Document:

Stock Purchase Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 STOCK PURCHASE AGREEMENT 

BY AND AMONG 
 CASELLA WASTE SYSTEMS, INC., 
 BLOW BROS. (D/B/A BBI WASTE INDUSTRIES AND
BESTWAY DISPOSAL SERVICES), 
 THE STOCKHOLDERS OF BLOW BROS. (D/B/A BBI WASTE INDUSTRIES AND BESTWAY DISPOSAL SERVICES)
NAMED HEREIN, 
 ARTHUR E. ST. HILAIRE, SOLELY IN HIS CAPACITY AS THE REPRESENTATIVE 

AND, FOR THE LIMITED PURPOSES SET FORTH HEREIN AND ON THE SIGNATURE PAGES HERETO, 

TRASH LADY, LLC AND TRASH LADY NH, LLC 
 December 6, 2012 

 Table of Contents 
 Page 
  

							
	ARTICLE I PURCHASE AND SALE	  	 	1	  
	 1.1
	  	Purchase and Sale	  	 	1	  
	 1.2
	  	Purchase Price	  	 	1	  
	 1.3
	  	Actions at the Closing	  	 	2	  
	 1.4
	  	Adjustments Before and After the Closing	  	 	3	  
	 1.5
	  	True-Up Escrow; Closing Net Working Capital	  	 	5	  
	 1.6
	  	Escrow Arrangements	  	 	6	  
	 1.7
	  	Representative	  	 	7	  
	 1.8
	  	Withholding Obligations	  	 	8	  
	 1.9
	  	Allocation	  	 	8	  
		
	ARTICLE II REPRESENTATIONS AND WARRANTIES OF THE SELLERS	  	 	9	  
	 2.1
	  	Ownership of Company Shares	  	 	9	  
	 2.2
	  	Litigation	  	 	9	  
	 2.3
	  	Noncontravention	  	 	9	  
	 2.4
	  	Broker’s Fees	  	 	10	  
	 2.5
	  	Investment Representations	  	 	10	  
		
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLERS AND THE COMPANY REGARDING
THE
          COMPANY	  	 	11	  
	 3.1
	  	Organization, Qualification and Corporate Power	  	 	11	  
	 3.2
	  	Capitalization	  	 	11	  
	 3.3
	  	Authorization	  	 	12	  
	 3.4
	  	Noncontravention	  	 	12	  
	 3.5
	  	Subsidiaries	  	 	13	  
	 3.6
	  	Financial Statements	  	 	13	  
	 3.7
	  	Absence of Certain Changes	  	 	14	  
	 3.8
	  	Undisclosed Liabilities	  	 	14	  
	 3.9
	  	Tax Matters	  	 	14	  
	 3.10
	  	Assets	  	 	18	  
	 3.11
	  	Owned Real Property	  	 	18	  
	 3.12
	  	Real Property Leases	  	 	20	  
	 3.13
	  	Intellectual Property	  	 	22	  
	 3.14
	  	Inventory	  	 	23	  
	 3.15
	  	Contracts	  	 	23	  
	 3.16
	  	Accounts Receivable	  	 	25	  
	 3.17
	  	Powers of Attorney	  	 	25	  
	 3.18
	  	Insurance	  	 	25	  
	 3.19
	  	Litigation	  	 	25	  
	 3.20
	  	Employees	  	 	26	  
	 3.21
	  	Employee Benefits	  	 	27	  
	 3.22
	  	Environmental Matters	  	 	31	  
	 3.23
	  	Legal Compliance	  	 	31	  

  
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	 3.24
	  	Customers and Suppliers	  	 	31	  
	 3.25
	  	Permits	  	 	32	  
	 3.26
	  	Certain Business Relationships With Affiliates	  	 	32	  
	 3.27
	  	Brokers’ Fees	  	 	32	  
	 3.28
	  	Books and Records	  	 	32	  
	 3.29
	  	Prepayments, Prebilled Invoices and Deposits	  	 	32	  
	 3.30
	  	Government Contracts	  	 	33	  
	 3.31
	  	Disclosure	  	 	33	  
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE BUYER	  	 	33	  
	 4.1
	  	Organization and Corporate Power	  	 	33	  
	 4.2
	  	Authorization of the Transaction	  	 	33	  
	 4.3
	  	Noncontravention	  	 	34	  
	 4.4
	  	Reports and Financial Statements	  	 	34	  
		
	ARTICLE V COVENANTS	  	 	35	  
	 5.1
	  	Closing Efforts	  	 	35	  
	 5.2
	  	Governmental and Third-Party Notices and Consents	  	 	35	  
	 5.3
	  	Operation of Business	  	 	35	  
	 5.4
	  	Access to Information	  	 	37	  
	 5.5
	  	Notice of Breaches	  	 	37	  
	 5.6
	  	Exclusivity	  	 	38	  
	 5.7
	  	Expenses	  	 	38	  
	 5.8
	  	Access to Customers and Suppliers	  	 	38	  
	 5.9
	  	Title Insurance	  	 	38	  
	 5.10
	  	Surveys	  	 	39	  
	 5.11
	  	Estoppels	  	 	39	  
	 5.12
	  	FIRPTA Tax Certificate	  	 	40	  
	 5.13
	  	Termination of 401(k) Plan	  	 	40	  
	 5.14
	  	Termination of Employee Benefit Plans	  	 	40	  
	 5.15
	  	Indebtedness	  	 	40	  
	 5.16
	  	Transfer of Owned Real Property; Fixtures, Etc. Used by Company	  	 	40	  
		
	ARTICLE VI CONDITIONS TO CLOSING	  	 	41	  
	 6.1
	  	Conditions to Obligations of the Buyer	  	 	41	  
	 6.2
	  	Conditions to Obligations of Company and the Sellers	  	 	42	  
		
	ARTICLE VII INDEMNIFICATION	  	 	43	  
	 7.1
	  	Indemnification by the Sellers	  	 	43	  
	 7.2
	  	Indemnification Claims	  	 	44	  
	 7.3
	  	Survival of Representations and Warranties	  	 	47	  
	 7.4
	  	Limitations	  	 	48	  
		
	ARTICLE VIII TAX MATTERS	  	 	49	  
	 8.1
	  	Preparation and Filing of Tax Returns; Payment of Taxes	  	 	49	  
	 8.2
	  	Allocation of Certain Taxes	  	 	50	  
	 8.3
	  	Cooperation on Tax Matters; Tax Audits	  	 	51	  

  
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	ARTICLE IX POST-CLOSING COVENANTS	  	 	51	  
	 9.1
	  	Proprietary Information	  	 	51	  
	 9.2
	  	Solicitation and Hiring	  	 	52	  
	 9.3
	  	Non-Competition	  	 	52	  
	 9.4
	  	Agreement Not to Transfer Equity Consideration Shares	  	 	53	  
	 9.5
	  	Cooperation with Respect to Permits	  	 	54	  
	 9.6
	  	Cooperation with Respect to certain New Leases	  	 	54	  
		
	ARTICLE X TERMINATION	  	 	54	  
	 10.1
	  	Termination of Agreement	  	 	54	  
	 10.2
	  	Effect of Termination	  	 	55	  
		
	ARTICLE XI DEFINITIONS	  	 	55	  
		
	ARTICLE XII MISCELLANEOUS	  	 	66	  
	 12.1
	  	Press Releases and Announcements	  	 	66	  
	 12.2
	  	No Third Party Beneficiaries	  	 	66	  
	 12.3
	  	Entire Agreement	  	 	66	  
	 12.4
	  	Succession and Assignment	  	 	67	  
	 12.5
	  	Counterparts and Facsimile Signature	  	 	67	  
	 12.6
	  	Headings	  	 	67	  
	 12.7
	  	Notices	  	 	67	  
	 12.8
	  	Governing Law	  	 	68	  
	 12.9
	  	Amendments and Waivers	  	 	68	  
	 12.10
	  	Severability	  	 	68	  
	 12.11
	  	Submission to Jurisdiction	  	 	69	  
	 12.12
	  	Construction	  	 	69	  

  

					
	Exhibits	  		  	
	Exhibit A	  	–    	  	Form of Escrow Agreement
	Exhibit B	  	–    	  	New Leases
	Exhibit B-1, B-2, B-3 and B-4        	  	–    	  	Form of Ground Lease Agreement
	Exhibit C	  	–    	  	Form of Oceanside Right of First Refusal Agreement
	Exhibit D	  	–    	  	Assignment, Collection and Release Agreement
	Exhibit 1.5(c)	  	–    	  	Revenue True-Up and Closing Net Working Capital Illustrations
			
	Disclosure Schedules	  		  	
			
	Other Schedules	  		  	
	Schedule I	  	–    	  	Allocation of Purchase Price
	Schedule II	  	–    	  	Estimated Closing Adjustment Items
	Schedule 1.5	  	–    	  	90 Day Accounts Receivables
	Schedule 3.20	  	–    	  	Key Employees
	Schedule 6.1(a)	  	–    	  	Required Waivers, Consents, Notices and Filings

  
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 STOCK PURCHASE AGREEMENT 

This Stock Purchase Agreement (this “Agreement”) is entered into as of December 6, 2012 by and among Casella Waste
Systems, Inc., a Delaware corporation (the “Buyer”), Blow Bros. (d/b/a BBI Waste Industries and Bestway Disposal Services), a Maine corporation (the “Company”), the Persons named as sellers on the signature pages
attached hereto (each, a “Seller” and, collectively, the “Sellers”), Arthur E. St. Hilaire, solely in his capacity as the representative of the Sellers (the “Representative”) and, for the limited
purposes set forth herein and on the signature pages hereto, Trash Lady, LLC, a Maine limited liability company (“Trash Lady ME”), and Trash Lady NH, LLC, a New Hampshire limited liability company (“Trash Lady NH”).

 Capitalized terms used in this Agreement shall have the meanings ascribed to them in Article XI. 

In consideration of the representations, warranties and covenants herein contained, the Parties agree as follows. 

INTRODUCTION 
 A. The Sellers own all of the issued and outstanding Company Shares. 
 B.
Concurrently with the execution of this Agreement, and as a condition of the willingness of the Buyer to enter into this Agreement, Trash Lady ME and the Sellers are entering into the Oceanside Right of First Refusal Agreement with the Buyer.

 C. The Parties desire to enter into this Agreement pursuant to which each Seller agrees to sell to the Buyer and the Buyer
agrees to purchase from each Seller all of the Company Shares owned by such Seller, on and subject to the terms and conditions contained herein. 
 NOW, THEREFORE, in consideration for the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties
hereto agree as follows: 
 ARTICLE I 
 PURCHASE AND SALE 
 1.1 Purchase and Sale. At the Closing, upon the
terms and subject to the conditions set forth herein, the Buyer shall purchase from each Seller, and each Seller shall, severally and not jointly, sell, convey, assign, transfer, and deliver to the Buyer, all of the Company Shares owned by such
Seller, free and clear of all Security Interests. 
 1.2 Purchase Price. Subject to adjustment as provided in
Section 1.4 and Section 1.5, the aggregate purchase price to be paid by the Buyer to the Sellers shall consist of the following (the “Purchase Price”): 

(a) $20,000,000 in cash (the “Cash Consideration Amount”); and 

 (b) the Buyer shall issue or cause to be issued an aggregate of 625,000 restricted shares of
the Class A Common Stock, par value $0.01 per share, of the Buyer (the “Buyer Shares”) to the Sellers (such shares issued to the Sellers, the “Equity Consideration Shares”). The Equity Consideration Shares
are subject to restrictions on transfer set forth in Section 9.4 below. 
 (c) The Purchase Price shall be
allocated among the Sellers in accordance with Schedule I. 
 1.3 Actions at the Closing. 

(a) The Closing shall take place at the offices of Casella Waste Systems, Inc. located at 110 Main Street, Suite 301, Saco, Maine
commencing at 2:00 p.m. local time on the Closing Date, or at such other location, time or date as is mutually agreed by the parties. All transactions at the Closing shall be deemed to take place simultaneously, and no transaction shall be
deemed to have been completed and no documents or certificates shall be deemed to have been delivered until all other transactions are completed and all other documents and certificates are delivered. 

(b) Effective on the day preceding the Closing Date but conditioned upon the occurrence of the Closing, the Company shall transfer and
assign the accounts receivable identified on Schedule 1.3(b) attached hereto to Trash Lady ME, and the Company and Trash Lady ME shall execute and deliver the Assignment, Collection and Release Agreement. 

(c) Immediately prior to the Closing, the Company shall transfer $1,288,883.82 in cash by wire transfer of immediately available funds to
one or more accounts designated by Trash Lady ME. 
 (d) At the Closing: 

(i) the Sellers shall deliver to the Buyer the Certificates representing all of the Company Shares held by each Seller, duly endorsed in
blank or accompanied by stock powers duly executed in blank, in form satisfactory to the Buyer; 
 (ii) the Buyer shall pay the
Closing Cash Consideration Amount in cash by wire transfer of immediately available funds to one or more accounts designated by the Representative; 
 (iii) the Buyer shall deliver or cause to be delivered to each Seller in book entry form with Computershare Trust Company, N.A., the Company’s transfer agent, such number of Equity Consideration
Shares as is equal to the result obtained by multiplying (A) such Seller’s respective pro rata allocation set forth on Schedule I, by (B) the aggregate Equity Consideration Shares issuable to the Sellers, in each case, rounded
down to the nearest whole share. In lieu of any fractional Equity Consideration Shares that such Seller would have otherwise been issued, if any, the Buyer shall pay to such Seller a cash payment equal to (x) the average of the highest and
lowest selling price of the Buyer Shares during the five trading days immediately preceding and ending on the trading day that is three trading days prior to the Closing Date, multiplied by (y) the fractional Equity Consideration Shares that
such Seller would otherwise be entitled to receive pursuant to this Section 1.3(d)(iii); 

  
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 (iv) the Buyer, the Representative and the Escrow Agent shall execute and deliver the
Escrow Agreement, and the Buyer shall deliver to the Escrow Agent the Indemnification Escrow Amount and the True-Up Escrow Amount being placed in escrow on the Closing Date pursuant to Section 1.6; 

(v) the Buyer, Trash Lady ME and the Sellers shall execute and deliver the Oceanside Right of First Refusal Agreement; 

(vi) the Company shall deliver to the Buyer the Company Certificate; 

(vii) the Buyer shall have deliver to the Representative the Buyer Certificate; 

(viii) the Company and the Sellers shall deliver (or shall have delivered prior to the Closing) to the Buyer the various certificates,
instruments and documents referred to in Section 6.1; and 
 (ix) the Buyer shall deliver (or shall have delivered
prior to the Closing) to the Representative the various certificates, instruments and documents referred to in Section 6.2. 
 1.4 Adjustments Before and After the Closing. The Purchase Price shall be subject to adjustment as follows: 
 (a) Not later than five days prior to the Closing Date, the Company shall prepare and deliver to the Buyer a statement (the “Estimated Closing Adjustment Statement”) setting forth the
Estimated Closing Adjustment, together with all relevant backup materials, in detail reasonably acceptable to the Buyer. Schedule II attached hereto reflects the Closing Adjustment Items to be included in the Estimated Closing Adjustment
Statement, including estimated amounts in respect thereof as of the date of this Agreement. If within two days following receipt of the Estimated Closing Adjustment Statement, the Buyer has not given the Company notice of its objection to the
Estimated Closing Adjustment, the Cash Consideration Amount shall be adjusted as set forth in the Estimated Closing Adjustment Statement. If the Buyer gives such notice of objection, the Company and the Buyer will work together in good faith to
resolve the issues in dispute. If all disputed issues are resolved, the amounts as agreed upon by the Buyer and the Company shall be used to complete the Estimated Closing Adjustment. If the Buyer and the Company are unable to resolve all such
disputed issues within three Business Days following Buyer’s receipt of the Estimated Closing Adjustment Statement, the Estimated Closing Adjustment shall be as determined by the Buyer. 

(b) Not later than 60 days after the Closing Date, the Buyer shall deliver to the Representative the Closing Adjustment Statement. The
Closing Adjustment Statement shall be prepared in accordance with GAAP applied consistently with the Company’s past practices (to the extent such past practices are consistent with GAAP). 

  
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 (c) The Closing Adjustment Statement delivered pursuant to paragraph (b) above shall be
accompanied by (i) all relevant backup materials, in detail reasonably acceptable to the Representative, and (ii) a statement setting forth the amount, if any, by which the total of the Closing Adjustment Items is greater than, or less
than, the Estimated Closing Adjustment. 
 (d) In the event that the Representative disputes the Closing Adjustment Statement or
the amount of the Closing Adjustment Items, the Representative shall notify the Buyer in writing (the “Dispute Notice”) of the amount, nature and basis of such dispute, within 30 days after delivery of the Closing Adjustment
Statement. Any such Dispute Notice shall specify those items or amounts as to which the Representative disagrees, and the Representative shall be deemed to have agreed with all other items and amounts contained in the Closing Adjustment Statement
and the amount of the Closing Adjustment Items delivered pursuant to Sections 1.4(b) and 1.4(c). In the event of such a dispute, the Buyer and the Representative shall first use their Reasonable Best Efforts to reach agreement on the disputed
items or amounts in order to determine the amount of the Closing Adjustment Items, which amount shall not be more than the Buyer’s calculation delivered pursuant to Section 1.4(c) nor less than the Representative’s calculation
delivered pursuant to this Section 1.4(d). If the Buyer and the Representative are unable to resolve the dispute within 30 days after delivery of the Dispute Notice, then any remaining items in dispute shall be submitted to an
independent nationally recognized accounting firm selected in writing by the Representative and the Buyer or, if the Representative and the Buyer fail or refuse to select a firm within 10 days after written request therefor by the Representative or
the Buyer, such an independent nationally recognized accounting firm shall be selected in accordance with the rules of the Boston, Massachusetts office of the AAA (the “Neutral Accountant”). All determinations and calculations
pursuant to this paragraph (d) shall consider only those Closing Adjustment Items as to which the Representative has disagreed, shall be in writing and shall be delivered to the Buyer and the Representative as promptly as practicable. The
determination of the Neutral Accountant as to the resolution of any dispute shall be binding and conclusive upon all Parties. A judgment on the determination made by the Neutral Accountant pursuant to this Section 1.4 may be entered in
and enforced by any court having jurisdiction thereover. 
 (e) The fees and expenses of the Neutral Accountant in connection
with the resolution of disputes pursuant to
 Section 1.4(d) shall be shared equally by the Sellers, on the one hand, and the Buyer, on the other hand; provided that if the Neutral Accountant determines that one such party has
adopted a position or positions with respect to the Closing Adjustment Statement or the amount of the Closing Adjustment Items that is frivolous or clearly without merit, the Neutral Accountant may, in its discretion, assign a greater portion of any
such fees and expenses to such party. 
 (f) Immediately upon the expiration of the 30 day period for giving the Dispute Notice,
if no such notice is given, or upon notification by the Representative to the Buyer that no such notice will be given, or immediately upon the resolution of disputes, if any, pursuant to this Section 1.4, the Purchase Price shall be
adjusted as follows (the “Adjusted Purchase Price”): 

  
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 (i) If the amount of the Final Closing Adjustment exceeds the amount of the Estimated
Closing Adjustment, the Buyer shall be entitled to recover such deficiency pursuant to the terms of the Escrow Agreement; 

(ii) If the amount of the Final Closing Adjustment is equal to the amount of the Estimated Closing Adjustment, the Purchase Price shall
not be adjusted; and 
 (iii) If the amount of the Estimated Closing Adjustment exceeds the Final Closing Adjustment (the
“Closing Adjustment Surplus”), the Buyer shall deliver 95% of such Closing Adjustment Surplus to the Sellers and 5% of such Closing Adjustment Surplus to the Escrow Agent to be held in escrow as additional Indemnification Escrow
Amount pursuant to the Escrow Agreement. The percentage of the Closing Adjustment Surplus, if any, to be distributed to each Seller shall be such Seller’s respective pro rata allocation set forth on Schedule I. 

1.5 True-Up Escrow; Closing Net Working Capital. In addition to the adjustments to the Purchase Price set forth in
Section 1.4, the Purchase Price shall be subject to further adjustment as follows: 
 (a) $1,000,000 shall be
withheld from the Purchase Price paid by the Buyer at the Closing (the “True-Up Escrow Amount”) and placed in escrow on the Closing Date pursuant to Section 1.6. Within five Business Days following the True-Up Date, the
Buyer and the Respresentative shall jointly instruct the Escrow Agent to disburse the True-Up Escrow Fund in accordance with the terms of the Escrow Agreement, subject to the set-offs set forth below: 

(i) If the Average Monthly Revenue is less than $1,040,000.00 (the “Guaranteed Monthly Revenue”), then the Buyer shall
be entitled to recover from the True-Up Escrow Amount an amount determined by the following formula: (Guaranteed Monthly Revenue – Average Monthly Revenue) x 13.94 (the “Revenue True-Up Adjustment Amount”). 

(ii) If the Closing Net Working Capital is less than zero, then the Buyer shall be entitled to recover from the True-Up Escrow Amount, in
addition to the amount described in paragraph (i), an amount equal to the amount by which the Closing Net Working Capital is less than zero (the “Net Working Capital Adjustment Amount”). 

(iii) If the sum of the Revenue True-Up Adjustment Amount and the Net Working Capital Adjustment Amount exceeds the True-Up Escrow Amount
(such excess, the “Excess True-Up Escrow Amount”), then the Buyer shall be entitled to recover the True-Up Escrow Amount in full, and the Sellers promptly shall reimburse the Excess True-Up Escrow Amount to the Buyer by wire
transfer of immediately available funds to one or more accounts designated by the Buyer (or, at the option of the Buyer, the Buyer may recover such amount from the Indemnification Escrow Amount), and any recovery in accordance with this
Section 1.5(a)(iii) shall be treated as a reduction in the Purchase Price. 
 (iv) Notwithstanding anything to the
contrary set forth herein, after application of the set-offs set forth in
 Sections 1.5(a)(i)-(iii) above, any interest or other amounts earned on the True-Up Escrow Amount prior to the date of disbursement thereof in accordance with
this Section 1.5 and the Escrow Agreement shall be held in escrow as additional Indemnification Escrow Amount pursuant to the Escrow Agreement. 

  
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 (b) Subject to Section 1.5(a) above, in the event the Closing Net Working
Capital is greater than zero (the “Closing Net Working Capital Surplus”): 
 (i) if the Revenue True-Up
Adjustment Amount is greater than or equal to the True-Up Escrow Amount (the amount by which the Revenue True-Up Adjustment Amount exceeds the True-Up Escrow Amount, the “Revenue True-Up Deficit”), and the Revenue True-Up Deficit is
greater than or equal to the Closing Net Working Capital Surplus, the Buyer shall be entitled to retain the Closing Net Working Capital Surplus in full; 
 (ii) if the Revenue True-Up Adjustment Amount is greater than or equal to the True-Up Escrow Amount and the Revenue True-Up Deficit is less than the Closing Net Working Capital Surplus, (A) the Buyer
shall be entitled to retain that portion of the Closing Net Working Capital Surplus equal to the Revenue True-Up Deficit Amount, and (B) the remainder of the Closing Net Working Capital Surplus, if any, shall be delivered to the Sellers in an
amount equal to 95% of such remainder and to the Escrow Agent in an amount equal to 5% of such remainder to be held in escrow as additional Indemnification Escrow Amount pursuant to the Escrow Agreement; and 

(iii) if the Revenue True-Up Adjustment Amount is less than the True-Up Escrow Amount, the Buyer shall deliver 95% of any Closing Net
Working Capital Surplus to the Sellers and 5% of any Closing Net Working Capital Surplus to the Escrow Agent to be held in escrow as additional Indemnification Escrow Amount pursuant to the Escrow Agreement. 

The percentage of the Closing Net Working Capital Surplus, if any, to be distributed to each Seller pursuant to this Section 1.5(b) shall be
such Seller’s respective pro rata allocation set forth on Schedule I. 
 (c) Exhibit 1.5(c) attached hereto
sets forth illustrations of the operation of this Section 1.5. 
 1.6 Escrow Arrangements. 

(a) On the Closing Date, the Buyer shall deliver to the Escrow Agent the Indemnification Escrow Amount for the purpose of
(a) providing security for any adjustment to the amount of the Purchase Price pursuant to Section 1.4 and (b) securing the indemnification obligations of the Sellers and the Company set forth in Article VII. 

(b) On the Closing Date, the Buyer shall deliver to the Escrow Agent the True-Up Escrow Amount for the purpose of providing security for
any adjustment to the amount of the Purchase Price pursuant to Section 1.5. 
 (c) Each of the Indemnification
Escrow Fund and the True-Up Escrow Fund shall be held by the Escrow Agent under the Escrow Agreement pursuant to the terms thereof. Each of the Indemnification Escrow Fund and the True-Up Escrow Fund shall be held as a trust fund and shall not be
subject to any lien, attachment, trustee process or any other judicial process of any creditor of any party, and shall be held and disbursed solely for the purposes and in accordance with the terms of the Escrow Agreement. 

  
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 (d) The Sellers, by their execution of this Agreement, hereby approve the Escrow Agreement
and of all of the arrangements relating thereto, including the placement of each of the Indemnification Escrow Amount and the True-Up Escrow Amount in the escrow established pursuant to this Section 1.6. 

1.7 Representative. 
 (a) In order to efficiently administer the transactions contemplated hereby, including (i) the determination of the Final Closing Adjustment and the Adjusted Purchase Price, (ii) the waiver of
any condition to the obligations of the Sellers to consummate the transactions contemplated hereby and (iii) the defense and/or settlement of any claims for which the Sellers may be required to indemnify the Buyer pursuant to this Agreement,
the Sellers hereby designate the Representative as their representative, attorney-in-fact and agent. 
 (b) The Sellers hereby
authorize the Representative (i) to make all decisions relating to the determination of the Final Closing Adjustment and the Adjusted Purchase Price pursuant to Section 1.4, (ii) to take all action necessary in connection with
the waiver of any condition to the obligations of the Company and the Sellers to consummate the transactions contemplated hereby, or the defense and/or settlement of any claims for which the Sellers may be required to indemnify the Buyer pursuant to
Article VII hereof, (iii) to give and receive all notices required to be given under the Agreement and (iv) to take any and all additional action as is contemplated to be taken by or on behalf of the Sellers by the terms of
this Agreement, including the amendment hereof, and/or the Escrow Agreement. 
 (c) In the event that the Representative becomes
unable to perform his responsibilities hereunder or resigns from such position, the Sellers (acting by the vote of the Sellers who immediately prior to the Closing held at least a majority of the outstanding Company Shares) shall select another
representative to fill the vacancy of the Representative initially chosen by the Sellers, and such substituted representative shall be deemed to be the Representative for all purposes of this Agreement and the documents delivered pursuant hereto.

 (d) A decision, act, consent, instruction or action of the Representative, including any agreement between the Representative
and the Buyer relating to the determination of the Final Closing Adjustment, the Adjusted Purchase Price or the defense or settlement of any claims for which the Sellers may be required to indemnify the Buyer pursuant to Article VII
hereof, shall constitute a decision, act, consent, instruction or action of all Sellers and shall be binding and conclusive upon each of such Sellers, and the Buyer and the Escrow Agent may rely upon any such decision, act, consent, instruction or
action as being the decision, act, consent or instructions of each and every such Seller. The Buyer and the Escrow Agent are hereby relieved from any liability to any Seller for any acts done by them in accordance with such decision, act, consent,
instruction or action of the Representative. 
 (e) By his, her or its execution of this Agreement, each Seller agrees that:

  
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 (i) the Buyer shall be able to rely conclusively on the instructions and decisions of the
Representative as to the determination of the Final Closing Adjustment and the Adjusted Purchase Price, the settlement of any claims for indemnification by the Buyer pursuant to Article VII or any other actions required or permitted to be
taken by the Representative hereunder, and no party shall have any cause of action against the Buyer for any action taken by the Buyer in reliance upon the instructions or decisions of the Representative; 

(ii) no Seller shall have any cause of action against the Representative for any action taken, decision made or instruction given by the
Representative under this Agreement, except for fraud or willful breach of this Agreement by the Representative; 
 (iii) the
provisions of this Section 1.7 are independent and severable, are irrevocable and coupled with an interest and shall be enforceable notwithstanding any rights or remedies that any Seller may have in connection with the transactions
contemplated by this Agreement; 
 (iv) remedies available at Law for any breach of the provisions of this
Section 1.7 are inadequate; therefore, the Buyer shall be entitled to temporary and permanent injunctive relief without the necessity of proving damages if the Buyer brings an action to enforce the provisions of this
Section 1.7; and 
 (v) the provisions of this Section 1.7 shall be binding upon the executors, heirs,
legal representatives, personal representatives, successors and permitted assigns of each Seller, and any references in this Agreement to a Seller or the Sellers shall mean and include the successors to the Seller’s rights hereunder, whether
pursuant to testamentary disposition, the Laws of descent and distribution or otherwise. 
 1.8 Withholding Obligations.
Each of the Buyer, the Company and the Escrow Agent shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to any provision of this Agreement to any Person such amounts as it reasonably determines that it is
required to deduct and withhold with respect to the making of such payment under the Code, or any other applicable Law. To the extent that amounts are so withheld by the Buyer, the Company and the Escrow Agent, as the case may be, such withheld
amounts shall be treated for all purposes of this Agreement as having been paid to the Persons in respect of which such deduction and withholding was made by the Buyer, the Company or the Escrow Agent, as the case may be. The Buyer shall also have
the right to collect any necessary Tax forms, including Form W-9 or the appropriate series of Form W-8, as applicable, or such other forms relating to United States federal or state withholding obligations as may be applicable or any similar
information, from the Sellers. 
 1.9 Allocation. The Buyer and the Sellers agree to allocate 5% of the Purchase Price to
the non-competition covenants set forth in Section 9.3 and the balance of the Purchase Price to the Company Shares in accordance with Schedule I. Except to the extent otherwise required by applicable Laws, the Buyer and the
Sellers will make all Tax Returns, reports, forms, declarations, claims and other statements in a manner consistent with such allocation and will not make any inconsistent statements or adjustments on any returns or during the course of any Tax
audit or other proceeding relating to Taxes. 

  
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 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES OF THE SELLERS 
 The Sellers severally, and
not jointly, represent and warrant to the Buyer that, except as set forth in the Disclosure Schedule, the statements contained in this Article II are true and correct with respect to the applicable Seller as of the date of this Agreement
and will be true and correct with respect to such Seller as of the Closing as though made as of the Closing, except to the extent such representations and warranties are specifically made as of a particular date (in which case such representations
and warranties will be true and correct as of such date). The Disclosure Schedule shall be arranged in sections and subsections corresponding to the numbered and lettered sections and subsections contained in this Article II and in Article
III. The disclosures in any section or subsection of the Disclosure Schedule shall qualify only the corresponding section or subsection in this Article II or Article III, as the case may be. 

2.1 Ownership of Company Shares. The Seller holds beneficially and of record all of the Seller’s Company Shares as set forth
on Section 2.1 of the Disclosure Schedule, free and clear of any Security Interests (other than restrictions on transfer arising under the Securities Act and state or foreign securities Laws). The Seller is not a party to any voting
trust, proxy, or other agreement or understanding with respect to the voting or transfer of any Company Shares. Upon consummation of the purchase contemplated hereby, the Buyer will acquire from the Seller good and marketable title to all Company
Shares owned by the Seller, free and clear of all Security Interests. 
 2.2 Litigation. The Seller is not a party to,
subject to or bound by any agreement or any judgment, order, writ, prohibition, injunction or decree of any court or other governmental body which would prevent the execution or delivery of this Agreement by such Seller or the transfer, conveyance
and sale of the Company Shares to be sold by such Seller to the Buyer pursuant to the terms hereof, and there is no Legal Proceeding which is pending or has been threatened in writing against the Seller that questions the validity of this Agreement
or any action taken or to be taken by the Seller in connection herewith or that could reasonably be expected to have a material adverse effect on the Seller’s ability to consummate the transactions contemplated by this Agreement. 

2.3 Noncontravention. Neither the execution and delivery by the Seller of this Agreement or any other agreement contemplated
hereby, nor the performance by the Seller of its obligations hereunder or thereunder, nor the consummation by the Seller of the transactions contemplated hereby or thereby, will: 

(a) require on the part of the Seller any notice to or filing with, or any permit, authorization, consent or approval of, any Governmental
Entity; 
 (b) conflict with, result in a breach of, constitute (with or without due notice or lapse of time or both) a default
under, result in the acceleration of obligations under, create in any party the right to accelerate, terminate, modify or cancel, or require any notice, consent or waiver under, any contract, lease, sublease, license, sublicense, franchise, permit,
indenture, agreement or mortgage for borrowed money, instrument of indebtedness, Security Interest or other arrangement to which the Seller is a party or by which the Seller is bound or to which any of the assets of the Seller are subject;

  
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 (c) result in the imposition of any Security Interest upon any assets of the Seller; or

 (d) violate any order, writ, injunction, decree, statute, rule or regulation applicable to the Seller or any of its
respective properties or assets. 
 Section 2.3 of the Disclosure Schedule sets forth a true, correct and complete list of all
consents and approvals of third parties and Governmental Entities, and all filings and notices, that are required in connection with the consummation by the Seller of the transactions contemplated by this Agreement. 

2.4 Broker’s Fees. The Seller has no liability or obligation to pay any fees or commissions to any broker, finder or agent
with respect to the transactions contemplated by this Agreement. 
 2.5 Investment Representations. 

(a) The Seller is acquiring the Equity Consideration Shares for the Seller’s own account for investment only, and not with a view to,
or for sale in connection with, any distribution of the Equity Consideration Shares in violation of the Securities Act, or any rule or regulation under the Securities Act. 
 (b) The Seller has had such opportunity as the Seller has deemed adequate to obtain from representatives of the Buyer such information as is necessary to permit the Seller to evaluate the merits and risks
of the Seller’s investment in the Company, including the Disclosure Statement delivered to the Seller on the date hereof. 

(c) The Seller has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in the
purchase of the Equity Consideration Shares and to make an informed investment decision with respect to such purchase. 
 (d)
The Seller can afford a complete loss of the value of the Equity Consideration Shares, and the Seller is able to bear the economic risk of holding the Equity Consideration Shares for an indefinite period. 

(e) The Seller understands and acknowledges that (i) the Equity Consideration Shares have not been registered under the Securities
Act and are “restricted securities” within the meaning of Rule 144 under the Securities Act (as described further in Section 9.4 below), (ii) the Equity Consideration Shares are subject to restrictions on transfer set
forth in Section 9.4 below; (iii) in any event, the exemption from registration under Rule 144 will not be available for at least six months and even then will not be available unless a public market then exists for the Buyer
Shares, adequate information concerning the Buyer is then available to the public, and other terms and conditions of Rule 144 are complied with; and (iv) there is now no registration statement on file with the SEC with respect to the Equity
Consideration Shares, and the Company has no obligation or current intention to register the Equity Consideration Shares under the Securities Act. 

  
 - 10 -

 (f) A legend substantially in the following form will be placed on the certificate(s)
representing the Equity Consideration Shares: “The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended, and may not be sold, transferred or otherwise disposed of in the absence of an
effective registration statement under such Act or an opinion of counsel satisfactory to the corporation to the effect that such registration is not required.” 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF THE SELLERS AND THE
COMPANY REGARDING THE COMPANY 
 The Sellers severally, and not jointly, and the Company represent and warrant to the Buyer
that, except as set forth in the Disclosure Schedule, the statements contained in this Article III are true and correct as of the date of this Agreement and will be true and correct as of the Closing as though made as of the Closing,
except to the extent such representations and warranties are specifically made as of a particular date (in which case such representations and warranties will be true and correct as of such date). 

3.1 Organization, Qualification and Corporate Power. The Company is a corporation duly organized, validly existing and in
corporate and Tax good standing under the Laws of the State of Maine. The Company is duly qualified to conduct business and is in corporate and Tax good standing under the Laws of each jurisdiction listed in Section 3.1 of the Disclosure
Schedule, which jurisdictions constitute the only jurisdictions in which the nature of the Company’s business or the ownership or leasing of its properties requires such qualification. The Company has all requisite corporate power and
authority to carry on the business in which it is engaged and to own and use the properties owned and used by it. The Company has furnished to the Buyer complete and accurate copies of its articles of incorporation and by-laws (each as amended to
date). The Company is not in default under or in violation of any provision of its articles of incorporation or by-laws. 
 3.2
Capitalization. The authorized capital stock of the Company consists of 2,000 shares of common stock, no par value per share, of which, as of the date of this Agreement, 200 shares were issued and outstanding, and 1,800 shares were held in
the treasury of the Company. Section 3.2 of the Disclosure Schedule sets forth a complete and accurate list, as of the date of this Agreement, of all stockholders of the Company, indicating the number and class or series of shares of
capital stock of the Company held by each stockholder and (for shares other than common stock) the number of shares of common stock (if any) into which such shares are convertible. No subscription, warrant, option, convertible security or other
rights (contingent or otherwise) to purchase or acquire any shares of capital stock of the Company are authorized or outstanding. The Company has no obligation (contingent or otherwise) to issue any subscription, warrant, option, convertible
security or other such right, or to issue or distribute to holders of any shares of its capital stock any evidences of indebtedness or assets of the Company. The Company has no obligation (contingent or otherwise) to purchase, redeem or otherwise
acquire 

  
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any shares of capital stock of the Company or any interest therein or to pay any dividend or to make any other distribution in respect thereof. There are no outstanding or authorized stock
appreciation, phantom stock or similar rights with respect to the Company. All of the issued and outstanding shares of capital stock of the Company have been and on the Closing Date will be duly authorized, validly issued, fully paid, nonassessable
and free of all preemptive rights. All of the issued and outstanding shares of capital stock of the Company have been offered, issued and sold by the Company in compliance with all applicable federal and state securities Laws. 

3.3 Authorization. The Company has all requisite power and authority to execute and deliver this Agreement and the other
agreements contemplated hereby and to perform its obligations hereunder and thereunder. The execution and delivery by the Company of this Agreement and the other agreements contemplated hereby and the performance by the Company of this Agreement and
the other agreements contemplated hereby and the consummation by the Company of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary corporate action on the part of the Company. This Agreement and
all other agreements contemplated hereby have been, or will be as of the Closing Date, duly and validly executed and delivered by the Company and constitutes, or will constitute, upon its execution and delivery by the Company, a valid and binding
obligation of the Company, enforceable against the Company in accordance with its terms. 
 3.4 Noncontravention. Neither
the execution and delivery by the Company of this Agreement or any other agreement contemplated hereby, nor the performance by the Company of its obligations hereunder or thereunder, nor the consummation by the Company of the transactions
contemplated hereby or thereby, will: 
 (a) conflict with or violate any provision of the articles of incorporation or by-laws
of the Company, each as amended or restated to date; 
 (b) require on the part of the Company any notice to or filing with, or
any permit, authorization, consent or approval of, any Governmental Entity; 
 (c) conflict with, result in a breach of,
constitute (with or without due notice or lapse of time or both) a default under, result in the acceleration of obligations under, create in any party the right to accelerate, terminate, modify or cancel, or require any notice, consent or waiver
under, any contract, lease, sublease, license, sublicense, franchise, permit, indenture, agreement or mortgage for borrowed money, instrument of indebtedness, Security Interest or other arrangement to which the Company is a party or by which the
Company is bound or to which any of the assets of the Company are subject; 
 (d) result in the imposition of any Security
Interest upon any assets of the Company; or 
 (e) violate any order, writ, injunction, decree, statute, rule or regulation
applicable to the Company or any of its properties or assets. 
 Section 3.4 of the Disclosure Schedule sets forth a true, correct
and complete list of all consents and approvals of third parties and Governmental Entities, and all filings and notices, that are required in connection with the consummation by the Company of the transactions contemplated by this Agreement.

  
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 3.5 Subsidiaries. The Company does not own or control directly or indirectly or have
any direct or indirect equity participation or similar interest in any corporation, partnership, limited liability company, joint venture, trust or other business association or entity. 

3.6 Financial Statements. 
 (a) The Company has provided to the Buyer the reviewed consolidated balance sheets and statements of income, changes in stockholders’ equity and cash flows of the Company as of the end of and for
each of the years ended December 31, 2009, December 31, 2010 and December 31, 2011, unreviewed consolidated balance sheets and statements of income, changes in stockholders’ equity and cash flows of the Company as of each of
the months ended January through September 2012, and the Most Recent Balance Sheet and the unreviewed consolidated statements of income, changes in stockholders’ equity and cash flows for the nine months ended as of the Most Recent Balance
Sheet Date (collectively, the “Financial Statements”). 
 (b) The Financial Statements (i) comply as to
form in all respects with all applicable accounting requirements and (ii) were prepared in accordance with GAAP applied on a consistent basis throughout the periods covered thereby (except as may be indicated in the notes to such financial
statements). 
 (c) Each of the Financial Statements fairly presents the financial position of the Company as of the dates
thereof and the results of its operations and cash flows for the periods indicated, consistent with the books and records of the Company, except that the unreviewed interim financial statements are subject to normal recurring year-end adjustments
(which, individually and in the aggregate, will not be material in amount or effect) and do not include footnotes. 
 (d) The
Company maintains disclosure controls and procedures that are effective to ensure that all material information concerning the Company is made known on a timely basis to the individuals responsible for the preparation of the Company’s financial
statements. Section 3.6(d) of the Disclosure Schedule lists, and the Company has delivered to the Buyer copies of, all written descriptions of, and all policies, manuals and other documents promulgating, such disclosure controls and
procedures. 
 (e) Section 3.6(e) of the Disclosure Schedule lists, and the Company has delivered to the Buyer,
copies of the documentation creating or governing, all securitization transactions and “off-balance sheet arrangements” (as defined in Item 303(a)(4) of Regulation S-K of the SEC) effected by the Company. Section 3.6(e) of the
Disclosure Schedule lists all non-audit services performed by Ouellette & Associates, P.A., the Company’s current accountant (“Ouellette & Associates”) for the Company. 

(f) The Company has not extended or maintained credit, arranged for the extension of credit, modified or renewed an extension of credit,
in the form of a personal loan or otherwise, to or for any director or executive officer of the Company. Section 3.6(f) of the Disclosure Schedule identifies any loan or extension of credit maintained by the Company to which the
second sentence of Section 13(k)(1) of the Exchange Act would apply. 

  
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 (g) Ouellette & Associates is and has been at all times since its engagement by the
Company (x) “independent” with respect to the Company within the meaning of Regulation S-X and (y) in compliance with subsections (g) through (l) of Section 10A of the Exchange Act (to the extent applicable) and
the related rules of the SEC and the Public Company Accounting Oversight Board. 
 3.7 Absence of Certain Changes. Since
December 31, 2011, (a) there has occurred no event or development which, individually or in the aggregate, has had, or could reasonably be expected to have in the future, a Company Material Adverse Effect, and (b) the Company has not
taken any of the actions set forth in Section 5.3. 
 3.8 Undisclosed Liabilities. The Company does not have
any liability (whether known or unknown, whether absolute or contingent, whether liquidated or unliquidated and whether due or to become due), except for (a) liabilities shown on the Most Recent Balance Sheet, a copy of which is attached to
Section 3.8(a) of the Disclosure Schedule, (b) liabilities which have arisen since the Most Recent Balance Sheet Date in the Ordinary Course of Business and which are listed in Section 3.8(b) of the Disclosure Schedule
and (c) contractual liabilities which are not required by GAAP to be reflected on a balance sheet. Section 3.8(c) of the Disclosure Schedule sets forth, as of the date hereof, (i) a specific list of the Company’s
Indebtedness immediately prior to the Closing, which such list includes the creditor and aggregate amount outstanding (including interest accrued on such principal balance and prepayment penalties, if any) and (ii) all liens and Security
Interests on or affecting any of the Company’s property or assets. 
 3.9 Tax Matters. 

(a) The Company has properly filed on a timely basis all material Tax Returns that it is and was required to file, and all such Tax
Returns were true, correct and complete in all material respects. The Company has properly paid on a timely basis all Taxes, whether or not shown on any of their respective Tax Returns, that were due and payable. All Taxes that the Company is or was
required by Law to withhold or collect have been withheld or collected and, to the extent required, have been properly paid on a timely basis to the appropriate Governmental Entity. The Company has complied with all information reporting and back-up
withholding requirements including maintenance of the required records with respect thereto, in connection with amounts paid to any employee, independent contractor, stockholder, creditor or other third party. 

(b) The unpaid Taxes of the Company for periods through the Most Recent Balance Sheet Date do not exceed the accruals and reserves for
Taxes (excluding accruals and reserves for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the Most Recent Balance Sheet. All Taxes attributable to the period from and after the Most Recent Balance
Sheet Date and continuing through the Closing Date are, or will be, attributable to the conduct by the Company of its operations in the Ordinary Course of Business and are, or will be, consistent both as to type and amount with Taxes attributable to
such comparable period in the immediately preceding year. 

  
 - 14 -

 (c) The Company is not and has never been a member of any group of corporations with which
it has filed (or been required to file) consolidated, combined, or unitary Tax Returns. The Company does not have any actual or potential liability under Treasury Regulation Section 1.1502-6 (or any comparable or similar provision of federal,
state, local, or foreign Law), or as a transferee or successor, by contract, or otherwise for any Taxes of any Person (including without limitation any affiliated, combined, or unitary group of corporations or other entities that included the
Company during a prior Taxable period). The Company is not or has not been required to make a basis reduction pursuant to Treasury Regulation Section 1.1502-20(b) or Treasury Regulation Section 1.337(d)-2(b). 

(d) The Company has delivered or made available to the Buyer (i) complete and correct copies of all Tax Returns of the Company
relating to Taxes for all Taxable periods for which the applicable statute of limitations has not yet expired and (ii) complete and correct copies of all private letter rulings, revenue agent reports, information document requests, notices of
assessment, notices of proposed deficiencies, deficiency notices, protests, petitions, closing agreements, settlement agreements, pending ruling requests and any similar documents submitted by, received by or agreed to by or on behalf of the Company
relating to Taxes for all Taxable periods for which the applicable statute of limitations has not yet expired. The federal income Tax Returns of the Company have been audited by the Internal Revenue Service or are closed by the applicable statute of
limitations for all taxable years through the taxable year specified in Section 3.9(d) of the Disclosure Schedule. No examination or audit of any Tax Return of the Company by any Governmental Entity is currently in progress or, to the
Knowledge of the Company, threatened or contemplated, and the Company does not know of any basis upon which a Tax deficiency or assessment could reasonably be expected to be asserted against the Company. The Company has not been informed by any
jurisdiction that the jurisdiction believes that the Company was required to file any Tax Return that was not filed. 
 (e) The
Company has not (i) waived any statute of limitations with respect to Taxes or agreed to extend the period for assessment or collection of any Taxes, which waiver or extension is still in effect, (ii) requested any extension of time within
which to file any Tax Return, which Tax Return has not yet been filed, or (iii) executed or filed any power of attorney relating to Taxes with any Governmental Entity. 
 (f) The Company is not a party to any Tax litigation. The Company is not and has never been a party to any transaction or agreement that is in conflict with the Tax rules on transfer pricing in any
relevant jurisdiction. The Company has disclosed on its federal income Tax Returns all positions taken therein that could give rise to a substantial understatement of federal income Tax within the meaning of Section 6662 of the Code. The
Company has never engaged in any “reportable transaction” or “listed transaction” for purposes of Treasury Regulations Sections 1.6011-4(b) or 301.6111-2(b)(2) or any analogous provision of state, local or foreign Law.

  
 - 15 -

 (g) There are (and immediately following the Closing there will be) no Liens or other
encumbrances with respect to Taxes upon any of the assets or properties of the Company, other than with respect to Taxes not yet due and payable. 
 (h) The Company has not been a United States real property holding corporation within the meaning of Section 897(c)(2) of the Code during the applicable period specified in
Section 897(c)(l)(A)(ii) of the Code. 
 (i) The Company has not made any payments, is not obligated to make any payments,
and is not a party to any agreement, contract, arrangement, or plan that could obligate it to make any payments, that are or could be, separately or in the aggregate, “excess parachute payments” within the meaning of Section 280G of
the Code (without regard to Sections 280G(b)(4) and 280G(b)(5) thereof). 
 (j) None of the assets of the Company (i) is
property that is required to be treated as being owned by any other person pursuant to the provisions of former Section 168(f)(8) of the Internal Revenue Code of 1954, (ii) is “tax exempt use property” within the meaning of
Section 168(h) of the Code, (iii) directly or indirectly secures any debt the interest on which is tax exempt under Section 103(a) of the Code, or (iv) is subject to a lease under Section 7701(h) of the Code or under any
predecessor section. 
 (k) There is no limitation on the utilization by the Company of its net operating losses, built-in
losses, Tax credits, or similar items under Sections 382, 383 or 384 of the Code or comparable provisions of foreign, state or local Law (other than any such limitation arising as a result of the consummation of the transactions contemplated by this
Agreement). 
 (l) The Company has not undergone a change in its method of accounting resulting in an adjustment to its Taxable
income pursuant to Section 481 of the Code. The Company will not be required to include any item of income in, or exclude any item of deduction from, Taxable income for any Taxable period (or portion thereof) ending after the Closing Date as a
result of any (i) change in method of accounting for a Taxable period ending on or prior to the Closing Date (or as a result of the transactions contemplated by this Agreement) under Section 481 of the Code (or any corresponding or similar
provision of federal, state, local or foreign Tax Law); (ii) “closing agreement” as described in Section 7121 of the Code (or any corresponding or similar provision of state, local or foreign Tax Law) executed on or prior to the
Closing Date; (iii) deferred intercompany gain or any excess loss account described in Treasury Regulations under Section 1502 of the Code (or any corresponding or similar provision of state, local or foreign Tax Law);
(iv) installment sale or open transaction disposition made on or prior to the Closing Date; or (v) prepaid amount received on or prior to the Closing Date. The Company currently utilizes the accrual method of accounting for income Tax
purposes, and such method of accounting has not changed in the past five (5) years. 
 (m) The Company has not participated
in or cooperated with an international boycott within the meaning of Section 999 of the Code. 

  
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 (n) The Company has not distributed to its stockholders or security holders stock or
securities of a controlled corporation, nor have stock or securities of the Company been distributed, in a transaction to which Section 355 or Section 361 of the Code applies. 

(o) Schedule 3.9(o) of the Disclosure Schedule sets forth each jurisdiction (other than United States federal) in which the
Company files, or is required to file or has been required to file a Tax Return or is or has been liable for Taxes on a “nexus” basis and each jurisdiction that has sent notices or communications of any kind requesting information relating
to the Company’s nexus with such jurisdiction. 
 (p) The Company (i) is not a party to any joint venture,
partnership, or other arrangement that is treated as a partnership for federal income Tax purposes, (ii) has not made an entity classification (“check-the-box”) election under Section 7701, (iii) is not and has never been a
stockholder of a “controlled foreign corporation” as defined in Section 957 of the Code (or any similar provision of state, local or foreign Law), or (iv) is not and has never been a stockholder in a “passive foreign
investment company” within the meaning of Section 1297 of the Code. 
 (q) The Company is not a “consenting
corporation” within the meaning of Section 341(f) of the Code, and none of the assets of the Company are subject to an election under Section 341(f) of the Code. 

(r) To the Knowledge of the Company, there is no basis for the assertion of any claim relating or attributable to Taxes, which, if
adversely determined, would result in any Lien on the assets of the Company, or would reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. 

(s) The Company has maintained complete and accurate records, including all applicable exemption, resale or other certificates, of
(i) all sales to purchasers claiming to be exempt from sale and use Taxes based on the exempt status of the purchaser, and (ii) all other sales for which sales Tax or use Tax was not collected by the Company and as to which the seller is
required to receive and retain resale certificates or other certificates relating to the exempt nature of the sale or use or non-applicability of the sale and use Taxes. 
 (t) The Company does not have any actual or potential liability under the escheat Laws or any other Laws of any jurisdiction relating to abandoned property. 

(u) The Company is not bound by any Tax Indemnity, Tax sharing or Tax allocation agreement. 

(v) No holder of shares of Company Shares holds any Company Shares that are non-transferable and subject to a substantial risk of
forfeiture within the meaning of Section 83 of the Code with respect to which a valid election under Section 83(b) of the Code has not been made. 
 (w) The Company has been a validly electing S corporation within the meaning of Code Section 1361 and Section 1362 at all times since 1987 and the Company will be an S corporation up to and
including the day before the Closing Date. 

  
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 (x) Section 3.9(x) of the Disclosure Schedule sets forth a complete and accurate
list of all agreements, rulings, settlements or other Tax documents relating to Tax incentives between the Company and a Governmental Entity. 
 (y) The Company does not have and has never had a permanent establishment in any foreign country as defined in any applicable Tax treaty or convention between the United States and such foreign country.

 (z) The Company does not have and has never had an account or any other interest in a bank or other financial institution
located outside of the United States. 
 3.10 Assets. 

