successor Depository is not appointed by the Company within 90 days,
(ii) the 

  
 5 

 
Depository ceases to be a clearing agency registered or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, and a successor
Depository is not appointed by the Company within 90 days or (iii) if an Event of Default shall have occurred and be continuing, but only if, in the case of item (i) or (ii) above, the Company provides written transfer directions to
the Trustee or, in the case of item (iii) above, the holders of a majority of the aggregate principal amount of the Notes provide written transfer directions to the Trustee. In addition, certificated Notes shall be transferred to all beneficial
owners in exchange for their beneficial interests in Global Notes if the Company, in its sole discretion, determines not to require that all of the Notes be represented by a Global Note. In connection with the transfer of a Global Note in its
entirety pursuant to this Section 2.02(d), such Global Note shall be deemed to be surrendered to the Trustee for cancellation and (i) the Company shall execute and (ii) the Trustee shall, upon written instructions from the Company,
authenticate and deliver to each beneficial owner identified by the Depository, in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of certificated Notes of authorized denominations. 

(e) The Trustee shall have no responsibility for the actions or omissions of the Depository or the accuracy of the books and records of the
Depository. 
 ARTICLE 3 

MISCELLANEOUS 
 Section 3.01
Amendment and Supplement. This Supplemental Indenture and the Notes may be amended or supplemented as provided for in the Indenture. 

Section 3.02 Indenture. As supplemented hereby, the Indenture is in all respects ratified and confirmed, and the Base Indenture, as heretofore
amended, and this Supplemental Indenture shall be read and construed as one and the same instrument. In the event of any conflict between this Supplemental Indenture and the Indenture, the provisions of this Supplemental Indenture shall prevail.

 Section 3.03 Governing Law. The laws of the State of New York shall govern this Supplemental Indenture and the Notes created hereby.

 Section 3.04 No Adverse Interpretation of Other Agreements. This Supplemental Indenture may not be used to interpret another indenture, loan
or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Supplemental Indenture. 

Section 3.05 Successors and Assigns. All covenants and agreements of the Company in this Supplemental Indenture and the Notes shall bind its
successors and its assigns under the Base Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors and its assigns under the Base Indenture. 

  
 6 

 Section 3.06 Counterparts. This Supplemental Indenture may be executed in counterparts, each of which
shall be an original, but such counterparts shall together constitute but one instrument. 
 Section 3.07 Severability. In case any one or more
of the provisions contained in this Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of
this Supplemental Indenture or of the Notes. 
 [Signature Page Follows] 

  
 7 

 SIGNATURES 

IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed, all as of the date first above written. 

 

					
	QWEST CORPORATION
		
	By:	 	 /s/ R. Stewart Ewing, Jr.

	Name:	 	R. Stewart Ewing, Jr.
	Title: 	 	Executive Vice President and Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Leland Hansen

		 	Name: Leland Hansen
		 	Title: Vice President

 [Signature Page to Seventeenth Supplemental Indenture] 

 Exhibit A 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF
THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-1 

