Document:

EX-4.2

 EXHIBIT 4.2 
  

 
  

EXPEDIA, INC., 
 as Issuer, 

THE SUBSIDIARY GUARANTORS PARTY HERETO, 

as Subsidiary Guarantors, and 
 THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as Trustee 
  

 
 FIRST 

SUPPLEMENTAL 
 INDENTURE 

Dated as of August 18, 2014 

to the Indenture 
 Dated as of
August 18, 2014 
  
  

$500,000,000 Aggregate Principal Amount 

of 
 4.500% Senior Notes due 2024

  
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE ONE	  
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	SECTION 1.1	 	 Definitions
	  	 	1	  
	SECTION 1.2	 	 Other Definitions
	  	 	7	  
	SECTION 1.3	 	 Incorporation by Reference of Trust Indenture Act
	  	 	7	  
	
	ARTICLE TWO	  
	
	THE NOTES	  
			
	SECTION 2.1	 	 Creation of Series of Securities
	  	 	7	  
	SECTION 2.2	 	 Terms of the Notes
	  	 	7	  
	SECTION 2.3	 	 Issuance of Additional Notes
	  	 	7	  
	
	ARTICLE THREE	  
	
	REDEMPTION	  
			
	SECTION 3.1	 	 Optional Redemption
	  	 	8	  
	SECTION 3.2	 	 Selection of Notes to be Redeemed
	  	 	8	  
	SECTION 3.3	 	 Mandatory Redemption; Sinking Fund
	  	 	8	  
	
	ARTICLE FOUR	  
	
	CERTAIN COVENANTS	  
			
	SECTION 4.1	 	 Limitations on Liens
	  	 	8	  
	SECTION 4.2	 	 Limitation on Sale and Lease-Back Transactions
	  	 	10	  
	SECTION 4.3	 	 Change of Control Triggering Event
	  	 	11	  
	
	ARTICLE FIVE	  
	
	AMENDMENT, SUPPLEMENT AND WAIVER	  
			
	SECTION 5.1	 	 Without Consent of Holders of the Notes
	  	 	12	  
	SECTION 5.2	 	 With Consent of Holders of Notes
	  	 	13	  
	SECTION 5.3	 	 Compliance with Trust Indenture Act
	  	 	14	  
	SECTION 5.4	 	 Effect of Consents and Waivers
	  	 	14	  
	SECTION 5.5	 	 Notation on or Exchange of Notes
	  	 	15	  
	SECTION 5.6	 	 Trustee To Sign Amendments
	  	 	15	  

  
 -i- 

							
	ARTICLE SIX	  
	
	GUARANTEES	  
			
	SECTION 6.1	 	 Guarantee
	  	 	15	  
	SECTION 6.2	 	 Future Subsidiary Guarantors
	  	 	15	  
	
	ARTICLE SEVEN	  
	
	DEFAULTS AND REMEDIES	  
			
	SECTION 7.1	 	 Events of Default
	  	 	16	  
	SECTION 7.2	 	 Acceleration
	  	 	18	  
	SECTION 7.3	 	 Other Remedies
	  	 	18	  
	SECTION 7.4	 	 Waiver of Past Defaults
	  	 	18	  
	SECTION 7.5	 	 Control by Majority
	  	 	18	  
	SECTION 7.6	 	 Limitation on Suits
	  	 	19	  
	SECTION 7.7	 	 Rights of Holders to Receive Payment
	  	 	19	  
	SECTION 7.8	 	 Collection Suit by Trustee
	  	 	19	  
	SECTION 7.9	 	 Trustee May File Proofs of Claim
	  	 	19	  
	SECTION 7.10	 	 Priorities
	  	 	20	  
	SECTION 7.11	 	 Undertaking for Costs
	  	 	20	  
	SECTION 7.12	 	 Waiver of Stay or Extension Laws
	  	 	20	  
	
	ARTICLE EIGHT	  
	
	APPLICATION OF SUPPLEMENTAL INDENTURE	  
	AND CREATION OF THE INITIAL NOTES	  
			
	SECTION 8.1	 	 Application of This Supplemental Indenture
	  	 	21	  
	SECTION 8.2	 	 Effect of Supplemental Indenture
	  	 	21	  
	
	ARTICLE NINE	  
	
	MISCELLANEOUS	  
			
	SECTION 9.1	 	 The Supplemental Indenture
	  	 	22	  
	SECTION 9.2	 	 Counterparts
	  	 	23	  
	SECTION 9.3	 	 Effect of Headings and Table of Contents
	  	 	23	  
	SECTION 9.4	 	 Governing Law
	  	 	23	  
	SECTION 9.5	 	 No Representation
	  	 	23	  

  

			
	EXHIBIT A	  	FORM OF 4.500% SENIOR NOTE DUE 2024
		
	SCHEDULE A	  	SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

  
 -ii- 

 FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
August 18, 2014, by and among Expedia, Inc., a Delaware corporation (the “Company”), the Subsidiary Guarantors that are a party hereto and The Bank of New York Mellon Trust Company, N.A., as trustee (the
“Trustee”). 
 WHEREAS, the Company, the Subsidiary Guarantors and the Trustee entered into the Indenture,
dated as of August 18, 2014 (the “Base Indenture”, together with this Supplemental Indenture, the “Indenture”); 

WHEREAS, Section 11.01 of the Base Indenture provides, among other things, that the Company and the Trustee may enter into a supplemental
indenture to the Base Indenture for, among other things, the purpose of establishing the form and terms of the Securities (as defined in the Base Indenture) of any series as contemplated by Sections 2.01 and 3.01 of the Base Indenture; 

WHEREAS, on the date hereof the Company desires to establish and issue a new series of Securities, to be designated as the Company’s
4.500% Senior Notes due 2024 pursuant to the Base Indenture, as supplemented and amended by this Supplemental Indenture, which Notes (as defined below) shall be senior unsecured obligations of the Company; and 

WHEREAS, the Company desires to enter into a supplemental indenture pursuant to Sections 2.01, 3.01 and 11.01 of the Base Indenture to
establish the form and terms of the Notes and to add to or change the provisions of the Base Indenture as necessary and advisable to facilitate the issuance of the Notes, as contemplated by Sections 2.01 and 3.01 of the Base Indenture. 

NOW, THEREFORE, in consideration of the foregoing, the parties hereto, for the benefit of each other and for the equal and
proportionate benefit of the other parties and for the equal and ratable benefit of the Holders of (i) the Initial Notes and (ii) Additional Notes (as defined herein), if any, issued from time to time (together with the Initial Notes, the
“Notes”), hereby enter into this Supplemental Indenture, which amends, modifies, supplements and restates (as applicable) the Base Indenture with respect to (and only with respect to) the Notes, as follows: 

ARTICLE ONE 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 SECTION 1.1 Definitions. 

“Additional Notes” means Notes issued under the Indenture after the Issue Date and in compliance with Section 2.3. 

“Attributable Debt” means, with respect to any sale and lease-back transaction, at the time of determination, the lesser of
(1) the sale price of the property so leased multiplied by a fraction the numerator of which is the remaining portion of the base term of the lease included in such transaction and the denominator of which is the base term of such lease, and
(2) the total 

 
obligation (discounted to present value at the implicit interest factor, determined in accordance with GAAP, included in the rental payments) of the lessee for rental payments (other than amounts
required to be paid on account of property taxes as well as maintenance, repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the base term of the lease included in
such transaction. 
 “Board of Directors” or “Board” means, with respect to any Person, the Board of
Directors of such Person or any committee thereof duly authorized to act on behalf of such Board or, in the case of a Person that is not a corporation, the group exercising the authority generally vested in a board of directors of a corporation.

 “Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions or trust companies
in New York City are authorized or required by law, regulation or executive order to close. 
 “Change of Control” means
the occurrence of any one of the following: 
 (1) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange
Act), other than one or more Permitted Holders, is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of
the Company; 
 (2) individuals who on the Issue Date constituted the Board of Directors of the Company (together with any new directors
whose election by such Board of Directors of the Company or whose nomination for election by the shareholders of the Company was approved or ratified by a vote of a majority of the directors of the Company then still in office who were either
directors on the Issue Date or whose election or nomination for election was previously so approved or ratified) cease for any reason to constitute a majority of the Board of Directors of the Company then in office; 

(3) the adoption of a plan relating to the liquidation or dissolution of the Company; or 

(4) the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the Company, or the
sale of all or substantially all the assets of the Company (determined on a consolidated basis) to another Person other than (i) a transaction in which the survivor or transferee is a Person that is controlled by the Permitted Holders or
(ii) a transaction following which (A) in the case of a merger or consolidation transaction, holders of securities that represented 100% of the Voting Stock of the Company immediately prior to such transaction (or other securities into
which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such merger or consolidation transaction
immediately after such transaction and (B) in the case of a sale of assets transaction, each transferee becomes an obligor in respect of the Notes and either (i) each transferee becomes a Subsidiary of the transferor of such assets or
(ii) holders of securities that represented 100% of the Voting Stock of the Company immediately prior to such transaction (or other securities into which such securities are converted as part of such transaction) own directly or indirectly at
least a majority of the voting power of the Voting Stock of the transferee. 

  
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 Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if
(1) the Company becomes a direct or indirect wholly-owned subsidiary (the “Sub Entity”) of a holding company and (2) holders of securities that represented 100% of the Voting Stock of the Company immediately prior to such
transaction (or other securities into which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of such holding company;
provided that, upon the consummation of any such transaction, “Change of Control” shall thereafter include any Change of Control of any direct or indirect parent of the Sub Entity. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Event. 

“Company” means the Person named as the “Company” in the preamble to this Supplemental Indenture until a successor
corporation shall have become such “Company” pursuant to the applicable provisions of the Indenture, and thereafter, the “Company” shall mean such successor corporation. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury Price” means
(1) the arithmetic average of the Reference Treasury Dealer Quotations for the redemption date after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker is given fewer than
four Reference Treasury Dealer Quotations, the arithmetic average of all Reference Treasury Dealer Quotations for such redemption date. 

“Consolidated Net Assets” means, as of the time of determination, the aggregate amount of the assets of the Company and its
consolidated Subsidiaries after deducting all current liabilities other than (1) short-term borrowings, (2) current maturities of long-term debt and (3) current maturities of obligations under capital leases, as reflected on the
Company’s most recent consolidated balance sheet prepared in accordance with GAAP at the end of the most recently completed fiscal quarter or fiscal year, as applicable. 

“Credit Agreement” means the Credit Agreement, dated as of February 8, 2010, among the Company, Expedia, Inc. (a
Washington corporation), Travelscape, LLC, TripAdvisor LLC, Hotwire, Inc., the lenders party thereto, JPMorgan Chase Bank N.A., as administrative agent, and J.P. Morgan Europe Limited, as London Agent, as the same has been amended, supplemented or
otherwise modified prior to the date hereof and may be further amended, supplemented or otherwise modified from time to time, and any successor credit agreement thereto (whether by renewal, replacement, refinancing or otherwise) that the Company in
good faith designates to be its principal credit agreement (taking into account the maximum principal amount of the credit facility provided thereunder, the recourse nature of the agreement and such other factors as the Company deems reasonable in
light of the circumstances), such designation (or the designation that at a given time there is no principal credit agreement) to be made by an Officers’ Certificate delivered to the Trustee. 

  
 3 

 “Default” means any event which is, or after notice or passage of time or both
would be, an Event of Default. 
 “Fitch” means Fitch Inc., a subsidiary of Fimalac, S.A., and its successors. 

“GAAP” means generally accepted accounting principles in the United States of America in effect from time to time. 

“Global Notes” means the Notes in global form and registered in the name of the Depositary or its nominee that are in the
form of Exhibit A attached hereto. 
 “guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such indebtedness of
such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise) or (2) entered
into for purposes of assuring in any other manner the obligee of such indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided, however, that the term
“guarantee” will not include endorsements for collection or deposit in the ordinary course of business. The term “guarantee,” when used as a verb, has a correlative meaning. 

“Guarantee” means the guarantee by any Subsidiary Guarantor of the Company’s Obligations under the Indenture and the
Notes. 
 “Holder” means the Person in whose name a Note is registered on the security register books. 

“incur” means issue, assume, guarantee or otherwise become liable for. 

“Independent Investment Banker” means J.P. Morgan Securities LLC or Merrill Lynch, Pierce, Fenner & Smith
Incorporated, or their respective successors, as may be appointed from time to time by the Company. 
 “Investment
Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P); a
rating of BBB- or better by Fitch (or its equivalent under any successor rating category of Fitch); and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies appointed by the Company. 

“Initial Notes” means the first $500,000,000 aggregate principal amount of Notes issued under the Indenture on the date
hereof. 

  
 4 

 “Issue Date” means August 18, 2014. 

“Liberty Successor” means any Person spun or otherwise separated out of Liberty Interactive Corporation (or any Subsidiary
thereof); provided no Person who is not a Permitted Holder is the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of
such Person. 
 “Lien” means any mortgage, security interest, pledge, lien, charge or other similar encumbrance. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Notes” has the meaning assigned to it in the preamble to this Supplemental Indenture. The Notes issued under the Indenture
include the Initial Notes and Additional Notes, if any, unless the context otherwise requires. 
 “Permitted
Holders” means Barry Diller, Liberty Interactive Corporation, any Liberty Successor and their respective affiliates and any group (as such term is used in Section 13(d) and 14(d) of the Exchange Act) with respect to which any such
Persons collectively exercise a majority of the voting power.”principal” means the principal of the Note plus the premium, if any, payable on the Note which is due or overdue or is to become due at the relevant time;
provided, however, that for purposes of calculating any such premium, the term “principal” shall not include the premium with respect to which such calculation is being made. 

“Rating Agency” means each of Moody’s, S&P and Fitch; provided, that if any of Moody’s, S&P or Fitch
ceases to rate the Notes or fails to make a rating of the Notes publicly available, the Company will appoint a replacement for such Rating Agency that is a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) of the Exchange Act. 
 “Ratings Event” means ratings of the Notes are lowered by at least two of the
three Rating Agencies and the Notes are rated below Investment Grade by at least two of the three Rating Agencies in any case on any day during the period (the “Trigger Period”) commencing on the date 60 days prior to the first
public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended for so long as the rating of the Notes is under
publicly announced consideration for a possible downgrade by any of the Rating Agencies). 
 “Reference Treasury
Dealer” means (i) J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, or their respective successors, and (ii) two other primary U.S. Government securities dealers in New York City selected by
the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the arithmetic average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in  

  
 5 

 
each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer by 3:30 p.m., New York City time, on the third Business
Day preceding such redemption date. 
 “Remaining Scheduled Payments” means, with respect to any Note to be redeemed, the
remaining scheduled payments of the principal and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest payment date with
respect to such Note, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such redemption date. 

