Document:

Stock Purchase Agreement

 Exhibit 10.1 
 STOCK PURCHASE AGREEMENT 
 This STOCK PURCHASE AGREEMENT (this “Agreement”), is made
and entered into as of May 7, 2008, by and between InnerWorkings, Inc., a Delaware corporation (“Selling Stockholder”), and Printworks Series E, LLC, a Delaware limited liability company (“Purchaser”).

 WHEREAS, Selling Stockholder wishes to sell to Purchaser, and Purchaser wishes to purchase from Selling Stockholder, 500,000 shares (the
“Shares”) of common stock, $0.0001 par value, of Echo Global Logistics, Inc. (the “Company”), upon the terms and subject to the conditions set forth herein; 
 NOW, THEREFORE, the parties hereby agree as follows: 
  

	1.	Purchase and Sale 

 (a) Upon the terms and subject
to the conditions of this Agreement, Purchaser or one or more of its affiliates will purchase, and Selling Stockholder will sell to Purchaser or such affiliates, the Shares against payment of an aggregate purchase price of $5,000,000 (the
“Purchase Price”) on May 7, 2008 or such other date as the parties may mutually agree (the “Closing Date”). 
 (b) On the Closing Date, Selling Stockholder shall deliver to Purchaser or its affiliate a stock certificate or certificates representing the Shares deliverable on the Closing Date against payment to Selling Stockholder by wire transfer of
the Purchase Price in immediately available funds to an account designated by Selling Stockholder. 
  

	2.	Representations and Covenants of Selling Stockholder 

 Selling Stockholder represents and warrants to, and covenants and agrees with, Purchaser as follows: 
 (a) The execution, delivery
and performance of this Agreement by Selling Stockholder does not and shall not conflict with, violate or cause a breach of any agreement, contract or instrument to which Selling Stockholder is a party or any judgment, order or decree to which
Selling Stockholder is subject. 
 (b) The execution, delivery and performance of this Agreement have been duly authorized by all necessary
and appropriate corporate action on the part of Selling Stockholder. This Agreement has been duly executed by a duly authorized person on Selling Stockholder’s behalf and constitutes the legally binding obligation of Selling Stockholder,
enforceable against Selling Stockholder in accordance with its terms (except to the extent that enforcement may be affected by laws relating to bankruptcy, reorganization, insolvency and creditors’ rights generally and by the availability of
injunctive relief, specific performance and other equitable remedies). 
 (c) Selling Stockholder owns beneficially and of record and has
good and marketable title to the Shares, free and clear of all liens, charges, claims, security agreements, 

 
equities, options, pledges and encumbrances, other than the restrictions and limitations set forth in (i) that certain Right of First Refusal and
Co-Sale Agreement dated as of June 7, 2006 by and among the Company and certain stockholders of the Company (the “ROFR and Co-Sale Agreement”) and (ii) that certain Voting Agreement dated as of June 7, 2006 by and
among the Company and certain stockholders of the Company (the “Voting Agreement”). On the Closing Date, Purchaser will acquire good and marketable title to the Shares, free and clear of all liens, charges, claims, security
agreements, equities, options, pledges and encumbrances, subject to the restrictions and limitations set forth in the ROFR and Co-Sale Agreement and the Voting Agreement. Selling Stockholder has full right, power and authority to enter into this
Agreement and to sell, assign, transfer and deliver the Shares, subject to the restrictions and limitations set forth in the ROFR and Co-Sale Agreement and the Voting Agreement. 
 (d) Selling Stockholder has such knowledge and experience in financial and business matters such that Selling Stockholder is capable of evaluating the
merits of selling the Shares for the Purchase Price pursuant to this Agreement and of making an informed investment decision with respect thereto or has consulted with advisors who possess such knowledge and experience. Selling Stockholder
acknowledges that it has completed to its satisfaction its own due diligence investigation with respect to the Company and the Shares and that Purchaser is not making any representation or warranty, expressed or implied, at law or in equity, to
Selling Stockholder other than as expressly set forth in this Agreement. 
  

