Document:

Exhibit
4.2

 

 

 

 

 

 

 

SHIRE
ACQUISITIONS INVESTMENTS IRELAND

 

DESIGNATED
ACTIVITY COMPANY

 

as
Issuer

 

SHIRE
PLC

 

as
Guarantor

 

AND

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS

 

as
Trustee

 

_________________

 

FIRST
SUPPLEMENTAL INDENTURE

 

Dated
as of September 23, 2016

 

to
the

 

INDENTURE

 

Dated
as of September 23, 2016

 

_________________

 

 

 

 

 

    

    

    

 

TABLE
OF CONTENTS

 

 

 

Page

 

	Article
    1 

Definitions
	Section
    1.01.   Relation to Base Indenture	1
	Section
    1.02.   Definition of Terms	1
	Article
    2 

General Terms and Conditions of the Notes
	Section
    2.01.   Designation and Principal Amount	7
	Section
    2.02.   Maturity	8
	Section
    2.03.   Form, Payment and Appointment	8
	Section
    2.04.   Global Notes	8
	Section
    2.05.   Interest	9
	Section
    2.06.   No Sinking Fund	10
	Section
    2.07.   Satisfaction and Discharge	10
	Article
    3 

Redemption of the Notes
	Section
    3.01.   Optional Redemption by Company	10
	Section
    3.02.   Notice of Redemption; Conditions Precedent; Selection of Notes to be Redeemed	11
	Section
    3.03.   Payment of Redemption Price	12
	Section
    3.04.   Optional Redemption Due to Changes in Tax Treatment	12
	Section
    3.05.   No Other Redemption	13
	Article
    4 

Forms of Notes
	Section
    4.01.   Forms of Notes	13
	Article
    5 

Original Issue of Notes
	Section
    5.01.   Original Issue of Notes	13
	Article
    6 

Future Guarantee
	Section
    6.01.   Future Guarantee	14

 

    

    

    

 

	Section
    6.02.   Release of Future Guarantor	14
	Section
    6.03.   Fraudulent Conveyance	14
	Section
    6.04.   Modification of Indenture	14
	Article
    7 

Restriction on Secured Debt
	Section
    7.01.   Restriction on the Creation of Secured Debt	15
	Section
    7.02.   Covenant Defeasance	15
	Article
    8 

Payment of Additional Amounts
	Section
    8.01.   Payment of Additional Amounts	15
	Article
    9 

Change of Control
	Section
    9.01.   Change of Control Offer	17
	Section
    9.02.   Third Party Change of Control Offer	18
	Section
    9.03.   Right to Full Redemption	18
	Section
    9.04.   Compliance with Rule 14e-1	18
	Section
    9.05.   Covenant Defeasance	18
	Article
    10 

Miscellaneous
	Section
    10.01.   Ratification of Indenture	18
	Section
    10.02.   Trustee Not Responsible for Recitals	19
	Section
    10.03.   Governing Law	19
	Section
    10.04.   Waiver of Trial by Jury	19
	Section
    10.05.   Table of Contents, Headings, etc	19
	Section
    10.06.   Execution in Counterparts	19
	Section
    10.07.   Separability; Benefits	19

 

	EXHIBIT A	Form of 1.900% Senior Notes
    due 2019	A-1
	 	 	 
	EXHIBIT B	Form of 2.400% Senior Notes due 2021	B-1
	 	 	 
	EXHIBIT C	Form of 2.875% Senior Notes due 2023	C-1
	 	 	 
	EXHIBIT D	Form of 3.200% Senior Notes due 2026	D-1

 

    

    

    

 

THIS
FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of September 23, 2016, is among SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC, an Irish designated activity company (the “Company”), as Issuer, SHIRE
PLC, a Jersey public limited company and parent of the Company (“Shire”), as Guarantor, and DEUTSCHE BANK TRUST
COMPANY AMERICAS (the “Trustee”), as Trustee.

 

R
E C I T A L S

 

WHEREAS,
the Company has concurrently herewith executed and delivered to the Trustee an Indenture, dated as of September 23, 2016, among
the Company, Shire and the Trustee (the “Base Indenture” and, as supplemented by this Supplemental Indenture,
the “Indenture”), providing for the issuance from time to time of series of Securities of the Company;

 

WHEREAS,
Section 10.01(c) of the Base Indenture provides for the Company, Shire and the Trustee to enter into an indenture supplemental
to the Base Indenture to establish the forms or terms of Securities of any series as permitted by ‎Section 2.01 and ‎Section
2.02 of the Base Indenture;

 

WHEREAS,
pursuant to ‎Section 2.02 of the Base Indenture, the Company wishes to provide for the issuance of four new series of Securities
to be known as its 1.900% Senior Notes due 2019 (the “2019 Notes”), its 2.400% Senior Notes due 2021 (the “2021
Notes”), its 2.875% Senior Notes due 2023 (the “2023 Notes”) and its 3.200% Senior Notes due 2026
(the “2026 Notes” and, together with the 2019 Notes, the 2021 Notes and the 2023 Notes, the “Notes”),
the forms and terms of such Notes and the terms, provisions and conditions thereof to be set forth as provided in this Supplemental
Indenture; and

 

WHEREAS,
the Company has requested that the Trustee and Shire execute and deliver this Supplemental Indenture, and all requirements necessary
to make this Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the
Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid, binding and enforceable obligations
of the Company, have been done and performed, and the execution and delivery of this Supplemental Indenture has been duly authorized
in all respects;

 

NOW,
THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Article
1

Definitions

 

Section
1.01.Relation to Base Indenture. This Supplemental Indenture constitutes an integral part of the Base Indenture.

 

Section
1.02.Definition of Terms. For all purposes of this Supplemental Indenture:

 

    

    

    

 

(a)       Capitalized
terms used herein without definition shall have the meanings set forth in the Base Indenture;

 

(b)       a
term defined anywhere in this Supplemental Indenture has the same meaning throughout;

 

(c)       the
singular includes the plural and vice versa;

 

(d)       headings
are for convenience of reference only and do not affect interpretation;

 

(e)       the
following terms have the meanings given to them in this ‎‎Section 1.02(e):

 

“2019
Interest Payment Date” shall have the meaning set forth in ‎Section 2.05(b).

 

“2019
Record Date” shall have the meaning set forth in ‎Section 2.05(b).

 

“2021
Interest Payment Date” shall have the meaning set forth in ‎Section 2.05(c).

 

“2021
Record Date” shall have the meaning set forth in ‎Section 2.05(c).

 

“2023
Interest Payment Date” shall have the meaning set forth in ‎Section 2.05(d).

 

“2023
Record Date” shall have the meaning set forth in ‎Section 2.05(d).

 

“2026
Interest Payment Date” shall have the meaning set forth in ‎Section 2.05(e).

 

“2026
Record Date” shall have the meaning set forth in ‎Section 2.05(e).

 

“Additional
Amounts” shall have the meaning specified in ‎Section 8.01.

 

“Baxalta”
shall mean Baxalta Incorporated, a Delaware corporation and, as of the date of this Supplemental Indenture, a wholly-owned subsidiary
of Shire.

 

“Business
Day” shall mean, unless otherwise specified, any calendar day that is not a Saturday, Sunday or a day on which commercial
banking institutions are not required to be open for business in the City of New York, New York.

 

“Capital
Markets Indebtedness” shall mean any indebtedness for borrowed money in the form of, or represented by, bonds (obligations),
debentures, notes or other securities that, at the time of its issuance, is being, is capable of being, or is intended to be,
quoted, listed or ordinarily traded on any stock exchange or other securities market.

 

“Change
of Control” shall mean the occurrence of any of the following: (1) the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section
13(d)(3) of the Exchange Act), other than Shire or one of its subsidiaries, 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 Voting Stock of Shire or other Voting
Stock into which the Voting Stock of Shire is reclassified, consolidated, exchanged or changed, measured by voting power rather
than number of shares, (2)

 

    2

    

    

 

the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger
or consolidation) of all or substantially all of the assets of Shire and its subsidiaries (including us), taken as a whole, to
another “Person” (as that term is defined in the Base Indenture), other than Shire or one of its subsidiaries, or
(3) the adoption of a plan relating to Shire’s liquidation or dissolution. Notwithstanding the foregoing, a transaction,
including a scheme of arrangement or analogous proceeding, will not be deemed to be a Change of Control if (1) Shire becomes a
direct or indirect wholly-owned subsidiary of a corporation, limited liability company or similar entity (a “Holding Company”)
and (2)(A) the direct or indirect holders of the Voting Stock of such Holding Company immediately following that transaction are
substantially the same as the holders of Shire’s Voting Stock immediately prior to that transaction or (B) immediately following
that transaction no “person” (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a Holding
Company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the
Voting Stock of such Holding Company.

 

“Change
of Control Offer” shall have the meaning set forth in ‎Section 9.01.

 

“Change
of Control Payment” shall have the meaning set forth in ‎Section 9.01.

 

“Change
of Control Payment Date” shall have the meaning set forth in ‎Section 9.01.

 

“Change
of Control Triggering Event” shall mean the occurrence of both a Change of Control and a Rating Event.

 

“Comparable
Treasury Issue” shall mean 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 applicable series of Notes to be redeemed (assuming
for this purpose, that the series of Notes to be redeemed matures on the applicable Par Call date of such Notes) 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 to be redeemed.

 

“Comparable
Treasury Price” shall mean, as determined by the Independent Investment Banker, with respect to any Redemption Date,
(a) the average of the Reference Treasury Dealer Quotations for such Redemption Date for the applicable series of Notes to be
redeemed, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (b) if the Independent Investment
Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Consolidated
Tangible Assets” shall mean, as of the date of determination, total assets (excluding those classified as goodwill and
intangible assets) of Shire and its subsidiaries as of the most recent consolidated balance sheet available as of that date, as
reported under U.S. generally accepted accounting principles.

 

“Credit
Facility” shall mean (1) the Revolving Credit Facilities Agreement, (2) the November 2015 Term Facilities Agreement
and (3) any credit facility of Shire and/or the Company that provides for Shire and/or the Company to borrow money on a term or
revolving

 

    3

    

    

 

basis from lenders in the international, or any relevant domestic, syndicated loan market (together, the “Credit
Facilities”).

 

“DTC”
shall have the meaning set forth in ‎Section 2.04(a).

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“Global
Notes” shall have the meaning set forth in ‎Section 2.04(a).

 

“Independent
Investment Banker” shall mean one of the Reference Treasury Dealers appointed by the Company.

 

“Interest
Payment Date” shall mean a 2019 Interest Payment Date, a 2021 Interest Payment Date, a 2023 Interest Payment Date or
a 2026 Interest Payment Date, as the case may be.

 

“Interest
Period” shall have the meaning set forth in ‎Section 2.05(a).

 

“Investment
Grade Rating” shall mean a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the
equivalent) by S&P, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies.

 

“Maturity
Date” shall have the meaning set forth in ‎Section 2.02.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc.

 

“Noteholder,”
“holder of Notes,” or other similar terms, shall mean any person in whose name at the time a particular Note
is registered on the books of the Company kept for that purpose in accordance with the terms hereof.

 

“November
2015 Term Facilities Agreement” shall mean the $5.6 billion Term Facilities Agreement, dated as of November 2, 2015,
among Shire, as original borrower and original guarantor, Morgan Stanley Bank International Limited and Deutsche Bank AG, London
Branch, as mandated lead arrangers and bookrunners, the financial institutions party thereto and Deutsche Bank AG, London Branch,
as agent, as amended, supplemented or otherwise modified from time to time pursuant to the terms thereof.

 

“Optional
Redemption Price” shall mean, with respect to any redemption of Notes, the applicable redemption price for such Notes
set forth in ‎Section 3.01.

 

“Original
Issue Discount Note” shall mean any Note which provides for an amount less than the principal amount thereof to be due
and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 6.01 of the Base Indenture.

 

“Par
Call Date” means (a) in the case of the 2021 Notes, August 23, 2021 (the date that is one month prior to the Maturity
Date of the 2021 Notes), (b) in the case of the 2023 Notes, July 23, 2023 (the date that is two months prior to the Maturity Date
of the 2023 Notes) and (c)

 

    4

    

    

 

in the case of the 2026 Notes, June 23, 2026 (the date that is three months prior to the Maturity Date
of the 2026 Notes).

 

“Paying
Agent” means any Person authorized by the Company or Shire to pay the principal of or any premium or interest on, or
any Additional Amounts with respect to, any Notes on behalf of the Company.

 

“Principal
Facility” shall mean any manufacturing plant, warehouse, office building and parcel of real property owned by Shire
or any Restricted Subsidiary, provided each such facility has a gross book value (based on land, land improvements, building and
building improvements only), without deduction for any depreciation reserves, in excess of 2.0% of Shire’s Consolidated
Tangible Assets, other than any facility that is determined by Shire’s Board of Directors to not be of material importance
to the business conducted by Shire and its subsidiaries taken as a whole.

 

“Rating
Agencies” shall mean (1) each of Moody’s and S&P, and (2) if either Moody’s or S&P ceases to rate
the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company
(as certified by a resolution of its Board of Directors) as a replacement agency for Moody’s or S&P, or both of them,
as the case may be.

 

“Rating
Event” shall mean, with respect to any series of the Notes, the rating on such Notes is lowered by each of the Rating
Agencies and such Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day
period (which 60-day period will be extended so long as the rating of such Notes is under publicly announced consideration for
a possible downgrade by any of the Rating Agencies but no longer than 180 days) after the earlier of (1) the occurrence of a Change
of Control and (2) public notice of Shire’s intention to effect a Change of Control; provided, however, that
a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect
of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control
Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not
announce or publicly confirm or inform the Trustee in writing at the Company’s request that the reduction was the result,
in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change
of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

 

“Record
Date” shall mean a 2019 Record Date, a 2021 Record Date, a 2023 Record Date or a 2026 Record Date, as the case may be.

 

“Relevant
Jurisdiction” shall mean any jurisdiction in which the Company or Shire, as the case may be, is organized or resident
for tax purposes (or any political subdivision or taxing authority thereof or therein).

 

“Redemption
Date” shall mean, with respect to any redemption of Notes, the date fixed for such redemption pursuant to the Indenture
and such Notes.

 

    5

    

    

 

“Reference
Treasury Dealer” shall mean each of Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Morgan Stanley & Co. LLC or their respective affiliates which are primary U.S. Government securities dealers in New York City
(a “Primary Treasury Dealer”), and their respective successors, plus two other Primary Treasury Dealers selected
by the Company; provided that if any of the foregoing or its affiliates shall cease to be a Primary Treasury Dealer, the
Company shall substitute therefor another Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” shall mean, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for
the applicable series of Notes to be redeemed (expressed in each case as a percentage of its principal amount) quoted in writing
to the Independent Investment Banker by the Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business
Day preceding such Redemption Date.

 

“Restricted
Subsidiary” shall mean any corporation, association, partnership or other business entity in which Shire owns or controls,
directly or indirectly, more than 50% of the total voting power and which is either (1) designated as a Restricted Subsidiary
in accordance with the Indenture or (2) satisfies each of the following criteria:

 

		(a)	existed
                                         as such on the date of the Indenture or is the successor to, or owns any equity interest
                                         in, a corporation, association, partnership or other business entity that so existed;

 

		(b)	has
                                         its principal business and assets in the United States;

 

		(c)	the
                                         business of which is other than the financing of the operations of Shire and its subsidiaries
                                         or the financing of the acquisition or disposition of real or personal property, including
                                         receivables, or the leasing of or dealing in real property for residential or office
                                         building purposes; and

 

		(d)	substantially
                                         all of whose assets do not consist of securities of one or more corporations, associations,
                                         partnerships or other business entities that are not Restricted Subsidiaries.

 

“Revolving
Credit Facilities Agreement” shall mean the $2.1 billion Revolving Credit Facilities Agreement, dated as of December
12, 2014, among Shire, as original borrower and original guarantor, the financial institutions party thereto, as arrangers, and
Barclays Bank plc, as facility agent, euro swingline agent and dollar swingline agent, as amended, supplemented or otherwise modified
from time to time pursuant to the terms thereof.

 

“S&P”
shall mean S&P Global Ratings, a division of The McGraw-Hill Companies, Inc.

 

“Secured
Debt” shall have the meaning set forth in Section 7.01.

 

“Subsidiary”
shall mean (a) any corporation of which the Company or Shire, as the case may be, directly or indirectly owns or controls at that
time at least a majority of the outstanding

 

    6

    

    

 

Voting Stock or (b) any other Person (other than a corporation) in which the Company
or Shire, as the case may be, directly or indirectly has at least a majority ownership interest and power to direct the policies,
management and affairs thereto.

 

“Treasury
Rate” shall mean, with respect to any Redemption Date, the semiannual equivalent yield to maturity of the Comparable
Treasury Issue for the applicable series of Notes to be redeemed, assuming a price for such Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date with respect to the applicable
series of Notes to be redeemed.

 

“Voting
Stock” shall mean, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the
Exchange Act), as of any date, the capital stock of such person that is at the time entitled to vote generally in the election
of the board of directors of such person.

 

The
terms “Base Indenture,” “Company,” “Indenture,” “Notes,”
“Shire,” “Supplemental Indenture,” “Trustee,” “2019 Notes,”
“2021 Notes,” “2023 Notes” and “2026 Notes” shall have the respective
meanings set forth in the recitals to this Supplemental Indenture and the paragraph preceding such recitals.

 

Article
2

General Terms and Conditions of the Notes

 

Section
2.01.Designation and Principal Amount. The Notes may be issued from time to time upon written order of the Company
for the authentication and delivery of Notes pursuant to ‎Section 2.03 of the Base Indenture.

 

(a)       2019
Notes

 

There
is hereby authorized a series of Securities designated as 1.900% Senior Notes due 2019, limited in aggregate principal amount
to U.S. $3,300,000,000 (except for 2019 Notes authenticated and delivered in accordance with the last paragraph of ‎Section
2.02 of the Base Indenture or upon registration of transfer of, or in exchange for, or in lieu of, other 2019 Notes pursuant to
Section ‎2.06, 2.07, 2.08, 2.09, 3.03 or 10.04 of the Base Indenture).

 

(b)       2021
Notes

 

There
is hereby authorized a series of Securities designated as 2.400% Senior Notes due 2021, limited in aggregate principal amount
to U.S. $3,300,000,000 (except for 2021 Notes authenticated and delivered in accordance with the last paragraph of ‎Section
2.02 of the Base Indenture or upon registration of transfer of, or in exchange for, or in lieu of, other 2021 Notes pursuant to
Section ‎2.06, 2.07, 2.08, 2.09, 3.03 or 10.04 of the Base Indenture).

 

(c)       2023
Notes

 

There
is hereby authorized a series of Securities designated as 2.875% Senior Notes due 2023, limited in aggregate principal amount
to U.S. $2,500,000,000 (except for 2023 Notes authenticated and delivered in accordance with the last paragraph of ‎Section
2.02 of the Base

 

    7

    

    

 

Indenture or upon registration of transfer of, or in exchange for, or in lieu of, other 2023 Notes pursuant to
Section 2.06, 2.07, 2.08, 2.09, 3.03 or 10.04 of the Base Indenture).

 

(d)       2026
Notes

 

There
is hereby authorized a series of Securities designated as 3.200% Senior Notes due 2026, limited in aggregate principal amount
to U.S. $3,000,000,000 (except for 2026 Notes authenticated and delivered in accordance with the last paragraph of ‎Section
2.02 of the Base Indenture or upon registration of transfer of, or in exchange for, or in lieu of, other 2026 Notes pursuant to
Section 2.06, 2.07, 2.08, 2.09, 3.03 or 10.04 of the Base Indenture).

 

Section
2.02.Maturity. The date upon which the Notes shall become due and payable at final maturity, together with any accrued
and unpaid interest, is September 23, 2019 for the 2019 Notes, September 23, 2021 for the 2021 Notes, September 23, 2023 for the
2023 Notes and September 23, 2026 for the 2026 Notes (each, a “Maturity Date”).

 

Section
2.03.Form, Payment and Appointment. Except as provided in ‎Section 2.04, the Notes of each series shall
be issued in fully registered, certificated form, bearing identical terms within each series thereof. Principal of and premium,
if any, and interest on the Notes will be payable, the transfer of such Notes will be registrable, such Notes will be exchangeable
for Notes of a like aggregate principal amount bearing identical terms and provisions, and notices and demands to or upon the
Company in respect of the Notes may be served at the office or agency of the Company maintained for such purpose in the Borough
of Manhattan, the City of New York, which shall initially be the Principal Office of the Trustee in the Borough of Manhattan,
the City of New York; provided, however, that payment of interest may be made at the option of the Company by check
mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to an account
appropriately designated by the Person entitled to payment, provided that the Paying Agent shall have received written
notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of the
relevant Note in the case of a payment of interest on a Redemption Date or Maturity Date).

 

No
service charge shall be made for any registration of transfer or exchange of the Notes, but the Company may require payment from
the holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.

 

The
Security Registrar and Paying Agent for the Notes shall initially be the Trustee.

 

The
Specified Currency of the Notes shall be U.S. Dollars.

 

Section
2.04.Global Notes. i) The Notes of each series shall be issued initially in the form of one or more permanent Global
Securities in registered form (each, a “Global Note”). The Depository Trust Company (“DTC”)
shall initially act as the Depositary for the Notes. Each Global Note (i) shall be deposited with the Depositary or its custodian
and registered in the name of DTC or DTC’s nominee, (ii) shall be delivered by the Trustee to such Depositary or pursuant
to such Depositary’s instructions, and (iii) shall bear a legend substantially to the effect set forth in Section 2.12 of
the Base Indenture.

 

    8

    

    

 

(b)       The
aggregate amount of outstanding Notes represented by any Global Note may from time to time be increased or decreased to reflect
exchanges or other increases or decreases in the principal amount thereof. The Trustee may make any endorsement on a Global Note
to reflect the amount, or any increase or decrease in the amount, or changes in the rights of holders of the Notes represented
thereby, in each case in accordance with the terms of the Indenture and the Notes.

 

(c)       Unless
and until any Global Note for any series of Notes is exchanged for Notes of such series in certificated form, such Global Note
may be transferred, in whole but not in part, and any payments on the Notes evidenced by such Global Note shall be made, only
to the Depositary or a nominee of the Depositary, or to a successor Depositary selected or approved by the Company or to a nominee
of such successor Depositary, in each case as the holder of such Notes.

 

Section
2.05.Interest. a) Interest payable on any Interest Payment Date, the Maturity Date or, if applicable, the Redemption
Date, with respect to each series of Notes shall be the amount of interest accrued from, and including, the immediately preceding
Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original issue
date of September 23, 2016, if no interest has been paid or duly provided for with respect to the series of Notes) to, but excluding,
such Interest Payment Date, Maturity Date or, if applicable, Redemption Date, as the case may be (each, an “Interest
Period”).

 

(b)       Interest
on the 2019 Notes shall accrue from September 23, 2016 and shall be payable semi-annually in arrears on March 23 and September
23 of each year (each, a “2019 Interest Payment Date”), beginning on March 23, 2017 to, but excluding, the
Maturity Date of the 2019 Notes. Interest shall be payable to the Persons in whose names the relevant 2019 Notes are registered
at the close of business on the March 8 or September 8 (whether or not a Business Day), respectively, immediately prior to each
Interest Payment Date (each, a “2019 Record Date”) at the annual rate of 1.900% per year, except as provided
in Section 2.05(f), 2.05(g) and 2.05(h) hereof and Section 2.04 of the Base Indenture.

 

(c)       Interest
on the 2021 Notes shall accrue from September 23, 2016 and shall be payable semi-annually in arrears on March 23 and September
23 of each year (each, a “2021 Interest Payment Date”), beginning on March 23, 2017 to, but excluding, the
Maturity Date of the 2021 Notes. Interest shall be payable to the Persons in whose names the relevant 2021 Notes are registered
at the close of business on the March 8 or September 8 (whether or not a Business Day), respectively, immediately prior to each
Interest Payment Date (each, a “2021 Record Date”) at the annual rate of 2.400% per year, except as provided
in Section 2.05(f), 2.05(g) and 2.05(h) hereof and Section 2.04 of the Base Indenture.