“S&P” means Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc., and its
successors. 
 “Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date
on which the payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof until the
exercise of such option by such holder). 
 “Subsidiary Guarantors” means Classic Vacations, LLC, EAN.com, LP, Egencia LLC,
Expedia, Inc. (a Washington corporation), Hotels.com GP, LLC, Hotels.com, L.P., Hotwire, Inc., HRN 99 Holdings, LLC, Interactive Affiliate Network, LLC, Travelscape, LLC, and WWTE, Inc. and any other Subsidiary of the Company that, in accordance
with the terms of the Indenture, Guarantees the Notes, in each case until such Guarantee is released pursuant to the provisions of Article Thirteen of the Base Indenture (as amended and supplemented by this Supplemental Indenture). 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to
maturity (computed as of the third Business Day immediately preceding that redemption date) of the Comparable Treasury Issue. In determining this rate, the Company will assume a price for the Comparable Treasury Issue (expressed as a percentage of
its principal amount) equal to the Comparable Treasury Price for such redemption date. 
 “Trustee” means the party named
as such in the preamble to this Supplemental Indenture until a successor replaces it in accordance with the applicable provisions of the Indenture and, thereafter, means such successor. 

“Voting Stock” of a Person means all classes of equity securities 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. 

  
 6 

 SECTION 1.2 Other Definitions. 

 

			
	 Term
	  	 Defined in Section

	“Base Indenture”	  	Recitals
	“Change of Control Offer”	  	4.3(b)
	“covenant defeasance option”	  	8.2(v)
	 “Event of Default”
	  	7.1
	 “Indenture”
	  	Recitals
	 “Notes”
	  	Recitals
	 “Supplemental Indenture”
	  	Recitals

 SECTION 1.3 Incorporation by Reference of Trust Indenture Act. This Supplemental Indenture is subject
to the mandatory provisions of the TIA which are incorporated by reference in, and made a part of, this Supplemental Indenture with respect to (and only with respect to) the Notes. Whenever this Supplemental Indenture refers to a provision of the
TIA, the provision is incorporated by reference in, and made a part of, this Supplemental Indenture. 
 ARTICLE TWO 

THE NOTES 
 SECTION 2.1
Creation of Series of Securities. Pursuant to Section 3.01 of the Base Indenture, there is hereby created a new series of Securities designated as the “4.500% Senior Notes due 2024” in an unlimited aggregate principal amount.
On the Issue Date, the Company will issue $500,000,000 in aggregate principal amount of the Notes. 
 SECTION 2.2 Terms of the Notes.
Pursuant to Section 2.01 of the Base Indenture, the Notes shall be substantially in the form annexed hereto as Exhibit A. The terms and provisions contained in the form of the Notes annexed hereto as Exhibit A shall constitute, and
are hereby expressly made, a part of this Supplemental Indenture. The Company shall be entitled to issue Additional Notes under the Indenture pursuant to Section 2.3. The Initial Notes issued on the Issue Date will be represented by one or more
Global Notes in the name of Cede & Co., as a nominee of the Depositary, The Depository Trust Company. The Notes shall be in initial denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

SECTION 2.3 Issuance of Additional Notes. After the date hereof, the Company shall, subject to compliance with the terms of the
Indenture, be entitled to issue Additional Notes under the Indenture, which Notes shall have identical terms as the Initial Notes issued on the Issue Date, other than with respect to the date of issuance, issue price and amount of interest payable
on the first payment date applicable thereto. 
 With respect to any Additional Notes, the Company shall set forth in a resolution of the
Board of Directors of the Company and an Officers’ Certificate, a copy of each of which shall be delivered to the Trustee, the following information: 

(a) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to the Indenture; and 

(b) the issue price, the issue date and the CUSIP number of such Additional Notes; provided, however, that no Additional Notes
may be issued with the same CUSIP number as the Notes issued on the date hereof if such Additional Notes were issued at a price that would cause such Additional Notes to not be fungible for U.S. federal income tax purposes with any other Notes
issued under the Indenture. 

  
 7 

 The Initial Notes and any Additional Notes shall vote and consent together on all matters as one
class; and neither the Initial Notes nor any Additional Notes shall have the right to vote or consent as a separate class on any matter. The Initial Notes and any Additional Notes shall together be deemed to constitute a single class or series for
all purposes under the Indenture. 
 ARTICLE THREE 

REDEMPTION 
 SECTION 3.1
Optional Redemption. (a) Prior to May 15, 2024 (the date that is three months prior to the maturity date of the Notes), the Notes shall be redeemable, in whole or in part, from time to time, at the option of the Company, at a
redemption price equal to the greater of (i) 100% of the principal amount of such Notes and (ii) the sum of the present values of the Remaining Scheduled Payments thereon (exclusive of interest accrued to the date of redemption) discounted
to the redemption date on a semiannual basis (assuming a 360-day year comprised of twelve 30-day months) at the Treasury Rate plus 35 basis points, in each case plus accrued and unpaid interest thereon to but excluding the redemption date. 

(b) On or after May 15, 2024 (the date that is three months prior to the maturity date of the Notes), the Notes shall be redeemable, in
whole or in part, from time to time, at the option of the Company, at a redemption price equal to 100% of the principal amount of such Notes, plus accrued and unpaid interest thereon to but excluding the redemption date. 

SECTION 3.2 Selection of Notes to be Redeemed. If fewer than all the Notes then outstanding are to be redeemed, the particular Notes to
be redeemed shall be selected from the Outstanding Notes, by such method that complies with applicable depositary procedures, if any. The Notes shall be selected from outstanding Notes not previously called for redemption. Notes and portions thereof
shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof. Provisions of the Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 

SECTION 3.3 Mandatory Redemption; Sinking Fund. The Company shall not be required to make mandatory redemption or sinking fund payments
with respect to the Notes. 
 ARTICLE FOUR 

CERTAIN COVENANTS 
 SECTION 4.1
Limitations on Liens. (a) So long as any Notes remain outstanding, the Company shall not directly or indirectly, incur, and shall not permit any of its Subsidiaries to, directly or indirectly, incur any Indebtedness secured by a Lien
upon any property or assets 

  
 8 

 
(including Capital Stock) of the Company, or any of its Subsidiaries or upon any shares of stock or Indebtedness of any of its Subsidiaries (whether such property, assets, shares of stock or
Indebtedness are now existing or owned or hereafter created or acquired) without in any such case effectively providing, concurrently with or prior to the incurrence of any such secured Indebtedness, or the grant of a Lien with respect to any such
Indebtedness to be so secured, that the Notes or, in respect of Liens on the property or assets of any Subsidiary Guarantor, the Guarantee of such Subsidiary Guarantor (together with, if the Company shall so determine, any other Indebtedness of or
guarantee by the Company, the Subsidiary Guarantors or any of their respective Subsidiaries ranking equally in right of payment with the Notes or the Guarantee) shall be secured equally and ratably with (or, at the Company’s option, prior to)
such Indebtedness to be so secured; provided, however, that the foregoing restrictions shall not apply to: 

(1) Liens on property, shares of stock or Indebtedness of any Person existing at the time such Person becomes a
Subsidiary of the Company; provided that such Lien was not incurred in anticipation of such Person becoming a Subsidiary; 

(2) Liens on property, shares of stock or Indebtedness existing at the time of acquisition thereof by the Company or a
Subsidiary of the Company or any of its Subsidiaries (which may include property previously leased by the Company or any of its Subsidiaries and leasehold interests on such property; provided that the lease terminates prior to or upon the
acquisition) or Liens on property, shares of stock or Indebtedness to secure the payment of all or any part of the purchase price thereof, or Liens on property, shares of stock or Indebtedness to secure any Indebtedness for borrowed money incurred
prior to, at the time of, or within 18 months after, the latest of the acquisition thereof, or, in the case of property, the completion of construction, the completion of improvements or the commencement of substantial commercial operation of such
property for the purpose of financing all or any part of the purchase price thereof, such construction or the making of such improvements; 

(3) Liens securing Indebtedness of any of the Company’s Subsidiaries or of the Company owing to the Company or any of its
Subsidiaries; 
 (4) Liens existing on the Issue Date; 

(5) Liens on property or assets of a Person existing at the time such Person is merged into or consolidated with the
Company or any of its Subsidiaries, at the time such Person becomes a Subsidiary of the Company or at the time of a sale, lease or other disposition of all or substantially all of the properties or assets of a Person to the Company or any of its
Subsidiaries; provided that such Lien was not incurred in anticipation of such merger, consolidation, or sale, lease or other disposition or other transaction; 

(6) Liens created in connection with a project financed with, and created to secure, a Nonrecourse Obligation; 

  
 9 

 (7) Liens securing the Notes or the Guarantees; or 

(8) any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of
any Lien referred to in the foregoing clauses (1) to (7), inclusive, without increase of the principal of the Indebtedness secured thereby; provided, however, that any Liens permitted by any of the foregoing clauses (1) to
(7), inclusive, shall not extend to or cover any property of the Company or any of its Subsidiaries, as the case may be, other than the property specified in such clauses and improvements thereto. 

(b) Notwithstanding the foregoing provisions of Section 4.1(a), the Company and its Subsidiaries shall be permitted to incur
Indebtedness secured by Liens which would otherwise be subject to the foregoing restrictions without equally and ratably securing the Notes, or in respect of Liens on any Subsidiary Guarantor’s property or assets, the Guarantee of such
Subsidiary Guarantor; provided that after giving effect thereto, the aggregate amount of all Indebtedness so secured by Liens (not including Liens permitted under clauses (1) through (8) above), together with all Attributable Debt
outstanding pursuant to Section 4.2(b) does not at the time exceed 10% of the Consolidated Net Assets of the Company. 
 SECTION
4.2 Limitation on Sale and Lease-Back Transactions. (a) The Company shall not directly or indirectly, and shall not permit any of its Subsidiaries directly or indirectly to, enter into any sale and lease-back transaction for the sale and
leasing back of any property, whether now owned or hereafter acquired, unless: 
 (1) such transaction was entered into prior
to the Issue Date; 
 (2) such transaction was for the sale and leasing back to the Company of any property by one of the
Company’s Subsidiaries; 
 (3) such transaction involves a lease for not more than three years (or which may be
terminated by the Company or such Subsidiary within a period of not more than three years); 
 (4) the Company or such
Subsidiary would be entitled to incur Indebtedness secured by a Lien with respect to such sale and lease-back transaction without equally and ratably securing the Notes or Guarantees pursuant to clauses (1) through (8) of
Section 4.1(a); or 
 (5) the Company or any Subsidiary of the Company applies an amount equal to the net proceeds from
the sale of such property to the purchase of other property or assets used or useful in the business of the Company or of any of its Subsidiaries or to the retirement of long-term Indebtedness within 270 days before or after the effective date of
any such sale and lease-back transaction; provided that, in lieu of applying such amount to the retirement of long-term indebtedness, the Company may deliver Notes to the Trustee for cancellation, such Notes to be credited at the cost thereof to the
Company. 

  
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 (b) Notwithstanding the restrictions set forth in Section 4.2(a), the Company and its
Subsidiaries shall be permitted to enter into any sale and lease-back transaction which would otherwise be subject to the foregoing restrictions, if after giving effect thereto the aggregate amount of all Attributable Debt outstanding with respect
to such transactions, together with all Indebtedness outstanding pursuant to Section 4.1(b), does not at the time exceed 10% of the Consolidated Net Assets of the Company. 

SECTION 4.3 Change of Control Triggering Event. (a) Upon the occurrence of a Change of Control Triggering Event, unless the
Company has mailed or electronically delivered a notice of redemption pursuant to paragraph 5 of the Notes with respect to all outstanding Notes and redeems all Notes validly tendered pursuant to such notice of redemption, each Holder shall have the
right to require the Company to repurchase all or any part of that Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of the purchase, plus accrued and unpaid interest, if any, on the Notes
repurchased to the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), in accordance with the terms set forth in this Section 4.3. 

(b) Within 30 days following any Change of Control Triggering Event, unless the Company has previously or concurrently mailed or
electronically delivered a redemption notice with respect to all outstanding Notes pursuant to paragraph 5 of the Notes, the Company shall mail by first-class mail or electronically deliver a notice to each Holder with a copy to the Trustee (the
“Change of Control Offer”) stating: 
 (6) that a Change of Control Triggering Event has occurred and
that such Holder has the right to require the Company to purchase such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase, plus accrued and unpaid interest, if any, to the date of
purchase (subject to the right of Holders of record on the relevant record date to receive interest on the relevant interest payment date); 

(7) the circumstances and relevant facts regarding such Change of Control Triggering Event; 

(8) the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed or
electronically delivered; 
 (9) if the notice is mailed or electronically delivered prior to a Change of Control, that the
Change of Control Offer is conditioned on the Change of Control occurring; and 
 (10) the instructions, as determined by the
Company, consistent with this Section 4.3, that the Holder must follow in order to have that Holder’s Notes purchased. 
 (c)
Holders electing to have a Note purchased will be required to surrender the Note, with an appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. Holders will be
entitled to withdraw their election not later than one Business Day prior to the purchase date. 

  
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 (d) On the purchase date, all Notes purchased by the Company under this Section 4.3 shall be
delivered by the Company to the Trustee for cancellation, and the Company shall pay the purchase price plus accrued and unpaid interest, if any, to the Holders entitled thereto. 

(e) Notwithstanding the foregoing provisions of this Section 4.3, the Company shall not be required to make a Change of Control Offer
following a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.3 applicable to a Change of Control
Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
 (f) A Change of
Control Offer may be made in advance of a Change of Control, and may be conditional upon the occurrence of such Change of Control, if a definitive agreement is in place for the Change of Control at the time of the making of the Change of Control
Offer. 
 (g) The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any
other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.3. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.3, the Company
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.3 by virtue of its compliance with such securities laws or regulations. 