	3.	Representations and Covenants of Purchaser 

 Purchaser represents and warrants to, and covenants and agrees with, Selling Stockholder as follows: 
 (a) The Shares are and shall
be acquired solely for Purchaser’s own account, for investment purposes only and not with a present view toward the distribution thereof or with any present intention of distributing or reselling any such Shares in violation of the Securities
Act of 1933, as amended (the “Securities Act”) or any state securities laws and that any transfer of such Shares shall be made only in compliance with all applicable federal and state securities laws, including, without limitation,
the Securities Act. 
 (b) Purchaser has such knowledge and experience in financial and business matters such that Purchaser is capable of
evaluating the merits and risks of an investment in the Shares and of making an informed investment decision with respect thereto or has consulted with advisors who possess such knowledge and experience. 
 (c) The execution, delivery and performance of this Agreement by Purchaser does not and shall not conflict with, violate or cause a breach of any
agreement, contract or instrument to which Purchaser is a party or any judgment, order or decree to which Purchaser is subject. 
 (d) The
execution, delivery and performance of this Agreement have been duly authorized by all necessary and appropriate limited liability company or other entity proceedings, as the case may be, on the part of Purchaser. This Agreement has been duly
executed by a duly authorized person on Purchaser’s behalf and constitutes the legally binding 

  

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obligation of Purchaser, enforceable against Purchaser in accordance with its terms (except to the extent that enforcement may be affected by laws relating
to bankruptcy, reorganization, insolvency and creditors’ rights generally and by the availability of injunctive relief, specific performance and other equitable remedies). 
 (e) Purchaser acknowledges that it has completed to its satisfaction its own due diligence investigation with respect to the Company and the Shares and
that, except for the representations and warranties of Selling Stockholder expressly set forth in Section 2, Selling Stockholder is not making any representation or warranty, expressed or implied, at law or in equity, to Purchaser.

  

	4.	Conditions to Obligations of Purchaser 

 The
obligations of Purchaser to consummate the transactions contemplated by this Agreement are subject to the satisfaction at or prior to the Closing Date of the following conditions: 
 (a) No preliminary or permanent injunction or other binding order, decree or ruling issued by a court or governmental agency shall be in effect which
shall have the effect of preventing the consummation of the transactions contemplated by this Agreement. 
 (b) All representations and
warranties of Selling Stockholder contained in this Agreement shall be true in all material respects at and as of the Closing Date as though made at such time, and Selling Stockholder shall have performed and complied in all material respects with
all covenants and conditions required by this Agreement to be performed or complied with by it prior to or on the Closing Date. 
 (c) All
corporate and other proceedings required to carry out the transactions contemplated by this Agreement, and all instruments and other documents relating to such transactions, shall be reasonably satisfactory in form and substance to Purchaser and
Purchaser shall have been furnished with such instruments and documents as such counsel shall have reasonably requested. 
 (d) On or prior
to the Closing Date, Purchaser shall have received notice that the Investors, as defined in that certain Right of First Refusal and Co-Sale Agreement, (other than the Purchaser or any affiliate of the Purchaser) have waived or otherwise elected not
to exercise their rights set forth in Sections 2.2 and 2.3 of the ROFR and Co-Sale Agreement. 
  

	5.	Condition to Obligations of Selling Stockholder 

 The obligations of Selling Stockholder to consummate the transactions contemplated by this Agreement are subject to the satisfaction at or prior to the Closing Date of the following conditions: 
 (a) No preliminary or permanent injunction or other binding order, decree or ruling issued by a court or governmental agency shall be in effect which
shall have the effect of preventing the consummation of the transactions contemplated by this Agreement. 
  