(a) The Company is the true and lawful owner of, and has good title to, all of the assets (tangible or intangible) purported to be owned
by the Company, free and clear of all Security Interests. The Company owns or leases all tangible assets sufficient for the conduct of its businesses as presently conducted and as presently proposed to be conducted, which tangible assets are
reflected in the Financial Statements (other than to the extent disposed of in the Ordinary Course of Business). Each such tangible asset is free from material defects, has been maintained in accordance with normal industry practice, is in good
operating condition and repair (subject to normal wear and tear) and is suitable for the purposes for which it presently is used (except to the extent such tangible assets are owned by the Company and used solely for spare parts in the Ordinary
Course of Business). 
 (b) Section 3.10(b) of the Disclosure Schedule lists individually (i) all fixed assets
(within the meaning of GAAP) of the Company, indicating the cost, accumulated book depreciation (if any) and the net book value of each such fixed asset as of the Most Recent Balance Sheet Date and (ii) all other assets of a tangible nature
(other than inventories) of the Company. 
 (c) Each item of equipment, motor vehicle and other asset that the Company has
possession of pursuant to a lease agreement or other contractual arrangement is in such condition that, upon its return to its lessor or owner in its present condition at the end of the relevant lease term or as otherwise contemplated by the
applicable lease or contract, the obligations of the Company to such lessor or owner will have been discharged in full. 
 3.11
Owned Real Property. Section 3.11 of the Disclosure Schedule lists the property address, legal description and owner of all of all real property the Company owns or has ever owned (whether or not subject to a New Lease). With
respect to each piece of Owned Real Property: 
 (a) Trash Lady ME or Trash Lady NH, as applicable, has good and clear record and
marketable title to such Owned Real Property as set forth on Section 3.11 of the Disclosure Schedule, insurable by a recognized national title insurance company at standard rates, free and clear of any Security Interest, easement,
environmental lien or other lien, environmental use restriction, covenant or other restriction or other encumbrance, except for recorded easements, covenants and other non-environmental restrictions which do not impair the uses, occupancy or value
of such Owned Real Property; 

  
 - 18 -

 (b) there are no (i) pending or, to the Knowledge of the Company, threatened
condemnation proceedings relating to such Owned Real Property, (ii) pending or, to the Knowledge of the Company, threatened litigation or administrative actions relating to such Owned Real Property, or (iii) other matters affecting
adversely the use, occupancy or value thereof; 
 (c) the legal description for such Owned Real Property contained in the deed
thereof describes such Owned Real Property fully and adequately; the Owned Real Property, including the buildings and improvements thereon may be used as of right under, and is in compliance with, applicable zoning and land use Laws, building codes
and other municipal or governmental requirements for the Intended Uses, and such buildings and improvements are located within the boundary lines of the described parcels of land, are not in violation of current setback requirements, zoning Laws and
ordinances and do not encroach on any easement which may burden the land; the land does not serve any adjoining property for any purpose inconsistent with the use of the land; and such Owned Real Property is not located within any flood plain or
subject to any similar type restriction for which any permits or licenses necessary to the use thereof have not been obtained; 

(d) there are no leases, subleases, licenses or agreements, written or unwritten, granting to any party or parties (other than the
Company) the right of use or occupancy of any portion of such Owned Real Property; 
 (e) there are no outstanding options or
rights of first refusal to purchase or lease such Owned Real Property, or any portion thereof or interest therein; 
 (f) all
facilities located on such Owned Real Property are supplied with utilities and other services necessary for the operation of such facilities, including gas, electricity, water, telephone, sanitary sewer and storm sewer, all of which services are
adequate for the use of such Owned Real Property and in accordance with all applicable Laws and are provided via public roads or via permanent, irrevocable, appurtenant easements benefiting such Owned Real Property; 

(g) such Owned Real Property abuts on and has direct vehicular access to a public road or access to a public road via a permanent,
irrevocable, appurtenant easement benefiting such property; 
 (h) the Company has not received notice of, and to the Knowledge
of the Company, there is no proposed or pending proceeding to change or redefine the zoning classification of all or any portion of such Owned Real Property; 
 (i) the improvements constructed on such Owned Real Property are in good condition and proper order, free of roof leaks, insect infestation, and material construction defects, as applicable, and all
mechanical and utility systems servicing such improvements, as applicable, are in good condition and proper working order, free of material defects; 
 (j) such Owned Real Property is an independent unit which does not rely on any facilities (other than the facilities of public utility and water companies) located on any other property (i) to
fulfill any zoning, building code, or other municipal or governmental requirement, 

  
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(ii) for structural support or the furnishing of any essential building systems or utilities, including, but not limited to electric, plumbing, mechanical, heating, ventilating, and air
conditioning systems, or (iii) to fulfill the requirements of any lease. No building or other improvement not included in such Owned Real Property relies on any part of such Owned Real Property to fulfill any zoning, building code, or other
municipal or governmental requirement or for structural support or the furnishing of any essential building systems or utilities. Such Owned Real Property is assessed by local property assessors as a Tax parcel or parcels separate from all other Tax
parcels; and 
 (k) the Company has delivered to the Buyer complete and accurate copies of all of the following materials
relating to such Owned Real Property: title insurance policies and commitments; deeds; encumbrance and easement documents and other documents and agreements affecting title to or for operation of such Owned Real Property; surveys; as-built
construction plans; construction contracts and warranties; appraisals; structural inspection, soils, environmental assessment and similar reports. 
 3.12 Real Property Leases. Section 3.12 of the Disclosure Schedule lists all Leases and lists the term of such Lease, any extension and expansion options, and the rent payable, security
deposit, maintenance and like charges thereunder, and any advance rent thereunder. The Company has delivered to the Buyer complete and accurate copies of the Leases (except for any unwritten Lease, in which case, Section 3.12 of the
Disclosure Schedule sets forth all material terms and provisions of such unwritten Lease). The real property leased, subleased, licensed or otherwise occupied pursuant to the Leases is referred to herein as the “Leased Real
Property”. The Company does not now and has never leased, subleased, licensed or otherwise occupied any real estate other than the Owned Real Property and the Leased Real Property. With respect to each Lease: 

(a) such Lease is legal, valid, binding, enforceable and in full force and effect against the Company and, to the Company’s
Knowledge, against each other party thereto; 
 (b) such Lease will continue to be legal, valid, binding, enforceable and in full
force and effect against the Company and, to the Company’s Knowledge, against each other party thereto immediately following the Closing in accordance with the terms thereof as in effect immediately prior to the Closing; 

(c) none of the Company or, to the Knowledge of the Company, any other party, is in breach or violation of, or default under, any such
Lease, and no event has occurred, is pending or, to the Knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach or default by the Company or, to the Knowledge of the
Company, any other party under such Lease; 
 (d) there are no disputes, oral agreements or forbearance programs in effect as to
such Lease; 
 (e) the Company has not assigned, subleased, licensed, transferred, conveyed, mortgaged, deeded in trust or
encumbered any interest in such Lease or Leased Property; 

  
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 (f) all facilities leased or subleased thereunder are supplied with utilities and other
services adequate for the operation of said facilities, in each case, from adjacent public roads abutting the Leased Property; 

(g) the Company has no Knowledge of any Security Interest, easement, covenant or other restriction applicable to the real property subject
to such Lease which would reasonably be expected to impair the current uses or the occupancy by the Company of the property subject thereto; 
 (h) no construction, alteration or other leasehold improvement work with respect to the Lease remains to be paid for or performed by the Company; 

(i) the Company is not obligated to pay any leasing or brokerage commission relating to such Lease and will not have any obligation to pay
any leasing or brokerage commission upon the renewal of the Lease; 
 (j) the Financial Statements contain adequate reserves to
provide for the restoration of the property subject to the Lease at the end of the respective Lease term, to the extent required by the Lease; 
 (k) the landlord under each of the Leases has good and clear record and marketable title to such Leased Real Property, and the Company has good and clear record and marketable leasehold title to the
Leased Real Property, in each case insurable by a recognized national title insurance company at standard rates, free and clear of any Security Interest, easement, environmental lien or other lien, environmental use restriction, covenant or other
restriction or other encumbrance, except for recorded easements, covenants and other non-environmental restrictions which do not impair the uses, occupancy or value of such Leased Real Property; provided, that neither the Leased Real Property
nor the Lease are subject to a Security Interest. 
 (l) there are no (i) pending or, to the Knowledge of the Company,
threatened condemnation proceedings relating to such Leased Real Property or any Lease, (ii) pending or, to the Knowledge of the Company, threatened litigation or administrative actions relating to such Leased Real Property and Leases or
(iii) other matters affecting adversely the Intended Uses, occupancy or value thereof; 
 (m) the legal description for such
Leased Real Property contained in the Lease thereof describes such Leased Real Property fully and adequately; the Leased Real Property, including the buildings and improvements located thereon, leased thereunder or used in connection therewith, may
be used as of right under, and is in compliance with, applicable zoning and land use Laws, building codes and other municipal or governmental requirements for the Intended Uses, and such buildings and improvements are located within the boundary
lines of the described parcels of land, are not in violation of current setback requirements, zoning Laws and ordinances and do not encroach on any easement which may burden the land; the land does not serve any adjoining property for any purpose
inconsistent with the use of the land; and such Leased Real Property is not located within any flood plain or subject to any similar type restriction for which any permits or licenses necessary to the use thereof have not been obtained; 

  
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 (n) there are no outstanding options or rights of first refusal to purchase, lease or take
and assignment or sublease of or under such Lease or Leased Real Property, or any portion thereof or interest therein; 
 (o)
such Leased Real Property abuts on and has direct vehicular access to a public road or access to a public road via a permanent, irrevocable, appurtenant easement benefiting such property; 

(p) the Company has not received notice of, and to the Knowledge of the Company, there is no proposed or pending proceeding to change or
redefine the zoning classification of all or any portion of such Leased Real Property; 
 (q) the improvements constructed on
such Leased Real Property are in good condition and proper order, free of roof leaks, insect infestation, and material construction defects, as applicable, and all mechanical and utility systems servicing such improvements, as applicable, are in
good condition and proper working order, free of material defects; 
 (r) such Leased Real Property is an independent unit which
does not rely on any facilities (other than the facilities of public utility and water companies) located on any other property (i) to fulfill any zoning, building code, or other municipal or governmental requirement, (ii) for structural
support or the furnishing of any essential building systems or utilities, including, but not limited to electric, plumbing, mechanical, heating, ventilating, and air conditioning systems, or (iii) to fulfill the requirements of the Lease. No
building or other improvement not included in such Leased Real Property relies on any part of such Leased Real Property to fulfill any zoning, building code, or other municipal or governmental requirement or for structural support or the furnishing
of any essential building systems or utilities. Such Leased Real Property is assessed by local property assessors as a tax parcel or parcels separate from all other Tax parcels; and 

(s) the Company has delivered to the Buyer complete and accurate copies of all of the following materials relating to such Leased Real
Property: title insurance policies and commitments; deeds; encumbrance and easement documents and other documents and agreements affecting title to or for operation of such Leased Real Property; surveys; as-built construction plans; construction
contracts and warranties; appraisals; structural inspection, soils, environmental assessment and similar reports. 
 3.13
Intellectual Property. Section 3.13 of the Disclosure Schedule lists all Company Registrations, in each case enumerating specifically the applicable filing or registration number, title, jurisdiction in which filing was made or
from which registration issued, date of filing or issuance, names of all current applicant(s) and registered owners(s), as applicable. All assignments of Company Registrations to the Company have been properly executed and recorded. The Company is
the sole and exclusive owner of all Company Owned Intellectual Property, free and clear of any Security Interests and has the right to use all other intellectual property used by it pursuant to valid and enforceable license agreements listed on
Section 3.13 of the Disclosure Schedule. To the Knowledge of the Company, no activity undertaken by the Company with respect to the business of the Company, as such business has been conducted, is conducted or is currently contemplated
to be conducted by the Company, infringes or violates, or constitutes a misappropriation of, any intellectual property rights of any third party. 

  
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 3.14 Inventory. Other than general office supplies, the Company does not maintain any
inventory. 
 3.15 Contracts. 
 (a) Section 3.15(a) of the Disclosure Schedule lists the following agreements (written or oral (provided that
 Section 3.15(a) of the Disclosure Schedule sets forth all material
terms and provisions of any such oral agreement)) to which the Company is a party as of the date of this Agreement: 
 (i) any
Customer Contracts; 
 (ii) any agreement (or group of related agreements) for the lease of personal property from or to third
parties providing for lease payments in excess of $5,000 per annum or having a remaining term longer than 12 months; 
 (iii)
any agreement (or group of related agreements) for the purchase or sale of products or for the furnishing or receipt of services (A) which calls for performance over a period of more than one year, (B) which involves more than the sum of
$5,000, or (C) in which the Company has granted “most favored nation” pricing provisions or exclusive marketing or distribution rights relating to any products or territory or have agreed to purchase a minimum quantity of goods or
services (including airspace) or have agreed to purchase goods or services (including airspace) exclusively from a certain party; 
 (iv) any agreement concerning the establishment or operation of a partnership, joint venture or limited liability company; 
 (v) any agreement with Oceanside or any equityholder or other Affiliates thereof; 

(vi) any agreement (or group of related agreements) under which the Company has created, incurred, assumed or guaranteed (or may create,
incur, assume or guarantee) indebtedness (including capitalized lease obligations) or under which the Company has imposed (or may impose) a Security Interest on any of its assets, tangible or intangible; 

(vii) any agreement for the disposition of any significant portion of the assets or business of the Company (other than sales of products
in the Ordinary Course of Business) or any agreement for the acquisition of the assets or business of any other entity (other than purchases of inventory or components in the Ordinary Course of Business); 

(viii) any agreement concerning exclusivity, confidentiality, noncompetition or non-solicitation; 

(ix) any employment or consulting agreement; 

  
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 (x) any severance (or agreement that includes provisions for the payment of severance),
“stay pay,” retention, termination or similar agreement with any officer or other employee; 
 (xi) any settlement
agreement or settlement-related agreement (including any agreement in connection with which any employment-related claim is settled); 
 (xii) any agreement involving any current or former officer, director, stockholder, manager or member of the Company or an Affiliate thereof; 

(xiii) any agreement under which the consequences of a default or termination would reasonably be expected to have a Company Material
Adverse Effect; 
 (xiv) any agreement which contains any provisions requiring the Company to indemnify any other party
(excluding indemnities contained in agreements for the purchase, sale or license of products entered into in the Ordinary Course of Business); 
 (xv) any agreement that could reasonably be expected to have the effect of prohibiting or impairing the conduct of the business of the Company, the Buyer or any subsidiary of the Buyer as currently
conducted and as currently proposed to be conducted; 
 (xvi) any agreement under which the Company is restricted from selling
its products or providing services to customers, potential customers or any class of customers, in any geographic area, during any period of time or any segment of the market or line of business; 

(xvii) any agreement for the acquisition by the Company of any operating business or the capital stock of any other person; 

(xviii) any agreement (i) for Indebtedness of the Company or (ii) pursuant to which there are liens or Security Interests on or
affecting any of the Company’s property or assets, in each case, including any such agreement to which the Company is a party or bound prior to the consummation of the transactions contemplated by this Agreement; and 

(xix) any other agreement (or group of related agreements) either involving more than $25,000 or not entered into in the Ordinary Course
of Business. 
 (b) The Company has delivered to the Buyer a complete and accurate copy of each agreement listed in

Section 3.12, Section 3.13 and Section 3.15(a) of the Disclosure Schedule (each, a “Contract” and, collectively, the “Contracts”). With respect to each Contract: (i) the Contract is legal,
valid, binding and enforceable and in full force and effect against the Company and, to the Company’s Knowledge, against each other party thereto; (ii) the Contract will continue to be legal, valid, binding and enforceable and in full
force and effect against the Company immediately following the Closing in accordance with the terms thereof as in effect immediately prior to the Closing; and (iii) neither the Company nor, to the Knowledge of the Company, any other party, is
in breach or violation of, or default under, any such agreement, and no event has occurred, is pending or, to the Knowledge of the Company, is threatened, which, after the giving of notice, with lapse of time, or otherwise, would constitute a breach
or default by the Company or, to the Knowledge of the Company, any other party under such agreement. 

  
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 (c) The Company is not a party to any oral contract, agreement or other arrangement which,
if reduced to written form, would be required to be listed in Section 3.15(a) of the Disclosure Schedule under the terms of Section 3.15(a). The Company is not a party to any written or oral arrangement (i) to perform
services or sell products which is expected to be performed at, or to result in, a loss or (ii) for which the customer has already been billed or paid that have not been fully accounted for on the Most Recent Balance Sheet. 

3.16 Accounts Receivable. All accounts receivable of the Company reflected on the Most Recent Balance Sheet (other than those paid
since such date) are valid receivables subject to no setoffs or counterclaims and are current and collectible (within 90 days after the date on which it first became due and payable), net of the applicable reserve for bad debts on the Most Recent
Balance Sheet. A complete and accurate list of the accounts receivable reflected on the Most Recent Balance Sheet, showing the aging thereof, is included in Section 3.16 of the Disclosure Schedule. All accounts receivable of the Company
that have arisen since the Most Recent Balance Sheet Date are valid receivables subject to no setoffs or counterclaims and are collectible (within 90 days after the date on which it first became due and payable), net of a reserve for bad debts
related to such accounts receivable in an amount proportionate to the reserve shown on the Most Recent Balance Sheet. The Company has not received any written notice from an account debtor stating that any account receivable in an amount in excess
of $5,000 is subject to any contest, claim or setoff by such account debtor. 
 3.17 Powers of Attorney. There are no
outstanding powers of attorney executed on behalf of the Company. 
 3.18 Insurance. Section 3.18 of the
Disclosure Schedule lists each insurance policy (including fire, theft, casualty, comprehensive general liability, workers compensation, business interruption, environmental, product liability and automobile insurance policies and bond and
surety arrangements) to which the Company is a party, a named insured or otherwise the beneficiary of coverage, all of which are in full force and effect. Such insurance policies are of the type and in amounts customarily carried by organizations
conducting businesses or owning assets similar to those of the Company. All claims eligible to be asserted by the Company under any such policy have been asserted on a timely basis. There is no material claim pending under any such policy as to
which coverage has been questioned, denied or disputed by the underwriter of such policy. All premiums due and payable under all such policies have been paid, the Company will not be liable for retroactive premiums or similar payments, and Company
is otherwise in compliance in all material respects with the terms of such policies. The Company has no Knowledge of any threatened termination of, or premium increase with respect to, any such policy. Each such policy will continue to be
enforceable and in full force and effect immediately following the Closing in accordance with the terms thereof as in effect immediately prior to the Closing. 
 3.19 Litigation. There is no Legal Proceeding which is pending or has been threatened in writing against the Company. There are no judgments, orders or decrees outstanding against the Company.

  
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 3.20 Employees. 

(a) Section 3.20(a)(i) of the Disclosure Schedule contains a list of all employees of the Company, along with the position,
location, and hourly, overtime, and/or salary rate of compensation of each such person, estimated or target annual incentive compensation of each such person and employment status of each such person (including whether the person is on leave of
absence and the dates of any such leave). Section 3.20(a)(ii) of the Disclosure Schedule contains a list of all employees of the Company who are a party to an agreement containing non-competition and/or non-solicitation obligations,
copies of such agreements have previously been delivered to the Buyer, and such agreements will continue to be legal, valid, binding and enforceable and in full force and effect immediately following the Closing in accordance with the terms thereof
as in effect immediately prior to the Closing. Section 3.20(a)(iii) of the Disclosure Schedule contains a list of all employees of the Company who are working in the United States but are not citizens or lawful permanent residents of the
United States, and for each, the basis of his or her employment authorization and the expiration of such authorization. To the Knowledge of the Company, no Key Employee or group of employees has any plans to terminate employment with the Company or
not to continue employment with the Buyer. The Company is in compliance with all applicable Laws relating to the hiring, employment, and termination of employees, including all Laws respecting labor, employment, employment discrimination, terms and
conditions of employment, wages and hours, employee classification, workers’ compensation, the Immigration Reform and Control Act, the Worker Adjustment Retraining and Notification Act, and occupational safety and health requirements. To the
Knowledge of the Company, there are no pending or threatened investigations, claims, charges, suits, legal actions, matters or litigations with any court, the IRS, Department of Labor, Pension Benefit Guarantee Company, or any state Taxing
authority, state unemployment insurance agency, or any other state or federal agency. 
 (b) There are no amounts of
compensation outstanding (including bonuses, vacation pay and other liabilities accrued through the date hereof) to any employee or former employee of the Company (other than accrued amounts representing salary or bonus entitlements due for the
current pay period or for the reimbursement of legitimate business expenses). 
 (c) The Company is not a party to or bound by
any union contract or collective bargaining agreement, and there are no union contracts or collective bargaining agreements being negotiated by the Company. The Company has not experienced any strikes, slowdowns, lockouts, work stoppages,
grievances, claims of unfair labor practices or other collective bargaining disputes, nor are any such disputes pending or threatened. The Company has no Knowledge of any organizational effort made or threatened (including the filing of a petition
for certification), either currently or within the past two years, by or on behalf of any labor union or works council with respect to employees of the Company. 
 (d) Except as set forth on Section 3.20(d) of the Disclosure Schedule, none of the Company, any director, officer, manager or other Key Employee of the Company, or any Affiliate of any of the
foregoing, has any existing undisclosed contractual relationship with the Company or owns, directly or indirectly, individually or collectively, any interest in any entity which is in a business similar or competitive to the business of the Company.

  
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 (e) All persons employed by the Company are employees at will and are employed such that the
Company may lawfully terminate their employment at any time, with or without cause, without any severance or other continuing payment or benefit obligations, and without creating any cause of action against the Company or otherwise giving rise to
any liability of the Company for wrongful discharge, breach of contract or tort or any other similar cause of action at Law or in equity. 
 (f) The Company is not a party to any agreement with any current or former employee that provides for the payment of compensation or severance in the event of a change in control of the Company.

 (g) Section 3.20(g) of the Disclosure Schedule contains a list of all consultants and independent contractors
currently engaged by the Company, along with each such Person’s date of retention and rate of remuneration, and a description of the services each such Person provides for the Company. None of such consultants or independent contractors is a
party to a written agreement or contract with the Company. Each person whom the Company has retained as an independent contractor qualifies or qualified as an independent contractor and not as an employee of the Company under the Code, the Fair
Labor Standards Act, and all applicable state Laws, including state wage and unemployment insurance Laws. The Company has fully and accurately reported the compensation of their consultants and independent contractors on IRS Forms 1099 or other
applicable Tax forms for independent contractors. 
 (h) The Company has not incurred, and no circumstances exist under which
the Company could incur, any liability arising from the misclassification of employees as consultants or independent contractors, or from the misclassification of consultants or independent contractors as employees. 

(i) The Company has withheld and paid to the appropriate Governmental Entity or is holding for payment not yet due to such Governmental
Entity all amounts required to be withheld from its employees and is not liable for any arrears of wages, Taxes, penalties or other sums for failure to comply with any of the foregoing. There are no, and at no time have there been, any independent
contractors who have provided services to the Company for a period of six consecutive months or longer. The Company has never had any temporary or leased employees. 
 (j) Section 3.20(j) of the Disclosure Schedule contains a complete and accurate list of (A) all of the Company’s written employee handbooks, employment manuals, employment policies,
and affirmative action plans, and (B) written summaries of all unwritten employment policies and practices. 
 (k) The
Company has not triggered and will not trigger, at any time from the date that is 90 days immediately preceding the date of this Agreement and continuing through the Closing Date, any obligations under any applicable plant closing and/or mass layoff
Law. 
 3.21 Employee Benefits. 
 (a) Section 3.21(a) of the Disclosure Schedule contains a complete and accurate list of all Company Plans. Complete and accurate copies of (i) all Company Plans which have been reduced to
writing, together with all amendments thereto, (ii) written summaries of all unwritten Company Plans, (iii) all related trust agreements, insurance contracts 

  
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and summary plan descriptions, (iv) all annual reports filed on IRS Form 5500, 5500C or 5500R and (for all funded plans) all plan financial statements for the last five plan years for each
Company Plan, (v) all reports regarding the satisfaction of the nondiscrimination requirements of Sections 410(b), 401(k), and 401(m) of the Code for the past five years, (vi) all disclosures received by the Company with respect to ERISA
Section 408(b)(2) or provided by a Company Plan pursuant to ERISA Section 404(a) and (vii) any written or electronic communications from or to the Internal Revenue Service, the United States Department of Labor
(“DOL”) or any other Governmental Entity with respect to a Company Plan (including any voluntary correction submissions), have been delivered to the Buyer. All Company Plans comply with all applicable Law. 

(b) Each Company Plan has been administered in all material respects in accordance with its terms and each of the Company and the ERISA
Affiliates has in all material respects met its obligations with respect to each Company Plan and has timely made all required contributions thereto. The Company, each ERISA Affiliate and each Company Plan are in compliance in all material respects
with the currently applicable provisions of ERISA and the Code and the regulations thereunder (including Section 4980 B of the Code, Subtitle K, Chapter 100 of the Code and Sections 601 through 608 and Section 701 et seq. of ERISA). All
filings and reports as to each Company Plan required to have been submitted to the Internal Revenue Service or to the DOL have been duly submitted. No Company Plan has assets that include securities issued by the Company or any ERISA Affiliate.

 (c) There are no Legal Proceedings (except claims for benefits payable in the normal operation of the Company Plans and
proceedings with respect to qualified domestic relations orders) against or involving any Employee Benefit Plan or asserting any rights or claims to benefits under any Employee Benefit Plan that could give rise to any material liability to the
Company. No Company Plan is, or within the last three calendar years has been, the subject of, or has received notice that it is the subject of, examination by a Governmental Entity or a participant in a government sponsored amnesty, voluntary
compliance or similar program. 
 (d) All the Company Plans that are intended to be qualified under Section 401(a) of the
Code have received determination letters or opinion letters from the Internal Revenue Service to the effect that such Company Plans are qualified and the plans and the trusts related thereto are exempt from federal income Taxes under Sections 401(a)
and 501(a), respectively, of the Code, no such determination letter or opinion letter has been revoked and revocation has not been threatened, and no such Company Plan has been amended since the date of its most recent determination letter or
application therefor in any respect, and no act or omission has occurred, that would adversely affect its qualification or materially increase its cost. There has been no termination or partial termination of such a Company Plan. Each Company Plan
that is required to satisfy Section 401(k)(3) or Section 401(m)(2) of the Code has been tested for compliance with, and satisfies the requirements of Section 401(k)(3) and Section 401(m)(2) of the Code for each plan year ending
prior to the Closing Date. Each Company Plan that provides for compliance with Section 404(c) of ERISA or is intended to comply with such provision, so complies. Each Company Plan is in compliance with ERISA Section 408(b)(2) (or other
applicable exemption) and with ERISA Section 404(a). 

  
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 (e) Neither the Company nor any ERISA Affiliate has ever maintained or contributed to an
Employee Benefit Plan that was ever subject to Section 412 of the Code or Title IV of ERISA. 
 (f) At no time has the
Company or any ERISA Affiliate been obligated to contribute to any “multiemployer plan” (as defined in Section 4001(a)(3) of ERISA). 
 (g) With respect to the Company Plans, there are no benefit obligations for which contributions have not been made or properly accrued and there are no benefit obligations that have not been accounted for
by reserves, or otherwise properly footnoted in accordance with GAAP, on the Financial Statements. The Company does not have any liability for benefits (contingent or otherwise) under any Company Plan, except as set forth on the Financial
Statements. The assets of each Company Plan that is funded are reported at their fair market value on the books and records of such Employee Benefit Plan. 
 (h) All group health plans of the Company and any ERISA Affiliate comply in all respects with the requirements of COBRA, Code Section 5000, the Health Insurance Portability and Accountability Act,
the Patient Protection and Affordable Care Act (“PPACA”), and any other applicable Laws. Neither the Company nor any ERISA Affiliate has any liability under or with respect to COBRA for its own actions or omissions, or those of any
predecessor. No Company Plan provides health care continuation coverage beyond termination of employment, except to COBRA qualified beneficiaries at their own, and not at the Company’s, expense. No Person (or any beneficiary of such Person) is
entitled to receive any welfare benefits, including death or medical benefits (whether or not insured) beyond retirement or other termination of employment, other than as applicable Law requires, and there have been no written or oral commitments
inconsistent with the foregoing. Each group health plan subject to PPACA is grandfathered. 
 (i) No act or omission has
occurred and no condition exists with respect to any Employee Benefit Plan that would subject the Buyer, the Company, any ERISA Affiliate or any plan participant to (i) any material fine, penalty, Tax or liability of any kind imposed under
ERISA, the Code or any other applicable Law or (ii) any contractual indemnification or contribution obligation protecting any fiduciary, insurer or service provider with respect to any Company Plan, nor will the transactions contemplated by
this Agreement give rise to any such liability. 
 (j) No Company Plan is funded by, associated with or related to a
“voluntary employee’s beneficiary association” within the meaning of Section 501(c)(9) of the Code. 
 (k)
Each Company Plan is amendable and terminable unilaterally by the Company at any time without liability or expense to the Company or such Company Plan as a result thereof (other than for benefits accrued through the date of termination or amendment
and reasonable administrative expenses related thereto), and no Company Plan, plan documentation or agreement, summary plan description or other written communication distributed generally to employees by its terms prohibits the Company from
amending or terminating any such Company Plan, or in any way limits such action. The investment vehicles used to fund any Company Plan may be changed at any time without incurring a sales charge, surrender fee or other similar expense. 

  
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 (l) Section 3.21(l) of the Disclosure Schedule discloses each:
(i) agreement with any stockholder, director, executive officer, member, manager, other employee or contractor of the Company (A) the benefits of which are contingent, or the terms of which are altered, upon the occurrence of a transaction
involving the Company of the nature of any of the transactions contemplated by this Agreement, (B) providing any term of employment or compensation guarantee or (C) providing severance benefits or other benefits after the termination of
employment of such stockholder, director, executive officer, member, manager, other employee or contractor; (ii) agreement, plan or arrangement under which any person may receive payments from the Company that may be subject to the Tax imposed
by Section 4999 of the Code or included in the determination of such person’s “parachute payment” under Section 280G of the Code without regard to Section 280G(b)(4); and (iii) agreement or plan binding the
Company, including any stock option plan, stock appreciation right plan, restricted stock plan, stock purchase plan, severance benefit plan or Company Plan, any of the benefits of which will be increased, or the vesting of the benefits of which will
be accelerated, by the occurrence of any of the transactions contemplated by this Agreement or the value of any of the benefits of which will be calculated on the basis of any of the transactions contemplated by this Agreement. 

(m) Section 3.21(m) of the Disclosure Schedule sets forth the policy of the Company with respect to accrued vacation, accrued
sick time and earned time off and the amount of such liabilities as of the Most Recent Balance Sheet Date. 
 (n)
Section 3.21(n) of the Disclosure Schedule sets forth all bonuses earned by the Company’s employees through the Closing Date that are expected to be accrued on the Closing Adjustment Statement but unpaid as of the Closing Date.

 (o) There are no loans or extensions of credit from the Company or any ERISA Affiliate to any employee of or independent
contractor to the Company. 
 (p) There is no plan or commitment, whether legally binding or not, to create any additional
Company Plans or to modify any existing Company Plans with respect to employees of the Company. 
 (q) There is no
corporate-owned life insurance (COLI), split-dollar life insurance policy or any other life insurance policy on the life of any employee of the Company or on any Company Stockholder. 

(r) Each Company Plan that is a “nonqualified deferred compensation plan” (as defined in Code Section 409A(d)(1)) has been
operated since January 1, 2005 in good faith compliance with Code Section 409A and IRS Notice 2005-1. No Company Plan that is a “nonqualified deferred compensation plan” has been materially modified (as determined under Notice
2005-1) after October 3, 2004. No event has occurred that would be treated by Code Section 409A(b) as a transfer of property for purposes of Code Section 83. 

  
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 3.22 Environmental Matters. 

(a) The Company is currently, and at all times since January 1, 2007 has been, in compliance with all applicable Environmental Laws.
There is no pending or, to the Knowledge of the Company, threatened civil or criminal litigation, written notice of violation, administrative proceeding, or investigation, inquiry or information request by any Governmental Entity, relating to any
Environmental Law involving the Company. 
 (b) The Company does not have any liabilities or obligations arising from the
release or threatened release of any Materials of Environmental Concern into the environment. 
 (c) The Company is not a party
to or bound by any court order, administrative order, consent order or other agreement with any Governmental Entity or third party entered into in connection with any legal obligation or liability arising under any Environmental Law. 

(d) Set forth in Section 3.22(d) of the Disclosure Schedule is a list of all documents (whether in hard copy or electronic
form) that contain any environmental reports, investigations and audits relating to premises currently or previously owned or operated by the Company (whether conducted by or on behalf of the Company or a third party, and whether done at the
initiative of the Company or directed by a Governmental Entity or other third party) which were issued or conducted during the past five years and which the Company has possession of or access to. A complete and accurate copy of each such document
has been provided to the Buyer. 
 (e) The Company has no Knowledge of any material environmental liability relating to any
solid or hazardous waste transporter or treatment, storage or disposal facility that has been used by the Company. 
 3.23
Legal Compliance. The Company is currently conducting, and has at all times since January 1, 2007 conducted, its business in material compliance with each applicable Law of any federal, state, local or foreign government, or any
Governmental Entity. The Company has not received any notice or communication from any Governmental Entity alleging noncompliance with any applicable Law. 
 3.24 Customers and Suppliers. Section 3.24 of the Disclosure Schedule sets forth a list of (a) all of the customers of the Company during the last full fiscal year and the interim
period through the Most Recent Balance Sheet Date, (b) the amount of revenues accounted for by each such customer that accounted for more than 1% of the revenues of the Company during each such period (such customers, each a “Major
Customer” and, collectively, the “Major Customers”) and (c) each supplier that is the sole supplier of any significant product or service to the Company. No Major Customer or any such supplier has indicated within the
past year that it will stop, or decrease the rate of, buying products or services or supplying products or services, as applicable, to the Company. The Company has good relations with its customers. No unfilled customer order or commitment
obligating the Company to provide or deliver products or perform services will result in a loss to the Company upon completion of performance. No purchase order or commitment of the Company is in excess of normal requirements, nor are prices
provided therein in excess of current market prices for the products or services to be provided thereunder. 

  
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 3.25 Permits. Section 3.25 of the Disclosure Schedule sets forth a list
of all Permits issued to or held by the Company (including those issued or required under Environmental Laws and those relating to the occupancy or use of owned or leased real property). Such listed Permits are the only Permits that are required for
the Company to conduct its business as presently conducted or as proposed to be conducted. Each such Permit is in full force and effect, the Company is in compliance with the terms of each such Permit, and to the Knowledge of the Company, no
suspension or cancellation of such Permit is threatened and there is no basis for believing that such Permit will not be renewable upon expiration. Each such Permit will continue in full force and effect immediately following the Closing.

 3.26 Certain Business Relationships With Affiliates. No Affiliate of the Company or Oceanside (a) owns any
property or right, tangible or intangible, which is used in the business of the Company, (b) has any claim or cause of action against the Company, (c) owes any money to, or is owed any money by, the Company or (d) is a party to any
contract or other arrangement (written or oral) with the Company. Section 3.26 of the Disclosure Schedule describes any transactions or relationships between the Company, on the one hand, and any Affiliate thereof, on the other hand,
which occurred or have existed since the beginning of the time period covered by the Financial Statements. 
 3.27
Brokers’ Fees. The Company does not have any liability or obligation to pay any fees or commissions to any broker, finder or agent with respect to the transactions contemplated by this Agreement. 

3.28 Books and Records. The minute books and other similar records of the Company contain complete and accurate records of all
actions taken at any meetings of the Company’s stockholders, Board of Directors or any committee thereof, and of all written consents executed in lieu of the holding of any such meeting of the Company. The books and records of the Company
accurately reflect the assets, liabilities, business, financial condition and results of operations of the Company and have been maintained in accordance with good business and bookkeeping practices. Section 3.28 of the Disclosure
Schedule contains a list of all bank accounts and safe deposit boxes of the Company and the names of persons having signature authority with respect thereto or access thereto. 

3.29 Prepayments, Prebilled Invoices and Deposits. 
 (a) Section 3.29(a) of the Disclosure Schedule sets forth (i) all prepayments, prebilled invoices and deposits that have been received by the Company as of the date of this Agreement from
customers for products to be shipped, services to be performed or other benefits to be provided, after the Closing Date, and (ii) with respect to each such prepayment, prebilled invoice or deposit, (A) the party and contract credited,
(B) the date received or invoiced, (C) the products and/or services to be delivered and (D) the conditions for the return of such prepayment, prebilled invoice or deposit. All such prepayments, prebilled invoices and deposits are
properly accrued for on the Most Recent Balance Sheet in accordance with GAAP applied on a consistent basis with the past practice of the Company. 

  
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 (b) Section 3.29(b) of the Disclosure Schedule sets forth (i) all
prepayments, prebilled invoices and deposits that have been made or paid by the Company as of the date of this Agreement for products to be purchased, services to be performed or other benefits to be received after the Closing Date and
(ii) with respect to each such prepayment, prebilled invoice or deposit, (A) the party to whom such prepayment, prebilled invoice or deposit was made or paid, (B) the date made or paid, (C) the products and/or services to be
delivered and (D) the conditions for the return of such prepayment, prebilled invoice or deposit. All such prepayments, prebilled invoices and deposits are properly accrued for on the Most Recent Balance Sheet in accordance with GAAP applied on
a consistent basis with the past practice of the Company. 
 3.30 Government Contracts. The Company has not been
suspended or debarred from bidding on contracts or subcontracts with any Governmental Entity; no such suspension or debarment has been threatened or initiated or, to the Knowledge of the Company, threatened; and the consummation of the transactions
contemplated by this Agreement will not result in any such suspension or debarment of the Company or the Buyer (assuming that no such suspension or debarment will result solely from the identity of the Buyer). To the Knowledge of the Company, there
is no valid basis for (i) the suspension or debarment of the Company from bidding on contracts or subcontracts with any Governmental Entity or (ii) any claim (including any claim for return of funds to the Government) pursuant to an audit
or investigation by any of the entities named in the foregoing sentence. 
 3.31 Disclosure. No representation or
warranty by the Company contained in this Agreement, and no statement contained in the Disclosure Schedule or any other document, certificate or other instrument delivered or to be delivered by or on behalf of the Company pursuant to this Agreement,
contains or will contain any untrue statement of a material fact or omits or will omit to state any material fact necessary, in light of the circumstances under which it was or will be made, in order to make the statements herein or therein not
misleading. The Company has disclosed to the Buyer all material information relating to the business of the Company or the transactions contemplated by this Agreement. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF THE BUYER 

The Buyer represents and warrants to the Sellers that the statements contained in this Article IV are true and correct as of the
date of this Agreement and will be true and correct as of the Closing as though made as of the Closing, except to the extent such representations and warranties are specifically made as of a particular date (in which case such representations and
warranties will be true and correct as of such date): 
 4.1 Organization and Corporate Power. The Buyer is a corporation
duly organized, validly existing and in good standing under the Laws of the State of Delaware. The Buyer has all requisite corporate power and authority to carry on the businesses in which it is engaged and to own and use the properties owned and
used by it. 
 4.2 Authorization of the Transaction. The Buyer has all requisite power and authority to execute and
deliver this Agreement and the Escrow Agreement and to perform its respective obligations hereunder and thereunder. The execution and delivery by the Buyer of this 

  
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Agreement and the Escrow Agreement and the consummation by the Buyer of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary corporate action on
the part of the Buyer. This Agreement has been duly and validly executed and delivered by the Buyer and constitutes a valid and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms. 

4.3 Noncontravention. Subject to compliance with the applicable requirements of the Securities Act and any applicable state
securities Laws, the Exchange Act and to the filing or other regulatory requirements, if any, of any applicable U.S. or foreign regulatory body, neither the execution and delivery by the Buyer of this Agreement or the Escrow Agreement, nor the
performance by the Buyer of its obligations hereunder or thereunder, nor the consummation by the Buyer of the transactions contemplated hereby or thereby, will: 
 (a) conflict with or violate any provision of the certificate of incorporation or by-laws of the Buyer (in each case, as amended and/or restated to date); 

(b) require on the part of the Buyer any filing with, or permit, authorization, consent or approval of, any Governmental Entity;

 (c) conflict with, result in breach of, constitute (with or without due notice or lapse of time or both) a default under,
result in the acceleration of obligations under, create in any party any right to terminate, modify or cancel, or require any notice, consent or waiver under, any contract or instrument to which the Buyer is a party or by which it is bound or to
which any of the Buyer’s assets is subject; or 
 (d) violate any order, writ, injunction, decree, statute, rule or
regulation applicable to the Buyer or any of the properties or assets of the Buyer. 
 4.4 Reports and Financial
Statements. The Buyer has previously delivered to the Company and the Sellers complete and accurate copies, as amended or supplemented, of the Buyer’s prospectus dated October 30, 1997, as filed with the SEC, as supplemented by all
reports filed by the Buyer under Section 13 of the Exchange Act with the SEC since the end of the Buyer’s most recent fiscal year (such reports are collectively referred to herein as the “Buyer Reports”). The Buyer Reports
constitute all of the documents required to be filed by the Buyer under Section 13 of the Exchange Act with the SEC since the end of the Buyer’s most recent fiscal year, and no event has occurred which requires the filing prior to the date
hereof of any other Buyer Report which has not been filed. As of their respective dates, the Buyer Reports did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading. The audited financial statements and unaudited interim financial statements, if any, of the Buyer included in the Buyer Reports (i) comply as to
form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, (ii) have been prepared in accordance with GAAP applied on a consistent basis throughout the periods
covered thereby (except as may be indicated therein or in the notes thereto, and in the case of quarterly financial statements, as permitted by Form 10-Q under the Exchange Act), (iii) fairly present the consolidated financial condition,
results of operations and cash flows of the Buyer as of the respective dates thereof and for the periods referred to therein and (iv) are consistent with the books and records of the Buyer. 

  
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 ARTICLE V 
 COVENANTS 
 5.1 Closing Efforts. Each of the Parties shall use its
Reasonable Best Efforts to take all actions and to do all things necessary, proper or advisable to consummate the transactions contemplated by this Agreement, including using its Reasonable Best Efforts to cause (i) its representations and
warranties to remain true and correct in all material respects through the Closing Date and (ii) the conditions to the obligations of the other Party to consummate the transactions contemplated by this Agreement to be satisfied. 

5.2 Governmental and Third-Party Notices and Consents. 
 (a) Each Party shall use its Reasonable Best Efforts to obtain, at its expense, all waivers, permits, consents, approvals or other authorizations from Governmental Entities, and to effect all
registrations, filings and notices with or to Governmental Entities, as may be required for such Party to consummate the transactions contemplated by this Agreement and to otherwise comply with all applicable Laws in connection with the consummation
of the transactions contemplated by this Agreement. 
 (b) The Company shall use its Reasonable Best Efforts to obtain, at its
expense, all such waivers, consents or approvals from third parties, and to give all such notices to third parties, as required to be listed in the Disclosure Schedule, all in form and substance reasonably acceptable to the Buyer. 

5.3 Operation of Business. 
 (a) Except as contemplated by this Agreement or as otherwise set forth in Section 5.3 of the Disclosure Schedule, during the period from the date of this Agreement to the Closing or the
earlier termination of this Agreement in accordance with Article X hereof (the “Pre-Closing Period”), the Company shall conduct its operations only in the Ordinary Course of Business and in compliance with all applicable Laws
and, to the extent consistent therewith, use its Reasonable Best Efforts to preserve intact its current business organization and keep its physical assets in good working condition, keep available the services of its current officers and employees
and preserve its relationships with customers, suppliers and others having business dealings with it to the end that its goodwill and ongoing business shall not be impaired in any material respect. 

(b) Without limiting the generality of Section 5.3(a), during the Pre-Closing Period, the Company shall not without the
written consent of the Buyer: 
 (i) issue or sell any stock or other securities of the Company or any options, warrants or
other rights to acquire any such stock or other securities; 
 (ii) split, combine or reclassify any shares of its capital
stock; 

  
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 (iii) declare, set aside or pay any dividend or other distribution (whether in cash, stock
or property or any combination thereof) in respect of its capital stock; 
 (iv) create, incur or assume any indebtedness
(including obligations in respect of capital leases); assume, guarantee, endorse or otherwise become liable or responsible (whether directly, contingently or otherwise) for the obligations of any other Person; or make any loans, advances or capital
contributions to, or investments in, any other Person; 
 (v) enter into, adopt, terminate or amend any Employee Benefit Plan or
any employment or severance agreement or arrangement of the type described in Section 3.21(l) or increase in any manner the compensation or fringe benefits of, or materially modify the employment terms of, its directors, officers or
employees, generally or individually, or pay any bonus or other benefit to its directors, officers or employees (except for existing payment obligations listed in Section 3.21(l) of the Disclosure Schedule) or hire any new officers or
(except in the Ordinary Course of Business) any new employees or consultants; amend or accelerate the payment, right to payment, or vesting of any compensation or benefits; or take any action other than in the Ordinary Course of Business to fund or
in any other way secure the payment of compensation or benefits under any Employee Benefit Plan; 
 (vi) acquire, sell, lease,
license or dispose of any assets or property, other than purchases and sales of assets in the Ordinary Course of Business; 

(vii) mortgage or pledge any of its property or assets or subject any such property or assets to any Security Interest; 

(viii) discharge or satisfy any Security Interest or pay any obligation or liability other than in the Ordinary Course of Business;

 (ix) amend its certificate of incorporation, by-laws or other organizational documents in a manner that could have an adverse
effect on the transactions contemplated by this Agreement; 
 (x) change the nature or scope of its business being carried on as
of the date of this Agreement or commence any new business not being ancillary or incidental to such business or take any action to alter its organizational or management structure; 

(xi) change its accounting methods, principles or practices, except insofar as may be required by a generally applicable change in GAAP,
or make any new Tax election or change any current election or settle and/or compromise any Tax liability; prepare any Tax Returns in a manner which is inconsistent with the past practices of the Company, as applicable, with respect to the treatment
of items on such Tax Returns; incur any material liability for Taxes other than in the Ordinary Course of Business, or file an amended Tax Return or a claim for refund of Taxes with respect to the income, operations or property of the Company;

 (xii) enter into, amend, terminate, take or omit to take any action that would constitute a violation of or default under, or
waive any rights under, applicable Law or any contract or agreement of a nature required to be listed in
 Section 3.12 or Section 3.15(a) of the Disclosure Schedule; 

  
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 (xiii) make or commit to make any capital expenditure in excess of $300,000 in the
aggregate; 
 (xiv) institute or settle any Legal Proceeding; 

(xv) take any action or fail to take any action permitted by this Agreement with the knowledge that such action or failure to take action
would result in (i) any of the representations and warranties of the Company set forth in this Agreement becoming untrue at the Closing or (ii) any of the conditions to the Closing set forth in Article VI not being satisfied;

 (xvi) fail to take any action necessary to preserve the validity of any Permit; or 

(xvii) agree in writing or otherwise to take any of the foregoing actions. 

5.4 Access to Information. During the Pre-Closing Period, upon reasonable advance notice, the Company shall permit representatives
of the Buyer to have full access (at all reasonable times and in a manner so as not to interfere with the normal business operations of the Company or to alert the Company’s non-executive employees as to the reason for such access) to all
premises, properties, financial, Tax and accounting records (including the work papers of each Seller’s independent accountants), contracts, other records and documents, and personnel, of or pertaining to the Company for the purpose of
performing such inspections and tests as the Buyer deem necessary or appropriate. 
 5.5 Notice of Breaches. 

(a) During the Pre-Closing Period, the Company and the Sellers shall promptly deliver to the Buyer supplemental information concerning
events or circumstances occurring subsequent to the date hereof which would render any representation, warranty or statement of the Company or the Sellers in this Agreement or the Disclosure Schedule inaccurate or incomplete in any material respect
at any time after the date of this Agreement until the Closing. No such supplemental information shall be deemed to avoid or cure any misrepresentation or breach of warranty or constitute an amendment of any representation, warranty or statement in
this Agreement or the Disclosure Schedule. 
 (b) From the date of this Agreement until the Closing, the Buyer shall promptly
deliver to the Sellers supplemental information concerning events or circumstances occurring subsequent to the date hereof which would render any representation or warranty in this Agreement inaccurate or incomplete in any material respect at any
time after the date of this Agreement until the Closing. No such supplemental information shall be deemed to avoid or cure any misrepresentation or breach of warranty or constitute an amendment of any representation or warranty in this Agreement.

  
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 5.6 Exclusivity. 

(a) During the Pre-Closing Period, the Sellers and the Company shall not, and the Sellers and the Company shall require each of their
respective officers, directors, employees, representatives and agents not to, directly or indirectly, through any officer, director, employee, Affiliate, agent or representative or otherwise (i) initiate, solicit, encourage or otherwise
facilitate any inquiry, proposal, offer or discussion with any party (other than the Buyer or its representatives) concerning any acquisition, equity or debt financing, joint venture, merger, reorganization, consolidation, recapitalization, business
combination, liquidation, dissolution, share exchange, sale of stock, sale of material assets or similar business transaction involving the Company, (ii) furnish any non-public information concerning the business, properties or assets of the
Company or the Company Shares to any party (other than the Buyer or its representatives) or (iii) engage in discussions or negotiations or enter in any agreement with any party (other than the Buyer or its representatives) concerning any such
transaction. 
 (b) The Sellers and the Company shall immediately notify any party with which discussions or negotiations of the
nature described in paragraph (a) above were pending that the Sellers and the Company are terminating such discussions or negotiations. If any Seller or the Company receives any inquiry, proposal or offer of the nature described in
paragraph (a) above, such Seller and the Company shall, within one Business Day after such receipt, notify the Buyer of such inquiry, proposal or offer, including the identity of the other party and the terms of such inquiry, proposal or offer.

 5.7 Expenses. Except as otherwise expressly provided herein, the Buyer will pay all fees, expenses and other
obligations (including legal and accounting fees and expenses) incurred by it in connection with the transactions contemplated hereby, and the Company will prior to the Closing pay all fees, expenses and other obligations (including legal and
accounting fees and expenses) incurred by it in connection with the transactions contemplated hereby (provided, however, that the Company Transaction Expenses shall be paid by the Sellers). Each Seller shall be responsible for payment
of all sales or transfer Taxes (including real property transfer Taxes) arising out of the conveyance of the Company Shares owned by such Seller. 
 5.8 Access to Customers and Suppliers. The Company shall, if requested by the Buyer, introduce the Buyer to customers and suppliers of the Company for the purpose of facilitating the post-Closing
integration of the Company and its businesses into that of the Buyer. 
 5.9 Title Insurance. 

(a) With respect to each parcel of real estate to be covered by a New Lease and which Section 3.12 of the Disclosure Schedule
indicates is a property for which a title insurance policy is to be procured, the Company shall, at the Company’s sole cost and expense, procure, prior to the Closing, the following title insurance commitments, policies and riders: an ALTA
Leasehold Owner’s Policy of Title Insurance-1987 (or equivalent policy reasonably acceptable to the Buyer if the real property is located in a state in which an ALTA Leasehold Owner’s Policy of Title Insurance-1987 is not available) issued
by a title insurer reasonably satisfactory to the Buyer (and, if requested by the Buyer, reinsured in whole or in part by one or more insurance companies and pursuant to a direct access agreement reasonably acceptable to the Buyer) in such amount as
the Buyer reasonably may determine (taking into account all factors relevant to the Buyer, including the revenue produced by the leased property, the time 

  
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cost of money (using prevailing interest rates) and other factors such as whether the fair market rental value of the premises exceeds the stipulated consideration in such New Lease, whether the
tenant has any option to renew or extend, whether the tenant owns any improvements located on the premises, whether the tenant is permitted to sublease, and whether the tenant would owe any amount under such New Lease if evicted), insuring title to
the leasehold estate to be in the Buyer as of the Closing or such later date as the applicable notice of Lease with respect to such Lease is record in the applicable land records (subject only to the title exceptions described in
Section 3.12 of the Disclosure Schedule and in all events not subject or subordinate to any monetary liens). To facilitate the issuance of such policies, the Company will deliver to the Buyer, no later than 14 days prior to the Closing,
a commitment for such insurance issued by the title insurer, along with legible copies of all documents listed as exceptions therein. 
 (b) Each title insurance policy obtained under Section 5.9(a) shall: (i) insure title to the real property and all recorded easements benefiting such real property, (ii) contain an
“extended coverage endorsement” insuring over the general exceptions contained customarily in such policies, (iii) contain an ALTA Zoning Endorsement 3.1 (or the equivalent thereof), (iv) contain an endorsement insuring that the
real property described in the title insurance policy is the same real estate as shown on the survey delivered pursuant to Section 5.10 with respect to such property, (v) contain an endorsement insuring that each street adjacent to
the real property is a public street and that there is direct and unencumbered pedestrian and vehicular access to such street from the real property, (vi) contain an endorsement that electricity, water, gas, sewer and other utilities serve the
real property described in the title insurance policy directly from an adjacent public street, (vii) if the real property consists of more than one record parcel, contain a “contiguity” endorsement insuring that all of the record
parcels are contiguous to one another, and (viii) contain a “non-imputation” endorsement to the effect that title defects known to the officers, directors, and stockholders of the owner prior to the Closing shall not be deemed
“facts known to the insured” for purposes of the policy. 
 5.10 Surveys. With respect to each parcel of real
property as to which a title insurance policy is to be procured pursuant to Section 5.9, the Company shall procure, at the Company’s sole cost and expense, no later than 14 days prior to the Closing, a current survey of the real
property certified to the Buyer, prepared by a licensed surveyor and conforming to current ALTA Minimum Detail Requirements for Land Title Surveys, disclosing the location of all improvements, easements and other matters of record, party walls,
sidewalks, roadways, utility lines, and other matters shown customarily on such surveys, and showing access affirmatively to public streets and roads. Such survey shall not disclose any survey defect or encroachment from or onto the real property or
any easements which has not been cured or insured over to the Buyer’s reasonable satisfaction prior to the Closing. 
 5.11
Estoppels. With respect to each Lease, the Company shall procure prior to Closing an estoppel certificate from the landlord or other counterparty thereto, in form and substance reasonably acceptable to Buyer, certifying that the Lease is in
full force and effect, and has not been amended or modified, the date through which rent and all other monetary obligations have been paid, and the amount thereof, that no party thereunder is in default thereunder, that to its knowledge no fact or
circumstance exists which could give rise to such a default, the remaining term of the Lease and any extension or early termination options (and whether any of the same have been exercised), the rental rates, that the Lease will continue in

  
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full force and effect, unmodified, following the transaction contemplated herein, and such other matters as Buyer may reasonably request following its review of the Lease. No estoppel certificate
will be considered acceptable or delivered unless it is consistent in all material respects with the information contained in the Lease and the Disclosure Schedule. 
 5.12 FIRPTA Tax Certificate. Prior to the Closing, (a) the Company shall deliver to the Buyer and to the Internal Revenue Service notices that the Company Shares are not “U.S. real
property interests” in accordance with Treasury Regulations under Sections 897 and 1445 of the Code, or (b) each of the Sellers shall deliver to the Buyer certifications that they are not foreign Persons in accordance with the Treasury
Regulations under Section 1445 of the Code. If the Buyer does not receive either the notices or certifications described above on or before the Closing Date, the Buyer or the Escrow Agent shall be permitted to withhold from the payments to be
made pursuant to this Agreement any required withholding Tax under Section 1445 of the Code. 
 5.13 Termination of
401(k) Plan. Prior to the Closing, the Company shall terminate any and all Company Plans intended to qualify under Section 401(k) of the Code, or any successor statute, effective not later than the day immediately preceding the Closing
Date. Upon the termination of such plans pursuant to this Section 5.13, the Company shall provide the Buyer with evidence that such 401(k) plans have been terminated pursuant to resolution of the Company’s board of directors not
later than the day immediately preceding the Closing Date. 
 5.14 Termination of Employee Benefit Plans. Upon the
Buyer’s written request, prior to the Closing, the Company shall terminate any and all Company Plans as the Buyer may request with any such requested termination to be effective on the date determined by the Buyer. 

5.15 Indebtedness. Prior to the Closing, the Company shall satisfy, eliminate or cause to be paid all Indebtedness of the Company,
except as set forth on Section 5.15 of the Disclosure Schedule. 
 5.16 Transfer of Owned Real Property;
Fixtures, Etc. Used by Company. 
 (a) Effective not later than the day immediately preceding the Closing Date, at the
Sellers’ sole cost and expense (including all transfer Taxes and recording fees), the Company shall: (i) transfer the Owned Real Property to Trash Lady ME and Trash Lady NH as set forth on Section 5.16 of the Disclosure
Schedule, in each case, without any representations or warranties from the Company; (ii) Trash Lady ME and Trash Lady NH shall have assumed the Indebtedness set forth on Section 5.15 of the Disclosure Schedule; and
(iii) the Company shall have obtained full releases and indemnities from such transferees with respect to such Owned Real Property, any liabilities related thereto and the assumption of Indebtedness related thereto, in each case, in form and
substance acceptable to the Buyer. 
 (b) Notwithstanding anything to the contrary set forth in the transfer documents effecting
the transactions contemplated by Section 5.16(a), the Company, the Sellers, Trash Lady ME and Trash Lady NH hereby acknowledge and agree that all fixtures, equipment and other similar items of personal property used by the Company in the
conduct of its businesses as presently conducted and as presently proposed to be conducted 

  
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(the “Retained Fixtures”) shall remain property of the Company upon the consummation of the transfers set forth in Section 5.16(a). At the Buyer’s
request, the Sellers and each of Trash Lady ME and Trash Lady NH, as applicable, shall execute an instrument in recordable form clarifying the Company’s continued ownership of the Retained Fixtures. 