ARTICLE FIVE 
 AMENDMENT,
SUPPLEMENT AND WAIVER 
 SECTION 5.1 Without Consent of Holders of the Notes. Notwithstanding Section 5.2, the Company, the
Subsidiary Guarantors and the Trustee may amend, with respect to the Notes, the Indenture or the Notes without notice to or consent of any Holder: 

(1) to cure any ambiguity, omission, defect or inconsistency; 

(2) to evidence the succession of another Person to the Company or any Subsidiary Guarantor and the assumption by any such
Person of the obligations of the Company or such Subsidiary Guarantor, in each case, in accordance with the provisions of Article Ten of the Base Indenture; 

(3) to add any additional Events of Default; 

(4) to add to the covenants of the Company or any Subsidiary Guarantor for the benefit of the Holders of all the Notes or to
surrender any right or power herein conferred upon the Company; 
 (5) to add one or more guarantees for the benefit of
Holders of the Notes; 

  
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 (6) to evidence the release of any Subsidiary Guarantor from its Guarantee of the
Notes in accordance with Article Thirteen of the Base Indenture (as amended and supplemented by this Supplemental Indenture); 

(7) to add collateral security with respect to the Notes or any Guarantee; 

(8) to add or appoint a successor or separate Trustee or other agent; 

(9) to provide for the issuance of any Additional Notes; 

(10) to comply with any requirements in connection with qualifying the Indenture under the Trust Indenture Act; 

(11) to comply with the rules of any applicable securities depository; 

(12) to provide for uncertificated Notes in addition to or in place of certificated Notes; provided,
however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes are as described in Section 163(f)(2)(B) of the Code; 

(13) to conform the text of the Indenture, the Notes or any Guarantees to any provision of the Description of Notes set forth
in the prospectus supplement dated August 13, 2014 relating to the sale of the Notes, to the extent that such provision in the Description of Notes was intended to set forth, verbatim or in substance, a provision of the Indenture, the Notes or
the Guarantees; and 
 (14) to change any other provision if the change does not adversely affect the interests of any
Holder. 
 After an amendment under this Section 5.1 becomes effective, the Company shall mail or electronically deliver to Holders a
notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 5.1. 

SECTION 5.2 With Consent of Holders of Notes. The Company, the Subsidiary Guarantors and the Trustee may amend the Indenture or the
Notes without notice to any Holder but with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange for Notes) as each
relates to the Notes. However, without the consent of each Holder affected thereby, an amendment may not: 
 (1) change the
Stated Maturity of the principal of, or installment of interest on, any Note; 
 (2) reduce the principal amount of, or the
rate of interest on, any Notes; 
 (3) reduce any premium, if any, payable on the redemption of any Note or change the date
on which any Note may or must be redeemed or repaid (it being 

  
 13 

 
understood that the definitions used in Section 4.3 may be amended or modified at any time prior to the occurrence of a Change of Control with the consent of Holders of at least a majority
in principal amount of the Notes then outstanding); 
 (4) change the coin or currency in which the principal of or interest
on any Note is payable; 
 (5) release the Guarantee of any Subsidiary Guarantor except as provided under Article Thirteen of
the Base Indenture (as amended and supplemented by this Supplemental Indenture), or make any changes to such Guarantee in a manner adverse to the Holders; 

(6) impair the right of any Holder to institute suit for the enforcement of any payment on or after the Stated Maturity of any
Note; 
 (7) reduce the percentage in principal amount of the outstanding Notes, the consent of whose Holders is required in
order to take certain actions; 
 (8) reduce the requirements for quorum or voting by Holders in the Indenture or the Notes;

 (9) modify any of the provisions of the Indenture regarding the waiver of past defaults and the waiver of certain
covenants by Holders except to increase any percentage vote required or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of each Holder affected thereby; or 

(10) modify any of the above provisions of this Section 5.2. 

It shall not be necessary for the consent of the Holders under this Section 5.2 to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this Section 5.2 becomes
effective, the Company shall mail or electronically deliver to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under
this Section 5.2. 
 SECTION 5.3 Compliance with Trust Indenture Act. Every amendment to the Indenture or the Notes shall comply
with the Trust Indenture Act as then in effect. 
 SECTION 5.4 Effect of Consents and Waivers. A consent to an amendment, supplement
or a waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the
Note. After an amendment or waiver becomes effective with respect to the Notes, it shall bind every Holder. 
 The Company may, but shall
not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or 

  
 14 

 
required or permitted to be taken pursuant to the Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such
record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to take any such action, whether or not such Persons continue to be Holders after such record date. 

SECTION 5.5 Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee may require the Holder of the
Note to deliver it to the Trustee. The Company shall provide in writing to the Trustee an appropriate notation to be placed on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so
determine, the Company in exchange for the Note shall issue and the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such
amendment. 
 SECTION 5.6 Trustee To Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article Five
if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the Trustee shall receive indemnity reasonably satisfactory to it
and receive, and (subject to Sections 8.01 and 8.03 of the Base Indenture) shall be fully protected in conclusively relying upon an Officers’ Certificate of the Company and an Opinion of Counsel stating that such amendment complies with the
provisions of this Article Five, the amendment is authorized or permitted by the indenture and that such supplemental indenture constitutes the legal, valid and binding obligation of the Company in accordance with its terms subject to customary
exceptions. 
 ARTICLE SIX 

GUARANTEES 
 SECTION 6.1
Guarantee. In accordance with Article Thirteen of the Base Indenture (as amended and supplemented by this Supplemental Indenture), the Notes will be fully, unconditionally and absolutely guaranteed on a senior basis, jointly and severally, by
the Subsidiary Guarantors. 
 SECTION 6.2 Future Subsidiary Guarantors. After the Issue Date, the Company shall cause any Domestic
Subsidiary that is not a Subsidiary Guarantor and that becomes a guarantor or a borrower under the Credit Agreement to execute and deliver to the Trustee within 60 days of becoming a guarantor or borrower under the Credit Agreement, a supplemental
indenture pursuant to which such Domestic Subsidiary shall become a Subsidiary Guarantor and shall provide a Guarantee of the Obligations with respect to the Notes. 

  
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 ARTICLE SEVEN 

DEFAULTS AND REMEDIES 
 SECTION
7.1 Events of Default. An “Event of Default” occurs with respect to the Notes if: 
 (1) a default in
any payment of interest on any Note when the same becomes due and payable, and such default continues for a period of 30 days; 

(2) a default in the payment of the principal or premium, if any, of any Note when the same becomes due and payable at its
Stated Maturity, upon optional redemption or otherwise; 
 (3) the Company or any Subsidiary Guarantor fails to comply with
any of its agreements in the Notes or the Indenture (other than those referred to in (1) or (2) above) and such failure continues for 90 days after the notice specified below; 

(4) a failure to make any payment at maturity, including any applicable grace period, in respect of Indebtedness of the
Company or any of its Subsidiaries (other than Indebtedness of the Company or any of its Subsidiaries owing to the Company or any of its Subsidiaries) in an amount in excess of $35,000,000 or the equivalent thereof in any other currency or composite
currency and such failure shall have continued for 30 days after the notice specified below; provided, however, that if any such failure shall cease, or be cured, waived, rescinded or annulled, then the Event of Default by reason
thereof shall be deemed likewise to have been cured; 
 (5) a default with respect to any Indebtedness of the
Company or any of its Subsidiaries (other than Indebtedness of the Company or of any of its Subsidiaries owing to the Company or any of its Subsidiaries), which default results in the acceleration of such Indebtedness in an amount in excess of
$35,000,000 or the equivalent thereof in any other currency or composite currency without such Indebtedness having been discharged or such acceleration having been cured, waived, rescinded or annulled for a period of 30 days after written notice
specified below; provided, however, that if any such default or acceleration shall be cured, waived, rescinded or annulled then the Event of Default by reason thereof shall be deemed likewise to have been cured; 

(6) the Company or any Subsidiary Guarantor pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case; 

(B) consents to the entry of an order for relief against it in an involuntary case in which it is the debtor; 

(C) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

  
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 (D) makes a general assignment for the benefit of its creditors; 

or takes any comparable action under any foreign laws relating to insolvency; 

(7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against the Company or any Subsidiary Guarantor in an involuntary case; 

(B) appoints a Custodian of the Company or for any substantial part of the property of the Company or any Subsidiary Guarantor;
or 
 (C) orders the winding up or liquidation of the Company or any Subsidiary Guarantor; 

(or any similar relief is granted under any foreign laws) and the order, decree or relief remains unstayed and in effect for 60 consecutive
days; or 
 (8) the Guarantee of any Subsidiary Guarantor ceases to be in full force and effect during its term or such
Subsidiary Guarantor denies or disaffirms in writing its obligations under the terms of the Indenture or its Guarantee, in each case, other than any such cessation, denial or disaffirmation in connection with the termination of such Guarantee
pursuant to the provisions of Article Thirteen of the Base Indenture (as amended and supplemented by this Supplemental Indenture). 
 The
foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body. 
 If any failure, default or acceleration referred to in clauses (4) or
(5) of this Section 7.1 shall cease or be cured, waived, rescinded or annulled, then the Event of Default hereunder by reason thereof shall be deemed likewise to have been thereupon cured. 

A Default with respect to Notes under clauses (3), (4) or (5) of this Section 7.1 is not an Event of Default until the Trustee
(by notice to the Company) or the Holders of at least 25% in aggregate principal amount of the outstanding Notes (by notice to the Company and the Trustee) gives notice of the Default and the Company does not cure such Default within the time
specified in said clause (3), (4) or (5) after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default”. 

The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officers’
Certificate of any event which with the giving of notice or the lapse of time would become an Event of Default of this Section 7.1, its status and what action the Company is taking or proposes to take with respect thereto. 

  
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 SECTION 7.2 Acceleration. If an Event of Default with respect to the Notes (other than an
Event of Default specified in Section 7.1(6) or 7.1(7) with respect to the Company) occurs and is continuing, the Trustee by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the outstanding Notes by notice
to the Company and the Trustee, may, and the Trustee at the request of such Holders, shall, declare the principal of, premium, if any, and accrued and unpaid interest on all the Notes to be due and payable. Upon such a declaration, such principal,
premium, if any, and accrued and unpaid interest shall be due and payable immediately. If an Event of Default specified in Section 7.1(6) or 7.1(7) with respect to the Company occurs and is continuing, the principal of, premium, if any, and
accrued and unpaid interest on all the Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. The Holders of a majority in aggregate principal amount of
the outstanding Notes by notice to the Trustee may rescind an acceleration and its consequences if all existing Events of Default have been cured or waived except nonpayment of principal, premium, if any, or interest that has become due solely
because of such acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
 SECTION 7.3
Other Remedies. If an Event of Default with respect to the Notes occurs and is continuing, the Trustee may pursue any available remedy to it under the Indenture to collect the payment of principal of, premium, if any, or interest on the Notes
or to enforce the performance of any provision of the Notes or the Indenture. 
 The Trustee may maintain a proceeding even if it does not
possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a
waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are, to the extent permitted by law, cumulative. 

SECTION 7.4 Waiver of Past Defaults. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to
the Trustee may, on behalf of the Holders of the Notes, waive any past or existing Default and its consequences except (1) a Default in the payment of the principal of, premium, if any, or interest on a Note or (2) a Default in respect of
a provision that under Section 5.2 cannot be amended without the consent of each Holder affected. When a Default is waived, it is deemed cured, and any Default or Event of Default arising therefrom shall be deemed to have been cured, for every
purpose of the Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 
 SECTION 7.5
Control by Majority. Upon provision of security or indemnity satisfactory to the Trustee, the Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee with respect to the Notes or of exercising any trust or power conferred on the Trustee. However, the Trustee, which may conclusively rely on opinions of counsel, may refuse to follow any direction that
conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of other Holders or would involve the Trustee in personal liability; provided, however, that the Trustee may take any other action
deemed proper by the Trustee that is not inconsistent with such direction. 

  
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 SECTION 7.6 Limitation on Suits. A Holder of Notes may not pursue any remedy with respect
to the Indenture or the Notes unless: 
 (11) An Event of Default shall have occurred and be continuing and the Holder gives
to the Trustee prior written notice stating that an Event of Default is continuing; 
 (12) the Holders of at least 25% in
aggregate principal amount of the Notes then outstanding make a written request to the Trustee to pursue the remedy; 
 (13)
such Holder or Holders offer to the Trustee security or indemnity satisfactory to it against any costs, liabilities or expenses in compliance with such request; 

(14) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or
indemnity; and 
 (15) the Holders of a majority in aggregate principal amount of the Notes then outstanding do not give the
Trustee a direction inconsistent with the request during such 60-day period. 
 A Holder may not use the Indenture to prejudice the rights
of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee shall not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders).

 SECTION 7.7 Rights of Holders to Receive Payment. Notwithstanding any other provision of the Indenture, the right of any Holder to
receive payment of principal of, premium, if any, and interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates,
shall not be impaired or affected without the consent of such Holder. 
 SECTION 7.8 Collection Suit by Trustee. If an Event of
Default specified in Section 7.1(1) or 7.2(2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on
any unpaid interest to the extent lawful) and the amounts provided for in Section 8.07 of the Base Indenture. 
 SECTION 7.9 Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company, its creditors or any other obligor upon the Notes, or any of their creditors or the property of the
Company or such other obligor or their creditors and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in
any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event 

  
 19 

 
that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 8.07 of the Base Indenture. 

SECTION 7.10 Priorities. Any money or other property collected by the Trustee pursuant to this Article Seven, or any money or other
property otherwise distributable in respect of the Company’s obligations under the Indenture, shall be applied in the following order: 

FIRST: to the Trustee (including any predecessor Trustee) for amounts due under Section 8.07 of the Base Indenture; 

SECOND: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

THIRD: to the Company. 
 The
Trustee may, upon prior written notice to the Company, fix a record date and payment date for any payment to Holders pursuant to this Section 7.10. At least 15 days before such record date, the Company shall mail or electronically deliver to
each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 
 SECTION 7.11 Undertaking for
Costs. In any suit for the enforcement of any right or remedy under the Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant. This Section 7.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 7.7 or a suit by Holders of more than 10% in aggregate principal amount of
the outstanding Notes. 
 SECTION 7.12 Waiver of Stay or Extension Laws. The Company (to the extent it may lawfully do so) shall not
at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of the
Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer
and permit the execution of every such power as though no such law had been enacted. 