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 (b) On or prior to the Closing Date, Selling Stockholder shall have received from Duff & Phelps
Corporation, or another comparable valuation firm, its opinion that the Purchase Price to be received by Selling Stockholder for the Shares is fair from a financial point of view to the Selling Stockholder. 
 (c) On or prior to the Closing Date, Selling Stockholder shall have received notice that the Investors, as defined in that certain Right of First Refusal
and Co-Sale Agreement have waived or otherwise elected not to exercise their rights set froth in Sections 2.2 and 2.3 of the ROFR and Co-Sale Agreement. 
 (d) All representations and warranties of Purchaser contained in this Agreement shall be true in all material respects at and as of the Closing Date as though made at such time, and Purchaser shall have performed and
complied in all material respects with all covenants and conditions required by this Agreement to be performed or complied with by it prior to or on the Closing Date. 
  

	6.	ROFR and Co-Sale Agreement; Voting Agreement 

 (a)
Prior to the Closing Date, Selling Stockholder and Purchaser agree to take all actions reasonably required to comply with the terms and conditions of the ROFR and Co-Sale Agreement and the Voting Agreement. 
 (b) On and after the Closing Date, Purchaser understands it will be subject to the terms and conditions of the ROFR and Co-Sale Agreement and the Voting
Agreement. 
 (c) Legends. Purchaser understands that the certificates evidencing the Shares may bear the following legends:

 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

 THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO, AND IN SOME CASES PROHIBITED
BY, THE TERMS AND CONDITIONS OF A CERTAIN RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT BY AND AMONG THE STOCKHOLDER, THE CORPORATION AND CERTAIN HOLDERS OF STOCK OF THE CORPORATION. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO
THE SECRETARY OF THE CORPORATION. 
  

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 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF A VOTING AGREEMENT
WHICH PLACES CERTAIN RESTRICTIONS ON THE VOTING OF THE SHARES REPRESENTED HEREBY. ANY PERSON ACCEPTING ANY INTEREST IN SUCH SHARES SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SUCH AGREEMENT. A COPY OF SUCH VOTING
AGREEMENT WILL BE FURNISHED TO THE RECORD HOLDER OF THIS CERTIFICATE WITHOUT CHARGE UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS. 
  

	7.	Miscellaneous 

 (a) Fees and Expenses.
Whether or not the transactions contemplated by this Agreement shall be consummated, each of the parties hereto shall pay the fees and expenses of its own counsel, accountants and other experts and all other expenses incurred by it in connection
with the negotiation, preparation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and all other matters incident thereto. 
 (b) Modification and Waiver. No amendment or modification of the terms or provisions of this Agreement shall be binding unless the same shall be
in writing and duly executed by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a waiver of any other provision hereof. No delay on the part of any party in exercising any right, power
or privilege hereunder shall operate as a waiver thereof. 
 (c) Entire Agreement. This Agreement sets forth the entire understanding
of the parties with respect to the subject matter hereof. Any previous agreement or understandings between the parties regarding such subject matter are merged into and superseded by this Agreement. 
 (d) Severability. In case any provision in this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby. 
 (e) Notices. All notices, consents or other
communications hereunder shall be in writing, and shall be deemed to have been duly given and delivered when delivered by hand, or when mailed by registered or certified mail, return receipt requested, postage prepaid, or when received via telecopy
or other electronic transmission, in all cases addressed to the party for whom intended at its address set forth below: 
  

			
	 If to PURCHASER:

	
	 Printworks Series E, LLC

	 1801 Century Park West, 5th
Floor

	 Los Angeles, California 90067

	 Attention:

	
	 Telephone:

	 Facsimile:
	 	

  

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	 If to SELLING STOCKHOLDER:

	
	 InnerWorkings, Inc.

	 600 West Chicago Avenue, Suite 850

	 Chicago, Illinois 60610

	 Attention: Chief Financial Officer

		
	 Telephone:
	  	312-642-3700
	 Facsimile:
	  	312-642-3704
	
	 with a copy to:

	
	 Winston & Strawn LLP

	 35 West Wacker Drive

	 Chicago, Illinois 60601

	 Attention: Steven J. Gavin, Esq.