ARTICLE VI 

CONDITIONS TO CLOSING 
 6.1 Conditions to Obligations of the Buyer. The obligation of the Buyer to consummate the transactions contemplated by this Agreement is subject to the satisfaction of the following conditions
precedent, each of which may be waived in writing in the sole discretion of the Buyer: 
 (a) the Company shall have obtained at
its own expense (and shall have provided copies thereof to the Buyer) all of the waivers, permits, consents, approvals or other authorizations, and effected all of the registrations, filings and notices listed on Schedule 6.1(a), in form and
substance reasonably acceptable to the Buyer; 
 (b) the representations and warranties of the Sellers, the representations and
warranties of the Company set forth in the first and second sentence of Section 3.1, in Section 3.2 and in Section 3.3 and any other representations and warranties of the Sellers and the Company set forth in this
Agreement that are qualified as to materiality shall be true and correct in all respects, and all other representations and warranties of the Company set forth in this Agreement shall be true and correct in all material respects, in each case as of
the date of this Agreement and as of the Closing as though made as of the Closing, except to the extent such representations and warranties are specifically made as of a particular date (in which case such representations and warranties shall be
true and correct as of such date); 
 (c) the Company and the Sellers shall have performed or complied with in all material
respects their agreements and covenants required to be performed or complied with under this Agreement as of or prior to the Closing; 
 (d) there shall have occurred no change, event, circumstance or development which, individually or taken together with all other changes, events, circumstances or developments, has had, or could
reasonably be expected in the future to have, a Company Material Adverse Effect; 
 (e) no Legal Proceeding shall be pending or
threatened wherein an unfavorable judgment, order, decree, stipulation or injunction could reasonably (i) prevent consummation of the transactions contemplated by this Agreement, (ii) cause the transactions contemplated by this Agreement
to be rescinded following consummation of such transactions or (iii) have, individually or in the aggregate, a Company Material Adverse Effect; 
 (f) the Company shall have procured at its own expense and delivered to the Buyer all of the title insurance commitments, policies and riders and real estate surveys referred to in Sections 5.9
and 5.10; 

  
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 (g) the Company shall have provided to the Buyer the estoppel certificates set forth in
Section 5.11, and the same shall have been delivered in compliance with such section; 
 (h) effective not later than
the day immediately preceding the Closing Date, the Owned Real Property shall have been transferred in accordance with Section 5.16; 
 (i) the Company shall cause to be fully executed and delivered to the Buyer each of the New Leases (other than the New Lease in the form attached as Exhibit B-4), along with (A) a termination
of each existing lease or occupancy agreement affecting the real property subject to such New Lease, if applicable, and (B) a notice or memorandum of each New Lease (in statutory and customary recordable form acceptable to the Buyer) providing
constructive record notice of each New Lease; 
 (j) effective not later than the day immediately preceding the Closing Date, the
Trash Lady Interests shall have been transferred from the Company, at the Sellers’ sole cost and expense (including all transfer Taxes and filing fees) to the Sellers; 
 (k) the Company shall have delivered to the Buyer Tax good standing certificates for each of the following jurisdictions: Maine and New Hampshire; 

(l) the Company shall have undertaken, in accordance with all applicable Laws including the Fair Credit Reporting Act and any state
analogs, motor vehicle background checks of all of its employees, and shall have advised the Buyer in writing at least 14 days prior to the Closing Date of any employees whose driving records make them ineligible for employment with the Buyer,
pursuant to guidelines to be provided by the Buyer to the Company; 
 (m) the Sellers shall have complied with all applicable
state Tax Law statutes requiring notification to a Governmental Entity of the proposed transaction and shall have obtained and delivered to the Buyer such waivers, certificates or other documentation sufficient to relieve the Buyer from any
liability under such statutes; 
 (n) in accordance with the terms and conditions of the Credit Agreement, (A) the Buyer
shall have satisfied each of the conditions set forth in the First Amendment to Credit Agreement, including Annex 3 thereof, and (B) the Administrative Agent and the requisite Credit Agreement Lenders shall have consented to the consummation of
the transactions contemplated by this Agreement; and 
 (o) the Buyer shall have received such other certificates and instruments
(including certificates of good standing of the Company in its jurisdiction of organization and the various foreign jurisdictions in which it is qualified, certified charter documents, certificates as to the incumbency of officers and the adoption
of authorizing resolutions) as the Buyer shall reasonably request in connection with the Closing. 
 6.2 Conditions to
Obligations of Company and the Sellers. The obligation of the Company and the Sellers to consummate the transactions contemplated by this Agreement is subject to the satisfaction of the following conditions precedent, each of which may be waived
in writing in the sole discretion of the Company and the Representative: 

  
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 (a) the representations and warranties of the Buyer set forth in the first and second
sentences of Section 4.1 and in Section 4.2 and any representations and warranties of the Buyer set forth in this Agreement that are qualified as to materiality shall be true and correct in all respects, and all other
representations and warranties of the Buyer set forth in this Agreement shall be true and correct in all material respects, in each case, as of the date of this Agreement and as of the Closing as though made as of the Closing, except to the extent
such representations and warranties are specifically made as of a particular date (in which case such representations and warranties shall be true and correct as of such date) and except to the extent any such inaccuracies, individually or in the
aggregate, have not had and would not reasonably be expected to have a material adverse effect on the ability of the Buyer to consummate the transactions contemplated by this Agreement; 

(b) the Buyer shall have performed or complied with in all material respects its agreements and covenants required to be performed or
complied with under this Agreement as of or prior to the Closing; and 
 (c) the Representative shall have received such other
certificates and instruments (including certificates of good standing of the Buyer in its jurisdiction of organization, certified charter documents, certificates as to the incumbency of officers and the adoption of authorizing resolutions) as it
shall reasonably request in connection with the Closing. 
 ARTICLE VII 

INDEMNIFICATION 
 7.1 Indemnification by the Sellers. The Sellers shall, jointly and severally (except as otherwise provided in clauses (a), (c) and (e) below), indemnify the Buyer in respect of,
and hold the Buyer harmless against, any and all Damages incurred or suffered by the Company, the Buyer or any Affiliate thereof resulting from, relating to or constituting: 
 (a) any breach or inaccuracy, as of the date of this Agreement or as of the Closing Date, of any representation or warranty of any Seller contained in this Agreement or any other agreement or instrument
furnished by such Seller to the Buyer pursuant to this Agreement (with respect to which such Seller shall be solely liable for such indemnification obligation); 
 (b) any breach or inaccuracy, as of the date of this Agreement or as of the Closing Date, of any representation or warranty of the Company contained in this Agreement or any other agreement or instrument
furnished by the Company to the Buyer pursuant to this Agreement; 
 (c) any failure to perform any covenant or agreement of any
Seller contained in this Agreement or any other agreement or instrument furnished by such Seller to the Buyer or the Company pursuant to or in connection with this Agreement (with respect to which such Seller shall be solely liable for such
indemnification obligation; provided that the Sellers shall, jointly and severally, be liable for such indemnification obligation with respect to the failure of Trash Lady ME or Trash Lady NH to perform any such covenant or agreement);

  
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 (d) any failure to perform any covenant or agreement of the Company contained in this
Agreement or any other agreement or instrument furnished by the Company to the Buyer pursuant to this Agreement; 
 (e) any
failure of any Seller to have good, valid and marketable title to the Company Shares issued in the name of such Seller, free and clear of all Security Interests (with respect to which such Seller shall be solely liable for such indemnification
obligation); 
 (f) any claim by a stockholder or former stockholder of the Company, or any other Person, seeking to assert, or
based upon: (i) the ownership or rights to ownership of any shares of stock of the Company; (ii) any rights of a stockholder (other than the right to receive any of the Purchase Price, if any, to which such Person is entitled pursuant to
this Agreement), including any option, preemptive rights or rights to notice or to vote; (iii) any rights under the certificate of incorporation or by-laws of the Company; or (iv) any claim that his, her or its shares were wrongfully
repurchased by the Company; 
 (g) any claim for fraud or a Knowing Misrepresentation arising in connection with the transactions
contemplated by this Agreement; 
 (h) any Litigation Matter; 

(i) any Environmental Matters (including any and all “costs of response” and “damages” to “natural
resources,” as those terms are defined under CERCLA, any and all costs to correct or remedy any failure to comply with applicable Environmental Law as of the Closing Date); or 

(j) any liability (whether known or unknown, whether absolute or contingent, whether liquidated or unliquidated and whether due or to
become due) arising from or related to the Owned Real Property (other than obligations expressly undertaken by the Company under the New Leases). 
 7.2 Indemnification Claims. 
 (a) The Buyer shall give written notification
to the Representative of the commencement of any Third Party Action. Such notification shall be given within 20 days after receipt by the Buyer of notice of such Third Party Action, and shall describe in reasonable detail (to the extent then known
by the Buyer) the facts constituting the basis for such Third Party Action and the amount of the claimed damages. No delay or failure on the part of the Buyer in so notifying the Representative shall relieve the Sellers of any liability or
obligation hereunder except to the extent of any damage or liability caused by or arising out of such delay or failure. Within 20 days after delivery of such notification, the Representative may, upon written notice thereof to the Buyer, assume
control of the defense of such Third Party Action with counsel reasonably satisfactory to the Buyer; provided, that (i) the Representative may only assume control of such defense if (A) it acknowledges in writing to the Buyer on
behalf of all of the Sellers that any damages, fines, costs or other liabilities that may be assessed against the Buyer in connection with such Third Party Action constitute Damages for which the Buyer shall be indemnified pursuant to this
Article VII, (B) the ad damnum in such Third Party Action, taken together with the estimated costs of defense thereof and the Claimed Amount with respect to any 

  
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unresolved claims for indemnification then pending, is less than or equal to the current balance of the Indemnification Escrow Fund, and (C) in the determination of the Buyer, an adverse
resolution of the Third Party Action would not have a material adverse effect on the goodwill or reputation of the Buyer or the business, operations or future conduct of the Buyer and (ii) the Representative may not assume control of the
defense of any Third Party Action involving criminal or Tax liability, or which involves any Permit, or in which equitable relief is sought against the Buyer or any of its subsidiaries. If the Representative does not, or is not permitted under the
terms hereof to, so assume control of the defense of a Third Party Action, the Buyer shall control such defense. The Non-Controlling Party may participate in such defense at its own expense. The Controlling Party shall keep the Non-Controlling Party
advised of the status of such Third Party Action and the defense thereof and shall consider in good faith recommendations made by the Non-Controlling Party with respect thereto. The Non-Controlling Party shall furnish the Controlling Party with such
information as it may have with respect to such Third Party Action (including copies of any summons, complaint or other pleading which may have been served on such party and any written claim, demand, invoice, billing or other document evidencing or
asserting the same) and shall otherwise cooperate with and assist the Controlling Party in the defense of such Third Party Action. The fees and expenses of counsel to the Buyer with respect to a Third Party Action shall be considered Damages for
purposes of this Agreement if (i) the Buyer controls the defense of such Third Party Action pursuant to the terms of this Section 7.2(a) or (ii) the Representative assumes control of such defense and the Buyer reasonably
concludes that the Sellers and the Buyer have conflicting interests or different defenses available with respect to such Third Party Action. Neither the Sellers nor the Representative shall agree to any settlement of, or the entry of any judgment
arising from, any Third Party Action without the prior written consent of the Buyer, which shall not be unreasonably withheld, conditioned or delayed; provided, that the consent of the Buyer shall not be required if the Representative, on
behalf of all of the Sellers, agrees in writing to pay any amounts payable pursuant to such settlement or judgment and such settlement or judgment includes a complete release of the Buyer and its Affiliates from further liability and has no other
adverse effect on the Buyer or its Affiliates. Except as provided in Section 7.2(f) below, the Buyer shall not agree to any settlement of, or the entry of any judgment arising from, any such Third Party Action without the prior written
consent of the Representative, which shall not be unreasonably withheld, conditioned or delayed. 
 (b) In order to seek
indemnification under this Article VII, the Buyer shall deliver a Claim Notice to the Representative. 
 (c) Within 20
days after delivery of a Claim Notice, the Representative shall deliver to the Buyer a Response, in which the Representative, on behalf of all of the Sellers, shall: (i) agree that the Buyer is entitled to receive all of the Claimed Amount (in
which case the Response shall be accompanied by payment or by a letter from the Representative instructing the Escrow Agent to disburse to the Buyer from the Indemnification Escrow Fund an amount in cash equal to the Claimed Amount, (ii) agree
that the Buyer is entitled to receive the Agreed Amount (in which case the Response shall be accompanied by payment or by a letter from the Representative instructing the Escrow Agent to disburse to the Buyer from the Indemnification Escrow Fund an
amount in cash equal to the Agreed Amount), or (iii) dispute that the Buyer is entitled to receive any of the Claimed Amount. The Representative may contest the payment of all or a portion of the Claimed Amount only based upon a good faith
belief that all or such 

  
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portion of the Claimed Amount does not constitute Damages for which the Buyer is entitled to indemnification under this Article VII. If no Response is delivered by the Representative
within such 20-day period, the Sellers shall be deemed to have agreed that all of the Claimed Amount is owed to the Buyer. Acceptance by the Buyer of partial payment of any Claimed Amount shall be without prejudice to the Buyer’s right to claim
the balance of any such Claimed Amount. 
 (d) During the 30-day period following the delivery of a Response that reflects a
Dispute, the Representative and the Buyer shall use good faith efforts to resolve the Dispute. If the Dispute is not resolved within such 30-day period, the Representative and the Buyer shall discuss in good faith the submission of the Dispute to
binding arbitration, and if the Representative and the Buyer agree in writing to submit the Dispute to such arbitration, then the provisions of Section 7.2(e) shall become effective with respect to such Dispute. The provisions of this
Section 7.2(d) shall not obligate the Representative and the Buyer to submit to arbitration or any other alternative dispute resolution procedure with respect to any Dispute, and in the absence of an agreement by the Representative and
the Buyer to arbitrate a Dispute, such Dispute shall be resolved in a court of competent jurisdiction, in accordance with Section 12.11. If the Buyer is seeking to enforce the claim that is the subject of the Dispute pursuant to the
Escrow Agreement, the Representative and the Buyer shall deliver to the Escrow Agent, promptly following the resolution of the Dispute (whether by mutual agreement, arbitration, judicial decision or otherwise), a written notice executed by both
parties instructing the Escrow Agent as to what (if any) portion of the Indemnification Escrow Fund shall be distributed to the Buyer (which notice shall be consistent with the terms of the resolution of the Dispute). 

(e) If, as set forth in Section 7.2(d), the Buyer and the Representative agree to submit any Dispute to binding arbitration,
the arbitration shall be conducted by the Arbitrator in accordance with the Commercial Rules of the American Arbitration Association (“AAA”) and the Maine Uniform Arbitration Statute (Maine Revised Statutes §5927, et seq.) in
effect from time to time and the following provisions: 
 (i) In the event of any conflict between the Commercial Rules in
effect from time to time and the provisions of this Agreement, the provisions of this Agreement shall prevail and be controlling. In the event of any conflict between the Commercial Rules in effect from time to time and the Maine Uniform Arbitration
Statute, the provisions of the Statute shall prevail and be controlling. 
 (ii) Either party shall commence the arbitration by
filing a written submission with the Boston, Massachusetts office of the AAA in accordance with Commercial Rule 5 (or any successor provision). 
 (iii) No depositions or other discovery shall be conducted in connection with the arbitration. 
 (iv) The arbitration hearings shall be in Portland, Maine. 

  
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 (v) Not later than 30 days after the conclusion of the arbitration hearing, the Arbitrator
shall prepare and distribute to the parties a writing setting forth the arbitral award and the Arbitrator’s reasons therefor. The Arbitrator shall have no power or authority, under the Commercial Rules or otherwise, to (x) modify or
disregard any provision of this Agreement, including the provisions of this Section 7.2(e), or (y) address or resolve any issue not submitted by the parties or (z) grant injunctive relief, specific performance or other
equitable relief. 
 (vi) Any award rendered by the Arbitrator shall be final, conclusive and binding upon the parties, and
judgment thereon may be entered and enforced in any court of competent jurisdiction (subject to Section 12.11). 

(vii) In connection with any arbitration proceeding pursuant to this Agreement, each party shall bear its own costs and expenses, except
that the fees and costs of the AAA and the Arbitrator, the costs and expenses of obtaining the facility where the arbitration hearing is held, and such other costs and expenses as the Arbitrator may determine to be directly related to the conduct of
the arbitration and appropriately borne jointly by the parties (which shall not include any party’s attorneys’ fees or costs, witness fees (if any), costs of investigation and similar expenses) shall be shared equally by the Buyer and the
Sellers. 
 (f) Notwithstanding the other provisions of this Section 7.2, if a third party asserts (other than by
means of a lawsuit) that the Buyer or the Company is liable to such third party for a monetary or other obligation which may constitute or result in Damages for which the Buyer may be entitled to indemnification pursuant to this Article VII,
and the Buyer reasonably determines that it has a valid business reason to fulfill such obligation, then (i) the Buyer shall be entitled to satisfy such obligation, without prior notice to or consent from the Representative or the Sellers,
(ii) the Buyer may subsequently make a claim for indemnification in accordance with the provisions of this Article VII, and (iii) the Buyer shall be reimbursed, in accordance with the provisions of this Article VII, for any
such Damages for which it is entitled to indemnification pursuant to this Article VII (subject to the right of the Representative, on the behalf of the Sellers, to dispute the Buyer’s entitlement to indemnification, or the amount for
which it is entitled to indemnification, under the terms of this Article VII). 
 (g) The Representative shall have full
power and authority on behalf of each Seller to take any and all actions on behalf of, execute any and all instruments on behalf of, and execute or waive any and all rights of, the Sellers under this Article VII. The Representative shall have
no liability to any Sellers for any action taken or omitted on behalf of the Sellers pursuant to this
 Article VII. 
 7.3 Survival of Representations and Warranties. 
 (a) Unless otherwise
specified in this Section 7.3 or elsewhere in this Agreement, all provisions of this Agreement shall survive the Closing and the consummation of the transactions contemplated hereby and shall continue in full force and effect in
accordance with their terms until 60 days after the expiration of the applicable statute of limitations; provided, however, that except for claims based on fraud or a Knowing Misrepresentation, all representations and warranties that
are covered by the indemnification obligations in Section 7.1(b) shall expire on the twelve month anniversary of the Closing; provided, however, that the representations and warranties set forth in Sections 3.1, 3.2,
3.3, 3.9, 3.11, 3.12, 3.13, 3.20, 3.21, 3.22 and 3.27 (the “Fundamental Representations”) shall survive indefinitely, other than Sections 3.9, 3.13 and 3.21, which shall survive until 60 days after the expiration
of the applicable statute of limitations. 

  
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 (b) If the Buyer delivers to the Representative, before expiration of a representation,
warranty, covenant or agreement, either a Claim Notice based upon a breach of such representation, warranty, covenant or agreement or an Expected Claim Notice based upon a breach of such representation, warranty, covenant or agreement then the
applicable representation, warranty, covenant or agreement shall survive until, but only for purposes of, the resolution of the matter covered by such notice. If the legal proceeding or written claim with respect to which an Expected Claim Notice
has been given is definitively withdrawn or resolved in favor of the Buyer, the Buyer shall promptly so notify the Representative. The rights to indemnification set forth in this Article VII shall not be affected by (i) any investigation
conducted by or on behalf of the Buyer or any knowledge acquired (or capable of being acquired) by the Buyer, whether before or after the date of this Agreement or the Closing Date, with respect to the inaccuracy or noncompliance with any
representation, warranty, covenant or obligation which is the subject of indemnification hereunder, or (ii) any waiver by the Buyer of any closing condition relating to the accuracy of representations and warranties or the performance of or
compliance with agreements and covenants. 
 7.4 Limitations. 

(a) Except for (i) claims based on fraud or Knowing Misrepresentation and (ii) claims based on a breach of any of the
Fundamental Representations, the Escrow Agreement shall be the exclusive means for the Buyer to collect any Damages for which it is entitled to indemnification under Section 7.1(b) from any Seller. Notwithstanding the foregoing, the
Buyer shall not attempt to collect any Damages directly from any Seller (other than on account of Sections 7.1(a), 7.1(c) or 7.1(e)) unless there are insufficient unclaimed Escrow Funds remaining to satisfy such Damages pursuant to the Escrow
Agreement. 
 (b) Notwithstanding anything to the contrary herein, except for claims based on fraud or a Knowing
Misrepresentation, claims related to Taxes, claims arising under Sections 7.1(i)-(j) and claims arising under Article IX, the aggregate liability of each Seller for Damages under this Article VII shall not exceed the amount
of the Purchase Price such Seller is entitled to receive pursuant to this Agreement. 
 (c) No Seller shall have any right of
contribution against the Company with respect to any breach by the Company of any of its representations, warranties, covenants or agreements. 
 (d) Except with respect to claims based on fraud or a Knowing Misrepresentation, claims arising under Article IX, and claims for specific performance and other equitable relief, after the Closing,
the rights of the Buyer under this Article VII shall be the exclusive remedy of the Buyer with respect to claims resulting from or relating to any misrepresentation, breach of warranty or failure to perform any covenant or agreement of the
Company or any Seller contained in this Agreement. 

  
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 (e) Any payments made to a Party pursuant to this Article VII or pursuant to the
Escrow Agreement shall be treated as an adjustment to the Adjusted Purchase Price for Tax purposes to the extent permitted by Law. 
 (f) For purposes of this Article VII, the terms “material,” “materially”, “materiality”, “Material Adverse Effect” and other similar qualifications shall be
disregarded and deemed not be included in any representation or warranty of the Company or the Sellers. 
 ARTICLE VIII

 TAX MATTERS 
 8.1 Preparation and Filing of Tax Returns; Payment of Taxes. 
 (a) The
Sellers, at their expense, (i) shall prepare and timely file or shall cause to be prepared and timely filed all Tax Returns of the Company required to be filed (taking into account extensions) prior to the Closing Date (ii) shall prepare
or cause to be prepared all Tax Returns for the Company required to be filed after the Closing Date for all periods that end on or before the Closing Date, provided, however, that in the case of both clauses (i) and (ii), the
content of such Tax Returns shall be subject to the approval of the Buyer in its sole discretion. The Sellers shall provide the Buyer with a copy of each proposed Tax Return (and such additional information regarding such Tax Return as may be
reasonably requested by the Buyer) at least 20 days prior to the filing due date for each such Tax Return in the case of federal and state income Tax Returns and the New Hampshire Business Enterprise Tax Return and at least five days prior to the
filing due date for all other Tax Returns. The Sellers shall deliver to the Buyer at least five days prior to the payment due date, all payments associated with all such Tax Returns to the extent such Taxes are attributable (as determined under
Section 8.2 hereof) to periods ending (or deemed pursuant to Section 8.2(b) to end) on or before the Closing Date and, to the extent such Taxes are not accounted for in a reduction of the Purchase Price, shall promptly
reimburse the Buyer for the amount of such Taxes paid by the Buyer or the Company. 
 (b) The Buyer shall prepare and timely
file or shall cause to be prepared and timely filed all other Tax Returns for the Company. The Buyer shall make all payments required with respect to any such Tax Returns; provided, however, that the Sellers shall promptly reimburse
the Buyer to the extent any payment the Buyer is required to make relates to the operations of the Company for any period ending (or deemed pursuant to Section 8.2(b) to end) on or before the Closing Date. 

(c) To the extent permissible under applicable Law, any Tax Return to be prepared and filed for Taxable periods beginning before the
Closing Date and ending after the Closing Date shall be prepared on a basis consistent with the last previous similar Tax Return. 
 (d) The Sellers shall be responsible for the payment of any transfer, sales, use, stamp, conveyance, value added, recording, registration, documentary, filing and other non-income Taxes and administrative
fees (including, notary fees) arising in connection with the consummation of the transactions contemplated by this Agreement, including the transfers required by Section 6.1(h) and Section 6.1(j). 

  
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 8.2 Allocation of Certain Taxes. 

(a) The Buyer and the Sellers agree that if the Company is permitted but not required under applicable foreign, state or local Tax Laws to
treat the Closing Date as the last day of a Taxable period, the Buyer and the Sellers shall treat such day as the last day of a Taxable period. 
 (b) Subject to Section 8.1, any Taxes for a Taxable period beginning before and ending after the Closing Date shall be paid by the Buyer or its Affiliates and the portion of any such Taxes
allocable to the portion of such period ending on the Closing Date shall be deemed to equal (i) in the case of Taxes that (x) are based upon or related to income or receipts or (y) the New Hampshire Business Enterprise Tax, the amount
which would be payable if the taxable year ended on the day before the Closing Date, (ii) in the case of payroll Taxes, and Taxes imposed in connection with any sale or other transfer or assignment of property, including all sales, use and
transfer Taxes, other than Taxes described in Section 8.1(d), the amount that would be payable if the Taxable year ended on the Closing Date, and (iii) in the case of other Taxes imposed on a periodic basis (including property
Taxes), the amount of such Taxes for the entire period multiplied by a fraction the numerator of which is the number of calendar days in the period ending with the Closing Date and the denominator of which is the number of calendar days in the
entire period. For purposes of the provisions of Section 8.1, each portion of such period shall be deemed to be a Taxable period (whether or not it is in fact a Taxable period). Transactions that occur on the Closing Date but before the
Closing and that are not incurred in the Ordinary Course of Business of the Company shall be considered to be attributable to the period that ends on the day before the Closing Date, and the Sellers agree to report and to cause to be reported all
transactions not in the Ordinary Course of Business occurring on the Closing Date but before the Closing as occurring at the end of the prior day. Transactions that occur on the Closing Date but after the Closing and that are not incurred in the
Ordinary Course of Business of the Company shall be considered to be attributable to the period that commences on the day following the Closing Date. The Buyer agrees to report and to cause to be reported all transactions not in the Ordinary Course
of Business occurring on the Closing Date but after the Closing as occurring at the beginning of the following day. 
 (c) If
the Company is entitled to a refund or credit of income Taxes for any period ending prior to the Closing Date that is attributable to the carryback of losses, credits or similar items of the Company from any period beginning on or after the Closing
Date, and if the refund or credit is paid to the Sellers or any of their respective Affiliates, the Sellers shall pay to the Buyer the amount of such refund or credit promptly after receipt, together with any interest or other amount received in
connection therewith. 
 (d) For the avoidance of doubt the Sellers shall be responsible for all Taxes allocated to them under
this Article VIII (including Section 8.1(d)) to the extent such Taxes are not accounted for in a reduction of the Purchase Price and shall reimburse the Buyer or the Company to the extent such Taxes are paid by the Buyer or the
Company. 

  
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 8.3 Cooperation on Tax Matters; Tax Audits. 

(a) The Buyer and the Sellers and their respective Affiliates shall cooperate in the preparation of all Tax Returns for any Tax periods
for which one Party could reasonably require the assistance of the other Party in obtaining any necessary information. Such cooperation shall include, but not be limited to, furnishing prior years’ Tax Returns or return preparation packages to
the extent related to the Company illustrating previous reporting practices or containing historical information relevant to the preparation of such Tax Returns, and furnishing such other information within such Party’s possession requested by
the Party filing such Tax Returns as is relevant to their preparation. Such cooperation and information also shall include promptly forwarding copies of appropriate notices and forms or other communications received from or sent to any Governmental
Entity which relate to the Company, and providing copies of all relevant Tax Returns to the extent related to the Company, together with accompanying schedules and related work papers, documents relating to rulings or other determinations by any
Governmental Entity and records concerning the ownership and Tax basis of property, which the requested Party may possess. The Buyer and the Sellers and their respective Affiliates shall make their respective employees and facilities available on a
mutually convenient basis to explain any documents or information provided hereunder. 
 (b) The Buyer shall have the right, at
its own expense, to control any Tax audit, initiate any claim for refund, contest, resolve and defend against any assessment, notice of deficiency, or other adjustment or proposed adjustment relating to any and all Taxes for any Taxable period with
respect to the Company; provided that, with respect to (i) any state, local or foreign Taxes for any Taxable period beginning before the Closing Date and ending after the Closing Date and (ii) any item the adjustment of which may
cause the Sellers to become obligated to make any payment pursuant to Section 8.1(a) hereof, the Buyer shall consult with the Representative with respect to the resolution of any issue that would affect the Sellers, and not settle any
such issue, or file any amended Tax Return relating to such issue, without the consent of the Representative, such consent not to be unreasonably withheld. Where consent to a settlement is withheld by the Representative pursuant to this
Section 8.3(b), the Sellers may continue or initiate any further proceedings at their own expense, provided that any liability of the Buyer, after giving effect to this Agreement, shall not exceed the liability that would have resulted
had the Representative not withheld his consent and any resolution of an issue will not result in a change in accounting method for Tax purposes without the Buyer’s consent. 

ARTICLE IX 

POST-CLOSING COVENANTS 
 9.1 Proprietary Information. 
 (a) From and after the Closing, the Sellers
and each of their respective Affiliates shall not disclose or make use of any information relating to the business of the Company that provides the Company or the Buyer with a competitive advantage (or that could be used to the disadvantage of the
Company or the Buyer by a Competitive Business), which is not generally known by, nor easily learned or determined by, persons outside the Company (collectively referred to herein as “Proprietary Information”) including, but not
limited to: (i) customer and prospect lists, details of agreements and communications with customers and prospects, and other customer information; (ii) sales plans and projections, product pricing

  
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information, protocols, acquisition, expansion, marketing, financial and other business information and existing and future products and business plans and strategies of the Company or the Buyer;
(iii) sales proposals, demonstrations systems, sales material; (iv) research and development; (vi) software systems, computer programs and source codes; (vii) sources of supply; (viii) identity of specialized consultants and
contractors and Proprietary Information developed by them for the Company; (ix) purchasing, operating and other cost data; (x) special customer needs, cost and pricing data; and (xi) employee information (including personnel, payroll,
compensation and benefit data and plans), including all such information recorded in manuals, memoranda, projections, reports, minutes, plans, drawings, sketches, designs, data, specifications, software programs and records, whether or not legended
or otherwise identified by the Company or the Buyer as Proprietary Information, as well as such information that is the subject of meetings and discussions and not recorded. Proprietary Information shall not include such information that the Sellers
can demonstrate (A) is generally available to the public (other than as a result of a disclosure by a Seller) or (B) was disclosed to the Sellers by a third party under no obligation to keep such information confidential. Notwithstanding
the foregoing, the Sellers shall have no obligation hereunder to keep confidential any of the Proprietary Information to the extent disclosure thereof is required by Law; provided, however, that in the event disclosure is required by
Law, the Sellers shall use best efforts to provide the Buyer with prompt advance notice of such requirement so that the Buyer may seek an appropriate protective order. 
 (b) Each Seller agrees that the remedy at Law for any breach of this Section 9.1 would be inadequate and that the Buyer shall be entitled to seek injunctive relief in addition to any other
remedy it may have upon breach of any provision of this Section 9.1. 
 9.2 Solicitation and Hiring. For a
period of six years after the Closing Date, none of the Sellers shall, either directly or indirectly (including through an Affiliate), (a) solicit or attempt to induce any Restricted Employee to terminate his employment with the Buyer, the
Company or any of their respective Affiliates or (b) hire, attempt to hire, employ or use in any subcontracting arrangement any Restricted Employee; provided that, subject to Section 9.3, this clause (b) shall not apply
to (i) any Restricted Employee (other than any Key Employee) whose employment with the Buyer or an Affiliate of the Buyer has been terminated for a period of six months or longer or (ii) any Key Employee whose employment with the Buyer or
an Affiliate of the Buyer has been terminated for a period of eighteen months or longer. 
 9.3 Non-Competition.

 (a) For a period of six years after the Closing Date, none of the Sellers shall (other than in his capacity as an employee of
the Buyer or any of its respective Affiliates), either directly or indirectly (including through an Affiliate) as a stockholder, lender, investor, employer, joint venturer, partner, member, manager, consultant, employee, subcontractor, independent
contractor or otherwise, within 150 miles from any location out of which the Buyer or its Affiliates operates or provides services as of the Closing Date (the “Geographic Area”): 

(i) engage in, operate or establish (A) any aspect of the business of the Company as such business has been conducted or had on the
Closing Date been planned to be conducted by the Company or (B) any aspect of the business of Buyer or its Affiliates as such business has been conducted; 

  
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 (ii) solicit, divert or take away, or attempt to solicit, divert or take away, the business
or patronage of any individual, corporation or other entity which was or is a prospective client, customer or account of the Company or any of its subsidiaries on the Closing Date, or had been a client, customer or account of the Company or any of
its subsidiaries within the three-year period prior to the Closing Date; or 
 (iii) acquire, invest in, own or otherwise hold,
directly or indirectly, any authorized capital stock of Oceanside other than the Oceanside Shares issued and outstanding and held by Trash Lady ME on the date hereof, provided that such investment and ownership in the Oceanside Shares shall
remain a passive investment. 
 (b) Each of the Sellers acknowledges being represented by and having consulted with counsel
prior to entering into this Agreement, and each of the Parties agrees that the duration and geographic scope of the non-competition provision set forth in this Section 9.3 are reasonable. In the event that any court of competent
jurisdiction determines that the duration or the geographic scope, or both, are unreasonable and that such provision is to that extent unenforceable, each of the Parties agrees that the provision shall remain in full force and effect for the
greatest time period and in the greatest area that would not render it unenforceable. Each of the Parties intends that this non-competition provision shall be deemed to be a series of separate covenants, one for each and every county of each and
every state within the Geographic Area. Each of the Parties agrees that damages are an inadequate remedy for any breach of this provision and that the Buyer shall, whether or not it is pursuing any potential remedies at Law, be entitled to equitable
relief in the form of preliminary and permanent injunctions without bond or other security upon any actual or threatened breach of this non-competition provision. 
 (c) The Sellers acknowledge that their ownership of Company Shares represents a substantial interest in the Company and each Seller intends to transfer to the Buyer the goodwill reflected in the Company
Shares owned by such Seller. The Sellers further acknowledge that the Buyer would not enter into this Agreement but for the restrictions in this Section 9.3. 
 (d) If a Seller violates the terms of this Section 9.3, such Seller shall continue to be bound by the restrictions set forth herein until a period of three years has expired without any
violations of this Section 9.3. 
 9.4 AGREEMENT NOT TO TRANSFER EQUITY CONSIDERATION SHARES.

 (a) Lockup. Each Seller hereby agrees that it will not, without the prior written consent of the Buyer, during the
period commencing on Closing Date and ending on the date l80 days thereafter, (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant
to purchase, or otherwise transfer or dispose of, directly or indirectly, any Equity Consideration Shares or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of the Equity Consideration Shares, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Equity Consideration Shares or other securities, in cash or otherwise. 

  
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 (b) Restrictions on Transfer. Each Seller hereby agrees and acknowledges that no
Equity Consideration Shares can be sold or transferred unless either (i) such Equity Consideration Shares have ceased to be “restricted securities” within the meaning of Rule 144 under the Securities Act or (ii) the Buyer shall
have been furnished with an opinion of legal counsel, reasonably satisfactory to the Buyer, to the effect that such sale or transfer is exempt from the registration requirements of the Securities Act. The Equity Consideration Shares shall cease to
be “restricted securities” for purposes of the Securities Act (x) upon any sale pursuant to a registration statement under the Securities Act, Section 4(1) of the Securities Act or Rule 144 under the Securities Act or (y) at
such time as (A) a period of at least one year, as determined in accordance with paragraph (d) of Rule 144 under the Securities Act, has elapsed since the later of the date the Equity Consideration Shares were acquired from the Buyer or an
affiliate of the Company and (B) the Equity Consideration Shares become eligible for sale under Rule 144(b)(1)(i) under the Securities Act. Each Seller understands that the Buyer has no obligation or present intention to file a registration
statement with respect to the Equity Consideration Shares. 
 9.5 Cooperation with Respect to Permits. From and after the
Closing, each of the Sellers and their respective Affiliates shall cooperate with the Buyer and its Affiliates with respect to the preparation and filing of any and all Permits (including modifications, extensions, renewals or transfers thereof) as
the Buyer or its Affiliates may request in connection with the transactions contemplated by this Agreement. Such cooperation shall include providing such information within such Seller’s possession requested by the Buyer or its Affiliates as is
relevant to preparation or filing of any and all Permits (including modifications, extensions, renewals or transfers thereof) and forwarding copies of appropriate notices and forms or other communications received from or sent to any Governmental
Entity which relate to such Permits. 
 9.6 Cooperation with Respect to certain New Leases. From and after the Closing,
each of the Sellers and their respective Affiliates shall use its Reasonable Best Efforts to cooperate with, assist and otherwise aid the Buyer and its Affiliates in to order cause to be fully executed and delivered to the Buyer, as soon as
reasonably practicable after the Closing, the New Lease in substantially the form attached hereto as Exhibit B-4, along with (A) a termination of each existing lease or occupancy agreement affecting the real property subject to such New
Lease, if applicable, and (B) a notice or memorandum of such New Lease (in statutory and customary recordable form acceptable to the Buyer) providing constructive record notice of such New Lease. 

ARTICLE X 

TERMINATION 
 10.1 Termination of Agreement. The Parties may terminate this Agreement prior to the Closing, as provided below: 

  
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 (a) the Parties may terminate this Agreement by written consent among the Buyer, the Company
and the Representative; 
 (b) the Buyer may terminate this Agreement by giving written notice to the Company and the
Representative (on behalf of the Sellers) in the event any Seller or the Company is in breach of any representation, warranty or covenant contained in this Agreement, and such breach, individually or in combination with any other such breach,
(i) would cause the conditions set forth in clauses (b), (c), (d) or (e) of Section 6.1 not to be satisfied and (ii) is not cured within 20 days following delivery by the Buyer to the Company of written notice of such
breach; 
 (c) the Company and the Representative (on behalf of the Sellers) may terminate this Agreement by giving written
notice to the Buyer in the event the Buyer is in breach of any representation, warranty or covenant contained in this Agreement, and such breach, individually or in combination with any other such breach, (i) would cause the conditions set
forth in clauses (a) and (b) of Section 6.2 not to be satisfied and (ii) is not cured within 20 days following delivery by the Company and the Representative to the Buyer of written notice of such breach; 

(d) the Buyer may terminate this Agreement by giving written notice to the Company and the Representative if the Closing shall not have
occurred on or before the Outside Date by reason of the failure of any condition precedent under Section 6.1 (unless the failure results primarily from a breach by the Buyer of any representation, warranty or covenant contained in this
Agreement); or 
 (e) the Company and the Representative (on behalf of the Sellers) may terminate this Agreement by giving
written notice to the Buyer if the Closing shall not have occurred on or before the Outside Date by reason of the failure of any condition precedent under Section 6.2 (unless the failure results primarily from a breach by any Seller or
the Company of any representation, warranty or covenant contained in this Agreement); 
 10.2 Effect of Termination. If
any Party terminates this Agreement pursuant to Section 10.1, all obligations of the Parties hereunder shall terminate without any liability of any Party to any other Party (except for any liability of any Party for willful breaches of
this Agreement or for breaches of Section 5.6). 
 ARTICLE XI 

DEFINITIONS 
 For purposes of this Agreement, each of the following terms shall have the meaning set forth below. 
 “AAA” shall have the meaning set forth in Section 7.2(e). 
 “Adjusted Purchase Price” shall have the meaning set forth in Section 1.4(f). 
 “Administrative Agent” shall mean Bank of America, N.A. 

  
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 “Affiliate” shall mean any affiliate, as defined in Rule 12b-2 under the
Exchange Act. For the avoidance of doubt, Trash Lady ME and Trash Lady NH shall each be deemed an Affiliate of the Company and the Sellers for purposes of this Agreement. 
 “Agreed Amount” shall mean part, but not all, of the Claimed Amount. 
 “Agreement” shall have the meaning set forth in the first paragraph hereto. 
 “Arbitrator” shall mean a single arbitrator selected by the Buyer and the Representative (on behalf of the Sellers) in accordance with the Commercial Rules. 

“Average Monthly Revenue” shall mean the amount equal to the True-Up Revenue divided by three. 

“Assignment, Collection and Release Agreement” shall mean the Assignment, Collection and Release Agreement in the form
attached hereto as Exhibit D by and between the Company and Trash Lady ME. 
 “Business Day” shall mean
any day other than (i) a Saturday or Sunday or (ii) a day on which banking institutions located in Boston, Massachusetts are permitted or required by Law, executive order or governmental decree to remain closed. 

“Buyer” shall have the meaning set forth in the first paragraph of this Agreement. 

“Buyer Certificate” shall mean a certificate delivered by the Buyer (without qualification as to knowledge, materiality
or otherwise), signed on behalf of the Buyer by an authorized officer of the Buyer, to the effect that each of the conditions specified in clauses (a) and (b) of Section 6.2 is satisfied in all respects. 

“Buyer Reports” shall have the meaning set forth in Section 4.4. 

“Buyer Shares” shall have the meaning set forth in Section 1.2(b). 

“Cash Consideration Amount” shall have the meaning set forth in Section 1.2(a). 

“CERCLA” shall mean the federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
amended. 
 “Certificates” shall mean stock certificates for Company Shares or, as applicable, a notarized
affidavit of loss with respect thereto. 
 “Claim Notice” shall mean written notification which contains
(i) a description of the Damages incurred or reasonably expected to be incurred by the Buyer and the Claimed Amount of such Damages, to the extent then known, (ii) a statement that the Buyer is entitled to indemnification under Article
VII for such Damages and a reasonable explanation of the basis therefor, and (iii) a demand for payment in the amount of such Damages. 

  
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 “Claimed Amount” shall mean the amount of any Damages incurred or
reasonably expected to be incurred by the Buyer. 
 “Close of Business” shall mean, with respect to a Business
Day, 5:00 p.m. Boston, Massachusetts time. 
 “Closing” shall mean the closing of the transactions contemplated
by this Agreement. 
 “Closing Adjustment Items” shall mean (a) the Company Transaction Expenses,
(b) the Employee Amount and (c) any Indebtedness outstanding at the Closing. 
 “Closing Adjustment
Statement” shall mean the statement of the Closing Adjustment Items prepared in accordance with the provisions of Section 1.4 hereof. 
 “Closing Adjustment Surplus” shall have the meaning set forth in Section 1.4(f)(iii). 
 “Closing Cash Consideration Amount” shall mean an amount equal to the Cash Consideration Amount less the Estimated Closing Adjustment and less the Indemnification Escrow Amount and
True-Up Escrow Amount. 
 “Closing Date” shall mean the date two Business Days after the satisfaction or waiver
of all of the conditions to the obligations of the Parties to consummate the transactions contemplated hereby (excluding the delivery at the Closing of any documents set forth in Section 1.3) or such other date as may be mutually
agreeable to the Parties. 
 “Closing Net Working Capital” shall mean, as of the Closing Date, the
Company’s consolidated current assets less the Company’s consolidated current liabilities (deferred revenue will include short term and long term portions) as of the Closing (each determined in accordance with GAAP, consistently applied
with the Financial Statements); provided, however, that for purposes hereof, any accounts receivables that are uncollected as of the end of the True-Up Period shall be valued at zero. Closing Net Working Capital shall not include
(a) cash and cash equivalents (but shall include, as a liability, any outstanding checks), (b) current and deferred Tax assets and liabilities and (c) any accounts receivables that are set forth on Schedule 1.5 attached hereto
and transferred to Trash Lady ME pursuant to the Assignment, Collection and Release Agreement. For the avoidance of doubt, Company Transaction Expenses, the Employee Amount and Indebtedness shall not be included in Closing Net Working Capital.

 “Closing Net Working Capital Surplus” shall have the meaning set forth in Section 1.5(b).

 “Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Commercial Rules” shall mean the Commercial Arbitration Rules of the AAA. 

“Company” shall have the meaning set forth in the first paragraph of this Agreement. 

“Company Certificate” shall mean a certificate delivered by the Company (without qualification as to knowledge,
materiality or otherwise), signed on behalf of the Company by the President of the Company, to the effect that each of the conditions specified in clauses (a) through (m) and (o) of Section 6.1 is satisfied in all
respects. 

  
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 “Company Material Adverse Effect” shall mean any material adverse change,
event, circumstance or development with respect to, or material adverse effect on, (a) the business, assets, liabilities, capitalization, condition (financial or other), prospects or results of operations of the Company (b) the ability of
the Buyer to operate the business of the Company immediately after the Closing or (c) the ability of the officers of the Buyer, following the Closing, to certify without qualification to the Buyer’s financial statements or filings made
with the SEC as they relate to the business or operations previously conducted by the Company. For the avoidance of doubt, the parties agree that the terms “material,” “materially” and “materiality” as used in this
Agreement with an initial lower case “m” shall have their respective customary and ordinary meanings, without regard to the meaning ascribed to Company Material Adverse Effect. 

“Company Owned Intellectual Property” shall mean all Intellectual Property owned or purported to be owned by the
Company, in whole or in part. 
 “Company Plan” shall mean any Employee Benefit Plan maintained, or contributed
to, by the Company or any ERISA Affiliate for the benefit of or relating to any current or former employee or independent contractor of the Company. 
 “Company Registrations” shall mean Intellectual Property Registrations that are registered or filed in the name of the Company, alone or jointly with others. 

“Company Shares” shall mean the shares of common stock, no par value per share, of the Company. 

“Company Stock Plan” shall mean any stock option plan or other stock or equity-related plan of the Company. 

“Company Stockholders” shall mean the stockholders of record of the Company immediately prior to the Closing.

 “Company Transaction Expenses” shall mean any Taxes arising in connection with the transfers set forth in
Sections 6.1(h) and (j) and any and all fees, expenses and other obligations unpaid as of the Closing (whether or not due and payable as of the Closing) and incurred by the Company in connection with the transactions contemplated by this
Agreement. 
 “Competitive Business” shall mean any business or other activity that, directly or indirectly,
provides one or more third parties with products, services or solutions for solid waste and septic waste, recycling and resource management (including to residential, commercial, municipal or industrial customers) in the areas of solid waste and
liquid waste collection, transfer, disposal, recycling and organics services. 
 “Contract” shall have the
meaning set forth in Section 3.15(b). 
 “Controlling Party” shall mean the party controlling the
defense of any Third Party Action. 
 “Credit Agreement Lenders” shall mean each of the lenders listed on the
signature pages to the Credit Agreement. 

  
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 “Credit Agreement” shall mean that certain Amended and Restated Credit
Agreement, dated as of March 18, 2011, as amended or restated from time to time, by and among the Buyer, the Buyer’s subsidiaries listed on Schedule 1 thereto, the Administrative Agent and the Credit Agreement Lenders, as such agreement
may be amended and in effect from time to time. 
 “Customer Contracts” shall mean any contracts, agreements,
instruments or understandings with the Company’s customers. 
 “Damages” shall mean any and all claims,
debts, obligations and other liabilities (whether absolute, accrued, contingent, fixed or otherwise, or whether known or unknown, or due or to become due or otherwise), diminution in value, monetary damages, fines, fees, penalties, interest
obligations, deficiencies, losses and expenses (including amounts paid in settlement, interest, court costs, costs of investigators, fees and expenses of attorneys, accountants, financial advisors and other experts, and other expenses of litigation,
arbitration or other dispute resolution procedures), other than those costs and expenses of arbitration of a Dispute which are to be shared equally by the Buyer and the Representative as set forth in Section 7.2(e). 

“Disclosure Schedule” shall mean the disclosure schedules provided by the Sellers and the Company to the Buyer on the
date hereof and accepted in writing by the Buyer. 
 “Disclosure Statement” shall mean a written information
statement, which includes a summary of this Agreement. 
 “Dispute” shall mean the dispute resulting if the
Representative in a Response disputes the liability of the Sellers for all or part of a Claimed Amount. 
 “Dispute
Notice” shall have the meaning set forth in Section 1.4(d). 
 “DOL” shall have the
meaning set forth in Section 3.21(a). 
 “Employee Amount” shall mean the aggregate amount payable
to employees of the Company pursuant to any change in control bonus plan, severance plan, change of control, retention or similar arrangement of the Company, in each case, payable solely as a result of the transactions contemplated by this
Agreement. 
 “Employee Benefit Plan” shall mean any “employee pension benefit plan” (as defined in
Section 3(2) of ERISA), any “employee welfare benefit plan” (as defined in Section 3(1) of ERISA), and any other written or unwritten plan, policy, agreement or arrangement involving direct or indirect compensation, including
insurance coverage, severance benefits, change in control benefits, disability benefits, deferred compensation, bonuses, fringe benefits, stock options, stock purchase, phantom stock, stock appreciation or other forms of incentive compensation or
post-termination compensation, and all employment agreements providing for terms of compensation. 

  
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 “Environmental Law” shall mean any Law relating to the environment,
occupational health and safety, or exposure of persons or property to Materials of Environmental Concern, including any statute, regulation, administrative decision or order pertaining to: (i) the presence of or the treatment, storage,
disposal, generation, transportation, handling, distribution, manufacture, processing, use, import, export, labeling, recycling, registration, investigation or remediation of Materials of Environmental Concern or documentation related to the
foregoing; (ii) air, water and noise pollution; (iii) groundwater and soil contamination; (iv) the release, threatened release, or accidental release into the environment, the workplace or other areas of Materials of Environmental
Concern, including emissions, discharges, injections, spills, escapes or dumping of Materials of Environmental Concern; (v) transfer of interests in or control of real property which may be contaminated; (vi) community or worker
right-to-know disclosures with respect to Materials of Environmental Concern; (vii) the protection of wild life, marine life and wetlands, and endangered and threatened species; (viii) storage tanks, vessels, containers, abandoned or
discarded barrels and other closed receptacles; and (ix) health and safety of employees and other persons. As used above, the term “release” shall have the meaning set forth in CERCLA. 

“Environmental Matters” shall mean any liability or obligation arising under Environmental Law, whether arising under
theories of contract, tort, negligence, successor or enterprise liability, strict liability or other legal or equitable theory, including (i) any failure to comply with an applicable Environmental Law and (ii) any liability or obligation
arising from the presence of, release or threatened release of, or exposure of persons or property to, Materials of Environmental Concern. As used above, the term “release” shall have the meaning set forth in CERCLA. 

“Equity Consideration Shares” shall have the meaning set forth in Section 1.2(b). 

“ERISA Affiliate” shall mean any entity which is, or at any applicable time was, a member of (1) a controlled group
of corporations (as defined in Section 414(b) of the Code), (2) a group of trades or businesses under common control (as defined in Section 414(c) of the Code), or (3) an affiliated service group (as defined under
Section 414(m) of the Code or the regulations under Section 414(o) of the Code), any of which includes or included the Company. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 
 “Escrow Agent” shall mean Wilmington Trust, National Association, a national banking association. 
 “Escrow Agreement” shall mean the Escrow Agreement in the form attached hereto as Exhibit A by and among the Buyer, the Representative and the Escrow Agent. 

“Estimated Closing Adjustment” shall mean the sum of the Closing Adjustment Items estimated as of the Closing Date
pursuant to the Estimated Closing Adjustment Statement in accordance with the provisions of Section 1.4. 

“Estimated Closing Adjustment Statement” shall have the meaning set forth in Section 1.4(a). 

  
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 “Excess True-Up Escrow Amount” shall have the meaning set forth in
Section 1.5(a)(iii). 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 “Expected Claim Notice” shall mean a notice that, as a result of a legal proceeding instituted by or written
claim made by a third party, the Buyer reasonably expects to incur Damages for which it is entitled to indemnification under Article VII. 
 “Final Closing Adjustment” shall mean the amount of the Closing Adjustment Items determined in accordance with the provisions of Section 1.4. 

“Financial Statements” shall have the meaning set forth in Section 3.6(a). 

“First Amendment to Credit Agreement” shall mean that certain First Amendment to Amended and Restated Credit Agreement
and Consent, dated as of April 27, 2012, by and among the Buyer, the Buyer’s subsidiaries, the Administrative Agent and the lenders listed on the signature pages thereto. 

“Fundamental Representations” shall have the meaning set forth in Section 7.3(a). 

“GAAP” shall mean United States generally accepted accounting principles. 

“Geographic Area” shall have the meaning set forth in Section 9.3(a). 

“Governmental Entity” shall mean any federal, state, local or foreign government or any court, arbitrational tribunal,
administrative agency or commission or other governmental or regulatory authority or agency acting under the authority of the federal or any state, local or foreign government. 

“Guaranteed Monthly Revenue” shall have the meaning set forth in Section 1.5(a)(i). 

“Indebtedness” with respect to any Person shall mean (a) any indebtedness or other obligation for borrowed money;
(b) any obligation incurred for all or any part of the purchase price of property or other assets or for the cost of property or other assets constructed or of improvements thereto (including non-compete covenants), other than accounts payable
included in current liabilities and incurred in respect of property purchased in the Ordinary Course of Business; (c) the face amount of all letters of credit issued for the account of such Person; (d) obligations (whether or not such
Person has assumed or become liable for the payment of such obligation) secured by Security Interests; (e) capitalized lease obligations; (f) all guarantees and similar obligations of such Person; (g) all accrued interest, fees and
charges in respect of any indebtedness; (h) all bankers acceptances and overdrafts; and (i) all interest, prepayment premiums and penalties, and any other fees, expenses, indemnities and other amounts payable as a result of the prepayment
or discharge of any indebtedness. 
 “Indemnification Escrow Amount” shall mean $1,000,000 of the Cash
Consideration Amount deposited in escrow pursuant to Section 1.6. 

  
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 “Indemnification Escrow Fund” shall mean the Indemnification Escrow Amount
held and disposed of in accordance with the terms of the Escrow Agreement, together with (a) any additional amounts deposited in escrow pursuant to Section 1.4(f)(iii) and (b) any interest thereon. 

“Intellectual Property” shall mean the following subsisting throughout the world: (a) Trademarks and all goodwill
in the Trademarks; (b) copyrights, designs, data and database rights and registrations and applications for registration thereof, including moral rights of authors; and (c) other proprietary rights relating to any of the foregoing
(including remedies against infringement thereof and rights of protection of interest therein under the Laws of all jurisdictions). 
 “Intellectual Property Registrations” shall mean registered Trademarks, registered copyrights and designs, and applications for each of the foregoing. 

“Intended Uses” shall mean the operations of the Company as currently conducted and as currently proposed to be
conducted. 
 “Key Employees” shall mean each of the persons employed by the Company and identified on
Schedule 3.20 attached hereto. 
 “Knowing Misrepresentation” shall mean that, to the actual knowledge
of any of the Sellers, such representation or warranty was incorrect when made. 
 “Knowledge of the Company”,
“Company’s Knowledge” and phrases of like import shall mean the knowledge of any of the Sellers. The above named individuals will be deemed to have knowledge of a particular fact, circumstance, event or other matter if
(a) such individual has actual knowledge of such fact, circumstance, event or other matter, (b) such fact, circumstance, event or other matter is reflected in one or more documents (whether written or electronic, including electronic mails
sent to or by such individual) in the possession of such individual, including his or her personal files, (c) such fact, circumstance, event or other matter is reflected in one or more documents (whether written or electronic) contained in
books and records of such individual that would reasonably be expected to be reviewed by such individual in the customary performance of his or her duties or (d) such fact, circumstance, event or other matter would be known to such individual
had he or she made reasonable inquiry of appropriate employees. 
 “Law” shall mean any United States federal,
state or local or foreign law, common law, statute, standard, ordinance, code, rule, regulation, resolution or promulgation, or any decree, order, injunction, rule, judgment, consent of or by any Governmental Entity, or any Permit or similar right
granted under any of the foregoing, or any similar provision having the force or effect of law. 
 “Lease”
shall mean any lease or sublease, license or other occupancy agreement, as amended to date, whether written or unwritten, pursuant to which the Company leases or subleases from another party or otherwise occupies any real property. For the avoidance
of doubt, the term Lease shall include the Operating Agreements and the New Leases. 
 “Leased Real Property”
shall have the meaning set forth in Section 3.12. 

  
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 “Legal Proceeding” shall mean any action, suit, proceeding, claim,
complaint, hearing, arbitration or investigation before any Governmental Entity or before any arbitrator. 
 “Litigation
Matter” shall mean any Legal Proceedings set forth in Section 3.19 of the Disclosure Schedule. 

“Major Customer” shall have the meaning set forth in Section 3.24. 

“Materials of Environmental Concern” shall mean any: pollutants, contaminants or hazardous substances (as such terms are
defined under CERCLA), pesticides (as such term is defined under the Federal Insecticide, Fungicide and Rodenticide Act), solid wastes and hazardous wastes (as such terms are defined under the Resource Conservation and Recovery Act), chemicals,
other hazardous, radioactive or toxic materials, oil, petroleum and petroleum products (and fractions thereof), or any other material (or article containing such material) listed or subject to regulation under any Law due to its potential, directly
or indirectly, to harm the environment or the health of humans or other living beings. 
 “Most Recent Balance
Sheet” shall mean the unreviewed consolidated balance sheet of the Company as of the Most Recent Balance Sheet Date. 

“Most Recent Balance Sheet Date” shall mean September 31, 2012. 

“Net Working Capital Adjustment Amount” shall have the meaning set forth in Section 1.5(a)(ii). 

“Neutral Accountant” shall have the meaning set forth in Section 1.4(d). 

“New Leases” shall mean the ground leases in the forms attached hereto as Exhibits B-1, B-2, B-3 and B-4 with
respect to the Company’s business conducted in (i) Old Orchard Beach, Maine, (ii) Belmont, New Hampshire, (iii) Hermon, Maine and (iv) Brentwood, New Hampshire, respectively, which the Company shall deliver to the Buyer on
or prior to the Closing for each parcel specified on Exhibit B. 
 “Non-Controlling Party” shall mean
the party not controlling the defense of any Third Party Action. 
 “Oceanside” shall mean Oceanside Rubbish,
Inc., a Maine corporation. 
 “Oceanside Right of First Refusal Agreement” shall mean the Right of First
Refusal Agreement in the form attached hereto as Exhibit C by and between the Buyer and Trash Lady ME. 

“Oceanside Shares” shall mean the 340 shares Oceanside’s common stock, no par value, held by Trash Lady ME as of
the date of this Agreement, as adjusted to reflect any stock dividend, split, combination or other recapitalization affecting such shares after the date of this Agreement. 