  
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 ARTICLE EIGHT 

APPLICATION OF SUPPLEMENTAL INDENTURE 

AND CREATION OF THE INITIAL NOTES 

SECTION 8.1 Application of This Supplemental Indenture. Notwithstanding any other provision of this Supplemental Indenture, the
provisions of this Supplemental Indenture, including as provided in Section 8.2 below, are expressly and solely for the benefit of the Trustee and the Holders. The Initial Notes constitute a series of Securities as provided in Section 3.01
of the Base Indenture. Unless otherwise expressly specified, references in this Supplemental Indenture to specific Article numbers or Section numbers refer to Articles and Sections contained in this Supplemental Indenture, and not the Base Indenture
or any other document. 
 SECTION 8.2 Effect of Supplemental Indenture. With respect to the Notes only, the Base Indenture shall be
supplemented pursuant to Section 11.01(c) thereof to establish the form and terms of the Notes as set forth in this Supplemental Indenture, including, without limitation, as follows: 

(16) Definitions. The definition of each term set forth in Section 1.01 of the Base Indenture is, with respect to
the Notes, deleted and replaced in its entirety by the definition ascribed to such term in Article One of this Supplemental Indenture to the extent any such term is defined in both the Base Indenture and this Supplemental Indenture. 

(17) Provisions of General Application; Security Forms and Transfer and Exchange. The provisions of Article Two and
Article Three of the Base Indenture are, with respect to the Notes, hereby supplemented by and shall be in addition to the provisions of Article Two of this Supplemental Indenture. 

(18) Redemption. The provisions of Article Four of the Base Indenture are, with respect to the Notes, hereby
supplemented by and shall be in addition to the provisions of Article Three of this Supplemental Indenture; provided that, Section 4.03 of the Base Indenture is , with respect the Notes, deleted and replaced in its entirety by Section 3.2
of this Supplemental Indenture. 
 (19) Covenants. The provisions of Article Twelve of the Base Indenture are, with
respect to the Notes, hereby supplemented by and shall be in addition to the provisions of Article Four of this Supplemental Indenture. In addition, Section 12.04 of the Base Indenture is, with respect to the Notes, deleted and replaced by the
following: “The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate signed by its principal executive officer, principal financial
officer or principal accounting officer, which Officers’ Certificate shall comply with the provisions of Section 314 of the Trust Indenture Act, stating whether or not to the knowledge of the signers thereof any Default in the performance
and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice 

  
 21 

 
provided hereunder) occurred during the previous fiscal year, specifying all such Defaults and the nature and status thereof of which they may have knowledge.” 

(20) Defeasance. Section 6.01(b)(ii) of the Base Indenture is, with respect to the Notes, deleted and
replaced in its entirety by the following: “the operation of Sections 7.01(d), 7.01(e), 7.01(f) and 7.01(i) of the Base Indenture and Sections 4.1, 4.2 and 4.3 of this Supplemental Indenture (“covenant defeasance
option”)”. 
 (21) Amendment, Supplement and Waiver. The provisions of Article Eleven (other than
Section 11.05) of the Base Indenture are, with respect to the Notes, deleted and replaced in their entirety by the provisions of Article Five of this Supplemental Indenture. 

(22) Guarantees. The provisions of Article Thirteen of the Base Indenture are, with respect to the Notes, hereby
supplemented by and shall be in addition to the provisions of Article Six of this Supplemental Indenture. In addition, Section 13.06(1) of the Base Indenture is, with respect to the Notes, deleted and replaced by the following: “upon the
termination for any reason of the obligations of such Subsidiary Guarantor as a guarantor or borrower under the Credit Agreement (including, without limitation, pursuant to the terms of the Credit Agreement, upon agreement of the requisite lenders
under the Credit Agreement or upon the termination of the Credit Agreement or upon the replacement thereof with a credit facility not providing for such Subsidiary Guarantor to be a guarantor or a borrower thereunder)”. 

(23) Default and Remedies. The provisions of Article Seven of the Base Indenture are, with respect to the Notes, deleted
and replaced in their entirety by the provisions of Article Seven of this Supplemental Indenture. 
 To the extent that the provisions of
this Supplemental Indenture (including those referred to in clauses (i) through (viii) above) conflict with any provision of the Base Indenture, the provisions of this Supplemental Indenture shall govern and be controlling, with respect to
the Notes. Except as set forth in this Supplemental Indenture, the provisions of the Base Indenture shall remain in full force and effect with respect to the Notes. 

ARTICLE NINE 
 MISCELLANEOUS 

SECTION 9.1 The Supplemental Indenture. The Base Indenture, as amended and modified by this Supplemental Indenture, hereby is in all
respects ratified, confirmed and approved. This Supplemental Indenture shall be construed in connection with and as part of the Base Indenture. 

  
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 SECTION 9.2 Counterparts. This Supplemental Indenture may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

SECTION 9.3 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 9.4 Governing Law. This Supplemental Indenture and the
Notes will be governed by, and construed in accordance with, the laws of the State of New York. 
 SECTION 9.5 No Representation. The
Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. 
 [Signatures on following
page] 

  
 23 

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

			
	EXPEDIA, INC.,
	as Issuer
		
	By:	 	 /s/ Mark D. Okerstrom

		 	Name: Mark D. Okerstrom
		 	Title: Chief Financial Officer
	
	EXPEDIA, INC. (a Washington corporation)
	CLASSIC VACATIONS, LLC
	EGENCIA LLC
	HOTELS.COM GP, LLC
	HOTWIRE, INC.
	INTERACTIVE AFFILIATE NETWORK, LLC
	TRAVELSCAPE, LLC
	 WWTE, INC.,
 as Subsidiary
Guarantors

		
	By:	 	 /s/ Robert J. Dzeilak

		 	Name: Robert J. Dzielak
		 	Title: Executive Vice President, General Counsel and Secretary
	
	EAN.COM, LP
	 HOTELS.COM, L.P.,
 as Subsidiary
Guarantors

		
	By:	 	Hotels.com GP, LLC, its general partner
		
	By:	 	 /s/ Robert J. Dzeilak

		 	Name: Robert J. Dzielak
		 	Title: Executive Vice President, General Counsel and Secretary

 [Signature Page to First Supplemental Indenture] 

 
			
	HRN 99 HOLDINGS, LLC,
	as Subsidiary Guarantor
		
	By:	 	 /s/ Robert J. Dzeilak

		 	Name: Robert J. Dzielak
		 	Title: Manager
	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

		
	By:	 	 /s/ Teresa Petta

		 	Name: Teresa Petta
		 	Title: Vice President

 [Signature Page to First Supplemental Indenture] 

 EXHIBIT A 

FORM OF 4.500% SENIOR NOTE DUE 2024 

(Face of Note) 
 4.500% Senior
Notes due 2024 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]1 

 
  

	1 	These paragraphs should be included only if the Note is a Global Note. 

 EXPEDIA, INC. 

4.500% SENIOR NOTES DUE 2024 
  

			
	No. ____	  	CUSIP:
		  	ISIN:

 Expedia, Inc. promises to pay to Cede & Co., or registered assigns, the principal sum of
            Dollars ($     ) on August 15, 2024 [as such amount may be increased or decreased as indicated on the attached Schedule of Exchanges of Interests
in the Global Note]2. 
 Interest Payment Dates: February 15 and August 15.

 Record Dates: February 1 and August 1. 

Additional provisions of this Note are set forth on the other side of this Note. 

 
  

	2 	Add for Global Note. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	Dated: __________________	 		 		 	
		 		 	EXPEDIA, INC.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein 

referred to in the within-mentioned Indenture: 
 Dated:
                                         
    
 THE BANK OF NEW YORK MELLON TRUST 

COMPANY, N.A., 
 as Trustee 

 

			
	By:	 	  

		 	Authorized Signatory

 (Reverse of Note) 

4.500% Senior Notes due 2024 

EXPEDIA, INC. 
 Capitalized terms
used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 1.
Interest. Expedia, Inc., a Delaware corporation (together with its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Note
at the rate of 4.500% per annum. The Company shall pay interest semiannually on February 15 and August 15 of each year (each such date, an “Interest Payment Date”), commencing on
                    . Interest on the Notes shall accrue from
                    , or from the most recent Interest Payment Date. Interest shall be computed on the basis of a 360-day year comprised of twelve
30-day months. 
 2. Method of Payment. By no later than 11:00 a.m. (New York City time) on the date on which any principal
of, premium, if any, or interest on any Note is due and payable, the Company shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal, premium, if any, and/or interest. The Company shall pay interest
(except Defaulted Interest) to the Persons who are registered Holders at the close of business on the February 1 or August 1 immediately preceding the Interest Payment Date even if Notes are cancelled, repurchased or redeemed after the
record date and on or before the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company shall pay principal, premium, if any, and interest in money of the United States that at the time of
payment is legal tender for payment of public and private debts. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, and interest) shall be made by the transfer of immediately available funds to the
accounts specified by The Depository Trust Company. The Company may make all payments in respect of a certificated Note (including principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof or by
wire transfer to an account located in the United States maintained by the payee. 
 If any interest or other payment date of a Note falls
on a day that is not a Business Day, the required payment of principal, premium, if any, and interest will be made on the next succeeding Business Day as if made on the date that the payment was due, and no interest shall accrue on that payment for
the period from and after that interest or other payment date, as the case may be, to the date of that payment on the next succeeding Business Day. 

3. Paying Agent and Registrar. The Bank of New York Mellon Trust Company, N.A., a national banking association, shall initially act as
Paying Agent and Registrar. The Company may appoint and change any Paying Agent or Registrar without notice to any Holder. The Company or any of its domestically organized wholly owned Subsidiaries may act as Paying Agent. 

 4. Indenture. The Company issued the Notes under an Indenture dated as of
August 18, 2014 (the “Base Indenture”), as supplemented and amended by the First Supplemental Indenture dated as of August 18, 2014 (the “First Supplemental Indenture” and the Base Indenture, as so
supplemented and amended, the “Indenture”), among the Company, the Subsidiary Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made a part of the Indenture by reference to the Trust
Indenture Act. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of those terms. To the extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. 
 The Notes are senior unsecured obligations of the
Company. This Note is one of the Initial Notes referred to in the Indenture. The Notes include the Initial Notes issued on the Issue Date and any Additional Notes issued in accordance with Section 2.3 of the First Supplemental Indenture. The
Initial Notes and any Additional Notes are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Subsidiaries to create Liens, enter into sale and lease-back
transactions and enter into mergers and consolidations. 
 5. Optional Redemption. Prior to May 15, 2024 (the date that is three
months prior to the maturity date of the Notes), the Notes shall be redeemable, in whole or in part, from time to time, at the option of the Company, at a redemption price equal to the greater of (i) 100% of the principal amount of such Notes
and (ii) the sum of the present values of the Remaining Scheduled Payments thereon (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year comprised of twelve
30-day months) at the Treasury Rate plus 35 basis points, plus, in each case, accrued and unpaid interest thereon to but excluding the redemption date. 

On or after May 15, 2024 (the date that is three months prior to the maturity date of the Notes), the Notes shall be redeemable, in whole
or in part, from time to time, at the option of the Company, at a redemption price equal to 100% of the principal amount of such Notes, plus accrued and unpaid interest thereon to but excluding the redemption date. 

Except as set forth above, the Notes shall not be redeemable at the election of the Company prior to maturity. 

The Notes shall not be entitled to the benefit of any sinking fund. 

6. Notice of Redemption. Notice of redemption will be mailed or electronically delivered at least 30 days but not more than 60 days
before the redemption date to each Holder of Notes to be redeemed at his registered address. Notes in denominations larger than $2,000 principal amount may be redeemed in part but only in whole multiples of $1,000. Notes of $2,000 or less may be
redeemed in whole and not in part. If money sufficient to pay the redemption price of and accrued interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before 11:00 a.m. (New York
City time) on the redemption date (or, if the Company or any of its Subsidiaries is the Paying Agent, such money is segregated and held in trust) and certain other conditions are satisfied, on and after the redemption date interest shall cease to
accrue on such Notes (or such portions thereof) called for redemption. 

  
 2 

 7. Put Provisions. Upon a Change of Control Triggering Event, subject to limited
exceptions, any Holder of Notes will have the right to cause the Company to repurchase all or any part of the Notes of such Holder at a repurchase price equal to 101% of the principal amount of the Notes to be repurchased plus accrued and unpaid
interest to the date of repurchase (subject to the right of Holders of record on the relevant record date to receive interest due on the related interest payment date) as provided in, and subject to the terms of, the Indenture. 

8. Denominations; Transfer; Exchange. The Notes are in fully registered form without coupons in denominations of principal amount of
$2,000 and integral multiples of $1,000 in excess thereof. A Holder may register, transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer
documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion
of the Note not to be redeemed) for a period beginning 15 days before the mailing or electronic delivery of a notice of redemption of Notes to be redeemed and ending on the date of such mailing or electronic delivery. 

9. Persons Deemed Owners. The registered holder of this Note shall be treated as the owner of it for all purposes. 

10. Unclaimed Money. If money for the payment of principal, premium, if any, or interest remains unclaimed for two years after the date
of payment of principal, premium, if any, and interest, the Trustee or Paying Agent shall pay the money back to the Company at its request. After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee
for payment. 
 11. Defeasance. Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some
or all of its obligations under the Notes and the Indenture if the Company deposits with the Trustee U.S. dollars or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity,
as the case may be. 
 12. Guarantees. The Company’s obligation to pay principal, premium, if any, and interest with respect to
the Notes is unconditionally guaranteed on a senior basis, jointly and severally, by the Subsidiary Guarantors pursuant to Article Thirteen of the Base Indenture (as amended and supplemented by the First Supplemental Indenture). 