		
	 Telephone:
	  	(312) 558-5979
	 Facsimile:
	  	(312) 558-5700

 or such other address as either party shall have designated by notice in writing to the other party given in the
manner provided by this Section. 
 (f) Publicity. Purchaser and Selling Stockholder shall consult with each other before issuing any
press release or otherwise making any public statement with respect to the transactions contemplated hereby, and shall not issue any such press release or make any such public statement prior to approval by the other party, except as may be required
by law. 
 (g) No Implied Rights. Nothing herein express or implied, is intended to or shall be construed to confer upon or give to
any person, firm, corporation or legal entity, other than the parties hereto and their affiliates, any interests, rights, remedies or other benefits with respect to or in connection with any agreement or provision contained herein or contemplated
hereby. 
 (h) Assignment. This Agreement may be assigned by Purchaser to any of its wholly-owned affiliates provided such assignee
agrees to be bound by the terms of this Agreement as though named as an original party hereto; and provided further that no such assignment shall release Purchaser from its obligations under this Agreement. 
 (i) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 
  

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 (j) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall
be deemed to be an original, but all of which shall constitute one and the same instrument. 
  

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

			
	SELLING STOCKHOLDER:
	
	INNERWORKINGS, INC.
		
	By:	 	 /s/ Nicholas J. Galassi

	Its:	 	Chief Financial Officer
	
	PURCHASER:
	
	PRINTWORKS SERIES E, LLC
		
	By:	 	 /s/ Younes Nazarian

	Its:	 	Authorized Person

  

 8Fifth Supplemental Indenture

 EXHIBIT 4.1 
 THE TAKING OF THIS DOCUMENT OR ANY CERTIFIED COPY OF IT OR ANY DOCUMENT WHICH CONSTITUTES SUBSTITUTE DOCUMENTATION FOR IT, OR ANY DOCUMENT WHICH INCLUDES WRITTEN CONFIRMATIONS OR REFERENCES TO IT, INTO AUSTRIA AS WELL AS PRINTING OUT ANY
E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE MAY CAUSE THE IMPOSITION OF AUSTRIAN
STAMP DUTY. ACCORDINGLY, KEEP THE ORIGINAL DOCUMENT AS WELL AS ALL CERTIFIED COPIES THEREOF AND WRITTEN AND SIGNED REFERENCES TO IT OUTSIDE OF AUSTRIA AND AVOID PRINTING OUT ANY E-MAIL COMMUNICATION WHICH REFERS TO ANY FINANCE DOCUMENT IN AUSTRIA OR
SENDING ANY E-MAIL COMMUNICATION CARRYING AN ELECTRONIC OR DIGITAL SIGNATURE WHICH REFERS TO ANY FINANCE DOCUMENT TO AN AUSTRIAN ADDRESSEE. 
 FIFTH SUPPLEMENTAL INDENTURE 
 FIFTH SUPPLEMENTAL INDENTURE (this “Fifth Supplemental Indenture”), dated as
of March 5, 2008, among MAGYAR TELECOM B.V., a private company with limited liability incorporated under the laws of The Netherlands (the “Issuer”), INVITEL TELECOM KFT., (“Tele2”) and MEMOREX TELEX
COMMUNICATIONS AG (“Memorex AG”), and together with Tele2, the “New Subsidiary Guarantors”, and together with the Existing Subsidiary Guarantors (defined below), the “Subsidiary Guarantors”) and The
Bank of New York, a New York banking corporation (the “Trustee”). 
 W I T N E S S E T H 
 WHEREAS, the Issuer, Invitel Távközlési Szolgáltató ZRt.
(“Invitel”, renamed Invitel Távközlési Zrt. effective January 1, 2008) and V-holding Tanácsadó ZRt. (“V-holding”) have heretofore executed and delivered to The Bank of New York,
as trustee, registrar, transfer agent and principal paying agent (the “Trustee”), and The Bank of New York (Luxembourg) S.A., as Luxembourg paying agent and transfer agent (the “Luxembourg Paying Agent”),
(a) an indenture (the “Original Indenture”), dated as of August 6, 2004, providing for the issuance of an initial aggregate principal amount of €142,000,000 10 3/
4% Senior Notes due 2012 (the “Notes”), (b) a first supplemental indenture to the Original Indenture, dated as of May 23, 2006, pursuant to which Euroweb
Internet Szolgáltató ZRt. (“Euroweb Hungary”) became a Subsidiary Guarantor (as defined in the Original Indenture) (the “First Supplemental Indenture”), (c) a second supplemental indenture to the
Original Indenture, dated as of September 29, 2006, pursuant to which S.C. Euroweb Romania S.A. (“Euroweb Romania”) became a Subsidiary Guarantor (the “Second Supplemental Indenture”), (d) a third
supplemental indenture to the Original Indenture, dated as of March 9, 2007, pursuant to which certain amendments were made to the Original Indenture further to securing the requisite consents from the Holders of the Notes (the “Third
Supplemental Indenture”), (e) a fourth supplemental indenture to the Original Indenture, dated as of April 27, 2007, pursuant to which each of PanTel Távközlési Kft. (“PanTel”), PanTel Technocom
Kft. (renamed Invitel Technocom Kft. effective January 1, 2008, “Invitel Technocom”) and Hungarotel Távközlési ZRt. (“Hungarotel”) became a Subsidiary Guarantor (the “Fourth
Supplemental Indenture” and, together with the Original Indenture, the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture, the “Indenture”); 
 WHEREAS, upon consummation of the acquisition of Tele2 by the Issuer and its subsidiaries, Tele2 became a Restricted Subsidiary of the Issuer;