  
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 “Operating Agreement” shall mean the operating agreements, as amended from
time to time, between the Company and each of the following cities or municipalities: (i) the City of Concord, New Hampshire (including the lease attached as Exhibit B thereto); (ii) the Town of Raymond, New Hampshire; and (iii) the
Town of Dayton, Maine. 
 “Ordinary Course of Business” shall mean the ordinary course of business consistent
with past custom and practice (including with respect to frequency and amount). 
 “Ouellette &
Associates” shall have the meaning set forth in Section 3.6(e). 
 “Outside Date” shall
mean the Close of Business on December 31, 2012. 
 “Owned Real Property” shall mean each parcel of real
estate set forth on Section 3.11 of the Disclosure Schedule. 
 “Parties” shall mean the Buyer, the
Company, the Sellers and Arthur E. St. Hilaire, solely in his capacity as the Representative. 
 “Permits”
shall mean all permits, licenses, registrations, certificates, orders, approvals, franchises, variances and similar rights issued by or obtained from any Governmental Entity (including those issued or required under Environmental Laws and those
relating to the occupancy or use of owned or leased real property). 
 “Person” shall mean an individual, a
partnership, a corporation, an association, a limited liability company, a joint stock company, a trust, a joint venture, an unincorporated organization or a Governmental Entity. 

“PPACA” shall have the meaning set forth in Section 3.21(h). 

“Pre-Closing Period” shall have the meaning set forth in Section 5.3(a). 

“Proprietary Information” shall have the meaning set forth in Section 9.1(a). 

“Purchase Price” shall have the meaning set forth in Section 1.2. 

“Reasonable Best Efforts” shall mean best efforts, to the extent commercially reasonable. 

“Representative” shall have the meaning set forth in the first paragraph of this Agreement. 

“Response” shall mean a written response containing the information provided for in Section 7.2(c).

 “Restricted Employee” shall mean any person who either (i) was an employee of the Buyer or any of its
Affiliates on either the date of this Agreement or the Closing Date or (ii) was an employee of the Company on either the date of this Agreement or the Closing Date. For the avoidance of doubt, a Restricted Employee shall include any Key
Employee. 
 “Retained Fixtures” shall have the meaning set forth in Section 5.16(b). 

  
 - 64 -

 “Revenue True-Up Adjustment Amount” shall have the meaning set forth in
Section 1.5(a)(i). 
 “Revenue True-Up Deficit” shall have the meaning set forth in
Section 1.5(b)(i). 
 “SEC” shall mean the United States Securities and Exchange Commission.

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

“Security Interest” shall mean any mortgage, pledge, security interest, encumbrance, charge or other lien (whether
arising by contract or by operation of Law), other than (i) mechanic’s, materialmen’s, and similar liens, (ii) liens arising under worker’s compensation, unemployment insurance, social security, retirement, and similar
legislation and (iii) liens on goods in transit incurred pursuant to documentary letters of credit, in each case arising in the Ordinary Course of Business of the Company and not material to the Company. 

“Sellers” shall have the meaning set forth in the first paragraph of this Agreement; provided that each of Trash
Lady ME and Trash Lady NH shall be deemed a Seller for purposes of Section 7.1(c), Section 7.2, Section 7.3 and Section 7.4. 
 “Tax Returns” shall mean any and all reports, returns (including information returns), declarations, or statements relating to Taxes, including any schedule or attachment thereto and any
related or supporting workpapers or information with respect to any of the foregoing, including any amendment thereof filed with or submitted to any Governmental Entity in connection with the determination, assessment, collection or payment of Taxes
or in connection with the administration, implementation or enforcement of or compliance with any legal requirement relating to any Tax, and including, for the avoidance of doubt, U.S. Department of the Treasury Form TD F 90-22.1. 

“Taxes” (including with correlative meaning “Tax” and “Taxable”) shall mean (x) any and all
taxes, and any and all other charges, fees, levies, duties, deficiencies, customs or other similar assessments or liabilities in the nature of a tax, including without limitation any income, gross receipts, ad valorem, net worth, premium,
value-added, alternative or add-on minimum, excise, severance, stamp, occupation, windfall profits, real property, personal property, assets, sales, use, capital stock, capital gains, documentary, recapture, transfer, transfer gains, estimated,
withholding, disability, registration, recording, employment, unemployment insurance, unemployment compensation, social security, business license, business organization, environmental, workers compensation, payroll, profits, license, lease,
service, service use, gains, franchise and other taxes imposed by any federal, state, local, or foreign governmental entity, (y) any interest, fines, penalties, assessments, or additions resulting from, attributable to, or incurred in
connection with any items described in this paragraph or any contest or dispute thereof, and (z) any items described in this paragraph that are attributable to another person but that the Company is liable to pay by Law, by contract, or
otherwise. 
 “Third Party Action” shall mean any suit or proceeding by a Person other than a Party for which
indemnification may be sought by the Buyer or the Sellers under Article VII. 

  
 - 65 -

 “Trademarks” shall mean all registered trademarks and service marks, logos,
Internet domain names, corporate names and doing business designations and all registrations and applications for registration of the foregoing, common law trademarks and service marks and trade dress. 

“Trash Lady Interests” shall mean the membership interests of the Company in Trash Lady ME. 

“Trash Lady ME” shall have the meaning set forth in the first paragraph of this Agreement. 

“Trash Lady NH” shall have the meaning set forth in the first paragraph of this Agreement. 

“True-Up Date” shall mean 120 days after the Closing Date. 

“True-Up Escrow Amount” shall have the meaning set forth in Section 1.5(a). 

“True-Up Escrow Fund” shall mean the True-Up Escrow Amount held and disposed of in accordance with the terms of the
Escrow Agreement, together with any interest thereon. 
 “True-Up Period” shall mean the 90-day period
following the Closing Date. 
 “True-Up Revenue” shall mean the gross revenue recognized by the Buyer pursuant
to the Customer Contracts during the True-Up Period. 
 ARTICLE XII 

MISCELLANEOUS 
 12.1 Press Releases and Announcements. No Party shall issue any press release or public announcements relating to the subject matter of this Agreement without the prior written approval of the
other Parties; provided, however, that (a) any Party may make any public disclosure it believes in good faith is required by applicable Law or stock market rule (in which case, the disclosing Party shall use reasonable efforts to
advise the other Parties and provide them with a copy of the proposed disclosure prior to making the disclosure) and (b) the Buyer and its Affiliates shall not be bound by the provisions of this Section 12.1 following the Closing
Date. 
 12.2 No Third Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any Person other
than the Parties and their respective successors and permitted assigns. 
 12.3 Entire Agreement. This Agreement
(including the documents referred to herein) constitutes the entire agreement among the Parties and supersedes any prior understandings, agreements or representations by or among the Parties, written or oral, with respect to the subject matter
hereof. 

  
 - 66 -

 12.4 Succession and Assignment. This Agreement shall be binding upon and inure to the
benefit of the Parties named herein and their respective successors and permitted assigns. No Party may assign either this Agreement or any of its rights, interests or obligations hereunder without the prior written approval of the other Parties
hereto; provided, that the Buyer may assign some or all of its rights, interests and obligations hereunder to one or more Affiliates of the Buyer without prior written approval of any Party hereto. 

12.5 Counterparts and Facsimile Signature. This Agreement may be executed 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 and shall become effective when counterparts have been signed by each Party hereto and delivered to the other Party, it being understood that each Party need
not sign the same counterpart. This Agreement may be executed by facsimile or by an electronic PDF delivered by electronic mail. 
 12.6 Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 

12.7 Notices. All notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request,
demand, claim, or other communication hereunder shall be deemed duly delivered (i) one Business Day after it is sent (a) for next Business Day delivery via a reputable nationwide overnight courier service or (b) via facsimile or other
electronic transmission, provided electronic confirmation of successful transmission is received by the sending Party and a confirmation copy is sent on the same day as such facsimile or electronic transmission by certified mail, return receipt
requested or (ii) four Business Days after it is sent by registered or certified mail, return receipt requested, postage prepaid, in each case, to the intended recipient as set forth below or on the signature pages hereto: 

 

			
	 If to the Buyer:
	  	Copy to:
	 Casella Waste Systems, Inc.

25 Greens Hill Lane

Rutland, Vermont 05701

Email: david.schmitt@casella.com

Fax: (802) 770-5030

Attention: David Schmitt, General Counsel
	  	 Wilmer Cutler Pickering Hale and Dorr LLP
 60 State Street
 Boston, Massachusetts 02109

Email: jeff.stein@wilmerhale.com
 Fax:
(617) 526-5000
 Attention: Jeffrey A. Stein, Esq.

		
	 If to the Company:
	  	Copy to:
	 Blow Bros.

One Vallee Lane
 Old Orchard Beach, Maine 04064
 Email:
Archiept@gwi.net
 Fax: (207) 934-7184

Attention: Arthur E. St. Hilaire,

Personal and Confidential
	  	 Smith & Elliott, P.A.
 P.O.
Box 1179 Saco, Maine 04072
 Email: dordway@sesg.com
 Attention: David R. Ordway, Esq.

  
 - 67 -

			
	 If to the Sellers:
	  	Copy to:
	 Arthur E. St. Hilaire

288 Ferry Road
 Saco, Maine 04072
 Email:
Archiept@gwi.net
 Facsimile: (207) 934-7184

Attention: Representative
	  	 Smith & Elliott, P.A.
 P.O.
Box 1179
 Saco, Maine 04072
 Email:
dordway@sesg.com
 Attention: David R. Ordway, Esq.

 Any Party may give any notice, request, demand, claim, or other communication hereunder using any other
means (including personal delivery, expedited courier, messenger service, telecopy, ordinary mail or electronic mail), but no such notice, request, demand, claim, or other communication shall be deemed to have been duly given unless and until it
actually is received by the party for whom it is intended. Any Party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other Parties notice in the manner herein
set forth. 
 12.8 Governing Law. This Agreement (including the validity and applicability of the arbitration provisions
of this Agreement, the conduct of any arbitration of a Dispute, the enforcement of any arbitral award made hereunder and any other questions of arbitration Law or procedure arising hereunder) shall be governed by and construed in accordance with the
internal Laws of the State of Delaware, without giving effect to any choice or conflict of Law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of Laws of any jurisdictions other than
those of the State of Delaware. 
 12.9 Amendments and Waivers. The Parties may mutually amend any provision of this
Agreement at any time prior to the Closing. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by all of the Parties. No waiver of any right or remedy hereunder shall be valid unless the
same shall be in writing and signed by the Party giving such waiver. No waiver by any Party with respect to any default, misrepresentation, or breach of warranty or covenant hereunder shall be deemed to extend to any prior or subsequent default,
misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence. 
 12.10 Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining
terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If the final judgment of a court of competent jurisdiction declares that any term or provision
hereof is invalid or unenforceable, the Parties agree that the court making the determination of invalidity or unenforceability shall have the power to limit the scope, duration or area of the term or provision, to delete specific words or phrases,
or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be
enforceable as so modified. 

  
 - 68 -

 12.11 Submission to Jurisdiction. Each Party (a) submits to the jurisdiction of
any state or federal court sitting in Maine in any action or proceeding arising out of or relating to this Agreement (including any action or proceeding for the enforcement of any arbitral award made in connection with any arbitration of a Dispute
hereunder), (b) agrees that all claims in respect of such action or proceeding may be heard and determined in any such court, (c) waives any claim of inconvenient forum or other challenge to venue in such court, (d) agrees not to
bring any action or proceeding arising out of or relating to this Agreement in any other court and (e) waives any right it may have to a trial by jury with respect to any action or proceeding arising out of or relating to this Agreement;
provided, in each case, that, solely with respect to any arbitration of a Dispute, the Arbitrator shall resolve all threshold issues relating to the validity and applicability of the arbitration provisions of this Agreement, contract
validity, applicability of statutes of limitations and issue preclusion, and such threshold issues shall not be heard or determined by such court. Each Party agrees to accept service of any summons, complaint or other initial pleading made in the
manner provided for the giving of notices in Section 12.7; provided that nothing in this Section 12.11 shall affect the right of any Party to serve such summons, complaint or other initial pleading in any other manner
permitted by Law. 
 12.12 Construction. 
 (a) The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Party.

 (b) Any reference herein to “including” shall be interpreted as “including without limitation”.

 (c) Any reference to any Article, Section or paragraph shall be deemed to refer to an Article, Section or paragraph of this
Agreement, unless the context clearly indicates otherwise. 
 (d) When reference is made in this Agreement to information that
has been “made available” to the Buyer, that shall mean that such information was delivered to the Buyer or its counsel, in each case, not less than two Business Days prior to the date of this Agreement. 

[Remainder of page intentionally left blank] 

  
 - 69 -

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

			
	BUYER:
	
	CASELLA WASTE SYSTEMS, INC.
		
	By:	 	/s/ John W. Casella
	Name:	 	John W. Casella
	Title:	 	Chief Executive Officer
	
	COMPANY:
	
	BLOW BROS. (D/B/A BBI WASTE INDUSTRIES AND BESTWAY DISPOSAL SERVICES)
		
	By:	 	/s/ Arthur E. St. Hilaire
	Name:	 	Arthur E. St. Hilaire
	Title:	 	President
	
	REPRESENTATIVE,
	solely in his capacity as the Representative:
	
	 /s/ Arthur E. St. Hilaire

	Name: Arthur E. St. Hilaire

 [Signature Page to Stock Purchase Agreement] 

 
	
	SELLERS:
	
	/s/ Kenneth C. Blow
	Kenneth C. Blow
	
	/s/ Arthur E. St. Hilaire
	Arthur E. St. Hilaire
	
	/s/ Paul A. St. Hilaire
	Paul A. St. Hilaire
	
	/s/ James D. Blow
	James D. Blow
	
	/s/ Dale A. Blow
	Dale A. Blow
	
	/s/ Jon M. Blow
	Jon M. Blow
	
	/s/ Steven J. Blow
	Steven J. Blow

 [Signature Page to Stock Purchase Agreement] 

 Trash Lady ME and Trash Lady NH have executed this Agreement for the limited purpose of
agreeing to and becoming bound by the provisions of Section 5.16, Section 7.1(c), Section 7.2, Section 7.3, Section 7.4 and Article XII. 

 

	
	TRASH LADY, LLC
	
	/s/ Arthur E. St. Hilaire
	Name: Arthur E. St. Hilaire
	Title: Manager
	
	Address:
	        P.O. Box E
	        Old Orchard Beach, Maine 04064
	
	TRASH LADY NH, LLC
	
	/s/ Arthur E. St. Hilaire
	Name: Arthur E. St. Hilaire
	Title: Manager
	
	Address:
	        P.O. Box E
	        Old Orchard Beach, Maine 04064

 [Signature Page to Stock Purchase Agreement] 

 Schedule I 
 Allocation of Purchase Price 
  

									
	 Stockholder
	  	Number of
Company 
Shares	 	  	Pro Rata
Allocation	 
	 Arthur E. St. Hilaire
	  	 	50	  	  	 	25.00	% 
	 Paul A. St. Hilaire
	  	 	50	  	  	 	25.00	% 
	 Kenneth C. Blow
	  	 	20	  	  	 	10.00	% 
	 James D. Blow
	  	 	20	  	  	 	10.00	% 
	 Steven J. Blow
	  	 	20	  	  	 	10.00	% 
	 Jon M. Blow
	  	 	20	  	  	 	10.00	% 
	 Dale A. Blow
	  	 	20	  	  	 	10.00	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	200	  	  	 	100.00	% 

 Schedule II 
 Estimated Closing Adjustment Items 
  

					
	 Item
	  	Estimated Amount
as 
of
December 6, 2012	 
	 Company Transaction Expenses
	  			
	 Taxes
	  	$	—  	  
	 Legal fees
	  	$	—  	  
	 Accounting fees
	  	$	—  	  
	 Expenses
	  	$	—  	  
		  	  
	  
	 
	 Total estimated Company Transaction Expenses
	  	$	—  	  
	 Employee Amount
	  	$	—  	  
	 Indebtedness outstanding at the Closing(1)
	  	$	1,265,729.57	  
		  	  
	  
	 
	 Estimated Closing Adjustment
	  	$	1,265,729.57	  
	 Cash Consideration Amount
	  	$	20,000,000.00	  
	 Estimated Closing Adjustment
	  	$	1,265,729.57	  
	 Indemnification Escrow Amount
	  	$	1,000,000.00	  
	 Estimated Closing Adjustment
	  	$	1,000,000.00	  
		  	  
	  
	 
	 Closing Cash Consideration Amount
	  	$	16,734,270.43	  
		  	  
	  
	 

  

	(1) 	 Amount includes aggregate per diem amounts for period of one day after Closing. 

 Schedule 1.5 

90 Day Accounts Receivables 

 Schedule 3.20 

Key Employees 
  

	1.	Arthur E. St. Hilaire 

  

	2.	Paul A. St. Hilaire 

  

	3.	Kenneth C. Blow 

  

	4.	James D. Blow 

  

	5.	Steven J. Blow 

 Schedule 6.1(a) 

Required Waivers, Consents, Notices and Filings 
  

	1.	None.Credit Agreement

 Exhibit 10.1 
 $1,250,000,000 
 CREDIT AGREEMENT 

Dated as of December 5, 2012 
 among 
 SIRIUS XM RADIO INC., 

as Borrower, 
 THE
LENDERS PARTY HERETO, 
 and 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent 

 
  

J.P. MORGAN SECURITIES LLC 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
 BARCLAYS BANK PLC

 BNP PARIBAS SECURITIES CORP. 
 CITIGROUP GLOBAL MARKETS INC. 
 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

 DEUTSCHE BANK SECURITIES INC. 
 MORGAN STANLEY MUFG LOAN PARTNERS, LLC 
 RBC CAPITAL
MARKETS1 

RBS SECURITIES INC. 

SUNTRUST ROBINSON HUMPHREY, INC. 
 WELLS FARGO SECURITIES LLC, 
 as Joint Bookrunners 

JPMORGAN CHASE BANK, N.A. 
 BANK OF AMERICA, N.A. 
 BARCLAYS BANK PLC 

BNP PARIBAS 

CITIGROUP GLOBAL MARKETS INC. 
 CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 
 DEUTSCHE BANK SECURITIES INC.

 MORGAN STANLEY MUFG LOAN PARTNERS, LLC 
 ROYAL BANK OF CANADA 
 THE ROYAL BANK OF SCOTLAND plc 

SUNTRUST BANK 

WELLS FARGO BANK, N.A., 
 as Co-Syndication Agents 
 U.S. BANK NATIONAL ASSOCIATION, 

as Senior Managing Agent 
 and 
 BANK OF MONTREAL, 

as Manager 
  

	1 	 RBC Capital Markets is a brand name for the capital markets businesses of Royal Bank of Canada and its affiliates. 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	Definitions	  
			
	 SECTION 1.01
	  	 Defined Terms
	  	 	1	  
	 SECTION 1.02
	  	 Classification of Loans and Borrowings
	  	 	34	  
	 SECTION 1.03
	  	 Pro Forma Determinations
	  	 	34	  
	 SECTION 1.04
	  	 Terms Generally
	  	 	35	  
	 SECTION 1.05
	  	 Accounting Terms; GAAP
	  	 	35	  
	
	ARTICLE II	  
	The Credits	  
			
	 SECTION 2.01
	  	 Revolving Commitments
	  	 	36	  
	 SECTION 2.02
	  	 Incremental Revolving Commitments and Incremental Term Loans
	  	 	36	  
	 SECTION 2.03
	  	 Procedure for Revolving Loan Borrowing
	  	 	38	  
	 SECTION 2.04
	  	 Funding of Borrowings
	  	 	39	  
	 SECTION 2.05
	  	 Interest Elections
	  	 	39	  
	 SECTION 2.06
	  	 Termination and Reduction of Commitments
	  	 	40	  
	 SECTION 2.07
	  	 Repayment of Loans; Evidence of Debt
	  	 	40	  
	 SECTION 2.08
	  	 Prepayments
	  	 	41	  
	 SECTION 2.09
	  	 Fees
	  	 	42	  
	 SECTION 2.10
	  	 Interest
	  	 	42	  
	 SECTION 2.11
	  	 Alternate Rate of Interest
	  	 	43	  
	 SECTION 2.12
	  	 Increased Costs
	  	 	43	  
	 SECTION 2.13
	  	 Break Funding Payments
	  	 	44	  
	 SECTION 2.14
	  	 Taxes
	  	 	45	  
	 SECTION 2.15
	  	 Pro Rata Treatment and Payments
	  	 	47	  
	 SECTION 2.16
	  	 Mitigation Obligations; Replacement of Lenders
	  	 	48	  
	 SECTION 2.17
	  	 Letters of Credit
	  	 	49	  
	 SECTION 2.18
	  	 Defaulting Lenders
	  	 	52	  
	 SECTION 2.19
	  	 Extensions of Incremental Term Loans and Revolving Commitments
	  	 	54	  
	
	ARTICLE III	  
	Representations and Warranties	  
			
	 SECTION 3.01
	  	 Organization; Powers
	  	 	57	  
	 SECTION 3.02
	  	 Authorization; Enforceability
	  	 	57	  
	 SECTION 3.03
	  	 Governmental Approvals; No Conflicts
	  	 	57	  
	 SECTION 3.04
	  	 Financial Position
	  	 	57	  
	 SECTION 3.05
	  	 Properties
	  	 	58	  
	 SECTION 3.06
	  	 Litigation and Environmental Matters
	  	 	58	  
	 SECTION 3.07
	  	 Compliance with Laws and Agreements
	  	 	58	  
	 SECTION 3.08
	  	 Investment Company Status
	  	 	58	  
	 SECTION 3.09
	  	 Taxes
	  	 	58	  
	 SECTION 3.10
	  	 ERISA
	  	 	58	  
	 SECTION 3.11
	  	 Disclosure
	  	 	58	  
	 SECTION 3.12
	  	 Collateral Documents
	  	 	59	  
	 SECTION 3.13
	  	 Capital Stock and Subsidiaries
	  	 	60	  
	 SECTION 3.14
	  	 Intellectual Property
	  	 	60	  
	 SECTION 3.15
	  	 Federal Reserve Regulations
	  	 	60	  
	 SECTION 3.16
	  	 Use of Proceeds
	  	 	60	  
	 SECTION 3.17
	  	 Labor Matters
	  	 	60	  

  
 -i-

							
	 	  	 	  	Page	 
			
	 SECTION 3.18
	  	 Solvency
	  	 	60	  
	 SECTION 3.19
	  	 Anti-Terrorism Laws
	  	 	61	  
	 SECTION 3.20
	  	 FCC Licenses
	  	 	61	  
	 SECTION 3.21
	  	 No Unlawful Contributions or Other Payments
	  	 	61	  
	 SECTION 3.22
	  	 Senior Indebtedness under Existing Notes
	  	 	62	  
	
	ARTICLE IV	  
	Conditions	  
			
	 SECTION 4.01
	  	 Closing Date
	  	 	62	  
	 SECTION 4.02
	  	 Each Credit Event
	  	 	63	  
	
	ARTICLE V	  
	Affirmative Covenants	  
			
	 SECTION 5.01
	  	 Financial Statements; Other Information
	  	 	64	  
	 SECTION 5.02
	  	 Notices of Material Events
	  	 	65	  
	 SECTION 5.03
	  	 Existence; Conduct of Business
	  	 	66	  
	 SECTION 5.04
	  	 Payment of Tax Liabilities
	  	 	66	  
	 SECTION 5.05
	  	 Maintenance of Properties; Insurance
	  	 	66	  
	 SECTION 5.06
	  	 Books and Records; Inspection Rights
	  	 	67	  
	 SECTION 5.07
	  	 Compliance with Law
	  	 	67	  
	 SECTION 5.08
	  	 Use of Proceeds
	  	 	67	  
	 SECTION 5.09
	  	 Additional Guarantors and Collateral
	  	 	67	  
	 SECTION 5.10
	  	 Changes in Fiscal Periods
	  	 	68	  
	 SECTION 5.11
	  	 Post-Closing Obligations
	  	 	68	  
	
	ARTICLE VI	  
	Negative Covenants	  
			
	 SECTION 6.01
	  	 Indebtedness
	  	 	68	  
	 SECTION 6.02
	  	 Liens
	  	 	70	  
	 SECTION 6.03
	  	 Fundamental Changes
	  	 	70	  
	 SECTION 6.04
	  	 Disposition of Property
	  	 	72	  
	 SECTION 6.05
	  	 Restricted Payments
	  	 	72	  
	 SECTION 6.06
	  	 Transactions with Affiliates
	  	 	74	  
	 SECTION 6.07
	  	 Reserved
	  	 	75	  
	 SECTION 6.08
	  	 Sales and Leasebacks
	  	 	75	  
	 SECTION 6.09
	  	 Clauses Restricting Subsidiary Distributions
	  	 	76	  
	 SECTION 6.10
	  	 Total Leverage Ratio
	  	 	77	  
	 SECTION 6.11
	  	 Investments
	  	 	77	  
	 SECTION 6.12
	  	 Modifications to Certain Documents
	  	 	77	  
	
	ARTICLE VII	  
	Events of Default	  
			
	 SECTION 7.01
	  	 Events of Default
	  	 	77	  
	 SECTION 7.02
	  	 Cure Right
	  	 	79	  
	
	ARTICLE VIII	  
	The Administrative Agent	  
			
	 SECTION 8.01
	  	 Appointment and Authorization
	  	 	80	  
	 SECTION 8.02
	  	 Administrative Agent and Affiliates
	  	 	80	  
	 SECTION 8.03
	  	 Action by Administrative Agent
	  	 	80	  

							
	 	  	 	  	Page	 
			
	 SECTION 8.04
	  	 Consultation with Experts
	  	 	81	  
	 SECTION 8.05
	  	 Delegation of Duties
	  	 	81	  
	 SECTION 8.06
	  	 Successor Administrative Agent
	  	 	81	  
	 SECTION 8.07
	  	 Credit Decision
	  	 	81	  
	 SECTION 8.08
	  	 Bookrunners; Syndication Agents; Senior Managing Agent; Manager
	  	 	81	  
	 SECTION 8.09
	  	 Withholding Tax
	  	 	82	  
	
	ARTICLE IX	  
	Miscellaneous	  
			
	 SECTION 9.01
	  	 Notices
	  	 	82	  
	 SECTION 9.02
	  	 Waivers; Amendments
	  	 	83	  
	 SECTION 9.03
	  	 Waivers; Amendments to Other Credit Documents
	  	 	85	  
	 SECTION 9.04
	  	 Expenses; Indemnity; Damage Waiver
	  	 	85	  
	 SECTION 9.05
	  	 Successors and Assigns
	  	 	86	  
	 SECTION 9.06
	  	 Survival
	  	 	88	  
	 SECTION 9.07
	  	 Counterparts; Integration; Effectiveness
	  	 	89	  
	 SECTION 9.08
	  	 Severability
	  	 	89	  
	 SECTION 9.09
	  	 Right of Setoff
	  	 	89	  
	 SECTION 9.10
	  	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	89	  
	 SECTION 9.11
	  	 WAIVER OF JURY TRIAL
	  	 	90	  
	 SECTION 9.12
	  	 Headings
	  	 	90	  
	 SECTION 9.13
	  	 Confidentiality
	  	 	90	  
	 SECTION 9.14
	  	 USA PATRIOT Act
	  	 	91	  
	 SECTION 9.15
	  	 Releases of Guarantees and Liens
	  	 	91	  

			
	SCHEDULES:	  	
		
	Schedule 1.01A	  	— Commitments
	Schedule 3.05(b)	  	— Satellites
	Schedule 3.05(c)	  	— FCC Space Station Licenses
	Schedule 3.12	  	— Filings
	Schedule 3.13	  	— Subsidiaries
	Schedule 6.01	  	— Existing Indebtedness
	Schedule 6.02	  	— Existing Liens
	Schedule 6.06	  	— Existing Transactions with Affiliates
	Schedule 6.09	  	— Existing Restrictions
	Schedule 6.11	  	— Existing Investments
		
	EXHIBITS:	  	
		
	Exhibit A	  	— Form of Assignment and Assumption
	Exhibit B	  	— Form of Opinion of Credit Parties’ Counsel
	Exhibit C	  	— Form of Subsidiary Guarantee
	Exhibit D	  	— Form of Pledge Agreement
	Exhibit E	  	— Form of HoldCo Pledge Agreement
	Exhibit F	  	— Form of Closing Certificate
	Exhibit G-1	  	— Form of New Lender Supplement
	Exhibit G-2	  	— Form of Incremental Term Facility Activation Notice
	Exhibit G-3	  	— Form of Incremental Revolving Commitment Activation Notice
	Exhibit H	  	— Form of Security Agreement
	Exhibit I	  	— Form of Perfection Certificate
	Exhibit J	  	— Form of Solvency Certificate
	Exhibit K-1	  	— Form of Tax Compliance Certificate
	Exhibit K-2	  	— Form of Tax Compliance Certificate
	Exhibit K-3	  	— Form of Tax Compliance Certificate
	Exhibit K-4	  	— Form of Tax Compliance Certificate
	Exhibit L-1	  	— Form of Equal Priority Intercreditor Agreement
	Exhibit L-2	  	— Form of Junior Priority Intercreditor Agreement
	Exhibit M	  	— Form of Intercompany Subordinated Note

  
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 CREDIT AGREEMENT, dated as of December 5, 2012 (this “Agreement”),
among SIRIUS XM RADIO INC., a Delaware corporation (the “Borrower”; as hereinafter further defined), the LENDERS party hereto from time to time, and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders and as
collateral agent for the Secured Parties (as defined herein) (in such capacities, the “Administrative Agent”), and as an Issuing Bank. 
 The parties hereto agree as follows: 
 ARTICLE I 

Definitions 
 SECTION 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “2022 Notes” means the Borrower’s 5.25% Senior Notes due 2022. 
 “ABR,” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the
Alternate Base Rate. 
 “Adjustment Date” has the meaning assigned to such term in the definition of
“Pricing Grid.” 
 “Administrative Agent” means JPMorgan Chase Bank, N.A. in its capacities as
administrative agent for the Lenders and as collateral agent for the Secured Parties under this Agreement and the other Credit Documents, together with any successors in such capacities. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through
one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agent
Party” means the Administrative Agent, any Issuing Bank or any other Lender. 
 “Agreement” has the
meaning assigned to such term in the preamble to this Credit Agreement. 
 “Aggregate Exposure” means, with
respect to any Lender at any time, an amount equal to the sum of (a) the aggregate then outstanding principal amount of such Lender’s Incremental Term Loans, and (b) the amount of such Lender’s Revolving Commitment then in effect
or, if such Revolving Commitment has been terminated, such Lender’s Outstanding Revolving Credit. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the highest of (a) the
Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1% and (c) the LIBO Rate that would be calculated as of such day (or, if such day is not a Business Day, as of the
next preceding Business Day) in respect of a proposed Eurocurrency Borrowing with a one-month Interest Period plus 1.00%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or such LIBO Rate
shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or such LIBO Rate, respectively. 
 “Anti-Terrorism Laws” means any Requirement of Law related to terrorism financing or money laundering, including the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act (the “USA PATRIOT Act”) of 2001 (Title III of Pub. L. 107-56), The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act”, 31 U.S.C.
§§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959), the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended) and Executive Order 13224 (effective September 24, 2001). 

 “Applicable Rate” means (a) for each Type of Loan other than
Incremental Term Loans, (i) prior to the first Adjustment Date occurring after the Closing Date, 2.00% for Eurocurrency Loans and 1.00% for ABR Loans and (ii) on and after the first Adjustment Date occurring after the Closing Date, a
percentage determined in accordance with the Pricing Grid, and (b) for each Type of Incremental Term Loan, such per annum rates as shall be agreed to by the Borrower and the applicable Incremental Term Lenders as shown in the applicable
Incremental Term Facility Activation Notice. 
 “Approved Fund” has the meaning assigned to such term in
Section 9.05. 
 “Asset Disposition” means any sale, lease (other than an operating lease entered into in
the ordinary course of business), transfer or other disposition (or series of related sales, leases, transfers or dispositions) by the Borrower or any Restricted Subsidiary, including any disposition by means of a merger, consolidation or similar
transaction (each referred to for the purposes of this definition as a “disposition” and the terms “dispose” and “disposed of” shall have correlative meanings), of: 

(1) any shares of Capital Stock of a Restricted Subsidiary (other than directors’ qualifying shares or shares
required by applicable Requirements of Law to be held by a Person other than the Borrower or a Restricted Subsidiary); 
 (2) all or substantially all the assets of any division or line of business of the Borrower or any Restricted Subsidiary; or 

(3) any other assets of the Borrower or any Restricted Subsidiary outside of the ordinary course of business of the
Borrower or such Restricted Subsidiary, 
 other than, in the case of clauses (1), (2) and (3) above, 

(a) a disposition by a Restricted Subsidiary to the Borrower, by a Restricted Subsidiary that is not a Subsidiary
Guarantor to another Restricted Subsidiary, or, subject to compliance with Section 6.11, by the Borrower or a Restricted Subsidiary to a Restricted Subsidiary that is not a Subsidiary Guarantor; 

(b) for purposes of Section 6.04 only, (i) a disposition that constitutes a Restricted Payment (or would
constitute a Restricted Payment but for the exclusions from the definition thereof) and that is not prohibited by Section 6.05, (ii) the making of an Asset Swap and (iii) a disposition of all or substantially all the assets of the
Borrower and its Restricted Subsidiaries, taken as a whole, in accordance with Section 6.03; 
 (c) a
disposition of assets with a fair market value of less than $100 million; 
 (d) a disposition of cash or Cash
Equivalents; 
 (e) the creation of a Lien (but not the sale or other disposition of the property subject to such
Lien); 
 (f) the licensing or sublicensing of Intellectual Property or other general intangibles and licenses,
leases or subleases of other property; provided, however, such licensing or sublicensing shall not interfere in any material respect with the Borrower’s continuing use of such Intellectual Property or other general intangibles and
licenses, leases or subleases of other property; 
 (g) the sale or lease of equipment, inventory, accounts
receivable or other assets in the ordinary course of business; 
 (h) any issuance or sale of Capital Stock of an
Unrestricted Subsidiary; 
 (i) foreclosure on assets; 

  
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 (j) disposition of damaged, obsolete or worn-out property in the ordinary
course of business; 
 (k) any disposition of any owned real property; 

(l) any disposition of assets of or relating to the Canadian Entity or any of its Affiliates; and 

(m) any disposition of non-core assets (which shall include all assets other than contracts that are material to the
satellite radio business, Satellites or assets related to the satellite business of the Borrower or its Restricted Subsidiaries (the “Core Assets”), including the Capital Stock of a Restricted Subsidiary holding such Core Assets) in
an amount not to exceed $400 million in the aggregate after the Closing Date. 
 “Asset Swap” means concurrent
purchase and sale or exchange of assets between the Borrower or any of its Restricted Subsidiaries and another Person; provided that any cash received is applied in accordance with Section 6.04. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the
consent of any party whose consent is required by Section 9.05), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent (acting reasonably). 

“Attributable Debt” in respect of a Sale/Leaseback Transaction means, as at the time of determination, the present value
(discounted at the interest rate borne by the 2022 Notes, compounded on annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for
which such lease has been extended); provided, however, that if such Sale/Leaseback Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition
of “Capital Lease Obligation.” 
 “Auto-Extension Letter of Credit” has the meaning assigned to such
term in Section 2.17(c)(ii). 
 “Available Revolving Commitment” means, as to any Revolving Lender at any
time, an amount equal to the excess, if any, of (a) such Lender’s Revolving Commitment then in effect at such time over (b) such Lender’s Outstanding Revolving Credit. 

“Bankruptcy Event” means, with respect to any Lender, such Lender or any other Person as to which such Lender is a
subsidiary (a “Parent Company”) (a) is adjudicated as, or determined by any Governmental Authority having regulatory authority over it or its assets to be, insolvent, (b) becomes the subject of a bankruptcy or insolvency
proceeding, or the Administrative Agent has given written notice to such Lender and the Borrower of its good faith determination that such Lender or its Parent Company has taken any action in furtherance of, or indicating its consent to, approval
of, or acquiescence in, any such proceeding or (c) has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business
appointed for it, or the Administrative Agent has given written notice to such Lender and the Borrower of its good faith determination that such Lender or its Parent Company has taken any action in furtherance of, or indicating its consent to,
approval of, or acquiescence in, any such appointment; provided that a Bankruptcy Event shall not result solely by virtue of any control of or ownership interest in, or the acquisition of any control of or ownership interest in, such Lender
or its Parent Company by a Governmental Authority as long as such control or ownership interest does not result in or provide such Lender or its Parent Company with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Lender or its Parent Company (or such Governmental Authority) to reject, repudiate, disavow or disaffirm such Lender’s obligations under this Agreement. 

“Basel III” means, collectively, those certain agreements on capital requirements, leverage ratios and liquidity
standards contained in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems,” “Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring,” and “Guidance for
National Authorities Operating the Countercyclical Capital Buffer,” each as published by the Basel Committee on Banking Supervision in December 2010 (as revised from time to time), and as implemented by a Lender’s primary U.S. federal
banking regulatory authority or primary non-U.S. financial regulatory authority, as applicable. 

  
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 “beneficial owner” shall be determined in accordance with Rule 13d-3 and
Rule 13d-5 under the Exchange Act. “Beneficially own,” “beneficially owned” and “beneficial ownership” have meanings correlative to that of beneficial owner. 

“Board” means the Board of Governors of the Federal Reserve System of the United States of America. 

“Board of Directors” means the Board of Directors of the Borrower or any committee thereof duly authorized to act on
behalf of such Board of Directors. 
 “Bookrunners” means the entities listed as “Joint Bookrunners”
on the cover hereto. 
 “Borrower” means Sirius XM Radio Inc., a Delaware corporation, and shall include any
Successor Borrower that assumes the obligations of the Borrower in accordance with Section 6.03. 

“Borrowing” means a group of Loans of the same Type under a single Facility, made, converted or continued on the same
date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect. 
 “Borrowing
Date” means any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans hereunder. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed; provided
that, when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits in London interbank market. 

“Canadian Entity” means Canadian Satellite Radio Holdings Inc. (or any successor entity). 

“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. 
 “Capital
Stock” of any Person means any and all shares, interests (including partnership interests), rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including
any Preferred Stock, but excluding any debt securities convertible into such equity. 
 “Cash Equivalents”
means 
 (a) any investment in direct obligations of the United States of America or any country that is a member
state of the European Union or any agency or instrumentality thereof or obligations guaranteed by the United States of America or any country that is a member state of the European Union or any agency or instrumentality thereof; 

(b) investments in demand and time deposit accounts, certificates of deposit and money market deposits maturing within 365
days of the date of acquisition thereof issued by a bank or trust company that is organized under the laws of the United States of America, any State thereof or any foreign country recognized by the United States of America, and which bank or trust
company has capital, surplus and undivided profits aggregating in excess of $50,000,000 (or the foreign currency equivalent thereof) and has outstanding debt that is rated “A” (or such similar equivalent rating) or higher by at least one
nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act) or any money-market fund sponsored by a registered broker-dealer or mutual fund distributor; 

  
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 (c) repurchase obligations with a term of not more than 30 days for
underlying securities of the types described in clause (a) above entered into with a bank meeting the qualifications described in clause (b) above; 
 (d) investments in commercial paper, maturing not more than 365 days after the date of acquisition, issued by a corporation (other than an Affiliate of the Borrower) organized and in existence under the
laws of the United States of America or any foreign country recognized by the United States of America with a rating at the time as of which any investment therein is made of “P-2” (or higher) according to Moody’s or “A-2”
(or higher) according to Standard & Poor’s; 
 (e) auction rate preferred stock issued by a
corporation and certificates issued by a corporation or municipality or government entity (other than an Affiliate of the Borrower) organized and in existence under the laws of the United States of America or any foreign country recognized by the
United States with a rating at the time as of which any investment therein is made of “A” (or higher) according to Moody’s or Standard & Poor’s; 

(f) investments in securities with maturities of twelve months or less from the date of acquisition issued or fully
guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by Moody’s or “A” by Standard & Poor’s;
and 
 (g) investments in money market funds that, in the aggregate, have at least $1,000,000,000 in assets.

 “Cash Management Agreement” means any agreement entered into from time to time by the Borrower or any of the
Restricted Subsidiaries in connection with Cash Management Services for collections, other Cash Management Services or for operating, payroll and trust accounts of such Person, including automatic clearing house services, controlled disbursement
services, electronic funds transfer services, information reporting services, lockbox services, stop payment services and wire transfer services. 
 “Cash Management Bank” means any Person that (i) at the time it enters into a Cash Management Agreement or provides any Cash Management Services, is a Lender or an Agent Party or an
Affiliate of a Lender or an Agent Party, (ii) shall have become a Lender or an Agent Party or an Affiliate of a Lender or an Agent Party at any time after it has entered into a Cash Management Agreement or provided any Cash Management Services
or (iii) in the case of any Cash Management Agreement in effect or any Cash Management Services provided, on or prior to the Closing Date, is, as of the Closing Date, a Lender or an Agent Party or an Affiliate of a Lender or an Agent Party and
a party to a Cash Management Agreement or provider of Cash Management Services. 
 “Cash Management
Obligations” shall mean obligations owed by the Borrower or any Restricted Subsidiary to any Cash Management Bank in connection with, or in respect of, any Cash Management Services. 

“Cash Management Services” shall mean (a) commercial credit cards, merchant card services, purchase or debit cards,
including non-card e-payables services, (b) treasury management services (including controlled disbursement, overdraft automatic clearing house fund transfer services, return items and interstate depository network services) and (c) any
other demand deposit or operating account relationships or other cash management services, including under any Cash Management Agreements. 
 “Casualty Event” shall mean any involuntary loss of title, any involuntary loss of, damage to or any destruction of, or any condemnation or other taking (including by any Governmental
Authority) of, any property of the Borrower or any of its Subsidiaries. “Casualty Event” shall include but not be limited to any taking of all or any part of any real property of any person or any part thereof, in or by condemnation or
other eminent domain proceedings pursuant to any Requirement of Law, or by reason of the temporary requisition of the use or occupancy of all or any part of any real property of any person or any part thereof by any Governmental Authority, civil or
military, or any settlement in lieu thereof. 

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

 (a) any “person”, other than one or more Permitted Holders, is or becomes the “beneficial
owner”, (except that for purposes of this clause (a) such person shall be deemed to have “beneficial ownership” of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only
after the passage of time), directly or indirectly, of more than 35% of the total voting power of the Voting Stock of the Borrower (for the purposes of this clause (a), such other person shall be deemed to beneficially own any Voting Stock of a
Person held by any other Person (the “parent entity”), if such other person is the beneficial owner (as defined above in this clause (a)), directly or indirectly, of more than 50% of the voting power of the Voting Stock of such parent
entity); 
 (b) the first day on which a majority of the members of the Board of Directors of the Borrower are
not Continuing Directors; 
 (c) the adoption of a plan relating to the liquidation or dissolution of the
Borrower; 
 (d) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Borrower and its Restricted Subsidiaries taken as a whole, to any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) other than a Restricted Subsidiary; or 
 (e) at any time when a
Satisfactory HoldCo is in existence and a HoldCo Pledge Agreement has been executed and delivered by the Satisfactory HoldCo, such Satisfactory HoldCo ceases to own, directly, all of the Capital Stock of the Borrower. 

Notwithstanding anything to the contrary contained herein, the creation of a Satisfactory HoldCo or any parent entities thereof (the
ownership of which is substantially similar to the pre-formation ownership of such newly-formed parent entity’s direct subsidiaries) shall not constitute a Change in Control. 

“Change in Law” means (a) the adoption of any law, rule or regulation after the Closing Date, (b) any change
in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or, for purposes of Section 2.12(b), by any lending office of such Lender
or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date. For purposes of this definition, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith and (y) Basel III and all requests, rules, guidelines or directives thereunder
or issued in connection therewith, in each case to the extent issued or becoming effective after the Closing Date shall be deemed to have gone into effect after the Closing Date, regardless of the date of the enabling or underlying legislation or
agreements. 
 “CIM” means the Confidential Information Memorandum dated November 7, 2012 and made
available to the Lenders in connection with the Lender meeting held on November 7, 2012 with respect to the Revolving Facility and this Agreement. 
 “Class,” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, Extended Revolving Loans and Extended
Revolving Commitments pursuant to the same Extension Amendment, Extended Incremental Term Loans under a Specified Extended Incremental Term Facility, Replacement Loans extended on the same date or Incremental Term Loans established pursuant to the
same Incremental Term Facility Activation Notice. 
 “Closing Date” means the date on which the conditions
precedent set forth in Section 4.01 shall have been satisfied (or waived in accordance with Section 9.02). 

“Code” means the Internal Revenue Code of 1986, as amended. 

  
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 “Collateral” has the meaning assigned to such term or a similar term in
each of the Collateral Documents and shall include all property pledged or granted (or purported to be pledged or granted) as collateral pursuant to the Security Agreement and the Pledge Agreement on the Closing Date or thereafter pursuant to
Section 5.09 and, to the extent applicable, any HoldCo Collateral. 
 “Collateral Documents” means
the Security Agreement, the Pledge Agreement, when and if applicable, the HoldCo Pledge Agreement, and each other security document, mortgage, pledge agreement or collateral agreement executed and delivered in connection with this Agreement and/or
the other Loan Documents to grant a valid, perfected security interest in any property as collateral for the Obligations. 

“Collateral Release” means a release of all Collateral from the Liens created by the Security Agreement pursuant to
Section 9.15(b). 
 “Commitment Fee Rate” means (a) prior to the first Adjustment Date occurring
after the Closing Date, 0.30% and (b) on and after the first Adjustment Date occurring after the Closing Date, a rate determined in accordance with the Pricing Grid. 
 “Communications Laws” has the meaning assigned to such term in Section 3.20. 
 “Consolidated Income Tax Expense” means, with respect to the Borrower for any period, the provision for federal, state, local and foreign taxes based on income or profits (including
franchise taxes) payable by the Borrower and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Interest Expense” means, for any period, the total interest expense of the Borrower and its Restricted Subsidiaries for such period, whether paid or accrued and whether or
not capitalized (including amortization of debt issuance costs and original issue discount), non-cash interest payments, the interest component of any deferred payment Obligations, the interest component of all payments associated with Capital Lease
Obligations and Attributable Debt, commissions, discounts and other fees and charges Incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments made or received pursuant to Swap Obligations.

 “Consolidated Net Income” means, for any period, the net income of the Borrower and its consolidated
Subsidiaries; provided that there shall not be included in such Consolidated Net Income: 
 (a) any net
income of any Person (other than the Borrower) if such Person is not a Restricted Subsidiary, except that: 
 (i)
subject to the exclusion contained in clauses (c), (d) and (e) below, the Borrower’s equity in the net income of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash
actually distributed by such Person during such period to the Borrower or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution paid to a Restricted Subsidiary, to the limitations
contained in clause (b) below); 
 (ii) the Borrower’s equity in a net loss of any such Person for such
period shall be included in determining such Consolidated Net Income to the extent such loss has been funded with cash from the Borrower or a Restricted Subsidiary; 

(b) any net income of any Restricted Subsidiary if such Restricted Subsidiary is subject to restrictions, directly or
indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Borrower, except that: 
 (i) subject to the exclusion contained in clauses (c), (d) and (e) below, the Borrower’s equity in the net income of any such Restricted Subsidiary for such period shall be included in such
Consolidated Net Income up to the aggregate amount of cash that could have been distributed by such Restricted Subsidiary during such period to the Borrower or another Restricted Subsidiary as a dividend or other distribution (subject, in the case
of a dividend or other distribution paid to another Restricted Subsidiary, to the limitation contained in this clause); and 

  
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 (ii) the Borrower’s equity in a net loss of any such Restricted
Subsidiary for such period shall be included in determining such Consolidated Net Income; 
 (c) any gain (or
loss) realized upon the sale or other disposition of any assets of the Borrower or its consolidated Restricted Subsidiaries (including pursuant to any Sale/Leaseback Transaction) which is not sold or otherwise disposed of in the ordinary course of
business and any gain (or loss) realized upon the sale or other disposition of any Capital Stock of any Person; 

(d) extraordinary gains or losses; and 

(e) the cumulative effect of a change in accounting principles, 
 in each case, for such period. Notwithstanding the foregoing, for the purpose of Section 6.05 only, there shall be excluded from Consolidated Net Income any repurchases, repayments or redemptions of
Investments, proceeds realized on the sale of Investments or return of capital to the Borrower or a Restricted Subsidiary to the extent such repurchases, repayments, redemptions, proceeds or returns increase the amount of Restricted Payments
permitted under such Section. 
 “Consolidated Operating Cash Flow” means, with respect to the Borrower and its
Restricted Subsidiaries on a consolidated basis, for any period, an amount equal to Consolidated Net Income for such period increased (without duplication) by the sum of: 

(a) Consolidated Income Tax Expense accrued for such period to the extent deducted in determining Consolidated Net Income
for such period; 
 (b) Consolidated Interest Expense for such period to the extent deducted in determining
Consolidated Net Income for such period; and 
 (c) depreciation, amortization and any other noncash items for
such period to the extent deducted in determining Consolidated Net Income for such period (other than any noncash item which requires the accrual of, or a reserve for, cash charges for any future period) of the Borrower and the Restricted
Subsidiaries (including amortization of capitalized debt issuance costs for such period, any noncash compensation expense realized for grants of stock options or other rights to officers, directors, consultants and employees and noncash charges
related to equity granted to third parties), all of the foregoing determined on a consolidated basis in accordance with GAAP, and decreased by noncash items to the extent they increase Consolidated Net Income (including the partial or entire
reversal of reserves taken in prior periods, but excluding reversals of accruals or reserves for cash charges taken in prior periods) for such period. 
 “Consolidated Secured Debt” means Consolidated Total Debt secured by a Lien on any assets or property of the Borrower or any Restricted Subsidiary. 

“Consolidated Tangible Assets” means the Consolidated Total Assets, less goodwill and intangibles, of the Borrower and
its consolidated Restricted Subsidiaries, as shown on the most recent balance sheet of the Borrower, determined on a consolidated basis in accordance with GAAP; provided that, irrespective of GAAP, Consolidated Tangible Assets shall include
FCC Licenses held by the Borrower or its consolidated Restricted Subsidiaries. 
 “Consolidated Total Assets”
means the total assets of the Borrower and its Restricted Subsidiaries, as shown on the most recent balance sheet of the Borrower, determined on a consolidated basis in accordance with GAAP. 

  
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 “Consolidated Total Debt” means, as of any date of determination, the
aggregate principal amount of all indebtedness of the Borrower and its Restricted Subsidiaries outstanding on such date consisting of debt for borrowed money, unreimbursed drawings under letters of credit, Capital Lease Obligations and debt
obligations evidenced by notes or similar instruments, determined on a consolidated basis in accordance with GAAP. 

“Continuing Directors” means, as of any date of determination, any member of the Board of Directors who (a) was a
member of such Board of Directors on the Closing Date or (b) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such board at the time of such
nomination or election. 
 “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto.

 “Corrective Extension Amendment” has the meaning assigned to such term in Section 2.19(e). 

“Credit Documents” means the collective reference to the Loan Documents and the HoldCo Pledge Agreement. 

“Credit Parties” means the collective reference to the Loan Parties and, following the commencement of any Suspension
Period, Satisfactory HoldCo. 
 “Cure Amount” shall have the meaning assigned to such term in
Section 7.02. 
 “Cure Deadline” shall have the meaning assigned to such term in Section 7.02.

 “Cure Right” shall have the meaning assigned to such term in Section 7.02. 

“Customary Intercreditor Agreement” shall mean (a) to the extent executed in connection with the Incurrence of
Secured Indebtedness, the Liens on the Collateral securing which are intended to rank equal in priority to the Liens on the Collateral securing the Obligations (but without regard to the control of remedies), pursuant to clause (x) (or clause
(p) as it relates to clause (x)) of the definition of Permitted Liens, at the option of the Borrower and the Administrative Agent acting together in good faith, either (i) any intercreditor agreement substantially consistent with the Form
of Equal Priority Intercreditor Agreement attached hereto as Exhibit L-1 or (ii) a customary intercreditor agreement in form and substance reasonably acceptable to the Administrative Agent and the Borrower, which agreement shall provide that
the Liens on the Collateral securing such Indebtedness shall rank equal in priority to the Liens on the Collateral securing the Obligations (but without regard to the control of remedies) and (b) to the extent executed in connection with the
Incurrence of Secured Indebtedness, the Liens on the Collateral securing which are intended to rank junior to the Liens on the Collateral securing the Obligations, at the option of the Borrower and the Administrative Agent acting together in good
faith, either (i) an intercreditor agreement substantially consistent with the Form of Junior Priority Intercreditor Agreement attached hereto as Exhibit L-2 or (ii) a customary intercreditor agreement in form and substance reasonably
acceptable to the Administrative Agent and the Borrower, which agreement shall provide that the Liens on the Collateral securing such Indebtedness shall rank junior to the Liens on the Collateral securing the Obligations. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender that
(a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Agent Party any
amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s good faith determination that a
condition precedent to such funding or payment has not been satisfied, or, in the case of clause (ii) or clause (iii) above, such Lender notifies the Administrative Agent in writing that such failure is the result of a good faith dispute
regarding its obligation to make such funding or payment; (b) has notified 

  
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the Borrower or any Agent Party in writing, or has made a public statement to the effect, that it does not intend to comply with any of its funding or payment obligations under this Agreement
(unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent to such funding or payment under this Agreement cannot be satisfied); (c) has failed,
within three Business Days after request by the Administrative Agent or Issuing Bank, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations under this
Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Agent Party’s receipt of such certification; or (d) has become the subject of a Bankruptcy Event. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock which by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable at the option of the holder) or upon the happening of any event (a) matures or is mandatorily redeemable (other than redeemable only for Capital Stock of such Person which is
not itself Disqualified Stock) pursuant to a sinking fund obligation or otherwise, (b) is convertible or exchangeable at the option of the holder for Indebtedness or Disqualified Stock or (c) is mandatorily redeemable or must be purchased
upon the occurrence of certain events or otherwise, in whole or in part; in each case on or prior to the date that is 91 days after the Latest Maturity Date; provided, however, that 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 an “asset sale” or “change of control” shall not constitute Disqualified
Stock if any such requirement only becomes operative after repayment in full of the Loans and all other Obligations (other than Swap Obligations under any Secured Swap Agreement, Cash Management Obligations under any Secured Cash Management
Agreement or contingent indemnification obligations and other contingent obligations) and the termination of the Revolving Commitments. 
 The amount of any Disqualified Stock that does not have a fixed redemption, repayment or repurchase price will be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified
Stock were redeemed, repaid or repurchased on any date on which the amount of such Disqualified Stock is to be determined pursuant to this Agreement; provided, however, that if such Disqualified Stock could not be required to be redeemed,
repaid or repurchased at the time of such determination, the redemption, repayment or repurchase price will be the book value of such Disqualified Stock as reflected in the most recent financial statements of such Person. 

“Disclosed Matters” means the actions, suits, proceedings and claims disclosed from time to time prior to the date of a
representation in the Borrower’s quarterly, annual or interim public filings with the Securities and Exchange Commission. 

“Dollars” or “$” refers to lawful money of the United States of America. 

“Domestic Subsidiary” means any Restricted Subsidiary of the Borrower organized under the laws of the United States, any
state thereof or the District of Columbia. 
 “Embargoed Person” shall mean any Person that (a) is
publicly identified on the most current list of “Specially Designated Nationals and Blocked Persons” published by the OFAC or resides, is organized or chartered, or has a place of business in a country or territory subject to sanctions or
embargo programs administered by OFAC or (b) is publicly identified as prohibited from doing business with the United States under the International Emergency Economic Powers Act or the Trading With the Enemy Act. 