13. Amendment, Waiver. Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended
with the written consent of the Holders of at least a majority in principal amount of the outstanding Notes and (ii) any default or noncompliance with any provision of the Indenture or the Notes may be waived with the written consent of the
Holders of a majority in principal amount of the outstanding Notes (including consents obtained in connection with a tender offer or exchange for Notes). However, the Indenture requires the consent of each Holder that would be affected for certain
specified amendments or modifications of the Indenture and the Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company, the Subsidiary Guarantors and the Trustee may amend

  
 3 

 
the Indenture or the Notes to cure any ambiguity, omission, defect or inconsistency, or to evidence the succession of another Person to the Company or any Subsidiary Guarantor and the assumption
by any such Person of the obligations of the Company or such Subsidiary Guarantor in accordance with Article Ten of the Base Indenture (as amended and supplemented by the Supplemental Indenture), or to add any additional Events of Default, or to add
to the covenants of the Company or any Subsidiary Guarantor or surrender rights and powers conferred on the Company, or to add one or more guarantees for the benefit of the Holders of the Notes, or to evidence the release of any Subsidiary Guarantor
from its Guarantee in accordance with the Indenture, or to add collateral security with respect to the Notes or any Guarantee, or to add or appoint a successor or separate trustee or other agent, or to provide for the issuance of Additional Notes,
or to comply with any requirements in connection with qualifying the Indenture under the Trust Indenture Act, or to comply with the rules of any applicable securities depository, or to provide for uncertificated Notes in addition to or in place of
certificated Notes, or to conform the text of the Indenture, the Notes or any Guarantees to any provision of the Description of Notes set forth in the prospectus supplement dated August 13, 2014 relating to the sale of the Notes, to the extent
that such provision in the Description of Notes was intended to set forth, verbatim or in substance, a provision of the Indenture, the Notes or the Guarantees, or to change any other provision if the change does not adversely affect the interests of
any Holder. 
 14. Defaults and Remedies. Under the Indenture, Events of Default include (i) default for 30 days in payment of
interest on the Notes; (ii) default in payment of principal, or premium, if any, on the Notes at its Stated Maturity, upon optional redemption or otherwise; (iii) failure by the Company or any Subsidiary Guarantor to comply with any
covenant or agreement in the Indenture or the Notes, subject to notice and lapse of time; (iv) failure to make any payment at maturity, including any applicable grace period, in respect of Indebtedness of the Company or any of its Subsidiaries
(other than Indebtedness of the Company or of any of its Subsidiaries owing to the Company or any of its Subsidiaries) with an aggregate principal amount then outstanding in excess of $35,000,000, subject to certain conditions; (v) default in
respect of other Indebtedness of the Company or any of its Subsidiaries (other than Indebtedness of the Company or of any of its Subsidiaries owing to the Company or any of its Subsidiaries) in an amount in excess of $35,000,000, which results in
the acceleration of such Indebtedness, subject to certain conditions; (vi) certain events of bankruptcy or insolvency involving the Company or any Subsidiary Guarantor; and (vii) the Guarantee of any Subsidiary Guarantor ceases to be in
full force and effect during its term or any Subsidiary Guarantor denies or disaffirms in writing its obligations under the Indenture or its Guarantee, other than in connection with the termination of such Guarantee pursuant to the provisions of the
Indenture. 
 If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of
the Notes may declare all the Notes to be due and payable immediately. Certain events of bankruptcy or insolvency involving the Company are Events of Default which will result in the Notes being due and payable immediately upon the occurrence of
such Events of Default. 
 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to
enforce the Indenture or the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the Trustee in its exercise of any trust or power. The
Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal, premium, if any, or interest) if it in good faith determines that withholding notice is not opposed
to their interest. 

  
 4 

 15. Trustee Dealings with the Company. Subject to certain limitations set forth in the
Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company and may otherwise deal with the Company with
the same rights it would have if it were not Trustee. 
 16. No Recourse Against Others. A director, officer, employee or stockholder
(other than the Company), as such, of the Company shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By
accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 

17. Authentication. This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent acting on its
behalf) manually or by facsimile signs the certificate of authentication on the other side of this Note. 
 18. Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (tenants in common), TEN ENT (tenants by the entirety), JT TEN (joint tenants with rights of survivorship and not as tenants in common), CUST (custodian) and
U/G/M/A (Uniform Gift to Minors Act). 
 19. CUSIP and ISIN Numbers. The Company has caused CUSIP and ISIN numbers and/or other
similar numbers to be printed on the Notes and has directed the Trustee to use CUSIP and ISIN numbers and/or other similar numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

20. Governing Law. This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 5 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 

					
	  
	  		  	
	(Insert assignee’s soc. sec. or tax I.D. no.)	  	
	  
	  		  	
	  
	  		  	
	  
	  		  	
	(Print or type assignee’s name, address and zip code)	  	

 and irrevocably appoint
                                        to
transfer this Note on the books of the Company. The agent may substitute another to act for him. 
 Date:
                                        

  

			
	Your Signature:	 	  

	(Sign exactly as your name appears on the face of this Note)

 Signature guarantee:
                                        

 (Signature must be guaranteed by a participant in a recognized signature guarantee medallion program) 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.3 of the First Supplemental Indenture (Change of
Control Triggering Event), check the box below: 
 [            ] 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.3 of the First Supplemental Indenture
(Change of Control Triggering Event), state the amount you elect to have purchased: 

$                       
                  
  

					
	Date:
                                        
	 	Your Signature:	 	  

		 	(Sign exactly as your name appears on the Note)
		
		 	Tax Identification Number:
                                        

	Signature guarantee:
                                        
	 		 	

 (Signature must be guaranteed by a participant in a recognized signature guarantee medallion program) 

 SCHEDULE A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for other 4.500% Senior Notes have been made: 

 

									
	 Date of

Exchange
	  	Amount of
Decrease in
Principal
Amount of this
Global Note	  	Amount of
Increase in
Principal
Amount of this
Global Note	  	Principal
Amount of this
Global Note
Following Such
Decrease (or
Increase)	  	Signature of
Authorized
Officer of
Trustee or Note
CustodianExhibit 10.1

 

Execution Version

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made as of August 15, 2014, by and between Sequential Brands Group, Inc., a Delaware corporation
(the “Company”), and Carlyle Equity Opportunity GP, L.P. (the “Representative”), a Delaware
limited partnership, on behalf of, and for the benefit of, the former stockholders and optionholders and each of their permitted
transferees (the “Stockholders”) of Galaxy Brand Holdings, Inc. (“Galaxy”).

 

RECITALS

 

WHEREAS, the Company, Galaxy, the Representative
and certain other parties have entered into that certain Agreement and Plan of Merger, dated as of June 24, 2014 (the “Merger
Agreement”), pursuant to which the Stockholders received, among other consideration, Parent Shares and the Warrants (each
as defined in the Merger Agreement); and

 

WHEREAS, in connection with the execution
and delivery of the Merger Agreement and the consummation of the transactions contemplated thereby, the Company has agreed to grant
the Stockholders certain registration rights as set forth below.

 

NOW, THEREFORE, in consideration of the
foregoing recitals, the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties
agree as follows:

 

AGREEMENT

 

ARTICLE
I

DEFINITIONS

 

Section
1.1           Certain Definitions. As used in this Agreement,
capitalized terms not otherwise defined herein shall have the meanings ascribed to them below:

 

“Business Day” means any
day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in The City of
New York.

 

“Common Stock” means the
common stock, par value $.001 per share, of the Company, and any equity securities issued or issuable in exchange for or with respect
to the Common Stock by way of a stock dividend, stock split or combination of shares or in connection with a reclassification,
recapitalization, merger, consolidation or other reorganization or otherwise.

 

“Common Stock Equivalent”
means all options, warrants (including the Warrants) and other securities convertible into, or exchangeable or exercisable for
(at any time or upon the occurrence of any event or contingency and without regard to any vesting or other conditions to which
such securities may be subject) Common Stock.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

    	 

    	 

    

 

“FINRA” means the Financial
Industry Regulatory Authority, Inc.

 

“Holder” or “Holders”
means the Stockholders and any Person who shall acquire and hold Registrable Securities in accordance with the terms of this Agreement.

 

“Issuer Free Writing Prospectus”
means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an offer of Registrable
Securities.

 

“Person” means any individual,
corporation, partnership, limited liability company, limited liability partnership, syndicate, person, trust, association, organization
or other entity or any governmental or regulatory body or other agency or authority or political subdivision thereof, including
any successor, by merger or otherwise, of any of the foregoing.

 

“Registrable Securities”
means (i) the shares of Common Stock issued by the Company as consideration pursuant to the Merger Agreement, (ii) the Warrants
and (iii) the shares of Common Stock issuable from time to time upon the exercise of the Warrants. Any particular Registrable Securities
shall cease to be Registrable Securities (A) when a registration statement with respect to the sale of such securities shall
have been declared effective under the Securities Act and such securities shall have been disposed of in accordance with such registration
statement, (B) during the period that such securities shall be eligible to be resold to the public without any volume or manner
of sale restrictions pursuant to Rule 144 (or any successor provision) under the Securities Act or (C) when such securities
shall cease to be outstanding.

 

“Registration Expenses”
means all fees and expenses incurred in connection with the Company’s performance of or compliance with the provisions of
Article II, including: (i) all registration, listing, qualification and filing fees (including FINRA filing fees); (ii) fees
and expenses of compliance with state securities or “blue sky” laws (including counsel fees in connection with the
preparation of a blue sky and legal investment survey and FINRA filings); (iii) printing and copying expenses; (iv) messenger
and delivery expenses; (v) expenses incurred in connection with any road show; (vi) fees and disbursements of counsel
for the Company; (vii) with respect to each registration, the fees and disbursements of one counsel for the selling Holder(s)
selected by the Representative, in the case of a registration pursuant to Section 2.1, and selected by the underwriter, in
the case of a registration pursuant to Section 2.2; (viii) fees and disbursements of independent public accountants,
including the expenses of any audit or “cold comfort” letter, and fees and expenses of other persons, including special
experts, retained by the Company; (ix) underwriter fees, excluding discounts and commissions, and any other expenses which
are customarily borne by the issuer or seller of securities in a public equity offering; and (x) all internal expenses of
the Company (including all salaries and expenses of officers and employees performing legal or accounting duties).

 

“SEC” means the Securities
and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

    	2

    	 

    

 

“Warrants” means those
certain warrants, issued in connection with the Merger Agreement, to acquire up to, in the aggregate, 3,000,000 shares of Common
Stock, upon certain terms and subject to the conditions set forth thereon.

 

ARTICLE
II

REGISTRATION
RIGHTS

 

Section
2.1           Demand Registrations.

 

(a)          (i)          Subject
to Section 2.1(c), at any time or from time to time after the first date on which the Warrants have been exercised, the Representative,
on behalf of the Holders, or a group of Holders owning at least 50% of the remaining Registrable Securities, shall have the right
to require the Company to file a registration statement under the Securities Act covering such aggregate number of Registrable
Securities that have an aggregate anticipated offering price of at least $10,000,000 (based on the market price of the Common Stock
as of the date of the Demand Registration Request), by delivering a written request therefor to the Company specifying the number
of Registrable Securities to be included in such registration by such Holders and the intended method of distribution thereof.
Any such request by the Representative pursuant to this Section 2.1(a)(i) is referred to as a “Demand Registration
Request,” the registration so requested is referred to as a “Demand Registration.” As promptly as
practicable, but no later than 10 days after receipt of a Demand Registration Request, the Company shall give written notice (a
“Demand Exercise Notice”) of such Demand Registration Request to the Representative, and the Company shall distribute
such Demand Exercise Notice to all Holders of record of Registrable Securities.

 

(ii)         The
Company, subject to Sections 2.3 and 2.6, shall include in a Demand Registration the Registrable Securities of any Holder
of Registrable Securities that shall have made a written request to the Company within the time limits specified below for inclusion
in such registration (the “Participating Holders”). Any such request from the Holders must be delivered to the
Company within 10 Business Days after the receipt of the Demand Exercise Notice and must specify the maximum number of Registrable
Securities intended to be disposed of by such Holders.

 

(iii)        The
Company, as expeditiously as possible but subject to Section 2.1(c), shall use its reasonable best efforts to effect such
registration under the Securities Act of the Registrable Securities that the Company has been so requested to register for distribution
in accordance with such intended method of distribution.

 

(b)          Registrations
under this Section 2.1 shall be on such appropriate registration form of the SEC for the disposition of such Registrable Securities
in accordance with the intended method of disposition thereof, which form shall be selected by the Company and shall be reasonably
acceptable to the Representative.

 

(c)          The
Demand Registration rights granted in Section 2.1(a) to the Holders are subject to the following limitations:

 

    	3

    	 

    

 

(i)         the
Company shall not be required to cause a registration pursuant to Section 2.1(a) to be filed within 45 days or to be declared
effective within a period of 90 days after the effective date of any other registration statement of the Company filed pursuant
to the Securities Act for which piggyback rights were available pursuant to Section 2.2 and for which a majority of the Piggyback
Shares requested to be included in such registration have been included;

 

(ii)        if,
in the opinion of counsel to the Company, any registration of Registrable Securities would require disclosure of information not
otherwise then required by law to be publicly disclosed and, in the good faith judgment of the board of directors of the Company,
such disclosure is reasonably likely to adversely affect any material financing, acquisition, corporate reorganization or merger
or other material transaction or event involving the Company or otherwise have a material adverse effect on the Company (a “Valid
Business Reason”), the Company may postpone or withdraw a filing of a registration statement relating to a Demand Registration
Request until such Valid Business Reason no longer exists, but in no event shall the Company avail itself of such right for more
than (A) 45 days after receipt of a Demand Registration Request or (B) 90 days, in the aggregate, in any period of 365 consecutive
days (such period of postponement or withdrawal under this clause (ii), the “Postponement Period”); and
the Company shall give written notice of its determination to postpone or withdraw a registration statement and of the fact that
the Valid Business Reason for such postponement or withdrawal no longer exists, in each case, promptly after the occurrence thereof;
and

 

(iii)       the
Company shall not be obligated to effect more than three Demand Registrations under Section 2.1(a) for the Holders.

 

If the Company shall give any notice of
postponement or withdrawal of any registration statement pursuant to clause (ii) above, the Company shall not register any
equity security of the Company during the period of postponement or withdrawal. Each Holder of Registrable Securities agrees that,
upon receipt of any written notice from the Company that the Company has determined to withdraw any registration statement pursuant
to clause (ii) above, such Holder will discontinue its disposition of Registrable Securities pursuant to such registration
statement. If the Company shall have withdrawn or prematurely terminated a registration statement filed under Section 2.1(a)(i),
the Company shall not be considered to have effected an effective registration for the purposes of this Agreement until the Company
shall have filed a new registration statement covering the Registrable Securities covered by the withdrawn registration statement
and such registration statement shall have been declared effective and shall not have been withdrawn. If the Company shall give
any notice of withdrawal or postponement of a registration statement, at such time as the Valid Business Reason that caused such
withdrawal or postponement no longer exists (but in no event more than 45 days after the date of the postponement or withdrawal),
the Company shall use its reasonable best efforts to effect the registration under the Securities Act of the Registrable Securities
covered by the withdrawn or postponed registration statement in accordance with this Section 2.1.