 WHEREAS, upon consummation of the acquisition by Invitel of 95.65% of the issued share capital of Memorex AG pursuant to a share purchase
agreement dated December 20, 2007, Memorex AG became a Restricted Subsidiary of the Issuer; 
  

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 WHEREAS, effective January 1, 2008, V-holding, Euroweb Hungary, PanTel and Hungarotel were merged
into Invitel in compliance with Section 5.01 of the Indenture, and thereafter the Subsidiary Guarantors were comprised of Invitel, Invitel Technocom and Euroweb Romania (the “Existing Subsidiary Guarantors”); 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Issuer, the Trustee and the Existing Subsidiary Guarantors may, and are authorized to, amend
or supplement the Indenture (without the consent of any Holder of the Notes) to add Tele2 and Memorex AG as Subsidiary Guarantors under the Indenture; 
 WHEREAS, pursuant to Section 10.01 of the Indenture, each of the Existing Subsidiary Guarantors is deemed to have agreed to the extension of its respective Obligations (as defined in the Indenture), including
those contemplated by this Fifth Supplemental Indenture, without notice or further assent from such Subsidiary Guarantor; and each of the Issuer and each New Subsidiary Guarantor has duly authorized the execution and delivery of this Fifth
Supplemental Indenture and has done all things necessary to make this Fifth Supplemental Indenture a valid agreement in accordance with its terms; 
 WHEREAS, the Issuer has requested that the Trustee execute and deliver this Fifth Supplemental Indenture and the Issuer has delivered or caused to be delivered, to the Trustee an Officer’s Certificate and Opinion of Counsel in
connection herewith; and 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of
which is hereby acknowledged, the Issuer, the New Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
 2. Representations. Each of the Issuer and each New Subsidiary Guarantor represents and warrants as follows: 
  

	 	(a)	it is a legal entity duly incorporated and validly existing under the laws of the jurisdiction of its organization; 

  

	 	(b)	it has all requisite organizational power and authority to enter into and perform its obligations under this Fifth Supplemental Indenture; 

  

	 	(c)	this Fifth Supplemental Indenture has been duly authorized, executed and delivered by it and it is a legally valid and binding obligation, enforceable against it in accordance with
its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, or similar laws or equitable principles relating to or limiting creditors’ rights generally; 

  

	 	(d)	the Indenture constitutes its legal and binding obligation, enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium, or similar laws or equitable principles relating to or limiting creditors’ rights generally; and 

  

	 	(e)	immediately after giving effect to this Fifth Supplemental Indenture, no Event of Default (or event or circumstances which, with the giving of notice or the passage of time or both,
would constitute an Event of Default) shall have occurred and be continuing. 