“Environment” means ambient air, indoor air, surface water and groundwater (including potable water, navigable water and
wetlands), the land surface or subsurface strata, natural resources, the workplace or as otherwise defined in any Environmental Law. 
 “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by
any Governmental Authority, relating in any way to the Environment, preservation or reclamation of natural resources, the management, release or threatened release of any Hazardous Material. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Borrower or any Restricted Subsidiary 

  
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directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any
Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials into the Environment or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate” means any trade or business
(whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a
single employer under Section 414 of the Code. 
 “ERISA Event” means (a) any “reportable
event” (as defined in Section 4043(c) of ERISA or the regulations issued thereunder with respect to a Plan) other than an event for which the 30-day notice period is waived; (b) any failure by any Plan to satisfy the minimum funding
standards (within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an
application for a waiver of the minimum funding standard with respect to any Plan; (d) the failure to make by its due date a required installment under Section 430(j) of the Code with respect to any Plan or the failure by the Borrower or
any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (e) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan,
including but not limited to the imposition of any Lien in favor of the PBGC or any Plan; (f) a determination that any Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Title IV
of ERISA); (g) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or to appoint a trustee to administer any Plan; (h) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (i) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent, in Reorganization or in endangered or
critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA. 

“Eurocurrency,” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising
such Borrowing, are bearing interest at a rate determined by reference to the LIBO Rate. 
 “Event of Default”
has the meaning assigned to such term in Article VII. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder. 
 “Excluded Taxes” means in the case
of each Lender, the Administrative Agent or any other recipient of any payment to be made by or on account of any obligation of any Loan Party under any Loan Document, (a) Taxes imposed on its net income, and franchise Taxes imposed on it in
lieu of net income Taxes, by a jurisdiction as a result of such recipient being organized or having its principal office or applicable lending office in such jurisdiction or as a result of any other present or former connection between such
recipient and such jurisdiction (other than a connection arising solely from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under,
engaged in any other transaction pursuant to, and/or enforced any Loan Documents), (b) any branch profits Tax pursuant to Section 884(a) of the Code, or any similar Tax, imposed by any jurisdiction described in clause (a), (c) any
U.S. federal withholding Tax imposed pursuant to any Requirement of Law in effect on the date on which such recipient became a party to this Agreement (or changed its applicable lending office) except to the extent such Lender’s assignor (if
any) was entitled immediately prior to such change in applicable lending office to receive additional amounts in respect of such withholding Tax pursuant to Section 2.14(a), (d) any Tax that is attributable to a Lender’s failure to
comply with Section 2.14(e); and (e) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Existing Incremental Term Loan Class” has the meaning assigned to such term in Section 2.19(a). 

  
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 “Existing Notes” means the Borrower’s 8.75% senior notes due 2015, the
Borrower’s 7% exchangeable senior subordinated notes due 2014, the Borrower’s 7.625% senior notes due 2018 and the 2022 Notes, in each case issued pursuant to the Existing Notes Indentures and any registered notes issued by the Borrower in
exchange for, and as contemplated by, such notes with substantially identical terms as such notes, and, in each case, any Refinancing Indebtedness in respect thereof. 
 “Existing Notes Indentures” means any indenture pursuant to which the Existing Notes are issued. 
 “Existing Revolving Commitment Class” has the meaning assigned to such term in Section 2.19(a). 
 “Extended Incremental Term Loans” has the meaning assigned to such term in Section 2.19(a). 
 “Extended Revolving Commitments” has the meaning assigned to such term in Section 2.19(a). 
 “Extended Revolving Facility” has the meaning assigned to such term in the definition of “Facility”. 
 “Extended Incremental Term Facility” has the meaning assigned to such term in the definition of “Facility”. 

“Extending Incremental Term Lender” has the meaning assigned to such term in Section 2.19(b). 

“Extending Revolving Lender” has the meaning assigned to such term in Section 2.19(b). 

“Extended Revolving Loans” has the meaning assigned to such term in Section 2.19(a). 

“Extension” has the meaning assigned to such term in Section 2.19(a). 

“Extension Amendment” has the meaning assigned to such term in Section 2.19(c). 

“Extension Election” has the meaning assigned to such term in Section 2.19(b). 

“Extension Request” has the meaning assigned to such term in Section 2.19(a). 

“Facility” means any of (a) the credit facility constituted by the Revolving Commitments and the extensions of
credit thereunder (the “Revolving Facility”), (b) the credit facility constituted by any Class of Extended Revolving Commitments created under a separate Extension Amendment (each an “Extended Revolving
Facility”), (c) the credit facility constituted by any Class of Incremental Term Loans Incurred under a separate Incremental Term Facility Activation Notice (each, an “Incremental Term Facility”) and (d) the
credit facility constituted by any Class of Extended Incremental Term Loans created under a separate Extension Amendment (each, an “Extended Incremental Term Facility”). 

“Fair Value” means the amount at which the assets (both tangible and intangible) of the applicable Person and its
Subsidiaries would change hands between a willing buyer or buyers and a willing seller within a reasonably prompt period of time in an arm’s-length transaction or transactions under present conditions for the sale of comparable assets insofar
as such conditions can be reasonably evaluated. 
 “FATCA” means Sections 1471 through 1474 of the Code as in
effect on the date hereof (and any amended or successor version thereof that is substantively comparable and not materially more onerous to comply with), and any current or future Treasury regulations or other official administrative interpretations
thereof and any agreements entered into pursuant to Section 1471(b)(1) of the current Code, or any amended or successor version described above. 
 “FCC” means the Federal Communications Commission, and any successor entity performing similar functions. 

  
 -12-

 “FCC Licenses” means all authorizations, orders, licenses and permits
issued by the FCC to the Borrower or any of its Restricted Subsidiaries under which the Borrower or any of its Restricted Subsidiaries is authorized to launch and operate any of its Satellites or to operate any of its earth stations to provide
satellite digital radio service in the United States. 
 “FCC License Subsidiary” means Satellite CD Radio LLC,
a Delaware limited liability company and a Wholly Owned Subsidiary, XM Radio LLC, a Delaware limited liability company and a Wholly Owned Subsidiary, and any other Restricted Subsidiary formed for the sole purpose of holding FCC Licenses and all of
the issued and outstanding Capital Stock of which is owned by the Borrower and the Subsidiary Guarantors. 

“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations promulgated
thereunder. 
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of
New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) charged to the Administrative Agent on such day on such transactions from three Federal funds
brokers of recognized standing selected by it. 
 “Financial Officer” means the chief executive officer,
president, chief financial officer, principal accounting officer, treasurer, assistant treasurer, controller or assistant controller of the Borrower. 
 “First Lien Obligations” means the Obligations and any Permitted Additional Debt Obligations that are secured by a Lien on the Collateral ranking (or intended to rank) equal in priority
(but without regard to the control of remedies) to the Liens on the Collateral securing the Obligations. 
 “Foreign
Lender” means any Lender that is not a “United States person” as defined in Section 7701(a)(30) of the Code. 
 “Foreign Subsidiary” means any Restricted Subsidiary of the Borrower that is not a Domestic Subsidiary. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time. 

“Governmental Authority” means the government of the United States of America, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Guarantee” of or by any Person (the “guarantor”) means any
obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other similar monetary obligation of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other similar monetary obligation or to
purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other similar monetary
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other similar
monetary obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or other similar monetary obligation; provided, that the term Guarantee shall not include
endorsements for collection or deposit in the ordinary course of business or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under
this Agreement (other than with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness or other similar monetary obligation in respect

  
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of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as
determined by such Person in good faith. 
 “Hazardous Materials” means all explosive or radioactive substances
or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other
substances or wastes of any nature regulated pursuant to any Environmental Law. 
 “HoldCo Collateral” means
any “Collateral” under and as defined in the HoldCo Pledge Agreement. 
 “HoldCo Condition” means
that (a) a Satisfactory HoldCo has been formed and (b) such Satisfactory HoldCo has executed and delivered the HoldCo Pledge Agreement and has validly pledged 100% of the Capital Stock of the Borrower to the Administrative Agent for the
benefit of the Secured Parties for a period of no less than 91 consecutive calendar days. 
 “HoldCo Pledge
Agreement” means a pledge agreement whereby the Satisfactory HoldCo pledges the Capital Stock in the Borrower, substantially in the form of Exhibit E. 
 “Incremental Limit” means the sum of (a) $750,000,000 plus (b) an aggregate additional amount of Indebtedness, such that, after giving pro forma effect to such Incurrence (and
after giving effect to any transaction to be consummated in connection therewith and assuming that all Incremental Revolving Commitments then outstanding were fully drawn), the Borrower would be in compliance with a Senior Secured Leverage Ratio as
of the last day of the Test Period most recently ended on or prior to the Incurrence of any such Incremental Revolving Commitments or Incremental Term Loans, calculated on a pro forma basis, as if such Incurrence (and transaction) had occurred on
the first day of such Test Period, that is no greater than 3.50:1.0. 
 “Incremental Revolving Commitment”
means an increased or new Revolving Commitment incurred in connection with an Incremental Revolving Commitment Activation Notice. 
 “Incremental Revolving Commitment Activation Notice” means a notice substantially in the form of Exhibit G-3. 
 “Incremental Revolving Commitment Closing Date” means any Business Day designated as such in an Incremental Revolving Commitment Activation Notice. 

“Incremental Term Facility Activation Notice” means a notice substantially in the form of Exhibit G-2. 

“Incremental Term Facility Closing Date” means any Business Day designated as such in an Incremental Term Facility
Activation Notice. 
 “Incremental Term Lenders” means (a) on any Incremental Term Facility Closing Date
relating to Incremental Term Loans, the Lenders signatory to the relevant Incremental Term Facility Activation Notice and, without duplication, (b) each Lender that is a holder of an Incremental Term Loan from time to time. 

“Incremental Term Loans” means any term loans borrowed in connection with an Incremental Term Facility Activation
Notice. 
 “Incremental Term Maturity Date” means, with respect to any Class of the Incremental Term Loans to
be made pursuant to any Incremental Term Facility Activation Notice, the final maturity date specified in such Incremental Term Facility Activation Notice with respect to such Class. 

“Incur” means issue, assume, Guarantee, incur or otherwise become liable for; provided, however, that any
Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Restricted Subsidiary. The
term “Incurrence” when used as a noun shall have a correlative meaning. Solely for purposes of determining compliance with Section 6.01: 
 (a) amortization of debt discount or the accretion of principal with respect to a non-interest bearing or other discount security; 

  
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 (b) the payment of regularly scheduled interest in the form of additional
Indebtedness of the same instrument or the payment of regularly scheduled dividends on Capital Stock in the form of additional Capital Stock of the same class and with the same terms; and 

(c) the obligation to pay a premium in respect of Indebtedness arising in connection with the issuance of a notice of
redemption or making of a mandatory offer to purchase such Indebtedness, 
 will not be deemed to be the Incurrence of
Indebtedness. 
 “Indebtedness” means, with respect to any Person on any date of determination (without
duplication): 
 (a) the principal in respect of (i) indebtedness of such Person for money borrowed and
(ii) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any premium on such indebtedness to the extent such premium has become
due and payable; 
 (b) all Capital Lease Obligations of such Person and all Attributable Debt in respect of
Sale/Leaseback Transactions entered into by such Person; 
 (c) all obligations of such Person issued or assumed
as the deferred purchase price of property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding any accounts payable or other liability to trade creditors arising in
the ordinary course of business), in each case only if and to the extent due more than 12 months after the delivery of property; 
 (d) the principal component of all obligations of such Person for the reimbursement of any obligor on any letter of credit or bankers’ acceptance, other than obligations with respect to letters of
credit securing obligations (other than obligations described in clauses (a) through (c) above) entered into in the ordinary course of business of such Person; 

(e) the principal component of the amount of all obligations of such Person with respect to the redemption, repayment or
other repurchase of any Disqualified Stock of such Person or, with respect to any Preferred Stock of any Restricted Subsidiary of such Person, the principal amount attributable to such Preferred Stock to be determined in accordance with this
Agreement (but excluding, in each case, any accrued dividends); 
 (f) all obligations of the type referred to in
clauses (a) through (e) of other Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of
any Guarantee; 
 (g) all obligations of the type referred to in clauses (a) through (f) of other
Persons secured by any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the fair market value of such property or assets and the
amount of the obligation so secured; and 
 (h) to the extent not otherwise included in this definition, Swap
Obligations of such Person. 
 Notwithstanding the foregoing, in connection with the purchase by the Borrower or any Restricted
Subsidiary of any business, the term “Indebtedness” will exclude post-closing payment adjustments to which the seller may 

  
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become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business after the closing; provided, however,
that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid within 30 days thereafter. Furthermore, in no event shall the
Borrower’s or any Restricted Subsidiary’s obligations in respect of ordinary course trade payables pursuant to any programming, content acquisition, automotive, retail distribution, satellite or chip set acquisition arrangements, in each
case, consistent with past practice, be considered Indebtedness. 
 The amount of Indebtedness of any Person at any date shall
be the outstanding balance at such date of all obligations as described above; provided, however, that in the case of Indebtedness sold at a discount, the amount of such Indebtedness at any time will be the accreted value thereof at such
time. 
 “Indemnified Taxes” means any Taxes other than Excluded Taxes. 

“Information” has the meaning assigned to such term in Section 9.13. 

“Insolvent” with respect to any Multiemployer Plan means the condition that such Multiemployer Plan is insolvent within
the meaning of Section 4245 of ERISA. 
 “Intellectual Property” means the collective reference to all
rights relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, patents, trademarks, service marks, trade dress, trade names, domain names, trade secrets, technology,
know-how and processes, all licenses of the foregoing, all registrations and applications for registration of the foregoing, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive
all proceeds and damages therefrom. 
 “Intercompany Note” means the Intercompany Subordinated Note, dated
December 5, 2012, substantially in the form of Exhibit M and executed and delivered by the Borrower and each other Restricted Subsidiary party thereto. 
 “Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.05. 

“Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and
December and (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three
months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. 

“Interest Period” means, as to any Eurocurrency Loan, (a) initially, the period commencing on the borrowing or
conversion date, as the case may be, with respect to such Eurocurrency Loan and ending one month, two months, three months or six months (or, if available to all Lenders under the relevant Facility, nine or twelve months or a period shorter than one
month) thereafter, as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto, and (b) thereafter, each period commencing on the last day of the next preceding Interest Period
applicable to such Eurocurrency Loan and ending one month, two months, three months or six months (or, if available to all Lenders under the relevant Facility, nine or twelve months or such other, shorter period) thereafter, as selected by the
Borrower by notice to the Administrative Agent not later than 1:00 p.m., New York City time, on the date that is three Business Days prior to the last day of the then current Interest Period with respect thereto; provided that all of the
foregoing provisions relating to Interest Periods are subject to the following: 
 (i) if any Interest Period
would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event
such Interest Period shall end on the immediately preceding Business Day; 

  
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 (ii) the Borrower may not select an Interest Period for a Revolving Loan
that would extend beyond the Revolving Termination Date or an Interest Period for an Incremental Term Loan that would extend beyond the date the final payment is due on such Incremental Term Loan; and 

(iii) any Interest Period of at least one month’s duration that begins on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month. 

“Investments” in any Person means any direct or indirect advance, loan (other than advances to customers in the ordinary
course of business that are recorded as accounts receivable on the balance sheet of the lender) or other extensions of credit (including by way of Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or
other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness (or other similar instruments issued by such Person) or assets constituting a business
unit of such Person. If the Borrower or any Restricted Subsidiary issues, sells or otherwise disposes of any Capital Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted
Subsidiary, any Investment by the Borrower or any Restricted Subsidiary in such Person remaining after giving effect thereto will be deemed to be a new Investment at such time. Except as otherwise provided for herein, the amount of an Investment
shall be its fair market value at the time the Investment is made and without giving effect to subsequent changes in value; provided that none of the following will be deemed to be an Investment: 

(a) Swap Obligations entered into in the ordinary course of business and in compliance with this Agreement; 

(b) endorsements of negotiable instruments and documents in the ordinary course of business; 

(c) an acquisition of assets by the Borrower or a Restricted Subsidiary for consideration to the extent such consideration
consists of Capital Stock of the Borrower or any direct or indirect parent entity thereof; and 
 (d) advances,
deposits, escrows or similar arrangements entered into in the ordinary course of business in respect of retail or automotive distribution arrangements, satellite, chip set, programming or content acquisitions or extensions. 

For purposes of the definition of “Unrestricted Subsidiary”, the definition of “Restricted Payment” and
Section 6.05, “Investment” shall include: 
 (i) the portion (proportionate to the Borrower’s
Capital Stock in such Subsidiary) of the fair market value of the net assets of any Subsidiary of the Borrower 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 Borrower shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to (A) the Borrower’s “Investment” in
such Subsidiary at the time of such redesignation less (B) the portion (proportionate to the Borrower’s Capital Stock in such Subsidiary) of the fair market value of the net assets of such Subsidiary at the time of such redesignation; and

 (ii) any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value
at the time of such transfer, in each case as determined in good faith by the Board of Directors. 
 “Issuing
Bank” means JPMorgan Chase Bank, N.A., in its capacity as an issuer of Letters of Credit, and its successors in such capacity as provided in Section 2.17(i). The Borrower may, with the consent of the Administrative Agent (which consent
shall not be unreasonably withheld), arrange for one or more Letters of Credit to be issued by other Lenders, in which case the term “Issuing Bank” shall include such Lender with respect to the Letters of Credit issued by such
Lender; provided that no such Lender shall have any obligation to be an Issuing Bank unless it agrees to do so in its sole discretion. 

  
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 “Junior Lien Obligations” means any Permitted Additional Debt Obligations
that are secured by a Lien on the Collateral ranking (or intended to rank) junior to the Liens on the Collateral securing the Obligations and any other First Lien Obligations. 
 “Latest Maturity Date” means, with respect to the Incurrence of any Indebtedness or the issuance or sale of any Capital Stock, the latest maturity date applicable to any Facility that is
outstanding under this Agreement as determined on the date such Indebtedness is Incurred or such Capital Stock is issued or sold. 
 “LC Disbursement” means a payment made by the Issuing Bank pursuant to a demand for payment or drawing under a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit
at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Revolving Commitment Percentage of the
total LC Exposure at such time. 
 “LC Maturity Date” has the meaning assigned to such term in
Section 2.17(c)(i). 
 “Lead Arranger” means J.P. Morgan Securities LLC, in its capacity as lead arranger
and bookrunner for the Revolving Facility. 
 “Lenders” means the Persons listed on Schedule 1.01A and any
other Person that shall have become a party hereto pursuant to an Assignment and Assumption or pursuant to any New Lender Supplement, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 

“Letter of Credit” means any letter of credit issued pursuant to Section 2.17. 

“LIBO Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum equal
to the rate appearing on the Reuters Screen LIBOR01 Page (or on any successor or substitute page of such Screen, or any successor to or substitute for such Screen, providing rate quotations comparable to those currently provided on such page of such
Screen, as reasonably determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Dollars in the London interbank market) at approximately 11:00 a.m., London time, on the
date that is two Business Days prior to the commencement of such Interest Period, as the rate for deposits in Dollars with a maturity comparable to such Interest Period, provided that, in the event that such rate is not available at such time
for any reason, then the “LIBO Rate” with respect to such Eurocurrency Borrowing for such Interest Period shall be the rate at which deposits in Dollars for a maturity comparable to such Interest Period are offered by the principal
London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, on the date that is two Business Days prior to the commencement of such Interest Period. It is
understood that for purposes of calculating the LIBO Rate under the definition of Alternate Base Rate, the references above to 11:00 a.m., London time, on the date that is two Business Days prior to the commencement of such Interest Period, shall
instead be deemed to be refer to 11:00 a.m., London time, on the date of such calculation. 
 “Lien” means,
with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement,
capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset. “Lien” shall not, however, include any interest of a vendor in any
inventory of the Borrower or any of its Restricted Subsidiaries arising out of such inventory being subject to a “sale or return” arrangement with such vendor or any consignment by any third party of any inventory to the Borrower or any of
its Restricted Subsidiaries or any operating lease. 

  
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 “Loan Documents” means the collective reference to this Agreement, any
Letters of Credit, each Incremental Term Facility Activation Notice, each Incremental Revolving Commitment Activation Notice, each Extension Amendment, the Subsidiary Guarantee, any Customary Intercreditor Agreements and the Collateral Documents
(excluding the HoldCo Pledge Agreement). 
 “Loan Parties” means the collective reference to the Borrower and
the Subsidiary Guarantors. 
 “Loans” means the loans made by the Lenders to the Borrower pursuant to this
Agreement. 
 “Margin Stock” shall have the meaning assigned to such term in Regulation U of the Board.

 “Material Adverse Effect” means any event, development or circumstance that has had or could reasonably be
expected to have a material adverse effect on (a) the business, operations, property or financial condition of the Borrower and its Subsidiaries, taken as a whole or (b) the rights or remedies of the Administrative Agent or the Lenders
hereunder or under the Credit Documents. 
 “Material Domestic Subsidiary” means any Material Subsidiary of the
Borrower that is also a Domestic Subsidiary. 
 “Material Indebtedness” means Indebtedness (other than the
Loans), or Swap Obligations, of any one or more of the Borrower and its Restricted Subsidiaries in an aggregate principal amount exceeding $75,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the
Swap Obligations of the Borrower or any Restricted Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Restricted Subsidiary would be
required to pay if such Swap Agreement were terminated at such time. 
 “Material Real Property” shall mean
(a) that certain property owned by the Borrower as of the Closing Date located at 1500 Eckington Place, Washington, D.C. 20002, and (b) any fee-owned real property acquired by the Borrower or any of the Loan Parties after the Closing Date
with a fair market value (determined at the time of such acquisition) that exceeds $5,000,000. 
 “Material
Subsidiary” means, on any date of determination, (a) each FCC License Subsidiary, (b) each other Restricted Subsidiary, other than Restricted Subsidiaries that do not represent more than 5% for any such Subsidiary individually, or
more than 10% in the aggregate for all such Subsidiaries, of either (i) Consolidated Total Assets or (ii) consolidated total revenues of the Borrower as of the end of, or for, the Test Period most recently ended on or prior to such date of
determination and (c) any domestic Restricted Subsidiary (including any FCC License Subsidiary but only to the extent permitted under applicable Requirement of Law) that has Guaranteed any Indebtedness or other obligation of the Borrower or any
Restricted Subsidiary in excess of $2,000,000. 
 “Moody’s” means Moody’s Investors Service, Inc.

 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“Net Available Cash” from any Asset Disposition, Sale/Leaseback Transaction or Casualty Event means cash payments
received therefrom (including (i) any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and proceeds from the sale or other disposition of any securities received as
consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to such properties or assets or received in any other
non-cash form and (ii) with respect to any Casualty Event, any cash insurance proceeds, condemnation awards and other cash compensation in respect thereof), net of: 

(a) all legal, title and recording tax expenses, commissions and other fees and expenses Incurred, and all federal, state,
provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a consequence of such Asset Disposition, Sale/Leaseback Transaction or Casualty Event; 

  
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 (b) all payments made on any Indebtedness which is secured by a Permitted
Lien on any assets subject to such Asset Disposition, Sale/Leaseback Transaction or Casualty Event (other than any Lien on the Collateral that ranks junior in priority to the Liens on the Collateral securing the Obligations), in accordance with the
terms of such Lien upon or security agreement of any kind with respect to such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Disposition, Sale/Leaseback Transaction or Casualty Event, or by applicable
Requirement of Law, be repaid out of the proceeds from such Asset Disposition, Sale/Leaseback Transaction or Casualty Event; 
 (c) all distributions and other payments required to be made to minority interest holders in Restricted Subsidiaries as a result of such Asset Disposition, Sale/Leaseback Transaction or Casualty Event;

 (d) the deduction of appropriate amounts provided by the seller as a reserve, in accordance with GAAP, against
any liabilities associated with the property or other assets disposed in such Asset Disposition or Sale/Leaseback Transaction and retained by the Borrower or any Restricted Subsidiary after such Asset Disposition, or Sale/Leaseback Transaction; and

 (e) any portion of the purchase price from an Asset Disposition or Sale/Leaseback Transaction placed in
escrow, whether as a reserve for adjustment of the purchase price, for satisfaction of indemnities in respect of such Asset Disposition or Sale/Leaseback Transaction or otherwise in connection with that Asset Disposition or Sale/Leaseback
Transaction; provided, however, that upon the termination of that escrow, Net Available Cash will be increased by any portion of funds in the escrow that are released to the Borrower or any Restricted Subsidiary. 

“Net Cash Proceeds” with respect to any issuance or sale of Capital Stock or Incurrence of Indebtedness, means the cash
proceeds of such issuance or sale or Incurrence net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually Incurred in connection
with such issuance or sale or Incurrence and net of taxes paid or payable as a result thereof. 
 “New Lender”
has the meaning assigned to such term in Section 2.02(d). 
 “New Lender Supplement” has the meaning
assigned to such term in Section 2.02(d). 
 “Non-Consenting Lender” has the meaning assigned to such term
in Section 2.16(c). 
 “Non-Extension Notice Date” has the meaning assigned to such term in
Section 2.17(c)(ii). 
 “Obligations” means the unpaid principal of and interest on (including interest
accruing after the maturity of the Loans and interest and fees accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for
post-filing or post-petition interest or fees is allowed in such proceeding) the Loans, the obligations of the Borrower to reimburse the Issuing Bank for demands for payment or drawings under a Letter of Credit, and all other obligations and
liabilities of the Borrower and other Credit Parties to the Administrative Agent or to any Secured Party, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of,
or in connection with, this Agreement, any other Credit Document, any Secured Swap Agreement, any Secured Cash Management Agreement or any other document made, delivered or given in connection herewith or therewith, whether on account of principal,
interest, fees, indemnities, costs, expenses or otherwise (including all fees, charges and disbursements of counsel to the Administrative Agent, the Lead Arranger or to any Lender that are required to be paid by the Borrower pursuant hereto).
Notwithstanding the foregoing, (i) unless otherwise agreed to by the Borrower and any applicable Secured Swap Bank or Cash Management Bank, the obligations of the Borrower or any Restricted Subsidiary under any Secured Swap Agreement and under
any Secured Cash Management Agreement shall be secured and guaranteed pursuant to the Collateral Documents and the Subsidiary Guarantee only to the extent that, and for so long as, the other Obligations are so secured and guaranteed and
(ii) any release of Collateral or Subsidiary Guarantors effected in the manner permitted by this Agreement and any other Credit Document shall not require the consent of the holders of Swap Obligations under Secured Swap Agreements or of the
holders of Cash Management Obligations under Secured Cash Management Agreements. 

  
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 “OFAC” means the U.S. Department of the Treasury’s Office of Foreign
Assets Control. 
 “Other Taxes” means any and all present or future stamp or documentary Taxes or any other
excise or property Taxes arising from any payment under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document, except any such Taxes imposed as a result of an assignment (other than an
assignment made pursuant to Section 2.16) by a Lender (an “Assignment Tax”), but only if such Assignment Tax is imposed as a result of a present or former connection of the assignor or assignee with the jurisdiction imposing
such Assignment Tax (other than any connection arising solely from having executed, delivered, become a party to, performed any obligations under, received any payments under, received or perfected a security interest under, engaged in any other
transaction pursuant to, and/or enforced any Loan Document). 
 “Outstanding Revolving Credit” means, with
respect to any Revolving Lender at any time, an amount equal to the sum of (a) the aggregate then outstanding principal amount of such Revolving Lender’s Revolving Loans, and (b) such Revolving Lender’s LC Exposure. 

“Participant” has the meaning assigned to such term in Section 9.05. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “Perfection Certificate” means a certificate in the form of Exhibit I or any
other form approved by the Administrative Agent (acting reasonably), as the same shall be supplemented from time to time by any supplement thereto or otherwise. 
 “Permitted Additional Debt” means senior Secured Indebtedness (which Indebtedness may be secured either by Liens on the Collateral having a priority equal to the priority of the Liens on
the Collateral securing the Obligations (but without regard to control of remedies) or by Liens on the Collateral having a junior priority relative to the Liens on the Collateral securing the Obligations); provided that (a) except with
respect to an aggregate principal amount of such Indebtedness not in excess of $250,000,000 and except with respect to any Indebtedness constituting Attributable Debt, Purchase Money Indebtedness or Capital Lease Obligations, the terms of such
Indebtedness do not provide for maturity or any scheduled amortization (excluding the final installment thereof) in excess of 1% per annum of the original aggregate principal amount thereof or mandatory repayment, mandatory redemption,
mandatory offer to purchase or sinking fund obligations prior to the date that is 91 days after the Latest Maturity Date, other than, subject (except in the case of any such Indebtedness that constitutes First Lien Obligations or is secured by
assets not constituting Collateral) to the prior repayment or prepayment of, or the prior offer to repay or prepay (and to the extent such offer is accepted, the prior repayment or prepayment of) the Obligations hereunder (other than Swap
Obligations under any Secured Swap Agreement, Cash Management Obligations under any Secured Cash Management Agreement or contingent indemnification obligations and other contingent obligations) and the termination of the Revolving Commitments,
customary prepayments, repurchases or redemptions of or offers to prepay, redeem or repurchase upon a change of control, asset sale event or casualty or condemnation event, customary prepayments, redemptions or repurchases or offers to prepay,
redeem or repurchase based on excess cash flow (in the case of loans) and customary acceleration rights upon an event of default, (b) except for any of the following that are applicable only to periods following the Latest Maturity Date and
except with respect to any Indebtedness constituting Attributable Debt, Purchase Money Indebtedness or Capital Lease Obligations, the covenants, events of default, Subsidiary Guarantees and other terms for such Indebtedness (provided that
such Indebtedness shall have interest rates (including through fixed interest rates), interest rate margins, rate floors, fees, funding discounts, original issue discounts and redemption or prepayment premiums determined by the Borrower to be market
rates, margins, rate floors, fees, discounts and premiums at the time of issuance of such Indebtedness), taken as a whole, are determined by the Borrower to not be materially more restrictive on the Borrower and its Restricted Subsidiaries than the
terms of this Agreement (provided that, such terms shall not be deemed to be “more restrictive” solely as a result of the inclusion in the documentation governing such Indebtedness of any Previously Absent Financial Maintenance
Covenant so long as the Administrative Agent shall have been given prompt written notice thereof and this Agreement shall have been amended to include such Previously Absent Financial Maintenance Covenant for the benefit of each

  
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Facility (provided, however, that if (x) the documentation governing the Permitted Additional Debt that includes a Previously Absent Financial Maintenance Covenant consists of
a revolving credit facility (whether or not the documentation therefor includes any other facilities) and (y) such Previously Absent Financial Maintenance Covenant is only for the benefit of such revolving credit facility, then this Agreement
shall be amended to include such Previously Absent Financial Maintenance Covenant only for the benefit of each Revolving Facility and each Incremental Revolving Facility hereunder (and not for the benefit of any Incremental Term Loan Facility
hereunder) and such Indebtedness shall not be deemed “more restrictive” solely as a result of such Previously Absent Financial Maintenance Covenant benefiting only such revolving credit facility); provided that a certificate of a
Financial Officer of the Borrower delivered to the Administrative Agent at least five Business Days prior to the Incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such
Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions satisfy
the foregoing requirement unless the Administrative Agent notifies the Borrower within such five Business Day period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees) and
(c) such Indebtedness may be secured by property or assets other than the Collateral, but to the extent secured by any Collateral shall be subject to an applicable Customary Intercreditor Agreement. 

“Permitted Additional Debt Documents” means any document or instrument, including any guarantee, security or collateral
agreement or mortgage and which may include any or all of the Credit Documents, so long as, to the extent any such document or instrument grants any Lien on any assets of any Loan Party in favor of any Permitted Additional Debt Obligations,
(i) such Liens are Liens on the Collateral and (ii) the Obligations are secured by such Collateral on at least an equal priority basis with the Liens on such Collateral securing such Permitted Additional Debt Obligations (and the
provisions of the Security Agreement shall be in full force and effect at that time and no Suspension Period shall then be in effect with respect to the Loans). 
 “Permitted Additional Debt Obligations” means, if any Permitted Additional Debt has been Incurred and is outstanding, the reference to the unpaid principal of and interest on (including
interest and fees accruing after the maturity of the applicable Permitted Additional Debt and interest and fees accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding,
relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Permitted Additional Debt and all other obligations and liabilities to any Permitted Additional Debt Secured Party, whether
direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, any Permitted Additional Debt Document or any other document made, delivered or given in
connection herewith or therewith, whether on account of principal, interest, fees, indemnities, costs, expenses or otherwise (including all fees, charges and disbursements of counsel that are required to be paid by pursuant thereto). 

“Permitted Additional Debt Secured Parties” shall mean the holders from time to time of Permitted Additional Debt
Obligations that constitute Secured Indebtedness (and any representative on their behalf). 
 “Permitted
Holders” means Liberty Media Corporation, a Delaware corporation, John C. Malone, Liberty Spinco, Inc., a Delaware corporation, or any of their respective Affiliates (other than any entities owned in whole or in part by Liberty Media
Corporation in the nature of operating “portfolio” companies), in each case, from the Closing Date until the first date on which such Person is no longer an Affiliate of the Borrower. 

“Permitted Investment” means an Investment by the Borrower or any Restricted Subsidiary in: 

(a) the Borrower, a Restricted Subsidiary or a Person that will, upon the making of such Investment, become a Restricted
Subsidiary; 
 (b) another Person if, as a result of such Investment, such other Person is merged or consolidated
with or into, or transfers or conveys all or substantially all its assets to, the Borrower or a Restricted Subsidiary; 
 (c) cash and Cash Equivalents; 

  
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 (d) receivables owing to the Borrower or any Restricted Subsidiary if
created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Borrower or any such
Restricted Subsidiary deems reasonable under the circumstances; 
 (e) payroll, travel and similar advances to
cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 

(f) loans or advances to employees made in the ordinary course of business not to exceed $10 million at any time
outstanding; 
 (g) stock, obligations or securities received in settlement of debts created in the ordinary
course of business and owing to the Borrower or any Restricted Subsidiary or in satisfaction of judgments or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of a debtor; 

(h) any Person to the extent such Investment represents the non-cash portion of the consideration received for (i) an
Asset Disposition as permitted pursuant to Section 6.04 or (ii) a disposition of assets not constituting an Asset Disposition; 
 (i) any Person where such Investment was acquired by the Borrower or any of its Restricted Subsidiaries (i) in exchange for any other Investment or accounts receivable held by the Borrower or any
such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable or (ii) as a result of a foreclosure by the Borrower or any
of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 
 (j) any Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other similar
deposits made in the ordinary course of business by the Borrower or any Restricted Subsidiary; 
 (k) any Person
to the extent such Investments consist of Swap Obligations otherwise permitted under Section 6.01; 
 (l)
any Person to the extent such Investment exists on the Closing Date and is set forth on Schedule 6.11, and any extension, modification or renewal of any such Investments, but only to the extent not involving additional advances, contributions or
other Investments of cash or other assets or other increases thereof (other than as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of such
Investment as in effect on the Closing Date); 
 (m) so long as no Default or Event of Default then exists or
would result therefrom, any Person to the extent such Investments, when taken together with all other Investments made pursuant to this clause (m) that are at the time outstanding, do not exceed the greater of (x) $250 million and
(y) 7.5% of Consolidated Tangible Assets (as determined based on the consolidated balance sheet of the Borrower as of the end of the most recent fiscal quarter for which internal financial statements are available prior to such Investment), in
each case at the time of such Investment (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); 

(n) any Person to the extent that (i) both immediately prior to and after giving effect to such Investment, no
Default or Event of Default shall have occurred and be continuing and (ii) the Borrower shall be in compliance, on a pro forma basis after giving effect to such Investment, with the covenant set forth in Section 6.10, as such covenant is
recomputed as of the last day of the Test Period most recently ended on or prior to the date of such Investment as if such Investment had occurred on the first day of such Test Period; and 

  
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 (o) any Asset Swap; provided that if the assets being disposed of
constituted Collateral immediately prior to such Asset Swap, or would have so constituted Collateral but for the existence of a Suspension Period, the assets received in such Asset Swap shall constitute Collateral, or shall be of a type that would
constitute Collateral but for the existence of a Suspension Period. 
 “Permitted Liens” means, with respect to
any Person: 
 (a) pledges or deposits by such Person under worker’s compensation laws, unemployment
insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations
of such Person or deposits of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in
the ordinary course of business; 
 (b) Liens imposed by law, such as carriers’, warehousemen’s and
mechanics’ Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards not constituting an Event of Default under clause (j) of Section 7.01
and 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;
provided, however, that (i) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Borrower in excess of those set forth by regulations promulgated by the Board and
(ii) such deposit account is not intended by the Borrower or any Restricted Subsidiary to provide collateral to the depository institution; 
 (c) Liens for taxes, assessments or other governmental charges not yet subject to penalties for non-payment or which are being contested in good faith by appropriate proceedings if adequate reserves
therefor have been provided in accordance with GAAP; 
 (d) Liens in favor of issuers of surety bonds or letters
of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business; provided, however, that such letters of credit do not constitute Indebtedness; 

(e) survey exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way,
sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property or Liens incidental to the conduct of the business of such Person or to the ownership of its properties
which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(f) Liens securing Capital Lease Obligations, Attributable Debt, Purchase Money Indebtedness and other Indebtedness
Incurred to finance the construction, purchase or lease of, or repairs, improvements or additions to, property, plant or equipment of such Person; provided, however, that the Lien may not extend to any other property owned by such Person or
any of its Restricted Subsidiaries at the time the Lien is Incurred (other than assets and property affixed or appurtenant thereto), and the Indebtedness (other than any interest thereon) secured by the Lien may not be Incurred more than 180 days
after the later of the Incurrence of such Capital Lease Obligations, Attributable Debt, Purchase Money Indebtedness or of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the property
subject to the Lien; 
 (g) Liens on property of the Borrower or its Subsidiaries existing on the Closing Date
and set forth on Schedule 6.02; 

  
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 (h) Liens on property or shares of Capital Stock of another Person at the
time such other Person becomes a Restricted Subsidiary of such Person; provided, however, that the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property affixed
or appurtenant thereto); provided further that such Liens are not created in contemplation of or in connection with such Person becoming a Restricted Subsidiary; 

(i) Liens on property at the time such Person or any of its Restricted Subsidiaries acquires the property, including any
acquisition by means of a merger or consolidation with or into such Person or a Subsidiary of such Person; provided, however, that the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries
(other than assets and property affixed or appurtenant thereto); provided further that such Liens are not created in contemplation of or in connection with such acquisition; 

(j) Liens securing Indebtedness or other obligations of a Subsidiary of such Person owing to such Person or a Wholly Owned
Subsidiary of such Person; 
 (k) Liens securing Swap Obligations so long as such Swap Obligations are permitted
to be Incurred under this Agreement; 
 (l) [intentionally omitted]; 

(m) leases, licenses, subleases and sublicenses of assets (including, without limitation, real property and Intellectual
Property rights) which do not materially interfere with the ordinary conduct of the business of the Borrower or any of its Restricted Subsidiaries; 
 (n) Liens arising from Uniform Commercial Code financing statement filing regarding operating leases entered into by the Borrower and its Restricted Subsidiaries in the ordinary course of business;

 (o) Liens in connection with advances, deposits, escrows and similar arrangements in the ordinary course of
business in respect of retail or automotive distribution arrangements, satellite, chip set, programming and content acquisitions and extensions; 
 (p) Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (f), (g), (h), (i), (s), (t) and (x);
provided, however, that in the case of Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any Lien referred to in such clauses: 

(i) such new Lien shall be limited to all or part of the same property and assets that secured or, under the written
agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and 

(ii) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of
(A) the outstanding principal amount and (B) an amount necessary to pay any fees and expenses, including premiums, related to such Refinancing; 
 (q) any interest or title of a lessor under any Capital Lease Obligation; 
 (r) [intentionally omitted]; 
 (s) Liens relating to Replacement
Satellite Vendor Indebtedness, including Refinancing Indebtedness in respect thereof covering the assets acquired, constructed or improved with such Indebtedness; 

  
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 (t) Liens on assets of Foreign Subsidiaries to secure Indebtedness permitted
to be Incurred pursuant to the provisions of Section 6.01(m); 
 (u) Liens Incurred in the ordinary course
of business of the Borrower or any Restricted Subsidiary with respect to obligations that do not exceed $50 million at any one time outstanding; provided that, if such Liens are on Collateral (other than cash or Cash Equivalents) or assets
that would constitute Collateral (other than cash and Cash Equivalents) but for the existence of a Suspension Period, the holders of the Indebtedness or other obligations secured thereby (or a representative or trustee on their behalf) shall have
entered into a Customary Intercreditor Agreement providing that that Liens on such Collateral (or such assets that would constitute Collateral but for the existence of a Suspension Period) shall rank junior to the Liens on the Collateral securing
the Obligations; 
 (v) [intentionally omitted]; 

(w) [intentionally omitted]; and 
 (x) Liens on Collateral created pursuant to (i) the Credit Documents to secure the Obligations (including Liens permitted pursuant to Section 2.17(j)) and (ii) the Permitted Additional Debt
Documents securing Permitted Additional Debt Obligations permitted to be Incurred under Section 6.01(p); provided that, (A) in the case of Liens described in clause (ii) above securing Permitted Additional Debt Obligations that
constitute First Lien Obligations, the applicable Permitted Additional Debt Secured Parties (or a representative thereof on behalf of such holders) shall have entered into with the Administrative Agent a Customary Intercreditor Agreement (or, if
such a Customary Intercreditor Agreement shall then exist, become a party to or otherwise bound by the terms thereof) which agreement shall provide that the Liens on the Collateral securing such Permitted Additional Debt Obligations shall have the
same priority as the Liens on the Collateral securing the Obligations (but without regard to control of remedies) and (B) in the case of Liens described in clause (ii) above securing Permitted Additional Debt Obligations that constitute
Junior Lien Obligations, the applicable Permitted Additional Debt Secured Parties (or a representative thereof on behalf of such holders) shall have entered into a Customary Intercreditor Agreement (or, if such a Customary Intercreditor Agreement
shall then exist, become a party to or otherwise bound by the terms thereof) with the Administrative Agent which agreement shall provide that the Liens on the Collateral securing such Permitted Additional Debt Obligations shall rank junior to the
Liens on the Collateral securing the Obligations and any other First Lien Obligations. Without any further consent of the Lenders, the Administrative Agent shall be authorized to negotiate, execute and deliver on behalf of the Secured Parties any
Customary Intercreditor Agreement or any amendment (or amendment and restatement) to the Collateral Documents or a Customary Intercreditor Agreement to the extent necessary to effect the provisions contemplated by this clause (x). 

For purposes of this definition, the term “Indebtedness” shall be deemed to include interest on such Indebtedness. 

“person” and “group” have the meanings given to them for purposes of Section 13(d) and 14(d) of
the Exchange Act or any successor provisions, and the term “group” includes any group acting for the purpose of acquiring, holding or disposing of securities within the meaning of rule 13d-5(b)(1) under the Exchange Act, or any
successor provision. 
 “Person” means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means an employee
pension plan as defined in Section 3(2) of ERISA (other than a Multiemployer Plan), subject to the provisions of Section 302 and Title IV of ERISA or Section 412 of the Code, and in respect of which the Borrower or any ERISA Affiliate
is (or if such plan were terminated, would under Section 4062 or 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

  
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 “Pledge Agreement” means the Pledge Agreement dated as of December 5,
2012, by and among the Borrower and each Subsidiary Guarantor and the Administrative Agent, substantially in the form of Exhibit D. 
 “Preferred Stock” as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends or
distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person. 

“Present Fair Saleable Value” means the amount that could be obtained by an independent willing seller from an
independent willing buyer if the assets (both tangible and intangible) of the applicable Person and its subsidiaries taken as a whole are sold on a going-concern basis with reasonable promptness in an arm’s-length transaction under present
conditions for the sale of comparable business enterprises insofar as such conditions can be reasonably evaluated. 

“Previously Absent Financial Maintenance Covenant” means, at any time (x) any financial maintenance covenant that
is not included in this Agreement at such time and (y) any financial maintenance covenant that is included in this Agreement at such time but with covenant levels in this Agreement that are less restrictive on the Borrower and the Restricted
Subsidiaries. 
 “Pricing Grid” means the table below. 

 

													
	 Total Leverage Ratio
	  	Applicable Rate
for ABR Loans	 	 	Applicable Rate for
Eurocurrency Loans	 	 	Commitment
Fee Rate	 
	 Greater than or equal to 4.25 to 1.00
	  	 	1.50	% 	 	 	2.50	% 	 	 	0.40	% 
	 Greater than or equal to 3.25 to 1.00 but less than 4.25 to 1.00
	  	 	1.25	% 	 	 	2.25	% 	 	 	0.35	% 
	 Greater than or equal to 2.25 to 1.00 but less than 3.25 to 1.00
	  	 	1.00	% 	 	 	2.00	% 	 	 	0.30	% 
	 Less than 2.25 to 1.00
	  	 	0.75	% 	 	 	1.75	% 	 	 	0.25	% 

 For the purposes of the Pricing Grid, changes in the Applicable Rate and Commitment Fee Rate resulting
from changes in the Total Leverage Ratio shall become effective on the date (the “Adjustment Date”) on which financial statements are delivered to the Administrative Agent pursuant to Section 5.01, with the first such
Adjustment Date after the Closing Date to occur when the financial statements for the fiscal quarter ended March 31, 2013 are delivered to the Administrative Agent pursuant to Section 5.01, and shall remain in effect until the next change
to be effected pursuant to this paragraph. If at any time the Borrower notifies the Administrative Agent that both (i) either (A) the Borrower’s public corporate credit rating from Standard & Poor’s shall be BBB- or
better or the Borrower’s public corporate family rating from Moody’s shall be Baa3 or better (an “Investment Grade Rating”) or (B) the Suspension Conditions are satisfied and the Borrower elects not to suspend the
Liens granted pursuant to the Security Agreement, and (ii) no Default or Event of Default has occurred and is continuing, then each of the Applicable Rates in the Pricing Grid will be adjusted downward by 0.25% at each level and for each type
of Loan, until such time as both the Investment Grade Rating is no longer applicable (an “Investment Grade Rating Decrease”) and the Reinstatement Condition is satisfied (a “Suspension Election Decrease”).
Notwithstanding the foregoing, if any financial statements referred to above are not delivered within the time periods specified in Section 5.01, then, until the date on which such financial statements are delivered, the highest rate set forth
in each column of the Pricing Grid (as adjusted by any Investment Grade Rating Decrease and Suspension Election Decrease) shall apply. In addition, at all times while an Event of Default shall have occurred and be continuing, the highest rate set
forth in each column of the Pricing Grid (as adjusted by any Investment Grade Rating Decrease and Suspension Election Decrease) shall apply. Each determination of the Total Leverage Ratio pursuant to the Pricing Grid shall be made in a manner
consistent with the determination thereof pursuant to Section 6.10. 

  
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 “Prime Rate” means the rate of interest per annum publicly announced from
time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

 “Purchase Money Indebtedness” means Indebtedness: 

(a) consisting of the deferred purchase price of an asset, conditional sale obligations, obligations under any title
retention agreement and other purchase money obligations, in each case where the maturity of such Indebtedness does not exceed the anticipated useful life of the asset being financed, and 

(b) incurred to finance the acquisition by the Borrower or a Restricted Subsidiary of such asset, including additions and
improvements; 
 provided, however, that (i) such Indebtedness is incurred within 180 days after the acquisition by the
Borrower or such Restricted Subsidiary of such asset and (ii) in the case of clause (b), the amount of such Indebtedness does not exceed 100% of the cost of such acquisition, addition or improvement, as the case may be plus reasonable fees and
expenses incurred in connection with such acquisition, addition, improvement or Incurrence. 
 “Refinance”
means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, purchase, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness. “Refinanced” and
“Refinancing” shall have correlative meanings. 
 “Refinancing Indebtedness” means Indebtedness of
the Borrower or a Restricted Subsidiary Incurred to Refinance any Indebtedness of the Borrower or any Restricted Subsidiary (the “Refinanced Indebtedness”); provided that: 

(a) the principal amount (or accreted value, if applicable) of the Refinancing Indebtedness does not exceed the principal
amount (or accreted value, if applicable) of the Refinanced Indebtedness (or, if less, the portion of the principal amount required to be paid in connection with the refinancing) plus the amount of accrued and unpaid interest on the Refinanced
Indebtedness and any premium paid to the holders of the Refinanced Indebtedness and reasonable fees and expenses incurred in connection with the Incurrence of the Refinancing Indebtedness; 

(b) the obligor of Refinancing Indebtedness does not include any Person (other than the Borrower or any Restricted
Subsidiary) that is not an obligor of the Loans; 
 (c) if the Refinanced Indebtedness was subordinated in right
of payment to the Loans or the Subsidiary Guarantee, as the case may be, then such Refinancing Indebtedness, by its terms, is subordinate in right of payment to the Loans or the Subsidiary Guarantee, as the case may be, at least to the same extent
as the Refinanced Indebtedness; 
 (d) the Refinancing Indebtedness has a final stated maturity no earlier than
the Refinanced Indebtedness being Refinanced; and 
 (e) the portion, if any, of the Refinancing Indebtedness
that is scheduled to mature on or prior to the Latest Maturity Date has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred that is equal to or greater than the Weighted Average Life to Maturity of the portion
of the Refinanced Indebtedness being Refinanced that is scheduled to mature on or prior to the Latest Maturity Date (provided that Refinancing Indebtedness in respect of Refinanced Indebtedness that has no amortization may provide for amortization
installments, sinking fund payments, serial maturity dates or other required payments of principal of up to 1% of the aggregate principal amount per annum). 
 “Register” has the meaning assigned to such term in Section 9.05(b)(iv). 

  
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 “Regulation U” means Regulation U of the Board as from time to time in
effect and any successor to all or a portion thereof establishing margin requirements. 
 “Reinstatement
Condition” has the meaning assigned to such term in Section 9.15(c). 
 “Related Business” means
any business in which the Borrower or any of the Restricted Subsidiaries was engaged on the Closing Date and any business related, ancillary or complementary to such business or that constitutes a reasonable extension or expansion thereof.

 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

“Release” shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting,
escaping, leaching, dumping, disposing, depositing, dispersing, emanating or migrating of any Hazardous Material in, into, onto or through the Environment, or from, into or through any structure or facility. 

“Reorganization” means, with respect to any Multiemployer Plan, the condition that such plan is in reorganization within
the meaning of Section 4241 of ERISA. 
 “Replacement Loans” has the meaning assigned to such term in
Section 9.02(c). 
 “Replacement Satellite Vendor Indebtedness” means Indebtedness of the Borrower
provided by a Satellite Manufacturer or satellite launch vendor, insurer or insurance agent or Affiliate thereof for (a) the construction, launch and insurance of all or part of one or more replacement satellites or satellite launches for such
satellites, where “replacement satellite” means a satellite that is used for continuation of the Borrower’s satellite service as a replacement for, or supplement to, a satellite that is retired or relocated (due to a deterioration in
operating useful life) within the existing service area or reasonably determined by the Borrower to no longer meet the requirements for such service, or (b) the replacement of a spare satellite that has been launched or that is no longer
capable of being launched or suitable for launch. 
 “Required Lenders” means, subject to Section 2.18(b),
at any time, the holders of more than 50% of the sum of (i) the aggregate unpaid principal amount of the Incremental Term Loans then outstanding, if any, and (ii) the Total Revolving Commitments then in effect or, if the Revolving
Commitments have been terminated, the Total Revolving Loans then outstanding. 
 “Required Reimbursement Date”
has the meaning assigned to such term in Section 2.17(e). 
 “Required Revolving Lenders” means, subject
to Section 2.18(b), at any time, the holders of more than 50% of the Total Revolving Commitments then in effect or, if the Revolving Commitments have been terminated, the Total Revolving Loans then outstanding. 

“Requirement of Law” means, as to any Person, any law, treaty, rule, regulation or other official administrative
guidance or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Restricted Payment” with respect to any Person means: 

(a) the declaration or payment of any dividends or any other distributions of any sort in respect of its Capital Stock
(including any payment in connection with any merger or consolidation involving such Person) or similar payment to the direct or indirect holders of its Capital Stock (other than (i) dividends or distributions payable solely in its Capital
Stock (other than Disqualified Stock), (ii) dividends or distributions payable solely to the Borrower a Restricted Subsidiary and (iii) pro rata dividends or other distributions made by a Subsidiary that is not a Wholly Owned Subsidiary to
minority shareholders (or owners of an equivalent interest in the case of a Subsidiary that is an entity other than a corporation)); 

  
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 (b) the purchase, repurchase, redemption, defeasance or other acquisition or
retirement for value of any Capital Stock of the Borrower or any direct or indirect parent of the Borrower held by any Person (other than by a Restricted Subsidiary) or of any Capital Stock of a Restricted Subsidiary held by any Affiliate of the
Borrower (other than by the Borrower or a Restricted Subsidiary), including in connection with any merger or consolidation and including the exercise of any option to exchange any Capital Stock (other than into Capital Stock of the Borrower that is
not Disqualified Stock); 
 (c) the purchase, repurchase, redemption, defeasance or other acquisition or
retirement for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment of any Subordinated Obligations of the Borrower (other than, in the case of this clause (c), from the Borrower or a Restricted Subsidiary); or

 (d) the making of any Investment (other than a Permitted Investment) in any Person. 

“Restricted Subsidiary” means any Subsidiary of the Borrower other than Unrestricted Subsidiaries. 

“Revolving Commitment” means, as to any Revolving Lender, the obligation of such Revolving Lender to make Revolving
Loans and purchase participation interests in Letters of Credit in an aggregate principal amount not to exceed the amount set forth under the heading “Revolving Commitment” opposite such Lender’s name on Schedule 1.01A or in
the Assignment and Assumption or New Lender Supplement pursuant to which such Revolving Lender became a party hereto, as the same may be changed from time to time pursuant to the terms of this Agreement. The original aggregate amount of all
Revolving Commitments is $1,250,000,000. 
 “Revolving Commitment Percentage” means, with respect to any Lender
at any time, the ratio (expressed as a percentage) of such Lender’s Revolving Commitment at such time to the Total Revolving Commitments at such time. 
 “Revolving Commitment Period” means the period from and including the Closing Date to the Revolving Termination Date. 

“Revolving Facility” has the meaning assigned to such term in the definition of “Facility.” 

“Revolving Fee Payment Date” means (a) the first Business Day following the last day of each March, June, September
and December during the Revolving Commitment Period and (b) the last day of the Revolving Commitment Period. 

“Revolving Lender” means each Lender that has a Revolving Commitment or that holds Revolving Loans. 

“Revolving Loans” has the meaning assigned to such term in Section 2.01(a). 

“Revolving Termination Date” means the fifth anniversary of the Closing Date. 

“Sale/Leaseback Transaction” means an arrangement relating to property owned by the Borrower or a Restricted Subsidiary
on the Closing Date or thereafter acquired by the Borrower or a Restricted Subsidiary whereby the Borrower or a Restricted Subsidiary transfers such property to a Person and the Borrower or a Restricted Subsidiary leases it from such Person.

 “Satellite” means any satellite owned by, or leased(in its entirety) to, the Borrower or any Restricted
Subsidiary and any satellite that is the subject of any satellite purchase agreement between or among the Borrower or any Restricted Subsidiary, on the one hand, and the Satellite Manufacturer of such satellite, on the other hand (whether such
satellite is in the process of manufacture, has been delivered for launch or is in orbit (whether or not in operational service)). 
 “Satellite Manufacturer” means, with respect to any Satellite, the prime contractor and manufacturer of such Satellite. 

  
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 “Satisfactory HoldCo” means a holding company that (a) is a direct
parent company of the Borrower and (b) owns 100% of the Capital Stock of the Borrower. 
 “Secured Cash Management
Agreement” means any Cash Management Agreement that is entered into by and between any Loan Party and any Cash Management Bank, except for any such Cash Management Agreement designated by the Borrower in writing to the Administrative Agent
as an “unsecured cash management agreement” as of the Closing Date or, if later, as of the time of entering into such Cash Management Agreement. 
 “Secured Swap Agreement” means any Swap Agreement that is entered into by and between the Borrower or any Restricted Subsidiary and any Secured Swap Bank. 