 

(d)       Interest
on the 2023 Notes shall accrue from September 23, 2016 and shall be payable semi-annually in arrears on March 23 and September
23 of each year (each, a “2023 Interest Payment Date”), beginning on March 23, 2017 to, but excluding, the
Maturity Date of the 2023 Notes. Interest shall be payable to the Persons in whose names the relevant 2023 Notes are registered
at the close of business on the March 8 or September 8 (whether or not a Business Day), respectively, immediately prior to each
Interest Payment Date (each, a “2023 Record

 

    9

    

    

 

Date”) at the annual rate of 2.875% per year, except as provided
in Section 2.05(f), 2.05(g) and 2.05(h) hereof and Section 2.04 of the Base Indenture.

 

(e)       Interest
on the 2026 Notes shall accrue from September 23, 2016 and shall be payable semi-annually in arrears on March 23 and September
23 of each year (each, a “2026 Interest Payment Date”), beginning on March 23, 2017 to, but excluding, the
Maturity Date of the 2026 Notes. Interest shall be payable to the Persons in whose names the relevant 2026 Notes are registered
at the close of business on the March 8 or September 8 (whether or not a Business Day), respectively, immediately prior to each
Interest Payment Date (each, a “2026 Record Date”) at the annual rate of 3.200% per year, except as provided
in Section 2.05(f), 2.05(g) and 2.05(h) hereof and Section 2.04 of the Base Indenture.

 

(f)       The
amount of interest payable for any full semi-annual Interest Period in respect of a series of Notes will be calculated on the
basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full
semi-annual Interest Period in respect of a series of Notes will be calculated on the basis of a 30-day month and, for any period
less than a month, the amount of interest will be calculated on the basis of the actual number of days elapsed per 30-day month.
If any scheduled Interest Payment Date for a series of Notes falls on a day that is not a Business Day, then payment of interest
payable on such Interest Payment Date will be postponed to the next succeeding day which is a Business Day (and no interest on
such payment will accrue for the period from and after such scheduled Interest Payment Date).

 

(g)       In
the event that the Maturity Date or a Redemption Date for any Note falls on a day that is not a Business Day, then the related
payments of principal, premium, if any, and interest will be made on the next succeeding day that is a Business Day (and no additional
interest will accumulate on the amount payable for the period from and after such Maturity Date or Redemption Date, as the case
may be).

 

(h)       Interest
due on the Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) of any Notes will be paid
to the Person to whom principal of such Notes is payable.

 

Section
2.06.No Sinking Fund. The Notes are not entitled to the benefit of any sinking fund.

 

Section
2.07.Satisfaction and Discharge. Article 12 of the Base Indenture contains provisions for discharge of the Indenture
and the defeasance of the obligations of the Company with respect to any series of Securities at any time upon compliance by the
Company with certain conditions set forth therein, which provisions shall apply to each series of the Notes.

 

Article
3

Redemption of the Notes

 

Section
3.01.Optional Redemption by Company.

 

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(a)       Except
as otherwise may be specified in this Supplemental Indenture, (A) at any time and from time to time in the case of the 2019 Notes
and (B) prior to August 23, 2021 in the case of the 2021 Notes, July 23, 2023 in the case of the 2023 Notes and June 23, 2026
in the case of the 2026 Notes, the Company shall have the right to redeem the applicable series of Notes, in whole or in part,
at its option, at a redemption price equal to the greater of:

 

(i)       100%
of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption
Date; and

 

(ii)       (A)
in the case of the 2019 Notes, the sum of the present values of the remaining scheduled payments of principal and interest in
respect of the 2019 Notes to be redeemed (not including any portion of interest accrued to, but excluding, the Redemption Date
for the 2019 Notes to be redeemed) discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the applicable Treasury Rate plus 15 basis points, plus accrued and unpaid interest to, but excluding,
the Redemption Date of the 2019 Notes to be redeemed and (B) in the case of the 2021 Notes, the 2023 Notes and the 2026 Notes,
the sum of the present values of the remaining scheduled payments of principal and interest in respect of the Notes to be redeemed
from the Redemption Date to, but excluding (in the case of interest), the applicable Par Call Date (not including any portion
of the interest accrued to, but excluding, the Redemption Date), discounted to such Redemption Date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus (i) 20 basis points, in the case of the
2021 Notes, (ii) 25 basis points, in the case of the 2023 Notes and (iii) 25 basis points, in the case of the 2026 Notes, plus,
in each case, accrued and unpaid interest to, but excluding, the Redemption Date. The Treasury Rate shall be calculated on the
third Business Day immediately preceding the Redemption Date.

 

(b)       At
any time and from time to time on or after the applicable Par Call Date, the Company shall have the right to redeem the 2021 Notes,
the 2023 Notes or the 2026 Notes, in whole or in part, at its option, at a redemption price equal to 100% of the principal amount
of the Notes of such series to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date.

 

Section
3.02.Notice of Redemption; Conditions Precedent; Selection of Notes to be Redeemed. The Company shall mail (or otherwise
deliver in accordance with the applicable procedures of the Depositary if the series of Notes to be redeemed are issued in the
form of one or more Global Notes) notice of any redemption to the registered holders of the Notes of the series to be redeemed
at least 30 and not more than 60 days prior to the Redemption Date. The Company shall notify the Trustee at least five Business
Days prior to mailing such notice to holders unless a shorter period shall be satisfactory to the Trustee. Any redemption pursuant
to Section 3.01(a) (and notice thereof) in connection with a proposed corporate transaction involving the Company or Shire or
any of its subsidiaries (including an acquisition, disposition, or other strategic transaction, or a capital raising, including
an equity offering or an incurrence of indebtedness) may, in the Company’s discretion, be subject to the satisfaction of
one or more conditions precedent, including, but not limited to, completion of the related transaction. If such redemption is
subject to the satisfaction of one of more conditions precedent, such notice shall

 

    11

    

    

 

state that, in the Company’s discretion,
the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Company
in its sole discretion), such redemption may not occur and such notice may be rescinded in the event that any or all of such conditions
shall not have been satisfied (or waived by the Company in its sole discretion) by the Redemption Date, or by the Redemption Date
so delayed. If less than all of the Notes are to be redeemed pursuant to Section 3.01, the Trustee shall select the Notes to be
redeemed on a pro rata basis to the extent practicable or, to the extent that selection on a pro rata basis is not
practicable for any reason, by such other method as the Trustee shall deem appropriate or as required by the applicable procedures
of the Depositary. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise
provided herein, not less than 30 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes
not previously called for redemption.

 

Section
3.03.Payment of Redemption Price. The Optional Redemption Price for any Notes to be redeemed shall be paid prior to
12:00 noon, New York City time, on the Redemption Date or at such later time as is then permitted by the rules of the Depositary
for the applicable series of Notes (if then registered as a Global Note); provided that the Company shall deposit with
the Trustee an amount sufficient to pay the Optional Redemption Price for the Notes to be redeemed by 11:00 a.m., New York City
time, on the date such Optional Redemption Price is to be paid.

 

Section
3.04.Optional Redemption Due to Changes in Tax Treatment. Any series of Notes may be redeemed, at the option of the
Company or a successor person to the Company, in whole but not in part, upon giving notice to the holders of such series of Notes
and the Trustee at least 30 days but not more than 60 days before the Redemption Date, at a Redemption Price equal to 100% of
the aggregate principal amount of the Notes to be redeemed, together with any accrued and unpaid interest to, but excluding, the
Redemption Date, if as a result of:

 

(a)        any
change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of a Relevant Jurisdiction affecting
taxation; or

 

(b)       any
change in the existing official position or the stating of an official position regarding the application or interpretation of
such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) of a Relevant
Jurisdiction affecting taxation, which change or amendment becomes effective (or with respect to official position, is announced)
on or after the date of issuance of the Notes (or in the case of a successor Person that is not organized or a tax resident in
a jurisdiction that is a Relevant Jurisdiction as of the date of such succession, on or after the date of succession), the Company
or Shire is, or on the next Interest Payment Date would be, required to pay Additional Amounts, and such requirement cannot be
avoided by the taking of reasonable measures by the Company or Shire, as applicable; provided that no such notice of redemption
shall be given earlier than 90 days prior to the earliest date on which the Company or Shire, as applicable, would be required
to pay Additional Amounts were a payment under or in respect of such series of Notes then due. The Company shall notify the Trustee
at least five Business Days prior to mailing such notice of redemption to holders by delivering to the Trustee an Officers’
Certificate stating that a change or amendment referred to in the prior paragraph has occurred and that the requirement to pay
Additional Amounts cannot be avoided by taking reasonable measures available to the Company

 

    12

    

    

 

or Shire, as applicable. The Trustee
shall accept such certificate as sufficient evidence of the satisfaction of the conditions precedent described above, in which
event it shall be conclusive and binding on the holders of such series of Notes.

 

Section
3.05.No Other Redemption. Except as set forth in Sections 3.01, 3.04 and 9.03, the Notes of each series shall not be
redeemable by the Company prior to the applicable Maturity Date. The provisions of this ‎Article 3 shall supersede
any conflicting provisions contained in ‎Article 3 of the Base Indenture.

 

Article
4

Forms of Notes

 

Section
4.01.Forms of Notes.

 

(a)       The
2019 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms attached
as Exhibit
A hereto, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by the Indenture as the Officers of the Company executing the 2019 Notes (by manual or facsimile
signature) may approve, such approval to be conclusively evidenced by their execution thereof.

 

(b)       The
2021 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms attached
as Exhibit
B hereto, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by the Indenture as the Officers of the Company executing the 2021 Notes (by manual or facsimile
signature) may approve, such approval to be conclusively evidenced by their execution thereof.

 

(c)       The
2023 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms attached
as Exhibit
C hereto, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by the Indenture as the Officers of the Company executing the 2023 Notes (by manual or facsimile
signature) may approve, such approval to be conclusively evidenced by their execution thereof.

 

(d)       The
2026 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms attached
as Exhibit
D hereto, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by the Indenture as the Officers of the Company executing the 2026 Notes (by manual or facsimile
signature) may approve, such approval to be conclusively evidenced by their execution thereof.

 

Article
5

Original Issue of Notes

 

Section
5.01.Original Issue of Notes. The 2019 Notes having an aggregate principal amount of U.S. $3,300,000,000, the 2021
Notes having an aggregate principal amount of U.S. $3,300,000,000, the 2023 Notes having an aggregate principal amount of U.S.
$2,500,000,000 and the 2026 Notes having an aggregate principal amount of U.S. $3,000,000,000 (in each case, subject to the last
paragraph of ‎Section 2.02 of the Base Indenture) may, upon execution of this Supplemental Indenture, be executed by
the Company and delivered to the Trustee for

 

    13

    

    

 

authentication, and the Trustee shall thereupon authenticate and deliver said Notes
to or upon the written order of the Company pursuant to ‎Section 2.03 of the Base Indenture without any further action
by the Company (other than as required by the Base Indenture).

 

Article
6

Future Guarantee

 

Section
6.01.Future Guarantee. If Baxalta becomes a guarantor of any Credit Facility, then, within 10 Business Days of such
event, the Company shall cause Baxalta to enter into a supplemental indenture to the Base Indenture pursuant to which Baxalta
shall agree to fully and unconditionally guarantee on a direct, unsecured basis the due and punctual payment of the principal
of, and any premium and interest on, the Notes and all other amounts, if any, under the Indenture in respect of the Notes when
and as such principal, premium, if any, interest and other amounts, if any, become due and payable, whether at maturity or otherwise.

 

Section
6.02.Release of Future Guarantor. Notwithstanding Section 6.01, if Baxalta shall agree to guarantee the Notes pursuant
to Section 6.01, such guarantee shall be automatically released with respect to a series of Notes and the Indenture with respect
to such series of Notes:

 

(a)       upon
the release or termination of Baxalta’s guarantee with respect to all Credit Facilities such that, after such release or
termination, Baxalta is no longer a guarantor of any Credit Facility;

 

(b)       upon
(i) the sale or other disposition (including by way of consolidation, merger, dissolution or otherwise) of the capital stock of
Baxalta such that it is no longer a Subsidiary of Shire or (ii) the sale or other disposition of all or substantially all of the
assets of Baxalta, in either such case in accordance with the terms of the Indenture; or

 

(c)       if
the Company exercises its defeasance option with respect to such series of Notes pursuant to Sections 12.02 or 12.03 of the Base
Indenture or if the Company’s obligations under the Indenture with respect to such series of Notes are satisfied and discharged
in accordance with the terms of the Indenture.

 

Section
6.03.Fraudulent Conveyance. Any guarantee by Baxalta, if issued, shall be limited in amount to an amount not to exceed
the maximum amount that can be guaranteed by Baxalta without rendering the guarantee voidable under applicable law relating to
fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

 

Section
6.04.Modification of Indenture. Notwithstanding anything to the contrary in the Indenture, if Baxalta guarantees the
Notes in the future, then the Company, Shire and Baxalta, together with the Trustee, may by supplemental indenture modify the
terms of, or terminate, any such guarantee by Baxalta with respect to one or more series of Notes with the consent of the holders
of at least a majority in aggregate principal amount of the outstanding debt securities of all series issued under the Indenture,
including such series of Notes, affected by such modification or termination, voting as a single class. Notwithstanding the foregoing,
holders of the Notes of any series shall vote as a separate class with respect to a modification or termination of any such future
Baxalta guarantee that affects only the Notes of such series, and

 

    14

    

    

 

the holders of other series of debt securities issued under
the Indenture shall not have any voting rights with respect to such matters as they relate to the Notes of such series.

 

Article
7

Restriction on Secured Debt

 

Section
7.01.Restriction on the Creation of Secured Debt. After the date hereof, Shire will not, and will not cause or permit
a Restricted Subsidiary to, create, incur, assume or guarantee, any Capital Markets Indebtedness that is secured by a security
interest in (i) any Principal Facility of Shire or any Restricted Subsidiary, (ii) equity interests owned directly or indirectly
by Shire in any Restricted Subsidiary or (iii) indebtedness for money borrowed by one of its Restricted Subsidiaries from Shire
or another of the Restricted Subsidiaries (any Capital Market Indebtedness secured by any of the foregoing, “Secured
Debt”), including the creation of Secured Debt by the securing of existing Capital Markets Indebtedness, unless the
Notes then outstanding are secured equally and ratably with such Secured Debt.

 

Notwithstanding
the foregoing provisions of this ‎Section 7.01, Shire and any Restricted Subsidiary may create, incur, assume or guarantee
Secured Debt, provided that the sum of such Secured Debt and all other Secured Debt created, incurred, assumed or guaranteed after
the date hereof does not at the time exceed 15% of Shire’s Consolidated Tangible Assets.

 

Section
7.02.Covenant Defeasance. The covenant set forth in Section 7.01 of this Supplemental Indenture shall be subject to
covenant defeasance under Section 12.03 of the Base Indenture.

 

Article
8

Payment of Additional Amounts

 

Section
8.01.Payment of Additional Amounts. All payments by the Company or Shire of principal of, and premium, if any, and
interest on or in respect of any series of Notes will be made without withholding or deduction for, or on account of, any present
or future taxes, duties, assessments or governmental charges imposed or levied by a Relevant Jurisdiction, unless such withholding
or deduction is required by law or by regulation or governmental policy having the force of law. In the event that any such withholding
or deduction is so required, the Company or Shire will pay such additional amounts (“Additional Amounts”) as
will result in receipt by the beneficial owner of such Notes of such amounts as would have been received by such beneficial owner
had no such withholding or deduction been required, except that no Additional Amounts shall be payable:

 

(a)       for
or on account of:

 

(i)       any
tax, duty, assessment or governmental charge that would not have been imposed but for:

 

(A)       the
existence of any present or former connection between the Noteholder or beneficial owner of such Notes and the Relevant Jurisdiction,
other than merely holding such Notes or the receipt of payments thereunder,

 

    15

    

    

 

including, without limitation, such Noteholder’s
or beneficial owner’s being or having been a national, domiciliary or resident of such Relevant Jurisdiction or treated
as a tax resident thereof or being or having been physically present or engaged in a trade or business therein or having or having
had a permanent establishment therein;

 

(B)       the
presentation of such Notes (where presentation is required) more than 30 days after the later of the date on which the payment
of the principal of, premium, if any, or interest on, such Notes became due and payable pursuant to the terms thereof or was made
or duly provided for, except to the extent that the Noteholder thereof would have been entitled to such Additional Amounts if
it had presented such Notes for payment on any date within such 30-day period;

 

(C)       the
failure of the Noteholder or beneficial owner to comply with a request of the Company, Shire or any Paying Agent, addressed to
such Noteholder, to provide information concerning such Noteholder’s or beneficial owner’s nationality, residence,
identity or connection with any Relevant Jurisdiction, if compliance with such request is required under the tax laws of the Relevant
Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have otherwise
been payable to such Noteholder; or

 

(D)       the
presentation of such Notes (where presentation is required) for payment in the Relevant Jurisdiction, unless such Notes could
not have been presented for payment elsewhere;

 

(ii)       any
estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge;

 

(iii)       any
withholding or deduction that is imposed or levied on a payment and is required to be made pursuant to European Council Directive
2003/48/EC on the taxation of savings income or any directive amending, supplementing or replacing such Directive or any law implementing
or complying with, or introduced in order to conform to, such Directive or directives;

 

(iv)       any
combination of taxes, duties, assessments or other governmental charges referred to in the preceding clauses (i), (ii) or (iii);
or

 

(b)       to
a Noteholder that is a fiduciary, partnership or person other than the sole beneficial owner of any payment to the extent that,
under the laws of a Relevant Jurisdiction, such payment would be required to be included in the income for tax purposes, of a
beneficiary or settlor with respect to the fiduciary, a member of that partnership or a beneficial owner who would not have been
entitled to such Additional Amounts had that beneficiary, settlor, partner or beneficial owner been the Noteholder thereof.

 

(c)       In
addition, any amounts to be paid on the Notes will be paid net of any deduction or withholding imposed or required pursuant to
Sections 1471 through 1474 of the U.S. Internal

 

    16

    

    

 

Revenue Code (the “Code”), any current or future regulations
or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation
of such Sections of the Code, and no Additional Amounts will be required to be paid on account of any such deduction or withholding.

 

(d)       Whenever
in this Supplemental Indenture there is mentioned, in any context, the payment of the principal of and premium, if any, or interest
or any other amounts on, or in respect of, any Notes of any series, such mention shall be deemed to include mention of the payment
of Additional Amounts provided by the terms of such series established hereby or pursuant to this ‎Article 8 to the
extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and
express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding
the payment of Additional Amounts in those provisions hereof where such express mention is not made.

 

Article
9

Change of Control

 

Section
9.01.Change of Control Offer. If a Change of Control Triggering Event occurs with respect to a series of Notes, other
than with respect to a series of Notes for which the Company has exercised its right to redeem as described in ‎Section
3.01, the Company shall be required to make an offer (the “Change of Control Offer”) to each holder of such
series of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that holder’s
Notes on the terms set forth below. In the Change of Control Offer, the Company shall be required to offer payment in cash equal
to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes to be repurchased
to the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control
Triggering Event with respect to a series of Notes or, at the option of the Company, prior to any Change of Control, but after
public announcement of the transaction that constitutes or may constitute a Change of Control, a written notice shall be sent
to holders of the Notes of such series and the Trustee describing the transaction that constitutes or may constitute the Change
of Control Triggering Event with respect to such series of Notes and offering to repurchase such Notes on the date specified in
the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change
of Control Payment Date”). The notice shall, if mailed prior to the date of consummation of the Change of Control, state
that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control
Payment Date. Holders of Notes electing to have such Notes purchased pursuant to a Change of Control Offer will be required to
surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Note completed,
to the Paying Agent at the address specified in the notice, or transfer such Notes to the Paying Agent by book-entry transfer
pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day prior to the
Change of Control Payment Date.

 

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

 

    17

    

    

 

(1)       accept
for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

 

(2)       deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered;
and

 

(3)       deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of Notes being repurchased.

 

Section
9.02.Third Party Change of Control Offer. The Company shall not be required to make a Change of Control Offer upon
the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise
in compliance with the requirements for an offer made by the Company and the third party repurchases all Notes properly tendered
and not withdrawn under its offer.

 

Section
9.03.Right to Full Redemption. In the event that Noteholders of 90% or more of the aggregate principal amount of the
Notes of a series then outstanding accept a Change of Control Offer and the Company purchases all of the Notes of such series
tendered by such Noteholders, the Company will have the right, upon not less than 30 nor more than 60 days’ prior notice,
given not more than 30 days following the purchase of Notes pursuant to the Change of Control Offer described above, to redeem
all of the Notes of such series that remain outstanding following such purchase at a Redemption Price equal to the Change of Control
Payment plus, to the extent not included in the Change of Control Payment, accrued and unpaid interest on the Notes of such series
that remain outstanding, to, but excluding, the Redemption Date, subject to the rights of the holders of the Notes of such series
on a relevant Record Date to receive interest due on the relevant Interest Payment Date.

 

Section
9.04.Compliance with Rule 14e-1. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act,
and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any
such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply
with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control
Offer provisions of the Notes by virtue of any such conflict.

 

Section
9.05.Covenant Defeasance. The covenant set forth in Section 9.01 of this Supplemental Indenture shall be subject to
covenant defeasance under Section 12.03 of the Base Indenture.

 

Article
10

Miscellaneous

 

Section
10.01.Ratification of Indenture. The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects
ratified and confirmed, and this Supplemental

 

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Indenture shall be deemed part of the Base Indenture in the manner and to the extent
herein and therein provided.

 

Section
10.02.Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee,
and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity
or sufficiency of this Supplemental Indenture.

 

Section
10.03.Governing Law. THIS SUPPLEMENTAL INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER
OR RELATED TO THIS SUPPLEMENTAL INDENTURE OR ANY NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.

 

Section
10.04.Waiver of Trial by Jury. EACH OF THE COMPANY, THE TRUSTEE, SHIRE AND EACH HOLDER OF NOTES, BY ITS ACCEPTANCE
THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
10.05.Table of Contents, Headings, etc. The table of contents and the titles and headings of the articles and sections
of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and
shall in no way modify or restrict any of the terms or provisions hereof.

 

Section
10.06.Execution in 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. Signatures delivered
by facsimile or in portable document format (.pdf) by email shall be deemed to be originals for all purposes hereunder.

 

Section
10.07.Separability; Benefits. In case any one or more of the provisions contained in this Supplemental Indenture or
in the Notes shall for any reason be held to be invalid, illegal or unenforceable, in any respect, then, to the extent permitted
by law, such invalidity, illegality or unenforceability of the remaining provisions shall not in any way be affected or impaired
thereby. Nothing in this Supplemental Indenture or in the Notes, expressed or implied, shall give to any person, other than the
parties hereto and their successors hereunder, and the holders of the Notes, any benefit or any legal or equitable right, remedy
or claim under this Supplemental Indenture.

 

[Signature
Page Follows]

 

    19

    

    

 

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

 

	 	GIVEN under the common seal
    of SHIRE ACQUISITIONS INVESTMENTS IRELAND DAC and DELIVERED as a DEED:
	 	 
	 	 
	 	 	 /s/ Michael Garry
	 	 	Name:Michael Garry
	 	 	Title:Director

 

 

 

	 	SHIRE
PLC, as Guarantor

	 	 
	 	 
	 	By:	 /s/ Jeffrey Poulton
	 	 	Name:Jeffrey Poulton
	 	 	Title:Chief Financial Officer

 

 

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
    not in its individual capacity but solely as Trustee, Security Registrar and Paying Agent
	 	 
	 	 
	 	By:   Deutsche Bank National
    Trust Company
	 	 
	 	By:	 /s/ Wanda Camacho
	 	 	Name:Wanda Camacho
	 	 	Title:Vice President
	 	 	 
	 	By:	 /s/ Annie Jaghatspanyan
	 	 	Name:Annie Jaghatspanyan
	 	 	Title:Vice President

 

 

[Signature Page to First Supplemental Indenture]

 

  

    

    

    

 

EXHIBIT
A

 

[IF
THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:]

 

THIS
NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE
AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC.