  

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 3. Agreement to be Bound. As of the date hereof, each of the New Subsidiary Guarantors, by its
execution of this Fifth Supplemental Indenture, hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such will have all of the rights and be subject to all the obligations and agreements of a Subsidiary Guarantor under the
Indenture. Each of the New Subsidiary Guarantors agrees to be bound by the terms and provisions of the Indenture applicable to a Subsidiary Guarantor, including but not limited to Article 10 thereof, and to perform all of the obligations and
agreements of a Subsidiary Guarantor under the Indenture, as if a party to the Indenture on the date of its execution. 
 4.
Guarantee. Pursuant to Section 10.09 of the Indenture, each of the New Subsidiary Guarantors hereby provides a Guarantee of the Notes, and becomes a “Subsidiary Guarantor” for purposes of the Notes and the Indenture,
immediately upon the execution and delivery of this Fifth Supplemental Indenture. 
 5. Limitation and Effectiveness of Guarantee.
Pursuant to Section 10.04 of the Indenture, the respective Guarantee of each of the New Subsidiary Guarantors is limited to an amount not to exceed the maximum amount that can be guaranteed by such New Subsidiary Guarantor without rendering
such Guarantee voidable or unenforceable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
 6. Limitation of Guarantee of Memorex AG. Notwithstanding anything contrary to this Fifth Supplemental Indenture, the Indenture and the Notes, the
obligations of Memorex AG (including any aggregate amount payable by Memorex AG) under its Guarantee shall at all times be limited to the extent set forth in Schedule I to this Fifth Supplemental Indenture. 
 7. Agreement to Subordinate. Pursuant to Section 14.01 of the Indenture, each new Subsidiary Guarantor agrees and each holder of Notes by
accepting a Note agrees, that all payments pursuant to the Guarantee made by or on behalf of each New Subsidiary Guarantor are subordinated to the extent and in the manner provided in Article Fourteen of the Indenture to all existing and future
obligations of such New Subsidiary Guarantor under the Senior Debt of such New Subsidiary Guarantor and that such subordination is for the benefit of and enforceable by the holders of Senior Debt of such New Subsidiary Guarantor. The Guarantee of
each New Subsidiary Guarantor shall in all respects rank senior in right of payment to any future Subordinated Debt of such New Subsidiary Guarantor. 
 8. Agreement to Waive. Each of the New Subsidiary Guarantors agrees to waive, and that it will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or
subrogation or any other rights against the Issuer or any other Restricted Subsidiary as a result of any payment by such New Subsidiary Guarantor under its Guarantee. 
 9. Release of Guarantee. Each Guarantee of the Notes created by this Fifth Supplemental Indenture will be automatically and unconditionally released and discharged upon the release by the holders of the
Issuer’s Debt described in paragraph (a) of Section 4.13 of the Indenture of their Guarantee by the relevant New Subsidiary Guarantor (including any deemed release upon payment in full of all obligations under such Debt other than as
a result of payment under such Guarantee) at a time when (i) no other Debt of the Issuer has been guaranteed by such New Subsidiary Guarantor, or (ii) the holders of all such other Debt that is guaranteed by such New Subsidiary Guarantor
also release their Guarantee by such New Subsidiary Guarantor (including any deemed release upon payment in full of all obligations under such Debt other than as a result of payment under such Guarantee) 
  

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 10. Governing Law. THIS FIFTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF NEW YORK. The Issuer and each New Subsidiary Guarantor agree to be bound by Section 13.09 of the Indenture with regard to any suit, action or proceeding against the Issuer or such New Subsidiary Guarantor brought by
any Holder or the Trustee arising out of or based upon this Fifth Supplemental Indenture. 
 11. Notices. All notices and other
communications to any of Tele2 or Memorex AG shall be given as provided in the Indenture to Tele2 or Memorex AG, as the case may be, at its address set forth below. No communication under or in connection with this Fifth Supplemental Indenture, the
Indenture and the Notes shall be made to or from an address located inside of the Republic of Austria. The foregoing sentence applies mutatis mutandis to any communication made by fax, electronic message or in other written form. 