 

(d)          The
Company, subject to Sections 2.3 and 2.6, may elect to include in any registration statement and offering made pursuant to
Section 2.1(a)(i), (i) authorized but unissued shares of Common Stock or shares of Common Stock held by the Company as
treasury shares and (ii) any other shares of Common Stock that are requested to be included in such registration pursuant
to the exercise of piggyback rights granted by the Company that are not inconsistent with or (except to the extent approved by
the board of directors of the Company, which approval includes the affirmative vote of the nominee of Carlyle Galaxy Holdings,
L.P.) superior to the rights granted in, or otherwise conflict with the terms of, this Agreement (“Additional Piggyback
Rights”); provided, however, that such inclusion shall be permitted only to the extent that it is pursuant
to and subject to the terms of the underwriting agreement or arrangements, if any, entered into by the Participating Holders and
does not materially impact the ability of the Participating Holders to sell thereunder.

 

    	4

    	 

    

 

(e)          A
Holder may withdraw its Registrable Securities from a Demand Registration at any time. If all such Holders do so, the Company shall
cease all efforts to secure registration and such registration nonetheless shall be deemed a Demand Registration for purposes of
this Section 2.1 unless (i) the withdrawal is made following withdrawal or postponement of such registration by the Company
pursuant to a Valid Business Reason as contemplated by Section 2.1(c), (ii) the withdrawal is based on the reasonable
determination of the Holders who requested such registration that there has been, since the date of the Demand Registration Request,
a material adverse change in the business or prospects of the Company or (iii) the Holders who requested such registration
shall have paid or reimbursed the Company for all of the reasonable out-of-pocket fees and expenses incurred by the Company in
connection with the withdrawn registration.

 

(f)          A
Demand Registration shall not be deemed to have been effected and shall not count as such (i) unless a registration statement
with respect thereto has become effective and has remained effective for a period of at least 180 days or such shorter period during
which all Registrable Securities covered by such Registration Statement have been sold or withdrawn, or, if such Registration Statement
relates to an underwritten offering, such longer period as, in the opinion of counsel for the underwriter(s), is required by law
for delivery of a prospectus in connection with the sale of Registrable Securities by an underwriter or dealer, (ii) if, after
the registration statement with respect thereto has become effective, it becomes subject to any stop order, injunction or other
order or requirement of the SEC or other governmental agency or court for any reason, (iii) if it is withdrawn by the Company
pursuant to a Valid Business Reason as contemplated by Section 2.1(c) or (iv) if the conditions to closing specified
in the purchase agreement or underwriting agreement entered into in connection with such Demand Registration are not satisfied,
other than solely by reason of some act or omission of the Participating Holders.

 

(g)          In
connection with any Demand Registration, the Company may designate the lead managing underwriter in connection with such registration
and each other managing underwriter for such registration, provided, that, in each case, each such underwriter is reasonably
satisfactory to the Representative.

 

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Section
2.2           Piggyback Registrations.

 

(a)          If,
at any time, the Company proposes or is required to register any of its equity securities under the Securities Act (other than
pursuant to (i) registrations on Form S-8 or any similar form(s) solely for registration of securities in connection with
an employee benefit plan or dividend reinvestment plan, (ii) registrations on Form S-4 or any similar form(s) solely for registration
of securities in connection with any business combination transaction, or (iii) a Demand Registration under Section 2.1)
on a registration statement on Form S-1 or Form S-3 or an equivalent general registration form then in effect, whether
or not for its own account, the Company shall give prompt written notice of its intention to do so to the Representative and each
Holder. Upon the written request of any Holder, made within 10 Business Days following the receipt of any such written notice (which
request shall specify the maximum number of Registrable Securities intended to be disposed of by such Holder and the intended method
of distribution thereof), the Company, subject to Sections 2.2(b), 2.3 and 2.6, shall use reasonable best efforts to cause
all such Registrable Securities to be included in the registration statement with the securities that the Company at the time proposes
to register to permit the sale or other disposition by the Holders in accordance with the intended method of distribution thereof
of the Registrable Securities to be so registered. No registration of Registrable Securities effected under this Section 2.2(a)
shall relieve the Company of its obligations to effect Demand Registrations under Section 2.1.

 

(b)          If,
at any time after giving written notice of its intention to register any equity securities and prior to the effective date of the
registration statement filed in connection with such registration, the Company shall determine for any reason not to register or
to delay registration of such equity securities, the Company will give written notice of such determination to the Representative
and each Holder and (i) in the case of a determination not to register, shall be relieved of its obligation to register any
Registrable Securities in connection with such abandoned registration, without prejudice, however, to the rights of Holders under
Section 2.1 and (ii) in the case of a determination to delay such registration of its equity securities, shall be permitted
to delay the registration of such Registrable Securities for the same period as the delay in registering such other equity securities.

 

(c)          Any
Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any registration statement pursuant
to this Section 2.2 by giving written notice to the Company of its request to withdraw. Such request must be made in writing
prior to the earlier of the execution of the underwriting agreement or the execution of the custody agreement with respect to such
registration. Such withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to
include Registrable Securities in the registration as to which such withdrawal was made.

 

Section
2.3           Priority in Registrations.

 

(a)          If
any requested registration made pursuant to Section 2.1 involves an underwritten offering and the lead managing underwriter
of such offering (the “Manager”) shall advise the Company that, in its view, the number of securities requested
to be included in such registration by the Holders of Registrable Securities or any other persons, including those shares of Common
Stock requested by the Company to be included in such registration, exceeds the largest number (the “Section 2.3(a)
Sale Number”) that can be sold in an orderly manner in such offering within a price range acceptable to the Representative,
the Company shall use reasonable best efforts to include in such registration:

 

(i)          first,
all Registrable Securities requested to be included in such registration by the Holders thereof; provided, however,
that, if the number of such Registrable Securities exceeds the Section 2.3(a) Sale Number, the number of such Registrable
Securities (not to exceed the Section 2.3(a) Sale Number) to be included in such registration shall be allocated on a pro
rata basis among all Holders requesting that Registrable Securities be included in such registration, based on the number of Registrable
Securities then owned by each such Holder requesting inclusion in relation to the number of Registrable Securities owned by all
Holders requesting inclusion;

 

    	6

    	 

    

 

(ii)         second,
to the extent that the number of securities to be included pursuant to clause (i) of this Section 2.3(a) is less than
the Section 2.3(a) Sale Number, the remaining shares to be included in such registration shall be allocated on a pro rata
basis among all Holders requesting that securities be included in such registration pursuant to the exercise of Additional Piggyback
Rights (“Piggyback Shares”), based on the aggregate number of Piggyback Shares then owned by each Holder requesting
inclusion in relation to the aggregate number of Piggyback Shares owned by all Holders requesting inclusion, up to the Section 2.3(a)
Sale Number; and

 

(iii)        third,
to the extent that the number of securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(a) is
less than the Section 2.3(a) Sale Number, any securities that the Company proposes to register, up to the Section 2.3(a)
Sale Number.

 

If, as a result of the proration provisions
of this Section 2.3(a), any Holder shall not be entitled to include all Registrable Securities in a registration that such
Holder has requested be included, such Holder may elect to withdraw its request to include Registrable Securities in such registration
or may reduce the number requested to be included; provided, however, that (A) such request must be made in
writing prior to the earlier of the execution of the underwriting agreement or the execution of the custody agreement with respect
to such registration and (B) such withdrawal shall be irrevocable and, after making such withdrawal, such Holder shall no
longer have any right to include Registrable Securities in the registration as to which such withdrawal was made.

 

(b)          If
any registration pursuant to Section 2.2 involves an underwritten offering that was proposed by the Company and the Manager
shall advise the Company that, in its view, the number of securities requested to be included in such registration exceeds the
number (the “Section 2.3(b) Sale Number”) that can be sold in an orderly manner in such registration within
a price range acceptable to the Company, the Company shall include in such registration:

 

(i)          first,
all Common Stock that the Company proposes to register for its own account; and

 

(ii)         second,
to the extent that the number of securities to be included pursuant to clause (i) of this Section 2.3(b) is less than
the Section 2.3(b) Sale Number, the remaining shares to be included in such registration shall be allocated on a pro rata
basis among all Holders requesting that Registrable Securities or Piggyback Shares be included in such registration pursuant to
the exercise of piggyback rights pursuant to Section 2.2 of this Agreement or Additional Piggyback Rights, based on the aggregate
number of Registrable Securities and Piggyback Shares then owned by each Holder requesting inclusion in relation to the aggregate
number of Registrable Securities and Piggyback Shares owned by all Holders requesting inclusion, up to the Section 2.3(b)
Sale Number.

 

    	7

    	 

    

 

(c)          If
any registration pursuant to Section 2.2 involves an underwritten offering that was proposed by holders of securities of the
Company that have the right to require such registration pursuant to an agreement entered into by the Company (“Additional
Demand Rights”) and the Manager shall advise the Company that, in its view, the number of securities requested to be
included in such registration exceeds the number (the “Section 2.3(c) Sale Number”) that can be sold in
an orderly manner in such registration within a price range acceptable to the Company, the Company shall include in such registration:

 

(i)          first,
all securities requested to be included in such registration by the holders of Additional Demand Rights (“Additional Registrable
Securities”); provided, however, that, if the number of such Additional Registrable Securities exceeds
the Section 2.3(c) Sale Number, the number of such Additional Registrable Securities (not to exceed the Section 2.3(c)
Sale Number) to be included in such registration shall be allocated on a pro rata basis among all holders of Additional Registrable
Securities requesting that Additional Registrable Securities be included in such registration, based on the number of Additional
Registrable Securities then owned by each such holder requesting inclusion in relation to the number of Additional Registrable
Securities owned by all of such holders requesting inclusion;

 

(ii)         second,
to the extent that the number of securities to be included pursuant to clause (i) of this Section 2.3(c) is less than
the Section 2.3(c) Sale Number, any Common Stock that the Company proposes to register for its own account, up to the Section 2.3(c)
Sale Number; and

 

(iii)        third,
to the extent that the number of securities to be included pursuant to clauses (i) and (ii) of this Section 2.3(c) is
less than the Section 2.3(c) Sale Number, the remaining shares to be included in such registration shall be allocated on a
pro rata basis among all Holders requesting that Registrable Securities or Piggyback Shares be included in such registration pursuant
to the exercise of piggyback rights pursuant to Section 2.2 or Additional Piggyback Rights, based on the aggregate number
of Registrable Securities and Piggyback Shares then owned by each Holder requesting inclusion in relation to the aggregate number
of Registrable Securities and Piggyback Shares owned by all Holders requesting inclusion, up to the Section 2.3(c) Sale Number.

 

Section
2.4           Registration Procedures. Whenever the Company
is required by the provisions of this Agreement to use reasonable best efforts to effect or cause the registration of any Registrable
Securities under the Securities Act as provided in this Agreement, the Company as expeditiously as possible, at the Company’s
reasonable expense:

 

(a)          shall
prepare and file with the SEC the requisite registration statement, which shall comply as to form in all material respects with
the requirements of the applicable form and shall include all financial statements required by the SEC to be filed therewith, and
use reasonable best efforts to cause such registration statement to become and remain effective (provided, however,
that before filing a registration statement or prospectus or any amendments or supplements thereto, or comparable statements under
securities or blue sky laws of any jurisdiction, or any Issuer Free Writing Prospectus related thereto, the Company will furnish
to counsel for the Representative and the lead managing underwriter, if any, copies of all such documents proposed to be filed
(including all exhibits thereto), which documents will be subject to the reasonable review and reasonable comment of such counsel,
and the Company shall not file any registration statement or amendment thereto, any prospectus or supplement thereto or any Issuer
Free Writing Prospectus related thereto to which the holders of a majority of the Registrable Securities covered by such registration,
the Representative or the underwriters, if any, shall reasonably object);

 

    	8

    	 

    

 

(b)          shall
prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective for such period as any seller of Registrable Securities
pursuant to such registration statement shall request and to comply with the provisions of the Securities Act with respect to the
sale or other disposition of all Registrable Securities covered by such registration statement in accordance with the intended
methods of disposition by the seller or sellers thereof set forth in such registration statement;

 

(c)          shall
furnish, without charge, to each seller of such Registrable Securities and each underwriter, if any, of the securities covered
by such registration statement such number of copies of such registration statement, each amendment thereto, the prospectus included
in such registration statement, each preliminary prospectus and each Issuer Free Writing Prospectus utilized in connection therewith,
all in conformity with the requirements of the Securities Act, and such other documents as such seller and underwriter reasonably
may request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such seller, and
shall consent to the use in accordance with all applicable law of each such registration statement, each amendment thereto, each
such prospectus, preliminary prospectus or Issuer Free Writing Prospectus by each such seller of Registrable Securities and the
underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement
or prospectus;

 

(d)          shall
use reasonable best efforts to register or qualify the Registrable Securities covered by such registration statement under such
other securities or “blue sky” laws of such jurisdictions as any sellers of Registrable Securities or any managing
underwriter, if any, reasonably shall request, and do any and all other acts and things that may be reasonably necessary or advisable
to enable such sellers or underwriter, if any, to consummate the disposition of the Registrable Securities in such jurisdictions,
except that in no event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where,
but for the requirements of this Section 2.4(d), it would not be required to be so qualified, to subject itself to taxation
in any such jurisdiction or to consent to general service of process in any such jurisdiction;

 

(e)          shall
promptly notify each Holder selling Registrable Securities covered by such registration statement and each managing underwriter,
if any:

 

(i)          when
the registration statement, any pre-effective amendment, the prospectus or any prospectus supplement related thereto, any post-effective
amendment to the registration statement or any Issuer Free Writing Prospectus has been filed and, with respect to the registration
statement or any post-effective amendment, when the same has become effective;

 