 

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

 

SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC

 

1.900%
Senior Notes due 2019

Up
to U.S. $3,300,000,000

 

CUSIP:
82481L AA7

ISIN: US82481LAA70

 

	No. _______	$_______

 

SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC, a designated activity company organized and existing under the laws of Ireland (hereinafter
called the “Company,” which term includes any successor entity under the Indenture hereinafter referred to),
for value received, hereby promises to pay to __________, or its registered assigns, [the principal sum of $__________]1
on September 23, 2019 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest
thereon from September 23, 2016 or from the most recent Interest Payment Date to which interest has

 

 

		1	USE
                                         THE FOLLOWING LANGUAGE INSTEAD FOR GLOBAL NOTES: [the principal sum as set forth in the
                                         Schedule of Increases or Decreases In Note attached hereto]

 

    A-1

    

    

 

been paid or duly provided
for, semi-annually in arrears on March 23 and September 23 of each year (each, an “Interest Payment Date”),
commencing March 23, 2017, to the Persons in whose names the Notes are registered at the close of business on the March 8 or September
8 (whether or not a Business Day), respectively, immediately prior to each Interest Payment Date (each, a “Record Date”)
(provided that the interest due on the Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment
Date) of a Note of this series will be paid to the Person to whom principal of such Note is payable), at the rate of 1.900% per
annum, until the principal hereof is paid or duly provided for or made available for payment.

 

The
amount of interest payable for any full semi-annual Interest Period will be calculated on the basis of a 360-day year consisting
of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period will be
calculated on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed
per 30-day month. In the event that any scheduled Interest Payment Date falls on a day that is not a Business Day, then payment
of interest payable on such Interest Payment Date will be postponed to the next succeeding day which is a Business Day (and no
interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). The term “Business
Day” means any calendar day that is not a Saturday, Sunday or a day on which commercial banking institutions are not
required to be open for business in the City of New York, New York.

 

The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name the relevant Notes, or any predecessor Notes, are registered at the close of business on the
Record Date for such Interest Payment Date; provided that the interest due on the Maturity Date or a Redemption Date (in
each case, whether or not an Interest Payment Date) of a Note of this series will be paid to the Person to whom principal of such
Note is payable.

 

Payment
of the principal of and premium, if any, and interest on, and any Additional Amounts with respect to, this Note will be made at
the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City of New York, which shall
initially be the Principal Office of the Trustee located therein, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest
may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the
Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment, provided
that the paying agent shall have received written notice of such account designation at least five Business Days prior to the
date of such payment (subject to surrender of the relevant Note in the case of a payment of interest on a Redemption Date or the
Maturity Date).

 

    A-2

    

    

 

Reference
is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature,
this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    A-3

    

    

 

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

 

	 	SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC

	 	 
	 	 
	 	 	 
	 	 	Name:
	 	 	Title:

 

    

    

    

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This
is one of the Securities of the series designated therein described in the within-mentioned Indenture.

 

Dated:
____________

 

	DEUTSCHE
                    BANK TRUST COMPANY AMERICAS, as Trustee

         

        By:
        Deutsche Bank National Trust Company

        
	 
	 	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    

    

    

 

REVERSE
OF NOTE

 

This
Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and
to be issued in one or more series under an Indenture (the “Base Indenture”), dated as of September 23, 2016,
between the Company, Shire plc (“Shire”) and Deutsche Bank Trust Company Americas, as Trustee (herein called
the “Trustee,” which term includes any successor trustee), as amended and supplemented by the First Supplemental
Indenture, dated as of September 23, 2016, between the Company, Shire and the Trustee (the “First Supplemental Indenture,”
and the Base Indenture as supplemented by the First Supplemental Indenture, the “Indenture”), to which Indenture
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, Shire and the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated
and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$3,300,000,000.

 

All
terms used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in the Indenture.

 

Except
as otherwise may be specified in the Indenture, at any time and from time to time, the Company shall have the right to redeem
the Notes of this series, in whole or in part, at its option, at a redemption price equal to the greater of:

 

(i)       100%
of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption
Date; and

 

(ii)       the
sum of the present values of the remaining scheduled payments of principal and interest in respect of the Notes to be redeemed
(not including any portion of the interest accrued to, but excluding, the Redemption Date), discounted to the Redemption Date
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 15 basis
points, plus accrued and unpaid interest to, but excluding, the Redemption Date. The Treasury Rate shall be calculated on the
third Business Day immediately preceding the Redemption Date.

 

The
term “Optional Redemption Price” means, with respect to any redemption of Notes of this series, the redemption
price for such Notes set forth in the preceding paragraph; and the term “Redemption Date” means, with respect
to any redemption of Notes of this series, the date fixed for such redemption pursuant to the Indenture and the Notes.

 

The
Company shall mail (or otherwise deliver in accordance with the applicable procedures of the Depositary) notice of any redemption
to the registered holders of the Notes of this series to be redeemed at least 30 and not more than 60 days prior to the Redemption
Date. The Company shall notify the Trustee at least five Business Days prior to mailing such notice to holders. If less than all
of the Notes are to be redeemed

 

    A-R-1

    

    

 

pursuant to the preceding paragraphs, the Trustee shall select the Notes to be redeemed on a pro
rata basis to the extent practicable or, to the extent that selection on a pro rata basis is not practicable for any
reason, by such other method as the Trustee shall deem appropriate or as required by the applicable procedures of the Depositary.
In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein,
not less than 30 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes not previously called
for redemption. The Optional Redemption Price for any Notes of this series to be redeemed shall be paid prior to 12:00 noon, New
York City time, on the Redemption Date or at such later time as is then permitted by the rules of the Depositary for the related
Notes (if then registered as a Global Note); provided that the Company shall deposit with the Trustee an amount sufficient
to pay the Optional Redemption Price for the Notes of this series to be redeemed by 11:00 a.m., New York City time, on the date
such Optional Redemption Price is to be paid.

 

In
the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof shall
be issued in the name of the holder hereof upon the cancellation hereof. Except as set forth in the preceding paragraphs and in
‎‎Article 3 and Section 9.03 of the First Supplemental Indenture, the Company may not redeem the Notes of this series
at its option prior to the Maturity Date.

 

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

 

The
Indenture contains provisions for discharge of the Indenture and defeasance of the obligations of the Company at any time upon
compliance by the Company with certain conditions set forth therein, which provisions apply to the Notes of this series.

 

Upon
the occurrence of a Change of Control Triggering Event, the Company shall make a Change of Control Offer in accordance with ‎Section
9.01 of the Supplemental Indenture.

 

If
an Event of Default with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series
may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and Shire and the rights of the holders of the Notes at any time by the Company, Shire and the Trustee, with the
consent of the holders of a majority in the aggregate principal amount of the Notes of all series affected thereby at the time
outstanding, voting as a single class. The Indenture also contains provisions permitting the holders of specified percentages
in principal amount of the Notes of a series at the time outstanding, on behalf of the holders of all Notes of such series, to
waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note
shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Note.

 

    A-R-2

    

    

 

As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the
Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place
where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

 

The
Notes of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral
multiple of $1,000 in excess thereof, except as provided for in ‎‎Section 2.04 of the First Supplemental Indenture. As
provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like
aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the holder surrendering
the same.

 

No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

The
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary.

 

THIS
NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

The
Company will furnish a copy of the Indenture to any holder upon written request and without charge.

 

    A-R-3

    

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned assigns and transfers this Note to:

 

 

 

 

 

(Insert
assignee’s social security or tax identification number)

 

 

 

 

 

 

 

(Insert
address and zip code of assignee) and irrevocably appoints

 

 

 

 

 

 

as
agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her.

 

Date:
_________

 

	 	Signature:
	 	 
	 	 
	 	Signature Guarantee:__________

 

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

 

    A-R-4

    

    

 

OPTION
OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have all or any part of this Note purchased by the Company pursuant to Section 9.01 of the First Supplemental
Indenture, check the box:  ☐

 

If
you want to have only part of the Note purchased by the Company pursuant to Section 9.01 of the First Supplemental Indenture,
state the amount you elect to have purchased:

 

$                         
                                         
    

(minimum
denominations of $2,000 and multiples of $1,000)

 

Date:                         
 

 

 

	Your Signature:

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

 

 

 

SIGNATURE
GUARANTEE

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    A-R-5

    

    

 

SCHEDULE
OF INCREASES OR DECREASES IN NOTE

 

The
initial principal amount of this Note is $[____]. The following increases or decreases in the principal amount of this Note have
been made:

 

	Date
	Amount
of decrease in principal amount of this Note 
	Amount
of increase in principal amount of this Note 
	Principal
amount of this Note following such decrease or increase
	Signature
of authorized signatory of Trustee 

	 	 	 	 	 

 

    A-R-6

    

    

 

EXHIBIT
B

 

[IF
THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:]

 

THIS
NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE
AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC.

 

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

 

SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC

 

2.400%
Senior Notes due 2021 

Up
to $3,300,000,000

 

CUSIP:
82481L AB5

ISIN: US82481LAB53

 

	No. _______	$_______

 

SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC, a designated activity company organized and existing under the laws of Ireland (hereinafter
called the “Company,” which term includes any successor entity under the Indenture hereinafter referred to),
for value received, hereby promises to pay to __________, or its registered assigns, [the principal sum of $ __________]2
on September 23, 2021 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest
thereon from September 23, 2016 or from the most recent Interest Payment Date to which interest has

 

 

		2	USE
                                         THE FOLLOWING LANGUAGE INSTEAD FOR GLOBAL NOTES: [the principal sum as set forth in the
                                         Schedule of Increases or Decreases In Note attached hereto]

 

    B-1

    

    

 

been paid or duly provided
for, semi-annually in arrears on March 23 and September 23 of each year (each, an “Interest Payment Date”),
commencing March 23, 2017, to the Persons in whose names the Notes are registered at the close of business on the March 8 or September
8 (whether or not a Business Day), respectively, immediately prior to each Interest Payment Date (each, a “Record Date”)
(provided that the interest due on the Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment
Date) of a Note of this series will be paid to the Person to whom principal of such Note is payable), at the rate of 2.400% per
annum, until the principal hereof is paid or duly provided for or made available for payment.

 

The
amount of interest payable for any full semi-annual Interest Period will be calculated on the basis of a 360-day year consisting
of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period will be
calculated on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed
per 30-day month. In the event that any scheduled Interest Payment Date falls on a day that is not a Business Day, then payment
of interest payable on such Interest Payment Date will be postponed to the next succeeding day which is a Business Day (and no
interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). The term “Business
Day” means any calendar day that is not a Saturday, Sunday or a day on which commercial banking institutions are not
required to be open for business in the City of New York, New York.

 

The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name the relevant Notes, or any predecessor Notes, are registered at the close of business on the
Record Date for such Interest Payment Date; provided that the interest due on the Maturity Date or a Redemption Date (in
each case, whether or not an Interest Payment Date) of a Note of this series will be paid to the Person to whom principal of such
Note is payable.

 

Payment
of the principal of and premium, if any, and interest on, and any Additional Amounts with respect to, this Note will be made at
the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City of New York, which shall
initially be the Principal Office of the Trustee located therein, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest
may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the
Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment, provided
that the paying agent shall have received written notice of such account designation at least five Business Days prior to the
date of such payment (subject to surrender of the relevant Note in the case of a payment of interest on a Redemption Date or the
Maturity Date).

 

    B-2

    

    

 

Reference
is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature,
this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    B-3

    

    

 

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

 

	 	SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC

	 	  

	 	 
	 	 	 
	 	 	Name:
	 	 	Title:

 

    

    

    

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This
is one of the Securities of the series designated therein described in the within-mentioned Indenture.

 

Dated:
____________

 

	DEUTSCHE
                    BANK TRUST COMPANY AMERICAS, as Trustee

         

        By:
Deutsche Bank National Trust Company
	 
	 	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    

    

    

 

REVERSE
OF NOTE

 

This
Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and
to be issued in one or more series under an Indenture (the “Base Indenture”), dated as of September 23, 2016,
between the Company, Shire plc (“Shire”) and Deutsche Bank Trust Company Americas, as Trustee (herein called
the “Trustee,” which term includes any successor trustee), as amended and supplemented by the First Supplemental
Indenture, dated as of September 23, 2016, between the Company, Shire and the Trustee (the “First Supplemental Indenture,”
and the Base Indenture as supplemented by the First Supplemental Indenture, the “Indenture”), to which Indenture
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, Shire and the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated
and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$3,300,000,000.

 

All
terms used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in the Indenture.

 

Except
as otherwise may be specified in the Indenture, at any time and from time to time prior to August 23, 2021, the Company shall
have the right to redeem the Notes of this series, in whole or in part, at its option, at a redemption price equal to the greater
of:

 

(i)       100%
of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption
Date; and

 

(ii)       the
sum of the present values of the remaining scheduled payments of principal and interest in respect of the Notes to be redeemed
from the Redemption Date to, but excluding (in the case of interest), August 23, 2021 (not including any portion of the interest
accrued to, but excluding, the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the applicable Treasury Rate plus 20 basis points, plus accrued and unpaid interest
to, but excluding, the Redemption Date. The Treasury Rate shall be calculated on the third Business Day immediately preceding
the Redemption Date.

 

At
any time and from time to time on or after August 23, 2021, the Company shall have the right to redeem the Notes of this series,
in whole or in part, at its option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest to, but excluding, the Redemption Date.

 

The
term “Optional Redemption Price” means, with respect to any redemption of Notes of this series, the applicable
redemption price for such Notes set forth in the preceding two paragraphs; and the term “Redemption Date” means,
with respect to any 

 

    B-R-1

    

    

 

redemption of Notes of this series, the date fixed for such redemption pursuant to the Indenture and the Notes.

 

The
Company shall mail (or otherwise deliver in accordance with the applicable procedures of the Depositary) notice of any redemption
to the registered holders of the Notes of this series to be redeemed at least 30 and not more than 60 days prior to the Redemption
Date. The Company shall notify the Trustee at least five Business Days prior to mailing such notice to holders. If less than all
of the Notes are to be redeemed pursuant to the preceding paragraphs, the Trustee shall select the Notes to be redeemed on a pro
rata basis to the extent practicable or, to the extent that selection on a pro rata basis is not practicable for any
reason, by such other method as the Trustee shall deem appropriate or as required by the applicable procedures of the Depositary.
In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein,
not less than 30 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes not previously called
for redemption. The Optional Redemption Price for any Notes of this series to be redeemed shall be paid prior to 12:00 noon, New
York City time, on the Redemption Date or at such later time as is then permitted by the rules of the Depositary for the related
Notes (if then registered as a Global Note); provided that the Company shall deposit with the Trustee an amount sufficient
to pay the Optional Redemption Price for the Notes of this series to be redeemed by 11:00 a.m., New York City time, on the date
such Optional Redemption Price is to be paid.

 

In
the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof shall
be issued in the name of the holder hereof upon the cancellation hereof. Except as set forth in the preceding paragraphs and in
‎Article 3 and Section 9.03 of the First Supplemental Indenture, the Company may not redeem the Notes of this series at its
option prior to the Maturity Date.

 

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

 

The
Indenture contains provisions for discharge of the Indenture and defeasance of the obligations of the Company at any time upon
compliance by the Company with certain conditions set forth therein, which provisions apply to the Notes of this series.

 

Upon
the occurrence of a Change of Control Triggering Event, the Company shall make a Change of Control Offer in accordance with ‎Section
9.01 of the Supplemental Indenture.

 

If
an Event of Default with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series
may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and Shire and the rights of the holders of the Notes at any time by the Company, Shire and the Trustee, with the
consent of the holders of a majority in the aggregate principal amount of the Notes of all series affected thereby at the time
outstanding, voting as a 

 

    B-R-2

    

    

 

single class. The Indenture also contains provisions permitting the holders of specified percentages
in principal amount of the Notes of a series at the time outstanding, on behalf of the holders of all Notes of such series, to
waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note
shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Note.

 

As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the
Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place
where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

 

The
Notes of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral
multiple of $1,000 in excess thereof, except as provided for in ‎Section 2.04 of the First Supplemental Indenture. As provided
in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate
principal amount of Notes of this series of a different authorized denomination, as requested by the holder surrendering the same.

 

No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

The
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary.

 

THIS
NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

The
Company will furnish a copy of the Indenture to any holder upon written request and without charge.

 

    B-R-3

    

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned assigns and transfers this Note to:

 

 

 

 

 

(Insert
assignee’s social security or tax identification number)

 

 

 

 

 

 

 

(Insert
address and zip code of assignee)

 

and
irrevocably appoints

 

 

 

 

 

 

 

as
agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her.

 

Date:
__________

 

	 	Signature:
	 	 
	 	 
	 	Signature Guarantee:__________

 

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

 

    B-R-4

    

    

 

OPTION
OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have all or any part of this Note purchased by the Company pursuant to Section 9.01 of the First Supplemental
Indenture, check the box:  ☐

 

If
you want to have only part of the Note purchased by the Company pursuant to Section 9.01 of the First Supplemental Indenture,
state the amount you elect to have purchased:

 

$                         
                                         
    

(minimum
denominations of $2,000 and multiples of $1,000)

 

Date:                         
 

 

 

	Your Signature:

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

 

 

 

SIGNATURE
GUARANTEE

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    B-R-5

    

    

 

SCHEDULE
OF INCREASES OR DECREASES IN NOTE

 

The
initial principal amount of this Note is $[____]. The following increases or decreases in the principal amount of this Note have
been made:

 

	Date
	Amount
of decrease in principal amount of this Note
	Amount
of increase in principal amount of this Note
	Principal
amount of this Note following such decrease or increase
	Signature
of authorized signatory of Trustee 

	 	 	 	 	 

 

    B-R-6

    

    

 

EXHIBIT
C

 

[IF
THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:]

 

THIS
NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE
AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC.

 

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

 

SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC

 

2.875%
Senior Notes due 2023

Up
to $2,500,000,000

 

CUSIP:
82481L AC3

ISIN: US82481LAC37

 

	No. _______	$_______

 

SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC, a designated activity company organized and existing under the laws of Ireland (hereinafter
called the “Company,” which term includes any successor entity under the Indenture hereinafter referred to),
for value received, hereby promises to pay to __________, or its registered assigns, [the principal sum of $ __________]3
on September 23, 2023 (such date is

 

 

		3	USE
                                         THE FOLLOWING LANGUAGE INSTEAD FOR GLOBAL NOTES: [the principal sum as set forth in the
                                         Schedule of Increases or Decreases In Note attached hereto]

 

    C-1

    

    

 

hereinafter referred to as the “Maturity Date”), and to pay interest
thereon from September 23, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually in arrears on March 23 and September 23 of each year (each, an “Interest Payment Date”),
commencing March 23, 2017, to the Persons in whose names the Notes are registered at the close of business on the March 8 or September
8 (whether or not a Business Day), respectively, immediately prior to each Interest Payment Date (each, a “Record Date”)
(provided that the interest due on the Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment
Date) of a Note of this series will be paid to the Person to whom principal of such Note is payable), at the rate of 2.875% per
annum, until the principal hereof is paid or duly provided for or made available for payment.

 

The
amount of interest payable for any full semi-annual Interest Period will be calculated on the basis of a 360-day year consisting
of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period will be
calculated on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed
per 30-day month. In the event that any scheduled Interest Payment Date falls on a day that is not a Business Day, then payment
of interest payable on such Interest Payment Date will be postponed to the next succeeding day which is a Business Day (and no
interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). The term “Business
Day” means any calendar day that is not a Saturday, Sunday or a day on which commercial banking institutions are not
required to be open for business in the City of New York, New York.

 

The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name the relevant Notes, or any predecessor Notes, are registered at the close of business on the
Record Date for such Interest Payment Date; provided that the interest due on the Maturity Date or a Redemption Date (in
each case, whether or not an Interest Payment Date) of a Note of this series will be paid to the Person to whom principal of such
Note is payable.

 

Payment
of the principal of and premium, if any, and interest on, and any Additional Amounts with respect to, this Note will be made at
the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City of New York, which shall
initially be the Principal Office of the Trustee located therein, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest
may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the
Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment, provided
that the paying agent shall have received written notice of such account designation at least five Business Days prior to the
date of such payment (subject to surrender of the relevant Note in the case of a payment of interest on a Redemption Date or the
Maturity Date).

 

    C-2

    

    

 

Reference
is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature,
this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    C-3

    

    

 

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

 

	 	SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC

	 	 
	 	 
	 	 	 
	 	 	Name:
	 	 	Title:
	 	 	 

 

    

    

    

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This
is one of the Securities of the series designated therein described in the within-mentioned Indenture.

 

Dated:
____________

 

	DEUTSCHE
                    BANK TRUST COMPANY AMERICAS, as Trustee

         

        By:
Deutsche Bank National Trust Company
	 
	 	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    

    

    

 

REVERSE
OF NOTE

 

This
Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and
to be issued in one or more series under an Indenture (the “Base Indenture”), dated as of September 23, 2016,
between the Company, Shire plc (“Shire”) and Deutsche Bank Trust Company Americas, as Trustee (herein called
the “Trustee,” which term includes any successor trustee), as amended and supplemented by the First Supplemental
Indenture, dated as of September 23, 2016, between the Company, Shire and the Trustee (the “First Supplemental Indenture,”
and the Base Indenture as supplemented by the First Supplemental Indenture, the “Indenture”), to which Indenture
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, Shire and the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated
and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$2,500,000,000.

 

All
terms used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in the Indenture.

 

Except
as otherwise may be specified in the Indenture, at any time and from time to time prior to July 23, 2023, the Company shall have
the right to redeem the Notes of this series, in whole or in part, at its option, at a redemption price equal to the greater of:

 

(i)       100%
of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption
Date; and

 

(ii)       the
sum of the present values of the remaining scheduled payments of principal and interest in respect of the Notes to be redeemed
from the Redemption Date to, but excluding (in the case of interest), July 23, 2023 (not including any portion of the interest
accrued to, but excluding, the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the applicable Treasury Rate plus 25 basis points, plus accrued and unpaid interest
to, but excluding, the Redemption Date. The Treasury Rate shall be calculated on the third Business Day immediately preceding
the Redemption Date.

 

At
any time and from time to time on or after July 23, 2023, the Company shall have the right to redeem the Notes of this series,
in whole or in part, at its option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest to, but excluding, the Redemption Date.

 

The
term “Optional Redemption Price” means, with respect to any redemption of Notes of this series, the applicable
redemption price for such Notes set forth in the preceding two paragraphs; and the term “Redemption Date” means,
with respect to any redemption of Notes of this series, the date fixed for such redemption pursuant to the Indenture and the Notes.

 

    C-R-1

    

    

 

The
Company shall mail (or otherwise deliver in accordance with the applicable procedures of the Depositary) notice of any redemption
to the registered holders of the Notes of this series to be redeemed at least 30 and not more than 60 days prior to the Redemption
Date. The Company shall notify the Trustee at least five Business Days prior to mailing such notice to holders. If less than all
of the Notes are to be redeemed pursuant to the preceding paragraphs, the Trustee shall select the Notes to be redeemed on a pro
rata basis to the extent practicable or, to the extent that selection on a pro rata basis is not practicable for any
reason, by such other method as the Trustee shall deem appropriate or as required by the applicable procedures of the Depositary.
In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein,
not less than 30 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes not previously called
for redemption. The Optional Redemption Price for any Notes of this series to be redeemed shall be paid prior to 12:00 noon, New
York City time, on the Redemption Date or at such later time as is then permitted by the rules of the Depositary for the related
Notes (if then registered as a Global Note); provided that the Company shall deposit with the Trustee an amount sufficient
to pay the Optional Redemption Price for the Notes of this series to be redeemed by 11:00 a.m., New York City time, on the date
such Optional Redemption Price is to be paid.

 

In
the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof shall
be issued in the name of the holder hereof upon the cancellation hereof. Except as set forth in the preceding paragraphs and in
‎‎Article 3 and Section 9.03 of the First Supplemental Indenture, the Company may not redeem the Notes of this series
at its option prior to the Maturity Date.

 

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

 

The
Indenture contains provisions for discharge of the Indenture and defeasance of the obligations of the Company at any time upon
compliance by the Company with certain conditions set forth therein, which provisions apply to the Notes of this series.