“Secured Swap Bank” means any Person that is a counterparty to a Swap Agreement with the Borrower or one of its
Restricted Subsidiaries, in its capacity as such, and that either (a) is a Lender, an Agent Party, or an Affiliate of a Lender or an Agent Party at the time it enters into such Swap Agreement or (b) becomes a Lender, an Agent Party or an
Affiliate of a Lender or an Agent Party after it has entered into such Swap Agreement. 
 “Secured
Indebtedness” means Indebtedness of the Borrower or any of its Restricted Subsidiaries secured by any Lien on any assets of the Borrower or a Restricted Subsidiary. 
 “Secured Parties” has the meaning assigned to such term in the Security Agreement. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Security Agreement” means the Security Agreement dated as of December 5, 2012 by and among the Borrower and each
Subsidiary Guarantor and the Administrative Agent, substantially in the form of Exhibit H. 
 “Senior
Indebtedness” means with respect to any Person: 
 (a) Indebtedness of such Person, whether outstanding
on the Closing Date or thereafter Incurred; and 
 (b) all other obligations of such Person (including interest
accruing on or after the filing of any petition in bankruptcy or for reorganization relating to such Person whether or not post-filing interest is allowed in such proceeding) in respect of Indebtedness described in clause (a) above; 

unless, in the case of clauses (a) and (b), in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is
provided that such Indebtedness or other obligations are subordinate in right of payment to the Obligations; provided, however, that Senior Indebtedness shall not include: 

(i) any obligation of such Person to the Borrower or any Subsidiary; 

(ii) any liability for federal, state, local or other taxes owed or owing by such Person; 

(iii) any accounts payable or other liability to trade creditors arising in the ordinary course of business; 

(iv) any Indebtedness or other obligation of such Person which is subordinate or junior in any respect to any other
Indebtedness or other obligation of such Person; 
 (v) that portion of any Indebtedness which at the time of
Incurrence is Incurred in violation of this Agreement; or 
 (vi) any Capital Stock. 

  
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 “Senior Secured Leverage Ratio” means, as of any date of determination, the
ratio of (x) Consolidated Secured Debt of the Borrower and its Restricted Subsidiaries as of the last day of the Test Period most recently ended on or prior to such date of determination to (y) Consolidated Operating Cash Flow for such
Test Period. 
 “Solvent” means, with respect to any Person, at any date, that (a) the sum of such
Person’s debts (including contingent or subordinated liabilities) do not exceed either the Fair Value or the Present Fair Saleable Value of such Person’s present assets, (b) such Person’s capital is not unreasonably small in
relation to its business as conducted and contemplated on such date, (c) such Person has not incurred and does not intend to incur, or believe that it will incur, debts (including current or subordinated obligations) beyond its ability to pay
such debts as they become due (whether at maturity or otherwise), and (d) such Person is “solvent” within the meaning given that term and similar terms under applicable Requirements of Law relating to fraudulent transfers and
conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be
expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5). 

“Specified Existing Incremental Term Loan Class” has the meaning assigned to such term in Section 2.19(a).

 “Specified Existing Revolving Commitment Class” has the meaning assigned to such term in
Section 2.19(a). 
 “Specified Extended Incremental Term Loans” has the meaning assigned to such term in
Section 2.19(d). 
 “Specified Extended Revolving Commitments” has the meaning assigned to such term in
Section 2.19(d). 
 “Standard & Poor’s” means Standard & Poor’s Rating
Services. 
 “Subordinated Obligation” means, with respect to a Person, any Indebtedness of such Person
(whether outstanding on the Closing Date or thereafter incurred) that is subordinate or junior in right of payment to the Obligations pursuant to a written agreement to that effect. 

“Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of
which more than 50% of the total voting power of shares of Voting Stock is at the time owned or controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such Person or (c) one or more
Subsidiaries of such Person. 
 “Subsidiary Guarantee” means the Subsidiary Guarantee Agreement, dated as of
December 5, 2012, by and among each Subsidiary Guarantor and the Administrative Agent, substantially in the form of Exhibit C. 
 “Subsidiary Guarantor” means each Subsidiary that is a party to the Subsidiary Guarantee. 
 “Successor Borrower” has the meaning assigned to such term in Section 6.03(a)(i)(A). 
 “Suspension Conditions” has the meaning assigned to such term in Section 9.15(b). 
 “Suspension Period” has the meaning assigned to such term in Section 9.15(c). 
 “Swap Agreement” means any agreement with respect to any swap, cap, collar, hedge, forward, future or derivative transaction or option or similar agreement 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; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Restricted
Subsidiaries shall be a Swap Agreement. 

  
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 “Swap Obligations” means, with respect to any Person, all obligations of
such Person under any Swap Agreements. 
 “Taxes” means any and all present or future taxes, levies, imposts,
duties, deductions, charges or withholdings imposed by any Governmental Authority, including any interest, additions to tax and penalties related thereto. 
 “Test Period” means the four consecutive fiscal quarter period most recently ended for which financial statements have been, or were required to be, delivered pursuant to
Section 5.01; provided that, prior to the first date that financial statements shall have been delivered pursuant to Section 5.01, the Test Period in effect shall be the period of four consecutive fiscal quarters of the Borrower
ended September 30, 2012. A Test Period may be designated by reference to the last day thereof (i.e. the September 30, 2012 Test Period refers to the period of four consecutive fiscal quarters of the Borrower ended September 30,
2012), and a Test Period shall be deemed to end on the last day thereof. 
 “Total Leverage Ratio” means, as of
any date of determination, the ratio of (x) Consolidated Total Debt of the Borrower and its Restricted Subsidiaries as of the last day of the Test Period most recently ended on or prior to such date of determination to (y) Consolidated
Operating Cash Flow for such Test Period. 
 “Total Percentage” means, with respect to any Lender at any time,
the ratio (expressed as a percentage) of such Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time. 
 “Total Revolving Commitments” means, at any time, the aggregate amount of the Revolving Commitments then in effect. 

“Total Revolving Loans” means, at any time, the aggregate amount of the Revolving Loans of the Revolving Lenders
outstanding at such time. 
 “Transactions” means the execution, delivery and performance by the Borrower of
this Agreement, the execution, delivery and performance by the Credit Parties of the other Credit Documents, the borrowing of Loans and the use of proceeds thereof. 
 “TT&C Station” means an earth station operated by the Borrower or any Restricted Subsidiary for the purpose of providing tracking, telemetry, control and monitoring of any Satellite.

 “Type” means, as to any Loan, its nature as an ABR Loan or a Eurocurrency Loan. 

“Unrestricted Subsidiary” means (a) any Subsidiary of the Borrower that at the time of determination shall be
designated as an Unrestricted Subsidiary by the Board of Directors in the manner provided below and (b) any Subsidiary of an Unrestricted Subsidiary. 
 The Board of Directors may designate any Subsidiary of the Borrower (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its
Subsidiaries at the time of such designation owns (i) any Capital Stock or Indebtedness of, or holds any Lien on any property of, the Borrower or any other Subsidiary of the Borrower that is not a Subsidiary of the Subsidiary to be so
designated or (ii) any Satellite, any material Intellectual Property or any rights to operate wireless spectra; provided, however, that (A) both immediately before and after giving effect to such designation, no Event of Default
shall have occurred and be continuing and (B) the Borrower shall be in compliance, on a pro forma basis after giving effect to such designation, with the covenant set forth in Section 6.10, as such covenant is recomputed as of the last day
of the Test Period most recently ended on or prior to the date of such designation as if such designation had occurred on the first day of such Test Period. 
 The Board of Directors may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, (A) both immediately before and after giving effect to such designation, no
Event of Default shall have occurred and be continuing and (B) the Borrower shall be in compliance, on a pro forma basis after giving effect to such designation, with the covenant set forth in Section 6.10, as such covenant is recomputed
as of the last day of the Test Period most recently ended on or prior to the date of such designation as if such designation had occurred on the first day of such Test Period. 

  
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 Any such designation by the Board of Directors shall be evidenced to the Administrative
Agent by promptly filing with the Administrative Agent a copy of the resolution of the Board of Directors giving effect to such designation and an officers’ certificate certifying that such designation complied with the foregoing provisions.

 “U.S. Lender” means any Lender that is a “United States person” as defined in
Section 7701(a)(30) of the Code. 
 “USA PATRIOT Act” has the meaning assigned to such term in the
definition of “Anti-Terrorism Laws.” 
 “Voting Stock” of a Person means all classes of Capital Stock
of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 
 “Weighted Average Life to Maturity” when applied to any Indebtedness at any date, means the number of years obtained by dividing (a) the sum of the products obtained by multiplying
(i) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal, including payment at final maturity, in respect thereof by (ii) the number of years (calculated to the nearest
one-twelfth) that shall elapse between such date and the making of such payment by (b) the then outstanding principal amount of such Indebtedness. 
 “Wholly Owned Subsidiary” means a Subsidiary all the Capital Stock of which (other than directors’ qualifying shares) is owned by the Borrower or one or more other Wholly Owned
Subsidiaries (or, in the case of clause (z) to the proviso of Section 6.03(a), the Satisfactory HoldCo). 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 SECTION 1.02 Classification of
Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a
“Eurocurrency Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a
“Eurocurrency Revolving Borrowing”). 
 SECTION 1.03 Pro Forma Determinations. 

(a) If any transaction giving rise to the need to calculate the Total Leverage Ratio or the Senior Secured Leverage Ratio is an
Incurrence of Indebtedness, the amount of such Indebtedness shall be calculated after giving effect on a pro forma basis to such Indebtedness; 
 (b) If the Borrower or any Restricted Subsidiary has repaid, repurchased, defeased or otherwise discharged any Indebtedness that was outstanding as of the end of such fiscal quarter or if any Indebtedness
is to be repaid, repurchased, defeased or otherwise discharged on the date of the transaction giving rise to the need to calculate the Total Leverage Ratio or the Senior Secured Leverage Ratio (other than, in each case, Indebtedness Incurred under
any revolving credit agreement), the aggregate amount of Indebtedness shall be calculated on a pro forma basis and Consolidated Operating Cash Flow shall be calculated as if the Borrower or such Restricted Subsidiary had not earned the interest
income, if any, actually earned during the Test Period in respect of cash or Cash Equivalents used to repay, repurchase, defease or otherwise discharge such Indebtedness; 
 (c) If since the beginning of any Test Period, the Borrower or any Restricted Subsidiary shall have made any disposition, the Consolidated Operating Cash Flow for the Test Period shall be reduced by an
amount equal to the Consolidated Operating Cash Flow (if positive) directly attributable to the assets which are the subject of such disposition for the Test Period or increased by an amount equal to the Consolidated Operating Cash Flow (if
negative) directly attributable thereto for the Test Period; 

  
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 (d) If since the beginning of the Test Period, the Borrower or any Restricted Subsidiary (by
merger or otherwise) shall have made an Investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or an acquisition of assets which constitutes all or substantially all of an operating unit of a business,
Consolidated Operating Cash Flow for the Test Period shall be increased by an amount equal to the Consolidated Operating Cash Flow (if positive) directly attributable to such Investment, Restricted Subsidiary or assets which are the subject of such
transaction for the Test Period or decreased by an amount equal to the Consolidated Operating Cash Flow (if negative) directly attributable thereto for the Test Period; and 
 (e) If since the beginning of the Test Period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Borrower or any Restricted Subsidiary since the beginning of such
Test Period) shall have made any disposition, any Investment or acquisition of assets that would have required an adjustment pursuant to clause (c) or (d) above if made by the Borrower or a Restricted Subsidiary during the Test Period,
Consolidated Operating Cash Flow for the Test Period shall be calculated after giving pro forma effect thereto as if such disposition, Investment or acquisition had occurred on the first day of the Test Period. 

For all purposes of this Agreement, whenever pro forma effect is to be given to an acquisition of assets, the amount of income or
earnings relating thereto and the amount of Consolidated Interest Expense associated with any Indebtedness Incurred in connection therewith, the pro forma calculations relating thereto shall be determined in accordance with GAAP in good faith by a
Financial Officer of the Borrower. 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 of determination had been the
applicable rate for the entire period (taking into account any Swap Agreement applicable to such Indebtedness if such Swap Agreement has a remaining term in excess of 12 months). If any Indebtedness is Incurred under a revolving credit facility and
is being given pro forma effect, the interest on such Indebtedness shall be calculated based on the average daily balance of such Indebtedness for the four fiscal quarters subject to the pro forma calculation to the extent such Indebtedness was
Incurred solely for working capital purposes. 
 SECTION 1.04 Terms Generally. The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, restated, amended and restated,
extended or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns,
(c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references
herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference herein to any Requirement of Law shall include all statutory and
regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Requirement of Law and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. The foregoing standards shall also apply to the other Credit Documents. 

SECTION 1.05 Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature
shall be construed in accordance with GAAP, as in effect from time to time; provided that for purposes of any determinations associated with leases, including, without limitation, determinations of whether such leases are capital leases,
whether obligations under such leases are Capital Lease Obligations, the amount of any Capital Lease Obligations associated with such leases, and the amount of operating expenses associated with such leases, Consolidated Operating Cash Flow,
Indebtedness, Senior Secured Leverage Ratio and the Total Leverage Ratio shall be determined based on generally accepted accounting principles in the United States of America in effect on the Closing Date; provided further that, if the
Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such
provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), 

  
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regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and
applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 
 ARTICLE II 
 The Credits 

SECTION 2.01 Revolving Commitments. 
 Subject to the terms and conditions hereof, from time to time during the Revolving Commitment Period, each Revolving Lender severally agrees to make to the Borrower revolving credit loans denominated in
Dollars (“Revolving Loans”) in an aggregate principal amount that will not result at the time of such Borrowing in the amount of such Lender’s Outstanding Revolving Credit under the Revolving Commitments exceeding such
Lender’s Revolving Commitment. During the Revolving Commitment Period, the Borrower may use the Revolving Commitments by borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and
conditions hereof. The Revolving Loans may from time to time be Eurocurrency Loans or ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections 2.03 and 2.05. 

Each Revolving Loan under the Revolving Commitments shall be made as part of a Borrowing consisting of Revolving Loans made by the
Revolving Lenders thereunder ratably in accordance with their respective Revolving Commitments. The failure of any Revolving Lender to make any Revolving Loan required to be made by it shall not relieve any other Revolving Lender of its obligations
hereunder; provided that the Revolving Commitments of the Revolving Lenders are several and no Revolving Lender shall be responsible for any other Revolving Lender’s failure to make Revolving Loans as required. 

At the commencement of each Interest Period for any Eurocurrency Revolving Borrowing, such Borrowing shall be in an aggregate amount that
is an integral multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000;
provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the Total Revolving Commitments. Borrowings of more than one Type and Class may be outstanding at the same time;
provided that there shall not at any time be more than a total of ten (10) Eurocurrency Revolving Borrowings outstanding (which number shall be increased by at least 3 for each Class of Extended Revolving Commitments created after the
Closing Date). 
 SECTION 2.02 Incremental Revolving Commitments and Incremental Term Loans. 

(a) The Borrower and one or more Lenders (including New Lenders subject to clause (d) below) may from time to time agree that such
Lenders shall Incur Incremental Revolving Commitments (which shall have the effect of increasing the amount of the existing Revolving Commitments) by executing and delivering to the Administrative Agent an Incremental Revolving Commitment Activation
Notice specifying (x) the amount of the Incremental Revolving Commitments and (y) the applicable Incremental Revolving Commitment Closing Date. Notwithstanding the foregoing, 

(i) the aggregate amount of (A) the Incremental Term Loans and Incremental Revolving Commitments (after giving pro
forma effect thereto and the use of the proceeds thereof) Incurred pursuant to this Section 2.02 plus (B) the aggregate principal amount of Permitted Additional Debt Incurred under Section 6.01(p)(ii) shall not exceed, as of the date
of Incurrence the Incremental Limit; provided that Incremental Term Loans may be Incurred without regard to the Incremental Limit (so long as no Event of Default has occurred and is continuing) to the extent that the Net Cash Proceeds from
such Incremental Term Loans are used on the date of incurrence of such Incremental Term Loans (or substantially concurrently therewith) to prepay any other outstanding Incremental Term Loans; 

  
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 (ii) no Incremental Revolving Commitments may be Incurred if a Default or
Event of Default would be in existence immediately before or after giving pro forma effect thereto and to any concurrent transactions and any substantially concurrent use of the proceeds thereof, 

(iii) any Incremental Revolving Commitment shall be on the same terms, pursuant to the same documentation, and treated the
same as the existing Revolving Facility (including with respect to maturity date thereof) and shall be considered to be part of the Revolving Facility (it being understood that, if required to consummate an Incremental Revolving Commitment,
(x) the Applicable Rates and Commitment Fee Rates on the existing Revolving Facility may be increased and additional upfront or similar fees may be payable to the Lenders providing such Incremental Revolving Commitment and (y) any
Previously Absent Financial Maintenance Covenant may be added without any consent of any Person so long as the Administrative Agent shall have been given prompt written notice thereof and this Agreement is amended to include such Previously Absent
Financial Maintenance Covenant for the benefit of the entire Revolving Facility); 
 (iv) unless otherwise agreed
by the Administrative Agent, (A) each increase effected pursuant to this paragraph shall be in a minimum amount of at least $100,000,000 and (B) no more than four (4) Incremental Revolving Commitment Activation Notices may be
delivered by the Borrower after the Closing Date; and 
 (v) no existing Lender shall have any obligation to
incur any Incremental Revolving Commitments unless it agrees to do so in its sole discretion and the Borrower shall not be obligated to offer any existing Lender the opportunity to provide any Incremental Revolving Commitment. 

(b) The Borrower and any one or more Lenders (including New Lenders subject to clause (d) below) may from time to time agree that
such Lenders shall make Incremental Term Loans by executing and delivering to the Administrative Agent an Incremental Term Facility Activation Notice specifying (A) the principal amount of such Incremental Term Loans, (B) the applicable
Incremental Term Facility Closing Date, (C) the applicable Incremental Term Maturity Date; provided that no more than $250,000,000 of Incremental Term Loans may have a final maturity date prior to the Latest Maturity Date, (D) the
amortization schedule for such Incremental Term Loans, which shall comply with Section 2.07(a), (E) the Applicable Rate and any rate floors for such Incremental Term Loans, (F) the proposed original issue or other funding discounts,
upfront fees or other fees, (G) any Borrower and Borrower affiliate loan purchase provisions and (H) the prepayment terms (which may include customary excess cash flow sweeps, prepayments with the Net Available Cash of dispositions,
issuances of Capital Stock or Incurrences of Indebtedness) and premiums, if any, applicable to such Incremental Term Loans, and the manner in which prepayments of such Incremental Term Loans shall be applied to the installments thereof and as
between Classes of Incremental Term Loans). Notwithstanding the foregoing, 
 (i) the aggregate amount of
(A) the Incremental Term Loans and Incremental Revolving Commitments (after giving pro forma effect thereto and the use of the proceeds thereof) Incurred pursuant to this Section 2.02 plus (B) the aggregate principal amount of
Permitted Additional Debt Incurred under Section 6.01(p)(ii) shall not exceed, as of the date of Incurrence the Incremental Limit; provided that Incremental Term Loans may be incurred without regard to the Incremental Limit (so long as
no Event of Default has occurred and is continuing) to the extent that the Net Cash Proceeds from such Incremental Term Loans are used on the date of incurrence of such Incremental Term Loans (or substantially concurrently therewith) to prepay any
other outstanding Incremental Term Loans, 
 (ii) no Incremental Term Loans may be incurred if a Default or Event
of Default would be in existence immediately before or after giving pro forma effect thereto and to any concurrent transactions and any substantially concurrent use of the proceeds thereof; 

(iii) Incremental Term Loans may otherwise have terms and conditions different from those of the Revolving Facility;
provided that (x) except with respect to matters contemplated by clauses (A)(subject to clause (i) above) through (H) above, any differences shall be reasonably satisfactory to the Administrative Agent to the extent such
differences are not consistent with the requirements of clause (b) of the definition of “Permitted Additional Debt”; provided that a certificate of a Financial Officer of the

  
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Borrower delivered to the Administrative Agent at least five Business Days prior to the incurrence, issuance or other obtaining of such Indebtedness, together with a reasonably detailed
description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement shall be
conclusive evidence that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies the Borrower within such five Business Day period that it disagrees with such determination (including a reasonable
description of the basis upon which it disagrees); 
 (iv) unless otherwise agreed by the Administrative Agent,
(A) no Class of Incremental Term Loans shall be in an aggregate principal amount less than $100,000,000 and (B) no more than four (4) Classes of Incremental Term Loans may be outstanding under this Agreement at any time; 

(v) no existing Lender shall have any obligation to make any Incremental Term Loans unless it agrees to do so in its sole
discretion and the Borrower shall not be obligated to offer any existing Lender the opportunity to provide any Incremental Term Loans; and 
 (vi) any Incremental Term Loan that is repaid may not be reborrowed. 
 (c) Each
Incremental Revolving Commitment and/or Incremental Term Loan shall have the same guarantees as and be secured on an equal priority basis by the collateral securing the Revolving Facility and constitute “Obligations” pursuant to the
existing Credit Documents. 
 (d) Any additional bank, financial institution or other Person that, with the consent of the
Borrower, elects to become a “Lender” under this Agreement in connection with any transaction described in Section 2.02(a) or 2.02(b) shall execute a New Lender Supplement (each, a “New Lender Supplement”),
substantially in the form of Exhibit G-1, whereupon such bank, financial institution or other Person (a “New Lender”) shall become a Lender for all purposes and to the same extent as if originally a party hereto and shall be bound
by and entitled to the benefits of this Agreement and the other Credit Documents. Solely with respect to any Incremental Revolving Commitments, the Administrative Agent shall have consent rights (not to be unreasonably withheld, conditioned or
delayed) with respect to such New Lender, if such consent would be required under Section 9.05 for an assignment of Revolving Loans or Revolving Commitments, as applicable, to such New Lender, and solely with respect to any Incremental
Revolving Commitments, the Issuing Bank shall have consent rights (not to be unreasonably withheld, conditioned or delayed) with respect to such New Lender, if such consent would be required under Section 9.05 for an assignment of Revolving
Loans or Revolving Commitments, as applicable, to such New Lender. 
 (e) With respect to Incremental Revolving Commitments,
each Lender that is acquiring an Incremental Revolving Commitment on an Incremental Revolving Commitment Closing Date shall make a Revolving Loan, the proceeds of which will be used to prepay the Revolving Loans of the Revolving Lenders (other than
such Lender and the other Lenders acquiring an Incremental Revolving Commitment) outstanding immediately prior to such Incremental Revolving Commitment Closing Date, so that, after giving effect thereto, each Revolving Lender (including each Lender
that is acquiring an Incremental Revolving Commitment) holds its Revolving Commitment Percentage of the Revolving Loans outstanding after giving effect to such Incremental Revolving Commitment on such Incremental Revolving Commitment Closing Date.
If there is a new Revolving Borrowing on such Incremental Revolving Commitment Closing Date, the Revolving Lenders after giving effect to such Incremental Revolving Commitments shall make such Revolving Loans in accordance with Section 2.01.

 SECTION 2.03 Procedure for Revolving Loan Borrowing. 

(a) To request a Revolving Borrowing on any Business Day, the Borrower shall notify the Administrative Agent of such request by telephone
(which notice must be received by the Administrative Agent prior to 12:00 p.m., New York City time, in the case of ABR Loans, and 1:00 p.m. New York City time, in the case of Eurocurrency Loans (x) not less than three Business Days prior to the
requested Borrowing Date, in the case of Eurocurrency Loans, or (y) on the requested Borrowing Date, in the case of ABR Loans). Each such telephonic borrowing request shall be confirmed promptly in writing. Each such telephonic and written
borrowing request shall specify the amount, Facility and Type of Borrowing to be borrowed and the requested Borrowing Date. Upon receipt of such notice, the Administrative Agent shall promptly notify each relevant Revolving Lender thereof.

  
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 (b) If no election as to the Type of Revolving Borrowing is specified, then the requested
Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

 SECTION 2.04 Funding of Borrowings. 
 (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 2:00 p.m., New York City time, to the account of the
Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the
Borrower maintained with the Administrative Agent in New York City or to any other account as shall have been designated by the Borrower in writing to the Administrative Agent in the applicable borrowing request. 

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed time of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and
may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and
the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of
payment to the Administrative Agent, at (i) in the case of such Lender, a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest
rate applicable to such Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. 

SECTION 2.05 Interest Elections. 
 (a) Each Borrowing initially shall be of the Type specified in the applicable borrowing request and each Eurocurrency Borrowing shall have an initial Interest Period as specified in the such borrowing
request. Thereafter, the Borrower may elect to convert any Borrowing of any Class to a different Type or to continue such Borrowing as the same Type and may elect successive Interest Periods for any Eurocurrency Borrowing, all as provided in this
Section. The Borrower may elect different Types or Interest Periods, as applicable, with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the relevant Lenders holding the Loans
comprising the relevant portion of such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 
 (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a request for a Revolving Borrowing would be required
under Section 2.03, if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request shall be confirmed promptly in writing.

 (c) Each telephonic and written Interest Election Request shall specify (i) the Borrowing to which such Interest
Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses
(iii) and (iv) below shall be specified for each resulting Borrowing), (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day, (iii) whether the resulting Borrowing
is to be an ABR Borrowing or a Eurocurrency Borrowing, and (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by
the definition of the term “Interest Period.” If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of
one month’s duration. 
 (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall
advise each relevant Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

  
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 (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a
Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as such for an Interest Period of one
month. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is
continuing (i) no outstanding Borrowing may be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable
thereto. 
 SECTION 2.06 Termination and Reduction of Commitments. The Borrower shall have the right, upon not less than
three Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of Revolving
Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans made on the effective date thereof, the Outstanding Revolving Credits would exceed the Total Revolving Commitments. Any such reduction shall
be in an amount equal to an integral multiple of $1,000,000 and not less than $5,000,000 and shall reduce permanently the Revolving Commitments then in effect; provided that any such termination or reduction shall apply proportionately and
permanently to reduce the Revolving Commitments of each of the Lenders within each Class of Revolving Commitments, except that, notwithstanding the foregoing, (1) the Borrower may allocate any termination or reduction of Revolving Commitments
among Classes of Revolving Commitments at its direction (including, for the avoidance of doubt, to the Revolving Commitments with respect to any Class of Extended Revolving Commitments without any termination or reduction of the Revolving
Commitments with respect to any Existing Revolving Commitments of the same Specified Existing Revolving Commitment Class) and (2) in connection with the establishment on any date of any Extended Revolving Commitments pursuant to
Section 2.19, the Existing Revolving Commitments of any one or more Lenders providing any such Extended Revolving Commitments on such date shall be reduced in an amount equal to the amount of Specified Existing Revolving Commitments so extended
on such date (or, if agreed by the Borrower and the Lenders providing such Extended Revolving Commitments, by any greater amount so long as the Borrower prepays the Loans under the Existing Revolving Commitments of such Class owed to such Lenders
providing such Extended Revolving Commitments to the extent necessary to ensure that, after giving effect to such repayment or reduction, the Loans under the Existing Revolving Commitments of such Class are held by the Lenders of such Class on a
pro rata basis in accordance with their Existing Revolving Commitments of such Class after giving effect to such reduction) (provided that (x) after giving effect to any such reduction and to the repayment of any Loans made on
such date, the aggregate amount of the revolving credit exposure of any such Lender does not exceed the Existing Revolving Commitment thereof (such revolving credit exposure and Revolving Commitment being determined in each case, for the avoidance
of doubt, exclusive of such Lender’s Extended Revolving Commitment and any exposure in respect thereof) and (y) for the avoidance of doubt, any such repayment of Loans contemplated by the preceding clause shall be made in compliance with
the requirements of Section 2.15 with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any conversion pursuant to Section 2.19 of Existing Revolving Commitments and Loans
under such Existing Revolving Loans into Extended Revolving Commitments and Loans under such Extended Revolving Loans respectively, and prior to any reduction being made to the Revolving Commitment of any other Lender). 

SECTION 2.07 Repayment of Loans; Evidence of Debt. 
 (a) The Incremental Term Loans of each Incremental Term Lender shall mature in one or more installments as specified in the Incremental Term Facility Activation Notice pursuant to which such Incremental
Term Loans were made, provided that, except in the case of the final installment, such installments shall be no more frequent than quarterly. 
 (b) The Borrower shall repay the then unpaid principal amount of each Revolving Loan on the Revolving Termination Date. 
 (c) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender,
including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

  
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 (d) The Administrative Agent shall maintain accounts in which it shall record (i) the
amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and
(iii) the amount of any sum received by the Administrative Agent hereunder for the account of the relevant Lenders and each relevant Lender’s share thereof. 
 (e) The entries made in the accounts maintained pursuant to paragraph (c) or (d) of this Section shall be conclusive absent manifest error of the existence and amounts of the obligations
recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms
of this Agreement. 
 SECTION 2.08 Prepayments. 
 (a) The Borrower may at any time and from time to time prepay Loans, in whole or in part, without premium or penalty, upon notice delivered to the Administrative Agent no later than 1:00 p.m., New York
City time, not less than three Business Days prior thereto, in the case of Eurocurrency Loans, and no later than 1:00 p.m., New York City time, on the date of such notice, in the case of ABR Loans, which notice shall specify the date and amount of
prepayment and the Loans to be prepaid; provided that, if a Eurocurrency Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to
Section 2.13. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. Partial prepayments of Loans under the Revolving Facility shall be in an aggregate amount that is an integral multiple of
$1,000,000 and not less than $5,000,000 (or if less, the remaining outstanding principal amount thereof). 
 (b) If at any time
for any reason the sum of the Outstanding Revolving Credit exceeds the Total Revolving Commitments, the Borrower shall upon learning thereof, or upon the request of the Administrative Agent, immediately prepay the Revolving Loans in an aggregate
principal amount at least equal to the amount of such excess. 
 (c) Not later than five Business Days following the receipt of
any Net Available Cash of any Asset Disposition, Sale/Leaseback Transaction pursuant to Section 6.08(b) or Casualty Event by the Borrower or any of its Restricted Subsidiaries, the Borrower shall prepay any outstanding Revolving Loans (without
any corresponding permanent reduction in the Revolving Commitments) in an aggregate amount equal to 100% of such Net Available Cash less the aggregate amount of such Net Available Cash that is, or is required to be, applied to the prepayment,
redemption, repurchase or defeasance of any Senior Indebtedness of the Borrower or any of its Restricted Subsidiaries (including any Incremental Term Loans); provided that: 

(i) the Borrower and its Restricted Subsidiaries shall not be required to apply any Net Available Cash in accordance with
this Section 2.08(c) except to the extent that the aggregate Net Available Cash received by the Borrower and its Restricted Subsidiaries which is not otherwise applied in accordance with this Section 2.08(c) exceeds $50,000,000, and

 (ii) such proceeds shall not be required to be so applied on such date to the extent that the Borrower shall
have delivered a certificate of a Financial Officer to the Administrative Agent on or prior to such date stating that such Net Available Cash is expected to be reinvested in the business of the Borrower and its Restricted Subsidiaries within 12
months following the date of receipt of such Net Available Cash; provided that if all or any portion of such Net Available Cash is not so reinvested within such 12-month period, such period may be extended for an additional 180 days if such
Net Available Cash has been committed to be reinvested within such 12-month period and is so reinvested within such additional 180-day period; provided that if all or any portion of such Net Cash Proceeds is not so reinvested within such
additional 180-day period, such unused portion shall be applied on the last day of such period as a mandatory prepayment as provided in this Section 2.08(c) or to the prepayment, redemption, repurchase or defeasance of any Senior
Indebtedness of the Borrower or any of its Restricted Subsidiaries (including any Incremental Term Loans). 

  
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 SECTION 2.09 Fees. 

(a) The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Lender a commitment fee for the period from
and including the Closing Date to the last day of the Revolving Commitment Period, computed at the applicable Commitment Fee Rate on the average daily amount of the Available Revolving Commitment of such Lender during the period for which payment is
made, payable quarterly in arrears on each Revolving Fee Payment Date, commencing on the first such date to occur after the Closing Date. 
 (b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue
at the same Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans on the average daily amount of such Revolving Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC
Disbursements) during the period from and including the Closing Date to but excluding the later of the date on which such Revolving Lender’s Revolving Commitment terminates and the date on which such Revolving Lender ceases to have any LC
Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate of 0.125% per annum (or such other percentage as may be separately agreed between the Borrower and any Issuing Bank) on the average daily amount of the
LC Exposure of the Letters of Credit issued by it (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Closing Date to but excluding the later of the date of termination of the
Revolving Commitments and the date on which there ceases to be any such LC Exposure, as well as the fees agreed by the Issuing Bank and the Borrower with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing
of drawings thereunder. Participation fees and fronting fees will be payable quarterly in arrears on each Revolving Fee Payment Date, commencing on the first such date to occur after the Closing Date; provided that any such fees accruing
after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees
shall be computed on the basis of a year of 365/366 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (c) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in any fee agreements with the Administrative Agent and to perform any other obligations
contained therein. 
 (d) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the
Administrative Agent for distribution, in the case of commitment fees, to the Revolving Lenders. Fees paid shall not be refundable under any circumstances. All per annum fees shall be computed on the basis of a year of 365/366 days for actual days
elapsed; provided that commitment fees shall be computed on the basis of a year of 360 days. 
 SECTION 2.10 Interest.

 (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate.

 (b) The Loans comprising each Eurocurrency Borrowing shall bear interest at the LIBO Rate for the Interest Period in effect
for such Borrowing plus the Applicable Rate. 
 (c) Notwithstanding the foregoing, if any principal of or interest on any Loan
or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to
(i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans
under the relevant Facility as provided in paragraph (a) of this Section. 

  
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 (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan and, in addition, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the
event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Revolving Commitment Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such
repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

 (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference
to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). The applicable Alternate Base Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.11 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurocurrency Borrowing:

 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that
adequate and reasonable means do not exist for ascertaining the LIBO Rate for such Interest Period; or 
 (b) the
Administrative Agent is advised by the Required Lenders that the LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Eurocurrency Loans included in such Borrowing for such
Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly
as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any
Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective and the Loans shall be converted to an ABR Borrowing and (ii) if any borrowing request requests a Eurocurrency Borrowing, such Borrowing shall be
made as an ABR Borrowing. 
 SECTION 2.12 Increased Costs. 

(a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by,
any Lender (including any reserve for eurocurrency funding that may be established or reestablished under Regulation D of the Board); 
 (ii) impose on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurocurrency Loans made by such Lender; or 

(iii) subject any Lender to any Tax (except for Excluded Taxes, or Indemnified Taxes or Other Taxes indemnifiable under
Section 2.14) on or in respect of its loans, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making, continuing, converting into or maintaining any Eurocurrency Loan (or of maintaining its obligation to make
any such Loan) or to increase the cost to such Lender or Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest
or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender 

  
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for such additional costs incurred or reduction suffered, it being understood and agreed, however, that a Lender shall not be entitled to such compensation as a result of such Lender’s
compliance with any Requirement of Law, or pursuant to any request, rule, guideline or directive to comply with, any Requirement of Law unless such Lender is imposing such charges on or requesting such compensation from other borrowers in the U.S.
sub-investment grade loan market with respect to its similarly affected commitments, loans and/or participations under agreements with such borrowers having provisions similar to this Section 2.12(a). 

(b) If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing
the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level below that which such Lender or such Lender’s
holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will
pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered, it being understood and agreed, however, that a Lender shall not be entitled to such
compensation as a result of such Lender’s compliance with any Requirement of Law, or pursuant to any request, rule, guideline or directive to comply with, any Requirement of Law unless such Lender is imposing such charges on or requesting such
compensation from other borrowers in the U.S. sub-investment grade loan market with respect to its similarly affected commitments, loans and/or participations under agreements with such borrowers having provisions similar to this
Section 2.12(b). 
 (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender
or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due
on any such certificate within 10 days after receipt thereof. 
 (d) Failure or delay on the part of any Lender to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased
costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.13 Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than on
the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to
borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a
result of a request by the Borrower pursuant to Section 2.16, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurocurrency Loan, such loss, cost or
expense to any Lender shall be deemed to be an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the LIBO Rate
that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been
the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits
of a comparable amount and period from other banks in the eurocurrency market (but not less than the available LIBO rate quoted for the LIBO interest period equal to the period from the date of such event to the last day of the then current Interest
Period, or if there is no such LIBO interest period, the lower of the LIBO rates quoted for the closest LIBO interest periods that are longer and shorter than such period). A certificate of any Lender setting forth any amount or amounts that such
Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt
thereof. 

  
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 SECTION 2.14 Taxes. 

(a) Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Document shall be made
free and clear of and without deduction for any Taxes, except as required by applicable law; provided that if any Loan Party or any other applicable withholding agent shall be required to deduct any Taxes from such payments, then (i) if
the Tax in question is an Indemnified Tax or an Other Tax, the sum payable by the applicable Loan Party shall be increased as necessary so that, after all required deductions have been made (including deductions applicable to additional sums payable
under this Section 2.14), the Administrative Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable withholding agent shall make such deductions
and (iii) the applicable withholding agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
 (c) The Loan Parties shall, jointly and severally, indemnify the Administrative Agent and each Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes imposed on
or in respect of any payment by or on account of any Loan Party under any Loan Document, and any Other Taxes, paid by the Administrative Agent or such Lender, as the case may be (including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section 2.14), and reasonable expenses arising therefrom or with respect thereto (excluding penalties attributable to gross negligence, bad faith or willful misconduct on the part of the Administrative
Agent or such Lender (as finally determined by a court of competent jurisdiction) (as applicable)), whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. The Borrower shall be entitled to
contest with the relevant Governmental Authority, pursuant to applicable law and at its own expense, any Indemnified Taxes or Other Taxes that it is ultimately obligated to pay, and the Administrative Agent or Lender shall reasonably cooperate with
any such contest, unless the Administrative Agent or such Lender determines in good faith that such cooperation would prejudice its legal or commercial position in any material respect. This Section shall not be construed to require the
Administrative Agent or Lender to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the Borrower or any other Person. The Administrative Agent and each Lender shall give prompt notice of
any Indemnified Taxes or Other Taxes imposed or asserted on it, provided, however, that the Administrative Agent or such Lender’s failure to give such prompt notice to the Borrower shall not constitute a defense to any claim for
indemnification by the Administrative Agent’s or such Lender unless, and only to the extent that, such failure materially prejudices the Borrower. 
 (d) As soon as practicable after any payment of any Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.14, the Borrower shall deliver to the Administrative Agent a copy,
or if reasonably available to the Borrower a certified copy, of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the
Administrative Agent. 
 (e) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, each Lender shall, at such times as are reasonably requested by the Borrower or the
Administrative Agent, provide the Borrower and the Administrative Agent with such other documentation prescribed by laws or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to
determine whether or not such Lender is subject to backup withholding or information reporting requirements. Each such Lender shall, whenever a lapse in time or change in circumstances renders any such documentation (including any specific
documentation referred to below in this Section 2.14(e)) obsolete, expired or inaccurate in any respect, deliver promptly to the Borrower and the Administrative Agent updated or other appropriate documentation (including any new documentation
reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do so. 

  
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 Without limiting the foregoing: 

(1) Each U.S. Lender shall deliver to the Borrower and the Administrative Agent on or before the date on which it becomes
a party to this Agreement two properly completed and duly signed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding. 

(2) Each Foreign Lender shall deliver to the Borrower and the Administrative Agent on or before the date on which it
becomes a party to this Agreement whichever of the following is applicable: 
 (A) two properly completed and
duly signed originals of IRS Form W-8BEN (or any successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, and such other related documentation (if any) as required under the Code,

 (B) two properly completed and duly signed originals of IRS Form W-8ECI (or any successor forms), 

(C) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 871(h) or Section 881(c) of the Code, (A) two properly completed and duly signed certificates substantially in the form of Exhibit K (any such certificate, a “United States Tax Compliance Certificate”) and
(B) two properly completed and duly signed original copies of IRS Form W-8BEN (or any successor forms), 

(D) to the extent a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or
a participating Lender that has transferred its beneficial ownership to a participant), two properly completed and duly signed originals of IRS Form W-8IMY (or any successor forms), accompanied by IRS Form W-8ECI, W-8BEN, a United States Tax
Compliance Certificate, Form W-9, Form W-8IMY and/or any other required information (or any successor forms) from each beneficial owner that would be required under this Section 2.14(e) if such beneficial owner were a Lender, as applicable
(provided that if the Foreign Lender is a partnership (and not a participating Lender) and one or more direct or indirect partners are claiming the portfolio interest exemption, the applicable United States Tax Compliance Certificate may be provided
by such Foreign Lender on behalf of such direct or indirect partners), or 
 (E) two properly completed and duly
signed originals of any other form prescribed by applicable U.S. federal income tax laws (including the Treasury Regulations) as a basis for claiming a complete exemption from, or a reduction in, United States federal withholding Tax on any payments
to such Lender under the Loan Documents. 
 (3) If a payment made to a Lender under any Loan Document would be
subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Lender
shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by any Requirements of Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by
applicable Requirements of Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the
Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has or has not complied with such Lender’s obligations under FATCA and, if necessary, to determine the amount to deduct and withhold from such
payment. Solely for purposes of this paragraph (3), “FATCA” shall include any amendments made to FATCA after the Closing Date. 

  
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 Notwithstanding any other provision of this Section 2.14(e), a Lender shall not be
required to deliver any documentation that such Lender is not legally eligible to deliver. 
 (f) If the Administrative Agent or
a Lender determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section 2.14, it shall pay over such refund to the relevant Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.14 with respect to the Indemnified Taxes or
Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund or
credit); provided, that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over (plus any penalties, interest or other charges imposed by the relevant Governmental Authority (but
excluding any penalties attributable to gross negligence, bad faith or willful misconduct on the part of the Administrative Agent or such Lender (as finally determined by a court of competent jurisdiction) (as applicable)) to the Administrative
Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. The Administrative Agent and each Lender shall pursue any such refund of which it becomes aware if the
Administrative Agent or such Lender reasonably determines that it is likely to receive such refund, unless such Administrative Agent or Lender determines in good faith that the pursuit of such refund would prejudice its legal or commercial position
in any material respect. This Section shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the Borrower or any
other Person. 
 (g) For the avoidance of doubt, the term “Lender” shall, for purposes of this Section 2.14,
include any Issuing Bank. 
 SECTION 2.15 Pro Rata Treatment and Payments. 

(a) Each borrowing of Revolving Loans by the Borrower from the Revolving Lenders and, except as otherwise set forth in this Agreement,
including in Section 2.06, any reduction of the Revolving Commitments of the Revolving Lenders shall be made pro rata according to the respective Revolving Commitments then held by the Revolving Lenders. Each payment by the Borrower on account
of any commitment fee or any letter of credit fee shall be paid ratably to the Revolving Lenders entitled thereto. 
 (b) Except
as otherwise set forth in this Agreement, each prepayment by the Borrower on account of principal of the Revolving Loans shall be made pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by the
Revolving Lenders. All repayments of principal of the Revolving Loans at stated maturity or upon acceleration shall be allocated pro rata according to the respective outstanding principal amounts of the matured or accelerated Revolving
Loans then held by the relevant Revolving Lenders. All payments of interest in respect of the Revolving Loans shall be allocated pro rata according to the outstanding interest payable then owed to the relevant Revolving Lenders.
Notwithstanding the foregoing, (A) any amount payable to a Defaulting Lender under this Agreement (whether on account of principal, interest, fees or otherwise but excluding any amount that would otherwise be payable to such Defaulting Lender
pursuant to Section 2.16 and Section 9.04) shall, in lieu of being distributed to such Defaulting Lender, be retained by the Administrative Agent in a segregated interest-bearing account and, subject to any applicable Requirements of Law,
be applied, subject to the provisions of clause (B) below, at such time or times as may be determined by the Administrative Agent: (1) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent and the
Issuing Bank hereunder (including amounts owed under Section 2.09(b) or 9.04(c)), (2) second, to the funding of any Revolving Loan or LC Disbursement required by this Agreement, as determined by the Administrative Agent, (3) third, if
so determined by the Administrative Agent and Borrower, held in such account as cash collateral for future funding obligations of the Defaulting Lender under this Agreement, (4) fourth, pro rata, to the payment of any amounts owing to the
Borrower or the Lenders as a result of such Defaulting Lender’s breach of its obligations under this Agreement and (5) fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction, and (B) if such
payment is a prepayment of the principal amount of Revolving Loans, such payment shall be applied solely to prepay the Revolving Loans of all non-Defaulting Lenders pro rata (based on the amounts owing to each) prior to being applied in the manner
set forth in clause (A) above. 

  
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 (c) All payments (including prepayments) to be made by the Borrower hereunder, whether on
account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 2:00 p.m., New York City time, on the date when due. All payments received by the Administrative Agent after 2:00 p.m., New
York City time, may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest and fees thereon. All such payments shall be made to the Administrative
Agent at its offices at 500 Stanton Christiana Rd., Ops 2, 3rd Floor Newark, DE 19713 except that payments pursuant to Sections 2.12, 2.13, 2.14 and 9.04 shall be made directly to the Persons entitled thereto. The Administrative Agent shall
distribute such payments to the relevant Lenders promptly upon receipt in like funds as received. If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business
Day. In the case of any extension of any payment of principal, interest thereon shall be payable at the then applicable rate during such extension. 
 (d) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied
(subject to the rights of the Administrative Agent to hold and apply amounts to be paid to a Defaulting Lender in accordance with Section 2.15(b)) (i) first, towards payment of interest and fees then due hereunder, ratably among the
parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts
of principal then due to such parties. 
 (e) Except as otherwise expressly set forth in this Agreement, if any Lender shall, by
exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and
accrued interest thereon than the proportion received by any other Lender entitled thereto, then the Lender receiving such greater proportion shall notify the Administrative Agent of such fact and purchase (for cash at face value) participations in
the Loans of other Lenders entitled thereto to the extent necessary so that the benefit of all such payments shall be shared by such Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective
Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to (x) any payment made by the Borrower or any other Credit Party pursuant to and in accordance with the express terms of this Agreement
or the other Credit Documents, (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans, Revolving Commitments or participations in any LC Disbursements to any assignee or
participant. or (z) any disproportionate payment obtained by a Lender of any Class as a result of the extension by Lenders of the maturity date or expiration date of some but not all Loans or Revolving Commitments of that Class or any increase
in the Applicable Rate (or other pricing term, including any fee, discount or premium) in respect of Loans or Revolving Commitments of Lenders that have consented to any such extension to the extent such transaction is permitted hereunder.

 SECTION 2.16 Mitigation Obligations; Replacement of Lenders. 

(a) If any Lender requests compensation under Section 2.12, or if the Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its
rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12 or 2.14, as the
case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any
Lender in connection with any such designation or assignment. 
 (b) If any Lender requests compensation under
Section 2.12, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.14, or if any Lender is a Defaulting Lender, then the Borrower may,
at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.05), all its
interests, rights and obligations under this 

  
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Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have
received the prior written consent of the Administrative Agent (and if a Revolving Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount
equal to the outstanding principal of its Loans and participations in unreimbursed LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.12 or payments required to be made pursuant to
Section 2.14, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 (c) If any Lender (such
Lender, a “Non-Consenting Lender”) has failed to consent to a proposed amendment, waiver, discharge or termination which pursuant to the terms of Section 9.02 requires the consent of all of the Lenders affected and with respect
to which the Required Lenders shall have granted their consent, then the Borrower shall have the right (unless such Non-Consenting Lender grants such consent) to replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign
its Loans, and its Revolving Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent, provided that: (a) all amounts owing to such Non-Consenting Lender being replaced (other than principal and
interest) shall be paid in full to such Non-Consenting Lender concurrently with such assignment, and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof
plus accrued and unpaid interest thereon. In connection with any such assignment the Borrower, Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 9.05. 

(d) Notwithstanding anything herein to the contrary, each party hereto agrees that any assignment pursuant to the terms of
Section 2.16(c) may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and that the Lender making such assignment need not be a party thereto. 

SECTION 2.17 Letters of Credit. 
 (a) General. Subject to the terms and conditions set forth herein, the Borrower may request that standby letters of credit denominated in Dollars be issued under this Agreement for its own account
or the account of any Restricted Subsidiary at any time and from time to time during the Revolving Commitment Period. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of
letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 

(b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the
amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and
the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event no later than two Business Days prior to such date, unless otherwise agreed by the Issuing Bank and the
Administrative Agent) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business
Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be
reasonably necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request
for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if, after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $75,000,000 and (ii) the amount of
the total Outstanding Revolving Credits shall not exceed the Total Revolving Commitments. 
 (c) Expiration Date.
(i) Subject to clause (ii) below, each Letter of Credit shall expire at or prior to the close of business on the earlier of (A) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal
or extension thereof, one year after such renewal or extension) and (B) the date that is five Business Days prior to the Revolving Termination Date (such earlier date, the “LC Maturity Date”). 

  
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 (ii) If the Borrower so requests in any applicable Letter of Credit notice, the Issuing Bank
may agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”) so long as any such Auto-Extension Letter of Credit permits the Issuing Bank to prevent any such extension at
least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such
twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Issuing Bank, the Borrower shall not be required to make a specific request to the Issuing Bank for any such extension. Once an
Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Issuing Bank to permit the extension of such Letter of Credit at any time to an expiry date not later than the LC Maturity
Date; provided, however, that the Issuing Bank shall not permit any such extension if (A) the Issuing Bank has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its
revised form (as extended) under the terms hereof (by reason of the provisions of Section 2.17(b) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is two Business Days before
the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, the Required Lenders or the Borrower that one or more of the
applicable conditions specified in Section 4.02 are not then satisfied, and in each such case directing the Issuing Bank not to permit such extension. 
 (d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or the
Revolving Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Revolving Lender’s Revolving Commitment
Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for
the account of the Issuing Bank, such Revolving Lender’s Revolving Commitment Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or
of any reimbursement payment required to be refunded to the Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute
and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 
 (e)
Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement (i) not
later than 1:00 p.m., New York City time, on the Business Day immediately following the day that the Borrower receives written notice from the Issuing Bank that an LC Disbursement has been made, if the Borrower shall have received such written
notice prior to 11:00 a.m., New York City time, on the Business Day on which such LC Disbursement was made, or (ii) if such written notice has not been received by the Borrower prior to such time on such date, then not later than 1:00 p.m., New
York City time, on the second Business Day immediately following the day that the Borrower receives such notice (such required date for reimbursement under clause (i) or (ii), as applicable, the “Required Reimbursement Date”);
provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR Revolving Borrowing in an equivalent amount and, to the extent so
financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender
of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Lender’s Revolving Commitment Percentage thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the
Administrative Agent its Revolving Commitment Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.04 with respect to Loans made by such Revolving Lender (and Section 2.04 shall apply, mutatis
mutandis, to such payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of
any payment from the Borrower pursuant to 

  
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this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse the
Issuing Bank, then to such Revolving Lenders and the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR
Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 
 (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall
be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision
therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank
under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that
might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Revolving Lenders nor the Issuing
Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of
the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document
required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing
Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are
caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross
negligence, bad faith or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the
foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole
discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are
not in strict compliance with the terms of such Letter of Credit. 
 (g) Disbursement Procedures. The Issuing Bank shall,
promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed in writing)
of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the
Revolving Lenders with respect to any such LC Disbursement. 
 (h) Interim Interest. If the Issuing Bank shall make any
LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full by the Required Reimbursement Date , the unpaid amount thereof shall bear interest, for each day from and including the Required Reimbursement Date to but
excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum set forth in Section 2.10(c)(ii). Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued
on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Revolving Lender to the extent of such payment. 

(i) Replacement of the Issuing Bank. The Issuing Bank may be replaced at any time by written agreement among the Borrower, the
Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the
Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.09(b). From and after the effective date of any such replacement, 

  
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(i) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and
(ii) references herein to the term “Issuing Bank” shall be deemed to include such successor and any previous Issuing Bank, or such successor and all previous Issuing Banks, as the context shall require. After the replacement of
an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such
replacement, but shall not be required to issue additional Letters of Credit. 
 (j) Cash Collateralization. If any Event
of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the Administrative Agent or Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure demanding the deposit of cash
collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders, an amount in cash equal to the LC Exposure as of
such date plus any accrued and unpaid interest thereon, if any; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or
other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Section 7.01. Such deposit shall be held by the Administrative Agent as collateral for the payment
and performance of the obligations of the Borrower under this Agreement with respect to the Revolving Facility. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other
than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest
or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent
not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure
representing greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the Borrower under this Agreement with respect to the Revolving Facility. If the Borrower is required to provide an amount of cash collateral
hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived or are no longer
continuing. 
 SECTION 2.18 Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any
Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) Fees shall cease to accrue on the Available Revolving Commitment of such Defaulting Lender pursuant to Section 2.09(a). 

(b) The Revolving Commitment and Outstanding Revolving Credit of such Defaulting Lender shall not be included in
determining whether the Required Lenders or Required Revolving Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02 or Section 9.03);
provided that this Section 2.18(b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification effecting (i) an increase or extension of such Defaulting Lender’s Revolving
Commitment or (ii) the reduction or excuse of principal amount of, or interest or fees payable on, such Defaulting Lender’s Loans or the postponement of the scheduled date of payment of such principal amount, interest or fees to such
Defaulting Lender. 
 (c) If any Letters of Credit exist at the time such Lender becomes a Defaulting Lender
then: 
 (i) Such Defaulting Lender’s LC Exposure shall be reallocated among the non-Defaulting Revolving
Lenders in accordance with their respective Revolving Commitment Percentages (but excluding the Revolving Commitments of all the Defaulting Lenders from both the numerator and the denominator) but only to the extent (x) the sum of all the
Outstanding Revolving Credits owed to all non-Defaulting Lenders does not exceed the total of all non-Defaulting Lenders’ Available Revolving Commitments, (y) the representations and warranties of each Credit Party set forth in the Credit
Documents to which it is a party are true and correct at such time, except 

  
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to the extent that any such representation and warranty relates to an earlier date (in which case such representation and warranty shall be true and correct as of such earlier date), and
(z) no Default shall have occurred and be continuing at such time; 
 (ii) If the reallocation described in
clause (i) above cannot, or can only partially, be effected, the Borrower shall, within one Business Day following notice by the Administrative Agent, cash collateralize for the benefit of the Issuing Bank such Defaulting Lender’s LC
Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) for so long as any Letters of Credit are outstanding; 
 (iii) If the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting
Lender pursuant to Section 2.09(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized by the Borrower; 

(iv) If LC Exposures of the non-Defaulting Lenders are reallocated pursuant to clause (i) above, then the fees
payable to the Revolving Lenders pursuant to Section 2.09(a) and Section 2.09(b) shall be adjusted to reflect such non-Defaulting Lenders’ LC Exposure as reallocated; and 

(v) If any Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to clauses
(i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any Revolving Lender hereunder, all letter of credit fees payable under Section 2.09(b) with respect to such Defaulting Lender’s LC
Exposure shall be payable to the Issuing Bank until such LC Exposure is cash collateralized and/or reallocated. 

(d) So long as such Defaulting Lender is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend or
increase any Letter of Credit, unless it is reasonably satisfied that the related LC Exposure will be 100% covered by the Available Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in
accordance with Section 2.18(c)(ii), and the LC Exposure in any such newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.18(c)(i) (and such Defaulting Lender
shall not participate therein). 
 The rights and remedies against a Defaulting Lender under this Agreement are in addition to
other rights and remedies that Borrower may have against such Defaulting Lender with respect to any funding default and that the Administrative Agent or any Lender may have against such Defaulting Lender with respect to any funding default. In the
event that the Administrative Agent, the Borrower and the Issuing Bank each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Total Revolving Loans shall be readjusted to
reflect the inclusion of such Lender’s Available Revolving Commitment and on such date such Lender shall purchase at par such of the Revolving Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be
necessary to cause such outstanding Revolving Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Revolving Lenders (including such Lender) in accordance with their applicable
percentages, whereupon such Lender will cease to be a Defaulting Lender and will be a non-Defaulting Lender and any applicable cash collateral shall be promptly returned to the Borrower and any LC Exposure of such Lender reallocated pursuant to the
requirements above shall be reallocated back to such Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting
Lender; provided that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder
arising from such Lender’s having been a Defaulting Lender. 

  
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 SECTION 2.19 Extensions of Incremental Term Loans and Revolving Commitments.