    	9

    	 

    

 

(ii)         of
any request by the SEC or state securities authority for amendments or supplements to the registration statement or the prospectus
related thereto or for additional information;

 

(iii)        of
the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings
for that purpose;

 

(iv)        of
the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of any
Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation of any proceeding for
such purpose;

 

(v)         of
the existence of any fact of which the Company becomes aware which results in the registration statement, the prospectus related
thereto, any document incorporated therein by reference, any Issuer Free Writing Prospectus or the information conveyed to any
purchaser at the time of sale to such purchaser containing an untrue statement of a material fact or omitting to state a material
fact required to be stated therein or necessary to make any statement therein not misleading; and

 

(vi)        if
at any time the representations and warranties contemplated by any underwriting agreement, securities sale agreement, or other
similar agreement, relating to the offering shall cease to be true and correct in all material respects; and, if the notification
relates to an event described in clause (v), the Company, subject to the provisions of Section 2.1(c), promptly shall
prepare and file with the SEC, and furnish to each seller and each underwriter, if any, a reasonable number of copies of, a prospectus
supplemented or amended so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall
not include an 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 the light of the circumstances under which they were made not misleading;

 

(f)          shall
comply with all applicable rules and regulations of the SEC, and make generally available to its security holders, as soon as reasonably
practicable after the effective date of the registration statement (and in any event within 90 days after the end of such 12 month
period described hereafter), an earnings statement, which need not be audited, covering the period of at least 12 consecutive months
beginning with the first day of the Company’s first calendar quarter after the effective date of the registration statement,
which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

 

(g)          shall
use reasonable best efforts to cause all Registrable Securities covered by such registration statement to be authorized to be listed
on a national securities exchange if shares of the particular class of Registrable Securities are at that time, or will be immediately
following the offering, listed on such exchange;

 

(h)          shall
provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities covered by such registration
statement not later than the effective date of such registration statement;

 

    	10

    	 

    

 

(i)          shall
enter into such customary agreements (including, if applicable, an underwriting agreement), deliver such certificates and take
such other actions as the Representative shall reasonably request in order to expedite or facilitate the disposition of such Registrable
Securities (it being understood that the Holders of the Registrable Securities that are to be distributed by any underwriters shall
be parties to any such underwriting agreement and may, at their option, require that the Company make to and for the benefit of
such Holders the representations, warranties and covenants of the Company which are being made to and for the benefit of such underwriters);

 

(j)          shall
use reasonable best efforts to obtain an opinion from the Company’s counsel and a “cold comfort” letter from
the Company’s independent public accountants in customary form and covering such matters as are customarily covered by such
opinions and “cold comfort” letters delivered to underwriters in underwritten public offerings, which opinion and letter
shall be reasonably satisfactory to the underwriter, if any;

 

(k)          shall
use reasonable best efforts to prevent the issuance of or obtain the withdrawal of any order suspending the effectiveness of the
registration statement;

 

(l)           shall
provide a CUSIP number for all Registrable Securities, not later than the effective date of the registration statement and use
reasonable best efforts to cause all Registrable Securities covered by the applicable registration statement (other than the Warrants)
to be listed on The NASDAQ Stock Market;

 

(m)         shall
make reasonably available its employees and personnel for participation in “road shows” and other marketing efforts
and otherwise provide reasonable assistance to the underwriters (including participating in and making all relevant financial and
other records and pertinent corporate documents and information of the Company available for the due diligence review of the Representative
and underwriters, if any, and their legal counsel and accountants), taking into account the needs of the Company’s businesses
and the requirements of the marketing process so as not to unreasonably interfere with the conduct of the Company’s business,
in the marketing of Registrable Securities in any underwritten offering;

 

(n)          shall
promptly prior to the filing of any document that is to be incorporated by reference into the registration statement or the prospectus,
and prior to the filing of any Issuer Free Writing Prospectus, provide copies of such document to counsel for the selling holders
of Registrable Securities and to each managing underwriter, if any, and make the Company’s representatives reasonably available
for discussion of such document and make such changes in such document concerning the selling holders prior to the filing thereof
as counsel for such selling holders or underwriters may reasonably request;

 

(o)          shall
cooperate with the sellers of Registrable Securities and the managing underwriter, if any, to facilitate the timely preparation
and delivery of certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and cause
such Registrable Securities to be issued in such denominations and registered in such names in accordance with the underwriting
agreement prior to any sale of Registrable Securities to the underwriters or, if not an underwritten offering, in accordance with
the instructions of the sellers of Registrable Securities at least three Business Days prior to any sale of Registrable Securities
and instruct any transfer agent and registrar of Registrable Securities to release any stop transfer orders in respect thereof;

 

    	11

    	 

    

 

(p)          shall
take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition
of such Registrable Securities;

 

(q)          shall
not take any direct or indirect action prohibited by Regulation M under the Exchange Act; provided, however,
that to the extent that any prohibition is applicable to the Company, the Company will take such action as is necessary to make
any such prohibition inapplicable;

 

(r)          shall
cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with FINRA; and

 

(s)          shall
take all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection with any registration covered
by Section 2.1 or 2.2 complies in all material respects with the Securities Act, is filed in accordance with the Securities
Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when
taken together with the related prospectus, will not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

To the extent the Company is a well-known
seasoned issuer as defined in Rule 405 under the Securities Act (a “WKSI”) at the time any Demand Registration
Request is submitted to the Company, and such Demand Registration Request requests that the Company file an automatic shelf registration
statement as defined in Rule 405 under the Securities Act (an “automatic shelf registration statement”)
on Form S-3, the Company shall file an automatic shelf registration statement that covers those Registrable Securities that
are requested to be registered. The Company shall use reasonable best efforts to remain a WKSI and not become an ineligible issuer
(as defined in Rule 405 under the Securities Act) during the period during which such automatic shelf registration statement
is required to remain effective. If the Company does not pay the filing fee covering the Registrable Securities at the time the
automatic shelf registration statement is filed, the Company shall pay such fee at such time or times as the Registrable Securities
are to be sold. If the automatic shelf registration statement has been outstanding for at least three years, at the end of the
third year the Company shall refile a new automatic shelf registration statement covering the Registrable Securities. If at any
time when the Company is required to re-evaluate its WKSI status, the Company determines that it is not a WKSI, the Company shall
use reasonable best efforts to refile the shelf registration statement on Form S-3 and, if such form is not available, Form S-1
and keep such registration statement effective during the period during which such registration statement is required to be kept
effective.

 

If the Company files any shelf registration
statement for the benefit of the holders of any of its securities other than the Holders, the Company shall include in such registration
statement such disclosures as may be required by Rule 430B under the Securities Act, referring to the unnamed selling security
holders in a generic manner by identifying the initial offering of the securities to the Holders, in order to ensure that the Holders
may be added to such shelf registration statement at a later time through the filing of a prospectus supplement rather than a post-effective
amendment.

 

    	12

    	 

    

 

The Company may require as a condition precedent
to the Company’s obligations under this Section 2.4 that each seller of Registrable Securities as to which any registration
is being effected furnish the Company such information in writing regarding such seller and the distribution of such Registrable
Securities as the Company from time to time reasonably may request; provided, that such information is necessary for the
Company to consummate such registration and shall be used only in connection with such registration.

 

Each seller of Registrable Securities agrees
that upon receipt of any notice from the Company under Section 2.4(e)(v), such seller will discontinue such seller’s
disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such seller’s
receipt of the copies of the supplemented or amended prospectus. In the event the Company shall give any such notice, the applicable
period set forth in Section 2.4(b) shall be extended by the number of days during such period from and including the date
of the giving of such notice to and including the date when each seller of any Registrable Securities covered by such registration
statement shall have received the copies of the supplemented or amended prospectus. No such discontinuation may be in effect in
any twelve-month period for a total number of days greater than ninety.

 

If any such registration statement or comparable
statement under “blue sky” laws refers to any Holder by name or otherwise as the Holder of any securities of the Company,
such Holder shall have the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory
to such Holder and the Company, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation
by such Holder of the investment quality of the Company’s securities covered thereby and that such holding does not imply
that such Holder will assist in meeting any future financial requirements of the Company or (ii) in the event that such reference
to such Holder by name or otherwise is not in the judgment of the Company, as advised by counsel, required by the Securities Act
or any similar federal statute or any state “blue sky” or securities law then in force, the deletion of the reference
to such Holder.

 

Section
2.5           Registration Expenses.

 

(a)          The
Company shall pay (i) all reasonable Registration Expenses with respect to any Demand Registration whether or not it becomes effective
or remains effective for the period contemplated by Section 2.4(b) and (ii) all Registration Expenses with respect to any
registration effected under Section 2.2.

 

(b)          Notwithstanding
the foregoing, (i) the provisions of this Section 2.5 shall be deemed amended to the extent necessary to cause these
expense provisions to comply with “blue sky” laws of each state in which the offering is made, (ii) in connection
with any registration hereunder, each Holder of Registrable Securities being registered shall pay all underwriting discounts and
commissions and any transfer taxes, if any, attributable to the sale of such Registrable Securities, pro rata with respect to payments
of discounts and commissions in accordance with the number of shares sold in the offering by such Holder and (iii) the Company
shall, in the case of all registrations under this Article II, be responsible for all its internal expenses.

 

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Section
2.6           Underwritten Offerings.

 

(a)          If
requested by the underwriters for any underwritten offering by the Holders pursuant to a registration requested under Section 2.1,
the Company shall enter into a customary underwriting agreement with the underwriters. Such underwriting agreement shall be satisfactory
in form and substance to the Representative and shall contain such representations and warranties by, and such other agreements
on the part of, the Company and such other terms as are generally prevailing in agreements of that type. Any Holder participating
in the offering shall be a party to such underwriting agreement and, at its option, may require that any or all of the representations
and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters also shall
be made to and for the benefit of such Holder and that any or all of the conditions precedent to the obligations of such underwriters
under such underwriting agreement be conditions precedent to the obligations of such Holder; provided, however, that
the Company shall not be required to make any representations or warranties with respect to written information specifically provided
by a selling Holder for inclusion in the registration statement. No Holder shall be required to make any representations or warranties
to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder,
its ownership of and title to the Registrable Securities and its intended method of distribution; and any liability of such Holder
to any underwriter or other Person under such underwriting agreement shall be limited to liability arising from breach of its representations
and warranties and shall be limited to an amount equal to the proceeds (net of expenses and underwriting discounts and commissions)
that it derives from such registration.

 

(b)          In
the case of a registration pursuant to Section 2.2, if the Company shall have determined to enter into an underwriting agreement
in connection therewith, any Registrable Securities to be included in such registration shall be subject to such underwriting agreement.
Any Holder participating in such registration may, at its option, require that any or all of the representations and warranties
by, and the other agreements on the part of, the Company to and for the benefit of such underwriters shall also be made to and
for the benefit of such Holder and that any or all of the conditions precedent to the obligations of such underwriters under such
underwriting agreement be conditions precedent to the obligations of such Holder. No Holder shall be required to make any representations
or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding
such Holder, its ownership of and title to the Registrable Securities and its intended method of distribution; and any liability
of such Holder to any underwriter or other Person under such underwriting agreement shall be limited to liability arising from
breach of its representations and warranties and shall be limited to an amount equal to the proceeds (net of expenses and underwriting
discounts and commissions) that it derives from such registration.

 

(c)          In
the case of any registration under Section 2.1 pursuant to an underwritten offering, or, in the case of a registration under
Section 2.2, if the Company has determined to enter into an underwriting agreement in connection therewith, all securities
to be included in such registration shall be subject to an underwriting agreement and no Person may participate in such registration
unless such Person agrees to sell such Person’s securities on the basis provided therein and, subject to the provisions of
this Section 2.6, completes and executes all reasonable questionnaires, and other documents, including custody agreements
and powers of attorney, that must be executed in connection therewith, and provides such other information to the Company or the
underwriter as may be necessary to register such Person’s securities.

 

    	14

    	 

    

 

Section
2.7           No Required Sale. Nothing in this Agreement
shall be deemed to create an independent obligation on the part of any Holder to sell any Registrable Securities pursuant to any
effective registration statement.

 

Section
2.8           Indemnification.

 

(a)          In
the event of any registration of any securities of the Company under the Securities Act pursuant to this Article II, the Company
will, and hereby agrees to, indemnify and hold harmless, to the fullest extent permitted by law, each Holder of Registrable Securities,
its directors, officers, fiduciaries, employees, agents, affiliates, consultants, representatives, general and limited partners,
stockholders, successors, assigns (and the directors, officers, employees and stockholders thereof), and each other Person, if
any, who controls such Holder within the meaning of the Securities Act, from and against any and all losses, claims, damages or
liabilities, joint or several, actions or proceedings (whether commenced or threatened) and expenses (including reasonable fees
of counsel and, with respect to any settlement, any amounts paid in such settlement effected with the Company’s consent,
which consent shall not be unreasonably denied, withheld, conditioned or delayed; provided, that no such consent shall be required
(and the indemnifying party shall be liable) for any settlement effected or directed by the Company) to which each such indemnified
party may become subject under the Securities Act or otherwise (collectively, “Losses”), insofar as such Losses
arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any registration
statement under which such securities were registered under the Securities Act or the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue
statement or alleged untrue statement of a material fact contained in any preliminary, final or summary prospectus or any amendment
or supplement thereto, in each case, together with the documents incorporated by reference therein, or any Issuer Free Writing
Prospectus utilized in connection therewith, or the omission or alleged omission to state therein a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and the Company
will reimburse any such indemnified party for any legal or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such Loss as such expenses are incurred; provided, however, that the Company
shall not be liable to any such indemnified party in any such case to the extent such Loss arises out of or is based upon any untrue
statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in such registration
statement or amendment thereof or supplement thereto or in any such prospectus or any preliminary, final or summary prospectus
or Issuer Free Writing Prospectus in reliance upon and in conformity with written information prepared and furnished to the Company
by or on behalf of such indemnified party expressly for use therein. Such indemnity and reimbursement of expenses shall remain
in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer
of such securities by such Holder.