 

Upon
the occurrence of a Change of Control Triggering Event, the Company shall make a Change of Control Offer in accordance with ‎Section
9.01 of the Supplemental Indenture.

 

If
an Event of Default with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series
may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and Shire and the rights of the holders of the Notes at any time by the Company, Shire and the Trustee, with the
consent of the holders of a majority in the aggregate principal amount of the Notes of all series affected thereby at the time
outstanding, voting as a single class. The Indenture also contains provisions permitting the holders of specified percentages
in principal amount of the Notes of a series at the time outstanding, on behalf of the holders of all Notes of such series, to
waive certain past defaults under the 

 

    C-R-2

    

    

 

Indenture and their consequences. Any such consent or waiver by the holder of this Note
shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Note.

 

As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the
Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place
where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

 

The
Notes of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral
multiple of $1,000 in excess thereof, except as provided for in ‎Section 2.04 of the First Supplemental Indenture. As provided
in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate
principal amount of Notes of this series of a different authorized denomination, as requested by the holder surrendering the same.

 

No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

The
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary.

 

THIS
NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

The
Company will furnish a copy of the Indenture to any holder upon written request and without charge.

 

    C-R-3

    

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned assigns and transfers this Note to:

 

 

 

 

 

(Insert
assignee’s social security or tax identification number)

 

 

 

 

 

 

 

(Insert
address and zip code of assignee)

 

and
irrevocably appoints

 

 

 

 

 

 

 

as
agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her.

 

Date:
__________

 

	 	Signature:
	 	 
	 	 
	 	Signature Guarantee:__________

 

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

 

    C-R-4

    

    

 

OPTION
OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have all or any part of this Note purchased by the Company pursuant to Section 9.01 of the First Supplemental
Indenture, check the box:  ☐

 

If
you want to have only part of the Note purchased by the Company pursuant to Section 9.01 of the First Supplemental Indenture,
state the amount you elect to have purchased:

 

$                         
                                         
    

(minimum
denominations of $2,000 and multiples of $1,000)

 

Date:                         
 

 

	Your Signature:

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

 

 

SIGNATURE
GUARANTEE

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    C-R-5

    

    

 

SCHEDULE
OF INCREASES OR DECREASES IN NOTE

 

The
initial principal amount of this Note is $[____]. The following increases or decreases in the principal amount of this Note have
been made:

 

	Date
	Amount
of decrease in principal amount of this Note
	Amount
of increase in principal amount of this Note
	Principal
amount of this Note following such decrease or increase
	Signature
of authorized signatory of Trustee 

	 	 	 	 	 

 

    C-R-6

    

    

 

EXHIBIT
D

 

[IF
THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:]

 

THIS
NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE
AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC.

 

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

 

SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC

 

3.200%
Senior Notes due 2026

Up
to $3,000,000,000

 

CUSIP:
82481L AD1

ISIN: US82481LAD10

 

	No. _______	$_______

 

SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC, a designated activity company organized and existing under the laws of Ireland (hereinafter
called the “Company,” which term includes any successor entity under the Indenture hereinafter referred to),
for value received, hereby promises to pay to __________, or its registered assigns, [the principal sum of $ __________]4
on September 23, 2026 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest
thereon from September 23, 2016 or from the most recent Interest Payment Date to which interest has

 

 

		4	USE
                                         THE FOLLOWING LANGUAGE INSTEAD FOR GLOBAL NOTES: [the principal sum as set forth in the
                                         Schedule of Increases or Decreases In Note attached hereto]

 

    D-1

    

    

 

been paid or duly provided
for, semi-annually in arrears on March 23 and September 23 of each year (each, an “Interest Payment Date”),
commencing March 23, 2017, to the Persons in whose names the Notes are registered at the close of business on the March 8 or September
8 (whether or not a Business Day), respectively, immediately prior to each Interest Payment Date (each, a “Record Date”)
(provided that the interest due on the Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment
Date) of a Note of this series will be paid to the Person to whom principal of such Note is payable), at the rate of 3.200% per
annum, until the principal hereof is paid or duly provided for or made available for payment.

 

The
amount of interest payable for any full semi-annual Interest Period will be calculated on the basis of a 360-day year consisting
of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period will be
calculated on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed
per 30-day month. In the event that any scheduled Interest Payment Date falls on a day that is not a Business Day, then payment
of interest payable on such Interest Payment Date will be postponed to the next succeeding day which is a Business Day (and no
interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). The term “Business
Day” means any calendar day that is not a Saturday, Sunday or a day on which commercial banking institutions are not
required to be open for business in the City of New York, New York.

 

The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name the relevant Notes, or any predecessor Notes, are registered at the close of business on the
Record Date for such Interest Payment Date; provided that the interest due on the Maturity Date or a Redemption Date (in
each case, whether or not an Interest Payment Date) of a Note of this series will be paid to the Person to whom principal of such
Note is payable.

 

Payment
of the principal of and premium, if any, and interest on, and any Additional Amounts with respect to, this Note will be made at
the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City of New York, which shall
initially be the Principal Office of the Trustee located therein, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest
may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the
Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment, provided
that the paying agent shall have received written notice of such account designation at least five Business Days prior to the
date of such payment (subject to surrender of the relevant Note in the case of a payment of interest on a Redemption Date or the
Maturity Date).

 

    D-2

    

    

 

Reference
is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature,
this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    D-3

    

    

 

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

 

	 	SHIRE
ACQUISITIONS INVESTMENTS IRELAND DAC

	 	 
	 	 
	 	 	 
	 	 	Name:
	 	 	Title:

    

    

    

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This
is one of the Securities of the series designated therein described in the within-mentioned Indenture.

 

Dated:
____________

 

	DEUTSCHE
                    BANK TRUST COMPANY AMERICAS, as Trustee

         

        By:
Deutsche Bank National Trust Company
	 
	 	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    

    

    

 

REVERSE
OF NOTE

 

This
Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and
to be issued in one or more series under an Indenture (the “Base Indenture”), dated as of September 23, 2016,
between the Company, Shire plc (“Shire”) and Deutsche Bank Trust Company Americas, as Trustee (herein called
the “Trustee,” which term includes any successor trustee), as amended and supplemented by the First Supplemental
Indenture, dated as of September 23, 2016, between the Company, Shire and the Trustee (the “First Supplemental Indenture,”
and the Base Indenture as supplemented by the First Supplemental Indenture, the “Indenture”), to which Indenture
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, Shire and the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated
and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$3,000,000,000.

 

All
terms used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in the Indenture.

 

Except
as otherwise may be specified in the Indenture, at any time and from time to time prior to June 23, 2026, the Company shall have
the right to redeem the Notes of this series, in whole or in part, at its option, at a redemption price equal to the greater of:

 

(i)       100%
of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption
Date; and

 

(ii)       the
sum of the present values of the remaining scheduled payments of principal and interest in respect of the Notes to be redeemed
from the Redemption Date to, but excluding (in the case of interest), June 23, 2026 (not including any portion of the interest
accrued to, but excluding, the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the applicable Treasury Rate plus 25 basis points, plus accrued and unpaid interest
to, but excluding, the Redemption Date. The Treasury Rate shall be calculated on the third Business Day immediately preceding
the Redemption Date.

 

At
any time and from time to time on or after June 23, 2026, the Company shall have the right to redeem the Notes of this series,
in whole or in part, at its option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest to, but excluding, the Redemption Date.

 

The
term “Optional Redemption Price” means, with respect to any redemption of Notes of this series, the applicable
redemption price for such Notes set forth in the preceding two paragraphs; and the term “Redemption Date” means,
with respect to any redemption of Notes of this series, the date fixed for such redemption pursuant to the Indenture and the Notes.

 

    D-R-1

    

    

 

The
Company shall mail (or otherwise deliver in accordance with the applicable procedures of the Depositary) notice of any redemption
to the registered holders of the Notes of this series to be redeemed at least 30 and not more than 60 days prior to the Redemption
Date. The Company shall notify the Trustee at least five Business Days prior to mailing such notice to holders. If less than all
of the Notes are to be redeemed pursuant to the preceding paragraphs, the Trustee shall select the Notes to be redeemed on a pro
rata basis to the extent practicable or, to the extent that selection on a pro rata basis is not practicable for any
reason, by such other method as the Trustee shall deem appropriate or as required by the applicable procedures of the Depositary.
In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein,
not less than 30 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes not previously called
for redemption. The Optional Redemption Price for any Notes of this series to be redeemed shall be paid prior to 12:00 noon, New
York City time, on the Redemption Date or at such later time as is then permitted by the rules of the Depositary for the related
Notes (if then registered as a Global Note); provided that the Company shall deposit with the Trustee an amount sufficient
to pay the Optional Redemption Price for the Notes of this series to be redeemed by 11:00 a.m., New York City time, on the date
such Optional Redemption Price is to be paid.

 

In
the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof shall
be issued in the name of the holder hereof upon the cancellation hereof. Except as set forth in the preceding paragraphs and in
‎Article 3 and Section 9.03 of the First Supplemental Indenture, the Company may not redeem the Notes of this series at its
option prior to the Maturity Date.

 

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

 

The
Indenture contains provisions for discharge of the Indenture and defeasance of the obligations of the Company at any time upon
compliance by the Company with certain conditions set forth therein, which provisions apply to the Notes of this series.

 

Upon
the occurrence of a Change of Control Triggering Event, the Company shall make a Change of Control Offer in accordance with ‎Section
9.01 of the Supplemental Indenture.

 

If
an Event of Default with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series
may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and Shire and the rights of the holders of the Notes at any time by the Company, Shire and the Trustee, with the
consent of the holders of a majority in the aggregate principal amount of the Notes of all series affected thereby at the time
outstanding, voting as a single class. The Indenture also contains provisions permitting the holders of specified percentages
in principal amount of the Notes of a series at the time outstanding, on behalf of the holders of all Notes of such series, to
waive certain past defaults under the 

 

    D-R-2

    

    

 

Indenture and their consequences. Any such consent or waiver by the holder of this Note
shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Note.

 

As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the
Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place
where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

 

The
Notes of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral
multiple of $1,000 in excess thereof, except as provided for in ‎Section 2.04 of the First Supplemental Indenture. As provided
in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate
principal amount of Notes of this series of a different authorized denomination, as requested by the holder surrendering the same.

 

No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

The
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary.

 

THIS
NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

The
Company will furnish a copy of the Indenture to any holder upon written request and without charge.

 

    D-R-3

    

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned assigns and transfers this Note to:

 

 

 

 

 

(Insert
assignee’s social security or tax identification number)

 

 

 

 

 

 

 

(Insert
address and zip code of assignee)

 

and
irrevocably appoints

 

 

 

 

 

 

 

as
agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her.

 

Date:__________

 

 

	 	Signature:
	 	 
	 	 
	 	Signature Guarantee:__________

 

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

 

    D-R-4

    

    

 

OPTION
OF HOLDER TO ELECT PURCHASE

 

If
you want to elect to have all or any part of this Note purchased by the Company pursuant to Section 9.01 of the First Supplemental
Indenture, check the box:  ☐

 

If
you want to have only part of the Note purchased by the Company pursuant to Section 9.01 of the First Supplemental Indenture,
state the amount you elect to have purchased:

 

$                         
                                         
     

(minimum
denominations of $2,000 and multiples of $1,000)

 

Date:                         
 

 

 

	Your Signature:

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

 

 

 

SIGNATURE
GUARANTEE

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    D-R-5

    

    

 

SCHEDULE
OF INCREASES OR DECREASES IN NOTE

 

The
initial principal amount of this Note is $[____]. The following increases or decreases in the principal amount of this Note have
been made:

 

	Date
	Amount
of decrease in principal amount of this Note
	Amount
of increase in principal amount of this Note
	Principal
amount of this Note following such decrease or increase 
	Signature
of authorized signatory of Trustee 

	 	 	 	 	 

 

    D-R-6EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO CREDIT AGREEMENT 

FIRST AMENDMENT (this “Amendment”), dated as of September 19, 2016, to the Term Loan Credit Agreement dated as of June 30,
2015 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”), among Horizon Global Corporation (the “Borrower”), the several banks and other financial
institutions or entities from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”). 

W I T N E S S E T H : 
 WHEREAS,
the parties hereto are parties to the Credit Agreement; 
 WHEREAS, the Borrower has notified the Administrative Agent that it is
requesting the establishment of Incremental Term Loans pursuant to Section 2.21 of the Credit Agreement; 
 WHEREAS, pursuant to Section
2.21 of the Credit Agreement, the Borrower may obtain Incremental Term Loan Commitments by, among other things, entering into one or more Incremental Facility Agreements in accordance with the terms and conditions of the Credit Agreement; 

WHEREAS, pursuant to that certain Sale and Purchase Agreement, dated as August 24, 2016 (together with all exhibits and schedules thereto,
collectively, as may be amended, the “Westfalia Purchase Agreement”), entered into among the Borrower, Blitz K16-102 GmbH and the certain seller parties identified therein (collectively, the “Sellers”), the
Borrower, intends, directly or indirectly, to acquire Westfalia-Automotive Holding GmbH and TeIJs Holding B.V. (collectively, the “Westfalia Group”) pursuant to the terms of the Westfalia Purchase Agreement (the “Westfalia
Acquisition”); and 
 WHEREAS, the Borrower has requested Incremental Term Loans in an aggregate principal amount of $152,000,000
(the “2016 Incremental Term Loans”, and the commitments relating thereto, the “2016 Incremental Term Loan Commitments”) in order to finance a portion of the consideration for the Westfalia Acquisition and to finance
other payments under the Westfalia Purchase Agreement, to pay certain fees and expenses and for general corporate purposes (the transactions described above, the “Westfalia Transactions”). 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto agree as follows: 
 SECTION
1.     DEFINITIONS.  Unless otherwise defined herein, capitalized terms which are defined in the Credit Agreement are used herein as therein defined. 

SECTION 2.     AMENDMENTS.  The Credit Agreement is hereby amended with the stricken text deleted
(indicated textually in the same manner as the following example: stricken text) and with the double-underlined text added
(indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Credit Agreement attached as Exhibit A hereto. 
 SECTION
3.     INCREMENTAL TERM LOANS.
 3.1       Borrowing of Incremental
Term Loans.  The Lenders set forth on Schedule A annexed hereto (the “2016 Incremental Term Lenders”) hereby agree to provide the 2016 Incremental Term Loan Commitments set forth opposite their names on Schedule A, on
the terms set forth in this Amendment 

 
 2
 
  

 
and, subject to the conditions set forth in Section 4.2 below, to make 2016 Incremental Term Loans on the 2016 Incremental Funding Date (as defined below) to the Borrower in an aggregate
principal amount equal to the aggregate 2016 Incremental Term Loan Commitments of the 2016 Incremental Term Loan Lenders. Pursuant to Section 2.21 of the Credit Agreement, the 2016 Incremental Term Loans shall be Term B Loans for all purposes
under the Credit Agreement and each other Loan Document and shall, except as otherwise set forth in the Credit Agreement (after giving effect to this Amendment), have terms identical to the Initial Term B Loans outstanding under the Credit Agreement
immediately prior to the date hereof. 
 3.2       Fees.  In addition to the fees set
forth in any other Loan Document (including any fee letter), if the 2016 Incremental Term Loans have not been funded within 30 days after the Effective Date, commencing on the date that is 31 days after the Effective Date and ending on the funding
of the 2016 Incremental Term Loans, the Borrower shall pay to each 2016 Incremental Term Lender an unused commitment fee of 50% of the sum of (i) the Adjusted LIBO Rate and (ii) the Applicable Rate on the aggregate amount of such Lender’s 2016
Incremental Term Loan Commitments as if such Commitments were made as Eurocurrency Term B Loans. 

3.3       Escrow Funding. 

(a)        If the 2016 Incremental Term Loans have not been funded within 60 days
after the Effective Date (the “Escrow Funding Event”), the 2016 Incremental Term Loans shall be funded into escrow (“Escrow Funding”) pursuant to escrow arrangements acceptable to the Administrative Agent. If
an Escrow Funding Event occurs, the Borrower agrees that (i) it shall immediately enter into any amendment to the Credit Agreement or other agreements reasonably necessary to complete the Escrow Funding, (ii) it shall, and shall cause any other
relevant person to, satisfy the conditions set forth below in Section 4.2 (except to the extent provided in Section 3.3(b) below), (iii) upon Escrow Funding, the funded amount shall accrue interest at the same rates and manner as Term B Loans
(after giving effect to this Amendment) and (iv) the Borrower shall contribute to the escrow account funds sufficient to pay interest and fees of the funded amount under the Credit Agreement during the escrow period or otherwise provide credit
support for the payment of such amount in a manner reasonably satisfactory to the Administrative Agent; provided that the failure by the Borrower to comply with this Section 3.3 will result in (x) the termination of any 2016 Incremental
Term Commitments and (y) any 2016 Incremental Term Loans becoming immediately due and payable. 

(b)        Notwithstanding anything to the contrary herein, upon an Escrow Funding
Event, (i) the conditions set forth in Section 4.2(f) and (g) (the “Acquisition Conditions”) shall not be a condition to the Escrow Funding, (ii) the Borrower shall use commercially reasonable efforts to promptly satisfy the
Acquisition Conditions and (iii) the release from escrow of the proceeds of any Escrow Funding shall remain subject to the Acquisition Conditions. For the avoidance of doubt, the “2016 Incremental Funding Date” shall be the date on which
all of the conditions set forth in Section 4, including the Acquisition Conditions, are satisfied. 
 SECTION
4.     CONDITIONS PRECEDENT. 
 4.1       Conditions Precedent to
Effectiveness.  This Amendment shall become effective on the date (the “Effective Date”) on which all of the following conditions have been satisfied or waived: 

(a)        Execution and Delivery.  The Administrative Agent shall
have received counterparts of this Amendment duly executed by (i) the Borrower, (ii) the Required Lenders and (iii) each 2016 Incremental Term Lender (if not also a Required Lender). 

 
 3
 
  

 (b)        No
Default.  Both prior to and after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing on the Effective Date. 

(c)        Representations and Warranties.  As of the Effective Date
(both prior to and after giving effect to this Amendment) all representations and warranties contained in Section 5 shall be true and correct in all material respects. 

4.2       Conditions Precedent to Funding the 2016 Incremental Term Loans.  The 2016
Incremental Term Lenders shall make 2016 Incremental Term Loans on the date (the “2016 Incremental Funding Date”) on which all of the following conditions have been satisfied or waived: 

(a)        Legal Opinion.  The Administrative Agent shall have
received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Jones Day in form and substance reasonably satisfactory to the Administrative Agent. The Borrower hereby requests such
counsel to deliver such opinions. 
 (b)        Certificates.  The
Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of each Loan Party and the authorization by the Loan
Parties of the Westfalia Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

(c)        Solvency Certificate.  The Administrative Agent shall have
received a certificate, in form and substance reasonably satisfactory to the Administrative Agent, dated the Effective Date and signed by the chief financial officer of the Borrower, certifying that it and its Subsidiaries, on a consolidated basis
after giving effect to the Westfalia Transactions, are solvent. 

(d)        Notice of Borrowing.  The Administrative Agent shall have
received a Borrowing Request meeting the requirements of Section 2.03 of the Credit Agreement with respect to the 2016 Incremental Term Loans. 

(e)        No Material Adverse Effect.  Since the Signing Date (as
defined in the Westfalia Purchase Agreement), there shall not have been any Material Adverse Change (as defined in the Westfalia Purchase Agreement) with respect to any of the Material Target Group Entities (as defined in the Westfalia Purchase
Agreement). 
 (f)        Consummation of Westfalia
Acquisition.  All conditions precedent to the consummation of the Westfalia Acquisition set forth in the Westfalia Purchase Agreement shall have been satisfied in all material respects without any amendment or waiver thereof that
would be materially adverse to the Lenders. 
 (g)        Fees and
Expenses.  The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the 2016 Incremental Funding Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket
expenses (including fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party hereunder or under any Loan Document. 

(h)        KYC.  The Administrative Agent shall have received all
documentation and other information reasonably requested by the Administrative Agent and required by regulatory authorities under applicable “Know Your Customer” and anti-money laundering rules and regulations, including the PATRIOT Act,
in each case relating to the Material Target Group 

 
 4
 
  

 
Entities and to the extent requested in writing at least five business days prior to the 2016 Incremental Funding Date. 

4.3       Post-Effective Date Condition Subsequent.  The Borrower shall have consummated
the Westfalia Acquisition (the date on which the Westfalia Acquisition is consummated, the “Westfalia Acquisition Closing Date”) by 9:00 a.m. New York City time on the second Business Day following the 2016 Incremental Funding
Date. The failure by Borrower to so perform or cause to be performed this condition subsequent when required shall constitute an Event of Default under the Credit Agreement. 

For the purpose of determining compliance with the conditions specified in this Section 4, each Lender that has signed this Amendment shall be deemed to have
accepted, and to be satisfied with, each document or other matter required under this Section 4. 
 SECTION
5.     REPRESENTATIONS AND WARRANTIES.  In order to induce the Required Lenders and the 2016 Incremental Term Lenders to enter into this Amendment, the Borrower hereby represents and warrants to the Required
Lenders and the 2016 Incremental Term Lenders that (a) this Amendment has been duly authorized by all necessary organizational actions and, if required, actions by equity holders of the Borrower and (b) this Amendment has been duly executed and
delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 6.     CONTINUING EFFECT.  Except as expressly amended, waived or modified hereby, the Loan
Documents shall continue to be and shall remain in full force and effect in accordance with their respective terms. This Amendment shall not constitute an amendment, waiver or modification of any provision of any Loan Document not expressly referred
to herein and shall not be construed as an amendment, waiver or modification of any action on the part of the Borrower or the other Loan Parties that would require an amendment, waiver or consent of the Administrative Agent or the Lenders except as
expressly stated herein, or be construed to indicate the willingness of the Administrative Agent or the Lenders to further amend, waive or modify any provision of any Loan Document amended, waived or modified hereby for any other period,
circumstance or event. Except as expressly modified by this Amendment, the Credit Agreement and the other Loan Documents are ratified and confirmed and are, and shall continue to be, in full force and effect in accordance with their respective
terms. Except as expressly set forth herein, each Lender and the Administrative Agent reserves all of its rights, remedies, powers and privileges under the Credit Agreement, the other Loan Documents, applicable law and/or equity. Any reference to
the “Credit Agreement” in any Loan Document or any related documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment and the term “Loan Documents” in the Credit Agreement and the other Loan
Documents shall include this Amendment.
 SECTION 7.     GOVERNING LAW.  THIS AMENDMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 8.     SUCCESSORS AND
ASSIGNS.  This Amendment shall be binding upon and inure to the benefit of the Borrower, the other Loan Parties, the Administrative Agent, the other Agents and the Lenders, and each of their respective successors and assigns, and shall
not inure to the benefit of any third parties. The execution and delivery of this Amendment by any Lender prior to the Effective Date shall be binding upon its successors and assigns and shall be effective as to any Loans or Commitments assigned to
it after such execution and delivery. 

 
 5
 
  

 SECTION 9.     ENTIRE AGREEMENT.  This Amendment,
the Credit Agreement and the other Loan Documents represent the entire agreement of the Loan Parties, the Administrative Agent, the Agents, the Lenders and the Lenders, as applicable, with respect to the subject matter hereof and thereof, and there
are no promises, undertakings, representations or warranties by the Administrative Agent, any other Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the Credit Agreement or the other Loan
Documents.
 SECTION 10.    LOAN DOCUMENT.  This Amendment is a Loan Document executed pursuant to the
Credit Agreement and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions of the Credit Agreement. 

SECTION 11.    COUNTERPARTS.  This Amendment may be executed by the parties hereto in any number of
separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. An executed signature page of this Amendment may be delivered by facsimile transmission or electronic PDF of the relevant
signature page hereof. 
 SECTION 12.    HEADINGS.  Section headings used in this Amendment are for
convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered
by their duly authorized officers as of the date first written above. 
  