 (a) Notwithstanding anything to the contrary in this Agreement, the Borrower may at any time and from time to time request
that all or a portion of the Incremental Term Loans of any Class (an “Existing Incremental Term Loan Class”) or all or a portion of the Revolving Commitments of any Class (an “Existing Revolving Commitment Class”)
be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Incremental Term Loans (any such Incremental Term Loans which have been so converted,
“Extended Incremental Term Loans”) or all or a portion of any such Revolving Commitments (any such Revolving Commitments which have been so converted, “Extended Revolving Commitments” and any loans made pursuant to
such Extended Revolving Commitments, “Extended Revolving Loans”), and to provide for other terms applicable to such Extended Incremental Term Loans or Extended Revolving Commitments, as applicable, consistent with this
Section 2.19 (any such conversion, an “Extension”). In order to establish any Extended Incremental Term Loans or Extended Revolving Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide
a copy of such notice to each of the Lenders under the applicable Existing Incremental Term Loan Class (the “Specified Existing Incremental Term Loan Class”) or Existing Revolving Commitment Class (the “Specified Existing
Revolving Commitment Class”), as applicable) (each, an “Extension Request”) setting forth the proposed terms of the Extended Incremental Term Loans or Extended Revolving Commitments, as applicable, to be established so long
as: 
 (i) in the case of any Extended Revolving Commitments, the terms thereof shall be substantially similar to
those applicable to the Specified Existing Revolving Commitments from which such commitments were converted except that (w) all or any of the final maturity dates of such Extended Revolving Commitments may be delayed to later dates than the
final maturity dates of the Existing Revolving Commitments of the Specified Existing Revolving Commitment Class, (x)(A) the interest rates, interest margins, rate floors, upfront fees, funding discounts, original issue discounts and prepayment
premiums with respect to the Extended Revolving Commitments may be different than those for the Existing Revolving Commitments of the Specified Existing Revolving Commitment Class and/or (B) additional fees and/or premiums may be payable to the
Lenders providing such Extended Revolving Commitments in addition to or in lieu of any of the items contemplated by the preceding clause (A) and (y)(1) the undrawn revolving credit commitment fee rate with respect to the Extended Revolving
Commitments may be different than those for the Specified Existing Revolving Commitment Class and (2) the Extension Amendment may provide for other covenants and terms that apply to any period after the Latest Maturity Date; provided
that, notwithstanding anything to the contrary in this Section 2.19 or otherwise, (I) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of the Loans under any Class of Extended
Revolving Commitments shall be made on a pro rata basis with any borrowings and repayments of the Loans under any Existing Revolving Commitments of the Specified Existing Revolving Commitment Class (the mechanics for which may be implemented through
the applicable Extension Amendment and may include technical changes related to the borrowing and repayment procedures of the Specified Existing Revolving Commitment Class), (II) assignments and participations of Extended Revolving Commitments and
related Loans shall be governed by the assignment and participation provisions set forth in Section 9.05 and (III) subject to the applicable limitations set forth in Section 2.06, permanent repayments of Loans under Extended Revolving
Commitments (and corresponding permanent reduction in the related Extended Revolving Commitments) shall be permitted as may be agreed between the Borrower and the Lenders thereof; 

(ii) in the case of any proposed Extended Incremental Term Loans, the terms thereof shall be substantially similar to the
Incremental Term Loans of the Specified Existing Incremental Term Loan Class from which they are to be converted, except that (w) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments of all
or a portion of any principal amount of such Extended Incremental Term Loans may be delayed to later dates than the scheduled amortization of principal of the Incremental Term Loans of such Specified Existing Incremental Term Loan Class (with any
such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in the applicable Incremental Term Facility Activation Notice or in the Extension Amendment, as the case may be, with respect to the Specified
Existing Incremental Term Loan Class, in each case as more particularly set forth in Section 2.19(c) below), (x)(A) the interest rates (including through fixed interest rates), interest margins, rate floors, upfront fees, funding discounts,
original issue discounts and prepayment premiums 

  
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with respect to the Extended Incremental Term Loans may be different than those for the Incremental Term Loans of such Specified Existing Incremental Term Loan Class and/or (B) additional
fees and/or premiums may be payable to the Lenders providing such Extended Incremental Term Loans in addition to any of the items contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment,
(y) subject to the provisions set forth in any Incremental Term Facility Activation Notice, the Extended Incremental Term Loans may have optional prepayment terms (including call protection and prepayment terms and premiums) and mandatory
prepayment terms as may be agreed between the Borrower and the Lenders thereof (provided that such Extended Incremental Term Loans may participate on a pro rata basis or a less than pro rata basis (but not a greater than a pro rata basis) in
any mandatory prepayments (other than in connection with debt prepayments) hereunder, as specified in the respective Extension Request) and (z) the Extension Amendment may provide for other covenants and terms that apply to any period after the
Latest Maturity Date; 
 Any Extended Incremental Term Loans or Extended Revolving Commitments, as applicable, converted
pursuant to any Extension Request shall be designated a Class of Extended Incremental Term Loans or a Class of Extended Revolving Commitments, as applicable, for all purposes of this Agreement; provided that any Extended Incremental Term
Loans or Extended Revolving Commitments converted may, to the extent provided in the applicable Extension Amendment, be designated as an increase in any previously established Class of Extended Incremental Term Loans or Class of Extended Revolving
Commitments, as the case may be. 
 (b) The Borrower shall provide the applicable Extension Request to all Lenders of such Class
that is subject to the Extension Request at least seven (7) Business Days (or such shorter period as may be agreed by the Administrative Agent) prior to the date on which Lenders under such Class being converted are requested to respond. No
Lender shall have any obligation to agree to have any of its Incremental Term Loans or Revolving Commitments of such Class converted into Extended Incremental Term Loans or Extended Revolving Commitments, as the case may be, pursuant to any
Extension Request. Any Lender wishing to have all or a portion of its Incremental Term Loans under such Class converted into Extended Incremental Term Loans (any such Lender, an “Extending Incremental Term Lender”) or all or a
portion of its Revolving Commitments under such Class converted into Extended Revolving Commitments (any such Lender, an “Extending Revolving Lender”), as the case may be, shall notify the Administrative Agent (an “Extension
Election”) on or prior to the date specified in such Extension Request of the amount of its Incremental Term Loans of such Class or Revolving Commitments of such Class, as applicable, which it has elected to request be converted into
Extended Incremental Term Loans or Extended Revolving Commitments, as applicable (subject to any minimum denomination requirements reasonably imposed by the Administrative Agent and the Borrower). In the event that the aggregate amount of
Incremental Term Loans or Revolving Commitments, as the case may be, under such Class being converted exceeds the amount of Extended Incremental Term Loans or Revolving Commitments, as the case may be, requested pursuant to the Extension Request,
Incremental Term Loans or Revolving Commitments, as applicable, subject to Extension Elections shall be converted to Extended Incremental Term Loans or Extended Revolving Commitments, as the case may be, on a pro rata basis (subject to rounding
requirements as may be established by the Administrative Agent) based on the amount of Incremental Term Loans or Revolving Commitments, as applicable, included in each such Extension Election. 

(c) Extended Incremental Term Loans and/or Extended Revolving Commitments shall be established pursuant to an amendment (an
“Extension Amendment”) to this Agreement (and, as appropriate, the other Credit Documents) among the Borrower, the Administrative Agent and each Extending Incremental Term Lender or Extending Revolving Lender, as the case may be,
providing an Extended Incremental Term Loan or Extended Revolving Commitment, as applicable, thereunder which shall be consistent with the provisions set forth in paragraph (a) above (but which shall not require the consent of any other Lender)
and which may effect such amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of such new Classes of Loans or Revolving Commitments, as applicable.
Each Extension Amendment shall be binding on the Lenders, the Credit Parties and the other parties hereto. In addition, if so provided in such amendment and with the consent of the Issuing Bank, participations in Letters of Credit expiring on or
after the Revolving Termination Date in respect of the Revolving Commitments of any Class shall be re-allocated from Lenders holding such Revolving Commitments to Lenders holding Extended Revolving Commitments in accordance with the terms of such
amendment; provided, however, that such participation interests shall, upon receipt thereof by the relevant Lenders holding Extended Revolving Commitments, be deemed to be participation interests

  
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in respect of such Extended Revolving Commitments and the terms of such participation interests (including, without limitation, the commission applicable thereto) shall be adjusted accordingly.
In connection with any Extension Amendment, the Loan Parties and the Administrative Agent shall enter into such amendments to the Collateral Documents and any Customary Intercreditor Agreement as may be reasonably requested by the Administrative
Agent (which shall not require any consent from any Lender) in order to ensure that the Extended Incremental Term Loans or Extended Revolving Commitments, as applicable, are provided with the benefit of the applicable Collateral Documents or
Subsidiary Guarantee, as applicable, and shall deliver such other documents, certificates and opinions of counsel in connection therewith as may be reasonably requested by the Administrative Agent. All Extended Incremental Term Loans, Extended
Revolving Commitments and all obligations in respect thereof shall be Obligations under this Agreement and the other Credit Documents that are secured by Liens on the Collateral on an equal priority basis with the Liens on the Collateral securing
all other applicable Obligations under this Agreement and the other Credit Documents. 
 (d) Notwithstanding anything to the
contrary in this Agreement, following the effectiveness of any Extension Amendment in connection with any Extension Request and the establishment of any Extended Incremental Term Loans or Extended Revolving Commitments, as applicable, pursuant
thereto (any such Extended Incremental Term Loans, the “Specified Extended Incremental Term Loans” and any such Extended Revolving Commitments, the “Specified Extended Revolving Commitments”), any Lender holding an
Incremental Term Loan of the Existing Incremental Term Loan Class or a Revolving Commitment of the Existing Revolving Commitment Class, as applicable, subject to such Extension Request may, with the consent of the Administrative Agent (such consent
not to be unreasonably withheld or delayed) and the Borrower (and without the consent of any other Lender), at any time and from time to time, convert all or any portion of such Incremental Term Loan or Revolving Commitment, as applicable, into a
Specified Extended Incremental Term Loan or Specified Extended Revolving Commitment, as the case may be, having the same terms as the Specified Extended Incremental Term Loans or Specified Extended Revolving Commitments, as applicable, on the date
of such conversion and such Incremental Term Loans or Revolving Commitments, as applicable, shall be deemed Specified Extended Incremental Term Loans or Specified Extended Revolving Commitments, as applicable, for all purposes of this Agreement on
and after such date. 
 (e) In the event that the Administrative Agent determines in its sole discretion that the allocation of
Extended Incremental Term Loans of a given Class or the Extended Revolving Commitments of a given Class, in each case to a given Lender was incorrectly determined as a result of manifest administrative error in the receipt and processing of an
Extension Election timely submitted by such Lender in accordance with the procedures set forth in the applicable Extension Amendment, then the Administrative Agent, the Borrower and such affected Lender may (and hereby are authorized to), in their
sole discretion and without the consent of any other Lender, enter into an amendment to this Agreement and the other Credit Documents (each, a “Corrective Extension Amendment”) within 15 days following the effective date of such
Extension Amendment, as the case may be, which Corrective Extension Amendment shall (i) provide for the conversion and extension of Incremental Term Loans under the Existing Incremental Term Loan Class or Existing Revolving Commitments (and
related revolving exposure), as the case may be, in such amount as is required to cause such Lender to hold Extended Incremental Term Loans or Extended Revolving Commitments (and related revolving credit exposure) of the applicable Class into which
such other Incremental Term Loans or commitments were initially converted, as the case may be, in the amount such Lender would have held had such administrative error not occurred and had such Lender received the minimum allocation of the applicable
Loans or commitments to which it was entitled under the terms of such Extension Amendment, in the absence of such error, (ii) be subject to the satisfaction of such conditions as the Administrative Agent, the Borrower and such Lender may agree
(including conditions of the type required to be satisfied for the effectiveness of an Extension Amendment described in Section 2.19(c)), and (iii) effect such other amendments of the type (with appropriate reference and nomenclature
changes) described in the penultimate sentence of Section 2.19(c). 
 (f) With respect to all Extensions consummated by the
Borrower pursuant to this Section, such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of this Agreement. 
 (g) The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this Section (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of
any Extended Incremental Term Loans and/or Extended Revolving Commitments on such terms as may be set forth in the relevant Extension Request) and hereby waive the requirements of any provision of this Agreement to the contrary. This
Section 2.19 shall supersede any provisions in Sections 2.07, 2.08(a) or 9.02 to the contrary. 

  
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 ARTICLE III 
 Representations and Warranties 
 The Borrower represents and warrants to
the Lenders that: 
 SECTION 3.01 Organization; Powers. Each of the Borrower, its Material Subsidiaries and the Loan
Parties is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so,
individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

SECTION 3.02 Authorization; Enforceability. The execution, delivery and performance of the Loan Documents are within the corporate
or other organizational powers of the Loan Parties and have been duly authorized by all necessary corporate or other organizational and, if required, stockholder action. Each Loan Document has been duly executed and delivered by each Loan Party
thereto and constitutes a legal, valid and binding obligation of each such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 3.03 Governmental Approvals; No Conflicts. The execution, delivery and performance of the Loan Documents (a) do not
require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect, (ii) the filings referred to in
Section 3.12 and (iii) such consents, approvals, registrations, filings or actions the failure to so receive would not reasonably be expected to result in a Material Adverse Effect, (b) will not violate any material Requirement of Law
or the charter, by-laws or other organizational documents of the Borrower or any of its Material Subsidiaries, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any of
its Material Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Material Subsidiaries, except to the extent that such violation or default would not reasonably be expected
to result in a Material Adverse Effect, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Material Subsidiaries (other than Liens created by the Collateral Documents), except to the
extent that such creation or imposition would not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.04
Financial Position. 
 (a) The Borrower has heretofore furnished to the Administrative Agent its consolidated balance
sheet and statements of income, stockholders’ equity and cash flows as of and for (i) the fiscal years ended December 31, 2011 and 2010 reported on by KPMG LLP, independent public accountants, and (ii) the nine-month period ended
September 30, 2012. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its consolidated subsidiaries as of such dates and for such periods in
accordance with GAAP, subject to changes resulting from audit, year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above. 

(b) As of the Closing Date, neither the Borrower nor any Restricted Subsidiary has any material Indebtedness (including Disqualified
Stock), any material Guarantee obligations, contingent liabilities, off-balance sheet liabilities, partnership liabilities for taxes or unusual forward or long-term commitments that, in each case are not reflected or provided for in the financial
statements referred to in clause (a) above. 
 (c) Since December 31, 2011, there has been no event, change,
circumstance or occurrence that, individually or in the aggregate, has had or could reasonably be expected to result in a Material Adverse Effect. 

  
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 SECTION 3.05 Properties. 

(a) Each of the Borrower and its Material Subsidiaries has good title to or valid leasehold interests in, or other limited property
rights in, all its real and personal property (other than Intellectual Property) material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such
properties for their intended purposes or as, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 
 (b) Schedule 3.05(b) sets forth, as of the Closing Date, each Satellite. 
 (c)
Schedule 3.05(c) sets forth, as of the Closing Date, for each Satellite the space station licenses for the launch or operation, as applicable, of such Satellite issued by the FCC to the Borrower or any Restricted Subsidiary. As of the Closing Date,
the space station licenses set forth on Schedule 3.05(c) with respect to any Satellite include all material licenses, approvals, orders and authorizations by the FCC or any other Governmental Authority that are required or necessary to launch or
operate such Satellite. Each space station license set forth on Schedule 3.05(c) is in full force and effect, and the Borrower and its Restricted Subsidiaries have fulfilled and performed in all material respects all of their obligations with
respect thereto and have full power and authority to operate thereunder, in each case except to the extent that any failure to be in full force and effect, to have fulfilled and performed or to have full power and authority would not reasonably be
expected to result in an Material Adverse Effect. To the knowledge of the Borrower, as of the Closing Date, no Person has asserted that it has rights to operate a spacecraft in a manner that would interfere with the operation of any Satellite in its
orbital position. 
 SECTION 3.06 Litigation and Environmental Matters. 

(a) Except for the Disclosed Matters, there are no actions, suits or proceedings (including labor matters) by or before any arbitrator or
Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any of its Restricted Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and
that, if adversely determined, would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Credit Documents. 

(b) Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, would not
reasonably be expected to result in a Material Adverse Effect, neither the Borrower nor any of its Restricted Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other
approval required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any reasonable basis for any
Environmental Liability. 
 SECTION 3.07 Compliance with Laws and Agreements. Each of the Borrower and its Material
Subsidiaries is in compliance with all Requirements of Law (including labor laws, regulations and orders) of any Governmental Authority applicable to it or its property and, except for any such agreements or instruments relating to Indebtedness, all
agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is
continuing. 
 SECTION 3.08 Investment Company Status. No Loan Party is an “investment company” as defined in,
and subject to regulation under, the Investment Company Act of 1940. 
 SECTION 3.09 Taxes. Each of the Borrower and each
of its Material Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested
in good faith by appropriate proceedings and for which the Borrower or such Material Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that such failures would not reasonably be
expected, individually or in the aggregate, to result in a Material Adverse Effect. 
 SECTION 3.10 ERISA. No ERISA Event
has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably 

  
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be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial
Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan by an amount which, if it were to become due, would cause a Material
Adverse Effect, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent
financial statements reflecting such amounts, exceed the fair market value of the assets of all such underfunded Plans by an amount which, if it were to become due, would cause a Material Adverse Effect. 

SECTION 3.11 Disclosure. 
 (a) To the best of the Borrower’s knowledge, as of the Closing Date, none of the written information and data contained in the CIM or in any other written reports, public filings, written
certificates or other written information furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement (as modified or supplemented by other information so furnished through
the Closing Date), when taken as a whole, contained any untrue statement of material fact or omitted to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially
misleading; it being understood and agreed that for purposes of this Section 3.11(a), the foregoing representation shall not apply to any projections (including financial estimates, forecasts and other forward-looking information) or
information of a general economic or industry specific nature contained in any such information or data. 
 (b) As of the
Closing Date, the projections contained in the CIM were prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time made; it being recognized by the Administrative Agent and the Lenders that such projections
are as to future events and are not to be viewed as facts, the projections are subject to significant uncertainties and contingencies, many of which are beyond the control of the Borrower and the Restricted Subsidiaries, that no assurance can be
given that any particular projections will be realized and that actual results during the period or periods covered by any such projections may differ from the projected results and such differences may be material. 

SECTION 3.12 Collateral Documents. 
 (a) The Pledge Agreement and the Security Agreement are effective (except, in the case of the Security Agreement, during a Suspension Period) to create in favor of the Administrative Agent, for the
benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein. In the case of the certificated pledged stock constituting securities described in the Pledge Agreement, when stock certificates
representing such pledged stock are delivered to the Administrative Agent (together with a properly completed and signed stock power or endorsement), and in the case of the other Collateral described in the Pledge Agreement and the Security
Agreement, when financing statements specified on Schedule 3.12 in appropriate form are filed in the offices specified on Schedule 3.12 and the other perfection steps expressly required by the Security Agreement, the Pledge Agreement and the
Security Agreement shall constitute (as of the Closing Date) a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties party thereto in such Collateral to the extent perfection of such security interest
can be perfected by control of securities, the filing of financing statement in the locations specified on such Schedule 3.12 or other perfection methods expressly required by the Security Agreement, as security for the Obligations, in each case
prior and superior in right to any other Person (except Liens expressly permitted by Section 6.02). 
 (b) To the extent
the Satisfactory HoldCo exists and the HoldCo Pledge Agreement has been executed and delivered by the Satisfactory HoldCo, the HoldCo Pledge Agreement will be effective to create in favor of the Administrative Agent, for the benefit of the Secured
Parties, a legal, valid and enforceable security interest in the HoldCo Collateral described therein. In the case of the HoldCo Collateral constituting certificated securities, when stock certificates representing such HoldCo Collateral are
delivered to the Administrative Agent (together with a properly completed and signed stock power or endorsement), and in the case of the other HoldCo Collateral described in the HoldCo Pledge Agreement, when financing statements in appropriate form
are filed in the appropriate office where Satisfactory HoldCo is “located” (as defined in Section 9-307 of the Uniform Commercial Code) the HoldCo Pledge Agreement (if applicable) shall constitute (as of the date of its effectiveness)
a fully perfected Lien 

  
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on, and security interest in, all right, title and interest of the Satisfactory HoldCo in such HoldCo Collateral to the extent perfection of such security interest can be perfected by control of
securities or the filing of financing statements, as security for the Obligations, in each case prior and superior in right to any other Person (except Liens not prohibited by this Agreement or such HoldCo Pledge Agreement). 

SECTION 3.13 Capital Stock and Subsidiaries. Schedule 3.13 hereto sets forth a list of (i) all the Subsidiaries of the
Borrower and their jurisdictions of organization as of the Closing Date and (ii) the number of each class of each such Subsidiary’s Capital Stock authorized, and the number outstanding, on the Closing Date. All Capital Stock of each
Subsidiary is duly and validly issued and, to the extent that such concept is applicable to such Capital Stock, is fully paid and non-assessable. Each Loan Party is the record and beneficial owner of the Capital Stock pledged by it under the Pledge
Agreement, free of any and all Liens (other than Liens expressly permitted by Section 6.02) and as of the Closing Date, there are no outstanding warrants, options or other rights to purchase, or shareholder, voting trust or similar agreements
outstanding with respect to, or property that is convertible into, or that requires the issuance or sale of, any such Capital Stock. 
 SECTION 3.14 Intellectual Property. 
 (a) Each Loan Party owns, or is
licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted, except for those the failure to own or license which, individually or in the aggregate, would not reasonably be expected to result in a
Material Adverse Effect. To each Loan Party’s knowledge, no claim has been asserted and is pending, or threatened in writing, by any person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of
any such Intellectual Property, nor does any Loan Party know of any valid basis for any such claim. To each Loan Party’s knowledge, the use of such Intellectual Property by each Loan Party does not infringe the rights of any person, except for
such claims and infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 (b) On and as of the Closing Date (i) each Loan Party owns and possesses the right to use, the copyrights, patents or trademarks (as such terms are defined in the Pledge Agreement) listed in Schedule
10(a) or 10(b) to the Perfection Certificate and (ii) all registrations and applications listed in Schedule 10(a) or 10(b) to the Perfection Certificate are valid and in full force and effect. 

SECTION 3.15 Federal Reserve Regulations. No Loan Party is engaged principally, or as one of its important activities, in the
business of extending credit for the purpose of buying or carrying Margin Stock. No part of the proceeds of any Loan or any Letter of Credit will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately,
(i) to purchase or carry Margin Stock or to extend credit to others for any purpose of purchasing or carrying Margin Stock or to refund indebtedness originally incurred for such purpose or (ii) for any purpose that would result in a
violation of Regulation T, U or X of the Board. 
 SECTION 3.16 Use of Proceeds. The proceeds of (a) the Loans after
the Closing Date shall be used for working capital and other general corporate purposes of the Borrower and its Subsidiaries, including, without limitation, for the purpose of financing Investments and making other Restricted Payments (including
stock repurchases), it being understood that no Loans shall be made on the Closing Date, and (b) the Letters of Credit shall be used by the Borrower and its Restricted Subsidiaries for working capital and other general corporate purposes of the
Borrower and its Subsidiaries. 
 SECTION 3.17 Labor Matters. Except as would not reasonably be expected to result in a
Material Adverse Effect, (a) as of the Closing Date, there are no strikes, lockouts or slowdowns against any Loan Party pending or, to the knowledge of any Loan Party, threatened, (b) the hours worked by and payments made to employees of
any Loan Party have not been in violation of the Fair Labor Standards Act of 1938, as amended, or any other Requirement of Law dealing with wage and hour matters and (c) all payments due from any Loan Party, or for which any claim may be made
against any Loan Party, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of such Loan Party. 

SECTION 3.18 Solvency. On the Closing Date, immediately after giving effect to the consummation of the Transactions to occur on
the Closing Date the Borrower and its Subsidiaries on a consolidated basis are Solvent. 

  
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 SECTION 3.19 Anti-Terrorism Laws. 

(a) Except to the extent as would not reasonably be expected to result in a Material Adverse Effect, none of the Borrower or any of its
Restricted Subsidiaries is in violation of any Anti-Terrorism Laws. 
 (b) None of the Borrower or any of its Restricted
Subsidiaries, or, to the knowledge of the Borrower, any director, officer or employee of the Borrower or any Restricted Subsidiary, is an Embargoed Person. 
 (c) To the knowledge of the Borrower, none of the Borrower or any of its Restricted Subsidiaries conducts any business or engages in making or receiving any contribution of funds, goods or services to or
for the benefit of any Embargoed Person. 
 (d) The proceeds of the Loans will not, to the knowledge of the Borrower, be made
available to any Person for the purpose of financing the activities of any Embargoed Person. 
 SECTION 3.20 FCC
Licenses. 
 (a) Schedule 12 of the Perfection Certificate sets forth, as of the Closing Date, each FCC License of the
Borrower or any Restricted Subsidiary. The business of the Borrower and its Subsidiaries is being conducted in compliance with applicable requirements under the Federal Communications Act of 1934, as amended, and the regulations issued thereunder,
and all relevant rules and regulations of the FCC (collectively, the “Communications Laws”), except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. As of the Closing Date,
all FCC Licenses are in full force and effect. Except for certain license renewal filings made by the Borrower and its Restricted Subsidiaries in the ordinary course, there are no pending modifications or amendments to the FCC Licenses, or, to the
Borrower’s knowledge, any revocation proceedings pending with respect to any of such FCC Licenses, which, if implemented or adversely decided, would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
There is no condition, event or occurrence existing, nor, to the Borrower’s knowledge, is there any proceeding being conducted or threatened by any Governmental Authority, which would reasonably be expected to cause the termination, suspension,
cancellation, or nonrenewal of any of the FCC Licenses or the imposition of any penalty or fine by any regulatory body with respect to any of the FCC Licenses which would, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. 
 (b) The Borrower and its Restricted Subsidiaries each have filed with the FCC all necessary reports,
documents, instruments, information, fee payments, and applications required to be filed under the Communications Laws, except to the extent the failure to so file would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 (c) There is no (i) outstanding decree, decision, judgment, or order that has been issued by
the FCC against the Borrower and its Restricted Subsidiaries or with respect to the FCC Licenses, or (ii) notice of violation, order to show cause, complaint, investigation or other administrative or judicial proceeding pending or, to the best
of the Borrower’s knowledge, threatened by or before the FCC against the Borrower and its Restricted Subsidiaries that, assuming an unfavorable decision, ruling or finding, in the case of each of (i) or (ii) above, would, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.21 No Unlawful Contributions or
Other Payments. 
 (a) Except to the extent as would not reasonably be expected to result in a Material Adverse Effect, none
of the Borrower or any of its Restricted Subsidiaries is in violation of the FCPA. 
 (b) No part of the proceeds of the Loans
will be used directly, or to the knowledge of the Borrower, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA. 

  
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 SECTION 3.22 Senior Indebtedness under Existing Notes. The Obligations are
“Senior Indebtedness,” within the meaning of each of the Existing Notes Indentures. 
 ARTICLE IV 

Conditions 
 SECTION 4.01 Closing Date. The obligations of the Lenders to make the initial Loans hereunder shall not become effective until the date on which each of the following conditions is satisfied (or
waived in accordance with Section 9.02): 
 (a) The Administrative Agent (or its counsel) shall have
received (including by telecopy or email transmission) from each Loan Party party to the relevant Loan Document, a counterpart of such Loan Document signed on behalf of such Loan Party, executed and delivered by the Borrower, and each such document
shall be in full force and effect. 
 (b) The Administrative Agent and the Lenders shall have received a
favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Closing Date) of (i) Simpson, Thacher & Bartlett LLP, counsel for the Loan Parties, substantially in the form of Exhibit B and
(ii) Wiley Rein LLP, regulatory counsel for the Loan Parties, in a form reasonably satisfactory and covering such matters as are requested by the Administrative Agent. The Borrower hereby requests such counsel to deliver such opinion.

 (c) The Administrative Agent and the Lenders shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Loan Parties and the authorization, execution, delivery and performance of the Loan Documents, including a certificate of
each Loan Party substantially in the form of Exhibit F or such other form as shall be agreed to by the Administrative Agent (acting reasonably). 
 (d) The Administrative Agent and the Lenders shall have received a certificate, dated the Closing Date and signed by a Financial Officer of the Borrower, confirming that (i) the representations and
warranties of each Loan Party set forth in the Loan Documents to which each is a party are true and correct in all material respects as of the Closing Date, except to the extent that any such representation and warranty relates to an earlier date
(in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date) and (ii) as of the Closing Date, no Default has occurred and is continuing. 

(e) The Administrative Agent, the Lead Arranger and the Lenders shall have received all fees and other amounts due and
payable on or prior to the Closing Date, including, to the extent invoiced at least one Business Day prior to the Closing Date, reimbursement or payment of all reasonable and out-of-pocket expenses required to be reimbursed or paid by the Borrower
hereunder. 
 (f) The representations and warranties of each Loan Party set forth in the Loan Documents to which
each is a party shall be true and correct in all material respects as of the Closing Date, except to the extent that any such representation and warranty relates to an earlier date (in which case such representation and warranty shall have been true
and correct in all material respects as of such earlier date)). 
 (g) The Administrative Agent shall have
received the results of a recent Lien search with respect to each Loan Party, and such search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by Section 6.02 or discharged on or prior to the Closing
Date. 
 (h) The Administrative Agent shall have received the certificates representing the Capital Stock
required to be pledged pursuant to the Pledge Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof. 

  
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 (i) Each Uniform Commercial Code financing statement or other filing
required by the Collateral Documents shall be in proper form for filing, and the Administrative Agent shall have received satisfactory evidence that all other perfection steps required by the Collateral Documents shall have been taken. 

(j) Each Loan Party shall have provided the documentation and other information that shall have been requested by the
Lenders in writing at least 10 days prior to the Closing Date and that any Lender reasonably determined is required by U.S. regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations,
including without limitation, the USA PATRIOT Act. 
 (k) There shall have been delivered to the Administrative
Agent an executed Perfection Certificate. 
 (l) The Administrative Agent shall have received a solvency
certificate in the form of Exhibit J, dated the Closing Date and signed by the chief financial officer of the Borrower. 
 (m) Subject to Section 5.11, the Administrative Agent shall have received a copy of, or a certificate as to coverage under, the insurance policies required by Section 5.05 and the applicable
provisions of the Collateral Documents, any casualty policies of which shall be endorsed or otherwise amended to include a “standard” or “New York” additional lender’s loss payable endorsement and any general liability
policy of which shall name the Administrative Agent, on behalf of the Secured Parties, as additional insured, in form and substance reasonably satisfactory to the Administrative Agent. 

The Administrative Agent shall notify the Borrower and the Lenders of the Closing Date, and such notice shall be conclusive and binding.

 SECTION 4.02 Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing (other
than a continuation or conversion of an existing Borrowing) and the obligation of the Issuing Bank to issue any Letter of Credit is subject to the satisfaction of the following conditions: 

(a) The representations and warranties of any Credit Party set forth in the Credit Documents to which it is a party shall
be true and correct in all material respects (except to the extent that any such representation and warranty is qualified by materiality or Material Adverse Effect, in which case such representation and warranty shall be true and correct in all
respects) on and as of the date of such Borrowing, except to the extent that any such representation and warranty relates to an earlier date (in which case such representation and warranty shall have been true and correct in all material respects
(except to the extent that any such representation and warranty is qualified by materiality or Material Adverse Effect, in which case such representation and warranty shall be true and correct in all respects) as of such earlier date). 

(b) At the time of and immediately after giving effect to such Borrowing, no Default or Event of Default shall have
occurred and be continuing. 
 (c) The Administrative Agent or Issuing Bank shall have received a borrowing
notice in accordance with Section 2.03 or a Letter of Credit request in accordance with Section 2.17(b), as applicable. 
 Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower or other applicable Credit Party on the date thereof as to the matters specified in paragraphs (a) and
(b) of this Section. 

  
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 ARTICLE V 
 Affirmative Covenants 
 Until the Revolving Commitments have expired or
been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit have expired or been cash collateralized, the Borrower covenants and agrees with the Lenders that:

 SECTION 5.01 Financial Statements; Other Information. The Borrower will furnish to the Administrative Agent for
delivery to the Lenders: 
 (a) within 90 days after the end of each fiscal year of the Borrower, 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
KPMG LLP or other independent public accountants of recognized national standing (without a “going concern” or like qualification and without any qualification as to the scope of such audit) to the effect that such consolidated financial
statements present fairly in all material respects the financial position and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; notwithstanding the
foregoing, the obligations in this Section 5.01(a) may be satisfied with respect to financial information of the Borrower and its consolidated Subsidiaries by furnishing (A) the applicable financial statements of any parent entity of the
Borrower or (B) the Borrower’s or any parent entity thereof, as applicable, Form 10-K filed with the Securities and Exchange Commission; provided that, with respect to each of clauses (A) and (B), (i) to the extent such
information relates to a parent entity, such information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such parent entity, on the one hand, and the information
relating to the Borrower and its consolidated Subsidiaries on a standalone basis, on the other hand and (ii) to the extent such information is in lieu of information required to be provided under the first sentence of this Section 5.01(a),
such materials are accompanied by an opinion of an independent registered public accounting firm of recognized national standing, which opinion shall not be qualified as to the scope of audit or as to the status of such parent and its consolidated
Subsidiaries as a “going concern” or like qualification; 
 (b) within 45 days after the end of each of
the first three fiscal quarters of each fiscal year of the Borrower, its 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 one of its
Financial Officers as presenting fairly in all material respects the financial position and results of operations of the Borrower and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to
changes resulting from audit, normal year-end audit adjustments and the absence of footnotes; notwithstanding the foregoing, the obligations in this Section 5.01(b) may be satisfied with respect to financial information of the Borrower and its
consolidated Subsidiaries by furnishing (A) the applicable financial statements of any parent entity thereof or (B) the Borrower’s or such parent entity’s, as applicable, Form 10-Q filed with the Securities and Exchange
Commission; provided that, with respect to each of clauses (A) and (B), to the extent such information relates to any such parent entity, such information is accompanied by consolidating information that explains in reasonable detail the
differences between the information relating to such parent entity, on the one hand, and the information relating to the Borrower and its consolidated Subsidiaries on a standalone basis, on the other hand; 

(c) concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a
Financial Officer of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth
reasonably detailed calculations demonstrating compliance with Section 6.10, (iii) stating whether any change in GAAP or in the application thereof that materially affects such financial statements has occurred since the date of the
audited financial statements referred to in Section 3.04(a) and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate, (iv) setting forth a description of any
change in the jurisdiction of organization of the Borrower or any Subsidiary Guarantor since the date of the most recent certificate delivered pursuant to this paragraph (c) (or, in the case of the first such certificate so delivered, since the
Closing Date) and (v) setting forth a calculation in reasonable detail indicating which Domestic Subsidiaries are Material Domestic Subsidiaries; 
 (d) concurrently with any delivery of financial statements under clause (a) above, a certificate of the accounting firm that reported on such financial statements stating whether they obtained
knowledge during the course of their examination of such financial statements of any Event of Default under Section 6.10 (which certificate may be limited to the extent required by accounting rules or guidelines); 

  
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 (e) promptly after the same become publicly available, copies of all
periodic and other reports, proxy statements and other materials filed by the Borrower or any Restricted Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or all of the functions of said
Commission, or with any national securities exchange, as the case may be (other than amendments to any registration statement (to the extent such registration statement, in the form it becomes effective, is delivered to the Administrative Agent for
further delivery to the Lenders), exhibits to any registration statement and, if applicable, any registration statements on Form S-8 and other than any filing filed confidentiality with the Securities and Exchange Commission or any Governmental
Authority succeeding to any or all of the functions of said Commission or with any national securities exchange); 
 (f) promptly following receipt thereof, copies of any documents described in Section 101(k) or 101(l) of ERISA that the Borrower or any ERISA Affiliate may request with respect to any Multiemployer
Plan; provided that if the Borrower or any ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan then, upon reasonable request of the Administrative Agent, the
Borrower and/or its ERISA Affiliates shall promptly make a request for such documents or notices from such administrator or sponsor and the Borrower shall provide copies of such documents and notices to the Administrative Agent (on behalf of each
requesting Lender) promptly after receipt thereof; and 
 (g) subject to the limitations set forth in
Section 5.06 and 9.13, promptly following any reasonable request therefor, such other information regarding the operations, business affairs and financial position of the Borrower or any Restricted Subsidiary, or compliance with the terms of
this Agreement, as the Administrative Agent on its own behalf or on behalf of any Lender may reasonably request. 
 Documents
required to be delivered pursuant to Sections 5.01(a), 5.01(b), 5.01(e) and 5.02 (other than clause (a) thereof) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the
Borrower posts such documents, or provides a link thereto, on the Borrower’s website on the Internet at the website address www.siriusxm.com or on the EDGAR filing system of the Securities and Exchange Commission or (ii) on which
such documents are transmitted by electronic mail to the Administrative Agent; provided that: (A) upon written request by the Administrative Agent, the Borrower shall deliver paper copies of such documents to the Administrative Agent for
further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (B) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the
posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the Borrower shall be required to
provide paper copies of the certificates required by Section 5.01(c) to the Administrative Agent. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the
Administrative Agent and maintaining its copies of such documents. 
 SECTION 5.02 Notices of Material Events. The
Borrower will furnish to the Administrative Agent for delivery to each Lender prompt written notice of the following: 
 (a) the occurrence of any Default; 
 (b) (i) at any time when
the Borrower is bound by the public reporting requirements of the Exchange Act, the making of any public filing with Securities and Exchange Commission regarding the filing or commencement of any action, suit or proceeding by or before any
arbitrator or Governmental Authority against or affecting the Borrower or any Restricted Subsidiary thereof as to which there is a reasonable possibility of an adverse determination, that, if adversely determined, would reasonably be expected to
result in a Material Adverse Effect or (ii) at any time when the Borrower is no longer subject to such reporting requirements, the occurrence of any of the foregoing events; 

  
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 (c) the occurrence of any ERISA Event that, alone or together with any other
ERISA Events that have occurred, would reasonably be expected to result in liability of the Borrower or its Restricted Subsidiaries in an amount which would constitute a Material Adverse Effect; and 

(d) (i) at any time when the Borrower is bound by the public reporting requirements of the Exchange Act, the making of any
public filing with Securities and Exchange Commission regarding any other development that results in, or would reasonably be expected to result in, a Material Adverse Effect or (ii) at any time when the Borrower is no longer subject to such
reporting requirements, the occurrence of any of the foregoing events. 
 Any notice delivered pursuant to Section 5.02(a)
shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 SECTION 5.03 Existence; Conduct of Business. The Borrower will, and will cause each of its Restricted Subsidiaries to,
do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business, except to the extent that the
failure to do so (other than with respect to the maintenance of the Borrower’s existence) would not reasonably be expected to result in a Material Adverse Effect; provided that the foregoing shall not prohibit any transaction permitted
by Section 6.03 or 6.11. 
 SECTION 5.04 Payment of Tax Liabilities. The Borrower will, and will cause each of its
Restricted Subsidiaries to, pay its Tax liabilities, that, if not paid, would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect before the same shall become delinquent or in default, except where
(a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP and
(c) the failure to make payment pending such contest would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 
 SECTION 5.05 Maintenance of Properties; Insurance. 
 (a) The Borrower will,
and will cause each of its Restricted Subsidiaries to, (i) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, which shall include, in the case of
Satellites (other than Satellites yet to be launched), the provision of tracking, telemetry, control and monitoring of Satellites in their designated orbital positions, in each case in accordance with prudent and diligent standards in the commercial
satellite industry, except to the extent that the failure to do so would not reasonably be expected to result in a Material Adverse Effect and (ii) maintain, with financially sound and reputable insurance companies or in accordance with
acceptable self insurance practices, insurance in such amounts and against such risks as are customarily maintained by companies of similar size engaged in the same or similar businesses operating in the same or similar locations, (including, with
respect to each Satellite procured by the Borrower or any of its Restricted Subsidiaries for which the risk of loss passes to the Borrower or such Restricted Subsidiary at or before launch ignition, and for which launch insurance or commitments with
respect thereto are not in place as of the Closing Date, launch insurance with respect to each such Satellite covering the launch of such Satellite and a period of time thereafter and with such industry standard terms (including exclusions,
limitations on coverage, co-insurance and deductibles)) as are generally available on commercially reasonable terms. 
 (b) Each
such policy of insurance shall (i) in the case of any general liability policy, name the Administrative Agent, on behalf of the Secured Parties, as an additional insured thereunder, (ii) in the case of each casualty insurance policy,
contain an additional loss payable clause or endorsement, reasonably satisfactory in form and substance to the Administrative Agent, that names the Administrative Agent, on behalf of the Secured Parties, as the additional loss payee thereunder and
(iii) provide for at least 30-days’ prior written notice to the Administrative Agent of any cancellation of such policy, provided that, the Administrative Agent may waive all or part of the requirements set forth in this sentence if
it determines that such requirements cannot be satisfied without undue effort or expense. 

  
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 SECTION 5.06 Books and Records; Inspection Rights. The Borrower will, and will cause
each of its Restricted Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all material financial dealings and transactions in relation to its business and activities. The Borrower will, and
will cause each of the Restricted Subsidiaries to, permit representatives and independent contractors of the Administrative Agent and the Lenders to visit and inspect any of its properties (to the extent it is within such Person’s control to
permit such inspection), to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants,
all at the reasonable expense of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the Borrower (and subject, in the case of any such meetings or
advice from such independent accountants, to such accountants’ customary policies and procedures); provided that, excluding any such visits and inspections during the continuation of an Event of Default, only the Administrative Agent on
behalf of the Lenders may exercise rights of the Administrative Agent and the Lenders under this Section 5.06 and the Administrative Agent shall not exercise such rights more often than once during any calendar year absent the existence of an
Event of Default at the Borrower’s expense; and provided, further, that when an Event of Default exists, the Administrative Agent or the Lenders (or any of their respective representatives or independent contractors) may do any of the
foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice. The Administrative Agent and the Lenders shall give the Borrower the opportunity to participate in any discussions with the
Borrower’s independent public accountants. Notwithstanding anything to the contrary in Section 5.01 or this Section 5.06, none of the Borrower or any Restricted Subsidiary will be required to disclose, permit the inspection,
examination or making copies or abstracts of, or discussion of, any document, information or other matter (i) that constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the
Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Requirement of Law or any binding agreement or (iii) that is subject to attorney-client or similar privilege or constitutes attorney work
product. 
 SECTION 5.07 Compliance with Law. The Borrower will, and will cause each of its Restricted Subsidiaries to,
comply with all Requirements of Law, including Environmental Laws, applicable to it or its operations and property, and to maintain all FCC Licenses and all other governmental licenses, approvals, orders or authorizations required to provide
satellite digital radio services, to launch or operate any Satellite and the TT&C Stations related thereto and to transmit signals to and receive transmissions from the Satellites in full force and effect, except where the failure to do so,
individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.08
Use of Proceeds 
 The proceeds of the Loans will be used for the purposes set forth in Section 3.16. 

SECTION 5.09 Additional Guarantors and Collateral. 
 With respect to any Person that becomes a Material Domestic Subsidiary after the Closing Date, the Borrower will promptly (and in any event within 20 Business Days of the date such Person becomes a
Material Domestic Subsidiary (as such period may be extended in the sole discretion of the Administrative Agent)) (i) (A) cause such Material Domestic Subsidiary to become a party to the Subsidiary Guarantee, (B) cause such Material
Domestic Subsidiary to become a party to the Pledge Agreement, the Intercompany Note and (except during a Suspension Period) the Security Agreement and to take all actions reasonably necessary or advisable in the opinion of the Administrative Agent
to cause the Liens created by the Pledge Agreement and the Security Agreement to be duly perfected to the extent required by such agreement in accordance with all applicable Requirements of Law, including the filing of Uniform Commercial Code
financing statements or other filings in such jurisdictions as may be required by the Pledge Agreement and the Security Agreement, and (C) if reasonably requested by the Administrative Agent, cause such Material Domestic Subsidiary to deliver
to the Administrative Agent a certificate of such Material Domestic Subsidiary, substantially in the form of Exhibit F or such other form as may be agreed to by the Administrative Agent (acting reasonably), with appropriate insertions and
attachments, (ii) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance reasonably satisfactory to the
Administrative Agent and (iii) deliver or cause to be delivered to the Administrative Agent the certificates, if any, representing all of the Capital Stock of such Material Domestic Subsidiary and any Restricted Subsidiaries that are
Subsidiaries of such Material Domestic Subsidiary 

  
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(excluding any Excluded Capital Stock as such term is defined in the Pledge Agreement), together with undated stock powers or other appropriate instruments of transfer executed and delivered in
blank by a duly authorized officer of the holder(s) of such Capital Stock, and a joinder to the Intercompany Note substantially in the form attached thereto. 
 SECTION 5.10 Changes in Fiscal Periods. The Borrower will cause its fiscal year to end on December 31 and will cause its fiscal quarters to end on dates consistent with such fiscal year end.

 SECTION 5.11 Post-Closing Obligations. The Borrower will deliver (i) certificates as to coverage under the launch
insurance policies required by Section 5.05 and (ii) endorsements as to coverage under each of the insurance policies required by Section 5.05, each in form and substance reasonably satisfactory to the Administrative Agent, within 45
days of the Closing Date plus any extensions or waivers granted by the Administrative Agent in its reasonable discretion. 

ARTICLE VI 

Negative Covenants 
 Until the Revolving Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or
have been cash collateralized, the Borrower covenants and agrees with the Lenders that: 
 SECTION 6.01 Indebtedness. The
Borrower will not, and will not permit any Restricted Subsidiary to, Incur or permit to exist any Indebtedness, except: 
 (a) Indebtedness Incurred under the Loan Documents, including under Section 2.02; 
 (b) [intentionally omitted]; 
 (c) Indebtedness owed to and held by
the Borrower or a Restricted Subsidiary; provided, however, that (i) any subsequent issuance or transfer of any Capital Stock which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent
transfer of such Indebtedness (other than to the Borrower or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Indebtedness by the obligor thereon and (ii) any such Indebtedness owing by (A) a
Loan Party to a Restricted Subsidiary that is not a Subsidiary Guarantor shall (x) be evidenced by the Intercompany Note or (y) otherwise subject to subordination terms substantially identical to the subordination terms set forth in the
Intercompany Note and (B) any Restricted Subsidiary that is not a Subsidiary Guarantor to a Loan Party, shall be permitted pursuant to Section 6.11; 
 (d) the Existing Notes and any Guarantees thereof; 
 (e)
Indebtedness of the Borrower and its Restricted Subsidiaries outstanding on the Closing Date and listed on Schedule 6.01; 
 (f) Indebtedness of a Restricted Subsidiary Incurred and outstanding on or prior to the date on which such Subsidiary was acquired by the Borrower (other than Indebtedness Incurred in connection with, or
to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Subsidiary became a Restricted Subsidiary or was acquired by the Borrower); provided,
however, that on the date of such acquisition and after giving pro forma effect thereto, either (x) the Borrower would be in compliance, on a pro forma basis after giving effect to such acquisition and Incurrence, with the covenant set
forth in Section 6.10, as such covenant is recomputed as of the last day of the Test Period most recently ended on or prior to the date of such acquisition as if such acquisition and Incurrence had occurred on the first day of such Test Period)
or (y) the Borrower’s Total Leverage Ratio for the most recent Test Period ended on or prior to the date of such acquisition is equal to or lower than such ratio for such Test Period immediately prior to such acquisition; 

  
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 (g) Refinancing Indebtedness in respect of Indebtedness Incurred pursuant to
clause (d), (e), (f), (k), (m), (n), (o), (p) or (q) of this Section 6.01 or this clause (g); provided, however, that to the extent such Refinancing Indebtedness directly or indirectly Refinances Indebtedness of a Subsidiary
Incurred pursuant to clause (f), such Refinancing Indebtedness shall be Incurred only by such Subsidiary; 
 (h)
Swap Obligations directly related to Indebtedness permitted to be Incurred by the Borrower and its Restricted Subsidiaries pursuant to this Agreement and, at the time entered into, not for speculative purposes; 

(i) obligations in respect of workers’ compensation claims, self-insurance obligations, performance, bid and surety
bonds and completion guarantees provided by the Borrower or any Restricted Subsidiary in the ordinary course of business; 
 (j) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided,
however, that such Indebtedness is extinguished within five Business Days of its Incurrence; 
 (k) Indebtedness
Incurred by the Borrower or any of its Restricted Subsidiaries that is not secured by a Lien on the assets of the Borrower or any of its Restricted Subsidiaries, so long as (x) the Borrower would be in compliance, on a pro forma basis after
giving effect to such Incurrence, with the covenant set forth in Section 6.10, as such covenant is recomputed as of the last day of the Test Period most recently ended on or prior to the date of such Incurrence as if such Incurrence had
occurred on the first day of such Test Period and (y) immediately prior to and after giving effect to such Incurrence, no Default or Event of Default shall have occurred and be continuing or would result therefrom; 

(l) Indebtedness arising from agreements of the Borrower or any of its Restricted Subsidiaries providing for
indemnification, adjustment of purchase price or similar obligations, in each case, Incurred or assumed in connection with the disposition of any business, assets or Capital Stock of a Restricted Subsidiary; provided, however, the maximum
aggregate liability in respect of all such Indebtedness shall at no time exceed the gross proceeds actually received by the Borrower and its Restricted Subsidiaries in connection with such disposition; 

(m) Indebtedness Incurred by Foreign Subsidiaries, calculated at the time of Incurrence thereof and after giving pro forma
effect thereto, in an aggregate principal amount outstanding not in excess of the greater of (x) $150,000,000 and (y) 5% of Consolidated Tangible Assets (as determined based on the consolidated balance sheet of the Borrower as of the end
of the most recent fiscal quarter for which internal financial statements are available prior to such Incurrence); 
 (n) Replacement Satellite Vendor Indebtedness; 
 (o) Purchase Money
Indebtedness, Attributable Debt and Capital Lease Obligations of the Borrower or any of its Restricted Subsidiaries, calculated at the time of Incurrence thereof and after giving pro forma effect thereto, in an aggregate principal amount outstanding
not in excess of the greater of (x) $150,000,000 and (y) 5% of Consolidated Tangible Assets (as determined based on the consolidated balance sheet of the Borrower as of the end of the most recent fiscal quarter for which internal financial
statements are available prior to such Incurrence); 
 (p) Indebtedness of a Loan Party in respect of
(i) Permitted Additional Debt, the Net Cash Proceeds from which are applied to prepay Incremental Term Loans (and any such Permitted Additional Debt shall be deemed to have been incurred pursuant to this clause (i)) and (ii) other
Permitted Additional Debt; provided that, in the case of this clause (ii), at the time of Incurrence thereof and after giving pro forma effect thereto and the use of the proceeds thereof, (A) assuming that all Incremental Revolving

  
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Commitments made prior to the date of such Incurrence are fully drawn, the aggregate principal amount of all such Indebtedness Incurred under this clause (p)(ii) plus the aggregate amount of any
Incremental Term Loans (other than those Incremental Term Loans the Net Cash Proceeds of which were used on the date of Incurrence to prepay Incremental Term Loans) and Incremental Revolving Commitment Increases shall not exceed the Incremental
Limit and (B) no Default or Event of Default shall have occurred and be continuing or would result therefrom; and 
 (q) Indebtedness Incurred by the Borrower or any of its Restricted Subsidiaries, calculated at the time of Incurrence thereof and after giving pro forma effect thereto, in an aggregate principal amount
outstanding not in excess of the greater of (x) $250,000,000 and (y) 7.5% of Consolidated Tangible Assets (as determined based on the consolidated balance sheet of the Borrower as of the end of the most recent fiscal quarter for which
internal financial statements are available prior to such Incurrence). 
 For purposes of determining compliance with this
Section 6.01: 
 (1) in the event that an item of Indebtedness (or any portion thereof) meets the criteria
of more than one of the types of Indebtedness described in Section 6.01, the Borrower, in its sole discretion, shall classify such item of Indebtedness (or any portion thereof) at the time of Incurrence and shall only be required to include the
amount and type of such Indebtedness in one of the above clauses (it being understood that nothing in this clause (1) shall be interpreted to mean that any applicable outstanding Indebtedness shall not be included for purposes of calculating
any ratios governing such above clauses); 
 (2) the Borrower shall be entitled to divide and classify (and later
reclassify) an item of Indebtedness in more than one of the types of Indebtedness described above ; 
 (3)
Guarantees of, or obligations in respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included; 

(4) any Disqualified Stock of the Borrower or Preferred Stock of a Restricted Subsidiary will be deemed to have a
principal amount equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation preference thereof; and 

(5) Increases in the amount of Indebtedness solely as a result of fluctuations in the exchange rate of currencies will not
be deemed to be an Incurrence of Indebtedness for purposes of this Section 6.01. 
 SECTION 6.02 Liens. The Borrower
will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it except for any Permitted Liens. 

Notwithstanding the foregoing, except to the extent securing Purchase Money Indebtedness, in no event shall the Borrower or any of its
Restricted Subsidiaries create, incur, assume or permit to exist any Lien on any Material Real Property securing any Indebtedness unless the Administrative Agent, for the benefit of the Secured Parties, shall have been granted a Lien on such
property that ranks senior to the Lien on such property granted to secure such other Indebtedness. 
 SECTION 6.03
Fundamental Changes. 
 (a) The Borrower will not, and will not permit any Restricted Subsidiary to, merge into or
consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve itself, or dispose of (in one transaction or in a series of transactions) all or substantially all of its assets, except
that, 
 (i) the Borrower may merge with or into or consolidate with or into any Person (other than the
Satisfactory HoldCo, but including any Subsidiary of the Satisfactory HoldCo) or may dispose of (in one or a series of transactions) all of substantially all of the assets of the Borrower and its Restricted Subsidiaries, taken as a whole, if

 (A) the resulting, surviving or transferee Person (the “Successor Borrower”) shall be a
Person organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Borrower (if not the Borrower) shall expressly assume, by agreements, executed and delivered to the
Administrative Agent, in form reasonably satisfactory to the Administrative Agent, all the obligations of the Borrower under the Loan Documents to which it is a party, and each of the Subsidiary Guarantors shall reaffirm, by agreements executed and
delivered to the Administrative Agent, in form reasonably satisfactory to the Administrative Agent, all the obligations of such Loan Party under the Loan Documents to which it is a party; 

  
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 (B) immediately after giving pro forma effect to such transaction (and
treating any Indebtedness which becomes an obligation of the Successor Borrower or any Restricted Subsidiary as a result of such transaction as having been Incurred by such Successor Borrower or such Restricted Subsidiary at the time of such
transaction), no Default or Event of Default shall have occurred and be continuing; 
 (C) immediately after
giving pro forma effect to such transaction, either (x) the Borrower would be in compliance, on a pro forma basis after giving effect to such transaction, with the covenant set forth in Section 6.10, as such covenant is recomputed as of
the last day of the Test Period most recently ended on or prior to the date of such transaction as if such transaction had occurred on the first day of such Test Period) or (y) the Borrower’s Total Leverage Ratio for the most recent Test
Period ended on or prior to the date of such transaction is equal to or lower than such ratio for such Test Period immediately prior to such transaction; and 
 (D) the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer, stating that such consolidation, merger or transfer comply with this Agreement and the other Credit
Documents; 
 provided, however, that clauses (B) and (C) will not be applicable to (x) a Restricted
Subsidiary consolidating with or into, merging with or into or transferring all or part of its properties and assets to the Borrower (so long as no Capital Stock of the Borrower is distributed to any Person), (y) the Borrower merging with an
Affiliate of the Borrower solely for the purpose and with the sole effect of reorganizing the Borrower in another jurisdiction within the United States or in another organizational form or (z) the Borrower merging with a Wholly Owned Subsidiary
of the Satisfactory HoldCo. 
 (ii) any Person (other than the Borrower or the Satisfactory HoldCo, but which may
include another Restricted Subsidiary) may merge or consolidate with or into any Restricted Subsidiary in a transaction in which the surviving entity is a Restricted Subsidiary or that is not prohibited by under Section 6.04; provided
that, except with respect to any disposition which is governed by Section 6.04, with respect to any such transaction involving a Person which is not, immediately prior to such transaction, a Restricted Subsidiary, immediately after giving pro
forma effect to such transaction (and treating any Indebtedness which becomes an obligation of the such Restricted Subsidiary as a result of such transaction as having been Incurred by such Restricted Subsidiary at the time of such transaction), no
Default shall have occurred and be continuing, 
 (iii) any Restricted Subsidiary may dispose of its assets and
the Borrower or any Restricted Subsidiary may dispose of any Capital Stock of any of its Restricted Subsidiaries to the Borrower or to another Restricted Subsidiary or in a transaction which is not prohibited by Section 6.04 and 

(iv) any Restricted Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such liquidation or
dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders. 