 

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(b)          Each
Holder of Registrable Securities that are included in the securities as to which any registration under Section 2.1 or 2.2
is being effected shall, severally and not jointly, indemnify and hold harmless (in the same manner and to the same extent as set
forth in paragraph (a) of this Section 2.8) to the extent permitted by law the Company, its officers and directors, each
Person controlling the Company within the meaning of the Securities Act and all other prospective sellers and their respective
directors, officers, fiduciaries, employees, agents, affiliates, consultants, representatives, general and limited partners, stockholders,
successors, assigns and respective controlling Persons from and against any Loss with respect to any untrue statement or alleged
untrue statement of any material fact in, or omission or alleged omission of any material fact from, such registration statement,
any preliminary, final or summary prospectus contained therein, or any amendment or supplement thereto, or any Issuer Free Writing
Prospectus utilized in connection therewith, but only to the extent that such untrue statement or alleged untrue statement or omission
or alleged omission was made in reliance upon and in conformity with written information prepared and furnished to the Company
or its representatives by or on behalf of such Holder specifically and expressly for use therein, and reimburse such indemnified
party for any legal or other expenses reasonably incurred in connection with investigating, defending any such Loss as such expenses
are incurred; provided, however, that the aggregate amount that any such Holder shall be required to pay pursuant
to this Section 2.8(b) and Sections 2.8(c), (e) and (f) shall in no case be greater than the amount of the net proceeds
received by such Holder upon the sale of the Registrable Securities pursuant to the registration statement giving rise to such
claim. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made
by or on behalf of such indemnified party and shall survive the transfer of such securities by such Holder.

 

(c)          Any
Person entitled to indemnification under this Agreement promptly shall notify the indemnifying party in writing of the commencement
of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 2.8, but
the failure of any such Person to provide such notice shall not relieve the indemnifying party of its obligations under the preceding
paragraphs of this Section 2.8, except to the extent the indemnifying party is actually and materially prejudiced thereby
and shall not relieve the indemnifying party from any liability that it may have to any such Person otherwise than under this Article II.
In case any action or proceeding is brought against an indemnified party and it shall notify the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate therein and, unless in the reasonable opinion of outside counsel
to the indemnified party a conflict of interest between such indemnified and indemnifying parties may exist in respect of such
claim, to assume the defense thereof jointly with any other indemnifying party similarly notified, to the extent that it chooses,
with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified
party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party for
any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable
costs of investigation; provided, however, that (i) if the indemnifying party fails to take reasonable steps
necessary to defend diligently the action or proceeding within 20 days after receiving notice from such indemnified party, (ii) if
such indemnified party who is a defendant in any action or proceeding that is also brought against the indemnifying party reasonably
shall have concluded that there may be one or more legal defenses available to such indemnified party that are not available to
the indemnifying party or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable
standards of professional conduct, then, in any such case, the indemnified party shall have the right to assume or continue its
own defense as set forth above (but with no more than one firm of counsel for all indemnified parties in each jurisdiction, except
to the extent any indemnified party or parties reasonably shall have concluded that there may be legal defenses available to such
party or parties that are not available to the other indemnified parties or to the extent representation of all indemnified parties
by the same counsel is otherwise inappropriate under applicable standards of professional conduct) and the indemnifying party shall
be liable for any expenses therefor. Without the written consent of the indemnified party, which consent shall not be unreasonably
withheld, no indemnifying party shall effect the settlement or compromise of, or consent to the entry of any judgment with respect
to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder, whether
or not the indemnified party is an actual or potential party to such action or claim, unless such settlement, compromise or judgment
(A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and
(B) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified
party.

 

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(d)          If
for any reason the foregoing indemnity is held by a court of competent jurisdiction to be unavailable with respect to any Loss
hereunder, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of any Loss in such proportion as is appropriate to reflect the relative fault of
the indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to the statement or omissions
that resulted in such Loss as well as any other equitable considerations. The relative fault shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If, however,
the allocation provided in the second preceding sentence is not permitted by applicable law, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such
relative faults but also the relative benefits of the indemnifying party and the indemnified party as well as any other relevant
equitable considerations. The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section
2.8(d) were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable
considerations referred to in the preceding sentences of this Section 2.8(d). The amount paid or payable in respect of any Loss
shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating
or defending any such Loss. No Person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities
Act shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Notwithstanding
anything in this Section 2.8(d) to the contrary, no indemnifying party other than the Company shall be required pursuant to this
section 2.8(d) to contribute any amount in excess of the net proceeds received by such indemnifying party from the sale of Registrable
Securities in the offering to which the Losses of the indemnified parties relate, less the amount of any indemnification payment
made by such indemnifying party pursuant to Sections 2.8(b) and (c). No Person guilty of or liable for fraudulent misrepresentation
shall be entitled to contribution from any other Person.

 

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(e)          The
indemnity and contribution agreements contained herein shall be in addition to any other rights to indemnification or contribution
which any indemnified party may have pursuant to law or contract and shall remain operative and in full force and effect regardless
of any investigation made or omitted by or on behalf of any indemnified party and shall survive the transfer of the Registrable
Securities by any such party.

 

(f)          The
indemnification and contribution required by this Section 2.8 shall be made by periodic payments of the amount thereof during
the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred.

 

ARTICLE
III

GENERAL

 

Section
3.1           Adjustments Affecting Registrable Securities.
The Company shall not effect or permit to occur any combination or subdivision of shares of Common Stock that would adversely affect
the ability of any Holder of any Registrable Securities to include such Registrable Securities in any registration contemplated
by this Agreement or the marketability of such Registrable Securities in any such registration. The Company will take all reasonable
steps necessary to effect a subdivision of shares if in the reasonable judgment of (a) the Representative or (b) the
managing underwriter for the offering in respect of such Demand Registration Request, such subdivision would enhance the marketability
of the Registrable Securities.

 

Section
3.2           Rule 144. The Company covenants that (a) upon
such time as it becomes, and so long as it remains, subject to the reporting provisions of the Exchange Act, it will timely file
the reports required to be filed by it under the Securities Act or the Exchange Act or, if it is not required to file such reports,
upon the request of any Holder it shall make publicly available other information so long as necessary to permit sales of such
Registrable Securities in compliance with Rule 144 under the Securities Act and (b) it will take such further action
as any Holder of Registrable Securities reasonably may request, all to the extent required from time to time to enable such Holder
to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by
(i) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (ii) any similar rule or
regulation hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company will deliver to
such Holder a written statement as to whether it has complied with such requirements.

 

Section
3.3           Nominees for Beneficial Owners. If Registrable
Securities are held by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its option, be treated
as the Holder of such Registrable Securities for purposes of any request or other action by any Holder or Holders of Registrable
Securities pursuant to this Agreement or any determination of any number or percentage of shares constituting Registrable Securities
held by any Holder or Holders of Registrable Securities contemplated by this Agreement; provided, that the Company shall
have received assurances reasonably satisfactory to it of such beneficial ownership.

 

Section
3.4           No Inconsistent Agreements. The Company shall
not hereafter enter into or permit to continue in effect any agreement with respect to its securities that conflicts with or violates
the rights granted to the holders of Registrable Securities in this Agreement.

 

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ARTICLE
IV

MISCELLANEOUS

 

Section
4.1           Amendment and Waiver.

 

(a)          Any
provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and is signed, in
the case of an amendment, by the Company and the Representative or, in the case of a waiver, by the party or parties against whom
the waiver is to be effective, in an instrument specifically designated as an amendment or waiver hereto.

 

(b)          No
failure or delay of any party in exercising any right or remedy 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 right or power, or
any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have
hereunder.

 

Section
4.2           Notices. All notices and other communications
hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, or if by
facsimile or e-mail, upon written confirmation of receipt by facsimile, e-mail or otherwise, (b) on the first Business Day
following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (c) on the earlier
of confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered or certified mail, return
receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such
other instructions as may be designated in writing by the party to receive such notice:

 

(a)          if
to the Representative, to:

 

The Carlyle Group

520 Madison Avenue, 39th Floor

New York, NY 10022

Phone: (212) 813-4702

Facsimile: (212) 813-4702

Email: David.Stonehill@carlyle.com

Attention: David A. Stonehill

 

with a copy (which shall not constitute notice) to:

 

Latham & Watkins LLP

555 Eleventh Street, NW, Suite 1000

Washington, D.C. 20004

Phone: (202) 637-2200

Facsimile: (202) 637-2201

Email: paul.sheridan@lw.com

Attention: Paul F. Sheridan, Jr.

 

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(b)          if
to the Company, to:

 

Sequential Brands Group, Inc.

1065 Avenue of the Americas, 30th Floor

New York, NY 10018

Phone: (646) 564-2577

Facsimile: (212) 354-8113

Email: yshmidman@sbg-ny.com

Attention: Yehuda Shmidman

 

with a copy (which shall not constitute notice) to:

 

Tengram Capital Management, L.P.

15 Riverside Avenue

Westport, Connecticut 06880

Facsimile: (203) 629-4901

Email: atarshis@tengramcapital.com

Attention: Andrew Tarshis

 

or such other address as the Company or the Representative shall
have specified to the other party in writing in accordance with this Section 4.2. Any notice or other document required or
permitted to be given or delivered to a Holder shall be delivered to the last address shown on the books of the Company or at any
more recent address of which the Holder shall have notified the Company in writing.

 

Section
4.3           Interpretation. When a reference is made in
this Agreement to a Section, Article, Exhibit or Schedule such reference shall be to a Section, Article, Exhibit or Schedule of
this Agreement unless otherwise indicated. The headings contained in this Agreement or in any Exhibit or Schedule are for convenience
of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. All words used in this
Agreement will be construed to be of such gender or number as the circumstances require. Any capitalized terms used in any Exhibit
or Schedule but not otherwise defined therein shall have the meaning as defined in this Agreement. All Exhibits and Schedules annexed
hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth herein. The word “including”
and words of similar import when used in this Agreement will mean “including, without limitation,” unless otherwise
specified. The words “hereof,” “herein” and “hereunder” and words of similar import when used
in this Agreement shall refer to the Agreement as a whole and not to any particular provision in this Agreement. The term “or”
is not exclusive. The word “will” shall be construed to have the same meaning and effect as the word “shall.”
References to days mean calendar days unless otherwise specified.

 

Section
4.4           Entire Agreement. This Agreement, the Warrants
and the Merger Agreement constitute the entire agreement, and supersede all prior written agreements, arrangements, communications
and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings between the
parties with respect to the subject matter hereof and thereof.

 

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Section
4.5           No Third-Party Beneficiaries. Except as provided
in Section 2.8, nothing in this Agreement, express or implied, is intended to or shall confer upon any Person other than the
parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under
or by reason of this Agreement.

 

Section
4.6           Governing Law. This Agreement and all disputes
or controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and
construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction
that might be applied because of the conflicts of laws principles of the State of Delaware.

 

Section
4.7           Submission to Jurisdiction. Each of the parties
irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement brought by any other party
or its successors or assigns shall be brought and determined in the Court of Chancery of the State of Delaware, provided,
that if jurisdiction is not then available in the Court of Chancery of the State of Delaware, then any such legal action or proceeding
may be brought in any federal court located in the State of Delaware and each of the parties hereby irrevocably submits to the
exclusive jurisdiction of the aforesaid courts for itself and with respect to its property, generally and unconditionally, with
regard to any such action or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby.
Each of the parties agrees not to commence any action, suit or proceeding relating thereto except in the courts described above
in Delaware, other than actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any
such court in Delaware as described herein. Each of the parties further agrees that notice as provided herein shall constitute
sufficient service of process and the parties further waive any argument that such service is insufficient. Each of the parties
hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise,
in any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, (a) any
claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for any reason, (b) that
it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether
through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise)
and (c) that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the
venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced
in or by such courts.

 

Section
4.8           Assignment; Successors. This Agreement will
be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns. If any
Person shall acquire Registrable Securities from any Holder in any manner, whether by operation of law or otherwise, such Person
shall promptly notify the Company and such Registrable Securities acquired from such Holder shall be held subject to all of the
terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be entitled to receive the benefits
of and be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement. Any
such successor or assign shall agree in writing to acquire and hold the Registrable Securities acquired from such Holder subject
to all of the terms hereof. If any Holder shall acquire additional Registrable Securities, such Registrable Securities shall be
subject to all of the terms, and entitled to all of the benefits, of this Agreement.

 

    	21

    	 

    

 

Section
4.9           Enforcement. The parties agree that irreparable
damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific
terms or were otherwise breached. Accordingly, each of the parties shall be entitled to specific performance of the terms hereof,
including an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement in the Court of Chancery of the State of Delaware, provided, that if jurisdiction is not then available
in the Court of Chancery of the State of Delaware, then any such legal action or proceeding may be brought in any federal court
located in the State of Delaware, this being in addition to any other remedy to which such party is entitled at law or in equity.
Each of the parties hereby further waives (a) any defense in any action for specific performance that a remedy at law would
be adequate and (b) any requirement under any law to post security as a prerequisite to obtaining equitable relief.

 

Section
4.10         Severability. Whenever possible, each provision or portion
of any provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if
any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision
or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein.

 

Section
4.11         Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
4.12         Counterparts. This Agreement may be executed in two or
more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts
have been signed by each of the parties and delivered to the other parties. This Agreement may be executed by facsimile or .pdf
signature and a facsimile or .pdf signature shall constitute an original for all purposes.

 

Section
4.13         Time of Essence. Time is of the essence with regard to
all dates and time periods set forth or referred to in this Agreement.

 

Section
4.14         No Presumption Against Drafting Party. Each of the parties
hereto acknowledges that it has been represented by counsel in connection with this Agreement and the transactions contemplated
by this Agreement. Accordingly, any rule of law or any legal decision that would require interpretation of any claimed ambiguities
in this Agreement against the drafting party has no application and is expressly waived.

 

[The remainder
of this page is intentionally left blank.]

 

    	22

    	 

    

 

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

  

	 	SEQUENTIAL BRANDS GROUP, INC.
	 	 
	 	By:	/s/ Yehuda Shmidman
	 	Name:	Yehuda Shmidman

	 	Title:	Chief Executive Officer

	 	 
	 	CARLYLE EQUITY OPPORTUNITY GP, L.P.
	 	By: Carlyle Equity Opportunity GP, L.L.C., its general partner

	 	 
	 	By:	/s/ David Stonehill
	 	Name:	David Stonehill

	 	Title:	

 

Signature
Page to Registration Rights Agreement

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