			
	HORIZON GLOBAL CORPORATION,
	as the Borrower
		
	By:	 	  /s/ Jay Goldbaum

		 	 Name: Jay Goldbaum
		 	 Title: Legal Director, Chief Compliance Officer and  Corporate Secretary
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	 /s/ Thomas A. Gamm

		 	Name: Thomas A. Gamm
		 	Title: Managing Director
	
	AMMC CLO 16, LIMITED,
	as a Lender
	By:	 	American Money Management Corp.,
	as Collateral Manager
		
	By:	 	 /s/ David P. Meyer

		 	Name: David P. Meyer
		 	Title: Senior Vice President
	
	AMMC CLO XI, LIMITED,
	as a Lender
	By:	 	American Money Management Corp.,
	as Collateral Manager
		
	By:	 	 /s/ David P. Meyer

		 	Name: David P. Meyer
		 	Title: Senior Vice President
	
	JFIN CLO 2013 LTD
	as a Lender
	By:	 	Apex Credit Partners, LLC
	as Portfolio Manager
		
	By:	 	 /s/ Andrew Stern

		 	Name: Andrew Stern
		 	Title: Managing Director

  
 [Signature Page to First Amendment]

			
	 JFIN CLO 2014-II LTD
 as
a Lender

	 By: Apex Credit Partners, LLC
 as
Portfolio Manager

		
	By:	 	 /s/ Andrew Stern

		 	Name: Andrew Stern
		 	Title: Managing Director
	
	 JFIN CLO 2014 LTD
 as a
Lender

	 By: Apex Credit Partners, LLC

as Portfolio Manager

		
	By:	 	 /s/ Andrew Stern

		 	Name: Andrew Stern
		 	Title: Managing Director
	
	BABSON CLO LTD. 2012-II
	BABSON CLO LTD. 2013-I
	BABSON CLO LTD. 2013-II
	BABSON CLO LTD. 2014-II
	BABSON CLO LTD. 2015-I
	each as a Lender
	By:	 	Barings LLC as Collateral Manager
		
	By:	 	 /s/ Michael Best

		 	Name: Michael Best
		 	Title: Director

 
			
	 BABSON CAPITAL CREDIT 2 LIMITED,
 As
a Lender

	By: Barings LLC as Sub-Investment Manager
		
	By:	 	   /s/ Michael Best

		 	  Name: Michael Best
		 	  Title: Director
	
	 BEL-AIR LOAN FUND LLC,
 As a
Lender

	By: Barings LLC as Sub-Investment Adviser
		
	By:	 	   /s/ Michael Best

		 	  Name: Michael Best
		 	  Title: Director
	
	 Saranac CLO I Limited,
 as a
Lender

	 By: Canaras Capital Management, LLC

As Sub-Investment Adviser

		
	By:	 	   /s/ Marc McAfee

		 	  Name: Marc McAfee
		 	  Title: Analyst
	
	 Saranac CLO II Limited,
 as a
Lender

	 By: Canaras Capital Management, LLC

As Sub-Investment Adviser

		
	By:	 	  /s/ Marc McAfee
		 	  Name: Marc McAfee
		 	  Title: Analyst
	
	 Saranac CLO III Limited,
 as a
Lender

	 By: Canaras Capital Management, LLC

As Sub-Investment Adviser

		
	By:	 	   /s/ Marc McAfee

		 	  Name: Marc McAfee
		 	  Title: Analyst
	
	 Cent CLO 16, L.P.,
 as a
Lender

	 By: Columbia Management Investment Advisers, LLC

As Collateral Manager

		
	By:	 	   /s/ Steven B. Staver

 
			
		 	  

		 	  Name: Steven B. Staver
		 	  Title: Assistant Vice President
	
	 Cent CLO 17 Limited,
 as a
Lender

	 By: Columbia Management Investment Advisers, LLC

As Collateral Manager

		
	By:	 	   /s/ Steven B. Staver

		 	  Name: Steven B. Staver
		 	  Title: Assistant Vice President
	
	 Cent CLO 18 Limited,
 as a
Lender

	 By: Columbia Management Investment Advisers, LLC

As Collateral Manager

		
	By:	 	   /s/ Steven B. Staver

		 	  Name: Steven B. Staver
		 	  Title: Assistant Vice President
	
	 Cent CLO 19 Limited,
 as a
Lender

	 By: Columbia Management Investment Advisers, LLC

As Collateral Manager

		
	By:	 	   /s/ Steven B. Staver

		 	  Name: Steven B. Staver
		 	  Title: Assistant Vice President
	
	 Cent CLO 20 Limited,
 as a
Lender

	 By: Columbia Management Investment Advisers, LLC

As Collateral Manager

		
	By:	 	   /s/ Steven B. Staver

		 	  Name: Steven B. Staver
		 	  Title: Assistant Vice President
	
	 Cent CLO 21 Limited,
 as a
Lender

	 By: Columbia Management Investment Advisers, LLC

As Collateral Manager

		
	By:	 	   /s/ Steven B. Staver

		 	  Name: Steven B. Staver

			
		 	  Title: Assistant Vice President
	
	 Cent CLO 22 Limited,
 as a
Lender

	 By: Columbia Management Investment Advisers, LLC

As Collateral Manager

		
	By:	 	   /s/ Steven B. Staver

		 	  Name: Steven B. Staver
		 	  Title: Assistant Vice President
	
	 Cent CLO 23 Limited,
 as a
Lender

	 By: Columbia Management Investment Advisers, LLC

As Collateral Manager

		
	By:	 	   /s/ Steven B. Staver

		 	  Name: Steven B. Staver
		 	  Title: Assistant Vice President
	
	 Cent CLO 24 Limited,
 as a
Lender

	 By: Columbia Management Investment Advisers, LLC

As Collateral Manager

		
	By:	 	   /s/ Steven B. Staver

		 	  Name: Steven B. Staver
		 	  Title: Assistant Vice President
	
	 Columbia Floating Rate Fund, a series of Columbia Funds Series Trust I,

as a Lender

		
	By:	 	   /s/ Steven B. Staver

		 	  Name: Steven B. Staver
		 	  Title: Assistant Vice President
	
	 Columbia Floating Rate Fund, a series of Columbia Funds Series Trust II,

as a Lender

		
	By:	 	   /s/ Steven B. Staver

		 	  Name: Steven B. Staver
		 	  Title: Assistant Vice President

 
			
	 JMP CREDIT ADVISORS CLO II LTD.,
 as
a Lender

	By: JMP Credit Advisors LLC, As Attorney-in-Fact
		
	By:	 	   /s/ Christopher R. Bellany

		 	  Name: Christopher R. Bellany
		 	  Title: Director
	
	 JMP CREDIT ADVISORS CLO III LTD.,

as a Lender

	By: JMP Credit Advisors LLC, As Attorney-in-Fact
		
	By:	 	   /s/ Christopher R. Bellany

		 	  Name: Christopher R. Bellany
		 	  Title: Director
	
	 ATRIUM IX,
 as a
Lender

	By: Credit Suisse Asset Management, LLC, as portfolio manager
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director
	
	 ATRIUM XI,
 as a
Lender

	By: Credit Suisse Asset Management, LLC, as portfolio manager
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director
	
	 CREDIT SUISSE FLOATING RATE HIGH INCOME FUND,

as a Lender

	By: Credit Suisse Asset Management, LLC, as investment advisor
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director

 
			
	 CREDIT SUISSE NOVA (LUX),
 as a
Lender

	By: Credit Suisse Asset Management, LLC or Credit Suisse Asset Management Limited, each as Co-Investment Adviser to Credit Suisse Fund Management S.A., management company for Credit Suisse Nova (Lux)
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director
	
	 KP FIXED INCOME FUND,
 as a
Lender

	By: Credit Suisse Asset Management, LLC, as Sub-Adviser for Callan Associates Inc., the Adviser for The KP Funds, the Trust for KP Fixed Income Fund
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director
	
	 Madison Park Funding XII, Ltd.,
 as
a Lender

	By: Credit Suisse Asset Management, LLC, as portfolio manager
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director
	
	 Madison Park Funding XIII, Ltd.,
 as
a Lender

	By: Credit Suisse Asset Management, LLC, as portfolio manager
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director
	
	 MADISON PARK FUNDING XIV, LTD., 
 as
a Lender

	By: Credit Suisse Asset Management, LLC, as portfolio manager
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director
	
	 Madison Park Funding XV, Ltd.,
 as a
Lender

 
			
	By: Credit Suisse Asset Management, LLC, as portfolio manager
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director
	
	 Madison Park Funding XVI, Ltd.,
 as
a Lender

	By: Credit Suisse Asset Management, LLC, as portfolio manager
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director
	
	 MADISON PARK FUNDING XVII, LTD., 

as a Lender

	By: Credit Suisse Asset Management, LLC, as portfolio manager
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director
	
	 Madison Park Funding XVIII, Ltd.,

as a Lender

	By: Credit Suisse Asset Management, LLC, as Collateral Manager
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director
	
	 Madison Park Funding XX, Ltd.,
 as a
Lender

	By: Credit Suisse Asset Management, LLC, as portfolio manager
		
	By:	 	   /s/ Louis Farano

		 	  Name: Louis Farano
		 	  Title: Director
	
	 Cutwater 2014-I, Ltd.
 as a
Lender

		
	By:	 	   /s/ Alex Jackson

		 	  Name: Alex Jackson
		 	  Title: Authorized Signatory

 
			
	 Cutwater 2014-II, Ltd.
 as a
Lender

		
	By:	 	   /s/ Alex Jackson

		 	  Name: Alex Jackson
		 	  Title: Authorized Signatory
	
	 Cutwater 2015-I, Ltd.
 as a
Lender

		
	By:	 	   /s/ Alex Jackson

		 	  Name: Alex Jackson
		 	  Title: Authorized Signatory
	
	 AGF Floating Rate Income Fund,
 as a
Lender

	By: Eaton Vance Management as Portfolio Manager
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 DaVinci Reinsurance Ltd.,
 as a
Lender

	By: Eaton Vance Management as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Eaton Vance CLO 2013-1 Ltd
 as a
Lender

	 By: Eaton Vance Management

Portfolio Manager

		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Eaton Vance CLO 2014-1 Ltd
 as a
Lender

	 By: Eaton Vance Management

Portfolio Manager

		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President

 
			
	 Eaton Vance CLO 2015-1 Ltd
 as a
Lender

	 By: Eaton Vance Management

Portfolio Manager

		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Eaton Vance Floating Rate Portfolio

as a Lender

	By: Boston Management and Research as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Eaton Vance Floating-Rate Income Plus Fund,

as a Lender

	By: Eaton Vance Management as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Eaton Vance Floating-Rate Income Trust,

as a Lender

	By: Eaton Vance Management as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Eaton Vance Institutional Senior Loan Fund,

as a Lender

	By: Eaton Vance Management as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President

			
	 Eaton Vance International (Cayman Islands) Floating-Rate Income Portfolio,

as a Lender

	By: Eaton Vance Management as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Eaton Vance Limited Duration Income Fund,

as a Lender

	By: Eaton Vance Management as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Eaton Vance Loan Holding Limited,

as a Lender

	 By: Eaton Vance Management
 as
Investment Manager

		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Eaton Vance Senior Floating-Rate Trust,

as a Lender

	By: Eaton Vance Management as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Eaton Vance Senior Income Trust,
 as
a Lender

	By: Eaton Vance Management as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President

			
	 Eaton Vance Short Duration Diversified Income Fund.

as a Lender

	By: Eaton Vance Management as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Eaton Vance VT Floating-Rate Income Fund,

as a Lender

	By: Eaton Vance Management as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 MET Investors Series Trust-Met/Eaton Vance Floating Rate Portfolio

as a Lender

	By: Eaton Vance Management as Investment Sub-Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Pacific Select Fund Floating Rate Loan Portfolio,

as a Lender

	By: Eaton Vance Management as Investment Sub-Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 Renaissance Investment Holdings Ltd,

as a Lender

	By: Eaton Vance Management as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President

			
	 Senior Debt Portfolio,
 as a
Lender

	By: Boston Management and Research as Investment Advisor
		
	By:	 	   /s/ Michael Brotthof

		 	  Name: Michael Brotthof
		 	  Title: Vice President
	
	 JPMORGAN CHASE BANK, NA
 as a
Lender

		
	By:	 	   /s/ Michael Willett

		 	  Name: Michael Willett
		 	  Title: Authorized Signatory
	
	LCM XII Limited Partnership
	 By: LCM Asset Management LLC
 As
Collateral Manager
 as a Lender

		
	By:	 	   /s/ Alexander B. Kenna

		 	  Name: Alexander B. Kenna
		 	  LCM Asset Management LLC
	
	LCM XIII Limited Partnership
	 By: LCM Asset Management LLC
 As
Collateral Manager
 as a Lender

		
	By:	 	   /s/ Alexander B. Kenna

		 	  Name: Alexander B. Kenna
		 	  LCM Asset Management LLC
	
	LCM XV Limited Partnership
	 By: LCM Asset Management LLC
 As
Collateral Manager
 as a Lender

		
	By:	 	   /s/ Alexander B. Kenna

		 	  Name: Alexander B. Kenna
		 	  LCM Asset Management LLC

 
			
	LCM XVI Limited Partnership
	 By: LCM Asset Management LLC
 As
Collateral Manager
 as a Lender

		
	By:	 	   /s/ Alexander B. Kenna

		 	  Name: Alexander B. Kenna
		 	  LCM Asset Management LLC
	
	LCM XVIII Limited Partnership
	 By: LCM Asset Management LLC
 As
Collateral Manager
 as a Lender

		
	By:	 	   /s/ Alexander B. Kenna

		 	  Name: Alexander B. Kenna
		 	  LCM Asset Management LLC
	
	LCM XIX Limited Partnership
	 By: LCM Asset Management LLC
 As
Collateral Manager
 as a Lender

		
	By:	 	   /s/ Alexander B. Kenna

		 	  Name: Alexander B. Kenna
		 	  LCM Asset Management LLC
	
	LCM XXI Limited Partnership
	 By: LCM Asset Management LLC
 As
Collateral Manager
 as a Lender

		
	By:	 	   /s/ Alexander B. Kenna

		 	  Name: Alexander B. Kenna
		 	  LCM Asset Management LLC
	
	 MAIN STREET CAPITAL CORPORATION
 as
a Lender

		
	By:	 	   /s/ Nick Meserve

		 	  Name: Nick Meserve
		 	  Title: Managing Director

 
			
	 HMS FUNDING I LLC,
 as a
Lender

	
	By: HMS Income Fund, Inc.
	       Its Designated Manager
		
	By:	 	   /s/ Alejandro Palomo

		 	  Name: Alejandro Palomo
		 	  Title: Authorized Agent
	
	 Marathon CLO V Ltd.,
 as a
Lender

		
	By:	 	   /s/ Louis Hanover

		 	  Name: Louis Hanover
		 	  Title: Authorized Signatory
	
	 Marathon CLO VI Ltd.,
 as a
Lender

		
	By:	 	   /s/ Louis Hanover

		 	  Name: Louis Hanover
		 	  Title: Authorized Signatory
	
	 Marathon CLO VII Ltd.,
 as a
Lender

		
	By:	 	   /s/ Louis Hanover

		 	  Name: Louis Hanover
		 	  Title: Authorized Signatory

 
					
	 Marathon CLO VIII Ltd.,

	 as a Lender
	 	
			
	By: 	 	  /s/ Louis Hanover
	 	
	      Name:  Louis Hanover

	      Title:  Authorized Signatory

	
	Venture XI CLO, Limited,
	 as a Lender
	 	
	 BY:  its investment advisor,

	 MJX Asset Management LLC

			
	By: 	 	  /s/ Frederick Taylor
	 	
	      Name:  Frederick Taylor

	      Title:  Managing Director

	
	 Venture XII CLO, Limited,

	 as a Lender
	 	
	 BY:  its investment advisor,

	 MJX Asset Management LLC

			
	By: 	 	  /s/ Frederick Taylor
	 	
	      Name:  Frederick Taylor

	      Title:  Managing Director

 
					
	Venture XIII CLO, Limited,
	as a Lender	 	
	BY:  its investment advisor,
	MJX Asset Management LLC
			
	By: 	 	  /s/ Frederick Taylor
	 	
	      Name:  Frederick Taylor

     Title:  Managing Director

	
	Venture XIV CLO, Limited,
	as a Lender	 	
	BY:  its investment advisor,
	MJX Asset Management LLC
			
	By: 	 	  /s/ Frederick Taylor
	 	
	     Name:  Frederick Taylor
	     Title:  Managing Director
	
	Venture XV CLO, Limited,
	as a Lender
	BY:  its investment advisor,
	MJX Asset Management LLC
			
	By: 	 	  /s/ Frederick Taylor
	 	
	     Name:  Frederick Taylor
	     Title:  Managing Director

 
					
	Venture XVI CLO, Limited,
	as a Lender	 	
	BY:  its investment advisor,
	MJX Asset Management LLC
			
	By: 	 	  /s/ Frederick Taylor
	 	
	     Name:  Frederick Taylor
	     Title:  Managing Director
	
	 Venture XVII CLO, Limited,

	as a Lender	 	
	BY:  its investment advisor,
	MJX Asset Management LLC
			
	By: 	 	  /s/ Frederick Taylor
	 	
	     Name:  Frederick Taylor
	     Title:  Managing Director
	
	Venture XVIII CLO, Limited,
	as a Lender	 	
	BY:  its investment advisor,
	MJX Asset Management LLC
			
	By: 	 	  /s/ Frederick Taylor
	 	
	     Name:  Frederick Taylor
	     Title:  Managing Director

 
					
	Venture XIX CLO, Limited,
	as a Lender	 	
	BY:  its investment advisor,
	MJX Asset Management LLC
			
	By: 	 	  /s/ Frederick Taylor
	 	
	     Name:  Frederick Taylor
	     Title:  Managing Director
	
	Venture XX CLO, Limited,
	as a Lender	 	
	BY:  its investment advisor,
	MJX Asset Management LLC
			
	By: 	 	  /s/ Frederick Taylor
	 	
	     Name:  Frederick Taylor
	     Title:  Managing Director
	
	Venture XXI CLO, Limited,
	as a Lender	 	
	BY:  its investment advisor,
	MJX Asset Management LLC
			
	By: 	 	  /s/ Frederick Taylor
	 	
	     Name:  Frederick Taylor
	     Title:  Managing Director

 
					
	Venture XXIII CLO, Limited,
	as a Lender	 	
	BY:  its investment advisor,
	MJX Asset Management LLC
			
	By: 	 	  /s/ Frederick Taylor
	 	
	     Name:  Frederick Taylor
	     Title:  Managing Director
	
	Monroe Capital BSL CLO 2015-1, Ltd.
	By:  Monroe Capital Management LLC,
	as Collateral Manager and Attorney-in-fact,
	as a Lender	 	
			
	By: 	 	  /s/ Seth Friedman
	 	
	     Name:  Seth Friedman
	     Title:  Vice President
	
	OZLM Funding III, Ltd.,
	as a Lender	 	
	
	By:  Och-Ziff Loan Management LP,
	its collateral manager
	By:  Och-Ziff Loan Management LLC,
	its general partner	 	

 
					
			
	By: 	 	  /s/ Joel Frank
	 	
	     Name:  Joel Frank
	     Title:  Chief Financial Officer

 
					
	OZLM Funding IV, Ltd.,
	as a Lender	 	
		
	By:  	 	Och-Ziff Loan Management LP,
	its collateral manager
	By:  	 	Och-Ziff Loan Management LLC,
	its general partner	 	
			
	By:	 	  /s/ Joel Frank
	 	
	     Name:  Joel Frank
	     Title:  Chief Financial Officer
	
	OZLM Funding V, Ltd.,
	as a Lender	 	
		
	By:  	 	Och-Ziff Loan Management LP,
	its collateral manager	 	
	By:  	 	Och-Ziff Loan Management LLC,
	its general partner	 	
			
	By:	 	  /s/ Joel Frank
	 	
	     Name:  Joel Frank
	     Title:  Chief Financial Officer
	
	OZLM VI, Ltd.,
	as a Lender	 	
		
	By:  	 	Och-Ziff Loan Management LP,
	its collateral manager	 	
	By:  	 	Och-Ziff Loan Management LLC,
	its general partner	 	
			
	By:	 	  /s/ Joel Frank
	 	
	     Name:  Joel Frank
	     Title:  Chief Financial Officer

 
					
	OZLM VII, Ltd.,
	as a Lender	 	
		
	By:  	 	Och-Ziff Loan Management LP,
	its collateral manager	 	
	By:  	 	Och-Ziff Loan Management LLC,
	its general partner	 	
			
	By:	 	  /s/ Joel Frank
	 	
	     Name:  Joel Frank
	     Title:  Chief Financial Officer
	
	OZLM VIII, Ltd.,
	as a Lender	 	
		
	By:  	 	Och-Ziff Loan Management LP,
	its collateral manager	 	
	By:  	 	Och-Ziff Loan Management LLC,
	its general partner	 	
			
	By:	 	  /s/ Joel Frank
	 	
	     Name:  Joel Frank
	     Title:  Chief Financial Officer
	
	OZLM IX, Ltd.,
	as a Lender	 	
		
	By:  	 	Och-Ziff Loan Management LP,
	its collateral manager	 	
	By:  	 	Och-Ziff Loan Management LLC,
	its general partner
			
	By:	 	  /s/ Joel Frank
	 	
	     Name:  Joel Frank
	     Title:  Chief Financial Officer

 
					
	OZLM XI, Ltd.,
	as a Lender
		
	By:  	 	Och-Ziff Loan Management LP,
	its collateral manager	 	
	By:	 	Och-Ziff Loan Management LLC,
	its general partner
			
	By:	 	  /s/ Joel Frank
	 	
	     Name:  Joel Frank
	     Title:  Chief Financial Officer
	
	OZLM XII, Ltd.,
	as a Lender
		
	By:	 	Och-Ziff Loan Management LP,
	its collateral manager
	By:	 	Och-Ziff Loan Management LLC,
	its general partner
			
	By:	 	  /s/ Joel Frank
	 	
	     Name:  Joel Frank
	     Title:  Chief Financial Officer
	
	OZLM XIII, Ltd.,
	as a Lender
		
	By:	 	Och-Ziff Loan Management LP,
	its collateral manager
	By:	 	Och-Ziff Loan Management LLC,
	its general partner
			
	By:	 	  /s/ Joel Frank
	 	
	     Name:  Joel Frank
	     Title:  Chief Financial Officer

 
					
	Dryden XXIV Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:  	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Dryden XXV Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:  	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Dryden XXVI Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:  	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Dryden XXVIII Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:  	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President

 
					
	Dryden 30 Senior Loan Fund,
	as a Lender
	By:  	 	PGIM, Inc., as Collateral Manager
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Dryden 31 Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Dryden 33 Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Dryden 34 Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President

 
					
	Dryden 36 Senior Loan Fund,
	as a Lender
	By:  	 	PGIM, Inc., as Collateral Manager
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Dryden 37 Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Dryden 38 Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Dryden 40 Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President

 
					
	Dryden 41 Senior Loan Fund,
	as a Lender
	By:  	 	PGIM, Inc., as Collateral Manager
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Dryden 42 Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Dryden 43 Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Dryden 45 Senior Loan Fund,
	as a Lender
	By:	 	PGIM, Inc., as Collateral Manager
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President

 
					
	Prudential Investment Portfolios, Inc. 14 – Prudential Floating Rate Income Fund,
	as a Lender
	By:  	 	PGIM, Inc., as Investment Advisor
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	Prudential Bank Loan Fund of the Prudential Trust Company Collective Trust,
	as a Lender
	By:	 	PGIM, Inc., as Investment Advisor
			
	By:	 	  /s/ Parag Pandya
	 	
	     Name:  Parag Pandya
	     Title:  Vice President
	
	BOWERY FUNDING ULC,
	as a Lender
			
	By:	 	  /s/ Vrushant Shah
	 	
	     Name:  Vrushant Shah
	     Title:  Authorized Signatory

 
					
	American Beacon Sound Point Floating Rate Income Fund, a series of American Beacon Funds,
	as a Lender
	By:   Sound Point Capital Management, LP as Sub-Advisor
			
	By:  	 	  /s/ Misha Shah
	 	
	     Name:  Misha Shah
	     Title:  CLO Operations Associate
	
	Commonwealth of Pennsylvania, Treasury Department,
	as a Lender
	By:   Sound Point Capital Management, LP as Investment Advisor
			
	By:	 	  /s/ Misha Shah
	 	
	     Name:  Misha Shah
	     Title:  CLO Operations Associate
	
	Commonwealth of Pennsylvania, Treasury Department – Tuition Account Program,
	as a Lender
	By:   Sound Point Capital Management, LP as Investment Advisor
			
	By:	 	  /s/ Misha Shah
	 	
	     Name:  Misha Shah
	     Title:  CLO Operations Associate
	
	Kaiser Foundation Hospitals,
	as a Lender
	By:   Sound Point Capital Management, LP as Manager
			
	By:	 	  /s/ Misha Shah
	 	
	     Name:  Misha Shah
	     Title:  CLO Operations Associate
	
	Kaiser Permanente Group Trust,
	as a Lender
	By:   Sound Point Capital Management, LP as Manager
			
	By:	 	  /s/ Misha Shah
	 	
	     Name:  Misha Shah
	     Title:  CLO Operations Associate

 
					
	Privilege Underwriters Reciprocal Exchange,
	as a Lender
	By:   Sound Point Capital Management, LP as Manager
			
	By:  	 	  /s/ Misha Shah
	 	
	     Name:  Misha Shah
	     Title:  CLO Operations Associate

 
					
	PURE Insurance Company,
	as a Lender
	By:   Sound Point Capital Management, LP as Manager
			
	By:  	 	  /s/ Misha Shah
	 	
	     Name:  Misha Shah
	     Title:  CLO Operations Associate
	
	Sound Point CLO IX, Ltd.,
	as a Lender
			
	By:	 	  /s/ Misha Shah
	 	
	     Name:  Misha Shah
	     Title:  CLO Operations Associate
	
	SOUND POINT FLOATING RATE FUND, A SERIES OF TAYLOR INSURANCE SERIES LP,
	as a Lender
	 By:   Sound Point Capital Management, LP as

Investment Manager

			
	By:	 	  /s/ Misha Shah
	 	
	     Name:  Misha Shah
	     Title:  CLO Operations Associate

					
	Sound Point Senior Floating Rate Master Fund, L.P.,
	as a Lender
	By:   Sound Point Capital Management, LP as Investment Advisor
			
	By:  	 	  /s/ Misha Shah
	 	
	     Name:  Misha Shah
	     Title:  CLO Operations Associate
	
	Teamsters Pension Trust Fund of Philadelphia & Vicinity,
	as a Lender
	By:   Sound Point Capital Management, LP as Investment Advisor
			
	By: 	 	  /s/ Misha Shah
	 	
	     Name:  Misha Shah
	     Title:  CLO Operations Associate
	
	Steele Creek CLO 2014-1, LTD
	Steele Creek CLO 2015-1, LTD
	Steele Creek CLO 2016-1, LTD
	as a Lender
			
	By: 	 	  /s/ Glenn Duffy
	 	
	     Name:  Glenn Duffy
	     Title:  Chief Investment Office

					
	Nelder Grove CLO, Ltd.
	 By:   Tall Tree Investment Management, LLC

as Collateral Manager

			
	By:  	 	  /s/ Michael J. Starshak Jr.
	 	