			
	No. ____	  	PRINCIPAL AMOUNT
	CUSIP No. 74913G 873	  	$                            

 Qwest Corporation 6.75% Note due 2057 

QWEST CORPORATION, a corporation duly organized and existing under the laws of the State of Colorado (such corporation, and its successors and
assigns under the Indenture hereinafter referred to, being herein called the “Company”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
            MILLION DOLLARS ($            ) (or such other amount as shall be listed on Schedule I attached hereto) on
June 15, 2057 (the “Maturity Date”), unless previously redeemed on any redemption date, by wire transfer of immediately available funds of such coin or currency of the United States of America as at the time of payment shall be legal
tender for the payment of public and private debts and to pay interest thereon quarterly on March 15, June 15, September 15 and December 15 of each year, commencing September 15, 2017 (each, an “Interest
Payment Date”), and on the Maturity Date at the rate per annum specified in the title of this Note, from April 27, 2017 (or from the most recent Interest Payment Date to which interest has been paid or duly provided for) until payment of
such principal sum has been made or duly provided for. The interest so payable on any Interest Payment Date, as long as the Notes (as defined below) are represented by a global security, subject to certain exceptions provided in the Indenture
referred to herein, will be paid to the person in whose name this Note shall be registered at the close of business on the Business Day (as defined below) prior to such Interest Payment Date. If any Interest Payment Date or the Maturity Date is a
Legal Holiday in New York, New York, the required payment shall be made on the next succeeding Business Day as if it was made on the date such payment was due and no interest will accrue on the amount so payable for the period from and after such
Interest Payment Date or Maturity Date, as the case may be, to such next succeeding Business Day. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than
a full quarterly interest period will be computed on the basis of the number of days elapsed in a 90-day quarter of three 30-day months. “Business Day” means any day other than a Legal Holiday. 

This Note is one of the duly authorized series of Securities of the Company, designated as the Company’s “6.75% Notes due 2057”
(the “Notes”), initially limited on the date hereof to the aggregate principal amount of $575,000,000 (or $661,250,000 if the over-allotment option of the underwriters of the Notes is subsequently exercised in full), all issued or to be
issued under and pursuant to an Indenture dated as of October 15, 1999 between the Company and Bank of New York Trust Company National Association, as trustee (as successor in interest to Bank One Trust Company, N.A. and J.P. Morgan Trust
Company, National Association), as amended and supplemented by the First Supplemental Indenture dated as of August 19, 2004 between the Company and U.S. Bank National Association, as trustee (the “Trustee”), the Second Supplemental
Indenture dated as of November 23, 2004 between the Company and the Trustee, the Third Supplemental Indenture dated as of June 17, 2005 between the Company and the Trustee, the Fourth Supplemental Indenture dated as of August 8, 2006
between the Company and the Trustee, the Fifth Supplemental Indenture dated as of May 16, 2007 between the Company and the Trustee, the Sixth Supplemental Indenture dated as of April 13, 2009 between

  
 A-2 

 
the Company and the Trustee, the Seventh Supplemental Indenture dated as of June 8, 2011 between the Company and the Trustee, the Eighth Supplemental Indenture dated as of September 21,
2011 between the Company and the Trustee, the Ninth Supplemental Indenture dated as of October 4, 2011 between the Company and the Trustee, the Tenth Supplemental Indenture dated as of April 2, 2012 between the Company and the Trustee, the
Eleventh Supplemental Indenture dated as of June 25, 2012 between the Company and the Trustee, the Twelfth Supplemental Indenture dated as of May 23, 2013 between the Company and the Trustee, the Thirteenth Supplemental Indenture dated as
of September 29, 2014 between the Company and the Trustee, the Fourteenth Supplemental Indenture dated as of September 21, 2015 between the Company and the Trustee, the Fifteenth Supplemental Indenture dated as of January 29, 2016
between the Company and the Trustee, the Sixteenth Supplemental Indenture dated as of August 22, 2016 between the Company and the Trustee and the Seventeenth Supplemental Indenture dated as of April 27, 2017 between the Company and the
Trustee, as such may be further amended, modified or supplemented from time to time (as so amended, modified or supplemented, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a
description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders (the words “Holders” or “Holder” meaning the registered holders or registered holder of
the Notes). 
 ADDITIONAL TERMS 

1. Optional Redemption. The Notes shall be redeemable at the option of the Company, in whole or in part, at any time on and after
June 15, 2022, at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to, but not including, the redemption date. 