12. Multiple Originals. The parties may sign any number of copies of this Fifth Supplemental Indenture. Each signed copy shall be an original
but all such counterparts shall together constitute but one and the same Fifth Supplemental Indenture. 
 13. Headings. The Section
headings herein have been inserted for convenience of reference only and shall not affect the construction hereof. 
 14. The Trustee.
The Trustee makes no representation as to the validity or sufficiency of this Fifth Supplemental Indenture and shall not be responsible in any manner whatsoever for or in respect of the recitals contained herein, all of which recitals are made
solely by the Issuer and each New Subsidiary Guarantor. The Issuer (failing which the Subsidiary Guarantors) agrees to indemnify the Trustee to the same extent as provided under the Indenture against any and all loss, liability or expense (including
attorneys’ fees and expenses) incurred by it without willful misconduct, gross negligence or bad faith on its part arising out of or in connection with the execution of this Fifth Supplemental Indenture. 
 15. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Fifth Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or
hereafter authenticated and delivered shall be bound hereby (the Indenture, as amended and supplemented by this Fifth Supplemental Indenture, the “Supplemental Indenture”). Any and all references, whether within the Indenture or in
any notice, certificate or other instrument or document, shall be deemed to include a reference to this Fifth Supplemental Indenture (whether or not made), unless the context shall otherwise require. 
 16. Successors. All covenants and agreements in this Fifth Supplemental Indenture by the parties hereto shall bind their successors. 

17. Benefits of Fifth Supplemental Indenture. Subject to Section 6 (above), nothing in this Fifth Supplemental Indenture, the Indenture or
the Notes, express or implied, shall give rise to any Person, other than the parties hereto and thereto and their successors hereunder and thereunder, and the Holders, any benefit of any legal or equitable right, remedy or claim under the Indenture,
this Fifth Supplemental Indenture or the Notes. 
 18. Entire Agreement. This Fifth Supplemental Indenture constitutes the entire
agreement of the parties hereto with respect to the amendments to the Indenture set forth herein. All other provisions of the Indenture which are not amended are expressly affirmed. 
  

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 19. Austrian Stamp Duty. The parties agree that no original or certified copy of this Fifth
Supplemental Indenture, the Indenture and the Notes shall be brought into the Republic of Austria. Furthermore, the parties hereto agree that (i) no party shall print out any e-mail communication which refers to any of this Fifth Supplemental
Indenture, the Indenture and the Notes in Austria or (ii) send any e-mail communication carrying an electronic or digital signature which refers to any of this Fifth Supplemental Indenture, the Indenture and the Notes to an Austrian addressee.
Nothing in this Section shall, however, prevent the Holders of the Notes and the Trustee on behalf of the Holders of Notes from bringing an original or a certified copy or any document constituting substitute documentation (Ersatzbeurkundung,
rechtsbezeugende Beurkundung oder Bezugnahme auf eine Schrift) of this Fifth Supplemental Indenture, the Indenture and the Notes into the Republic of Austria if this is in connection with the enforcement of or the preservation of any rights,
powers and remedies under any of this Fifth Supplemental Indenture, the Indenture and the Notes or any proceedings instituted by or against a Holder of the Notes or the Trustee on behalf of the Holders of Notes in connection therewith. In this
respect each party agrees not to contest the validity of an uncertified copy of this Fifth Supplemental Indenture, the Indenture and the Notes in any proceedings relating to a dispute before any court, arbitral body or governmental authority in the
Republic of Austria (“Proceedings”) unless any such uncertified copy actually introduced into evidence in any Proceeding does not accurately reflect the content of such original. The parties agree that the exclusive place of
performance (Erfüllungsort) for all rights and obligations under this Fifth Supplemental Indenture, the Indenture and the Notes shall be at the registered office of the Trustee in New York or any other place reasonably designated by the
Trustee but in any case a place outside the Republic of Austria, which in particular, but without limitation, means that the payment of all amounts, if any, under this Fifth Supplemental Indenture, the Indenture and the Notes must be made from and
to, respectively, a bank account outside the Republic of Austria. It is expressly agreed between the parties hereto that any such performance within the Republic of Austria will not establish Austria as the place of performance and shall be deemed
not effective with respect to any party hereto. Further, the parties hereto agree that the fulfilment of any contractual obligation under this Fifth Supplemental Indenture, the Indenture and the Notes within the Republic of Austria does not result
in a discharge of debt. 
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 SCHEDULE I 
 Guarantee Limitations of Austrian Guarantor 
  