	     Name:  Michael J. Starshak Jr.
	     Title:  Officer
	
	Tuolumne Grove CLO, Ltd.
	 By:   Tall Tree Investment Management, LLC

as Collateral Manager

			
	By: 	 	  /s/ Michael J. Starshak Jr.
	 	
	     Name:  Michael J. Starshak Jr.
	     Title:  Officer
	
	Lockwood Grove CLO, Ltd.
	 By:   Tall Tree Investment Management, LLC

as Collateral Manager

			
	By: 	 	  /s/ Michael J. Starshak Jr.
	 	
	     Name:  Michael J. Starshak Jr.
	     Title:  Officer
	
	Crown Point CLO III, Ltd.,
	as a Lender
	 by   Valcour Capital Management, LLC,

as its Collateral Manager

			
	By: 	 	  /s/ John D’Angelo
	 	
	     Name:  John D’Angelo
	     Title:  Sr. Portfolio Manager

 SCHEDULE A 

 

			
	Lender	  	2016 Incremental Term Commitment
	 JPMorgan
Chase Bank, N.A.
	  	$152,000,000.00        
	
TOTAL    
	  	$152,000,000.00        

 EXHIBIT A 

See attached. 

Execution
CopyAMENDMENT NO. 1

EXECUTION VERSION

  
  

 
 TERM LOAN CREDIT AGREEMENT 

dated as of June 30, 2015, 
 among

 HORIZON GLOBAL CORPORATION, 

The Lenders Party Hereto, 

JPMORGAN CHASE BANK, N.A., 
 as
Administrative Agent and Collateral Agent, 
 BMO CAPITAL MARKETS CORP., 

and 
 WELLS FARGO SECURITIES, LLC,

 as Syndication Agents, 

KEYBANC CAPITAL MARKETS INC., 

SIDOTI & COMPANY, LLC 
 and 

ROTH CAPITAL PARTNERS, LLC 
 as
Documentation Agents 
  
  

J.P. MORGAN SECURITIES LLC, 
 BMO
CAPITAL MARKETS CORP., 
 WELLS FARGO SECURITIES, LLC, 

as Joint Lead Arrangers and Joint Bookrunners 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	 ARTICLE I 
	   

	
	 DEFINITIONS 
	   

			
	SECTION 1.01	 	 Defined Terms
	  	 	1	  
	SECTION 1.02	 	 Classification of Loans and Borrowings
	  	 	2930	  
	SECTION 1.03	 	 Terms Generally
	  	 	30	  
	SECTION 1.04	 	 Accounting Terms; GAAP
	  	 	3031	  
	
	 ARTICLE II 
	   

	
	 THE CREDITS 
	   

			
	SECTION 2.01	 	 Commitments
	  	 	3031	  
	SECTION 2.02	 	 Loans and Borrowings
	  	 	31	  
	SECTION 2.03	 	 Requests for Borrowings
	  	 	3132	  
	SECTION 2.04	 	 [Reserved]
	  	 	3233	  
	SECTION 2.05	 	 [Reserved]
	  	 	3233	  
	SECTION 2.06	 	 Funding of Borrowings
	  	 	3233	  
	SECTION 2.07	 	 Interest Elections
	  	 	3233	  
	SECTION 2.08	 	 Termination and Reduction of Commitments
	  	 	3334	  
	SECTION 2.09	 	 Repayment of Loans; Evidence of Debt
	  	 	3435	  
	SECTION 2.10	 	 Amortization of Term Loans
	  	 	3435	  
	SECTION 2.11	 	 Prepayment of Loans
	  	 	3536	  
	SECTION 2.12	 	 Fees
	  	 	3738	  
	SECTION 2.13	 	 Interest
	  	 	3738	  
	SECTION 2.14	 	 Alternate Rate of Interest
	  	 	38	  
	SECTION 2.15	 	 Increased Costs
	  	 	3839	  
	SECTION 2.16	 	 Break Funding Payments
	  	 	3940	  
	SECTION 2.17	 	 Taxes
	  	 	3940	  
	SECTION 2.18	 	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	4243	  
	SECTION 2.19	 	 Mitigation Obligations; Replacement of Lenders
	  	 	4344	  
	SECTION 2.20	 	 [Reserved]
	  	 	4445	  
	SECTION 2.21	 	 Incremental Facilities
	  	 	4445	  
	SECTION 2.22	 	 [Reserved]
	  	 	4647	  
	SECTION 2.23	 	 Extensions
	  	 	4647	  
	
	 ARTICLE III 
	   

	
	 REPRESENTATIONS AND WARRANTIES 
	   

			
	SECTION 3.01	 	 Organization; Powers
	  	 	4748	  
	SECTION 3.02	 	 Authorization; Enforceability
	  	 	4849	  
	SECTION 3.03	 	 Governmental Approvals; No Conflicts
	  	 	4849	  
	SECTION 3.04	 	 Financial Condition; No Material Adverse Change
	  	 	4849	  
	SECTION 3.05	 	 Properties
	  	 	4950	  

  
 -i- 

							
	 	 	 	  	Page	 
			
	SECTION 3.06	 	 Litigation and Environmental Matters
	  	 	4950	  
	SECTION 3.07	 	 Compliance with Laws and Agreements
	  	 	5051	  
	SECTION 3.08	 	 Investment Company Status
	  	 	5051	  
	SECTION 3.09	 	 Taxes
	  	 	5051	  
	SECTION 3.10	 	 ERISA
	  	 	5051	  
	SECTION 3.11	 	 Disclosure
	  	 	5051	  
	SECTION 3.12	 	 Subsidiaries
	  	 	51	  
	SECTION 3.13	 	 Insurance
	  	 	5152	  
	SECTION 3.14	 	 Labor Matters
	  	 	5152	  
	SECTION 3.15	 	 Solvency
	  	 	5152	  
	SECTION 3.16	 	 Senior Indebtedness
	  	 	5152	  
	SECTION 3.17	 	 Security Documents
	  	 	5152	  
	SECTION 3.18	 	 Federal Reserve Regulations
	  	 	5253	  
	SECTION 3.19	 	 Anti-Corruption Laws and Sanctions
	  	 	5253	  
	SECTION 3.20	 	 Material Contracts
	  	 	53	  
	SECTION 3.21	 	 EEA Financial
Institutions
	  	 	54	  
	
	ARTICLE IV	  
	
	CONDITIONS	  
			
	SECTION 4.01	 	 Closing Date
	  	 	5354	  
	
	ARTICLE V	  
	
	AFFIRMATIVE COVENANTS	  
			
	SECTION 5.01	 	 Financial Statements and Other Information
	  	 	5556	  
	SECTION 5.02	 	 Notices of Material Events
	  	 	5758	  
	SECTION 5.03	 	 Information Regarding Collateral
	  	 	5859	  
	SECTION 5.04	 	 Existence; Conduct of Business
	  	 	5960	  
	SECTION 5.05	 	 Payment of Obligations
	  	 	5960	  
	SECTION 5.06	 	 Maintenance of Properties
	  	 	5960	  
	SECTION 5.07	 	 Insurance
	  	 	5960	  
	SECTION 5.08	 	 Casualty and Condemnation
	  	 	5960	  
	SECTION 5.09	 	 Books and Records; Inspection and Audit Rights
	  	 	6061	  
	SECTION 5.10	 	 Compliance with Laws
	  	 	6061	  
	SECTION 5.11	 	 Use of Proceeds
	  	 	6061	  
	SECTION 5.12	 	 Additional Subsidiaries
	  	 	6061	  
	SECTION 5.13	 	 Further Assurances
	  	 	6061	  
	SECTION 5.14	 	 Ratings
	  	 	6162	  
	
	ARTICLE VI	  
	
	NEGATIVE COVENANTS	  
			
	SECTION 6.01	 	 Indebtedness; Certain Equity Securities
	  	 	6162	  
	SECTION 6.02	 	 Liens
	  	 	6365	  
	SECTION 6.03	 	 Fundamental Changes
	  	 	6566	  
	SECTION 6.04	 	 Investments, Loans, Advances, Guarantees and Acquisitions
	  	 	6667	  

  
 -ii- 

							
	 	 	 	  	Page	 
			
	SECTION 6.05	 	 Asset Sales
	  	 	6768	  
	SECTION 6.06	 	 Sale and Leaseback Transactions
	  	 	6869	  
	SECTION 6.07	 	 Hedging Agreements
	  	 	6870	  
	SECTION 6.08	 	 Restricted Payments; Certain Payments of Indebtedness
	  	 	6970	  
	SECTION 6.09	 	 Transactions with Affiliates
	  	 	7072	  
	SECTION 6.10	 	 Restrictive Agreements
	  	 	7172	  
	SECTION 6.11	 	 Amendment of Material Documents
	  	 	7172	  
	SECTION 6.12	 	 [Reserved]
	  	 	7273	  
	SECTION 6.13	 	 Net Leverage Ratio
	  	 	7273	  
	SECTION 6.14	 	 Use of Proceeds
	  	 	7276	  
	
	ARTICLE VII	  
	
	EVENTS OF DEFAULT	  
	
	ARTICLE VIII	  
	
	THE AGENTS	  
	
	ARTICLE IX	  
	
	[RESERVED]	  
	
	ARTICLE X	  
	
	MISCELLANEOUS	  
			
	SECTION 10.01	 	 Notices
	  	 	7778	  
	SECTION 10.02	 	 Waivers; Amendments
	  	 	7779	  
	SECTION 10.03	 	 Expenses; Indemnity; Damage Waiver
	  	 	8081	  
	SECTION 10.04	 	 Successors and Assigns
	  	 	8182	  
	SECTION 10.05	 	 Survival
	  	 	8485	  
	SECTION 10.06	 	 Counterparts; Integration; Effectiveness
	  	 	8485	  
	SECTION 10.07	 	 Severability
	  	 	8485	  
	SECTION 10.08	 	 Right of Setoff
	  	 	8485	  
	SECTION 10.09	 	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	8486	  
	SECTION 10.10	 	 WAIVER OF JURY TRIAL
	  	 	8586	  
	SECTION 10.11	 	 Headings
	  	 	8586	  
	SECTION 10.12	 	 Confidentiality
	  	 	8586	  
	SECTION 10.13	 	 Interest Rate Limitation
	  	 	8687	  
	SECTION 10.14	 	 Intercreditor Agreements
	  	 	87	  
	SECTION 10.15	 	 Release of Liens and Guarantees
	  	 	87	  
	SECTION 10.16	 	 PATRIOT Act
	  	 	8788	  
	SECTION 10.17	 	 No Fiduciary Duty
	  	 	8788	  
	SECTION 10.18	 	 Acknowledgement and
Consent to Bail-In of EEA Financial Institutions
	  	 	89	  

  
 -iii- 

 TERM LOAN CREDIT AGREEMENT dated as of June 30, 2015 (this “Agreement”), among
HORIZON GLOBAL CORPORATION, the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent and Collateral Agent. 

RECITALS: 
 In consideration of
the premises and the agreements, provisions and covenants herein contained, the parties hereto hereby agree as follows: 
 ARTICLE I 

Definitions 
 SECTION
1.01      Defined Terms.  As used in this Agreement, the following terms have the meanings specified below: 

“2016 Incremental Term
Loans” has the meaning set forth in the First Amendment. 
 “2016 Incremental Term Loan Commitments” has the meaning set forth in the First Amendment. 
 “ABL Agent” means Bank of America, N.A., as administrative agent and/or
collateral agent, as applicable, under the ABL Credit Agreement, and its successors and assigns. 
 “ABL Credit Agreement”
means the ABL Credit Agreement to be dated as of the Closing Date, among the Borrower, the Subsidiaries party thereto as borrowers, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent, as such document
or the credit facility thereunder may be amended, restated, supplemented, replaced, refinanced or otherwise modified from time to time in accordance with the requirements thereof and of this Agreement. 

“ABL Guarantee and Collateral Agreement” means the Guarantee and Collateral Agreement as defined in the ABL Credit
Agreement. 
 “ABL Foreign Loan Party” means any Foreign Subsidiary that is a party to the ABL Loan Documents as a
borrower thereunder and/or is a party to any ABL Security Document as a grantor or guarantor thereunder. 
 “ABL Loan”
means a loan made pursuant to the ABL Credit Agreement. 
 “ABL Loan Documents” means collectively (a) the ABL Credit
Agreement, (b) the ABL Security Documents, (c) any promissory note evidencing loans under the ABL Credit Agreement and (d) any amendment, waiver, supplement or other modification to any of the documents described in clauses (a)
through (c), in each case as such documents may be amended, restated, supplemented, replaced, refinanced or otherwise modified from time to time in accordance with the requirements thereof and of this Agreement. 

“ABL Priority Collateral” has the meaning assigned to such term in the Intercreditor Agreement. 

“ABL Security Documents” means the collective reference to the ABL Guarantee and Collateral Agreement, the Mortgages (as
defined in the ABL Credit Agreement) and all other security 

 Alternative Incremental Debt the proceeds of which shall be used to finance a Limited
Conditionality Acquisition, as of the date of entry into the applicable Limited Conditionality Acquisition Agreement (i) no Default or Event of Default shall have occurred and be continuing and (ii) the representations and warranties of
each Loan Party set forth in the Loan Documents shall be true and correct in all material respects (or in all respects if qualified by materiality) on and as of such date, and 

(f)        such Indebtedness is not guaranteed by any Person other than Loan Parties. 

Alternative Incremental Debt will include any Registered Equivalent Notes issued in exchange therefor.

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its
Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Applicable Law” has the meaning
assigned to such term in the ABL Credit Agreement as of the date hereof. 
 “Applicable Rate” means, for any day,
(a) with respect to (i) any ABR Term B Loan or any ABR 2016 Incremental Term Loan, 5.00% per annum and (ii) any Eurocurrency Term B Loan or any Eurocurrency 2016
Incremental Term Loan, 6.00% per annum and (b) with respect to any Incremental Term Loan of any Series, the rate per annum specified in the Incremental Facility Agreement establishing the
Incremental Term Commitments of such Series. 
 “Approved Fund” means any Person (other than a natural person) that
is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an
Affiliate of an entity that administers or manages a Lender. 
 “Assignment and Assumption” means an assignment and
assumption entered into by a Lender and an assignee (with the consent of any Person whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the
Administrative Agent. 
 “Assumed Preferred Stock” means any preferred stock or preferred equity interests of any Person
that becomes a Subsidiary after the Closing Date; provided that (a) such preferred stock or preferred equity interests exist at the time such Person becomes a Subsidiary and are not created in contemplation of or in connection with such
Person becoming a Subsidiary and (b) the aggregate liquidation value of all such outstanding preferred stock and preferred equity interests shall not exceed $10,000,000 at any time outstanding, less the aggregate principal amount of
Indebtedness incurred and outstanding pursuant to Section 6.01(a)(x). 
 “Available Amount” means, as of any date of
determination, an amount equal to: 
 (a)        the sum of (without duplication):

 (i)        if positive, the Cumulative Retained Excess Cash Flow Amount; and

  
 -4- 

 (ii)        the Net Proceeds received by
the Borrower from (A) cash contributions (other than from a Subsidiary) to the Borrower or (B) the issuance and sale of its Equity Interests (other than a sale to a Subsidiary); 

minus 

(b)        the amount of any investments made in reliance on Section 6.04(s)
prior to such date and any prepayments of Indebtedness made in reliance on Section 6.08(b)(vii) prior to such date; 
 minus

 (c)        the portion of Excess Cash Flow not otherwise required to be used to
prepay Term Loans pursuant to Section 2.11(d) that is used pursuant to Section 6.08(a)(v) or Section 6.08(a)(vii). 
 “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“Base Incremental Amount” means, as of any date, an amount equal to (a) $25,000,00075,000,000 less (b) the aggregate principal amount of Incremental Term Commitments established prior to such date in reliance on the Base Incremental Amount less (c) the aggregate principal amount of Alternative
Incremental Debt established prior to such date in reliance on the Base Incremental Amount. 
 “Board” means the
Board of Governors of the Federal Reserve System of the United States of America. 
 “Borrower” means Horizon Global
Corporation, a Delaware corporation. 
 “Borrower Registration Statement” means the registration statement on
Form S-1 filed by the Borrower with the Commission on March 31, 2015, including all exhibits and schedules thereto, in each case, as amended, supplemented or otherwise modified prior to the Closing Date. 

“Borrowing” means Loans of the same Class and Type, made, converted or continued on the same date and as to which a single
Interest Period is in effect. 
 “Borrowing Base” shall have the meaning ascribed to such term in the ABL Credit Agreement
(as defined in the ABL Credit Agreement on the Closing Date). 
 “Borrowing Request” means a request by the Borrower for a
Borrowing in accordance with Section 2.03, which shall be, in the case of any such written request, in the form of Exhibit B or any other form approved by the Administrative Agent. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed; provided that 

  
 -5- 

 
Subsidiaries for such period related to any offering of Equity Interests or incurrence of Indebtedness, whether or not consummated, (xi) fees and expenses in connection with the
Transactions, (xii) any unusual or nonrecurring costs and expenses arising from the integration of any business acquired pursuant to any Permitted Acquisition consummated after the Closing Date not to exceed $7,500,000 in any fiscal year and
$20,000,000 in the aggregate, (xiii) any unusual or nonrecurring costs and expenses arising from the integration of the Westfalia
Group not to exceed $10,000,000 in any fiscal year and $30,000,000 in the aggregate, (xiv) the amount of reasonably identifiable and factually supportable “run rate” cost savings, operating expense reductions, and other synergies not
to exceed $12,500,000 resulting from the Westfalia Acquisition that are projected by Borrower in good faith and certified by a Financial Officer of the Borrower in writing to the Administrative Agent to result from actions either taken or expected
to be taken within eighteen (18) months of the Westfalia Acquisition Closing Date to take such action, net of the amount of actual benefits realized prior to or during such period from such actions (which cost savings, operating expense
reductions, and synergies shall be calculated on a pro forma basis as though such cost savings, operating expense reductions, or synergies had been realized on the first day of such period), (xv) any unusual or nonrecurring expenses or similar costs relating to cost savings projects, including restructuring and severance expenses, not to exceed
$15,000,00020,000,000 in the aggregate from and after January 1, 2015; provided that no more than $5,000,000 may be counted in any fiscal year commencing on or after January 1, 2015, (xivxvi) net
 losses from discontinued operations, not to exceed in any fiscal year
$5,000,0007,500,000,
(xvxvii) losses associated with the prepayment of leases (whether operating leases or capital leases) outstanding on January 1, 2015 from discontinued operations, and (xvixviii)
 losses or charges associated with asset sales otherwise permitted hereunder and any unusual or nonrecurring charges, so long as the amount added back pursuant to this clause
(xvixviii) does not exceed in the aggregate $5,000,000, minus (b) without duplication and to the extent included in determining such Consolidated Net Income, (i) any extraordinary gains for such period,
(ii) any non-cash income, profits or gains for such period and (iii) any gains realized from the retirement of Indebtedness after the Closing Date, all determined on a consolidated basis in accordance with GAAP; provided, however, that the
amounts added to Consolidated Net Income pursuant to clauses (xii) through
(xvixviii) above for any period shall not exceed 25% of Consolidated EBITDA for such period (determined without including amounts added to Consolidated Net Income pursuant to clauses (xii) through (xvixviii)
 above for such period). If the Borrower or any Subsidiary has made any Permitted Acquisition or Significant Investment or any sale, transfer, lease or other disposition of assets outside of the ordinary course of business permitted by
Section 6.05 during the relevant period for determining any leverage ratio hereunder, Consolidated EBITDA for the relevant period shall be calculated only for purposes of determining such leverage ratio after giving pro forma effect thereto, as
if such Permitted Acquisition or Significant Investment or sale, transfer, lease or other disposition of assets had occurred on the first day of the relevant period for determining Consolidated EBITDA; provided that with respect to any
Significant Investment, (x) any pro forma adjustment made to Consolidated EBITDA shall be in proportion to the percentage ownership of the Borrower or such Subsidiary, as applicable, in the Subject Person (e.g. if the Borrower acquires 70% of
the Equity Interests of the Subject Person, a pro forma adjustment to Consolidated EBITDA shall be made with respect to no more than 70% of the EBITDA of the Subject Person) and (y) pro forma effect shall only be given to such Significant
Investment if the Indebtedness of the Subject Person is included in Total Indebtedness for purposes of calculating the applicable leverage ratio in proportion to the percentage ownership of the Borrower or such Subsidiary, as applicable, in such
Subject Person. Any such pro forma calculations may include operating and other expense reductions and other adjustments for such period resulting from any Permitted Acquisition, or sale, transfer, lease or other disposition of assets that is being
given pro forma effect to the extent that such operating and other expense reductions and other adjustments (a) would be permitted pursuant to Article XI of Regulation S-X under the Securities Act of 1933
(“Regulation S-X”) or (b) are reasonably consistent with the purpose of Regulation S-X as determined in good faith by the Borrower in consultation with the Administrative Agent. 