  
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 This Section 6.03(a) will not apply to a consolidation, merger, or other disposition of
properties or assets between or among the Borrower and any of its Restricted Subsidiaries. 
 For purposes of
Section 6.03(a)(i), the disposition of all or substantially all of the properties and assets of one or more Restricted Subsidiaries of the Borrower, which properties and assets, if held by the Borrower instead of such Restricted Subsidiaries,
would constitute all or substantially all of the properties and assets of the Borrower on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Borrower. 

The Successor Borrower shall be the successor to the Borrower and shall succeed to, and be substituted for, and may exercise every right
and power of, the Borrower under the Loan Documents to which it is a party, and the predecessor Borrower shall be released from the Obligations. 
 (b) The Borrower will not, and will not permit any of its Restricted Subsidiaries to, engage in any business other than a Related Business. 

SECTION 6.04 Disposition of Property. The Borrower will not, and will not permit any of its Restricted Subsidiaries to consummate
any Asset Disposition unless (a) the Borrower or such Restricted Subsidiary receives consideration at the time of such Asset Disposition at least equal to the fair market value (including as to the value of all non-cash consideration), as
determined in good faith by the Board of Directors of the Borrower, of the shares and assets subject to such Asset Disposition, (b) at least 75% of the consideration thereof received by the Borrower or such Restricted Subsidiary is in the form
of cash or Cash Equivalents; (c) an amount equal to 100% of the Net Available Cash from such Asset Disposition is applied, to the extent required, in accordance with Section 2.08(c); (d) after giving effect to such Asset Disposition,
no Default or Event of Default shall exist or would result from such Asset Disposition (other than pursuant to an Asset Disposition made pursuant to a legally binding commitment entered into at the time when no Default or Event of Default existed or
would have resulted from such Asset Disposition); and (e) on a pro forma basis after giving effect to such Asset Disposition and any substantially concurrent use of proceeds thereof, the Borrower shall be in compliance with the financial
covenant set forth in Section 6.10 (other than an Asset Disposition made pursuant to a legally binding commitment entered into at a time when, on a pro forma basis, after giving effect to such Asset Disposition and any substantially concurrent
use of proceeds thereof, the Borrower was in compliance with the financial covenant set forth in Section 6.10). 
 For the
purposes of Section 6.04, the assumption or discharge of Indebtedness of the Borrower (other than obligations in respect of Disqualified Stock of the Borrower) or any Restricted Subsidiary or other liabilities (as shown on the most recent
balance sheet (or notes thereto) of the Borrower or such Restricted Subsidiary) and the release of the Borrower or such Restricted Subsidiary from all liability on such Indebtedness or from such other liabilities in connection with such Asset
Disposition (in which case, such Person shall, without further action, be deemed to have applied such deemed cash to Indebtedness in accordance with Section 2.08(c)), shall be deemed to be cash or Cash Equivalents. 

SECTION 6.05 Restricted Payments. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, make any Restricted Payment, except 
 (a) any Restricted Payment made within 90 days of the receipt
of Net Cash Proceeds from the sale of, or made by exchange for, Capital Stock of the Borrower (other than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary of the Borrower or an employee stock ownership plan or a trust
established by the Borrower or any of its Subsidiaries for the benefit of their employees and other than Cure Amounts) or a substantially concurrent cash capital contribution received by the Borrower; provided, however, that the Net Cash
Proceeds from such sale or such cash capital contribution (to the extent so used for such Restricted Payment) shall be excluded from the calculation of amounts under Section 6.05(p)(ii); 

(b) any purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated
Obligations of the Borrower made within 90 days by exchange for, or out of the proceeds of, the Incurrence of Indebtedness of such Person which is permitted to be Incurred pursuant to Section 6.01; 

  
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 (c) any purchase, repurchase, redemption, defeasance or other acquisition or
retirement for value of Subordinated Obligations of the Borrower Incurred pursuant to Section 6.01 made by exchange for, or out of the proceeds of, the substantially concurrent Incurrence of, Subordinated Obligations that have, a final maturity
date that is later than the date that is 91 days after the Latest Maturity Date; 
 (d) dividends paid within 60
days after the date of declaration thereof if at such date of declaration such dividend would have complied with this Section 6.05; 
 (e) [intentionally omitted]; 
 (f) repurchases of Capital Stock
deemed to occur upon exercise of stock options, warrants or other convertible securities if such Capital Stock represents a portion of the exercise price thereof; 

(g) cash payments in lieu of the issuance of fractional shares in connection with a reverse stock split of the Capital
Stock of the Borrower or the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock of the Borrower; provided, however, that any such cash payment shall not be for the purpose of evading the
limitation of this Section 6.05 (as determined in good faith by the Board of Directors); 
 (h)
[intentionally omitted]; 
 (i) payments of intercompany Subordinated Obligations, including pursuant to the
Intercompany Note, the Incurrence of which was permitted under Section 6.01(c); provided, however, that no Event of Default has occurred and is continuing or would otherwise result therefrom; 

(j) the repurchase, redemption or other acquisition or retirement for value of any Capital Stock of the Borrower (other
than Disqualified Stock) held by any employee or director of the Borrower made in lieu of withholding taxes resulting from the exercise, exchange or conversion of stock options, warrants or other similar rights; provided, however, that no
Default has occurred and is continuing or would otherwise result therefrom; 
 (k) [intentionally omitted];

 (l) so long as no Default has occurred and is continuing, (i) the purchase, redemption or other
acquisition of shares of Capital Stock of the Borrower or any of its Subsidiaries from employees, former employees, directors or former directors of the Borrower or any of its Subsidiaries (or permitted transferees of such employees, former
employees, directors or former directors), pursuant to the terms of the agreements (including employment agreements) or plans (or amendments thereto) approved by the Board of Directors of the Borrower under which such individuals purchase or sell or
are granted the option to purchase or sell, shares of such Capital Stock; provided, however, that the aggregate amount of such Restricted Payments (excluding amounts representing cancellation of Indebtedness) shall not exceed $5,000,000 in
any calendar year and (ii) loans or advances to employees of the Borrower or any Subsidiary of the Borrower the proceeds of which are used to purchase Capital Stock of the Borrower, in an aggregate amount not in excess of $2,000,000 at any one
time outstanding; 
 (m) any Restricted Payment to an Affiliate (including a Satisfactory HoldCo) for the
provision of administrative, management, content or other business services, in each case to the extent permitted by Section 6.06; 
 (n) other Restricted Payments in an amount not to exceed $100 million per calendar year; provided, however, that no Default has occurred and is continuing or would otherwise result therefrom;

 (o) any Restricted Payment so long as after giving pro forma effect to the payment of such Restricted Payment,
the Total Leverage Ratio for the Test Period most recently ended on or prior to such payment is no greater than 3.5 to 1.0; provided, however, that no Default has occurred and is continuing or would otherwise result therefrom; and 

  
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 (p) so long as no Default has occurred and is continuing or would result
therefrom, other Restricted Payments that would not exceed the sum of (without duplication): 
 (i) 100% of
Consolidated Operating Cash Flow accrued during the period (treated as one accounting period) from July 1, 2012 to the end of the most recent fiscal quarter for which internal financial statements are available less 1.3 times the Consolidated
Interest Expense for the same period; plus 
 (ii) 100% of the aggregate Net Cash Proceeds received by the
Borrower from the issuance or sale of its Capital Stock (other than Disqualified Stock) subsequent to and including July 1, 2012 (other than an issuance or sale to a Subsidiary of the Borrower and other than an issuance or sale to an employee
stock ownership plan or to a trust established by the Borrower or any of its Subsidiaries for the benefit of their employees), 100% of any cash capital contribution received by the Borrower from its stockholders subsequent to and including
July 1, 2012 and 100% of the fair market value (as determined by the Board of Directors) of the consideration (if other than cash) from the issue or sale of Capital Stock (other than Disqualified Stock) of the Borrower; provided,
however, that the Net Cash Proceeds from such sale or such cash capital contribution (to the extent so used for such Restricted Payment) shall be excluded from the calculation of amounts under Section 6.05(a); plus 

(iii) an amount equal to the sum of (A) the net reduction in the Investments (other than Permitted Investments) made
by the Borrower or any Restricted Subsidiary in any Person resulting from repurchases, repayments or redemptions of such Investments by such Person, proceeds realized on the sale of such Investment and proceeds representing the return of capital
(excluding dividends and distributions to the extent included in Consolidated Operating Cash Flow), in each case received by the Borrower or any Restricted Subsidiary, and (B) to the extent such Person is an Unrestricted Subsidiary, the portion
(proportionate to the Borrower’s Capital Stock in such Subsidiary) of the fair market value (as determined in good faith by the Board of Directors) of the net assets of such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is
designated a Restricted Subsidiary; provided, however, that the foregoing sum shall not exceed, in the case of any such Person or Unrestricted Subsidiary, the amount of Investments (excluding Permitted Investments) previously made (and
treated as a Restricted Payment) by the Borrower or any Restricted Subsidiary in such Person or Unrestricted Subsidiary; plus 
 (iv) $905.7 million. 
 The amount of all Restricted Payments (other than cash)
shall be the fair market value on the date of such Restricted Payment of the asset(s) or securities proposed to be paid, transferred or issued by the Borrower or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment.
The fair market value of any cash Restricted Payment shall be its face amount and any non-cash Restricted Payment shall be determined conclusively by the Board of Directors of the Borrower acting in good faith. 

SECTION 6.06 Transactions with Affiliates. The Borrower 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 (including amendments or modifications to prior or existing transactions) with,
any of its Affiliates, except 
 (a) for transactions the terms of which are no less favorable to the Borrower or
such Restricted Subsidiary than those that could be obtained at the time of such transaction in arm’s-length dealings with a Person who is not an Affiliate, 

  
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 (b) any Investment (other than a Permitted Investment) or other Restricted
Payment, in each case permitted to be made pursuant to Section 6.05; 
 (c) any issuance of securities, or
other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock options and stock ownership or other employee benefit plans approved by the Board of Directors of the Borrower or
entered into in the ordinary course of business; 
 (d) to the extent permitted by applicable Requirements of
Law, loans or advances to employees in the ordinary course of business in accordance with the past practices of the Borrower or its Restricted Subsidiaries, but in any event not to exceed $10 million in the aggregate outstanding at any one time;

 (e) the payment of reasonable and customary fees to, and indemnity provided on behalf of, directors of the
Borrower and its Restricted Subsidiaries who are not employees of the Borrower or its Restricted Subsidiaries; 

(f) any transaction with the Borrower, a Restricted Subsidiary or joint venture or similar entity which would constitute
an affiliate transaction solely because the Borrower or a Restricted Subsidiary owns an equity interest in or otherwise controls such Restricted Subsidiary, joint venture or similar entity; 

(g) the issuance or sale of any Capital Stock (other than Disqualified Stock) of the Borrower to Affiliates of the
Borrower and the granting of registration and other customary rights in connection therewith; 
 (h) any
agreement as in effect on the Closing Date and listed on Schedule 6.06, as these agreements may be amended, modified, supplemented, extended or renewed from time to time (so long as any amendment, modification, supplement, extension or renewal is
not less favorable in any material respect to the Borrower or the Restricted Subsidiaries) and the transactions evidenced thereby; 
 (i) any transaction by the Borrower or any Restricted Subsidiary with an Affiliate related to the purchase, sale or distribution of Borrower radios, subscription to Borrower services or other products or
services in the ordinary course of business including any such transaction with an automotive manufacturer or similar business partner, which has been approved by a majority of the members of the Board of Directors who have no direct financial
interest with respect to such affiliate transaction (other than as a stockholder of the Borrower); 
 (j) any
transaction between the Borrower and a Restricted Subsidiary or between Restricted Subsidiaries. 
 SECTION 6.07
Reserved. 
 SECTION 6.08 Sales and Leasebacks. The Borrower will not, and will not permit any of its Restricted
Subsidiaries to, enter into any Sale/Leaseback Transaction other than (a) any Sale/Leaseback Transaction of the property permitted to be disposed of under either clause (k) or clause (l) of the definition of “Asset
Disposition” or (b) any other Sale/Leaseback transactions, the aggregate fair market value of the property that is disposed of in connection with all such other Sale/Leaseback Transactions pursuant to this clause (b) since the Closing
Date does not exceed (i) the greater of (x) $500,000,000 and (y) 10% of Consolidated Total Assets (as determined based on the consolidated balance sheet of the Borrower as of the end of the most recent fiscal quarter for which
internal financial statements are available prior to such Sale/Leaseback Transaction), in each case as calculated prior to giving effect to each such Sale/Leaseback Transaction plus (ii) the fair market value of property previously subject to a
Sale/Leaseback Transaction pursuant to this clause (b) that has been subsequently reacquired by the Borrower or a Restricted Subsidiary (with such fair market value of each Sale/Leaseback Transaction being the fair market value of such property
at the time of its Sale/Leaseback Transaction and without giving effect to subsequent changes in 

  
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fair market value after such date), provided, (x) that in each such case, such Sale/Leaseback Transactions are for fair market value and (y) in the case of any Sale/Leaseback
Transaction pursuant to clause (b) above, the proceeds of such Sale/Leaseback Transactions are applied, to the extent required, in accordance with Section 2.08(c). 
 SECTION 6.09 Clauses Restricting Subsidiary Distributions. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, enter into or suffer to exist or become effective any
consensual encumbrance or restriction on the ability of any Restricted Subsidiary that is not a Loan Party to (a) make Restricted Payments in respect of any Capital Stock of such Restricted Subsidiary held by, or pay any Indebtedness owed to,
the Borrower or any other Loan Party, (b) make loans or advances to, or other investments in, the Borrower or any other Loan Party or (c) transfer any of its assets to the Borrower or any other Loan Party, except for such encumbrances or
restrictions existing under or by reason of 
 (i) any restrictions existing under this Agreement and the other
Loan Documents, 
 (ii) restrictions under the Existing Notes Indentures and under any other agreement listed on
Schedule 6.09; 
 (iii) any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to an
agreement relating to any Capital Stock or Indebtedness Incurred by such Restricted Subsidiary on or prior to the date on which such Restricted Subsidiary was acquired by the Borrower (other than Indebtedness Incurred as consideration in, or to
provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Borrower) and
outstanding on such date; 
 (iv) any encumbrance or restriction pursuant to an agreement effecting a Refinancing
of Indebtedness Incurred pursuant to an agreement referred to in Section 6.09(i), (ii) or (iii) or this clause (iv) or contained in any amendments, modifications, restatements, renewals, increases, supplements, refundings or replacements to an
agreement referred to in Section 6.09(i), (ii) or (iii) or this clause (iii); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such refinancing agreement or amendment
are no less favorable in any material respect to the Lenders than encumbrances and restrictions with respect to such Restricted Subsidiary contained in such predecessor agreements on the Closing Date or the date such Restricted Subsidiary became a
Restricted Subsidiary, whichever is applicable; 
 (v) any encumbrance or restriction with respect to a
Restricted Subsidiary (or any of its property or assets) imposed pursuant to an agreement entered into for the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary (or the property or assets that
are subject to such restriction) pending the closing of such sale or disposition; 
 (vi) any encumbrance or
restriction consisting of net worth provisions or restrictions on cash or other deposits in leases and other agreements entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business; 

(vii) any encumbrance or restriction consisting of customary provisions in joint venture agreements relating to joint
ventures that are not Restricted Subsidiaries and other similar agreements entered into in the ordinary course of business; and 
 (viii) customary non-assignment provisions in contracts, licenses and leases entered into in the ordinary course of business; 

(ix) any encumbrance or restriction consisting of customary nonassignment provisions in leases governing leasehold
interests to the extent such provisions restrict the assignment or transfer of the lease or the property leased thereunder; 

  
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 (x) any encumbrance or restriction contained in security agreements, pledges
or mortgages securing Indebtedness of a Restricted Subsidiary to the extent such encumbrance or restriction restricts the transfer of the property subject to such security agreements, pledges or mortgages; 

(xi) any encumbrance or restriction consisting of (A) Purchase Money Indebtedness for property acquired in the
ordinary course of business and (B) Capital Lease Obligations permitted under this Agreement, in each case, that impose encumbrances or restrictions of the nature described in this Section 6.09 on the property so acquired; 

(xii) any encumbrance or restriction pursuant to customary provisions restricting dispositions of real property interests
set forth in any reciprocal easement agreements of the Borrower or any Restricted Subsidiary; 
 (xiii)
applicable Requirements of Law; and 
 (xiv) Liens securing Indebtedness that limit the right of the debtor to
dispose of the assets subject to such Lien. 
 SECTION 6.10 Total Leverage Ratio. The Borrower will not permit the Total
Leverage Ratio as of the last day of any Test Period to be more than 5.00 to 1.00. 
 SECTION 6.11 Investments. The
Borrower will not, and will not permit any of its Restricted Subsidiaries to, make any Investments, other than Permitted Investments and Investments permitted by Section 6.05. 

SECTION 6.12 Modifications to Certain Documents. The Borrower will not, and will not permit any of its Restricted Subsidiaries to,
terminate, amend or modify the terms of any document governing any of its Subordinated Obligations in a manner materially adverse to the Lenders. 
 ARTICLE VII 
 Events of Default 

SECTION 7.01 Events of Default. If any of the following events (“Events of Default”) shall occur: 

(a) the Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at
the due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) the Borrower shall fail to
pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Section) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied
for a period of five Business Days; 
 (c) any representation or warranty made or deemed made by or on behalf of
the Borrower or any other Credit Party in this Agreement or any other Credit Document or any amendment, modification or waiver in respect thereof, or in any certificate furnished pursuant to this Agreement or any other Credit Document or any
amendment, modification or waiver in respect thereof, shall prove to have been incorrect in any material respect when made or deemed made; 
 (d) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a) or 5.03 (with respect to the Borrower’s existence) or in Article VI;
provided that with respect to Section 6.10, (i) an Event of Default shall not occur until the expiration of the 10th Business Day subsequent to the date the certificate calculating compliance with Section 6.10 as of the last
day of any fiscal quarter is required to be delivered pursuant to Section 5.01(c) (without giving effect to any grace period for such delivery) with respect to such fiscal quarter or fiscal year, as applicable and (ii) unless

  
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such section applies to the Incremental Term Loans, if any, any default under such Section 6.10 shall not constitute an Event of Default with respect to any Incremental Term Loans hereunder,
until the date that the Loans under the Revolving Commitments have been accelerated and Revolving Commitments terminated, in each case by a vote of the Required Revolving Lenders, 

(e) any Credit Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement or
any other Credit Document to which it is a party (other than those specified in clause (a), (b), (c) or (d) of this Section), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative
Agent or the Required Lenders to the Borrower; 
 (f) the Borrower or any Restricted Subsidiary shall fail to
make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable after any applicable grace period therefor; 

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity
or that enables or permits (with or without the giving of notice) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment,
repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to (i) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property
or assets securing such Indebtedness or (ii) Indebtedness outstanding under any Swap Agreement that becomes due pursuant to a termination event or equivalent event under the terms of such Swap Agreement; 

(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or
petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
 (i) the Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Section,
(iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a substantial part of its assets, (iv) file an answer
admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

(j) one or more judgments for the payment of money in an aggregate amount in excess of $75,000,000 shall be rendered
against the Borrower, any Restricted Subsidiary or any combination thereof and the same shall remain unsatisfied, unbonded or not covered by insurance for a period of 60 consecutive days during which execution shall not be effectively stayed, or any
action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Restricted Subsidiary to enforce any such judgment; 

(k) an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, would
reasonably be expected to result in a Material Adverse Effect; 
 (l) any Collateral Document after delivery
thereof pursuant to the express provisions hereof shall for any reason (other than pursuant to the terms hereof or thereof including as a result of a transaction permitted under Section 6.03, 6.04 or 9.15) cease to be in full force and effect
or any Credit Party shall so assert or cease to create, or any Lien purported to be created by any Collateral Document shall be asserted in writing by any Credit Party not to be, a valid and perfected lien on and security interest in any material

  
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portion of the Collateral purported to be covered thereby, subject to Liens permitted under Section 6.02, except to the extent that any such loss of perfection results directly from the
failure of the Administrative Agent to maintain possession of certificated securities Collateral actually delivered to it and pledged under the Collateral Documents or to file Uniform Commercial Code amendments after required notices are provided by
the Borrower to the Administrative Agent and continuation statements; 
 (m) the Subsidiary Guarantee shall
cease, for any reason, to be in full force and effect or any Loan Party shall so assert; 
 (n) to the extent the
Satisfactory HoldCo exists and any Suspension Period has been commenced, the Administrative Agent shall cease to have a perfected first priority Lien on all issued and outstanding Capital Stock of the Borrower subject to Liens permitted under
Section 6.02 or under the HoldCo Pledge Agreement, except to the extent that any such loss of perfection results directly from the failure of the Administrative Agent to maintain possession of certificated securities Collateral actually
delivered to it and pledged under the Collateral Documents or to file Uniform Commercial Code amendments after required notices are provided by the Borrower to the Administrative Agent and continuation statements; or 

(o) a Change in Control shall occur; 
 then, and in every such event (other than an event with respect to the Borrower described in clause (h) or (i) of this Section), and at any time thereafter during the continuance of such event,
the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take any or all of the following actions, at the same or different times: (i) terminate the Revolving Commitments, and thereupon the
Revolving Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and
payable during the continuation of such event) by the Borrower, and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder,
shall become due and payable immediately, without presentment, demand, protest or other notice of any kind (other than notice from the Administrative Agent), all of which are hereby waived by the Borrower and (iii) require all outstanding
Letters of Credit to be cash collateralized in accordance with Section 2.17(j); and in case of any event described in clause (h) or (i) of this Section, the Revolving Commitments shall automatically terminate and the principal of the
Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of
which are hereby waived by the Borrower. 
 SECTION 7.02 Cure Right. 

(a) Notwithstanding anything to the contrary contained in this Article VII, in the event that the Borrower reasonably expects to fail (or
has failed) to comply with the requirements of Section 6.10 as of the end of any Test Period, at any time during the last fiscal quarter of such Test Period through and until the expiration of the 10th Business Day subsequent to the date the
financial statements are required to be delivered pursuant to Section 5.01(a) or Section 5.01(b) with respect to such fiscal quarter (the “Cure Deadline”), the Borrower (or any parent thereof) shall have the right to issue
common stock or other Capital Stock reasonably satisfactory to the Administrative Agent for cash or otherwise receive cash contributions to the capital of the Borrower (collectively, the “Cure Right”), and upon the receipt by the
Borrower of the Net Cash Proceeds of such issuance or contribution (the “Cure Amount”) pursuant to the exercise by the Borrower of such Cure Right (provided such Cure Amount is received by the Borrower on or before the
applicable Cure Deadline) compliance with Section 6.10 for such Test Period shall be recalculated giving effect to the following pro forma adjustments: 
 (i) Consolidated Operating Cash Flow shall be increased with respect to such applicable fiscal quarter with respect to which such Cure Amount is received by the Borrower and any Test Period that includes
such fiscal quarter, solely for the purpose of determining whether an Event of Default has occurred and is continuing as a result of a violation of Section 6.10 and not for any other purpose under this Agreement, by an amount equal to the Cure
Amount and any prepayment of Indebtedness with the Cure Amount shall be disregarded for purposes of measuring the covenant set forth in Section 6.10 for such Test Period; 

  
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 (ii) if, after giving effect to such increase in Consolidated Operating Cash
Flow, the Borrower shall then be in compliance with the requirements of Section 6.10, the Borrower shall be deemed to have satisfied the requirements of Section 6.10 as of the relevant date of determination with the same effect as though
there had been no failure to comply therewith at such date, and the applicable breach or default of the Section 6.10 that had occurred shall be deemed cured for purposes of this Agreement; and 

(iii) Consolidated Total Debt with respect to any Test Period subsequent to the Test Period for which the Cure Amount is
deemed applied that includes such fiscal quarter with respect to which such Cure Amount is received by the Borrower shall be decreased solely to the extent proceeds of the Cure Amount are applied to prepay any Indebtedness; 

provided that the Borrower shall have notified the Administrative Agent in writing of the exercise of such Cure Right within five Business Days of
the receipt of the Cure Amounts. 
 (b) Limitation on Exercise of Cure Right. Notwithstanding anything herein to the
contrary, (i) in each four fiscal-quarter period there shall be no more than two fiscal quarters with respect to which the Cure Right is exercised, (ii) there shall be no more than five exercises of Cure Right in the aggregate,
(iii) the Cure Amount shall be no greater than the amount required for purposes of complying with Section 6.10 as of the end of the applicable fiscal quarter, (iv) all Cure Amounts shall be disregarded for purposes of determining the
Applicable Rates, any baskets, with respect to the covenants contained in the Credit Documents or the Restricted Payments “buildup” and any other purpose other than determining compliance with Section 6.10, and (v) there shall be
no pro forma reduction in Indebtedness (by netting or otherwise) with the proceeds of any Cure Amount for determining compliance with Section 6.10 for the fiscal quarter for which such Cure Amount is deemed applied. 

ARTICLE VIII 

The Administrative Agent 
 SECTION 8.01 Appointment and Authorization. Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof and the other Credit Documents, together with such actions and powers as are reasonably incidental thereto. 

SECTION 8.02 Administrative Agent and Affiliates. The bank serving as the Administrative Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of
business with the Borrower or any Restricted Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
 SECTION 8.03 Action by Administrative Agent. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and the other Credit Documents. Without
limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not
have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in writing as directed by the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02 or 9.03), and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty
to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Restricted Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates
in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the
circumstances as provided in Section 9.02 or 9.03) or otherwise, in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice
thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in
connection with this Agreement or any other Credit Document, 

  
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(ii) the contents of any certificate, report or other document delivered under or in connection with this Agreement or any other Credit Document, (iii) the performance or observance of any
of the covenants, agreements or other terms or conditions set forth herein or in any other Credit Document, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, the other Credit Documents or any other agreement,
instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein or in any other Credit Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 SECTION 8.04 Consultation with Experts. The Administrative Agent shall be entitled to rely upon, and shall not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely
upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the
Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

SECTION 8.05 Delegation of Duties. The Administrative Agent may perform any and all its duties and exercise its rights and powers
by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The
exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of
the credit facilities provided for herein as well as activities as Administrative Agent. 
 SECTION 8.06 Successor
Administrative Agent. Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower. In addition, if the
Administrative Agent becomes a Defaulting Lender under clause (d) of the definition of “Defaulting Lender”, then such Administrative Agent may be removed as the Administrative Agent at the reasonable request of the Borrower and the
Required Lenders. Upon any such resignation or removal, the Required Lenders shall have the right, in consultation with the Borrower and subject to the approval of the Borrower (which approval shall not be unreasonably withheld and shall not be
required if an Event of Default under clause (a), (b), (h) or (i) shall have occurred and be continuing), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring (but not removed) Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an
office in the United States of America, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be
the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation or removal hereunder, the provisions of this Article and Section 9.04 shall continue
in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. 

SECTION 8.07 Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Administrative
Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without
reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any other Credit Document, any related agreement or any document furnished hereunder or thereunder. 
 SECTION 8.08
Bookrunners; Syndication Agents; Senior Managing Agent; Manager. Notwithstanding anything to the contrary herein, none of the Bookrunners, the Syndication Agents, the Senior Managing Agent or the Manager shall have any powers, duties or
responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, if applicable, as the Administrative Agent, a Lender or an Issuing Bank. 

  
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 SECTION 8.09 Withholding Tax. To the extent required by any applicable Requirements
of Law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section 2.14, each Lender shall indemnify and hold harmless the
Administrative Agent against, and shall make payment in respect thereof within 10 days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any
counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for
the account of such Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that
rendered the exemption from, or reduction of withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 8.09. The
agreements in this Section 8.09 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Revolving Commitments and the repayment,
satisfaction or discharge of all other Obligations. For the avoidance of doubt, the term “Lender” shall, for purposes of this Section 8.09, include any Issuing Bank. 

ARTICLE IX 

Miscellaneous 
 SECTION 9.01 Notices. 
 (a) All notices, requests and demands to or upon
the respective parties hereto to be effective shall be in writing (including by telecopy) (unless otherwise specifically permitted in this Agreement), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made
when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy or telephone notice, when received, addressed as follows in the case of the Borrower and the Administrative Agent, and as set
forth in an administrative questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified by the respective parties hereto: 

 

			
	Borrower:	    	Sirius XM Radio Inc.
		    	1221 Avenue of the Americas, 30th Floor
		    	New York, New York 10020
		    	Attention: Chief Financial Officer
		    	Telecopy: (212) 584-5252
		    	Telephone: (212) 584-5100
		
	With a copy to:	    	Sirius XM Radio Inc.
		    	1221 Avenue of the Americas, 30th Floor
		    	New York, New York 10020
		    	Attention: General Counsel
		    	Telecopy: (212) 584-5353
		    	Telephone: (212) 584-5100
		
	Administrative Agent:	    	JPMorgan Chase Bank, N.A.
		    	500 Stanton Christiana Rd.
		    	Ops 2, 3rd Floor
		    	Newark, Delaware 19713
		    	Attention: Dimple Patal
		    	Telecopy: (302) 634-4154
		    	Telephone: (302) 634-3301

  
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	With a copy to:	    	JPMorgan Chase Bank, N.A.
		    	383 Madison Avenue
		    	New York, New York 10179
		    	Attention: Peter Thauer
		    	Telecopy: (212) 270-5127
		    	Telephone: (212) 270-6289

 (b) Notices, financial statements and similar deliveries and other communications to the Lenders
hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent (including by posting on Intralinks); provided that the foregoing shall not apply to notices pursuant to Article
II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant
to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 
 SECTION 9.02 Waivers; Amendments. 
 (a) No failure or delay by the
Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a
right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies
that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then
such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless of
whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 
 (b) Except as
otherwise expressly set forth in this Agreement, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by
the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall 
 (i) increase the Revolving Commitment of any Lender without the written consent of such Lender, 
 (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly and adversely affected
thereby (it being understood that (x) a waiver of any condition precedent set forth in Article IV or waiver or amendment of any Default, Event of Default or mandatory prepayment shall not constitute a reduction of principal and (y) any
change to the definition of “Total Leverage Ratio” or in the component definitions thereof shall not constitute a reduction in the rate or fees and only the consent of the Required Lenders shall be necessary to waive any obligation of the
Borrower to pay interest at the “default rate” or to amend Section 2.10(c)), 
 (iii) postpone the
scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Revolving
Commitment, without the written consent of each Lender directly and adversely affected thereby (other than as a result of waiving the conditions precedent set forth in Article IV or other than as a result of a waiver or amendment of any Default,
Event of Default or mandatory prepayment, which shall not constitute an extension, reduction, waiver, excuse or postponement), 

  
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 (iv) change any of the provisions of this Section or the definition of
“Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent
of each Lender, 
 (v) increase the Total Leverage Ratio set forth in Section 9.15(b) or
Section 9.15(c), without the written consent of each Lender, or 
 (vi) (A) waive any of the conditions in
Section 4.02 in respect of any Borrowing of Revolving Loans or (B) amend or modify Section 6.10 (unless Section 6.10 applies to Incremental Term Loans, if any), without the consent of the Required Revolving Lenders (it being
understood that if Section 6.10 does not apply to the Incremental Term Loans, if any, only the consent of the Required Revolving Lenders shall be required to (and only the Required Revolving Lenders shall have the ability to) waive, amend or
modify the covenant set forth in Section 6.10 (including any defined terms as they relate thereto), 
 provided further that no such
agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or any Issuing Bank hereunder without the prior written consent of the Administrative Agent or such Issuing Bank. Notwithstanding the foregoing, the
Administrative Agent and the Borrower may jointly amend, modify or supplement this Agreement to cure any ambiguity, omission, defect or inconsistency, so long as if the Required Lenders do not object to such amendment, modification or supplement
within ten business days following receipt of notice thereof. 
 (c) Notwithstanding the foregoing, this Agreement may be
amended (or amended and restated) (a) to incorporate any Incremental Revolving Commitments or Incremental Term Loans in accordance with the provisions hereof, or (b) with the written consent of the Required Lenders, the Administrative
Agent and the Borrower to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the
benefits of this Agreement and the other Credit Documents with the Incremental Term Loans, and the Revolving Loans, and the accrued interest and fees in respect thereof; and in each case to include appropriately the Lenders holding such credit
facilities in any determination of the Required Lenders. 
 In addition, notwithstanding the foregoing, this Agreement may be
amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Loans (as defined below) to permit the refinancing of all outstanding Revolving Commitments or Incremental Term Loans of
any Class (“Refinanced Loans”) with replacement loans denominated in Dollars (“Replacement Loans”) hereunder; provided that (a) the aggregate principal amount of such Replacement Loans shall not exceed
the aggregate principal amount of such Refinanced Loans, (b) the Applicable Rate with respect to such Replacement Loans (or similar interest rate spread applicable to such Replacement Loans) shall not be higher than the Applicable Rate for such
Refinanced Loans (or similar interest rate spread applicable to such Refinanced Loans) immediately prior to such refinancing, (c) the Weighted Average Life to Maturity of such Replacement Loans shall not be shorter than the Weighted Average
Life to Maturity of such Refinanced Loans at the time of such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the Refinanced Loans) and (d) all other
terms applicable to such Replacement Loans shall be substantially identical to, or less favorable to the Lenders providing such Replacement Loans than those applicable to such Refinanced Loans, except to the extent necessary to provide for covenants
and other terms applicable to any period after the latest final maturity of any Class of Loans in effect immediately prior to such refinancing. 
 (d) Without the consent of any Lender, the Administrative Agent may (in its or their respective sole discretion, or shall, to the extent required by any Credit Document) enter into any amendment or waiver
of any Collateral Document or Customary Intercreditor Agreement contemplated by this Agreement to effect the provisions of this Agreement, or enter into any new agreement or instrument, to effect the granting, perfection, protection, expansion or
enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, or as required by local law to give effect to, or protect any security interest for the benefit of the Secured
Parties, in any property or so that the security interests therein comply with applicable Requirements of Law. 

  
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 SECTION 9.03 Waivers; Amendments to Other Credit Documents. 

(a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power under the Subsidiary Guarantee, the
Pledge Agreement, the Security Agreement or the HoldCo Pledge Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders under the Subsidiary Guarantee, the Pledge Agreement, the Security Agreement and
the HoldCo Pledge Agreement are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of the Subsidiary Guarantee, the Pledge Agreement, the Security Agreement or the HoldCo Pledge
Agreement or consent to any departure by any Credit Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. 
 (b) Subject to Section 9.02(d), none of the Subsidiary Guarantee, the
Pledge Agreement, the Security Agreement, the HoldCo Pledge Agreement nor any provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by each affected Credit Party and the Required
Lenders or by the affected Credit Party and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall release all or substantially all of the Collateral (except as provided in Section 9.15),
release all or substantially all of the Subsidiary Guarantors or change any of the provisions of this Section, in each case without the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise
affect the rights or duties of the Administrative Agent under the Subsidiary Guarantee, the Pledge Agreement, the Security Agreement or the HoldCo Pledge Agreement without the prior written consent of the Administrative Agent. 

SECTION 9.04 Expenses; Indemnity; Damage Waiver. 
 (a) The Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Lead Arranger and their respective Affiliates, including the reasonable
fees, charges and disbursements of Cahill Gordon & Reindel LLP, counsel for the Administrative Agent and the Lead Arranger, in connection with syndication of the Facilities and the preparation, execution, delivery and administration of this
Agreement or any other Credit Document or any amendments, modifications or waivers of the provisions hereof or thereof and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and the Lenders, including
the fees, charges and disbursements of one firm of counsel for the Administrative Agent and the Lenders, taken as a whole (and solely in the case of a conflict of interest, one additional counsel to all such affected Persons, taken as a whole), and
to the extent required, one firm of local counsel in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions) and one firm of regulatory counsel in connection with the enforcement or protection of
their rights in connection with this Agreement or any other Credit Document, including their rights under this Section, or in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout,
restructuring or negotiations in respect of such Loans. 
 (b) The Borrower shall indemnify the Administrative Agent, the Lead
Arranger and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities
(including, for the avoidance of doubt, any Environmental Liabilities) and related expenses (including the reasonable and documented or invoiced out-of-pocket fees, expenses, disbursements and other charges of one firm of counsel for all
Indemnitees, taken as a whole (and, in the case of an actual or perceived conflict of interest where the Indemnitee affected by such conflict notifies the Borrower of any existence of such conflict and in connection with the investigating or
defending any of the foregoing has retained its own counsel, of another firm of counsel for such affected Indemnitee), and to the extent required, one firm or local counsel in each relevant jurisdiction (which may include a single special counsel
acting in multiple jurisdictions)) and one firm of regulatory counsel of any such Indemnitee arising out of or relating to any action, claim, litigation, investigation or other proceeding (including any inquiry or investigation of the foregoing)
(regardless of whether such Indemnitee is a party thereto or whether or not such action, claim, litigation or proceeding was brought by the Borrower, its equity holders, affiliates or creditors or any other third person), arising out of, or with
respect to the Transactions or to the execution, delivery, enforcement, performance and administration of this Agreement, the other Credit Documents and any such other documents or the use of the proceeds of the

  
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Loans or Letters of Credit; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
(i) are determined by a court of competent jurisdiction in a final and nonappealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee, one of its Affiliates or one of its or their
respective Related Parties or (ii) arise from a material breach of this Agreement by such Indemnitee or its Affiliates as determined by a court of competent jurisdiction in a final and nonappealable judgment. Each Indemnitee shall give prompt
notice to the Borrower of any claim that may give rise to a claim against the Borrower hereunder and shall consult with the Borrower in the conduct of such Indemnitee’s legal defense of such claim; provided, however, than an
Indemnitee’s failure to give such prompt notice to the Borrower or to seek such consultation with the Borrower shall not constitute a defense to any claim for indemnification by such Indemnitee unless, and only to the extent that, such failure
materially prejudices the Borrower. 
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to
the Administrative Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s Total Percentage (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in
its capacity as such. 
 (d) To the extent permitted by applicable law, the parties shall not assert, and each hereby waives,
any claim against any other party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement
or instrument contemplated hereby, the Transactions, any Loan or the use of the proceeds thereof; provided that nothing in this Section 9.04(d) shall limit the Borrower’s indemnification obligations to the extent that such special,
indirect, consequential or punitive damages are included in any claim by a third party unaffiliated with any Indemnitee with respect to which the applicable Indemnitee is entitled to indemnification under Section 9.04(b). 

(e) All amounts due under this Section shall be payable within 10 days after written demand therefor. 

SECTION 9.05 Successors and Assigns. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) except to the
extent permitted by Section 6.03, the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without
such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer
upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related
Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or
a portion of its Revolving Commitments and the Loans at the time owing to it) with the prior written consent of: 

(A) the Borrower (such consent not to be unreasonably withheld or delayed), provided that no consent of the
Borrower shall be required for (a) with respect to Incremental Term Loans (if any) only, an assignment to a Lender, an Affiliate of a Lender, an Approved Fund, (b) in respect of the Revolving Facility only, an assignment to a Revolving
Lender or (c) if an Event of Default under clause (a), (b), (h) or (i) of Section 7.01 has occurred and is continuing, any assignment; 
 (B) the Administrative Agent (such consent not to be unreasonably withheld), provided that no consent of the Administrative Agent shall be required for an assignment (a) of any Incremental
Term Loan to an assignee that is a Lender, an Affiliate of a Lender or an Approved Fund or (b) with respect to the Revolving Facility, an assignment to a Revolving Lender; 

(C) each Issuing Bank for any assignment (other than an assignment to a Revolving Lender) in respect of the Revolving
Facility. 

  
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 (ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining
amount of the assigning Lender’s Revolving Commitment or Loans of any Class, the amount of the Revolving Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 or, in the case of any Incremental Term Loan, $1,000,000, unless each of the Borrower and the Administrative Agent otherwise consent,
provided that no such consent of the Borrower shall be required if an Event of Default under clause (a), (b), (h) or (i) of Section 7.01 has occurred and is continuing; 

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations in respect of one Class of Revolving
Commitments or Loans; 
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent
an Assignment and Assumption, together with a processing and recordation fee of $3,500 (which fee is hereby waived for any assignment to which JPMorgan Chase Bank, N.A. or any of its Affiliates is a party); and 

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 For the purposes of this Section 9.05(b), the term “Approved Fund” means any Person (other than a
natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a
Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 (iii) Subject to acceptance
and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under
this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits
of Sections 2.12, 2.13, 2.14 and 9.04). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.05 shall be null and void. 

(iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each
Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Revolving Commitments of, and principal and interest amounts of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, with respect to its own Loans and
Revolving Commitments only, at any reasonable time and from time to time upon reasonable prior notice. 
 (v) Upon its receipt
of a duly completed Assignment and Assumption with respect to a permitted assignment executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender
hereunder), the processing and recordation fee referred to in paragraph 

  
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(b) of this Section (unless waived), and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and
Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 

(c) (i) Any Lender may, without the consent of the Borrower, the Administrative Agent or the Issuing Bank, sell participations to one or
more banks, institutions or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Revolving Commitments and the Loans owing to it);
provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the
Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Credit Documents. Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Credit Documents and to approve any amendment, modification or waiver of any
provision of this Agreement and the other Credit Documents; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in
the first proviso to Section 9.02(b) or the first proviso to Section 9.03(b) that affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 2.12, 2.13 and 2.14 (subject to the limitations and requirements of such Sections and Section 2.16) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section.
Each Lender that sells a participation shall, acting as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal and interest amounts of each Participant’s interest
in the Loans (the “Participant Register”). The entries in the Register shall be conclusive (absent manifest error), the Lenders shall treat each Person whose name is recorded in the Participant Register pursuant to the terms hereof
as the owner of such participation hereunder for all purposes of this Agreement, notwithstanding notice to the contrary; provided that no Lender shall have the obligation to disclose all or a portion of the Participant Register (including the
identity of any Participant or any information relating to a Participant’s interest in any loans or other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary in connection with a Tax audit
or other proceeding to establish that any loans are in registered form for U.S. federal income tax purposes. 
 (ii) A
Participant shall not be entitled to receive any greater payment under Section 2.12 or 2.14 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written consent (such consent not to be unreasonably withheld or delayed). 
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge
or assignment to secure obligations to a Federal Reserve Bank or other applicable central bank which governs or regulates the activities of such Lender, and this Section shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(e) Revolving Commitments and Revolving Loans may not be assigned to Liberty Media Corporation, a Delaware corporation, Liberty Spinco,
Inc., a Delaware corporation, the Satisfactory HoldCo, the Borrower or any of its Subsidiaries or any of their respective Affiliates, in each case from the Closing Date until the first date on which such Person is no longer an Affiliate of the
Borrower. 
 SECTION 9.06 Survival. All covenants, agreements, representations and warranties made by any Credit Parties
herein, in the other Credit Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or the other Credit Documents shall be considered to have been relied upon by the other parties hereto and
shall survive the execution and delivery of this Agreement and the other Credit Documents and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or
any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any
Loan or any fee or any other amount payable 

  
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under this Agreement is outstanding and unpaid and so long as the Revolving Commitments have not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14 and 9.04 and Article VIII shall
survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Revolving Commitments, any assignment of rights by or replacement of
a Lender or the termination of this Agreement or any provision hereof. 
 SECTION 9.07 Counterparts; Integration;
Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This
Agreement, the other Credit Documents and any separate letter agreements with respect to fees payable to the Administrative Agent, the Lead Arranger or any of the Lenders constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective as provided in Section 4.01, and thereafter shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by email or telecopy shall be effective as delivery of an originally executed
counterpart of this Agreement. 
 SECTION 9.08 Severability. Any provision of this Agreement held to be invalid, illegal
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and
the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 9.09 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by
law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower
against any of and all the obligations of the Borrower then due and owing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be
unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. Each Lender agrees to notify the Administrative Agent promptly after any such setoff
and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 
 SECTION 9.10 Governing Law; Jurisdiction; Consent to Service of Process. 

(a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

(b) Each party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme
Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement or the other Credit Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Credit Document shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement or the other
Credit Documents against any other party or their respective properties in the courts of any jurisdiction. 
 (c) Each party
hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or the other Credit Documents in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court. 

  
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 (d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement or any other Credit Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.11 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED TO IT, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.12 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 9.13 Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed
(a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory or self-regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena
or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or the enforcement of any right under this Agreement or any other Credit Document in any litigation or
arbitration or proceeding relating thereto, to the extent such disclosure is reasonably necessary in connection with such litigation or arbitration action or proceeding (provided that the Borrower shall be given notice thereof and a
reasonable opportunity to seek a protective court order with respect to such information prior to such disclosure (it being understood that the refusal by a court to grant such a protective order shall not prevent the disclosure of such Information
thereafter)), (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower, (h) to the extent such
Information (i) becomes publicly available other than as a result of a breach of this Section or an agreement described in clause (f) hereof or becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a
source other than the Borrower. For the purposes of this Section, “Information” means all information received from the Borrower or its Affiliates relating to the Borrower, its subsidiaries or their businesses, other than any such
information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or its Affiliates. Any Person required to maintain the confidentiality of Information as provided in this Section
shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would reasonably accord to its own confidential information.

 Each Lender acknowledges that information furnished to it pursuant to this Agreement or the other Credit Documents may
include material non-public information concerning the Borrower and its Affiliates and their related parties or their respective securities, and confirms that it has developed compliance procedures regarding the use of material non-public
information and that it will handle such material non-public information in accordance with those procedures and applicable law, including federal and state securities laws. 
 All information, including requests for waivers and amendments, furnished by the Borrower or the Administrative Agent pursuant to, or in the course of administering, this Agreement or the other Credit
Documents will be syndicate-level information, which may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective securities. Accordingly, each Lender represents to the Borrower and

  
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the Administrative Agent that it has identified in its administrative questionnaire a credit contact who may receive information that may contain material non-public information in accordance
with its compliance procedures and applicable law, including federal and state securities laws. 
 SECTION 9.14 USA PATRIOT
Act. Each Lender subject to the USA PATRIOT Act hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act, it is hereby required to obtain, verify and record information that identifies the Borrower or any Successor
Borrower, which information includes the name and address of the Borrower or any Successor Borrower and other information that will allow such Lender to identify the Borrower or any Successor Borrower in accordance with the USA PATRIOT Act.

 SECTION 9.15 Releases of Guarantees and Liens. 

(a) The Lenders hereby irrevocably agree that the Liens granted to the Administrative Agent by the Credit Parties on any Collateral shall
be automatically released (i) in full, as set forth in clause (d) below, (ii) upon the disposition of such Collateral as part of or in connection with any disposition permitted hereunder to any Person other than another Credit Party,
to the extent such disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on a certificate to that effect provided to it by a responsible officer of any Credit Party upon its reasonable
request without further inquiry), (iii) to the extent such Collateral is comprised of property leased to a Credit Party by a Person that is not a Credit Party, upon termination or expiration of such lease to the extent such Credit Party has no
other rights in such Collateral, (iv) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with Section 9.02
or Section 9.03), (v) to the extent the property constituting such Collateral is owned by any Subsidiary Guarantor and no other Credit Party, upon the release of such Subsidiary Guarantor from its obligations under the Subsidiary Guarantee
(in accordance with the second succeeding sentence and Section 4.14 of the Subsidiary Guarantee), (vi) as required by the Administrative Agent to effect any disposition of Collateral in connection with any exercise of remedies of the
Administrative Agent pursuant to the Collateral Documents and (vii) to the extent such Collateral otherwise becomes Excluded Assets (as defined in the Security Agreement). Any such release shall not in any manner discharge, affect, or impair
the Obligations or any Liens (other than those being released) upon (or obligations (other than those being released) of the Credit Parties in respect of) all interests retained by the Credit Parties, including the proceeds of any sale, all of which
shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of the Credit Documents. Additionally, the Lenders hereby irrevocably agree that the Subsidiary Guarantors shall be
released from the Subsidiary Guarantees upon consummation of any transaction permitted hereunder resulting in such Subsidiary ceasing to constitute a Restricted Subsidiary, or otherwise ceasing to be a Material Domestic Subsidiary. The Lenders
hereby authorize the Administrative Agent, as applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Subsidiary Guarantor or Collateral pursuant to the
foregoing provisions of this paragraph and paragraph (d), all without the further consent or joinder of any Lender. Any representation, warranty or covenant contained in any Credit Document relating to any such Collateral or Subsidiary Guarantor
shall no longer be deemed to be repeated. 
 (b) If at any time (and from time to time) on or after the date of satisfaction of
the HoldCo Condition when (i) no Default or Event of Default has occurred and is continuing, (ii) the Total Leverage Ratio for the two consecutive Test Periods most recently ended on or prior to such date does not exceed 2.50 to 1.00 and
(iii) no Permitted Additional Debt Document, or other document granting a Lien permitted by clause (x) of the definition of Permitted Liens, has then granted a valid Lien on any Collateral that will not concurrently become so suspended
(such requirements, collectively, the “Suspension Conditions”), the Borrower, by written notice to the Administrative Agent (which notice shall attach a certificate of a Financial Officer, in form and substance reasonably acceptable
to the Administrative Agent, setting forth in reasonable detail the calculations necessary to demonstrate the Borrower’s satisfaction of the condition set forth above), may request that the Collateral be released from the Liens created by
Collateral Documents (other than the HoldCo Pledge Agreement and the Pledge Agreement), and upon the Administrative Agent’s acceptance of such written request, all such Collateral shall be released from the Liens created by the Security
Agreement without delivery of any instrument or performance of any act by any Person. 

  
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 (c) If any Collateral has been released from the Liens created by the Security Agreement
pursuant to Section 9.15(b), then on the date, if any, on which financial statements are delivered to the Lenders pursuant to Section 5.01 showing that the Total Leverage Ratio for the two consecutive Test Periods most recently ended on or
prior to such date is greater than 3.50 to 1.00 (the “Reinstatement Condition”), the Loan Parties shall: 
 (i) upon request, promptly (A) enter into a new Security Agreement and any other applicable Collateral Document to replace the terminated Security Agreement or Collateral Document, as applicable,
(and any period from and after a Collateral Release until the date of such reinstatement, a “Suspension Period”) and (B) deliver to the Administrative Agent (or its counsel) (including by telecopy or email transmission) a
counterpart of the Security Agreement and other applicable Collateral Document signed on behalf of each Loan Party, and the Security Agreement and other applicable Collateral Documents shall be in full force and effect; 

(ii) deliver to the Administrative Agent the results of a recent Lien search with respect to each Loan Party, and such
search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by Section 6.02 or discharged on or prior to the Closing Date; 

(iii) file in the proper form each Uniform Commercial Code financing statement or other filing required by the Collateral
Documents and confirm that all other perfection steps required by the Collateral Documents shall have been taken; and 
 (iv) deliver to the Administrative Agent a copy of, or a certificate as to coverage under, the insurance policies required by Section 5.05 and the applicable provisions of the Collateral Documents,
any casualty policies of which shall be endorsed or otherwise amended to include a “standard” or “New York” additional lender’s additional loss payable endorsement and any general liability policy of which shall name the
Administrative Agent, on behalf of the Secured Parties, as additional insured, in form and substance reasonably satisfactory to the Administrative Agent. 
 (d) Notwithstanding anything to the contrary contained herein or any other Credit Document, when all Obligations (other than (i) Swap Obligations in respect of any Secured Swap Agreements,
(ii) Cash Management Obligations in respect of any Secured Cash Management Agreement and (iii) any contingent obligations or contingent indemnification obligations not then due) have been paid in full, all Revolving Commitments have
terminated or expired and no Letter of Credit shall be outstanding that is not cash collateralized or back-stopped on terms reasonably satisfactory to the Issuing Bank, upon request, and sole cost and expense, of the Borrower, the Administrative
Agent shall (without notice to, or vote or consent of, any Secured Party) take such actions as shall be required to release its security interest in all Collateral, and to release all obligations under any Credit Document, whether or not on the date
of such release there may be any (i) Swap Obligations in respect of any Secured Swap Agreements, (ii) Cash Management Obligations in respect of any Secured Cash Management Agreements and (iii) any contingent obligations or contingent
indemnification obligations not then due. Any such release of Obligations shall be deemed subject to the provision that such Obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed
thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Credit Party, or upon or as a result of the appointment of a receiver, intervenor or conservator
of, or trustee or similar officer for, any Credit Party or any substantial part of its property, or otherwise, all as though such payment had not been made. 
 (e) Notwithstanding anything to the contrary contained herein or in any other Credit Document, upon request of the Borrower in connection with any Permitted Liens securing Purchase Money Indebtedness,
Capital Lease Obligations or Attributable Debt, the Administrative Agent shall (without notice to, or vote or consent of, any Secured Party) take such actions as shall be required to subordinate the Lien on any Collateral to such Permitted Liens
securing Purchase Money Indebtedness, Capital Lease Obligations or Attributable Debt (other than in connection with any such Indebtedness that is secured by Liens permitted by clause (x) or clause (p) (as it relates to clause (x)) of the
definition of Permitted Liens. 
 (f) Notwithstanding the foregoing or anything in the Credit Documents to the contrary, at the
direction of the Required Lenders, the Administrative Agent may, in exercising remedies, take any and all necessary and appropriate action to effectuate a credit bid of all Loans (or any lesser amount thereof) for the Borrower’s assets in a
bankruptcy, foreclosure or other similar proceeding, forbear from exercising remedies upon an Event of Default, or in a bankruptcy proceeding, enter into a settlement agreement on behalf of all Lenders. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
  

					
	SIRIUS XM RADIO INC.
		
	By:	 	 /s/ Patrick L. Donnelly

		 	Name: Patrick L. Donnelly
		 	Title:	 	Executive Vice President, General
		 		 	Counsel and Secretary

 
			
	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent and a Lender
		
	By:	 	 /s/ Peter B. Thauer

		 	Name: Peter B. Thauer
		 	Title: Executive Director
	
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Jay D. Marquis

		 	Name: Jay D. Marquis
		 	Title: Director
	
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ Ronnie Glenn

		 	Name: Ronnie Glenn
		 	Title: Vice President
	
	BNP PARIBAS, as a Lender
		
	By:	 	 /s/ Maria Mulic

		 	Name: Maria Mulic
		 	Title: Vice President
	
	CITIBANK, N.A., as a Lender
		
	By:	 	 /s/ Keith Lukasavich

		 	Name: Keith Lukasavich
		 	Title: Vice President
	
	 CREDIT AGRICOLE CORPORATE AND
 INVESTMENT BANK, as a Lender

		
	By:	 	 /s/ Tanya Crossley

		 	Name: Tanya Crossley
		 	Title: Managing Director
		
	By:	 	 /s/ Kestrina Budina

		 	Name: Kestrina Budina
		 	Title: Director

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH, as
 a Lender

		
	By:	 	 /s/ Courtney E. Meehan

		 	Name: Courtney E. Meehan
		 	Title: Vice President
		
	By:	 	 /s/ Evelyn Thierry

		 	Name: Evelyn Thierry
		 	Title: Director
	
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Sheldon Pinto

		 	Name: Sheldon Pinto
		 	Title: Authorized Signatory
	
	THE ROYAL BANK OF SCOTLAND PLC, as a Lender
		
	By:	 	 /s/ Matthew Pennachio

		 	Name: Matthew Pennachio
		 	Title: Director
	
	SUNTRUST BANK, as a Lender
		
	By:	 	 /s/ Nicholas Hahn

		 	Name: Nicholas Hahn
		 	Title: Director
	
	WELLS FARGO BANK N.A., as a Lender
		
	By:	 	 /s/ David Mallett

		 	Name: David Mallett
		 	Title: Managing Director
	
	 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
 as a Lender

		
	By:	 	 /s/ Jose Carlos

		 	Name: Jose Carlos
		 	Title: Director

 
			
	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:	 	 /s/ Kelly Chin

		 	Name: Kelly Chin
		 	Title: Authorized Signatory
	
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Susan Bader

		 	Name: Susan Bader
		 	Title: Vice President
	
	BMO HARRIS BANK, as a Lender
		
	By:	 	 /s/ Naghmeh Hashemifard

		 	Name: Naghmeh Hashemifard
		 	Title: Director

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