If money sufficient to pay the redemption price of and accrued interest on all of the Notes (or portions thereof) to be redeemed on the
redemption date is deposited with the Trustee or paying agent on or before the redemption date and certain other conditions specified in the Indenture are satisfied, then on and after such redemption date, interest will cease to accrue on such Notes
(or such portion thereof) called for redemption. 
 Notice of any redemption will be mailed not less than 15 nor more than 60 calendar days
before the redemption date to the Holder hereof at its registered address. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the principal amount of the Notes called for
redemption. Neither the Company nor the Trustee shall be required to register the transfer of or exchange the Notes to be redeemed by the Company under the terms hereof. 

The Company may mail notice of redemption prior to the completion of any event or transaction related to such redemption, and any redemption
or notice may, at the discretion of the Company, be subject to one or more conditions precedent. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the
discretion of the Company, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, 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 by the redemption date, or by the redemption date so delayed. 

  
 A-3 

 2. Ranking. The indebtedness evidenced by this Note is senior and unsecured and will rank
in right of payment on parity with all other unsecured and unsubordinated obligations of the Company. 
 3. No Sinking Fund. The Notes
are not subject to, and do not have, the benefit of any sinking fund. 
 4. Denominations. The Notes are issuable only in registered
form without coupons in minimum denominations of $25 and integral multiples of $25 in excess thereof. 
 5. Other Terms and
Conditions. In case an Event of Default shall occur and be continuing, the principal hereof may be declared, and upon such declaration shall become, due and payable in the manner, with the effect and subject to the conditions provided in the
Indenture. 
 Subject to certain specified exceptions, the Indenture contains provisions permitting (i) the Company and the Trustee,
with the written consent of the Holders of a majority in principal amount of the outstanding Securities of each series affected by a supplemental indenture (with each series voting as a class), to enter into a supplemental indenture to add any
provisions to or to change or eliminate any provisions of the Indenture or of any supplemental indenture or to modify, in certain specified instances without the consent of Holders, the rights of the Holders of each such series, and (ii) the
Holders of a majority in principal amount of the outstanding Securities of each series affected by such waiver (with each series voting as a class), by notice to the Trustee, to waive compliance by the Company with any provision of the Indenture,
any supplemental indenture or the Securities of any such series. 
 No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the place, at the respective times, at the rate, and in the coin or
currency herein prescribed. 
 No director, officer, employee or stockholder, as such, of the Company shall have any liability for any
obligations of the Company under this Note or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder, by accepting this Note, waives and releases all such liability. The waiver and
release are part of the consideration for the issue of this Note. 
 The laws of the State of New York shall govern the Indenture and this
Note. 
 Ownership of this Note shall be proved by the register for the Notes kept by the Registrar. The Company, the Trustee and any agent
of the Company may treat the person in whose name a Note is registered as the absolute owner thereof for all purposes. 
 Terms used herein
without definition that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-4 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused the CUSIP number to be printed on the Notes and the Trustee may use such CUSIP number in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such number either as
printed on the Notes or as contained in any notice of redemption. 
 Unless the Certificate of Authentication hereon has been executed by
the Trustee under the Indenture referred to herein by the manual signature of one of its authorized officers, or on behalf of the Trustee by the manual signature of an authorized officer of the Trustee’s authenticating agent, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 [Signature Page Follows] 

  
 A-5 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed, manually or by
facsimile, and its corporate seal or a facsimile of its corporate seal to be imprinted hereon. 
 Date:
[                    ] 
  

			
	QWEST CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series designated herein, issued under the Indenture described herein. 

Date: [                    ] 

 

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

		 	Authorized Signatory

  
 A-7 

 SCHEDULE I 

CHANGES TO PRINCIPAL AMOUNT OF SECURITIES EVIDENCED BY GLOBAL NOTE 

The initial principal amount of Securities evidenced by this Global Note is
$                    . 
  

							
	 Date
	  	 Principal Amount of
Securities by which
this
Global Note is to
be Reduced or
Increased, and Reason
for Reduction or
Increase
	  	
Remaining Principal
Amount of Securities
Represented by this
Global Note
	  	 Notation Made by

  
 A-8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}]]