  
 -9- 

 “Consolidated Net Income” means, for any period, the net income or loss of the
Borrower and the Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income of any Person (other than the Borrower or a Significant Investment) in which
any other Person (other than the Borrower or any Subsidiary or any director holding qualifying shares in compliance with Applicable Law) owns an Equity Interest, except to the extent of the amount of dividends or other distributions actually paid to
the Borrower or any of the Subsidiaries during such period, (b) the income or loss of any Person accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with the Borrower or any Subsidiary or the date that such
Person’s assets are acquired by the Borrower or any Subsidiary and (c) the cumulative effect of a change in accounting principles during such period to the extent included in Consolidated Net Income. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Credit Facility” means a category of Commitments and extensions of credit thereunder. 

“Cumulative Retained Excess Cash Flow Amount” means, at any date of determination, an amount equal to the aggregate
cumulative sum of the Retained Percentage of Excess Cash Flow for the Excess Cash Flow Periods ended on or prior to such date. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Disclosed Matters” means the actions, suits and proceedings
and the environmental matters disclosed in Schedule 3.06. 
 “Documentation Agents” means KeyBanc Capital Markets
Inc., Sidoti & Company, LLC and Roth Capital Partners, LLC. 
 “dollars” or “$” refers to lawful
money of the United States of America. 
 “Domestic Subsidiary” means any Subsidiary, other than the Foreign Subsidiaries.

 “ECF Percentage” means 50%; provided, that, with respect to any fiscal year of the Borrower commencing with the
fiscal year ending December 31,
20162017, the ECF Percentage shall be reduced to (a) 25% if the Net Leverage Ratio as of the last day of such fiscal year is no greater than 3.00 to 1.00 but greater than 2.50 to 1.00 and (b) 0% if the Net
Leverage Ratio as of the last day of such fiscal year is less than or equal to 2.50 to 1.00. 
 “EEA Financial Institution” means (a) any institution established in any EEA Member Country which is subject to the
supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country
which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member
Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

  
 -10- 

“EEA Resolution
Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial
Institution. 
 “Environmental Laws” means all laws, rules,
regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural
resources, the management, Release or threatened Release of any Hazardous Material or to health and safety matters. 

“Environmental Liability” means any liabilities, obligations, damages, losses, claims, actions, suits, judgments, or orders,
contingent or otherwise (including any liability for damages, costs of environmental remediation, costs of administrative oversight, fines, natural resource damages, penalties or indemnities), directly or indirectly resulting from or relating to
(a) compliance or non-compliance with any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) any actual or alleged exposure to any Hazardous Materials,
(d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Environmental Notice” has the meaning assigned to such term in the ABL Credit Agreement as of the date hereof. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity ownership interests in a Person or any warrants, options or other rights to acquire such interests. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as
a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code. 

“ERISA Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA or the
regulations issued thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) a failure by any Plan to satisfy the minimum funding standards (as defined in Section 412 of the Code or
Section 302 of ERISA) applicable to such Plan in each instance, whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding
standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in “at risk” status (as defined in Section 430(i)(4) of the Code or Section 303(i)(4) of ERISA; (e) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any notice
relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (g) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from
any Plan or Multiemployer Plan; or (h) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal
Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA or in 

  
 -11- 

 
“endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA). 

“EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Eurocurrency,” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default” has the
meaning assigned to such term in Article VII. 
 “Excess Cash Flow” means, for any fiscal year, the sum (without
duplication) of: 
 (a)        Consolidated Net Income for such fiscal year,
adjusted to exclude any gains or losses attributable to Prepayment Events; plus 

(b)        the excess, if any, of the Net Proceeds received during such fiscal year by
the Borrower and its consolidated Subsidiaries in respect of any Prepayment Events over (x) amounts permitted to be reinvested pursuant to Section 2.11(c) and (y) the aggregate principal amount of Term Loans prepaid pursuant to
Section 2.11(c) in respect of such Net Proceeds; plus 

(c)        depreciation, amortization and other noncash charges or losses deducted in
determining such consolidated net income (or loss) for such fiscal year; plus 

(d)        the sum of (i) the amount, if any, by which Net Working Capital
(adjusted to exclude changes arising from Permitted Acquisitions and Significant Investments) decreased during such fiscal year plus (ii) the net amount, if any, by which the consolidated deferred revenues and other consolidated accrued
long-term liability accounts of the Borrower and its consolidated Subsidiaries (adjusted to exclude changes arising from Permitted Acquisitions) increased during such fiscal year plus (iii) the net amount, if any, by which the consolidated
accrued long-term asset accounts of the Borrower and its consolidated Subsidiaries (adjusted to exclude changes arising from Permitted Acquisitions) decreased during such fiscal year; minus 

(e)        the sum of (i) any noncash gains included in determining such
consolidated net income (or loss) for such fiscal year plus (ii) the amount, if any, by which Net Working Capital (adjusted to exclude changes arising from Permitted Acquisitions) increased during such fiscal year plus (iii) the net
amount, if any, by which the consolidated deferred revenues and other consolidated accrued long-term liability accounts of the Borrower and its consolidated Subsidiaries (adjusted to exclude changes arising from Permitted Acquisitions) decreased
during such fiscal year plus (iv) the net amount, if any, by which the consolidated accrued long-term asset accounts of the Borrower and its consolidated Subsidiaries (adjusted to exclude changes arising from Permitted Acquisitions) increased
during such fiscal year; minus 
 (f)        the sum of (i) Capital
Expenditures for such fiscal year and Capital Expenditures to be made within 90 days following the end of such fiscal year pursuant to binding agreements entered into by the Borrower or any of its consolidated Subsidiaries prior to the end of
such fiscal year; provided that to the extent any such Capital Expenditure is not made (or if the amount of any such Capital Expenditures less than the amount deducted with respect hereto) within 90 days after such fiscal year, the
amount (or such portion of the amount) thereof shall be added back to Excess Cash Flow for the subsequent period (except to the extent 

  
 -12- 

 
attributable to the incurrence of Capital Lease Obligations or otherwise financed by incurring Long-Term Indebtedness) plus (ii) cash consideration paid during such fiscal year to make
acquisitions or other capital investments (except to the extent financed by incurring Long-Term Indebtedness or through the use of the Available Amount); minus 

(g)        the aggregate principal amount of Long-Term Indebtedness repaid or prepaid
by the Borrower and its consolidated Subsidiaries during such fiscal year, excluding (i) Indebtedness in respect of ABL Loans and other revolving Indebtedness (in each case except to the extent the revolving credit commitments in respect thereof are
permanently reduced in the amount of and at the time of any such payment) and letters of credit, (ii) Term Loans prepaid pursuant to Section 2.11(c) or (d), (iii) optional prepayments of Term Loans (including purchases of Term Loans pursuant to
Section 10.04(h)), (iv) repayments or prepayments of Long-Term Indebtedness financed by incurring other Long-Term Indebtedness or through the use of the Available Amount, (v) optional prepayments of Pari Passu Alternative Incremental Debt in the
form of loans or Pari Passu Permitted Term Loan Refinancing Indebtedness in the form of loans and (vi) any prepayments of Pari Passu Alternative Incremental Debt or Pari Passu Permitted Term Loan Refinancing Indebtedness in lieu of mandatory
prepayments of Term Loans in accordance with Section 2.11(c); minus 

(h)        the noncash impact of currency translations and other adjustments to the
equity account, including adjustments to the carrying value of marketable securities and to pension liabilities, in each case to the extent such items would otherwise constitute Excess Cash Flow. 

“Excess Cash Flow Period” means each fiscal year of the Borrower, commencing with the fiscal year ending December 31,
20162017. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any
Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder or under any other Loan Document, (a) income or franchise taxes imposed on (or measured by) its net or overall gross income (or net
worth or similar Taxes imposed in lieu thereof) by the United States of America, or by any other jurisdiction as a result of such recipient being organized in or having its principal office in or applicable lending office in such jurisdiction, or as
a result of any other present or former connection (other than a connection arising solely from this Agreement or any other Loan Document) between such recipient and such jurisdiction, (b) any branch profits Taxes imposed by the United States of
America or any similar Tax imposed by any other jurisdiction described in clause (a) above and (c) in the case of a Non-U.S. Lender (other than an assignee pursuant to a request by the Borrower under Section 2.19(b)), any United States withholding
Taxes resulting from any law in effect (x) at the time such Non-U.S. Lender becomes a party to this Agreement or, with respect to any additional position in any Loan acquired after such Non-U.S. Lender becomes a party hereto, at the time such
additional position is acquired by such Non-U.S. Lender or (y) at the time such Non-U.S. Lender designates a new lending office, except to the extent that such Non-U.S. Lender (or its assignor, if any) was entitled, immediately prior to designation
of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to such United States withholding Tax pursuant to Section 2.17(a), (d) any United States withholding Tax imposed pursuant to FATCA and (e) any
withholding Tax that is attributable to a recipient’s failure to comply with Section 2.17(g). 
 “Extended Term
Loans” has the meaning assigned to such term in Section 2.23(a). 
 “Extension” has the meaning assigned to such
term in Section 2.23(a). 

  
 -13- 

 “Extension Offer” has the meaning assigned to such term in Section 2.23(a).

 “FATCA” means (i) Sections 1471 through 1474 of the Code as of the date of this Agreement or any amended or successor
provision that is substantively comparable and not materially more onerous to comply with, and, in each case, any regulations or official interpretations thereof, (ii) any agreements entered into pursuant to Section 1471(b)(1) of the Code as of the
date of this Agreement or any amended or successor provision as described in clause (i) above and (iii) any law, regulation, rule, promulgation or official agreement implementing an official government agreement with respect to the foregoing. 

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of
1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not
so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of
recognized standing selected by it; provided that if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of the
Borrower. 
 “First
Amendment” means that certain First Amendment to Credit Agreement, dated as of September 19, 2016, among the Borrower, the Administrative Agent and the Lenders party thereto. 

“First Amendment
Effective Date” means the “Effective Date” as set forth in the First Amendment. 

“First Lien Secured Indebtedness” means Total Indebtedness that is secured by a first priority Lien on any asset of the
Borrower or any of its Subsidiaries (it being understood that any Indebtedness outstanding under this Agreement and any Indebtedness outstanding under the ABL Credit Agreement is First Lien Secured Indebtedness). 

“First Lien Net Leverage Ratio” means, on any date, the ratio of (a) First Lien Secured Indebtedness as of such date
less the aggregate amount (not to exceed $100,000,000) of the sum of
Unrestricted Domestic Cash plus 65% of Unrestricted Foreign Cash, in each
case as of such date,
to (b) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on such date (or, if such date is not the last day of a fiscal quarter, ended on the last day of the fiscal quarter of the Borrower most recently
ended prior to such date for which financial statements are available). 
 “FLSA” means the Fair Labor Standards
Act of 1938, as amended from time to time. 
 “Foreign Subsidiary” means any Subsidiary that is organized under the laws
of a jurisdiction other than the United States of America or any State thereof or the District of Columbia. 
 “GAAP”
means generally accepted accounting principles in the United States of America. 
 “Governmental Authority” means the
government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, 

  
 -14- 

 
Series and effecting such other amendments hereto and to the other Loan Documents as are contemplated by Section 2.21. 

“Incremental Term Commitment” means, with respect to any Lender, the commitment, if any, of such Lender, established
pursuant an Incremental Facility Agreement and Section 2.21, to make Incremental Term Loans of any Series hereunder, expressed as an amount representing the maximum principal amount of the Incremental Term Loans of such Series to be made by such
Lender. 
 “Incremental Term Lender” means a Lender with an Incremental Term Commitment or an outstanding Incremental Term
Loan. 
 “Incremental Term Loans” means any term loans made pursuant to Section 2.21(a). 

“Incremental Term Maturity Date” means, with respect to Incremental Term Loans of any Series, the scheduled date on which
such Incremental Term Loans shall become due and payable in full hereunder, as specified in the applicable Incremental Facility Agreement. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with
respect to advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable
incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such
Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as
an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances and (k) solely for purposes of Section 6.01 hereof, any and all payment
obligations of such Person under or Guarantee by such Person with respect to any Hedging Agreement. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general
partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable
therefor. Notwithstanding anything to the contrary in this paragraph, the term “Indebtedness” shall not include (a) agreements providing for indemnification, purchase price adjustments or similar obligations incurred or assumed
in connection with the acquisition or disposition of assets or capital stock and (b) trade payables and accrued expenses in each case arising in the ordinary course of business. 

“Indemnified Taxes” means (a) any Taxes, other than Excluded Taxes, and (b) Other Taxes. 

“Intercreditor Agreement” means the Intercreditor Agreement, substantially in the form of Exhibit C, among the Borrower, the
other Loan Parties, the Collateral Agent and the ABL Agent. 
 “Information Memorandum” means the Confidential Information
Memorandum dated May 1, 2015, relating to the Borrower and the Transactions, and the Confidential Information Memorandum dated
September 5, 2016, relating to the Borrower and the Westfalia Transactions. 

  
 -16- 

“Initial Term B
Loan” means a Loan made pursuant to Section 2.01(a). 

“Intellectual Property Claim” has the meaning assigned to such term in the ABL Credit Agreement as of the date hereof. 

“Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section
2.07. 
 “Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and
December and (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’
duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. 

“Interest Period” means, with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter (or twelve months thereafter if, at the time of the relevant Borrowing, all Lenders participating therein agree to make an interest
period of such duration available), as the Borrower may elect; provided that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next
succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially
shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Interpolated Rate” means, at any time, the rate per annum (rounded to the same number of decimal places as the Screen Rate)
determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Screen Rate (for the longest period for
which that Screen Rate is available for dollars) that is shorter than the Impacted Interest Period and (b) the Screen Rate (for the shortest period for which that Screen Rate is available for dollars) that exceeds the Impacted Interest Period, in
each case, as of the Specified Time on the Quotation Day for such Interest Period. When determining the rate for a period which is less than the shortest period for which the Screen Rate is available, the Screen Rate for purposes of clause (a) above
shall be deemed to be the overnight rate for dollars determined by the Administrative Agent from such service as the Administrative Agent may select. 

“IRS” means the United States Internal Revenue Service. 

“JPMCB” means JPMorgan Chase Bank, N.A. 

“Latest Maturing Term Loans” has the meaning assigned to such term in the definition of “Latest Maturity Date”.

 “Latest Maturity Date” means, as of any date of determination, the latest Maturity Date applicable to any Loans
outstanding or Commitments in effect hereunder (such latest maturing Loans or Commitments, the “Latest Maturing Term Loans”). 

  
 -17- 

 “Minimum Extension Condition” has the meaning assigned to such term in Section
2.23(b). 
 “Minimum Tranche Amount” has the meaning assigned to such term in Section 2.23(b). 

“Moody’s” means Moody’s Investors Service, Inc. 

“Mortgage” means a mortgage, deed of trust, assignment of leases and rents, leasehold mortgage or other security document
granting a Lien on any Mortgaged Property to secure the Obligations. Each Mortgage shall be in form and substance reasonably satisfactory to the Administrative Agent. 

“Mortgaged Property” means each parcel of real property and improvements thereto with respect to which a Mortgage is granted
pursuant to Section 5.12 or 5.13. 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA. 
 “Net Leverage Ratio” means, on any date, the ratio of (a) Total Indebtedness as of such date less
the aggregate amount (not to exceed $100,000,000) of the sum of Unrestricted
Domestic Cash plus 65% of Unrestricted Foreign Cash, in each case as of
such date, to (b) Consolidated EBITDA for the period of four consecutive
fiscal quarters of the Borrower ended on such date (or, if such date is not the last day of a fiscal quarter, ended on the last day of the fiscal quarter of the Borrower most recently ended prior to such date for which financial statements are
available). 
 “Net Proceeds” means, with respect to any event (a) the cash proceeds received in respect of such
event including (i) any cash received in respect of any noncash proceeds, but only as and when received, (ii) in the case of a casualty, insurance proceeds in excess of $1,000,000 and (iii) in the case of a condemnation or similar event,
condemnation awards and similar payments, net of (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid by the Borrower and the Subsidiaries to third parties (other than Affiliates) in connection with such event, (ii) in the case of
a sale, transfer or other disposition of an asset (including pursuant to a sale and leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of all payments required to be made by the Borrower and the Subsidiaries as
a result of such event to repay Indebtedness (other than Loans, Pari Passu Alternative Incremental Debt or any Permitted Term Loan Refinancing Indebtedness) secured by such asset or otherwise subject to mandatory prepayment as a result of such
event, and (iii) the amount of all Taxes paid (or reasonably estimated to be payable) by the Borrower and the Subsidiaries, and the amount of any reserves established by the Borrower and the Subsidiaries to fund contingent liabilities reasonably
estimated to be payable, in each case during the 24-month period immediately following such event and that are directly attributable to such event (as determined reasonably and in good faith by the chief financial officer of the Borrower) to the
extent such liabilities are actually paid within such applicable time periods.
 “Net Working Capital” means, at any date,
(a) the consolidated current assets of the Borrower and its consolidated Subsidiaries as of such date (excluding cash and Permitted Investments) minus (b) the consolidated current liabilities of the Borrower and its consolidated Subsidiaries as of
such date (excluding current liabilities in respect of Indebtedness). Net Working Capital at any date may be a positive or negative number. Net Working Capital increases when it becomes more positive or less negative and decreases when it
becomes less positive or more negative. 

  
 -20- 

 “Secured Net Leverage Ratio” means, on any date, the ratio of (a) Secured
Indebtedness as of such date less the aggregate amount (not to exceed $100,000,000) of the sum of Unrestricted Domestic Cash plus 65% of Unrestricted Foreign Cash, in each case as of such date, to (b) Consolidated
EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on such date (or, if such date is not the last day of a fiscal quarter, ended on the last day of the fiscal quarter of the Borrower most recently ended prior to such
date for which financial statements are available). 
 “Secured Parties” has the meaning assigned to such term in
the Guarantee and Collateral Agreement. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Security Documents” means the Guarantee and Collateral Agreement, the Intercreditor Agreement, the Mortgages and each other
security agreement or other instrument or document executed and delivered pursuant to Section 5.12 or 5.13 to secure any of the Obligations. 

“Series” has the meaning assigned to such term in Section 2.21(b). 

“Significant Investment” means any acquisition by the Borrower or a Subsidiary of more than 50% (but less than 100%) of the
Equity Interests in a Person (such Person, the “Subject Person”), so long as such acquisition is permitted by Section 6.04. 

“Specified Time” means 11:00 a.m., London time. 

“Specified Vendor Payables Financing” means the sale by one or more vendors of the Borrower and certain Subsidiaries of
accounts receivable (which such accounts receivable are accounts payable of the Borrower and such Subsidiaries) to one or more financial institutions pursuant to third-party financing agreements, to which the Borrower and such Subsidiaries are
party, in transactions constituting “true sales”; provided that the aggregate amount of all such vendor payables financings shall not exceed $30,000,000 at any time outstanding. 

“Specified Vendor Payables Financing Documents” means all documents and agreements relating to the Specified Vendor Payables
Financing. 
 “Specified Vendor Receivables Financing” means the sale by the Borrower and certain Subsidiaries of accounts
receivable to one or more financial institutions pursuant to third-party financing agreements in transactions constituting “true sales”; provided that the aggregate amount of all such receivables financings shall not exceed $30,000,00050,000,000 at any time outstanding. 
 “Specified Vendor Receivables Financing Documents”
means all documents and agreements relating to the Specified Vendor Receivables Financing. 
 “Spin-Off” means a
“spin-off” transaction with respect to the Borrower such that all of the Equity Interests in the Borrower are “spun-off” from TriMas ratably to the holders of all the Equity Interests in TriMas and the Borrower ceases to be a
Subsidiary of TriMas and becomes a public company. 
 “Spin-Off Agreement” means a Separation and Distribution Agreement,
dated as of or prior to the Closing Date, by and between the Borrower and TriMas. 

  
 -28- 

 
consultants, advisors or employees of the Borrower or the Subsidiaries (or to their heirs or estates) shall not be deemed to be Synthetic Purchase Agreements. 

“Taxes” means any and all present or future taxes (of any nature whatsoever), levies, imposts, duties, deductions, charges
or withholdings imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term B Lender” means a Lender with a Term Commitment or an outstanding Term B Loan. 

“Term B Loan” means a(i) an Initial Term B Loan made pursuant to Section 2.01and (aii
) the 2016 Incremental Term
Loans. 
 “Term Collateral Proceeds Account” means a deposit
account identified to the ABL Agent in writing from time to time and in the name of the Company and for which JPMCB is the depositary bank which contains (or was established to contain) only those proceeds with respect to Term Priority Collateral.

 “Term Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make a Term B Loan
hereunder on the Closing Date, expressed as an amount representing the maximum principal amount of the Term B Loan to be made by such Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 and (b) reduced
or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04. The initial amount of each Lender’s Term Commitment on the Closing Date is set forth on Schedule 2.01 or in the Assignment and
Assumption pursuant to which such Lender shall have assumed its Term Commitment, as applicable. The initial aggregate amount of the Lenders’ Term Commitments on the Closing Date is $200,000,000. 

“Term Lender” means a Lender with outstanding Term Loans or a Commitment. 

“Term Loan” means a Term B Loan or an Incremental Term Loan of any Series. 

“Term Loan Maturity Date” means the date that is the sixth anniversary of the Closing Date (or if such date is not a
Business Day, the immediately preceding Business Day). 
 “Term Priority Collateral” has the meaning assigned to such term
in the Intercreditor Agreement. 
 “Total Indebtedness” means, as of any date, the aggregate principal amount of
Indebtedness for borrowed money of the Borrower and the Subsidiaries outstanding as of such date, in the amount that would be reflected on a balance sheet prepared as of such date on a consolidated basis in accordance with GAAP. 

“Transactions” means, collectively, (a) the consummation of the Spin-Off in accordance with the terms of the Spin-Off
Agreement, (b) the payment of a dividend on the Closing Date from the Borrower to TriMas in accordance with the Spin-Off Agreement (the “Closing Date Dividend”), (c) the execution, delivery and performance by each Loan Party of the
ABL Loan Documents to which it is to be a party, the borrowing (if any) of the ABL Loans on the Closing Date and issuance (if any) of letters of credit thereunder on the Closing Date and the use of the proceeds of the foregoing, (d) the execution,
delivery and performance by each Loan Party of the Loan Documents to which it is to be a party, the 

  
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borrowing of the Loans on the Closing Date and the use of proceeds thereof and (e) the payment of the fees and expenses payable in connection with the foregoing. 

“TriMas” means TriMas Company LLC, a Delaware limited liability company. 

“Type,” when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the
Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “Unrestricted
Domestic Cash” means, as of any date, domestic unrestricted cash and domestic unrestricted Permitted Investments of the Borrower and its Domestic Subsidiaries as of such date. 

“Unrestricted Foreign
Cash” means, as of any date, unrestricted cash and unrestricted Permitted Investments of the Foreign Subsidiaries as of such date. 

“U.S. Holdco” means any existing or future Domestic Subsidiary the Equity Interests of which are held solely by Foreign
Subsidiaries; provided that such existing or newly formed Subsidiary shall not engage in any business or own any assets other than the ownership of Equity Interests in Foreign Subsidiaries and intercompany obligations that are otherwise
permitted hereunder. 
 “U.S. Person” means a “United States person” within the meaning of Section
7701(a)(30) of the Code. 
 “U.S. Tax Certificate” has the meaning assigned to such term in Section 2.17(f)(i)(D)(2). 

“Westfalia
Acquisition” has the meaning set forth in the First Amendment. 
 “Westfalia Acquisition Closing Date” has the meaning set forth in the First Amendment. 

“Westfalia Purchase
Agreement” has the meaning set forth in the First Amendment. 
 “Westfalia Transactions” has the meaning set forth in the First Amendment.

 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal
from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 SECTION 1.02        Classification of Loans and
Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Term B Loan”) or by Type (e.g., a “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Term B
Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Term B Loan Borrowing”) or by Type (e.g., a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency Term B Loan
Borrowing”). 

  
 -31- 

 SECTION 2.10     Amortization of Term Loans. 