	1.	None of the obligations of any Subsidiary Guarantor established under the laws of Austria as a corporation (Gesellschaft mit beschränkter Haftung; Aktiengesellschaft) or
as a limited partnership (Kommanditgesellschaft) with its general partners (Komplementäre) being corporations (an “Austrian Guarantor”) as Subsidiary Guarantor pursuant to this Fifth Supplemental Indenture, the
Indenture and the Notes shall be construed to create any obligation on an Austrian Guarantor to act in violation of mandatory Austrian Capital Maintenance Rules (Kapitalerhaltungsvorschriften) (including any applicable rules on financial
assistance) pursuant to Austrian company law (“Austrian Capital Maintenance Rules”), including without limitation Section 82 of the Austrian Act on Limited Liability Companies (Gesetz über Gesellschaften mit
beschränkter Haftung) and Section 52 of the Austrian Act on Stock Corporations (Aktiengesetz), and all obligations of an Austrian Guarantor under this Fifth Supplemental Indenture, the Indenture and the Notes shall be limited in
accordance with Austrian Capital Maintenance Rules. In the event that any obligation of an Austrian Guarantor under this Fifth Supplemental Indenture, the Indenture and the Notes infringes or contradicts Austrian Capital Maintenance Rules and is
therefore held invalid or unenforceable, such obligation shall be deemed to be replaced by an obligation of a similar nature which is in compliance with Austrian Capital Maintenance Rules and which provides the best possible security interest in
favour of the Holders of the Notes and the Trustee on behalf of the Holders of Notes and, if required by Austrian Capital Maintenance Rules, the amount payable by such Austrian Guarantor under this Fifth Supplemental Indenture, the Indenture and the
Notes shall be reduced to such amount which is permitted pursuant to Austrian Capital Maintenance Rules. For the avoidance of doubt, it is noted that the Austrian Capital Maintenance Rules do not prevent or restrain an Austrian Guarantor from
guaranteeing or providing security for the obligations of its direct or indirect subsidiaries. 

  

	2.	Notwithstanding any term or provision of this Schedule I or any other term or provision in this Fifth Supplemental Indenture, the Indenture and the Notes , any guarantee or
indemnity given by an Austrian Guarantor is meant as and is to be interpreted as an abstract guarantee agreement (abstrakter Garantievertrag) and not as surety (Bürgschaft) or joint obligation as a borrower
(Mitschuldnerschaft) and the Austrian Guarantor undertakes to pay the amounts due under or pursuant to this guarantee unconditionally, irrevocably, upon first demand and without raising any defences (unbedingt, unwiderruflich, auf erste
Anforderung und unter Verzicht auf alle Einwendungen). 

  

 6 

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

			
	 MAGYAR TELECOM B.V.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 INVITEL TELECOM KFT.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 Address:

	 (c/o Invitel ZRt.)

	 2040 Budaörs,

	 Puskás Tivadar u. 8-10.

	 Telephone:

	 Telefax:

	 Attention of:

	
	 MEMOREX TELEX COMMUNICATIONS AG

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 Address:

	 (c/o Invitel ZRt.)

	 2040 Budaörs,

	 Puskás Tivadar u. 8-10.
 Telephone:

	 Telefax:

	 Attention of:

  

 7 

			
	 THE BANK OF NEW YORK

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 8

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