(a)        Subject to adjustment pursuant to paragraph (d) of this Section, the Borrower shall repay (i) the
Initial Term B Loans on the last day of each March, June, September and
December, beginning on the last day of the first full fiscal quarter to occur after the Closing Date, in an aggregate principal amount for each such date equal to 1.25% of the aggregate principal amount of the Initial Term B Loans outstanding on the Closing Date. 

and (ii) the 2016
Incremental Term Loans on the last day of each March, June, September and December, beginning on the last day of the first full fiscal quarter to occur after the Westfalia Acquisition Closing Date, in an aggregate principal amount for each such date
equal to one and thirteen thirty-sevenths percent
(1 13⁄37%) of the aggregate
principal amount of the 2016 Incremental Term Loans outstanding on the Westfalia Acquisition Closing Date. 

(b)        The Borrower shall repay Incremental Term Loans of any Series in such amounts and on such
date or dates as shall be specified therefor in the Incremental Facility Agreement establishing the Incremental Term Commitments of such Series (as such amounts may be adjusted pursuant to paragraph (d) of this Section or pursuant to such
Incremental Facility Agreement). 
 (c)        To the extent not previously paid, (i) all Term B
Loans shall be due and payable on the Term Loan Maturity Date and (ii) all Incremental Term Loans of any Series shall be due and payable on the Incremental Term Maturity Date applicable thereto. 

(d)        Any mandatory prepayment of a Borrowing of Term Loans of any Class shall be applied to
reduce the subsequent scheduled repayments of the Borrowings of such Class to be made pursuant to this Section to the next eight scheduled repayments in direct order and thereafter ratably. Any optional prepayment of a Borrowing of Term Loans of any
Class shall be applied to the scheduled repayments of the Borrowings of such Class as directed by the Borrower. 

(e)        Prior to any repayment of any Term Loan Borrowings of any Class hereunder, the Borrower
shall select the Borrowing or Borrowings of the applicable Class to be repaid and shall notify the Administrative Agent by telephone (confirmed by telecopy) of such selection not later than 11:00 a.m., New York City time, three Business Days before
the scheduled date of such repayment. Each repayment of a Borrowing shall be applied ratably to the Loans included in the repaid Borrowing. Repayments of Term Loan Borrowings shall be accompanied by accrued interest on the amount repaid. 

SECTION 2.11     Prepayment of Loans. 

(a)        The Borrower shall have the right at any time and from time to time to prepay any
Borrowing in whole or in part, subject to the requirements of this Section. 
 (b)        All (i)
optional prepayments of Term B Loans pursuant to Section 2.11(a) or prepayments pursuant to Section 2.11(c) as a result of an event described in clause (c) of the definition of the term Prepayment Event, in each case effected on or prior to the date
that is the secondfirst anniversary of the Westfalia
Acquisition Closing Date with the proceeds of a Repricing Transaction and (ii) amendments, amendments and restatements or other modifications of this Agreement on or prior to the date that is the
secondfirst anniversary of the Westfalia
Acquisition Closing Date constituting Repricing Transactions shall, in each case, be accompanied by a fee payable to the Term B Lenders in an amount equal to 1.00% of the aggregate principal
amount of the Term B Loans so prepaid, in the case of a transaction described in clause (i) of this paragraph, or 1.00% of the aggregate principal 

  
 -37- 

 
amount of Term B Loans affected by such amendment, amendment and restatement or other modification (including any such Loans assigned in connection with the replacement of a Term B Lender not
consenting thereto), in the case of a transaction described in clause (ii) of this paragraph. Such fee shall be paid by the Borrower to the Administrative Agent, for the account of the Lenders in respect of the Term B Loans, on the date of such
prepayment. 
 (c)        In the event and on each occasion that any Net Proceeds are received by
or on behalf of the Borrower or any Subsidiary in respect of any Prepayment Event, the Borrower shall, within three Business Days after such Net Proceeds are received, prepay Borrowings of Term B Loans in an aggregate amount equal to such Net
Proceeds; provided that in the case of any event described in clause (a) of the definition of the term Prepayment Event (other than sales, transfers or other dispositions pursuant to Section 6.05(j) in excess of $15,000,000), if the Borrower
shall deliver, within such three Business Days, to the Administrative Agent a certificate of a Financial Officer to the effect that the Borrower and the Subsidiaries, intend to apply the Net Proceeds from such event (or a portion thereof specified
in such certificate), within 365 days after receipt of such Net Proceeds, to acquire real property, equipment or other tangible assets to be used in the business of the Borrower and the Subsidiaries, and certifying that no Default has occurred and
is continuing, then no prepayment shall be required pursuant to this paragraph in respect of the Net Proceeds in respect of such event (or the portion of such Net Proceeds specified in such certificate, if applicable) except to the extent of any
such Net Proceeds therefrom that have not been so applied by the end of such 365-day period, at which time a prepayment shall be required in an amount equal to such Net Proceeds that have not been so applied; provided further that a
portion of the Net Proceeds required to prepay Borrowings of Term B Loans (but in no event more than a ratable portion thereof (such ratable share to be calculated by reference to the outstanding amount of Pari Passu Alternative Incremental Debt,
Pari Passu Permitted Term Loan Refinancing Indebtedness and Loans, in each case immediately prior to such prepayment)) may, in lieu of prepaying Term B Loans hereunder, be applied to redeem or prepay any Pari Passu Alternative Incremental Debt or
any Pari Passu Permitted Term Loan Refinancing Indebtedness, in each case if required under the terms of the applicable documents governing such Pari Passu Alternative Incremental Debt or such Pari Passu Permitted Term Loan Refinancing Indebtedness.

 (d)        Following the end of each fiscal year of the Borrower, commencing with the fiscal
year ending December 31, 20162017, the Borrower shall prepay Borrowings of Term B Loans in an aggregate amount equal to the excess of (i) the ECF Percentage of Excess Cash Flow for such fiscal year over (ii) the sum of (x) aggregate amount of
optional prepayments of Term Loans and purchases of Term Loans pursuant to Section 10.04(h) (other than optional prepayments or purchases made with the proceeds of Long-Term Indebtedness) made by the Borrower during such fiscal year (provided
that the aggregate amount of any such prepayment or purchase shall be the amount of the Borrower’s cash payment in respect of such purchase) and (y) the aggregate amount of optional prepayments of Pari Passu Alternative Incremental Debt in the
form of loans and Pari Passu Permitted Term Loan Refinancing Indebtedness in the form of loans made by the Borrower during such fiscal year. Each prepayment pursuant to this paragraph shall be made within 95 days after the end of such fiscal
year. 
 (e)        Prior to any optional or mandatory prepayment of Borrowings hereunder,
the Borrower shall select the Borrowing or Borrowings to be prepaid and shall specify such selection in the notice of such prepayment pursuant to paragraph (f) of this Section. 

(f)        The Borrower shall notify the Administrative Agent by (x) in the case of prepayment of a
Eurocurrency Borrowing, not later than 12:00 noon, New York City time, three Business Days before the date of prepayment and (y) in the case of prepayment of an ABR Borrowing, not later than 12:00 noon, New York City time, one Business Day before
the date of prepayment. Each such notice shall be irrevocable and shall specify (i) whether the prepayment is of Eurocurrency Loans 

  
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Closing Date), other than with respect to Liens permitted by Section 6.02 and subject to the Intercreditor Agreement. 

(d)        Each Mortgage, upon execution and delivery thereof by the parties thereto, is effective to
create, subject to the exceptions listed in each title insurance policy covering such Mortgage, in favor of and reasonably satisfactory to the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable Lien on all of
the applicable mortgagor’s right, title and interest in and to the Mortgaged Properties thereunder and the proceeds thereof, and when the Mortgages are filed in the appropriate offices, the Lien created by each Mortgage shall constitute a
perfected Lien on all right, title and interest of the applicable mortgagor in such Mortgaged Properties and the proceeds thereof, in each case prior and superior in right to any other Person, other than with respect to the rights of Persons
pursuant to Liens permitted by Section 6.02 and subject to the Intercreditor Agreement. 
 SECTION
3.18     Federal Reserve Regulations. 
 (a)        None of the
Borrower or any of the Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock. 

(b)        No part of the proceeds of any Loan will be used, whether directly or indirectly, and
whether immediately, incidentally or ultimately, for any purpose that entails a violation of the provisions of the Regulations of the Board, including Regulation U or X. 

SECTION 3.19     Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in
effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and
their respective officers and employees and, to the knowledge of the Borrower, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary or
any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby,
is a Sanctioned Person. No Borrowing, use of proceeds or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions. 

SECTION 3.20     Material Contracts. Schedule 3.20 hereto sets forth for the Borrower and each
Subsidiary Loan Party, as of the Closing Date, a list of all of the material contracts and agreements to which such Loan Party is a party, including all Specified Vendor Receivables Financing Documents (other than agreements disclosed to the
Administrative Agent pursuant to Section 5.01(f), agreements relating to Indebtedness described on Schedule 6.01, real property leases identified on Schedule 2.03 to the Perfection Certificate delivered to the Administrative Agent on the Closing
Date, and Licenses identified on Schedule 4.04 to the Perfection Certificate delivered to the Administrative Agent on the Closing Date). 

SECTION 3.21     EEA Financial Institutions. No Loan Party is an EEA Financial
Institution. 

  
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 material portion of any Collateral having a book value or fair market value of $1,000,000 or more or the
commencement of any action or proceeding for the taking of any Collateral having a book value or fair market value of $1,000,000 or more or any part thereof or interest therein under power of eminent domain or by condemnation or similar proceeding
and (b) will ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are collected and applied in accordance with the applicable provisions of this Agreement and the Security
Documents. 
 SECTION 5.09     Books and Records; Inspection and Audit Rights.  The Borrower
will, and will cause each of the Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrower will, and will
cause each of the Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to
discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. 

SECTION 5.10     Compliance with Laws.  The Borrower will, and will cause each of the Subsidiaries
to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws
and applicable Sanctions. 
 SECTION 5.11     Use of Proceeds.  The Borrower will use the
proceeds of the Term Loans on the Closing Date solely (i) to consummate the Transactions, (ii) to pay the fees and expenses in connection with the Transactions and (iii) for general corporate purposes. The proceeds of the 2016 Incremental Term Loans shall be used finance a portion of the consideration for the Westfalia Acquisition and to
finance other payments under the Westfalia Purchase Agreement, to pay certain fees and expenses and for general corporate purposes. No part of the proceeds of any Loan will be used, whether
directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. 

SECTION 5.12     Additional Subsidiaries.  If any additional Subsidiary is formed or acquired after
the Closing Date (or any existing Subsidiary becomes a Subsidiary Loan Party after the Closing Date), the Borrower will, within five Business Days after such Subsidiary is formed or acquired (or becomes a Subsidiary Loan Party), notify the
Administrative Agent and the Lenders thereof and, within 30 days (or such longer period as may be agreed to by the Administrative Agent) after such Subsidiary is formed or acquired (or becomes a Subsidiary Loan Party), cause the Collateral and
Guarantee Requirement to be satisfied with respect to such Subsidiary, including with respect to any Equity Interest in or Indebtedness of such Subsidiary owned by or on behalf of any Loan Party. 

SECTION 5.13    Further Assurances. 

(a)        The Borrower will, and will cause each Subsidiary Loan Party to, execute any and all
further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings, mortgages, deeds of trust, landlord waivers and other documents),
which may be required under any Applicable Law, or which the Administrative Agent or the Required Lenders may reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties.
The Borrower also agrees to provide to the Administrative Agent, from time to time upon request, evidence 

  
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bonds and completion guarantees provided by the Borrower and the Subsidiaries in the ordinary course of their business; 

(xii) other unsecured Indebtedness of the Borrower or any Subsidiary in an aggregate principal amount not exceeding
$15,000,000 at any time outstanding, less the liquidation value of any applicable Qualified Borrower Preferred Stock issued and outstanding pursuant to clause (b) of the definition of Qualified Borrower Preferred Stock; 

(xiii)            secured Indebtedness in an aggregate amount not
exceeding $35,000,000 at any time outstanding, in each case in respect of Indebtedness of Foreign Subsidiaries; 

(xiv)Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within 10 days of incurrence; 

(xv) Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of business; 

(xvi)Indebtedness incurred in connection with the financing of insurance premiums in an aggregate amount at any time
outstanding not to exceed the premiums owed under such policy, if applicable; 

(xvii)           contingent obligations to financial institutions, in
each case to the extent in the ordinary course of business and on terms and conditions which are within the general parameters customary in the banking industry, entered into to obtain cash management services or deposit account overdraft protection
services (in an amount similar to those offered for comparable services in the financial industry) or other services in connection with the management or opening of deposit accounts or incurred as a result of endorsement of negotiable instruments
for deposit or collection purposes and other customary, contingent obligations, including obligations under Bank Products (as defined in the ABL Credit Agreement as in effect on the date hereof) other than Hedging Agreements, of the Borrower and its
Subsidiaries incurred in the ordinary course of business; 

(xviii)          unsecured guarantees by the Borrower or any Subsidiary Loan
Party of facility leases of any Loan Party; 
 (xix)payment obligations of or Guarantees by the Borrower or any Subsidiary
Loan Party with respect to any Hedging Agreement permitted under Section 6.07 hereof; provided that if such Hedging Agreement is related to interest rates, (A) such Hedging Agreement shall relate to payment obligations on Indebtedness
otherwise permitted to be incurred by the Loan Documents and (B) the notional amount of such Hedging Agreement shall not exceed the principal amount of the Indebtedness to which such Hedging Agreement relates; 

(xx) Indebtedness of the Borrower, any Subsidiary Loan Party or any ABL Foreign Loan Party under the ABL Credit Agreement in
an aggregate principal amount at any one time outstanding not to exceed the greater of (i)
$110,000,000150,000,000 and (ii) the Borrowing Base as of the date of such incurrence; and 

(xxi)Alternative Incremental Debt; provided that the aggregate principal amount of any Alternative Incremental Debt
established on any date shall not exceed (i) (together with the 

  
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aggregate amount of all Incremental Term Commitments established on such date in reliance on the Base Incremental Amount) an amount equal to the Base Incremental Amount on such date and (ii) an
additional amount subject to the Maximum Alternative Incremental Debt Amount as of such
date.; and 

(xxii)
          any Capital Lease
Obligations of a Person that becomes a Subsidiary pursuant to the Westfalia Acquisition; provided that (A) such Capital Lease Obligation exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with
such Person becoming a Subsidiary and (B) the aggregate principal amount of Indebtedness permitted by this clause (xxii) shall not exceed $15,000,000 at any time outstanding. 

(b)        The Borrower will not, nor will it permit any Subsidiary to, issue any preferred stock or
other preferred Equity Interests, except (i) Qualified Borrower Preferred Stock, (ii) Assumed Preferred Stock and (iii) preferred stock or preferred Equity Interests held by the Borrower or any Subsidiary. 

SECTION 6.02        Liens.  The Borrower will not, nor will it permit any Subsidiary
to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 

(a)        Liens created under the Loan Documents and Liens in respect of any
Permitted Term Loan Refinancing Indebtedness; 
 (b)        Permitted Encumbrances;

 (c)        Liens in respect of the Specified Vendor Receivables Financing; 

(d)        any Lien on any property or asset of the Borrower or any Subsidiary
existing on the date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and (ii) such Lien shall secure only those obligations which it secures
on the date hereof and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 

(e)        any Lien existing on any property or asset prior to the acquisition thereof
by the Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a Subsidiary after the Closing Date prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in
contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary and (iii) such Lien shall secure only
those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be; 

(f)        Liens on fixed or capital assets acquired, constructed or improved by, or
in respect of Capital Lease Obligations of, the Borrower or any Subsidiary; provided that (i) such security interests secure Indebtedness permitted by clause (viii) of Section 6.01(a), (ii) such security interests and the Indebtedness secured
thereby are incurred prior to or within 180 days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving

  
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total unused amount of such permitted sales, transfers and other dispositions for the immediately preceding fiscal year (without giving effect to the amount of any unused permitted sales,
transfers and other dispositions that were carried forward to such preceding fiscal year) and (ii) 35% of the aggregate fair market value of all assets of the Borrower as of the Closing Date, including any Equity Interests owned by it, during the
term of this Agreement subsequent to the Closing Date; 
 provided that (x) all sales, transfers, leases and other dispositions permitted hereby
(other than those permitted by clauses (b) or (h) above) shall be made for fair value and (y) all sales, transfers, leases and other dispositions permitted by clauses (i), (j) and (k) above shall be for at least 75% cash consideration. 

SECTION 6.06     Sale and Leaseback Transactions.  The Borrower will not, nor will it permit any
Subsidiary to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereinafter acquired, and thereafter rent or lease such
property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred, except for (a) any such sale of any fixed or capital assets (other than any such transaction to which (b) or (c)
below is applicable) that is made for cash consideration in an amount not less than the cost of such fixed or capital asset in an aggregate amount less than or equal to $10,000,000, so long as the Capital Lease Obligations associated therewith are
permitted by Section 6.01(a)(viii), (b) in the case of property owned as of or after the Closing Date, any such sale of any fixed or capital assets that is made for cash consideration in an aggregate amount not less than the fair market value of
such fixed or capital assets not to exceed $20,000,000 in the aggregate, in each case, so long as the Capital Lease Obligations (if any) associated therewith are permitted by Section 6.01(a)(viii) and (c) any Acquisition Lease Financing. 

SECTION 6.07     Hedging Agreements.  The Borrower will not, nor will it permit any Subsidiary to,
enter into any Hedging Agreement, other than Hedging Agreements entered into in the ordinary course of business and which are not speculative in nature to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct of
its business or the management of its assets or liabilities (including Hedging Agreements that effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise)) (it being understood that the Borrower and its Foreign Subsidiaries may enter into Hedging Agreements consisting of cross-currency swaps
related to intercompany loans between the Borrower and/or its Foreign Subsidiaries). 

SECTION 6.08     Restricted Payments; Certain Payments of Indebtedness. 

(a)       The Borrower will not, nor will it permit any Subsidiary to, declare or make, or agree to pay or
make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except: 

(i)    the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in
additional Equity Interests in the Borrower; 
 (ii)   Subsidiaries may declare and pay dividends ratably
with respect to their capital stock; 
 (iii)  the Borrower may make Restricted Payments, not exceeding $5,000,000
from and after the date hereof, pursuant to and in accordance with stock option plans, equity purchase programs or agreements or other benefit plans, in each case for management or employees or former employees of the Borrower and the Subsidiaries;

  
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 (iv)  the Borrower may pay the Closing Date Dividend; 

(v)   the Borrower may pay cash dividends in respect of Qualified Borrower Preferred Stock issued pursuant to
clauses (b) and (c) of the definition thereof; provided that such dividends in respect of Qualified Borrower Preferred Stock issued pursuant to clause (c) of the definition thereof may only be made after the fiscal year ending December 31,
2016 and only with Excess Cash Flow not otherwise required to be used to prepay Term Loans pursuant to Section 2.11(d)) (without duplication of amounts used pursuant to Section 6.08(a)(vii) or amounts included in the Available Amount and used
pursuant to Sections 6.04(s) or 6.08(b)(vii)); 
 (vi)  [reserved]; 

(vii) the Borrower may make payments in respect of the repurchase, retirement or other acquisition of Equity Interests of
the Borrower or any Subsidiary using the portion of Excess Cash Flow not subject to mandatory prepayment pursuant to Section 2.11(d) (without duplication of amounts used pursuant to Section 6.08(a)(v) or amounts included in the Available Amount and
used pursuant to Sections 6.04(s) or 6.08(b)(vii)); 

(viii)            the Borrower may make Restricted Payments;
provided that (x) if after giving effect to such Restricted Payments (and any Indebtedness incurred in connection therewith (but disregarding the proceeds of any such Indebtedness in calculating Unrestricted Domestic Cash) and any related
repayment of Indebtedness), the Net Leverage Ratio at the time of the making such payments (the date of the making of such payments, the “RP Date”) would be (1) less than or equal to 2.25 to 1.00, but greater than 2.00 to 1.00, the
aggregate amount of Restricted Payments made pursuant to this clause (viii) during the period from the date 12 months prior to the RP Date through (and including) the RP Date (such period, the “RP Period”) shall not exceed
$40,000,000, (2) less than or equal to 2.75 to 1.00, but greater than 2.25 to 1.00, the aggregate amount of Restricted Payments made pursuant to this clause (viii) during the RP Period shall not exceed $25,000,000, (3) less than or equal to 3.25 to
1.00 but greater than 2.75 to 1.00, the aggregate amount of Restricted Payments made pursuant to this clause (viii) during the RP Period shall not exceed $15,000,000 and (4) greater than 3.25 to 1.00, the aggregate amount of Restricted Payments made
pursuant to this clause (viii) during the RP Period shall not exceed $10,000,000; provided further that at the time of any payment pursuant to this clause (viii), no Default or Event of Default shall have occurred and be continuing.; and

(ix)
  the Borrower may make payments in respect of any purchase price adjustment
required to be made under the Westfalia Purchase Agreement. 

(b)       The Borrower will not, nor will it permit any Subsidiary to, make or agree to pay or make,
directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness, or any payment or other distribution (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Indebtedness, except: 

(i)    payment of Indebtedness created under the Loan Documents; 

  
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 SECTION 6.12      [Reserved]. 

SECTION 6.13      Net Leverage Ratio.  The Borrower will not permit the maximum Net Leverage
Ratio as of the last day of any fiscal quarter ending after the Closing Date to exceed the ratio set forth below opposite such fiscal quarter: 
  

							
	 	  	Fiscal Quarter	  	 Net

Leverage Ratio
	  	 
		  	June 30, 2015	  	5.25:1.00	  	
		  	September 30, 2015	  	5.25:1.00	  	
		  	December 30, 2015	  	5.25:1.00	  	
		  	March 31, 2016	  	5.25:1.00	  	
		  	June 30, 2016	  	5.25:1.00	  	
		  	September 30, 2016	  	5.25:1.00	  	
		  	December 31, 2016	  	5.005.25:1.00	  	
		  	March 31, 2017	  	5.005.25:1.00	  	
		  	June 30, 2017	  	5.005.25:1.00	  	
		  	September 30, 2017	  	5.005.25:1.00	  	
		  	December 31, 2017	  	4.755.00:1.00	  	
		  	March 31, 2018	  	4.755.00:1.00	  	
		  	June 30, 2018	  	4.75:1.00	  	
		  	September 30, 2018	  	4.75:1.00	  	
		  	December 31, 2018 and each fiscal quarter ending thereafter	  	4.50:1.00	  	

 SECTION 6.14      Use of Proceeds.  The Borrower will not
request any Borrowing, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing (A) in furtherance of an offer,
payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or
transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by Sanctions if conducted by a Person organized in the United States or in a European Union
member state, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 
 ARTICLE VII 

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

(a)        the Borrower shall fail to pay any principal of any Loan when and as the
same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b)        the Borrower shall fail to pay any interest on any Loan or any fee or any
other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five
Business Days; 

  
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 nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship
or fiduciary or other implied duty between any Lender, on the one hand, and the Borrower, its stockholders or its affiliates, on the other. The Borrower acknowledges and agrees that (i) the transactions contemplated by the Loan Documents
(including the exercise of rights and remedies hereunder and there under) are arm’s-length commercial transactions between the Lenders, on the one hand, and the Borrower, on the other, and (ii) in connection therewith and with the process
leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrower, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect
thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise the Borrower, its stockholders or its Affiliates on other matters) or any other obligation to the Borrower except the
obligations expressly set forth in the Loan Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of the Borrower, its management, stockholders, creditors or any other Person. The Borrower acknowledges
and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. The
Borrower agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such borrower, in connection with such transaction or the process leading thereto. 

SECTION 10.18    Acknowledgement and Consent to Bail-In of EEA Financial
Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or
understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees
and consents to, and acknowledges and agrees to be bound by: 
 (a)        the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be
payable to it by any party hereto that is an EEA Financial Institution; and 
 (b)        the effects of any Bail-In Action on any such liability, including, if applicable:

(i)
         a reduction in full or in part
or cancellation of any such liability; 
 (ii)        a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its
parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or 
 (iii)       the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority. 
 [Signature Pages Follow] 

  
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